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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                 to
Commission File Number 001-36198
INTERCONTINENTAL EXCHANGE, INC.
(Exact name of registrant as specified in its charter)
 
Delaware 46-2286804
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification Number)
5660 New Northside Drive,
Atlanta, Georgia
30328
(Address of principal executive offices)  (Zip Code)
(770) 857-4700
Registrant’s telephone number, including area code 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered
Common Stock, $0.01 par value per share ICE New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company  
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.          
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No  
As of August 1, 2022, the number of shares of the registrant’s Common Stock outstanding was 558,458,225 shares.




 
 
INTERCONTINENTAL EXCHANGE, INC.
Form 10-Q
Quarterly Period Ended June 30, 2022
TABLE OF CONTENTS
 
 
PART I.
Financial Statements
Item 1.
Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021
2
Consolidated Statements of Income for the six months and three months ended June 30, 2022 and 2021
4
Consolidated Statements of Comprehensive Income for the six months and three months ended June 30, 2022 and 2021
5
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest for the six months and three months ended June 30, 2022 and 2021
6
Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021
8
9
Item 2.
Item 3.
Item 4.
PART II.
Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



PART I. Financial Statements
Item 1.    Consolidated Financial Statements

Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Balance Sheets
(In millions, except per share amounts)

As of As of
December 31, 2021
June 30, 2022
(Unaudited)
Assets:
Current assets:
Cash and cash equivalents
$ 830  $ 607 
Short-term restricted cash and cash equivalents
6,045  1,035 
Cash and cash equivalent margin deposits and guaranty funds 164,483  145,936 
Invested deposits, delivery contracts receivable and unsettled variation margin 3,189  4,493 
Customer accounts receivable, net of allowance for doubtful accounts of $25 and $24 at June 30, 2022 and December 31, 2021, respectively
1,371  1,208 
Prepaid expenses and other current assets
457  1,021 
Total current assets
176,375  154,300 
Property and equipment, net
1,703  1,699 
Other non-current assets:
Goodwill
21,106  21,123 
Other intangible assets, net
13,397  13,736 
Long-term restricted cash and cash equivalents
405  398 
Other non-current assets
2,221  2,246 
Total other non-current assets
37,129  37,503 
Total assets
$ 215,207  $ 193,502 
Liabilities and Equity:
Current liabilities:
Accounts payable and accrued liabilities
$ 719  $ 703 
Section 31 fees payable
172  57 
Accrued salaries and benefits
220  354 
Deferred revenue
473  194 
Short-term debt
1,521 
Margin deposits and guaranty funds
164,483  145,936 
Invested deposits, delivery contracts payable and unsettled variation margin 3,189  4,493 
Other current liabilities
162  153 
Total current liabilities
169,422  153,411 
Non-current liabilities:
Non-current deferred tax liability, net
3,945  4,100 
Long-term debt
18,109  12,397 
Accrued employee benefits
191  200 
Non-current operating lease liability
267  252 
Other non-current liabilities
412  394 
Total non-current liabilities
22,924  17,343 
Total liabilities
192,346  170,754 
Commitments and contingencies
2


Equity:
Intercontinental Exchange, Inc. stockholders’ equity:
Preferred stock, $0.01 par value; 100 shares authorized; none issued or outstanding
—  — 
Common stock, $0.01 par value; 1,500 shares authorized; 633 and 631 issued at June 30, 2022 and December 31, 2021, respectively, and 558 and 561 shares outstanding at June 30, 2022 and December 31, 2021, respectively
Treasury stock, at cost; 75 and 70 shares at June 30, 2022 and December 31, 2021, respectively
(6,223) (5,520)
Additional paid-in capital
14,201  14,069 
Retained earnings
15,135  14,350 
Accumulated other comprehensive loss
(305) (196)
Total Intercontinental Exchange, Inc. stockholders’ equity
22,814  22,709 
Non-controlling interest in consolidated subsidiaries
47  39 
Total equity
22,861  22,748 
Total liabilities and equity
$ 215,207  $ 193,502 

See accompanying notes.
3


Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Income
(In millions, except per share amounts)
(Unaudited)

Six Months Ended June 30, Three Months Ended June 30,
2022 2021 2022 2021
Revenues:
Exchanges
$ 3,247  $ 2,942  $ 1,604  $ 1,336 
Fixed income and data services
1,021  926  512  458 
Mortgage technology
604  695  297  340 
Total revenues
4,872  4,563  2,413  2,134 
Transaction-based expenses:
Section 31 fees
174  166  123  41 
Cash liquidity payments, routing and clearing
985  893  476  386 
Total revenues, less transaction-based expenses
3,713  3,504  1,814  1,707 
Operating expenses:
Compensation and benefits
714  719  355  365 
Professional services
69  81  35  37 
Acquisition-related transaction and integration costs
62  28  53  10 
Technology and communication
344  327  169  165 
Rent and occupancy
41  41  20  20 
Selling, general and administrative
112  111  57  60 
Depreciation and amortization
510  506  256  251 
Total operating expenses
1,852  1,813  945  908 
Operating income
1,861  1,691  869  799 
Other income/(expense):
Interest income
—  — 
Interest expense
(264) (213) (161) (106)
Other income/(expense), net
(35) 1,287  23  1,239 
Other income/(expense), net
(290) 1,074  (130) 1,133 
Income before income tax expense
1,571  2,765  739  1,932 
Income tax expense
338  862  173  679 
Net income
$ 1,233  $ 1,903  $ 566  $ 1,253 
Net income attributable to non-controlling interest
(21) (5) (11) (1)
Net income attributable to Intercontinental Exchange, Inc.
$ 1,212  $ 1,898  $ 555  $ 1,252 
Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders:
Basic
$ 2.17  $ 3.38  $ 0.99  $ 2.23 
Diluted
$ 2.16  $ 3.36  $ 0.99  $ 2.22 
Weighted average common shares outstanding:
Basic
560  562  558  563 
Diluted
562  565  560  565 

