Condensed Consolidating Financial Statements (Tables)

Condensed Consolidating Balance Sheets

As of June 30, 2016

(In millions)



	ICE (Parent)		Subsidiary Guarantor - NYSE Holdings		Subsidiary Non-Guarantors		Consolidating Adjustments			Consolidated Total
Current assets:
Cash and cash equivalents	$	2	$	—	$	388	$	—		$	390
Intercompany receivable	3,267		—		312		(3,579		)	—
Margin deposits and guaranty funds	—		—		48,501		—			48,501
Notes receivable from affiliate, current	—		343		—		(343		)	—
Other current assets	2		—		1,737		—			1,739
Total current assets	3,271		343		50,938		(3,922		)	50,630
Property and equipment, net	—		—		1,048		—			1,048
Other non-current assets:
Goodwill and other intangible assets, net	—		—		22,539		—			22,539
Investment in subsidiaries	21,776		13,925		—		(35,701		)	—
Notes receivable from affiliate, non-current	—		5,433		4,689		(10,122		)	—
Other non-current assets	91		10		906		—			1,007
Total other non-current assets	21,867		19,368		28,134		(45,823		)	23,546
Total assets	$	25,138	$	19,711	$	80,120	$	(49,745	)	$	75,224

Current liabilities:
Short-term debt	$	1,811	$	—	$	—	$	—		$	1,811
Margin deposits and guaranty funds	—		—		48,501		—			48,501
Intercompany payable	—		3,579		—		(3,579		)	—
Notes payable to affiliates, current	281		—		62		(343		)	—
Other current liabilities	24		—		1,102		—			1,126
Total current liabilities	2,116		3,579		49,665		(3,922		)	51,438
Non-current liabilities:
Long-term debt	3,868		851		—		—			4,719
Notes payable to affiliates, non-current	3,858		831		5,433		(10,122		)	—
Other non-current liabilities	4		—		3,700		—			3,704
Total non-current liabilities	7,730		1,682		9,133		(10,122		)	8,423
Total liabilities	9,846		5,261		58,798		(14,044		)	59,861
Redeemable non-controlling interest	—		—		33		—			33

Equity:
Total shareholders' equity	15,292		14,450		21,251		(35,701		)	15,292
Non-controlling interest in consolidated subsidiaries	—		—		38		—			38
Total equity	15,292		14,450		21,289		(35,701		)	15,330
Total liabilities and equity	$	25,138	$	19,711	$	80,120	$	(49,745	)	$	75,224

Intercontinental Exchange, Inc.

Condensed Consolidating Balance Sheets

As of December 31, 2015

(In millions)



	ICE (Parent)		Subsidiary Guarantor - NYSE Holdings		Subsidiary Non-Guarantors		Consolidating Adjustments			Consolidated Total
Current assets:
Cash and cash equivalents	$	1	$	—	$	626	$	—		$	627
Intercompany receivable	3,176		—		—		(3,176		)	—
Margin deposits and guaranty funds	—		—		51,169		—			51,169
Note receivable from affiliate, current	—		705		77		(782		)	—
Other current assets	5		—		1,512		—			1,517
Total current assets	3,182		705		53,384		(3,958		)	53,313
Property and equipment, net	—		—		1,037		—			1,037
Other non-current assets:
Goodwill and other intangible assets, net	—		—		22,837		—			22,837
Investment in subsidiaries	21,120		9,840		—		(30,960		)	—
Note receivable from affiliate, non-current	—		3,128		3,370		(6,498		)	—
Other non-current assets	20		10		770		—			800
Total other non-current assets	21,140		12,978		26,977		(37,458		)	23,637
Total assets	$	24,322	$	13,683	$	81,398	$	(41,416	)	$	77,987

