Intercontinental Exchange (ICE) 10-Q 3 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 01, 2017
Document Information [Abstract]
Entity Registrant name	Intercontinental Exchange, Inc.
Entity Central Index Key	1,571,949
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		592,066,651

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 360	$ 407
Short-term investments	21	23
Short-term restricted cash and investments	743	679
Customer accounts receivable, net of allowance for doubtful accounts of $8 and $7 at March 31, 2017 and December 31, 2016, respectively	999	777
Margin deposits and guaranty funds	52,354	55,150
Prepaid expenses and other current assets	596	97
Total current assets	55,073	57,133
Property and equipment, net	1,132	1,129
Other non-current assets:
Goodwill	12,302	12,291
Other intangible assets, net	10,356	10,420
Long-term restricted cash and investments	264	264
Long-term investments	0	432
Other non-current assets	336	334
Total other non-current assets	23,258	23,741
Total assets	79,463	82,003
Current liabilities:
Accounts payable and accrued liabilities	451	388
Section 31 fees payable	90	131
Accrued salaries and benefits	104	230
Deferred revenue	440	114
Short-term debt	2,376	2,493
Margin deposits and guaranty funds	52,354	55,150
Other current liabilities	191	111
Total current liabilities	56,006	58,617
Non-current liabilities:
Non-current deferred tax liability, net	2,985	2,958
Long-term debt	3,872	3,871
Accrued employee benefits	415	430
Other non-current liabilities	361	337
Total non-current liabilities	7,633	7,596
Total liabilities	63,639	66,213
Commitments and contingencies
Redeemable non-controlling interest	37	36
Intercontinental Exchange, Inc. shareholders’ equity:
Preferred stock, $0.01 par value; 100 shares authorized; no shares issued or outstanding at March 31, 2017 and December 31, 2016	0	0
Common stock, $0.01 par value; 1,500 shares authorized; 599 and 596 shares issued at March 31, 2017 and December 31, 2016, respectively, and 593 and 595 shares outstanding at March 31, 2017 and December 31, 2016, respectively	6	6
Treasury stock, at cost; 6 and 1 shares at March 31, 2017 and December 31, 2016, respectively	(346)	(40)
Additional paid-in capital	11,351	11,306
Retained earnings	5,171	4,789
Accumulated other comprehensive loss	(427)	(344)
Total Intercontinental Exchange, Inc. shareholders’ equity	15,755	15,717
Non-controlling interest in consolidated subsidiaries	32	37
Total equity	15,787	15,754
Total liabilities and equity	$ 79,463	$ 82,003

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 8	$ 7
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	100,000,000	100,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (shares)	599,000,000	596,000,000
Common stock, shares outstanding (shares)	593,000,000	595,000,000
Treasury stock (shares)	6,000,000	1,000,000

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Transaction and clearing, net	$ 798	$ 929
Data services	520	477
Listings	106	103
Other revenues	45	45
Total revenues	1,469	1,554
Transaction-based expenses:
Section 31 fees	91	98
Cash liquidity payments, routing and clearing	214	302
Total revenues, less transaction-based expenses	1,164	1,154
Operating expenses:
Compensation and benefits	245	236
Professional services	32	32
Acquisition-related transaction and integration costs	14	27
Technology and communication	98	92
Rent and occupancy	18	18
Selling, general and administrative	41	22
Depreciation and amortization	134	143
Total operating expenses	582	570
Operating income	582	584
Other income (expense):
Interest expense	(45)	(46)
Other income, net	186	2
Other income (expense), net	141	(44)
Income before income tax expense	723	540
Income tax expense	213	163
Net income	510	377
Net income attributable to non-controlling interest	(8)	(8)
Net income attributable to Intercontinental Exchange, Inc.	$ 502	$ 369
Earnings per share attributable to Intercontinental Exchange, Inc. common shareholders:
Basic (usd per share)	$ 0.84	$ 0.62
Diluted (usd per share)	$ 0.84	$ 0.62
Weighted average common shares outstanding:
Basic (shares)	594	595
Diluted (shares)	599	598
Dividend per share (usd per share)	$ 0.20	$ 0.17

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 510	$ 377	$ 1,449
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax expense of $2 for the three months ended March 31, 2016	25	(74)
Change in fair value of available-for-sale securities	68	54
Reclassification of realized gain on available-for-sale investment to other income	(176)	0
Other comprehensive loss	(83)	(20)	$ (156)
Comprehensive income	427	357
Comprehensive income attributable to non-controlling interest	(8)	(8)
Comprehensive income attributable to Intercontinental Exchange, Inc.	$ 419	$ 349

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax expense	$ 0	$ 2

Consolidated Statements of Chan

Consolidated Statements of Change in Equity, Accumulated Other Comprehensive Loss and Redeemable Non-Controlling Interest (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non- Controlling Interest in Consolidated Subsidiaries	Redeemable Non-Controlling Interest
Beginning Balance at Dec. 31, 2015	$ 14,840	$ 6	$ (1,448)	$ 12,290	$ 4,148	$ (188)	$ 32	$ 35
Beginning Balance (shares) at Dec. 31, 2015		(628,000,000)	(34,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive loss	(156)					(156)
Exercise of common stock options	22			22
Exercise of common stock options (shares)		1,000,000
Treasury shares retired in connection with stock split			$ 1,512	(1,142)	(370)
Treasury shares retired in connection with stock split (shares)		(35,000,000)	35,000,000
Repurchases of common stock	(50)		$ (50)
Repurchases of common stock (shares)			(1,000,000)
Payments relating to treasury shares	(54)		$ (54)
Payments relating to treasury shares (shares)			(1,000,000)
Stock-based compensation	136			136
Issuance of restricted stock (shares)		2,000,000
Adjustment to redemption value	(2)				(2)			1
Distributions of profits	(19)						(19)	(3)
Dividends paid to shareholders	(409)				(409)
Net income attributable to non-controlling interest	(3)				(27)		24	3
Net income	1,449				1,449
Ending Balance at Dec. 31, 2016	$ 15,754	$ 6	$ (40)	11,306	4,789	(344)	37	36
Ending Balance (shares) at Dec. 31, 2016	(596,000,000)	(596,000,000)	(1,000,000)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments	$ (345)
Fair value of available-for-sale securities	108
Comprehensive income from equity method investment	2
Employee benefit plans adjustments	(109)
Accumulated other comprehensive loss	(344)
Other comprehensive loss	(83)					(83)
Exercise of common stock options	$ 3			3
Exercise of common stock options (shares)	111,240
Repurchases of common stock	$ (229)		$ (229)
Repurchases of common stock (shares)	(3,911,026)		(4,000,000)
Payments relating to treasury shares	$ (77)		$ (77)
Payments relating to treasury shares (shares)			(1,000,000)
Stock-based compensation	42			42
Issuance of restricted stock (shares)		3,000,000
Distributions of profits	(12)						(12)
Dividends paid to shareholders	(120)				(120)
Net income attributable to non-controlling interest	(1)				(8)		7	1
Net income	510				510
Ending Balance at Mar. 31, 2017	$ 15,787	$ 6	$ (346)	$ 11,351	$ 5,171	$ (427)	$ 32	$ 37
Ending Balance (shares) at Mar. 31, 2017	(599,000,000)	(599,000,000)	(6,000,000)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments	$ (320)
Fair value of available-for-sale securities	0
Comprehensive income from equity method investment	2
Employee benefit plans adjustments	(109)
Accumulated other comprehensive loss	$ (427)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net income	$ 510	$ 377
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	134	143
Stock-based compensation	34	29
Deferred taxes	28	30
Cetip realized investment gain	(176)	0
Other	(1)	3
Changes in assets and liabilities:
Customer accounts receivable	(240)	(229)
Other current and non-current assets	(3)	(13)
Section 31 fees payable	(40)	(19)
Deferred revenue	328	338
Other current and non-current liabilities	37	(62)
Total adjustments	101	220
Net cash provided by operating activities	611	597
Investing activities:
Capital expenditures	(32)	(31)
Capitalized software development costs	(34)	(25)
Cash received for divestiture (net of cash paid for acquisition)	22	0
Increase in restricted cash and investments	(64)	(3)
Net cash used in investing activities	(108)	(59)
Financing activities:
Repayments of commercial paper, net	(117)	(543)
Dividends to shareholders	(120)	(102)
Repurchases of common stock	(229)	0
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises	(77)	(47)
Other	(8)	(5)
Net cash used in financing activities	(551)	(697)
Effect of exchange rate changes on cash and cash equivalents	1	0
Net decrease in cash and cash equivalents	(47)	(159)
Cash and cash equivalents, beginning of period	407	627
Cash and cash equivalents, end of period	360	468
Supplemental cash flow disclosure:
Cash paid for income taxes	65	56
Cash paid for interest	$ 7	$ 7

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2017
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 listing, trading and clearing a broad array of derivatives contracts and securities 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 and risk management 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 services for global financial and commodity markets, including pricing and reference data, exchange data, analytics, feeds, desktop and connectivity solutions. Through our markets, clearing houses, listings and market data services, we provide end-to-end solutions for our customers through liquid markets, benchmark products, access to capital markets, and related services to support their ability to manage risk and raise capital.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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 U.S. 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 U.S. GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and related notes thereto for the year ended December 31, 2016 . The accompanying unaudited consolidated financial statements reflect all adjustments that are, in our opinion, necessary for a fair presentation of results for the interim periods presented. These adjustments are of a normal recurring nature. Preparing financial statements requires us to make certain estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and accompanying disclosures. Although these estimates are based on our best knowledge of current events and actions that we may undertake in the future, actual results may be different from these estimates. The results of operations for the three months ended March 31, 2017 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 The Financial Accounting Standards Board, or FASB, has issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) , or ASU 606. ASU 606 provides guidance outlining a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers that supersedes most current revenue recognition guidance. This guidance requires us to recognize revenue when we transfer promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We are required to adopt ASU 606 at the beginning of our first quarter of fiscal 2018. The new guidance requires enhanced disclosures, including revenue recognition policies to identify performance obligations to customers and significant judgments in measurement and recognition. The new guidance may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. We are currently evaluating the overall impact this guidance will have on our consolidated financial statements, as well as the method of adoption. Based on our preliminary assessment, we expect that the adoption may accelerate the timing of recognition of original and supplemental listing fees related to our NYSE businesses, which are currently deferred over a pre-defined customer life of five or nine years. We are continuing our assessment, which may identify other impacts of the adoption of ASU 606. The FASB has 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. With the sale of our Cetip investment, we no longer have any equity investments that would be required to be measured at fair value with changes in fair value recognized in net income (Note 10). The FASB has 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. The FASB has issued Accounting Standards Update No. 2016-18, Statement of Cash Flows: Restricted Cash , or ASU 2016-18, that will require entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. When cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. This reconciliation can be presented either on the face of the statement of cash flows or in the notes to the financial statements. Entities will also have to disclose the nature of their restricted cash and restricted cash equivalent balances. ASU 2016-18 becomes effective for us in fiscal years beginning after December 15, 2017, and interim periods within those years, with early adoption permitted. We will be required to apply the guidance retrospectively when adopted, and provide the relevant disclosures in the first interim and annual periods in which we adopt the guidance. We will not adopt ASU 2016-18 early, but do expect to be impacted by the new presentation and disclosure requirements required by ASU 2016-18 due to our restricted and unrestricted cash balances.