See accompanying notes.
4


Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(In millions)
(Unaudited)
Six Months Ended June 30, Three Months Ended June 30,
2022 2021 2022 2021
Net income
$ 1,233  $ 1,903  $ 566  $ 1,253 
Other comprehensive income/(loss):
Foreign currency translation adjustments, net of tax expense/(benefit) of ($1) for both the six and three months ended June 30, 2022 and $1 for the three months ended June 30, 2021
(109) 17  (84) 10 
Change in equity method investment
—  —  — 
Other comprehensive income/(loss) (109) 18  (84) 10 
Comprehensive income
$ 1,124  $ 1,921  $ 482  $ 1,263 
Comprehensive income attributable to non-controlling interest
(21) (5) (11) (1)
Comprehensive income attributable to Intercontinental Exchange, Inc.
$ 1,103  $ 1,916  $ 471  $ 1,262 
See accompanying notes.
5


Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest
(In millions)
(Unaudited)

Intercontinental Exchange, Inc. Stockholders’ Equity Non-
Controlling
Interest in
Consolidated
Subsidiaries
Total
Equity
Common
 Stock
Treasury Stock Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income/(Loss)
Shares Value Shares Value
Balance, as of December 31, 2021
631  $ (70) $ (5,520) $ 14,069  $ 14,350  $ (196) $ 39  $ 22,748 
Other comprehensive loss
—  —  —  —  —  —  (109) —  (109)
Exercise of common stock options
—  —  —  —  20  —  —  —  20 
Repurchases of common stock —  —  (4) (632) —  —  —  —  (632)
Payments relating to treasury shares
—  —  (1) (71) —  —  —  —  (71)
Stock-based compensation
—  —  —  —  88  —  —  —  88 
Issuance under the employee stock purchase plan
—  —  —  —  24  —  —  —  24 
Issuance of restricted stock
—  —  —  —  —  —  —  — 
Distributions of profits
—  —  —  —  —  —  —  (13) (13)
Dividends paid to stockholders
—  —  —  —  —  (427) —  —  (427)
Net income/(loss) attributable to non-controlling interest
—  —  —  —  —  (21) —  21  — 
Net income
—  —  —  —  —  1,233  —  —  1,233 
Balance, as of June 30, 2022
633  $ (75) $ (6,223) $ 14,201  $ 15,135  $ (305) $ 47  $ 22,861 



Intercontinental Exchange, Inc. Stockholders’ Equity Non-
Controlling
Interest in
Consolidated
Subsidiaries
Total
Equity
Common
 Stock
Treasury Stock Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income/(Loss)
Shares Value Shares Value
Balance, as of March 31, 2022 633  $ (74) $ (6,064) $ 14,153  $ 14,793  $ (221) $ 36  $ 22,703 
Other comprehensive loss
—  —  —  —  —  —  (84) —  (84)
Exercise of common stock options
—  —  —  —  —  —  — 
Repurchases of common stock —  —  (1) (157) —  —  —  —  (157)
Payments relating to treasury shares
—  —  —  (2) —  —  —  —  (2)
Stock-based compensation
—  —  —  —  43  —  —  —  43 
Dividends paid to stockholders
—  —  —  —  —  (213) —  —  (213)
Net income/(loss) attributable to non-controlling interest
—  —  —  —  —  (11) —  11  — 
Net income
—  —  —  —  —  566  —  —  566 
Balance, as of June 30, 2022
633  $ (75) $ (6,223) $ 14,201  $ 15,135  $ (305) $ 47  $ 22,861 



















6


Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest — (Continued)
(In millions)
(Unaudited)

Intercontinental Exchange, Inc. Stockholders’ Equity Non-
Controlling
Interest in
Consolidated
Subsidiaries
Total
Equity
Redeemable Non-Controlling Interest
Common
 Stock
Treasury Stock Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income/(Loss)
Shares Value Shares Value
Balance, as of December 31, 2020
629  $ (68) $ (5,200) $ 13,845  $ 11,039  $ (192) $ 36  $ 19,534  $ 93 
Other comprehensive income
—  —  —  —  —  —  18  —  18  — 
Exercise of common stock options
—  —  —  —  —  —  —  — 
Payments relating to treasury shares
—  —  —  (67) —  —  —  —  (67) — 
Stock-based compensation
—  —  —  —  81  —  —  —  81 
Issuance under the employee stock purchase plan
—  —  —  —  18  —  —  —  18  — 
Issuance of restricted stock
—  —  —  —  —  —  —  —  — 
Distributions of profits
—  —  —  —  —  —  —  (11) (11) — 
Dividends paid to stockholders
—  —  —  —  —  (374) —  —  (374) — 
Net income/(loss) attributable to non-controlling interest
—  —  —  —  —  (5) —  11  (6)
Net income
—  —  —  —  —  1,903  —  —  1,903  — 
Balance, as of June 30, 2021
631  $ (68) $ (5,267) $ 13,952  $ 12,563  $ (174) $ 36  $ 21,116  $ 89 



Intercontinental Exchange, Inc. Stockholders’ Equity Non-
Controlling
Interest in
Consolidated
Subsidiaries
Total
Equity
Redeemable Non-Controlling Interest
Common
 Stock
Treasury Stock Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income/(Loss)
Shares Value Shares Value
Balance, as of March 31, 2021 631  $ (68) $ (5,265) $ 13,908  $ 11,498  $ (184) $ 31  $ 19,994  $ 91 
Other comprehensive income
—  —  —  —  —  —  10  —  10  — 
Exercise of common stock options
—  —  —  —  —  —  —  — 
Payments relating to treasury shares
—  —  —  (2) —  —  —  —  (2) — 
Stock-based compensation
—  —  —  —  39  —  —  —  39 
Dividends paid to stockholders
—  —  —  —  —  (187) —  —  (187) — 
Net income/(loss) attributable to non-controlling interest
—  —  —  —  —  (1) —  (4)
Net income
—  —  —  —  —  1,253  —  —  1,253  — 
Balance, as of June 30, 2021
631  $ (68) $ (5,267) $ 13,952  $ 12,563  $ (174) $ 36  $ 21,116  $ 89 


See accompanying notes.



