Condensed Consolidating Financial Statements (Tables)

Condensed Consolidating Balance Sheets

As of June 30, 2014

(In millions)



	ICE (Parent)		Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors		Consolidating Adjustments			Consolidated Total
Current assets:
Cash and cash equivalents	$	—	$	—		$	2,057	$	—		$	2,057
Intercompany receivable	1,724		—			2,276		(4,000		)	—
Margin deposits and guaranty funds	—		—			46,872		—			46,872
Notes receivable from affiliate, current	—		3,325			1,295		(4,620		)	—
Other current assets	26		—			1,262		(26		)	1,262
Total current assets	1,750		3,325			53,762		(8,646		)	50,191
Property and equipment, net	—		—			845		—			845
Other non-current assets:
Goodwill and other intangible assets, net	—		—			16,540		—			16,540
Investment in subsidiaries	14,891		11,698			—		(26,589		)	—
Notes receivable from affiliate, non-current	—		—			—		—			—
Other non-current assets	26		17			863		—			906
Total other non-current assets	14,917		11,715			17,403		(26,589		)	17,446
Total assets	$	16,667	$	15,040		$	72,010	$	(35,235	)	$	68,482

Current liabilities:
Short-term debt	$	368	$	1,315		$	—	$	—		$	1,683
Margin deposits and guaranty funds	—		—			46,872		—			46,872
Intercompany payable	—		1,692			2,308		(4,000		)	—
Notes payable to affiliates, current	1,646		—			2,974		(4,620		)	—
Other current liabilities	16		—			1,125		(26		)	1,115
Total current liabilities	2,030		3,007			53,279		(8,646		)	49,670
Non-current liabilities:
Long-term debt	1,394		854			—		—			2,248
Notes payable to affiliates, non-current	—		—			—		—			—
Other non-current liabilities	—		—			3,024		—			3,024
Total non-current liabilities	1,394		854			3,024		—			5,272
Total liabilities	3,424		3,861			56,303		(8,646		)	54,942
Redeemable non-controlling interest	—		—			261		—			261

Equity:
Retained earnings	2,878		346			544		(890		)	2,878
Equity from parent	—		11,044			14,208		(25,252		)	—
Other shareholders' equity	10,365		(211		)	658		(447		)	10,365
Total shareholders' equity	13,243		11,179			15,410		(26,589		)	13,243
Non-controlling interest in consolidated subsidiaries	—		—			36		—			36
Total equity	13,243		11,179			15,446		(26,589		)	13,279
Total liabilities and equity	$	16,667	$	15,040		$	72,010	$	(35,235	)	$	68,482

Intercontinental Exchange, Inc.

Condensed Consolidating Balance Sheets

As of December 31, 2013

(In millions)



	ICE (Parent)		Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors		Consolidating Adjustments			Consolidated Total
Current assets:
Cash and cash equivalents	$	2	$	—		$	959	$	—		$	961
Intercompany receivable	1,395		2,398			—		(3,793		)	—
Margin deposits and guaranty funds	—		—			42,216		—			42,216
Note receivable from affiliate, current	—		—			28		(28		)	—
Other current assets	4		1			1,077		—			1,082
Total current assets	1,401		2,399			44,280		(3,821		)	44,259
Property and equipment, net	—		—			891		—			891
Other non-current assets:
Goodwill and other intangible assets, net	—		—			18,905		—			18,905
Investment in subsidiaries	14,019		11,383			3,637		(29,039		)	—
Note receivable from affiliate, non-current	—		—			597		(597		)	—
Other non-current assets	14		11			745		(7		)	763
Total other non-current assets	14,033		11,394			23,884		(29,643		)	19,668
Total assets	$	15,434	$	13,793		$	69,055	$	(33,464	)	$	64,818