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures National Stock Exchange Acquisition On January 31, 2017, we acquired 100% of National Stock Exchange, Inc., now named NYSE National. The acquisition gives the NYSE Group a fourth U.S. exchange license. NYSE National is distinct from NYSE Group’s three listings exchanges because NYSE National will only be a trading venue and will not be a listings market. NYSE Group’s three listings exchanges, NYSE, NYSE MKT and NYSE Arca, have unique market models designed for corporate and ETF issuers. Upon closing the transaction, NYSE National ceased operations on February 1, 2017. We will engage with NYSE National members, buy-side participants and retail brokerage firms before finalizing operational plans for NYSE National’s re-launch, which is expected to occur in 2017. Trayport Acquisition and Potential Divestiture On December 11, 2015, we acquired 100% of Trayport in a stock transaction. The total purchase price was $620 million , comprised of 12.6 million shares of our common stock. Trayport is a software company that licenses its technology to serve exchanges, OTC brokers and traders to facilitate electronic and hybrid trade execution primarily in the energy markets. The acquisition enables us to provide new technology and software-related services to our energy customers. The U.K. Competition and Markets Authority, or the CMA, undertook a review of our acquisition of Trayport under the merger control laws of the U.K. In October 2016, the CMA issued its findings and ordered a divestment of Trayport to remedy what the CMA indicated it believed to be a substantial lessening of competition in the supply of trade execution services and trade clearing services to energy traders in the European Economic Area. In November 2016, we filed an appeal with the Competition Appeal Tribunal, or the CAT, to challenge the CMA’s decision. In March 2017, the CAT upheld the CMA decision that we should divest Trayport. Following careful consideration of the CAT’s judgment, we are seeking to appeal the CAT’s decision at the U.K. Court of Appeals. If we are allowed to appeal to the U.K. Court of Appeals and if our appeal is successful, the matter will be remanded for additional review. If our appeal is not allowed or not successful, we will be obligated to sell Trayport. There is no certainty of the price we could receive if a sale were required. The timing of a final decision is uncertain at this time. Until a final determination is made as to whether we are permitted to retain Trayport, we will not integrate Trayport into our existing business operations. The functional currency of Trayport is the pound sterling, as this is the currency in which Trayport operates. The $620 million in Trayport net assets were recorded on our December 11, 2015 opening balance sheet at a pound sterling/U.S. dollar exchange rate of 1.5218 ( £407 million ). Because our consolidated financial statements are presented in U.S. dollars, we must translate the Trayport net assets into U.S. dollars at the exchange rates in effect at the end of each reporting period. Therefore, increases or decreases in the value of the U.S. dollar against the pound sterling will affect the value of the Trayport balance sheet, with gains or losses included in the cumulative translation adjustment account, a component of equity. As of the result of the decrease in the pounds sterling/U.S. dollar exchange rate to 1.2552 as of March 31, 2017 , the portion of our equity attributable to the Trayport net assets in accumulated other comprehensive loss from foreign currency translation was $108 million as of March 31, 2017 . If we are required to sell Trayport, we would include the accumulated translation adjustment when computing the gain or loss from the sale. Interactive Data Managed Solutions Divestiture On March 31, 2017, we sold Interactive Data Managed Solutions, or IDMS, a unit of Interactive Data, to FactSet. There was no gain or loss recognized on the sale of IDMS. IDMS is a managed solutions and portal provider for the global wealth management industry.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The following is a summary of the activity in the goodwill balance for the three months ended March 31, 2017 (in millions): Goodwill balance at December 31, 2016 $ 12,291 Acquisition (divestiture), net 3 Foreign currency translation 13 Other activity, net (5 ) Goodwill balance at March 31, 2017 $ 12,302 The following is a summary of the activity in the other intangible assets balance for the three months ended March 31, 2017 (in millions): Other intangible assets balance at December 31, 2016 $ 10,420 Acquisition (divestiture), net 2 Foreign currency translation 13 Other activity, net (9 ) Amortization of other intangible assets (70 ) Other intangible assets balance at March 31, 2017 $ 10,356 We completed the acquisition of NYSE National and sold IDMS during the three months ended March 31, 2017 (Note 3). The foreign currency translation adjustments in the tables above result 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 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 acquisitions, with a corresponding adjustment to goodwill. We did not recognize any impairment losses on goodwill or other intangible assets during the three months ended March 31, 2017 and 2016 .

Deferred Revenue

Deferred Revenue	3 Months Ended
	Mar. 31, 2017
Revenue Recognition [Abstract]
Deferred Revenue	Deferred Revenue Deferred revenue represents cash received that is yet to be recognized as revenue. Total deferred revenue was $567 million as of March 31, 2017 , including $440 million in current deferred revenue and $127 million in non-current deferred revenue. The changes in our deferred revenue during the three months ended March 31, 2017 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, 2016 $ — $ 66 $ 83 $ 88 $ 237 Additions 361 3 24 162 550 Amortization (91 ) (3 ) (12 ) (114 ) (220 ) Deferred revenue balance at March 31, 2017 $ 270 $ 66 $ 95 $ 136 $ 567

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt Our total debt, including short-term and long-term debt, consisted of the following as of March 31, 2017 and December 31, 2016 (in millions): As of As of Debt: Commercial Paper $ 1,525 $ 1,642 NYSE Notes (2.00% senior unsecured notes due October 5, 2017) 851 851 Short-term debt 2,376 2,493 2018 Senior Notes (2.50% senior unsecured notes due October 15, 2018) 598 598 2020 Senior Notes (2.75% senior unsecured notes due December 1, 2020) 1,242 1,242 2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023) 791 790 2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025) 1,241 1,241 Long-term debt 3,872 3,871 Total debt $ 6,248 $ 6,364 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. In November 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 $3.2 billion on April 3, 2019. No amounts were outstanding under the Credit Facility as of March 31, 2017 . Of the $3.4 billion that is currently available for borrowing under the Credit Facility, $1.5 billion is required to back-stop the amount outstanding under our Commercial Paper Program as of March 31, 2017 . 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 $1.9 billion available under the Credit Facility as of March 31, 2017 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 or to fund the redemption of the NYSE Notes discussed below. 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 $1.5 billion with original maturities ranging from 3 to 81 days were outstanding as of March 31, 2017 under our Commercial Paper Program. As of March 31, 2017 , the weighted average interest rate on the $1.5 billion outstanding under our Commercial Paper Program was 0.95% per annum, with a weighted average maturity of 21 days. We repaid $117 million of the amounts outstanding under the Commercial Paper Program during the three months ended March 31, 2017 primarily using cash flows from operations. NYSE Notes The $850 million , 2.00% senior unsecured fixed rate NYSE Notes are due in October 2017. We currently plan to fund the redemption of the NYSE Notes with the issuance of new senior term notes. However, if we are unable to issue new senior term notes or to do so on favorable terms, then we would fund the NYSE Notes redemption under the Commercial Paper Program or with the unused amount available under the Credit Facility, or a combination of these sources.

Equity

Equity	3 Months Ended
	Mar. 31, 2017
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 $34 million and $29 million for the three months ended March 31, 2017 and 2016 , respectively. Stock Option Plans The following is a summary of stock options for the three months ended March 31, 2017 : Number of Options Weighted Average Outstanding at December 31, 2016 3,878,705 $ 36.05 Granted 723,533 57.31 Exercised (111,240 ) 27.92 Outstanding at March 31, 2017 4,490,998 39.68 Details of stock options outstanding as of March 31, 2017 are as follows: Number of Options Weighted Average Weighted Average Aggregate Vested or expected to vest 4,490,998 $ 39.68 7.0 $ 91 Exercisable 3,062,860 $ 33.81 6.0 $ 80 The total intrinsic value of stock options exercised during both the three months ended March 31, 2017 and 2016 were $3 million . As of March 31, 2017 , there were $13 million in total unrecognized compensation costs related to stock options. These costs are expected to be recognized over a weighted average period of 2.1 years as the stock options vest. We use the Black-Scholes option pricing model for purposes of valuing stock option awards. During the three months ended March 31, 2017 and 2016 , we used the weighted-average assumptions in the table below to compute the value of all options for shares of common stock granted to employees: Three Months Ended March 31, Assumptions: 2017 2016 Risk-free interest rate 1.84 % 1.51 % Expected life in years 5.0 5.0 Expected volatility 21 % 24 % Expected dividend yield 1.40 % 1.36 % Estimated weighted-average fair value of options granted per share $ 10.49 $ 9.88 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 2017, we reserved a maximum of 1,534,218 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 this award 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, 2017, as well as our 2017 total shareholder return as compared to that of the S&P 500 Index. The maximum compensation expense to be recognized under these performance-based restricted shares is $85 million if the maximum financial performance target is met and all 1,534,218 shares vest. The compensation expense to be recognized under these performance-based restricted shares will be $42 million if the target financial performance is met, which would result in 767,109 shares vesting. We will recognize expense on an accelerated basis over the three -year vesting period based on our quarterly assessment of the probable 2017 actual financial performance as compared to the 2017 financial performance targets. As of March 31, 2017 , we determined that it is probable that the financial performance level will be at target for 2017 . Based on this assessment, we recorded non-cash compensation expense of $5 million for the three months ended March 31, 2017 related to these shares and the remaining $37 million in non-cash compensation expense will be recorded on an accelerated basis over the remaining vesting period, including $19 million of which will be recorded over the remainder of 2017 . The following is a summary of the non-vested restricted shares for the three months ended March 31, 2017 : Number of Weighted Average Non-vested at December 31, 2016 6,435,871 $ 45.33 Granted 2,971,902 56.97 Vested (3,023,025) 44.25 Forfeited (86,044) 50.40 Non-vested at March 31, 2017 6,298,704 51.81 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 target number of restricted shares that would vest if the maximum performance targets are met. As of March 31, 2017 , there were $235 million in total unrecognized compensation costs related to the time-based restricted stock and the performance-based restricted stock. These costs are expected to be recognized over a weighted-average period of 2.0 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 2017. During the three months ended March 31, 2017 and 2016 , the total fair value of restricted stock vested under all restricted stock plans was $175 million and $103 million , respectively. Stock Repurchase Program 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. The shares repurchased are held in treasury stock. As of March 31, 2017 , the remaining board authorization permits repurchases of up to $721 million of our common stock. We expect funding for any share repurchases to come from our operating cash flow or borrowings under our debt facilities or commercial paper program. Repurchases may be made from time to time on the open market, through established trading 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, as authorized by our board of directors, 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 amend or 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. During the three months ended March 31, 2017 , we repurchased 3,911,026 shares of our outstanding common stock at a cost of $229 million . These repurchases were completed on the open market and under our 10b5-1 trading plan. 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 periodically reviews 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. Dividends During the three months ended March 31, 2017 and 2016 , we paid cash dividends per share of $0.20 and $0.17 , respectively, for an aggregate payout of $120 million and $102 million , respectively. The declaration of dividends is subject to the discretion of our board of directors, and may be affected by various factors, including our future earnings, financial condition, capital requirements, levels of indebtedness, credit ratings and other considerations our board of directors deem relevant. Our board of directors has adopted a quarterly dividend declaration policy providing that the declaration of any dividends will be determined quarterly by the board or audit committee of the board of directors taking into account such factors as our evolving business model, prevailing business conditions and our financial results and capital requirements, without a predetermined annual net income payout ratio.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate was 30% for both the three months ended March 31, 2017 and 2016 . The effective tax rates for the three months ended March 31, 2017 and 2016 were lower than the federal statutory rate primarily due to favorable foreign income tax rate differentials, partially offset by state income taxes. Favorable foreign income tax rate differentials result primarily from lower income tax rates in the U.K. and various other lower tax jurisdictions as compared to the income tax rates in the U.S. Our non-U.S. subsidiaries had $4.0 billion in cumulative undistributed earnings as of March 31, 2017 . This amount represents the post-income tax earnings under U.S. GAAP adjusted for previously taxed income. The earnings from our non-U.S. subsidiaries are considered to be indefinitely reinvested. Accordingly, no provision for U.S. federal and state income taxes has been made in the accompanying consolidated financial statements. Further, a determination of the unrecognized deferred tax liability is not practicable. Any future distribution by way of dividend of these non-U.S. earnings may subject us to both U.S. federal and state income taxes, as adjusted for non-U.S. tax credits, and withholding taxes payable to various non-U.S. countries.