7


Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
Six Months Ended June 30,
2022 2021
Operating activities:
Net income
$ 1,233  $ 1,903 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
510  506 
Stock-based compensation
76  73 
Deferred taxes
(147) 154 
Gain on sale of Euroclear investment (41) — 
Gain on sale of Coinbase investment
—  (1,227)
Net losses/(income) from unconsolidated investees 57  (34)
Other
21  24 
Changes in assets and liabilities:
Customer accounts receivable
(177) (74)
  Other current and non-current assets (48) (79)
Section 31 fees payable
115  (44)
Deferred revenue
292  279 
Other current and non-current liabilities
(166) 126 
Total adjustments
492  (296)
Net cash provided by operating activities
1,725  1,607 
 Investing activities:
Capital expenditures
(70) (95)
Capitalized software development costs
(134) (145)
Purchases of invested margin deposits (1,431) (1,644)
Proceeds from sales of invested margin deposits 3,815  2,222 
Cash paid for acquisitions, net of cash acquired
(36) (6)
Purchases of equity and equity method investments (43) (23)
Proceeds from sale of Euroclear investment 741  — 
Proceeds from sale of Coinbase investment —  1,237 
Other
(2)
Net cash provided by investing activities
2,843  1,544 
Financing activities:
 Proceeds from debt facilities, net 5,186 
 Redemption of commercial paper, net (1,012) (2,097)
Repurchases of common stock
(632) — 
Dividends to stockholders
(427) (374)
 Change in cash and cash equivalent margin deposits and guaranty funds 16,163  7,780 
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises
(71) (67)
Other
31  15 
Net cash provided by financing activities
19,238  5,262 
Effect of exchange rate changes on cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds (19) — 
Net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds
23,787  8,413 
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period
147,976  83,619 
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period
$ 171,763  $ 92,032 


Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Continued)
(In millions)
(Unaudited)

As of
June 30, 2022
As of
 June 30, 2021
Supplemental cash flow disclosure:
Cash paid for income taxes
$ 524  $ 414 
Cash paid for interest
$ 226  $ 211 
Reconciliation of the components of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds to the balance sheet:
Cash and cash equivalents $ 830  $ 602 
Short-term restricted cash and cash equivalents 6,045  1,046 
Long-term restricted cash and cash equivalents 405  398 
Cash and cash equivalent margin deposits and guaranty funds 164,483  89,986 
Total $ 171,763  $ 92,032 

See accompanying notes.
8


Intercontinental Exchange, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

1.Description of Business
Nature of Business and Organization
We are a provider of market infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities. Our products, which span major asset classes including futures, equities, fixed income and United States, or U.S., residential mortgages, provide our customers with access to mission critical tools that are designed to increase asset class transparency and workflow efficiency.
In our Exchanges segment, we operate regulated marketplaces for the listing, trading and clearing of a broad array of derivatives contracts and financial securities.
In our Fixed Income and Data Services segment, we provide fixed income pricing, reference data, indices, analytics and execution services as well as global credit default swap, or CDS, clearing and multi-asset class data delivery solutions.
In our Mortgage Technology segment, we provide an end-to-end technology platform that offers customers comprehensive, digital workflow tools that aim to address the inefficiencies that exist in the U.S. residential mortgage market, from application through closing and the secondary market.
We operate marketplaces, technology and provide data services in the U.S., United Kingdom, or U.K., European Union, or EU, Canada, Asia Pacific and the Middle East.

2.     Summary of Significant Accounting Policies
Basis of Presentation
We prepared the accompanying unaudited consolidated financial statements 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, 2021. 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. We believe that these adjustments are of a normal recurring nature.
Preparing financial statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions that affect the amounts that are reported in our consolidated financial statements and accompanying disclosures. Actual amounts could differ from those estimates. The results of operations for the six months and three months ended June 30, 2022 are not necessarily indicative of the results to be expected for any future period or the full fiscal year.
These statements include the accounts of our wholly-owned and controlled subsidiaries. All intercompany balances and transactions between us and our wholly-owned and controlled subsidiaries have been eliminated in consolidation. For 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.
We have considered the impacts of the ongoing conflict between Russia, Belarus and Ukraine on our financial statements. As of June 30, 2022, our businesses and operations, including our exchanges, clearing houses, listings venues, data services businesses and mortgage platforms, have not suffered a material negative impact as a result of these events. There continues to be uncertainty surrounding the extent and duration of this ongoing conflict and the impact that it may have on the global economy and on our business.
Consolidated Statements of Cash Flows Presentation
As of December 31, 2021, we revised our consolidated statements of cash flows to include changes in cash and cash equivalent margin within cash flows from financing activities and changes in invested margin deposits within cash flows from investing activities. This immaterial revision did not have an effect on our previously reported consolidated balance sheets, statements of income, statements of comprehensive income, or statements of changes in equity and redeemable non-controlling interest or the related disclosures. Cash and cash equivalent margin amounts cannot be used to satisfy the Company's operating or other liabilities, as further discussed in Note 12. The following table summarizes the
9


immaterial revisions to our historical consolidated statements of cash flows for the six months ended June 30, 2021 (in millions):
Six Months Ended June 30, 2021
As Previously Presented Adjustment As Adjusted
Purchases of invested margin deposits (within investing activities) $ —  $ (1,644) $ (1,644)
Proceeds from sales of invested margin deposits (within investing activities) —  2,222  2,222 
Net cash provided by investing activities 966  578  1,544 
Change in cash and cash equivalent margin deposits and guaranty funds (within financing activities) —  7,780  7,780 
Net cash provided by/(used in) financing activities (2,518) 7,780  5,262 
Net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds 55  8,358  8,413 
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period 1,991  81,628  83,619 
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period $ 2,046  $ 89,986  $ 92,032 
Recently Adopted Accounting Pronouncements
During the six months ended June 30, 2022, there were no significant changes to the new and recently adopted accounting pronouncements applicable to us from those disclosed in Note 2 to the consolidated financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2021, or the 2021 Form 10-K.