Current liabilities:
Short-term debt	$	2,591	$	—	$	—	$	—		$	2,591
Margin deposits and guaranty funds	—		—		51,169		—			51,169
Intercompany payable	—		1,784		1,392		(3,176		)	—
Notes payable to affiliates, current	358		—		424		(782		)	—
Other current liabilities	36		—		947		—			983
Total current liabilities	2,985		1,784		53,932		(3,958		)	54,743
Non-current liabilities:
Long-term debt	3,865		852		—		—			4,717
Notes payable to affiliates, non-current	2,629		741		3,128		(6,498		)	—
Other non-current liabilities	35		—		3,617		—			3,652
Total non-current liabilities	6,529		1,593		6,745		(6,498		)	8,369
Total liabilities	9,514		3,377		60,677		(10,456		)	63,112
Redeemable non-controlling interest	—		—		35		—			35

Equity:
Total shareholders' equity	14,808		10,306		20,654		(30,960		)	14,808
Non-controlling interest in consolidated subsidiaries	—		—		32		—			32
Total equity	14,808		10,306		20,686		(30,960		)	14,840
Total liabilities and equity	$	24,322	$	13,683	$	81,398	$	(41,416	)	$	77,987

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Income

Six Months Ended June 30, 2015

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Revenues:
Transaction and clearing, net	$	—		$	—		$	1,583		$	—		$	1,583
Data services	—			—			405			—			405
Listings and other revenues	—			—			288			—			288
Revenues	—			—			2,276			—			2,276
Transaction-based expenses	—			—			629			—			629
Revenues, less transaction-based expenses	—			—			1,647			—			1,647
Operating expenses:
Compensation and benefits	1			—			294			—			295
Technology and communication	—			—			98			—			98
Acquisition-related transaction and integration costs	—			—			26			—			26
Selling, general, administrative and other	1			—			153			—			154
Depreciation and amortization	—			—			182			—			182
Operating expenses	2			—			753			—			755
Operating income (loss)	(2		)	—			894			—			892
Intercompany interest on loans	(2		)	19			(17		)	—			—
Other expense, net	(7		)	(33		)	(13		)	—			(53		)
Total other expense, net	(9		)	(14		)	(30		)	—			(53		)
Income (loss) before income taxes	(11		)	(14		)	864			—			839
Income tax expense (benefit)	(3		)	—			230			—			227
Equity earnings from subsidiaries	606			168			—			(774		)	—
Net income	$	598		$	154		$	634		$	(774	)	$	612
Net income attributable to non-controlling interest	—			—			(14		)	—			(14		)
Net income attributable to ICE	$	598		$	154		$	620		$	(774	)	$	598

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Income

Six Months Ended June 30, 2016

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Revenues:
Transaction and clearing, net	$	—		$	—		$	1,789		$	—		$	1,789
Data services	—			—			974			—			974
Listings and other revenues	—			—			295			—			295
Revenues	—			—			3,058			—			3,058
Transaction-based expenses	—			—			775			—			775
Revenues, less transaction-based expenses	—			—			2,283			—			2,283
Operating expenses:
Compensation and benefits	1			—			471			—			472
Technology and communication	—			—			184			—			184
Acquisition-related transaction and integration costs	—			—			47			—			47
Selling, general, administrative and other	—			—			156			—			156
Depreciation and amortization	—			—			289			—			289
Operating expenses	1			—			1,147			—			1,148
Operating income (loss)	(1		)	—			1,136			—			1,135
Intercompany interest on loans	(10		)	16			(6		)	—			—
Other income (expense), net	(79		)	(8		)	8			—			(79		)
Total other income (expense), net	(89		)	8			2			—			(79		)
Income (loss) before income taxes	(90		)	8			1,138			—			1,056
Income tax expense	—			—			316			—			316
Equity earnings from subsidiaries	816			611			—			(1,427		)	—
Net income	$	726		$	619		$	822		$	(1,427	)	$	740
Net income attributable to non-controlling interest	—			—			(14		)	—			(14		)
Net income attributable to ICE	$	726		$	619		$	808		$	(1,427	)	$	726

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Six Months Ended June 30, 2016