Clearing Organizations

Clearing Organizations	3 Months Ended
	Mar. 31, 2017
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 US, 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 US 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 March 31, 2017 and December 31, 2016 , the ICE Clearing Houses have received or have been pledged $97.7 billion and $95.7 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 US guaranty funds, respectively, as of March 31, 2017 , 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. We have also contributed $3 million in cash in total to the ICE Clear Canada, ICE Clear Netherlands and ICE Clear Singapore guaranty funds. The $253 million combined contributions to the guaranty funds as of March 31, 2017 and December 31, 2016 are included in long-term restricted cash in the accompanying consolidated balance sheets. As of March 31, 2017 , our cash margin deposits and guaranty fund are as follows for the ICE Clearing Houses (in millions): ICE Clear Europe ICE Clear ICE Clear US Other ICE Clearing Houses Total Original margin $ 22,597 $ 19,504 $ 4,933 $ 124 $ 47,158 Guaranty fund 2,643 2,170 328 55 5,196 Total $ 25,240 $ 21,674 $ 5,261 $ 179 $ 52,354 As of December 31, 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 US Other ICE Clearing Houses Total Original margin $ 27,046 $ 16,833 $ 6,184 $ 107 $ 50,170 Guaranty fund 2,444 2,135 316 85 4,980 Total $ 29,490 $ 18,968 $ 6,500 $ 192 $ 55,150 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 US, 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 March 31, 2017 , $31.9 billion is secured in reverse repurchase agreements with primarily overnight maturities or direct investment in government securities. ICE Clear Credit, a systemically important financial market utility as designated by the Financial Stability Oversight Council, held $17.3 billion of its U.S. dollar cash in the guaranty fund and in original margin in cash accounts at the Federal Reserve Bank of Chicago as of March 31, 2017 . 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. The carrying value of these securities approximates their fair value due to the short-term nature of the instruments and repurchase agreements. 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 March 31, 2017 and December 31, 2016 , the assets pledged by the clearing members as original margin and guaranty fund deposits for each of the ICE Clearing Houses are detailed below (in millions): As of March 31, 2017 As of December 31, 2016 ICE Clear Europe ICE Clear Credit ICE Clear US Other ICE Clearing Houses ICE Clear Europe ICE Clear Credit ICE Clear US Other ICE Clearing Houses Original margin: Government securities at face value $ 26,671 $ 5,028 $ 12,735 $ 20 $ 22,961 $ 6,013 $ 10,542 $ 37 Other — — — 373 — — — 368 Total $ 26,671 $ 5,028 $ 12,735 $ 393 $ 22,961 $ 6,013 $ 10,542 $ 405 Guaranty fund: Government securities at face value $ 249 $ 90 $ 152 $ 39 $ 217 $ 178 $ 147 $ 40

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 are classified in their entirety based on the lowest level of input that is significant to the asset or liability’s fair value measurement. Financial instruments measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 are as follows (in millions): As of March 31, 2017 As of December 31, 2016 Level 1 Level 2 and 3 Total Level 1 Level 2 and 3 Total Assets at fair value: Long-term investment in equity securities $ — $ — $ — $ 432 $ — $ 432 U.S. Treasury securities 532 — 532 500 — 500 Mutual Funds 21 — 21 23 — 23 Total assets at fair value $ 553 $ — $ 553 $ 955 $ — $ 955 As of March 31, 2017 , the fair value of our $1.24 billion 2020 Senior Notes was $1.27 billion , the fair value of our $1.24 billion 2025 Senior Notes was $1.29 billion , the fair value of our $851 million NYSE Notes was $851 million , the fair value of our $791 million 2023 Senior Notes was $832 million , and the fair value of our $598 million 2018 Senior Notes was $607 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 March 31, 2017 . All other financial instruments are determined to approximate carrying value due to the short period of time to their maturities. Until March 29, 2017, we held a 12% ownership interest in Cetip, S.A., or Cetip, which we classified as an available-for-sale long-term investment. Cetip was recorded at its fair value using its quoted market price. Changes in the fair value of available-for-sale securities are reflected in accumulated other comprehensive income, and include the effects of both stock price and foreign currency translation fluctuations. The unrealized holding gains and losses are excluded from earnings and reported in other comprehensive income until realized. Realized gains and losses, and declines in value deemed to be other-than-temporary, are recognized in earnings. We acquired the common stock of Cetip for an aggregate consideration of $514 million in cash in July 2011. During the year ended December 31, 2013, we recognized an impairment loss on our Cetip investment of $190 million , primarily due to unfavorable foreign exchange rate changes, which was equal to the difference between the $324 million fair value as of December 31, 2013 and the original investment cost of $514 million . The $324 million fair value of the Cetip investment as of December 31, 2013 became our new cost basis. The long-term investment in equity securities as of December 31, 2016 represents our investment in Cetip, which was valued at $432 million , including a $108 million accumulated unrealized gain. On March 29, 2017, Cetip and BM&FBOVESPA S.A. finalized a merger agreement. BM&FBOVESPA S.A., which changed its name to B3 S.A. - Brasil, Bolsa, Balcao, or B3, following the merger with Cetip, is a stock exchange and leading operator of registration, clearing, custodial and settlement services for equities, financial securities, indices, rates, commodities and currencies and is located in São Paulo, Brazil. The merger valued our Cetip investment at $500 million . We received the proceeds in cash and in B3 common stock. The cash component was valued at $319 million , which was subject to Brazilian capital gains tax of $28 million that was remitted to the Brazilian tax authorities in March 2017. The net amount of $291 million is presented in the accompanying consolidated balance sheet as of March 31, 2017 as a receivable in prepaid expenses and other current assets. We ultimately received net cash proceeds in April 2017 of $286 million , which is net of a foreign exchange loss of $5 million that was incurred in April 2017. We received 29,623,756 B3 common shares valued at their quoted market price of $181 million , which also is included in prepaid expenses and other current assets in the accompanying consolidated balance sheet as of March 31, 2017. A deferred capital gain tax of $26 million related to the B3 shares is presented as a non-current deferred tax liability as of March 31, 2017. In April 2017, we sold the B3 common shares for net proceeds of $152 million , which is net of the amounts remitted for the Brazilian capital gains tax and further transaction expenses of $3 million that were incurred in April 2017. The $500 million fair value of our investment in Cetip included an accumulated unrealized gain of $176 million , based on the $324 million cost basis. In connection with the sale of our equity investment in Cetip, the $176 million accumulated unrealized gain was reclassified out of accumulated other comprehensive income and was recognized in other income as a realized investment gain in the accompanying consolidated statement of income for the three months ended March 31, 2017 . We plan to use the $438 million in net cash and stock proceeds received from the merger and sale of B3 shares in April 2017 to pay down amounts outstanding under our Commercial Paper Program and for share repurchases. As of March 31, 2017 , we were holding $532 million in U.S. Treasury securities. Of these securities, $382 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 March 31, 2017 . We account for the U.S. Treasury securities held using the available-for-sale method. Mutual funds represent equity and fixed income mutual funds held for the purpose of providing future payments for the supplemental executive savings plan and the supplemental executive retirement plan and are classified as available-for-sale securities. We did not use Level 2 and 3 inputs to determine the fair value of assets or liabilities measured at fair value on a recurring basis as of March 31, 2017 or December 31, 2016 . We measure certain assets, such as intangible assets and cost and equity method investments, at fair value on a non-recurring basis. These assets are recognized at fair value if they are deemed to be impaired. As of March 31, 2017 and December 31, 2016 , none of these assets were required to be recorded at fair value since none of these assets were deemed impaired.

Condensed Consolidating Financi

Condensed Consolidating Financial Statements (Unaudited)	3 Months Ended
	Mar. 31, 2017
Condensed Consolidating Financial Statements [Abstract]
Condensed Consolidating Financial Statements (Unaudited)	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 Notes. The guarantees will remain in place until the NYSE 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 March 31, 2017 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Current assets: Cash and cash equivalents $ 3 $ — $ 357 $ — $ 360 Intercompany receivable 2,211 — — (2,211 ) — Margin deposits and guaranty funds — — 52,354 — 52,354 Notes receivable from affiliate, current — 281 33 (314 ) — Other current assets — — 2,359 — 2,359 Total current assets 2,214 281 55,103 (2,525 ) 55,073 Property and equipment, net — — 1,132 — 1,132 Other non-current assets: Goodwill and other intangible assets, net — — 22,658 — 22,658 Investment in subsidiaries 23,761 13,571 — (37,332 ) — Notes receivable from affiliate, non-current 620 6,318 7,098 (14,036 ) — Other non-current assets 102 10 488 — 600 Total other non-current assets 24,483 19,899 30,244 (51,368 ) 23,258 Total assets $ 26,697 $ 20,180 $ 86,479 $ (53,893 ) $ 79,463 Current liabilities: Short-term debt $ 1,525 $ 851 $ — $ — $ 2,376 Margin deposits and guaranty funds — — 52,354 — 52,354 Intercompany payable — 1,864 347 (2,211 ) — Notes payable to affiliates, current 283 31 — (314 ) — Other current liabilities 64 — 1,212 — 1,276 Total current liabilities 1,872 2,746 53,913 (2,525 ) 56,006 Non-current liabilities: Long-term debt 3,872 — — — 3,872 Notes payable to affiliates, non-current 5,194 1,903 6,939 (14,036 ) — Other non-current liabilities 4 — 3,757 — 3,761 Total non-current liabilities 9,070 1,903 10,696 (14,036 ) 7,633 Total liabilities 10,942 4,649 64,609 (16,561 ) 63,639 Redeemable non-controlling interest — — 37 — 37 Equity: Total shareholders’ equity 15,755 15,531 21,801 (37,332 ) 15,755 Non-controlling interest in consolidated subsidiaries — — 32 — 32 Total equity 15,755 15,531 21,833 (37,332 ) 15,787 Total liabilities and equity $ 26,697 $ 20,180 $ 86,479 $ (53,893 ) $ 79,463 Intercontinental Exchange, Inc. Condensed Consolidating Balance Sheets As of December 31, 2016 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Current assets: Cash and cash equivalents $ 1 $ — $ 406 $ — $ 407 Intercompany receivable 2,340 — — (2,340 ) — Margin deposits and guaranty funds — — 55,150 — 55,150 Note receivable from affiliate, current — 281 23 (304 ) — Other current assets — — 1,576 — 1,576 Total current assets 2,341 281 57,155 (2,644 ) 57,133 Property and equipment, net — — 1,129 — 1,129 Other non-current assets: Goodwill and other intangible assets, net — — 22,711 — 22,711 Investment in subsidiaries 23,266 13,238 — (36,504 ) — Note receivable from affiliate, non-current 620 5,958 6,373 (12,951 ) — Other non-current assets 100 11 919 — 1,030 Total other non-current assets 23,986 19,207 30,003 (49,455 ) 23,741 Total assets $ 26,327 $ 19,488 $ 88,287 $ (52,099 ) $ 82,003 Current liabilities: Short-term debt $ 1,642 $ 851 $ — $ — $ 2,493 Margin deposits and guaranty funds — — 55,150 — 55,150 Intercompany payable — 1,935 405 (2,340 ) — Notes payable to affiliates, current 281 23 — (304 ) — Other current liabilities 31 — 943 — 974 Total current liabilities 1,954 2,809 56,498 (2,644 ) 58,617 Non-current liabilities: Long-term debt 3,871 — — — 3,871 Notes payable to affiliates, non-current 4,781 1,592 6,578 (12,951 ) — Other non-current liabilities 4 — 3,721 — 3,725 Total non-current liabilities 8,656 1,592 10,299 (12,951 ) 7,596 Total liabilities 10,610 4,401 66,797 (15,595 ) 66,213 Redeemable non-controlling interest — — 36 — 36 Equity: Total shareholders’ equity 15,717 15,087 21,417 (36,504 ) 15,717 Non-controlling interest in consolidated subsidiaries — — 37 — 37 Total equity 15,717 15,087 21,454 (36,504 ) 15,754 Total liabilities and equity $ 26,327 $ 19,488 $ 88,287 $ (52,099 ) $ 82,003 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Income Three Months Ended March 31, 2017 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Revenues: Transaction and clearing, net $ — $ — $ 798 $ — $ 798 Data services — — 520 — 520 Listings and other revenues — — 151 — 151 Revenues — — 1,469 — 1,469 Transaction-based expenses — — 305 — 305 Revenues, less transaction-based expenses — — 1,164 — 1,164 Operating expenses: Compensation and benefits 1 — 244 — 245 Acquisition-related transaction and integration costs — — 14 — 14 Technology and communication — — 98 — 98 Selling, general, administrative and other — — 91 — 91 Depreciation and amortization — — 134 — 134 Operating expenses 1 — 581 — 582 Operating income (loss) (1 ) — 583 — 582 Intercompany interest on loans (10 ) 18 (8 ) — — Other income (expense), net (37 ) (4 ) 182 — 141 Total other income (expense), net (47 ) 14 174 — 141 Income (loss) before income taxes (48 ) 14 757 — 723 Income tax expense — — 213 — 213 Equity earnings from subsidiaries 550 430 — (980 ) — Net income $ 502 $ 444 $ 544 $ (980 ) $ 510 Net income attributable to non-controlling interest — — (8 ) — (8 ) Net income attributable to ICE $ 502 $ 444 $ 536 $ (980 ) $ 502 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Comprehensive Income Three Months Ended March 31, 2017 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Net income $ 502 $ 444 $ 544 $ (980 ) $ 510 Other comprehensive income (loss): Foreign currency translation adjustments — — 25 — 25 Change in fair value of available-for-sale-securities — — 68 — 68 Reclassification of realized gain on available-for-sale investment to other income — — (176 ) — (176 ) Other comprehensive loss — — (83 ) — (83 ) Comprehensive loss of subsidiaries (83 ) (87 ) — 170 — Comprehensive income 419 357 461 (810 ) 427 Comprehensive income attributable to non-controlling interests — — (8 ) — (8 ) Comprehensive income attributable to ICE $ 419 $ 357 $ 453 $ (810 ) $ 419 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Income Three Months Ended March 31, 2016 (In millions) ICE (Parent) Subsidiary Guarantor - NYSE Holdings Subsidiary Consolidating Adjustments Consolidated Total Revenues: Transaction and clearing, net $ — $ — $ 929 $ — $ 929 Data services — — 477 — 477 Listings and other revenues — — 148 — 148 Revenues — — 1,554 — 1,554 Transaction-based expenses — — 400 — 400 Revenues, less transaction-based expenses — — 1,154 — 1,154 Operating expenses: Compensation and benefits — — 236 — 236 Acquisition-related transaction and integration costs — — 27 — 27 Technology and communication — — 92 — 92 Selling, general, administrative and other — — 72 — 72 Depreciation and amortization — — 143 — 143 Operating expenses — — 570 — 570 Operating income — — 584 — 584 Intercompany interest on loans (4 ) 8 (4 ) — — Other income (expense), net (41 ) (4 ) 1 — (44 ) Total other income (expense), net (45 ) 4 (3 ) — (44 ) Income (loss) before income taxes (45 ) 4 581 — 540 Income tax expense — — 163 — 163 Equity earnings from subsidiaries 414 113 — (527 ) — Net income $ 369 $ 117 $ 418 $ (527 ) $ 377 Net income attributable to non-controlling interest — — (8 ) — (8 ) Net income attributable to ICE $ 369 $ 117 $ 410 $ (527 ) $ 369 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Comprehensive Income Three Months Ended March 31, 2016 (In millions) ICE (Parent) Subsidiary Guarantor - NYSE Holdings Subsidiary Consolidating Adjustments Consolidated Total Net income $ 369 $ 117 $ 418 $ (527 ) $ 377 Other comprehensive income (loss): Foreign currency translation adjustments — — (74 ) — (74 ) Change in fair value of available-for-sale-securities — — 54 — 54 Other comprehensive loss — — (20 ) — (20 ) Comprehensive loss of subsidiaries (25 ) (19 ) — 44 — Comprehensive income 344 98 398 (483 ) 357 Comprehensive income attributable to non-controlling interests — — (8 ) — (8 ) Comprehensive income attributable to ICE $ 344 $ 98 $ 390 $ (483 ) $ 349 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Cash Flows Three Months Ended March 31, 2017 (In millions) ICE (Parent) Subsidiary Subsidiary Non-Guarantors Consolidating Adjustments Consolidated Total Net cash provided by (used in) operating activities $ (2 ) $ 112 $ 509 $ (8 ) $ 611 Investing activities: Cash received for divestiture (net of cash paid for acquisition) — — 22 — 22 Loans to subsidiaries 129 (360 ) (735 ) 966 — Capital expenditures and capitalized software development costs — — (66 ) — (66 ) Increase in restricted cash and investments — — (64 ) — (64 ) Net cash provided by (used in) investing activities 129 (360 ) (843 ) 966 (108 ) Financing activities: Repayments of commercial paper, net (117 ) — — — (117 ) Intercompany borrowing 415 248 303 (966 ) — Dividends to shareholders (120 ) — — — (120 ) Intercompany dividends — — (8 ) 8 — Repurchases of common stock (229 ) — — — (229 ) Other financing activities (74 ) — (11 ) — (85 ) Net cash provided by (used in) financing activities (125 ) 248 284 (958 ) (551 ) Effect of exchange rates on cash and cash equivalents — — 1 — 1 Net increase (decrease) in cash and cash equivalents 2 — (49 ) — (47 ) Cash and cash equivalents, beginning of period 1 — 406 — 407 Cash and cash equivalents, end of period $ 3 $ — $ 357 $ — $ 360 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Cash Flows Three Months Ended March 31, 2016 (In millions) ICE (Parent) Subsidiary Guarantor - NYSE Holdings Subsidiary Non-Guarantors Consolidating Adjustments Consolidated Total Net cash provided by (used in) operating activities $ (15 ) $ 24 $ 609 $ (21 ) $ 597 Investing activities: Loans to subsidiaries 131 70 (627 ) 426 — Capital expenditures and capitalized software development costs — — (56 ) — (56 ) Increase in restricted cash and investments — — (3 ) — (3 ) Net cash provided by (used in) investing activities 131 70 (686 ) 426 (59 ) Financing activities: Repayments of commercial paper, net (543 ) — — — (543 ) Intercompany borrowing 573 (94 ) (53 ) (426 ) — Dividends to shareholders (102 ) — — — (102 ) Intercompany dividends — — (21 ) 21 — Other financing activities (44 ) — (8 ) — (52 ) Net cash used in financing activities (116 ) (94 ) (82 ) (405 ) (697 ) Net decrease in cash and cash equivalents — — (159 ) — (159 ) Cash and cash equivalents, beginning of period 1 — 626 — 627 Cash and cash equivalents, end of period $ 1 $ — $ 467 $ — $ 468