3.     Acquisitions and Divestitures
Pending Acquisition of Black Knight, Inc.
On May 4, 2022, we announced that we had entered into a definitive agreement to acquire Black Knight, Inc., or Black Knight, a software, data and analytics company that serves the housing finance continuum, including real estate data, mortgage lending and servicing, as well as the secondary markets. Pursuant to that certain Agreement and Plan of Merger, dated as of May 4, 2022, among ICE, Sand Merger Sub Corporation, a wholly owned subsidiary of ICE, or Sub, and Black Knight, which we refer to as the “merger agreement,” Sub will merge with and into Black Knight, which we refer to as the “merger,” with Black Knight surviving as a wholly owned subsidiary of ICE. As of May 4, 2022, the transaction was valued at approximately $13.1 billion, or $85 per share of Black Knight common stock, with cash comprising 80% of the value of the aggregate transaction consideration and shares of our common stock comprising 20% of the value of the aggregate transaction consideration at that time. The aggregate cash component of the transaction consideration is fixed at $10.5 billion, and the value of the aggregate stock component of the transaction consideration will fluctuate with the market price of our common stock and will be determined based on the average of the volume weighted averages of the trading prices of our common stock on each of the ten consecutive trading days ending three trading days prior to the closing of the merger. This transaction builds on our position as a provider of end-to-end electronic workflow solutions for the rapidly evolving U.S. residential mortgage industry.
Black Knight provides a comprehensive and integrated ecosystem of software, data and analytics solutions serving the real estate and housing finance markets. We believe the Black Knight ecosystem adds value for clients of all sizes across the mortgage and real estate lifecycles by helping organizations lower costs, increase efficiencies, grow their businesses, and reduce risk.
The transaction is expected to close in the first half of 2023, following the receipt of regulatory approvals and the satisfaction of customary closing conditions. On July 22, 2022, we filed an amended preliminary proxy statement/prospectus on Form S-4 with the SEC, which is undergoing review by the SEC.
Bakkt Transaction
As discussed in Note 3 to the consolidated financial statements included in Part II, Item 8 of our 2021 Form 10-K, on October 15, 2021, Bakkt Holdings, LLC, or Bakkt, completed its merger with VPC Impact Acquisition Holdings, or VIH, a
10


special purpose acquisition company sponsored by Victory Park Capital, or VPC. The newly combined company was renamed Bakkt Holdings, Inc. and is listed on the New York Stock Exchange, or NYSE.
Following the transaction, we held an approximate 68% economic interest in the combined company. As a result of limitations on ICE from the Bakkt voting agreement entered into in connection with the transaction, we hold a minority voting interest in the combined company. Prior to the closing, Bakkt revenues and operating expenses were reported within our consolidated revenues and operating expenses. Following the closing, as a consequence of holding a minority voting interest in the combined company, during the fourth quarter of 2021 we deconsolidated Bakkt and treat it as an equity method investment within our financial statements.

4. Investments
Equity Investments
Our equity investments are subject to valuation under ASU 2016-01, Financial Instruments- Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU 2016-01. See Note 14 for a discussion of our determination of fair value of our financial instruments.
Investment in Euroclear
We previously owned a 9.8% stake in Euroclear, plc, or Euroclear, that we originally purchased for $631 million. We participated on the Euroclear Board of Directors, and classified our investment in Euroclear as an equity investment.
On May 17, 2022, we announced the divestment of our 9.8% stake in Euroclear and we completed the sale during the three months ended June 30, 2022. The carrying value of our investment was $700 million at the time of the sale and was classified within other current assets on our balance sheet. We recorded a net gain on the sale of $41 million, which is included in other income, during the three months ended June 30, 2022.
We did not receive a dividend from Euroclear during the six months ended June 30, 2022. We recognized dividend income of $30 million during the six months ended June 30, 2021 from Euroclear, which is included in other income.
Investment in Coinbase
On December 1, 2014, we acquired preferred stock of Coinbase Global, Inc., or Coinbase, which operates a cryptocurrency exchange platform, for $10 million, representing a 1.4% ownership share on a fully-diluted, as-converted basis. On April 14, 2021, Coinbase completed an initial public offering, or IPO. On April 15, 2021, we completed the sale of our investment in Coinbase for $1.24 billion and recorded a gain of $1.23 billion, or $892 million net of tax, as other income in our consolidated statement of income during the three months ended June 30, 2021.
Equity Method Investments
Our equity method investments include the Options Clearing Corporation, or OCC, and Bakkt, among others. Our equity method investments are included in other non-current assets in the accompanying consolidated balance sheet. We carry our equity method investments at cost and assess the carrying value periodically if impairment indicators are present. At the end of each reporting period, we record our share of profits or losses of our equity method investments as equity earnings included in other income. We recognized ($57 million) and $34 million as our share of estimated (losses)/profits, net, from our equity method investments during the six months ended June 30, 2022 and 2021, respectively, and ($15 million) and $9 million as our share of (losses)/profits, net, from our equity method investments during the three months ended June 30, 2022 and 2021, respectively. The estimated losses during the six months and three months ended June 30, 2022 are primarily related to our investment in Bakkt, and the estimated profits during the six months and three months ended June 30, 2021 are related to our investment in OCC. Both periods include adjustments to reflect the difference between reported prior period actual results from our original estimates.
Investment in OCC
We own a 40% interest in OCC through a direct investment by the NYSE. OCC is regulated by the SEC as a registered clearing agency and by the Commodity Futures Trading Commission, or CFTC, as a derivatives clearing organization. OCC serves as a clearing house for securities options, security futures, commodity futures and options on futures traded on various independent exchanges. OCC clears securities options traded on NYSE Arca and NYSE Amex Options, along with other non-affiliated exchanges.
11


Investment in Bakkt
Following Bakkt's October 15, 2021 merger with VIH, we held an approximate 68% economic interest in Bakkt and treat it as an equity method investment (see Note 3). As of June 30, 2022 the carrying value of our Bakkt investment was $1.5 billion.