Current liabilities:
Short-term debt	$	1,080	$	—		$	55	$	—		$	1,135
Margin deposits and guaranty funds	—		—			42,216		—			42,216
Intercompany payable	—		—			3,793		(3,793		)	—
Notes payable to affiliates, current	—		—			28		(28		)	—
Other current liabilities	20		—			971		—			991
Total current liabilities	1,100		—			47,063		(3,821		)	44,342
Non-current liabilities:
Long-term debt	1,393		2,206			324		—			3,923
Notes payable to affiliates, non-current	358		239			—		(597		)	—
Other non-current liabilities	—		—			3,623		(7		)	3,616
Total non-current liabilities	1,751		2,445			3,947		(604		)	7,539
Total liabilities	2,851		2,445			51,010		(4,425		)	51,881
Redeemable non-controlling interest	—		—			322		—			322

Equity:
Retained earnings	2,482		(20		)	654		(634		)	2,482
Equity from parent	—		11,089			16,582		(27,671		)	—
Other shareholders' equity	10,101		279			455		(734		)	10,101
Total shareholders' equity	12,583		11,348			17,691		(29,039		)	12,583
Non-controlling interest in consolidated subsidiaries	—		—			32		—			32
Total equity	12,583		11,348			17,723		(29,039		)	12,615
Total liabilities and equity	$	15,434	$	13,793		$	69,055	$	(33,464	)	$	64,818

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Income

Three Months Ended June 30, 2013

(In millions)



	ICE (Parent)		Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Revenues:
Transaction and clearing fees, net	$	—	$	319		$	—		$	319
Market data fees	—		40			—			40
Other revenues	—		13			—			13
Intercompany revenues	—		—			—			—
Total revenues	—		372			—			372
Transaction-based expenses	—		—			—			—
Total revenues, less transaction-based expenses	—		372			—			372
Operating expenses:
Compensation and benefits	—		67			—			67
Technology and communication	—		12			—			12
Acquisition-related transaction costs	—		8			—			8
Selling, general, administrative and other	—		27			—			27
Depreciation and amortization	—		33			—			33
Intercompany expenses	—		—			—			—
Total operating expenses	—		147			—			147
Operating income (loss)	—		225			—			225
Total other expense, net	—		(8		)	—			(8		)
Income (loss) from continuing operations before income taxes	—		217			—			217
Income tax expense (benefit)	—		59			—			59
Equity earnings from subsidiaries	154		—			(154		)	—
Income from continuing operations	154		158			(154		)	158
Income from discontinued operations, net of tax	—		—			—			—
Net income	$	154	$	158		$	(154	)	$	158
Net income attributable to non-controlling interest	—		(4		)	—			(4		)
Net income attributable to ICE	$	154	$	154		$	(154	)	$	154

Condensed Consolidating Statements of Income

Three Months Ended June 30, 2014

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Revenues:
Transaction and clearing fees, net	$	—		$	—		$	721		$	—		$	721
Market data fees	—			—			96			—			96
Listing fees and other revenues	—			—			194			—			194
Intercompany revenues	—			—			2			(2		)	—
Total revenues	—			—			1,013			(2		)	1,011
Transaction-based expenses	—			—			261			—			261
Total revenues, less transaction-based expenses	—			—			752			(2		)	750
Operating expenses:
Compensation and benefits	—			—			150			—			150
Technology and communication	—			—			44			—			44
Acquisition-related transaction and integration costs	—			4			33			—			37
Selling, general, administrative and other	—			—			111			—			111
Depreciation and amortization	—			—			81			—			81
Intercompany expenses	—			—			2			(2		)	—
Total operating expenses	—			4			421			(2		)	423
Operating income (loss)	—			(4		)	331			—			327
Total other expense, net	(11		)	(22		)	26			—			(7		)
Income (loss) from continuing operations before income taxes	(11		)	(26		)	357			—			320
Income tax expense (benefit)	(9		)	—			102			—			93
Equity earnings from subsidiaries	240			163			—			(403		)	—
Income from continuing operations	238			137			255			(403		)	227
Income from discontinued operations, net of tax	—			—			8			—			8
Net income	$	238		$	137		$	263		$	(403	)	$	235
Net income attributable to non-controlling interest	—			—			(9		)	—			(9		)
Net income attributable to ICE	$	238		$	137		$	254		$	(403	)	$	226

Condensed Consolidating Statements of Comprehensive Income

Three Months Ended June 30, 2014

(In millions)