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We operate as two business segments: our Trading and Clearing segment and our Data and Listings segment. This presentation is reflective of how our chief operating decision maker reviews and operates our business. Our Trading and Clearing segment comprises our transaction-based execution and clearing businesses. Our Data and Listings segment comprises our subscription-based data services and securities listings businesses. Our chief operating decision maker does not review total assets, intersegment revenues/expenses or statements of income below operating income by segments; therefore, such information is not presented below. Financial data for our business segments is as follows for the three months ended March 31, 2017 and 2016 (in millions): Trading and Clearing Segment Data and Listings Segment Consolidated Three Months Ended March 31, 2017: Revenues, less transaction-based expenses $ 538 $ 626 $ 1,164 Operating expenses 216 366 582 Operating income 322 260 582 Three Months Ended March 31, 2016: Revenues, less transaction-based expenses $ 574 $ 580 $ 1,154 Operating expenses 213 357 570 Operating income 361 223 584 Revenue from one clearing member of the Trading and Clearing segment comprised 10% of our Trading and Clearing revenues for the three months ended March 31, 2017 . Clearing members are primarily intermediaries and represent a broad range of principal trading firms. If a clearing member ceased its operations, we believe that the trading firms would continue to conduct transactions and would clear those transactions through another clearing member firm. No additional customers or clearing members accounted for more than 10% of our segment revenues or consolidated revenues for the three months ended March 31, 2017 and 2016 .

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per common share computations for the three months ended March 31, 2017 and 2016 (in millions, except per share amounts): Three Months Ended 2017 2016 Basic: Net income attributable to Intercontinental Exchange, Inc. $ 502 $ 369 Weighted average common shares outstanding 594 595 Basic earnings per common share $ 0.84 $ 0.62 Diluted: Weighted average common shares outstanding 594 595 Effect of dilutive securities - stock options and restricted shares 5 3 Diluted weighted average common shares outstanding 599 598 Diluted earnings per common share $ 0.84 $ 0.62 Basic earnings per common share is calculated using the weighted average common shares outstanding during the period. Common equivalent shares from stock options and restricted stock awards, using the treasury stock method, are included in the diluted per share calculations unless the effect of their inclusion would be antidilutive. During the three months ended March 31, 2017 and 2016 , 586,866 and 650,545 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	3 Months Ended
	Mar. 31, 2017
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 Note 10.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
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 U.S. 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 U.S. GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and related notes thereto for the year ended December 31, 2016 . The accompanying unaudited consolidated financial statements reflect all adjustments that are, in our opinion, necessary for a fair presentation of results for the interim periods presented. These adjustments are of a normal recurring nature. Preparing financial statements requires us to make certain estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and accompanying disclosures. Although these estimates are based on our best knowledge of current events and actions that we may undertake in the future, actual results may be different from these estimates. The results of operations for the three months ended March 31, 2017 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	New and Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board, or FASB, has issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) , or ASU 606. ASU 606 provides guidance outlining a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers that supersedes most current revenue recognition guidance. This guidance requires us to recognize revenue when we transfer promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We are required to adopt ASU 606 at the beginning of our first quarter of fiscal 2018. The new guidance requires enhanced disclosures, including revenue recognition policies to identify performance obligations to customers and significant judgments in measurement and recognition. The new guidance may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. We are currently evaluating the overall impact this guidance will have on our consolidated financial statements, as well as the method of adoption. Based on our preliminary assessment, we expect that the adoption may accelerate the timing of recognition of original and supplemental listing fees related to our NYSE businesses, which are currently deferred over a pre-defined customer life of five or nine years. We are continuing our assessment, which may identify other impacts of the adoption of ASU 606. The FASB has 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. With the sale of our Cetip investment, we no longer have any equity investments that would be required to be measured at fair value with changes in fair value recognized in net income (Note 10). The FASB has 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. The FASB has issued Accounting Standards Update No. 2016-18, Statement of Cash Flows: Restricted Cash , or ASU 2016-18, that will require entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. When cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. This reconciliation can be presented either on the face of the statement of cash flows or in the notes to the financial statements. Entities will also have to disclose the nature of their restricted cash and restricted cash equivalent balances. ASU 2016-18 becomes effective for us in fiscal years beginning after December 15, 2017, and interim periods within those years, with early adoption permitted. We will be required to apply the guidance retrospectively when adopted, and provide the relevant disclosures in the first interim and annual periods in which we adopt the guidance. We will not adopt ASU 2016-18 early, but do expect to be impacted by the new presentation and disclosure requirements required by ASU 2016-18 due to our restricted and unrestricted cash balances.

Goodwill and Other Intangible24

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedules of intangible assets and goodwill	The following is a summary of the activity in the goodwill balance for the three months ended March 31, 2017 (in millions): Goodwill balance at December 31, 2016 $ 12,291 Acquisition (divestiture), net 3 Foreign currency translation 13 Other activity, net (5 ) Goodwill balance at March 31, 2017 $ 12,302 The following is a summary of the activity in the other intangible assets balance for the three months ended March 31, 2017 (in millions): Other intangible assets balance at December 31, 2016 $ 10,420 Acquisition (divestiture), net 2 Foreign currency translation 13 Other activity, net (9 ) Amortization of other intangible assets (70 ) Other intangible assets balance at March 31, 2017 $ 10,356

Deferred Revenue (Tables)

Deferred Revenue (Tables)	3 Months Ended
	Mar. 31, 2017
Revenue Recognition [Abstract]
Deferred Revenue	The changes in our deferred revenue during the three months ended March 31, 2017 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, 2016 $ — $ 66 $ 83 $ 88 $ 237 Additions 361 3 24 162 550 Amortization (91 ) (3 ) (12 ) (114 ) (220 ) Deferred revenue balance at March 31, 2017 $ 270 $ 66 $ 95 $ 136 $ 567

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Total Debt	Our total debt, including short-term and long-term debt, consisted of the following as of March 31, 2017 and December 31, 2016 (in millions): As of As of Debt: Commercial Paper $ 1,525 $ 1,642 NYSE Notes (2.00% senior unsecured notes due October 5, 2017) 851 851 Short-term debt 2,376 2,493 2018 Senior Notes (2.50% senior unsecured notes due October 15, 2018) 598 598 2020 Senior Notes (2.75% senior unsecured notes due December 1, 2020) 1,242 1,242 2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023) 791 790 2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025) 1,241 1,241 Long-term debt 3,872 3,871 Total debt $ 6,248 $ 6,364

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Summary of Stock Options	The following is a summary of stock options for the three months ended March 31, 2017 : Number of Options Weighted Average Outstanding at December 31, 2016 3,878,705 $ 36.05 Granted 723,533 57.31 Exercised (111,240 ) 27.92 Outstanding at March 31, 2017 4,490,998 39.68
Details of Stock Options Outstanding	Details of stock options outstanding as of March 31, 2017 are as follows: Number of Options Weighted Average Weighted Average Aggregate Vested or expected to vest 4,490,998 $ 39.68 7.0 $ 91 Exercisable 3,062,860 $ 33.81 6.0 $ 80
Stock Options Valuation Assumptions	During the three months ended March 31, 2017 and 2016 , we used the weighted-average assumptions in the table below to compute the value of all options for shares of common stock granted to employees: Three Months Ended March 31, Assumptions: 2017 2016 Risk-free interest rate 1.84 % 1.51 % Expected life in years 5.0 5.0 Expected volatility 21 % 24 % Expected dividend yield 1.40 % 1.36 % Estimated weighted-average fair value of options granted per share $ 10.49 $ 9.88
Summary of Nonvested Restricted Stock Options	The following is a summary of the non-vested restricted shares for the three months ended March 31, 2017 : Number of Weighted Average Non-vested at December 31, 2016 6,435,871 $ 45.33 Granted 2,971,902 56.97 Vested (3,023,025) 44.25 Forfeited (86,044) 50.40 Non-vested at March 31, 2017 6,298,704 51.81