5. Revenue Recognition
Substantially all of our revenues are considered to be revenues from contracts with customers. The related accounts receivable balances are recorded in our balance sheets as customer accounts receivable. We do not have obligations for warranties, returns or refunds to customers, other than rebates, which are settled each period and therefore do not result in variable consideration. We do not have significant revenue recognized from performance obligations that were satisfied in prior periods, and we do not have any transaction price allocated to unsatisfied performance obligations other than in our deferred revenue.
Deferred revenue represents our contract liabilities related to our annual, original and other listings revenues, certain data services, clearing services, mortgage technology services and other revenues. Deferred revenue is our only significant contract liability. See Note 7 for our discussion of deferred revenue balances, activity, and expected timing of recognition.
For all of our contracts with customers, except for listings and certain data, clearing and mortgage services, our performance obligations are short term in nature and there is no significant variable consideration. In addition, we have elected the practical expedient of excluding sales taxes from transaction prices. We have assessed the costs incurred to obtain or fulfill a contract with a customer and determined them to be immaterial.
Certain judgments and estimates are used in the identification and timing of satisfaction of performance obligations and the related allocation of transaction price. We believe that these represent a faithful depiction of the transfer of services to our customers. Refer to Note 5 to the consolidated financial statements included in Part II, Item 8 of our 2021 Form 10-K where our primary revenue contract classifications are described in detail.

The following table depicts the disaggregation of our revenue according to business line and segment (in millions). Amounts here have been aggregated as they follow consistent revenue recognition patterns, and are consistent with the segment information in Note 15:
  Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Total Consolidated
Six Months Ended June 30, 2022:
Total revenues $ 3,247  $ 1,021  $ 604  $ 4,872 
Transaction-based expenses 1,159  —  —  1,159 
Total revenues, less transaction-based expenses $ 2,088  $ 1,021  $ 604  $ 3,713 
Timing of Revenue Recognition
Services transferred at a point in time $ 1,197  $ 159  $ 270  $ 1,626 
Services transferred over time 891  862  334  2,087 
Total revenues, less transaction-based expenses $ 2,088  $ 1,021  $ 604  $ 3,713 

  Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Total Consolidated
Six Months Ended June 30, 2021:
Total revenues $ 2,942  $ 926  $ 695  $ 4,563 
Transaction-based expenses 1,059  —  —  1,059 
Total revenues, less transaction-based expenses $ 1,883  $ 926  $ 695  $ 3,504 
Timing of Revenue Recognition
Services transferred at a point in time $ 1,056  $ 107  $ 417  $ 1,580 
Services transferred over time 827  819  278  1,924 
Total revenues, less transaction-based expenses $ 1,883  $ 926  $ 695  $ 3,504 
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  Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Total Consolidated
Three Months Ended June 30, 2022
Total revenues $ 1,604  $ 512  $ 297  $ 2,413 
Transaction-based expenses 599  —  —  599 
Total revenues, less transaction-based expenses $ 1,005  $ 512  $ 297  $ 1,814 
Timing of Revenue Recognition
Services transferred at a point in time $ 563  $ 83  $ 128  $ 774 
Services transferred over time 442  429  169  1,040 
Total revenues, less transaction-based expenses $ 1,005  $ 512  $ 297  $ 1,814 

  Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Total Consolidated
Three Months Ended June 30, 2021
Total revenues $ 1,336  $ 458  $ 340  $ 2,134 
Transaction-based expenses 427  —  —  427 
Total revenues, less transaction-based expenses $ 909  $ 458  $ 340  $ 1,707 
Timing of Revenue Recognition
Services transferred at a point in time $ 495  $ 47  $ 196  $ 738 
Services transferred over time 414  411  144  969 
Total revenues, less transaction-based expenses $ 909  $ 458  $ 340  $ 1,707 

The Exchanges segment and the Fixed Income and Data Services segment revenues above include data services revenues. Our data services revenues are transferred over time, and a majority of those revenues are performed over a short period of time of one month or less and relate to subscription-based data services billed monthly, quarterly or annually in advance. These revenues are recognized ratably over time as our data delivery performance obligations are met consistently throughout the period.
The Exchanges segment revenues transferred over time in the table above also include services related to listings, services related to risk management of open interest performance obligations and services related to regulatory fees, trading permits, and software licenses.
The Fixed Income and Data Services segment revenues transferred over time in the table above also include services related to risk management of open interest performance obligations, primarily in our CDS business.
The Mortgage Technology segment revenues transferred over time in the table above primarily relate to our origination technology revenue where performance obligations consist of a series of distinct services and are recognized over the contract terms as subscription performance obligations are satisfied, and to a lesser extent, professional services revenues and revenues from certain of our data and analytics offerings.

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The components of services transferred over time for each of our segments are as follows:
Six Months Ended June 30,
Three Months Ended June 30,
  2022 2021 2022 2021
Exchanges Segment:
Data services revenues
$ 432  $ 415  $ 218  $ 208 
Services transferred over time related to risk management of open interest performance obligations
$ 139  $ 125  $ 63  $ 59 
Services transferred over time related to listings $ 260  $ 233  $ 131  $ 119 
Services transferred over time related to regulatory fees, trading permits, and software licenses $ 60  $ 54  $ 30  $ 28 
Total
$ 891  $ 827  $ 442  $ 414 
Fixed Income Data Services Segment:
Data services revenues $ 843  $ 806  $ 421  $ 407 
Services transferred over time related to risk management of open interest performance obligations in our CDS business $ 19  $ 13  $ $
Total
$ 862  $ 819  $ 429  $ 411 
Mortgage Technology Segment:
Subscription revenues $ 312  $ 258  $ 159  $ 134 
Professional service revenues and other $ 22  $ 20  $ 10  $ 10 
Total $ 334  $ 278  $ 169  $ 144 
Total consolidated revenues transferred over time $ 2,087  $ 1,924  $ 1,040  $ 969 

6. Goodwill and Other Intangible Assets
The following is a summary of the activity in the goodwill balance for the six months ended June 30, 2022 (in millions):
Goodwill balance at December 31, 2021
$ 21,123 
Acquisitions
31 
Foreign currency translation
(46)
  Other activity, net
(2)
Goodwill balance at June 30, 2022
$ 21,106 
The following is a summary of the activity in the other intangible assets balance for the six months ended June 30, 2022 (in millions):
Other intangible assets balance at December 31, 2021
$ 13,736 
Acquisitions
Foreign currency translation
(43)
Amortization of other intangible assets
(306)
Other activity, net
Other intangible assets balance at June 30, 2022
$ 13,397 
Foreign currency translation adjustments result from a portion of our goodwill and other intangible assets being held at our U.K., EU and Canadian subsidiaries, whose functional currencies are not the U.S. dollar. The changes in other activity, net, in the table above primarily relate to adjustments to the fair value of the net tangible and intangible assets made within one year of acquisitions, with a corresponding adjustment to goodwill. We have performed an analysis of impairment indicators and did not recognize any impairment losses on goodwill or other intangible assets during the six months or three months ended June 30, 2022.