	ICE (Parent)		Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net income	$	238	$	137		$	263		$	(403	)	$	235
Other comprehensive income:
Foreign currency translation adjustments	—		—			39			—			39
Change in fair value of available-for-sale-securities	—		—			58			—			58
Change in fair value of net investment hedge	—		—			21			—			21
Total other comprehensive income	—		—			118			—			118
Comprehensive income of subsidiaries	123		(50		)	—			(73		)	—
Comprehensive income	361		87			381			(476		)	353
Comprehensive income attributable to non-controlling interests	—		—			(9		)	—			(9		)
Comprehensive income attributable to ICE	$	361	$	87		$	372		$	(476	)	$	344

Condensed Consolidating Statements of Comprehensive Income

Three Months Ended June 30, 2013

(In millions)



	ICE (Parent)		Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net income	$	154	$	158		$	(154	)	$	158
Other comprehensive loss:
Foreign currency translation adjustments	—		(2		)	—			(2		)
Change in fair value of available-for-sale-securities	—		(46		)	—			(46		)
Total other comprehensive loss	—		(48		)	—			(48		)
Comprehensive income of subsidiaries	106		—			(106		)	—
Comprehensive income	260		110			(260		)	110
Comprehensive income attributable to non-controlling interests	—		(4		)	—			(4		)
Comprehensive income attributable to ICE	$	260	$	106		$	(260	)	$	106

Condensed Consolidating Statements of Cash Flows

Six Months Ended June 30, 2014

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net cash provided by (used in) operating activities from continuing operations	$	(52	)	$	347		$	626		$	(85	)	$	836
Investing activities:
Increase in restricted cash	—			—			(111		)	—			(111		)
Cash paid for acquisitions, net of cash acquired	—			—			(150		)	—			(150		)
Loans to subsidiaries	—			(108		)	(698		)	806			—
Proceeds from IPO of Euronext	—			—			1,984			—			1,984
Proceeds of available-for-sale investments, net	—			—			26			—			26
Capital expenditures, capitalized software development costs and other	—			—			(98		)	—			(98		)
Net cash provided by (used in) investing activities from continuing operations	—			(108		)	953			806			1,651
Financing activities:
Repayments of debt facilities and issuance costs for debt facilities	(722		)	—			(368		)	—			(1,090		)
Intercompany borrowing	937			(239		)	108			(806		)	—
Dividends to shareholders	(151		)	—			—			—			(151		)
Intercompany dividends	—			—			(85		)	85			—
Other financing activities	(14		)	—			(30		)	—			(44		)
Net cash provided by (used in) financing activities from continuing operations	50			(239		)	(375		)	(721		)	(1,285		)
Cash and cash equivalents from discontinued operations	—			—			(110		)	—			(110		)
Effect of exchange rates on cash and cash equivalents	—			—			4			—			4
Net increase (decrease) in cash and cash equivalents	(2		)	—			1,098			—			1,096
Cash and cash equivalents, beginning of period	2			—			959			—			961
Cash and cash equivalents, end of period	$	—		$	—		$	2,057		$	—		$	2,057

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Cash Flows

Six Months Ended June 30, 2013

(In millions)



	ICE (Parent)			Subsidiary Non-Guarantors			Consolidating Adjustments		Consolidated Total
Net cash provided by operating activities	$	6		$	376		$	—	$	382
Cash flows from investing activities:
Increase in restricted cash	—			(46		)	—		(46		)
Cash paid for acquisitions, net of cash acquired	—			(49		)	—		(49		)
Purchase of available-for-sale investments	—			(37		)	—		(37		)
Capital expenditures and capitalized software development costs	—			(50		)	—		(50		)
Net cash used in investing activities	—			(182		)	—		(182		)
Cash flows from financing activities:
Repayments of debt facilities	—			(330		)	—		(330		)
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises	(21		)	—			—		(21		)
Other financing activities	15			(18		)	—		(3		)
Net cash used in financing activities	(6		)	(348		)	—		(354		)
Effect of exchange rates on cash and cash equivalents	—			(1		)	—		(1		)
Net decrease in cash and cash equivalents	—			(155		)	—		(155		)
Cash and cash equivalents, beginning of period	—			1,612			—		1,612
Cash and cash equivalents, end of period	$	—		$	1,457		$	—	$	1,457