Clearing Organizations (Tables)

Clearing Organizations (Tables)	3 Months Ended
	Mar. 31, 2017
Brokers and Dealers [Abstract]
Schedule Of Margin Deposits And Guaranty Funds Assets	As of March 31, 2017 , our cash margin deposits and guaranty fund are as follows for the ICE Clearing Houses (in millions): ICE Clear Europe ICE Clear ICE Clear US Other ICE Clearing Houses Total Original margin $ 22,597 $ 19,504 $ 4,933 $ 124 $ 47,158 Guaranty fund 2,643 2,170 328 55 5,196 Total $ 25,240 $ 21,674 $ 5,261 $ 179 $ 52,354 As of December 31, 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 US Other ICE Clearing Houses Total Original margin $ 27,046 $ 16,833 $ 6,184 $ 107 $ 50,170 Guaranty fund 2,444 2,135 316 85 4,980 Total $ 29,490 $ 18,968 $ 6,500 $ 192 $ 55,150
Schedule Of Assets Pledged By Clearing Members As Original Margin And Guaranty Fund Deposits Table	As of March 31, 2017 and December 31, 2016 , the assets pledged by the clearing members as original margin and guaranty fund deposits for each of the ICE Clearing Houses are detailed below (in millions): As of March 31, 2017 As of December 31, 2016 ICE Clear Europe ICE Clear Credit ICE Clear US Other ICE Clearing Houses ICE Clear Europe ICE Clear Credit ICE Clear US Other ICE Clearing Houses Original margin: Government securities at face value $ 26,671 $ 5,028 $ 12,735 $ 20 $ 22,961 $ 6,013 $ 10,542 $ 37 Other — — — 373 — — — 368 Total $ 26,671 $ 5,028 $ 12,735 $ 393 $ 22,961 $ 6,013 $ 10,542 $ 405 Guaranty fund: Government securities at face value $ 249 $ 90 $ 152 $ 39 $ 217 $ 178 $ 147 $ 40

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Financial Instruments Measured at Fair Value on a Recurring Basis	Financial instruments measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 are as follows (in millions): As of March 31, 2017 As of December 31, 2016 Level 1 Level 2 and 3 Total Level 1 Level 2 and 3 Total Assets at fair value: Long-term investment in equity securities $ — $ — $ — $ 432 $ — $ 432 U.S. Treasury securities 532 — 532 500 — 500 Mutual Funds 21 — 21 23 — 23 Total assets at fair value $ 553 $ — $ 553 $ 955 $ — $ 955

Condensed Consolidating Finan30

Condensed Consolidating Financial Statements (Unaudited) (Tables)	3 Months Ended
	Mar. 31, 2017
Condensed Consolidating Financial Statements [Abstract]
Condensed Consolidating Balance Sheets	Intercontinental Exchange, Inc. Condensed Consolidating Balance Sheets As of March 31, 2017 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Current assets: Cash and cash equivalents $ 3 $ — $ 357 $ — $ 360 Intercompany receivable 2,211 — — (2,211 ) — Margin deposits and guaranty funds — — 52,354 — 52,354 Notes receivable from affiliate, current — 281 33 (314 ) — Other current assets — — 2,359 — 2,359 Total current assets 2,214 281 55,103 (2,525 ) 55,073 Property and equipment, net — — 1,132 — 1,132 Other non-current assets: Goodwill and other intangible assets, net — — 22,658 — 22,658 Investment in subsidiaries 23,761 13,571 — (37,332 ) — Notes receivable from affiliate, non-current 620 6,318 7,098 (14,036 ) — Other non-current assets 102 10 488 — 600 Total other non-current assets 24,483 19,899 30,244 (51,368 ) 23,258 Total assets $ 26,697 $ 20,180 $ 86,479 $ (53,893 ) $ 79,463 Current liabilities: Short-term debt $ 1,525 $ 851 $ — $ — $ 2,376 Margin deposits and guaranty funds — — 52,354 — 52,354 Intercompany payable — 1,864 347 (2,211 ) — Notes payable to affiliates, current 283 31 — (314 ) — Other current liabilities 64 — 1,212 — 1,276 Total current liabilities 1,872 2,746 53,913 (2,525 ) 56,006 Non-current liabilities: Long-term debt 3,872 — — — 3,872 Notes payable to affiliates, non-current 5,194 1,903 6,939 (14,036 ) — Other non-current liabilities 4 — 3,757 — 3,761 Total non-current liabilities 9,070 1,903 10,696 (14,036 ) 7,633 Total liabilities 10,942 4,649 64,609 (16,561 ) 63,639 Redeemable non-controlling interest — — 37 — 37 Equity: Total shareholders’ equity 15,755 15,531 21,801 (37,332 ) 15,755 Non-controlling interest in consolidated subsidiaries — — 32 — 32 Total equity 15,755 15,531 21,833 (37,332 ) 15,787 Total liabilities and equity $ 26,697 $ 20,180 $ 86,479 $ (53,893 ) $ 79,463 Intercontinental Exchange, Inc. Condensed Consolidating Balance Sheets As of December 31, 2016 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Current assets: Cash and cash equivalents $ 1 $ — $ 406 $ — $ 407 Intercompany receivable 2,340 — — (2,340 ) — Margin deposits and guaranty funds — — 55,150 — 55,150 Note receivable from affiliate, current — 281 23 (304 ) — Other current assets — — 1,576 — 1,576 Total current assets 2,341 281 57,155 (2,644 ) 57,133 Property and equipment, net — — 1,129 — 1,129 Other non-current assets: Goodwill and other intangible assets, net — — 22,711 — 22,711 Investment in subsidiaries 23,266 13,238 — (36,504 ) — Note receivable from affiliate, non-current 620 5,958 6,373 (12,951 ) — Other non-current assets 100 11 919 — 1,030 Total other non-current assets 23,986 19,207 30,003 (49,455 ) 23,741 Total assets $ 26,327 $ 19,488 $ 88,287 $ (52,099 ) $ 82,003 Current liabilities: Short-term debt $ 1,642 $ 851 $ — $ — $ 2,493 Margin deposits and guaranty funds — — 55,150 — 55,150 Intercompany payable — 1,935 405 (2,340 ) — Notes payable to affiliates, current 281 23 — (304 ) — Other current liabilities 31 — 943 — 974 Total current liabilities 1,954 2,809 56,498 (2,644 ) 58,617 Non-current liabilities: Long-term debt 3,871 — — — 3,871 Notes payable to affiliates, non-current 4,781 1,592 6,578 (12,951 ) — Other non-current liabilities 4 — 3,721 — 3,725 Total non-current liabilities 8,656 1,592 10,299 (12,951 ) 7,596 Total liabilities 10,610 4,401 66,797 (15,595 ) 66,213 Redeemable non-controlling interest — — 36 — 36 Equity: Total shareholders’ equity 15,717 15,087 21,417 (36,504 ) 15,717 Non-controlling interest in consolidated subsidiaries — — 37 — 37 Total equity 15,717 15,087 21,454 (36,504 ) 15,754 Total liabilities and equity $ 26,327 $ 19,488 $ 88,287 $ (52,099 ) $ 82,003
Condensed Consolidating Statements of Income	Intercontinental Exchange, Inc. Condensed Consolidating Statements of Income Three Months Ended March 31, 2016 (In millions) ICE (Parent) Subsidiary Guarantor - NYSE Holdings Subsidiary Consolidating Adjustments Consolidated Total Revenues: Transaction and clearing, net $ — $ — $ 929 $ — $ 929 Data services — — 477 — 477 Listings and other revenues — — 148 — 148 Revenues — — 1,554 — 1,554 Transaction-based expenses — — 400 — 400 Revenues, less transaction-based expenses — — 1,154 — 1,154 Operating expenses: Compensation and benefits — — 236 — 236 Acquisition-related transaction and integration costs — — 27 — 27 Technology and communication — — 92 — 92 Selling, general, administrative and other — — 72 — 72 Depreciation and amortization — — 143 — 143 Operating expenses — — 570 — 570 Operating income — — 584 — 584 Intercompany interest on loans (4 ) 8 (4 ) — — Other income (expense), net (41 ) (4 ) 1 — (44 ) Total other income (expense), net (45 ) 4 (3 ) — (44 ) Income (loss) before income taxes (45 ) 4 581 — 540 Income tax expense — — 163 — 163 Equity earnings from subsidiaries 414 113 — (527 ) — Net income $ 369 $ 117 $ 418 $ (527 ) $ 377 Net income attributable to non-controlling interest — — (8 ) — (8 ) Net income attributable to ICE $ 369 $ 117 $ 410 $ (527 ) $ 369 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Income Three Months Ended March 31, 2017 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Revenues: Transaction and clearing, net $ — $ — $ 798 $ — $ 798 Data services — — 520 — 520 Listings and other revenues — — 151 — 151 Revenues — — 1,469 — 1,469 Transaction-based expenses — — 305 — 305 Revenues, less transaction-based expenses — — 1,164 — 1,164 Operating expenses: Compensation and benefits 1 — 244 — 245 Acquisition-related transaction and integration costs — — 14 — 14 Technology and communication — — 98 — 98 Selling, general, administrative and other — — 91 — 91 Depreciation and amortization — — 134 — 134 Operating expenses 1 — 581 — 582 Operating income (loss) (1 ) — 583 — 582 Intercompany interest on loans (10 ) 18 (8 ) — — Other income (expense), net (37 ) (4 ) 182 — 141 Total other income (expense), net (47 ) 14 174 — 141 Income (loss) before income taxes (48 ) 14 757 — 723 Income tax expense — — 213 — 213 Equity earnings from subsidiaries 550 430 — (980 ) — Net income $ 502 $ 444 $ 544 $ (980 ) $ 510 Net income attributable to non-controlling interest — — (8 ) — (8 ) Net income attributable to ICE $ 502 $ 444 $ 536 $ (980 ) $ 502
Condensed Consolidating Statements of Comprehensive Income	Intercontinental Exchange, Inc. Condensed Consolidating Statements of Comprehensive Income Three Months Ended March 31, 2017 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Net income $ 502 $ 444 $ 544 $ (980 ) $ 510 Other comprehensive income (loss): Foreign currency translation adjustments — — 25 — 25 Change in fair value of available-for-sale-securities — — 68 — 68 Reclassification of realized gain on available-for-sale investment to other income — — (176 ) — (176 ) Other comprehensive loss — — (83 ) — (83 ) Comprehensive loss of subsidiaries (83 ) (87 ) — 170 — Comprehensive income 419 357 461 (810 ) 427 Comprehensive income attributable to non-controlling interests — — (8 ) — (8 ) Comprehensive income attributable to ICE $ 419 $ 357 $ 453 $ (810 ) $ 419 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Comprehensive Income Three Months Ended March 31, 2016 (In millions) ICE (Parent) Subsidiary Guarantor - NYSE Holdings Subsidiary Consolidating Adjustments Consolidated Total Net income $ 369 $ 117 $ 418 $ (527 ) $ 377 Other comprehensive income (loss): Foreign currency translation adjustments — — (74 ) — (74 ) Change in fair value of available-for-sale-securities — — 54 — 54 Other comprehensive loss — — (20 ) — (20 ) Comprehensive loss of subsidiaries (25 ) (19 ) — 44 — Comprehensive income 344 98 398 (483 ) 357 Comprehensive income attributable to non-controlling interests — — (8 ) — (8 ) Comprehensive income attributable to ICE $ 344 $ 98 $ 390 $ (483 ) $ 349
Condensed Consolidating Statements of Cash Flow	Intercontinental Exchange, Inc. Condensed Consolidating Statements of Cash Flows Three Months Ended March 31, 2017 (In millions) ICE (Parent) Subsidiary Subsidiary Non-Guarantors Consolidating Adjustments Consolidated Total Net cash provided by (used in) operating activities $ (2 ) $ 112 $ 509 $ (8 ) $ 611 Investing activities: Cash received for divestiture (net of cash paid for acquisition) — — 22 — 22 Loans to subsidiaries 129 (360 ) (735 ) 966 — Capital expenditures and capitalized software development costs — — (66 ) — (66 ) Increase in restricted cash and investments — — (64 ) — (64 ) Net cash provided by (used in) investing activities 129 (360 ) (843 ) 966 (108 ) Financing activities: Repayments of commercial paper, net (117 ) — — — (117 ) Intercompany borrowing 415 248 303 (966 ) — Dividends to shareholders (120 ) — — — (120 ) Intercompany dividends — — (8 ) 8 — Repurchases of common stock (229 ) — — — (229 ) Other financing activities (74 ) — (11 ) — (85 ) Net cash provided by (used in) financing activities (125 ) 248 284 (958 ) (551 ) Effect of exchange rates on cash and cash equivalents — — 1 — 1 Net increase (decrease) in cash and cash equivalents 2 — (49 ) — (47 ) Cash and cash equivalents, beginning of period 1 — 406 — 407 Cash and cash equivalents, end of period $ 3 $ — $ 357 $ — $ 360 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Cash Flows Three Months Ended March 31, 2016 (In millions) ICE (Parent) Subsidiary Guarantor - NYSE Holdings Subsidiary Non-Guarantors Consolidating Adjustments Consolidated Total Net cash provided by (used in) operating activities $ (15 ) $ 24 $ 609 $ (21 ) $ 597 Investing activities: Loans to subsidiaries 131 70 (627 ) 426 — Capital expenditures and capitalized software development costs — — (56 ) — (56 ) Increase in restricted cash and investments — — (3 ) — (3 ) Net cash provided by (used in) investing activities 131 70 (686 ) 426 (59 ) Financing activities: Repayments of commercial paper, net (543 ) — — — (543 ) Intercompany borrowing 573 (94 ) (53 ) (426 ) — Dividends to shareholders (102 ) — — — (102 ) Intercompany dividends — — (21 ) 21 — Other financing activities (44 ) — (8 ) — (52 ) Net cash used in financing activities (116 ) (94 ) (82 ) (405 ) (697 ) Net decrease in cash and cash equivalents — — (159 ) — (159 ) Cash and cash equivalents, beginning of period 1 — 626 — 627 Cash and cash equivalents, end of period $ 1 $ — $ 467 $ — $ 468