7. Deferred Revenue
Our contract liabilities, or deferred revenue, represent consideration received that is yet to be recognized as revenue. Total deferred revenue was $575 million as of June 30, 2022, including $473 million in current deferred revenue and $102
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million in other non-current liabilities. The changes in our deferred revenue during the six months ended June 30, 2022 are as follows (in millions):
Annual Listings Revenues Original Listings Revenues Other Listings Revenues Data Services and Other Revenues Mortgage Technology Total
Deferred revenue balance at December 31, 2021
$ —  $ 19  $ 93  $ 93  $ 79  $ 284 
Additions
435  31  34  283  46  829 
Amortization
(219) (19) (23) (222) (55) (538)
Deferred revenue balance at June 30, 2022
$ 216  $ 31  $ 104  $ 154  $ 70  $ 575 

The changes in our deferred revenue during the six months ended June 30, 2021 are as follows (in millions):
Annual Listings Revenues Original Listings Revenues Other Listings Revenues Data Services and Other Revenues Mortgage Technology Total
Deferred revenue balance at December 31, 2020
$ —  $ 13  $ 92  $ 95  $ 59  $ 259 
Additions
384  19  34  265  37  739 
Amortization
(197) (14) (22) (206) (21) (460)
Deferred revenue balance at June 30, 2021
$ 187  $ 18  $ 104  $ 154  $ 75  $ 538 
Included in the amortization recognized during the six months ended June 30, 2022 is $119 million related to the deferred revenue balance as of December 31, 2021. Included in the amortization recognized for the six months ended June 30, 2021 is $98 million related to the deferred revenue balance as of December 31, 2020. As of June 30, 2022, the remaining deferred revenue balance will be recognized over the period of time we satisfy our performance obligations as described in Note 5.

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8. Debt
Our total debt, including short-term and long-term debt, consisted of the following (in millions):
As of June 30, 2022 As of December 31, 2021
Debt:
Short-term debt:
Commercial Paper $ —  $ 1,012 
2022 Senior Notes (2.35% senior unsecured notes due September 15, 2022)
—  499 
Other short-term debt 10 
Total short-term debt 1,521 
Long-term debt:
2023 Senior Notes (0.70% senior unsecured notes due June 15, 2023)
—  997 
2023 Senior Notes (3.45% senior unsecured notes due September 21, 2023)
—  399 
2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023)
—  797 
2025 Senior Notes (3.65% senior unsecured notes due May 23, 2025)
1,242  — 
2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025)
1,247  1,246 
2027 Senior Notes (4.00% senior unsecured notes due September 15, 2027)
1,485  — 
2027 Senior Notes (3.10% senior unsecured notes due September 15, 2027)
497  497 
2028 Senior Notes (3.75% senior unsecured notes due September 21, 2028)
594  594 
2029 Senior Notes (4.35% senior unsecured notes due June 15, 2029)
1,239  — 
2030 Senior Notes (2.10% senior unsecured notes due June 15, 2030)
1,235  1,234 
2032 Senior Notes (1.85% senior unsecured notes due September 15, 2032)
1,484  1,483 
2033 Senior Notes (4.60% senior unsecured notes due March 15, 2033)
1,487  — 
2040 Senior Notes (2.65% senior unsecured notes due September 15, 2040)
1,230  1,230 
2048 Senior Notes (4.25% senior unsecured notes due September 21, 2048)
1,231  1,230 
2050 Senior Notes (3.00% senior unsecured notes due June 15, 2050)
1,221  1,220 
2052 Senior Notes (4.95% senior unsecured notes due June 15, 2052)
1,463  — 
2060 Senior Notes (3.00% senior unsecured notes due September 15, 2060)
1,471  1,470 
2062 Senior Notes (5.20% senior unsecured notes due June 15, 2062)
983  — 
Total long-term debt 18,109  12,397 
Total debt $ 18,113  $ 13,918 