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net income	$	726		$	619		$	822		$	(1,427	)	$	740
Other comprehensive income (loss):
Foreign currency translation adjustments	—			—			(199		)	—			(199		)
Change in fair value of available-for-sale-securities	—			—			129			—			129
Total other comprehensive loss	—			—			(70		)	—			(70		)
Comprehensive loss of subsidiaries	(70		)	(18		)	—			88			—
Comprehensive income	656			601			752			(1,339		)	670
Comprehensive income attributable to non-controlling interests	—			—			(14		)	—			(14		)
Comprehensive income attributable to ICE	$	656		$	601		$	738		$	(1,339	)	$	656

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Six Months Ended June 30, 2015

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net income	$	598		$	154		$	634		$	(774	)	$	612
Other comprehensive income (loss):
Foreign currency translation adjustments	—			1			18			—			19
Change in fair value of available-for-sale-securities	—			—			(39		)	—			(39		)
Employment benefit plan adjustments	—			—			(2		)	—			(2		)
Total other comprehensive income (loss)	—			1			(23		)	—			(22		)
Comprehensive loss of subsidiaries	(22		)	(14		)	—			36			—
Comprehensive income	576			141			611			(738		)	590
Comprehensive income attributable to non-controlling interests	—			—			(14		)	—			(14		)
Comprehensive income attributable to ICE	$	576		$	141		$	597		$	(738	)	$	576

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Cash Flows

Six Months Ended June 30, 2016

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net cash provided by (used in) operating activities	$	(40	)	$	59		$	1,149		$	(65	)	$	1,103
Investing activities:
Loans to subsidiaries	(91		)	(1,943		)	(1,554		)	3,588			—
Capital expenditures and capitalized software development costs	—			—			(157		)	—			(157		)
Increase in restricted cash and investments	—			—			(75		)	—			(75		)
Other investing activities	—			—			(70		)	—			(70		)
Net cash used in investing activities	(91		)	(1,943		)	(1,856		)	3,588			(302		)
Financing activities:
Repayments of commercial paper, net	(780		)	(1		)	—			—			(781		)
Intercompany borrowing	1,152			1,885			551			(3,588		)	—
Dividends to shareholders	(205		)	—			—			—			(205		)
Intercompany dividends	—			—			(65		)	65			—
Other financing activities	(35		)	—			(10		)	—			(45		)
Net cash provided by (used in) financing activities	132			1,884			476			(3,523		)	(1,031		)
Effect of exchange rates on cash and cash equivalents	—			—			(7		)	—			(7		)
Net increase (decrease) in cash and cash equivalents	1			—			(238		)	—			(237		)
Cash and cash equivalents, beginning of period	1			—			626			—			627
Cash and cash equivalents, end of period	$	2		$	—		$	388		$	—		$	390

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Cash Flows

Six Months Ended June 30, 2015

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net cash provided by (used in) operating activities	$	(25	)	$	(38	)	$	845		$	(12	)	$	770
Investing activities:
Loans to subsidiaries	—			(305		)	(801		)	1,106			—
Proceeds from term deposits and sales of available-for-sale investments	—			1,084			—			—			1,084
Capital expenditures and capitalized software development costs	—			—			(136		)	—			(136		)
Decrease in restricted cash and investments	—			—			11			—			11
Other investing activities	—			—			(60		)	—			(60		)
Net cash provided by (used in) investing activities	—			779			(986		)	1,106			899
Financing activities:
Repayments of debt facilities and commercial paper, net	111			(1,029		)	—			—			(918		)
Intercompany borrowing	495			283			328			(1,106		)	—
Dividends to shareholders	(158		)	—			—			—			(158		)
Repurchases of common stock	(399		)	—			—			—			(399		)
Purchase of subsidiary shares from non-controlling interest	—			—			(128		)	—			(128		)
Other financing activities	(29		)	—			(15		)	12			(32		)
Net cash provided by (used in) financing activities	20			(746		)	185			(1,094		)	(1,635		)
Effect of exchange rates on cash and cash equivalents	—			—			(8		)	—			(8		)
Net increase (decrease) in cash and cash equivalents	(5		)	(5		)	36			—			26
Cash and cash equivalents, beginning of period	6			5			641			—			652
Cash and cash equivalents, end of period	$	1		$	—		$	677		$	—		$	678