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Financial data for our business segments is as follows for the three months ended March 31, 2017 and 2016 (in millions): Trading and Clearing Segment Data and Listings Segment Consolidated Three Months Ended March 31, 2017: Revenues, less transaction-based expenses $ 538 $ 626 $ 1,164 Operating expenses 216 366 582 Operating income 322 260 582 Three Months Ended March 31, 2016: Revenues, less transaction-based expenses $ 574 $ 580 $ 1,154 Operating expenses 213 357 570 Operating income 361 223 584

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Reconciliation of the Numerators and Denominators of the Basic and Diluted Earnings Per Common Share	The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per common share computations for the three months ended March 31, 2017 and 2016 (in millions, except per share amounts): Three Months Ended 2017 2016 Basic: Net income attributable to Intercontinental Exchange, Inc. $ 502 $ 369 Weighted average common shares outstanding 594 595 Basic earnings per common share $ 0.84 $ 0.62 Diluted: Weighted average common shares outstanding 594 595 Effect of dilutive securities - stock options and restricted shares 5 3 Diluted weighted average common shares outstanding 599 598 Diluted earnings per common share $ 0.84 $ 0.62

Acquisitions and Divestitures (

Acquisitions and Divestitures (Narrative) (Details) £ in Millions	Mar. 31, 2017USD ($)£ / $	Dec. 11, 2015USD ($)£ / $	Dec. 11, 2015GBP (£)£ / $	Jan. 31, 2017	Dec. 31, 2016USD ($)
Business Acquisition [Line Items]
Foreign currency translation adjustments	$ (320,000,000)				$ (345,000,000)
IDMS
Business Acquisition [Line Items]
Gain (loss) on sale of IDMS	$ 0
NYSE National
Business Acquisition [Line Items]
Percent of acquisition				100.00%
Trayport
Business Acquisition [Line Items]
Percent of acquisition		100.00%	100.00%
Purchase price for acquisition		$ 620,000,000	£ 407
Equity component of purchase price (shares)		$ 12,600,000
Exchange rate | £ / $	1.2552	1.5218	1.5218
Foreign currency translation adjustments	$ 108,000,000

Goodwill and Other Intangible34

Goodwill and Other Intangible Assets (Goodwill Rollforward) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 12,291
Acquisition (divestiture), net	3
Foreign currency translation	13
Other activity, net	(5)
Goodwill, Ending Balance	$ 12,302

Goodwill and Other Intangible35

Goodwill and Other Intangible Assets (Other Intangible Rollforward) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Finite-lived Intangible Assets [Roll Forward]
Other intangible assets, beginning balance	$ 10,420
Acquisition (divestiture), net	2
Foreign currency translation	13
Other activity, net	(9)
Amortization of other intangible assets	(70)
Other intangible assets, ending balance	$ 10,356

Goodwill and Other Intangible36

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and other intangible asset impairment losses	$ 0	$ 0

Deferred Revenue (Details)

Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Movement in Deferred Revenue [Roll Forward]
Deferred revenue balance at December 31, 2016	$ 237
Additions	550
Amortization	(220)
Deferred revenue balance at March 31, 2017	567
Current deferred revenue	440	$ 114
Non-current deferred revenue	127
Annual Listings Revenue
Movement in Deferred Revenue [Roll Forward]
Deferred revenue balance at December 31, 2016	0
Additions	361
Amortization	(91)
Deferred revenue balance at March 31, 2017	270
Original Listings Revenues
Movement in Deferred Revenue [Roll Forward]
Deferred revenue balance at December 31, 2016	66
Additions	3
Amortization	(3)
Deferred revenue balance at March 31, 2017	66
Other Listings Revenues
Movement in Deferred Revenue [Roll Forward]
Deferred revenue balance at December 31, 2016	83
Additions	24
Amortization	(12)
Deferred revenue balance at March 31, 2017	95
Data Services and Other Revenues
Movement in Deferred Revenue [Roll Forward]
Deferred revenue balance at December 31, 2016	88
Additions	162
Amortization	(114)
Deferred revenue balance at March 31, 2017	$ 136

Debt (Total Debt Schedule) (Det

Debt (Total Debt Schedule) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Commercial Paper	$ 1,525	$ 1,642
Short-term debt	2,376	2,493
Long-term debt	3,872	3,871
Total debt	$ 6,248	6,364
NYSE Notes (2.00% senior unsecured notes due October 5, 2017)
Debt Instrument [Line Items]
Interest rate	2.00%
Short-term debt	$ 851	851
2018 Senior Notes (2.50% senior unsecured notes due October 15, 2018)
Debt Instrument [Line Items]
Interest rate	2.50%
Senior notes	$ 598	598
2020 Senior Notes (2.75% senior unsecured notes due December 1, 2020)
Debt Instrument [Line Items]
Interest rate	2.75%
Senior notes	$ 1,242	1,242
2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023)
Debt Instrument [Line Items]
Interest rate	4.00%
Senior notes	$ 791	790
2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025)
Debt Instrument [Line Items]
Interest rate	3.75%
Senior notes	$ 1,241	$ 1,241

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Apr. 03, 2019	Dec. 31, 2016	Nov. 30, 2015
Line of Credit Facility [Line Items]
Credit facility borrowing capacity	$ 3,000,000,000				$ 3,400,000,000
Credit facility additional borrowing capacity	1,000,000,000
Line of credit outstanding	0
Credit facility current borrowing capacity	3,400,000,000
Funds required to back-stop amounts outstanding under Commercial Paper Program	1,500,000,000
Borrowing amount available	1,900,000,000
Commercial paper	$ 1,525,000,000			$ 1,642,000,000
Weighted average interest rate	0.95%
Weighted average maturity period	21 days
Repayments of amounts outstanding	$ 117,000,000	$ 543,000,000
NYSE Notes (2.00% senior unsecured notes due October 5, 2017)
Line of Credit Facility [Line Items]
Senior notes	$ 850,000,000
Fixed interest rate on senior notes	2.00%
Minimum
Line of Credit Facility [Line Items]
Original maturity period	3 days
Maximum
Line of Credit Facility [Line Items]
Original maturity period	81 days
Scenario, Forecast
Line of Credit Facility [Line Items]
Credit facility borrowing capacity			$ 3,200,000,000

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Aug. 31, 2016
Class of Stock [Line Items]
Non-cash compensation expenses recognized		$ 34,000,000	$ 29,000,000
Number of shares granted during the period		2,971,902
Stock-based compensation		$ 34,000,000	29,000,000
Fair value of stock vested during the period		$ 175,000,000	$ 103,000,000
Repurchases of common stock		3,911,026
Value of common stock repurchases		$ 229,000,000		$ 50,000,000
Maximum shares repurchases value		$ 721,000,000			$ 1,000,000,000
Dividend per share (usd per share)		$ 0.20	$ 0.17
Dividends		$ 120,000,000	$ 102,000,000
Performance Based Restricted Stock Units
Class of Stock [Line Items]
Unrecognized compensation costs	$ 42,000,000	37,000,000
Weighted average period of recognition	3 years
Shares reserved for future issuance	1,534,218
Number of shares granted during the period	767,109
Stock-based compensation		5,000,000
Remaining non-cash compensation expense		19,000,000
Time Based And Performance Based Restricted Stock
Class of Stock [Line Items]
Unrecognized compensation costs		$ 235,000,000
Weighted average period of recognition		2 years
Employee Stock Option
Class of Stock [Line Items]
Intrinsic value of stock options exercised		$ 3,000,000	$ 3,000,000
Unrecognized compensation costs		$ 13,000,000
Weighted average period of recognition		2 years 1 month 6 days
Maximum | Performance Based Restricted Stock Units
Class of Stock [Line Items]
Unrecognized compensation costs	$ 85,000,000

Equity (Stock Option Activity)

Equity (Stock Option Activity) (Details)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Number of Stock Options [Roll Forward]
Outstanding beginning balance (shares) | shares	3,878,705
Granted (shares) | shares	723,533
Exercised (shares) | shares	(111,240)
Outstanding ending balance (shares) | shares	4,490,998
Weighted Average Exercise Price Per Option [Abstract]
Outstanding beginning balance, weighted average exercise price (usd per share) | $ / shares	$ 36.05
Granted, weighted average exercise price (usd per share) | $ / shares	57.31
Exercised, weighted average exercise price (usd per share) | $ / shares	27.92
Outstanding ending balance, weighted average exercise price (usd per share) | $ / shares	$ 39.68

Equity (Details of Stock Option

Equity (Details of Stock Options) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Equity [Abstract]
Number of Options, Vested or expected to vest (shares) | shares	4,490,998
Weighted Average Exercise Price, Vested or expected to vest (usd per share) | $ / shares	$ 39.68
Weighted Average Remaining Contractual Life, Vested or expected to vest	7 years
Aggregate Intrinsic Value, Vested or expected to vest | $	$ 91
Number of Options, Exercised (shares) | shares	3,062,860
Weighted Average Exercise Price, Exercised (usd per share) | $ / shares	$ 33.81
Weighted Average Remaining Contractual Life, Exercised	6 years
Aggregate Intrinsic Value, Exercised | $	$ 80

Equity (Valuation Assumptions)

Equity (Valuation Assumptions) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Equity [Abstract]
Risk-free interest rate	1.84%	1.51%
Expected life in years	5 years	5 years
Expected volatility	21.00%	24.00%
Expected dividend yield	1.40%	1.36%
Estimated weighted-average fair value of options granted per share (usd per share)	$ 10.49	$ 9.88

Equity (Nonvested Restricted St

Equity (Nonvested Restricted Stock Activity) (Details)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested beginning balance (shares) | shares	6,435,871
Granted (shares) | shares	2,971,902
Vested (shares) | shares	(3,023,025)
Forfeited (shares) | shares	(86,044)
Non-vested ending balance (shares) | shares	6,298,704
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Non-vested beginning balance, weighted average grant-date fair value (usd per share) | $ / shares	$ 45.33
Granted, weighted average grant-date fair value (usd per share) | $ / shares	56.97
Vested, weighted average grant-date fair value (usd per share) | $ / shares	44.25
Forfeited weighted average grant-date fair value (usd per share) | $ / shares	50.40
Non-vested ending balance, weighted average grant-date fair value (usd per share) | $ / shares	$ 51.81