Our senior notes of $18.1 billion have a weighted average maturity of 17 years and a weighted average cost of 3.6% per annum.
Credit Facilities
We have a $3.9 billion senior unsecured revolving credit facility, or the Credit Facility, with future capacity to increase our borrowings under the Credit Facility by an additional $1.0 billion, subject to the consent of the lenders funding the increase and certain other conditions. On May 25, 2022, we agreed with the lenders to extend the maturity date of the Credit Facility from October 15, 2026, to May 25, 2027, among other items. We also exercised our option to increase the amount of the Credit Facility from $3.8 billion to $3.9 billion. We incurred new debt issuance costs of $4 million relating to the Credit Facility and these costs are represented in the accompanying consolidated balance sheet as other non-current assets and will be amortized over the remaining life of the Credit Facility. No amounts were outstanding under the Credit Facility as of June 30, 2022.
As of June 30, 2022, of the $3.9 billion that is currently available for borrowing under the Credit Facility, $170 million is required to support certain broker-dealer and other subsidiary commitments. As of June 30, 2022, and as there is no commercial paper outstanding, there is no required amount to backstop our U.S. dollar commercial paper program, or the Commercial Paper Program. The amount required to backstop the amounts outstanding under the Commercial Paper Program will fluctuate as we increase or decrease our commercial paper borrowings. The remaining $3.7 billion is available for working capital and general corporate purposes including, but not limited to, acting as a backstop to future increases in the amounts outstanding under the Commercial Paper Program.
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On May 4, 2022, we entered into a 364-day senior unsecured bridge facility in an aggregate principal amount not to exceed $14.0 billion, or the Bridge Facility. The commitments that the Company obtained for the Bridge Facility have been permanently reduced from $14.0 billion to $1.2 billion as of June 30, 2022 as a result of (i) the amendment and extension of the Credit Facility, (ii) the issuance by the Company of certain senior unsecured notes on May 23, 2022, (iii) Euroclear divestment proceeds, (iv) the generation of cash internally by the Company, and (v) the effectiveness of our term loan facility.
On May 25, 2022, we entered into a $2.4 billion two-year senior unsecured delayed draw term loan facility, or Term Loan. Draws under the Term Loan bear interest on the principal amount outstanding at either (a) Term Secured Overnight Financing Rate, or Term SOFR, plus an applicable margin plus a credit spread adjustment of 10 basis points or (b) a "base rate" plus an applicable margin. The applicable margin ranges from 0.625% to 1.125% for Term SOFR loans and from 0.000% to 0.125% for base rate loans, in each case, based on a ratings-based pricing grid. The proceeds from borrowings under the Term Loan will be used to fund a portion of the purchase price for the Black Knight acquisition. We incurred new debt issuance costs of $4 million relating to the Term Loan and these costs are represented in the accompanying consolidated balance sheet as other non-current assets and will be amortized over the remaining life of the Term Loan. We have the option to prepay outstanding amounts under the Term Loan in whole or in part at any time. No amounts were outstanding under the Term Loan as of June 30, 2022.
Our India subsidiaries maintain $14 million of credit lines for their general corporate purposes. As of June 30, 2022, they had borrowed $4 million, which is reflected as “other short-term debt” in the table above.
Commercial Paper Program
Our Commercial Paper Program is currently backed by the borrowing capacity available under the Credit Facility, as described above. The effective interest rate of commercial paper issuances does not materially differ from short-term interest rates, which fluctuate due to market conditions and as a result may impact our interest expense. During the six months ended June 30, 2022, we had net paydowns of $1.0 billion under the Commercial Paper Program and did not have any notes outstanding under our Commercial Paper Program as of June 30, 2022.
New Senior Notes
On May 23, 2022, we issued $8.0 billion in aggregate principal amount of new senior notes, comprised of the following:
$1.25 billion in aggregate principal amount of 3.65% senior notes due in 2025, or the 2025 Notes;
$1.5 billion in aggregate principal amount of 4.00% senior notes due in 2027, or the 2027 Notes;
$1.25 billion in aggregate principal amount of 4.35% senior notes due in 2029, or the 2029 Notes;
$1.5 billion in aggregate principal amount of 4.60% senior notes due in 2033, or the 2033 Notes;
$1.5 billion in aggregate principal amount of 4.95% senior notes due in 2052, or the 2052 Notes; and
$1.0 billion in aggregate principal amount of 5.20% senior notes due in 2062, or the 2062 Notes, and collectively, the Notes.
We intend to use the net proceeds of $4.9 billion from the offering of the 2025 Notes, the 2027 Notes, the 2029 Notes and the 2062 Notes, or collectively, the SMR Notes, together with the issuance of commercial paper and/or borrowings under the Credit Facility, cash on hand or other immediately available funds and borrowings under the Term Loan, to finance the cash portion of the purchase price for Black Knight. The SMR Notes are subject to a special mandatory redemption feature pursuant to which we will be required to redeem all of the outstanding SMR Notes at a redemption price equal to 101% of the aggregate principal amount of the SMR Notes, plus accrued and unpaid interest, in the event that the Black Knight acquisition is not consummated on or prior to May 4, 2023, subject to two automatic extensions of three months each, to August 4, 2023 and to November 4, 2023, respectively, if U.S. antitrust clearance or a related law, injunction, order or other judgment, in each case whether temporary, preliminary or permanent, that restrains, enjoins or otherwise prohibits the consummation of the Black Knight merger remains outstanding and all other conditions to closing are satisfied (or in the case of conditions that by their terms are to be satisfied at the closing, are capable of being satisfied if the closing were to occur on such date) at each extension date, or if the Black Knight merger agreement is terminated at any time prior to such date. The $4.9 billion net proceeds from the SMR Notes are separately invested and recorded as short-term restricted cash and cash equivalents in our consolidated balance sheet as of June 30, 2022.
We used the $3.0 billion of net proceeds from the offering of the 2033 Notes and the 2052 Notes to redeem $2.7 billion aggregate principal amount of four series of senior notes that would have matured in 2022 and 2023. The balance of the net proceeds was used for general corporate purposes, which included paying down a portion of the amounts outstanding under our Commercial Paper Program. We recorded $30 million in costs associated with the extinguishment and re-financing of our existing debt in connection with our May 2022 debt refinancing. These costs are included in interest
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expense in our consolidated statements of income for the six months ended June 30, 2022.
We incurred debt issuance costs of $67 million relating to the issuance of the Notes and these costs are presented in the accompanying consolidated balance sheet as a deduction from the carrying amount of the related debt liability and will be amortized over the remaining term of each series of the Notes. The Notes contain affirmative and negative covenants, including, but not limited to, certain redemption rights, limitations on liens and indebtedness and limitations on certain mergers, sales, dispositions and lease-back transactions.