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate	30.00%	30.00%
Undistributed earnings of foreign subsidiaries	$ 4,000,000,000
Federal income tax provision	0
State income tax provision	$ 0

Clearing Organizations (Narrati

Clearing Organizations (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Principal Transaction Revenue [Line Items]
Amount received by ICE Clearing Houses	$ 97,700	$ 95,700
Cash contribution to guaranty funds	253	$ 253
Amount of cash in secured reverse repurchase agreements	31,900
Cash at the Federal Reserve Bank	17,300
ICE Clear Europe
Principal Transaction Revenue [Line Items]
Cash contribution to guaranty funds	150
ICE Clear Credit
Principal Transaction Revenue [Line Items]
Cash contribution to guaranty funds	50
ICE Clear U.S.
Principal Transaction Revenue [Line Items]
Cash contribution to guaranty funds	50
ICE Clear Canada, ICE Clear Netherlands and ICE Clear Singapore
Principal Transaction Revenue [Line Items]
Cash contribution to guaranty funds	$ 3

Clearing Organizations (ICE Cle

Clearing Organizations (ICE Clearing Houses Schedules) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Clearing Organizations [Line Items]
Original margin	$ 47,158	$ 50,170
Guaranty fund	5,196	4,980
Total	52,354	55,150
ICE Clear Europe
Clearing Organizations [Line Items]
Original margin	22,597	27,046
Guaranty fund	2,643	2,444
Total	25,240	29,490
ICE Clear Credit
Clearing Organizations [Line Items]
Original margin	19,504	16,833
Guaranty fund	2,170	2,135
Total	21,674	18,968
ICE Clear US
Clearing Organizations [Line Items]
Original margin	4,933	6,184
Guaranty fund	328	316
Total	5,261	6,500
Other ICE Clearing Houses
Clearing Organizations [Line Items]
Original margin	124	107
Guaranty fund	55	85
Total	$ 179	$ 192

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	Mar. 31, 2017	Dec. 31, 2016
Original Margin | ICE Clear Europe
Clearing Organizations [Line Items]
Government securities at face value	$ 26,671	$ 22,961
Other	0	0
Total	26,671	22,961
Original Margin | ICE Clear Credit
Clearing Organizations [Line Items]
Government securities at face value	5,028	6,013
Other	0	0
Total	5,028	6,013
Original Margin | ICE Clear US
Clearing Organizations [Line Items]
Government securities at face value	12,735	10,542
Other	0	0
Total	12,735	10,542
Original Margin | Other ICE Clearing Houses
Clearing Organizations [Line Items]
Government securities at face value	20	37
Other	373	368
Total	393	405
Guaranty Fund | ICE Clear Europe
Clearing Organizations [Line Items]
Government securities at face value	249	217
Guaranty Fund | ICE Clear Credit
Clearing Organizations [Line Items]
Government securities at face value	90	178
Guaranty Fund | ICE Clear US
Clearing Organizations [Line Items]
Government securities at face value	152	147
Guaranty Fund | Other ICE Clearing Houses
Clearing Organizations [Line Items]
Government securities at face value	$ 39	$ 40

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 29, 2017	Apr. 30, 2017	Mar. 31, 2017	Jul. 31, 2011	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2013	Mar. 28, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term debt			$ 2,376		$ 2,376				$ 2,493
Capital gain tax					213	$ 163
Prepaid expenses and other current assets			596		596				97
Deferred capital gain tax					28	30
Gain (loss) on sale of investment					176	$ 0
U.S. Treasury securities			532		532				500
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities			532		532				500
Restricted Cash And Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of securities			382		382
Restricted Cash and Investments, Non Current
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of securities			150		150
Cetip, S.A.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest								12.00%
Cash consideration				$ 514
Impairment loss							$ 190
Available for sale securities, fair value							324		432
Available for sale securities, investment cost	$ 324						$ 514
Accumulated unrealized gain									108
Merger consideration	500
Cash	319
Prepaid expenses and other current assets			291		291
Accumulated unrealized gain (loss)					176
B3 S.A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities, fair value	$ 181
Number of common shares received (shares)	29,623,756
Deferred capital gain tax	$ 26
Foreign Tax Authority | Secretariat of the Federal Revenue Bureau of Brazil | Cetip, S.A.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capital gain tax			28
2020 Senior Notes (2.75% senior unsecured notes due December 1, 2020)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes			1,270		1,270
2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes			1,290		1,290
NYSE Notes (2.00% senior unsecured notes due October 5, 2017)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of senior notes			851		851
2020 Senior Notes (2.75% senior unsecured notes due December 1, 2020)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes			1,242		1,242				1,242
2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes			1,241		1,241				1,241
2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes			791		791				790
Fair value of senior notes			832		832
2018 Senior Notes (2.50% senior unsecured notes due October 15, 2018)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes			598		598				$ 598
Fair value of senior notes			$ 607		$ 607
Subsequent Event
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from merger		$ 438
Subsequent Event | Cetip, S.A.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from merger		286
Foreign exchange gain (loss)		(5)
Subsequent Event | B3 S.A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from merger		152
Gain (loss) on sale of investment		$ 3

Fair Value Measurements (Financ

Fair Value Measurements (Financial Instruments Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term investment in equity securities	$ 0	$ 432
U.S. Treasury securities	532	500
Mutual Funds	21	23
Total assets at fair value	553	955
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term investment in equity securities	0	432
U.S. Treasury securities	532	500
Mutual Funds	21	23
Total assets at fair value	$ 553	$ 955

Condensed Consolidating Finan51

Condensed Consolidating Financial Statements (Unaudited) Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 360	$ 407	$ 468	$ 627
Intercompany receivable	0	0
Margin deposits and guaranty funds	52,354	55,150
Notes receivable from affiliate, current	0	0
Other current assets	2,359	1,576
Total current assets	55,073	57,133
Property and equipment, net	1,132	1,129
Other non-current assets:
Goodwill and other intangible assets, net	22,658	22,711
Investment in subsidiaries	0	0
Notes receivable from affiliate, non-current	0	0
Other non-current assets	600	1,030
Total other non-current assets	23,258	23,741
Total assets	79,463	82,003
Current liabilities:
Short-term debt	2,376	2,493
Margin deposits and guaranty funds	52,354	55,150
Intercompany payable	0	0
Notes payable to affiliates, current	0	0
Other current liabilities	1,276	974
Total current liabilities	56,006	58,617
Non-current liabilities:
Long-term debt	3,872	3,871
Notes payable to affiliates, non-current	0	0
Other non-current liabilities	3,761	3,725
Total non-current liabilities	7,633	7,596
Total liabilities	63,639	66,213
Redeemable non-controlling interest	37	36
Equity:
Total shareholders’ equity	15,755	15,717
Non-controlling interest in consolidated subsidiaries	32	37
Total equity	15,787	15,754		14,840
Total liabilities and equity	79,463	82,003
Subsidiary Guarantor - NYSE Holdings
Current assets:
Cash and cash equivalents	0	0	0	0
Intercompany receivable	0	0
Margin deposits and guaranty funds	0	0
Notes receivable from affiliate, current	281	281
Other current assets	0	0
Total current assets	281	281
Property and equipment, net	0	0
Other non-current assets:
Goodwill and other intangible assets, net	0	0
Investment in subsidiaries	13,571	13,238
Notes receivable from affiliate, non-current	6,318	5,958
Other non-current assets	10	11
Total other non-current assets	19,899	19,207
Total assets	20,180	19,488
Current liabilities:
Short-term debt	851	851
Margin deposits and guaranty funds	0	0
Intercompany payable	1,864	1,935
Notes payable to affiliates, current	31	23
Other current liabilities	0	0
Total current liabilities	2,746	2,809
Non-current liabilities:
Long-term debt	0	0
Notes payable to affiliates, non-current	1,903	1,592
Other non-current liabilities	0	0
Total non-current liabilities	1,903	1,592
Total liabilities	4,649	4,401
Redeemable non-controlling interest	0	0
Equity:
Total shareholders’ equity	15,531	15,087
Non-controlling interest in consolidated subsidiaries	0	0
Total equity	15,531	15,087
Total liabilities and equity	20,180	19,488
ICE (Parent)
Current assets:
Cash and cash equivalents	3	1	1	1
Intercompany receivable	2,211	2,340
Margin deposits and guaranty funds	0	0
Notes receivable from affiliate, current	0	0
Other current assets	0	0
Total current assets	2,214	2,341
Property and equipment, net	0	0
Other non-current assets:
Goodwill and other intangible assets, net	0	0
Investment in subsidiaries	23,761	23,266
Notes receivable from affiliate, non-current	620	620
Other non-current assets	102	100
Total other non-current assets	24,483	23,986
Total assets	26,697	26,327
Current liabilities:
Short-term debt	1,525	1,642
Margin deposits and guaranty funds	0	0
Intercompany payable	0	0
Notes payable to affiliates, current	283	281
Other current liabilities	64	31
Total current liabilities	1,872	1,954
Non-current liabilities:
Long-term debt	3,872	3,871
Notes payable to affiliates, non-current	5,194	4,781
Other non-current liabilities	4	4
Total non-current liabilities	9,070	8,656
Total liabilities	10,942	10,610
Redeemable non-controlling interest	0	0
Equity:
Total shareholders’ equity	15,755	15,717
Non-controlling interest in consolidated subsidiaries	0	0
Total equity	15,755	15,717
Total liabilities and equity	26,697	26,327
Subsidiary Non-Guarantors
Current assets:
Cash and cash equivalents	357	406	467	626
Intercompany receivable	0	0
Margin deposits and guaranty funds	52,354	55,150
Notes receivable from affiliate, current	33	23
Other current assets	2,359	1,576
Total current assets	55,103	57,155
Property and equipment, net	1,132	1,129
Other non-current assets:
Goodwill and other intangible assets, net	22,658	22,711
Investment in subsidiaries	0	0
Notes receivable from affiliate, non-current	7,098	6,373
Other non-current assets	488	919
Total other non-current assets	30,244	30,003
Total assets	86,479	88,287
Current liabilities:
Short-term debt	0	0
Margin deposits and guaranty funds	52,354	55,150
Intercompany payable	347	405
Notes payable to affiliates, current	0	0
Other current liabilities	1,212	943
Total current liabilities	53,913	56,498
Non-current liabilities:
Long-term debt	0	0
Notes payable to affiliates, non-current	6,939	6,578
Other non-current liabilities	3,757	3,721
Total non-current liabilities	10,696	10,299
Total liabilities	64,609	66,797
Redeemable non-controlling interest	37	36
Equity:
Total shareholders’ equity	21,801	21,417
Non-controlling interest in consolidated subsidiaries	32	37
Total equity	21,833	21,454
Total liabilities and equity	86,479	88,287
Consolidating Adjustments
Current assets:
Cash and cash equivalents	0	0	$ 0	$ 0
Intercompany receivable	(2,211)	(2,340)
Margin deposits and guaranty funds	0	0
Notes receivable from affiliate, current	(314)	(304)
Other current assets	0	0
Total current assets	(2,525)	(2,644)
Property and equipment, net	0	0
Other non-current assets:
Goodwill and other intangible assets, net	0	0
Investment in subsidiaries	(37,332)	(36,504)
Notes receivable from affiliate, non-current	(14,036)	(12,951)
Other non-current assets	0	0
Total other non-current assets	(51,368)	(49,455)
Total assets	(53,893)	(52,099)
Current liabilities:
Short-term debt	0	0
Margin deposits and guaranty funds	0	0
Intercompany payable	(2,211)	(2,340)
Notes payable to affiliates, current	(314)	(304)
Other current liabilities	0	0
Total current liabilities	(2,525)	(2,644)
Non-current liabilities:
Long-term debt	0	0
Notes payable to affiliates, non-current	(14,036)	(12,951)
Other non-current liabilities	0	0
Total non-current liabilities	(14,036)	(12,951)
Total liabilities	(16,561)	(15,595)
Redeemable non-controlling interest	0	0
Equity:
Total shareholders’ equity	(37,332)	(36,504)
Non-controlling interest in consolidated subsidiaries	0	0
Total equity	(37,332)	(36,504)
Total liabilities and equity	$ (53,893)	$ (52,099)

Condensed Consolidating Finan52

Condensed Consolidating Financial Statements (Unaudited) Condensed Consolidating Statements of Income (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Revenues:
Transaction and clearing, net	$ 798	$ 929
Data services	520	477
Listings and other revenues	151	148
Total revenues	1,469	1,554
Transaction-based expenses	305	400
Total revenues, less transaction-based expenses	1,164	1,154
Operating expenses:
Compensation and benefits	245	236
Acquisition-related transaction costs	14	27
Technology and communication	98	92
Selling, general, administrative and other	91	72
Depreciation and amortization	134	143
Total operating expenses	582	570
Operating income	582	584
Intercompany interest on loans	0	0
Other income (expense), net	141	(44)
Other income (expense), net	141	(44)
Income from continuing operations before income taxes	723	540
Income tax expense	213	163
Equity earnings from subsidiaries	0	0
Net income	510	377	$ 1,449
Net income attributable to non-controlling interest	(8)	(8)
Net income attributable to ICE	502	369
ICE (Parent)
Revenues:
Transaction and clearing, net	0	0
Data services	0	0
Listings and other revenues	0	0
Total revenues	0	0
Transaction-based expenses	0	0
Total revenues, less transaction-based expenses	0	0
Operating expenses:
Compensation and benefits	1	0
Acquisition-related transaction costs	0	0
Technology and communication	0	0
Selling, general, administrative and other	0	0
Depreciation and amortization	0	0
Total operating expenses	1	0
Operating income	(1)	0
Intercompany interest on loans	(10)	(4)
Other income (expense), net	(37)	(41)
Other income (expense), net	(47)	(45)
Income from continuing operations before income taxes	(48)	(45)
Income tax expense	0	0
Equity earnings from subsidiaries	550	414
Net income	502	369
Net income attributable to non-controlling interest	0	0
Net income attributable to ICE	502	369
Subsidiary Guarantor - NYSE Holdings
Revenues:
Transaction and clearing, net	0	0
Data services	0	0
Listings and other revenues	0	0
Total revenues	0	0
Transaction-based expenses	0	0
Total revenues, less transaction-based expenses	0	0
Operating expenses:
Compensation and benefits	0	0
Acquisition-related transaction costs	0	0
Technology and communication	0	0
Selling, general, administrative and other	0	0
Depreciation and amortization	0	0
Total operating expenses	0	0
Operating income	0	0
Intercompany interest on loans	18	8
Other income (expense), net	(4)	(4)
Other income (expense), net	14	4
Income from continuing operations before income taxes	14	4
Income tax expense	0	0
Equity earnings from subsidiaries	430	113
Net income	444	117
Net income attributable to non-controlling interest	0	0
Net income attributable to ICE	444	117
Subsidiary Non-Guarantors
Revenues:
Transaction and clearing, net	798	929
Data services	520	477
Listings and other revenues	151	148
Total revenues	1,469	1,554
Transaction-based expenses	305	400
Total revenues, less transaction-based expenses	1,164	1,154
Operating expenses:
Compensation and benefits	244	236
Acquisition-related transaction costs	14	27
Technology and communication	98	92
Selling, general, administrative and other	91	72
Depreciation and amortization	134	143
Total operating expenses	581	570
Operating income	583	584
Intercompany interest on loans	(8)	(4)
Other income (expense), net	182	1
Other income (expense), net	174	(3)
Income from continuing operations before income taxes	757	581
Income tax expense	213	163
Equity earnings from subsidiaries	0	0
Net income	544	418
Net income attributable to non-controlling interest	(8)	(8)
Net income attributable to ICE	536	410
Consolidating Adjustments
Revenues:
Transaction and clearing, net	0	0
Data services	0	0
Listings and other revenues	0	0
Total revenues	0	0
Transaction-based expenses	0	0
Total revenues, less transaction-based expenses	0	0
Operating expenses:
Compensation and benefits	0	0
Acquisition-related transaction costs	0	0
Technology and communication	0	0
Selling, general, administrative and other	0	0
Depreciation and amortization	0	0
Total operating expenses	0	0
Operating income	0	0
Intercompany interest on loans	0	0
Other income (expense), net	0	0
Other income (expense), net	0	0
Income from continuing operations before income taxes	0	0
Income tax expense	0	0
Equity earnings from subsidiaries	(980)	(527)
Net income	(980)	(527)
Net income attributable to non-controlling interest	0	0
Net income attributable to ICE	$ (980)	$ (527)

Condensed Consolidating Finan53

Condensed Consolidating Financial Statements (Unaudited) Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Condensed Income Statements, Captions [Line Items]
Net income	$ 510	$ 377	$ 1,449
Other comprehensive income (loss):
Foreign currency translation adjustments	25	(74)
Change in fair value of available-for-sale securities	68	54
Reclassification of realized gain on available-for-sale investment to other income	(176)	0
Other comprehensive loss	(83)	(20)	$ (156)
Comprehensive loss of subsidiaries	0	0
Comprehensive income	427	357
Comprehensive income attributable to non-controlling interest	(8)	(8)
Comprehensive income attributable to Intercontinental Exchange, Inc.	419	349
Consolidating Adjustments
Condensed Income Statements, Captions [Line Items]
Net income	(980)	(527)
Other comprehensive income (loss):
Foreign currency translation adjustments	0	0
Change in fair value of available-for-sale securities	0	0
Reclassification of realized gain on available-for-sale investment to other income	0
Other comprehensive loss	0	0
Comprehensive loss of subsidiaries	170	44
Comprehensive income	(810)	(483)
Comprehensive income attributable to non-controlling interest	0	0
Comprehensive income attributable to Intercontinental Exchange, Inc.	(810)	(483)
ICE (Parent)
Condensed Income Statements, Captions [Line Items]
Net income	502	369
Other comprehensive income (loss):
Foreign currency translation adjustments	0	0
Change in fair value of available-for-sale securities	0	0
Reclassification of realized gain on available-for-sale investment to other income	0
Other comprehensive loss	0	0
Comprehensive loss of subsidiaries	(83)	(25)
Comprehensive income	419	344
Comprehensive income attributable to non-controlling interest	0	0
Comprehensive income attributable to Intercontinental Exchange, Inc.	419	344
Subsidiary Guarantor - NYSE Holdings
Condensed Income Statements, Captions [Line Items]
Net income	444	117
Other comprehensive income (loss):
Foreign currency translation adjustments	0	0
Change in fair value of available-for-sale securities	0	0
Reclassification of realized gain on available-for-sale investment to other income	0
Other comprehensive loss	0	0
Comprehensive loss of subsidiaries	(87)	(19)
Comprehensive income	357	98
Comprehensive income attributable to non-controlling interest	0	0
Comprehensive income attributable to Intercontinental Exchange, Inc.	357	98
Subsidiary Non-Guarantors
Condensed Income Statements, Captions [Line Items]
Net income	544	418
Other comprehensive income (loss):
Foreign currency translation adjustments	25	(74)
Change in fair value of available-for-sale securities	68	54
Reclassification of realized gain on available-for-sale investment to other income	(176)
Other comprehensive loss	(83)	(20)
Comprehensive loss of subsidiaries	0	0
Comprehensive income	461	398
Comprehensive income attributable to non-controlling interest	(8)	(8)
Comprehensive income attributable to Intercontinental Exchange, Inc.	$ 453	$ 390

Condensed Consolidating Finan54

Condensed Consolidating Financial Statements (Unaudited) Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 611	$ 597
Cash flows from investing activities:
Cash received for divestiture (net of cash paid for acquisition)	22	0
Loans to subsidiaries	0	0
Capital expenditures and capitalized software development costs	(66)	(56)
Increase in restricted cash and investments	(64)	(3)
Net cash used in investing activities	(108)	(59)
Cash flows from financing activities:
Repayments of commercial paper, net	(117)	(543)
Intercompany borrowing	0	0
Dividends to shareholders	(120)	(102)
Intercompany dividends	0	0
Repurchases of common stock	(229)	0
Other financing activities	(85)	(52)
Net cash used in financing activities	(551)	(697)
Effect of exchange rate changes on cash and cash equivalents	1	0
Net decrease in cash and cash equivalents	(47)	(159)
Cash and cash equivalents, beginning of period	407	627
Cash and cash equivalents, end of period	360	468
Consolidating Adjustments
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(8)	(21)
Cash flows from investing activities:
Cash received for divestiture (net of cash paid for acquisition)	0
Loans to subsidiaries	966	426
Capital expenditures and capitalized software development costs	0	0
Increase in restricted cash and investments	0	0
Net cash used in investing activities	966	426
Cash flows from financing activities:
Repayments of commercial paper, net	0	0
Intercompany borrowing	(966)	(426)
Dividends to shareholders	0	0
Intercompany dividends	8	21
Repurchases of common stock	0
Other financing activities	0	0
Net cash used in financing activities	(958)	(405)
Effect of exchange rate changes on cash and cash equivalents	0
Net decrease in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
ICE (Parent)
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(2)	(15)
Cash flows from investing activities:
Cash received for divestiture (net of cash paid for acquisition)	0
Loans to subsidiaries	129	131
Capital expenditures and capitalized software development costs	0	0
Increase in restricted cash and investments	0	0
Net cash used in investing activities	129	131
Cash flows from financing activities:
Repayments of commercial paper, net	(117)	(543)
Intercompany borrowing	415	573
Dividends to shareholders	(120)	(102)
Intercompany dividends	0	0
Repurchases of common stock	(229)
Other financing activities	(74)	(44)
Net cash used in financing activities	(125)	(116)
Effect of exchange rate changes on cash and cash equivalents	0
Net decrease in cash and cash equivalents	2	0
Cash and cash equivalents, beginning of period	1	1
Cash and cash equivalents, end of period	3	1
Subsidiary Guarantor - NYSE Holdings
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	112	24
Cash flows from investing activities:
Cash received for divestiture (net of cash paid for acquisition)	0
Loans to subsidiaries	(360)	70
Capital expenditures and capitalized software development costs	0	0
Increase in restricted cash and investments	0	0
Net cash used in investing activities	(360)	70
Cash flows from financing activities:
Repayments of commercial paper, net	0	0
Intercompany borrowing	248	(94)
Dividends to shareholders	0	0
Intercompany dividends	0	0
Repurchases of common stock	0
Other financing activities	0	0
Net cash used in financing activities	248	(94)
Effect of exchange rate changes on cash and cash equivalents	0
Net decrease in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
Subsidiary Non-Guarantors
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	509	609
Cash flows from investing activities:
Cash received for divestiture (net of cash paid for acquisition)	22
Loans to subsidiaries	(735)	(627)
Capital expenditures and capitalized software development costs	(66)	(56)
Increase in restricted cash and investments	(64)	(3)
Net cash used in investing activities	(843)	(686)
Cash flows from financing activities:
Repayments of commercial paper, net	0	0
Intercompany borrowing	303	(53)
Dividends to shareholders	0	0
Intercompany dividends	(8)	(21)
Repurchases of common stock	0
Other financing activities	(11)	(8)
Net cash used in financing activities	284	(82)
Effect of exchange rate changes on cash and cash equivalents	1
Net decrease in cash and cash equivalents	(49)	(159)
Cash and cash equivalents, beginning of period	406	626
Cash and cash equivalents, end of period	$ 357	$ 467

Segment Reporting (Narrative) (

Segment Reporting (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)segment	Mar. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Number of operating business segments | segment	2
Revenues, less transaction-based expenses	$ 1,164	$ 1,154
Operating expenses	582	570
Operating income	$ 582	584
One Clearing Member | Sales Revenue, Segment | Customer Concentration Risk
Segment Reporting Information [Line Items]
Revenue percentage	10.00%
Trading and Clearing Segment
Segment Reporting Information [Line Items]
Revenues, less transaction-based expenses	$ 538	574
Operating expenses	216	213
Operating income	322	361
Data and Listings Segment
Segment Reporting Information [Line Items]
Revenues, less transaction-based expenses	626	580
Operating expenses	366	357
Operating income	$ 260	$ 223

Earnings Per Common Share (Narr

Earnings Per Common Share (Narrative) (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS (shares)	586,866	650,545

Earnings Per Common Share (Reco

Earnings Per Common Share (Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net income attributable to Intercontinental Exchange, Inc.	$ 502	$ 369
Basic:
Weighted average common shares outstanding (shares)	594	595
Basic earnings per common share (usd per share)	$ 0.84	$ 0.62
Diluted:
Effect of dilutive securities - stock options and restricted shares (shares)	5	3
Diluted weighted average common shares outstanding (shares)	599	598
Diluted earnings per common share (usd per share)	$ 0.84	$ 0.62