9. Share-Based Compensation
We currently sponsor employee and director stock option, restricted stock and employee stock purchase plans. Stock options and restricted stock are granted at the discretion of the Compensation Committee of our Board of Directors, or Board, based on the estimated fair value 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 forfeitures. The non-cash compensation expenses recognized in our consolidated statements of income for stock options, restricted stock and under our employee stock purchase plan, net of amounts classified as capitalized software, were $76 million and $73 million for the six months ended June 30, 2022 and 2021, respectively, and $38 million and $37 million during the three months ended June 30, 2022 and 2021, respectively.
Stock Option Plans
We use the Black-Scholes option pricing model to value our stock option awards. During the six months ended June 30, 2022 and 2021, we used the assumptions in the table below to compute the value:
Six Months Ended June 30,
Assumptions: 2022 2021
Risk-free interest rate
1.72% 0.64%
Expected life in years
6.0 5.7
Expected volatility
23% 24%
Expected dividend yield
1.17% 1.16%
Estimated weighted-average fair value of options granted per share
$28.18 $22.70
The risk-free interest rate is based on the zero-coupon U.S. Treasury yield curve in effect at the date of grant. The expected life is derived from historical and anticipated future exercise patterns. Expected volatility is based on historical volatility data of our stock.
Restricted Stock Plans
Restricted shares are used as an incentive to attract and retain qualified employees and to align our and our stockholders' interests by linking actual performance to both short and long-term stockholder return. We issue awards that may contain a combination of time, performance and/or market conditions. The grant date fair value of each award is based on the closing stock price of our stock at the date of grant. For time-based restricted stock, we recognize expense ratably over the vesting period, which is typically three or four years, net of forfeitures.
In February 2022, we reserved a maximum of 0.7 million restricted shares for potential issuance as performance-based restricted shares to certain of our employees. The number of shares ultimately granted under this award will be based on our actual financial performance as compared to financial performance targets set by our Board and the Compensation Committee for the year ending December 31, 2022, and will also be subject to a market condition reduction based on how our 2022 total stockholder return, or TSR, compares to that of the S&P 500 Index. The maximum compensation expense to be recognized under these performance-based restricted shares is $84 million if the maximum financial performance target is met and all 0.7 million 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 0.3 million shares vesting. For these awards with performance conditions, we recognize expense on an accelerated basis over the three-year vesting period based on our quarterly assessment of the probable 2022 actual financial performance as compared to the 2022 financial performance targets. As of June 30, 2022, our best estimate is that the financial performance level will be at target for 2022. Based on this assessment, we recorded non-cash compensation expense of $10 million and $6 million for the six months and three months ended June 30, 2022, respectively, related to these awards and the remaining $32 million in non-cash compensation expense will be recorded on an accelerated basis over the remaining vesting period, including $13 million which will be recorded over the remainder of 2022.
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We also issue awards with a market condition but no performance condition. The fair value of these awards is estimated based on a simulation of various outcomes and includes inputs such as our stock price on the grant date, the valuation of historical awards with market conditions, the relatively low likelihood that the market condition will affect the number of shares granted (as the market condition only affects shares granted in excess of certain financial performance targets), and our expectation of achieving the financial performance targets.

10.      Equity
Stock Repurchase Program
In December 2021, our Board approved an aggregate of $3.15 billion for future repurchases of our common stock with no fixed expiration date that became effective on January 1, 2022. The $3.15 billion replaced the previous amount approved by the Board. The approval of our Board for the share repurchases does not obligate us to acquire any particular amount of our common stock. In addition, our Board may increase or decrease the amount available for repurchases from time to time. We fund repurchases from our operating cash flow or borrowings under our debt facilities or our 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 may begin or discontinue stock repurchases at any time and may amend or terminate a Rule 10b5-1 trading plan at any time or enter into additional plans.
During the six months and three months ended June 30, 2022, we repurchased a total of 5.0 million and 1.3 million shares, respectively, of our outstanding common stock at a cost of $632 million and $157 million, respectively, consisting of 4.6 million shares at a cost of $582 million under our Rule 10b5-1 trading plan and 0.4 million shares at a cost of $50 million on the open market during an open trading period. All shares repurchased during the three months ended June 30, 2022 were done under our Rule 10b5-1 trading plan. We had no stock repurchases during the six months ended June 30, 2021. As of June 30, 2022, the remaining balance of Board approved funds for future repurchases was $2.5 billion. In connection with our pending acquisition of Black Knight, on May 4, 2022 we terminated our Rule 10b5-1 trading plan and suspended share repurchases.
Dividends
During the six months ended June 30, 2022 and 2021, we declared and paid cash dividends per share of $0.76 and $0.66, respectively, for an aggregate payout of $427 million and $374 million, respectively. During the three months ended June 30, 2022 and 2021, we declared and paid cash dividends per share of $0.38 and $0.33, respectively, for an aggregate payout of $213 million and $187 million, respectively. The declaration of dividends is subject to the discretion of our Board. Our Board has adopted a quarterly dividend declaration policy providing that the declaration of any dividends will be determined quarterly by the Board or the Audit Committee, taking into account such factors as our evolving business model, prevailing business conditions, our financial results and capital requirements and other considerations which our Board deems relevant, without a predetermined annual net income payout ratio.
Accumulated Other Comprehensive Income/(Loss)
The following tables present changes in the accumulated balances for each component of other comprehensive income/ (loss) (in millions):
Changes in Accumulated Other Comprehensive Income/(Loss) by Component
Foreign currency translation adjustments Comprehensive income from equity method investment Employee benefit plans adjustments Total
Balance, as of December 31, 2021
$ (150) $ $ (48) $ (196)
Other comprehensive income/(loss) (110) —  —  (110)
Income tax benefit/(expense) —  — 
Net current period other comprehensive income/(loss) (109) —  —  (109)
Balance, as of June 30, 2022
$ (259) $ $ (48) $ (305)

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Changes in Accumulated Other Comprehensive Income/(Loss) by Component
Foreign currency translation adjustments Comprehensive income from equity method investment Employee benefit plans adjustments Total
Balance, as of March 31, 2022 $ (175) $ $ (48) $ (221)
Other comprehensive income/(loss) (85) —  —  (85)
Income tax benefit/(expense) —  — 
Net current period other comprehensive income/(loss) (84) —  —  (84)
Balance, as of June 30, 2022
$ (259) $ $ (48) $ (305)

Changes in Accumulated Other Comprehensive Income/(Loss) by Component
Foreign currency translation adjustments Comprehensive income from equity method investment Employee benefit plans adjustments Total
Balance, as of December 31, 2020
$ (134) $ $ (59) $ (192)
Other comprehensive income/(loss)
17  —  19 
Income tax benefit/(expense) —  (1) —  (1)
Net current period other comprehensive income/(loss)
17  —  18 
Balance, as of June 30, 2021
$ (117) $ $ (59) $ (174)

Changes in Accumulated Other Comprehensive Income/(Loss) by Component
Foreign currency translation adjustments Comprehensive income from equity method investment Employee benefit plans adjustments Total
Balance, as of March 31, 2021 $ (127) $ $ (59) $ (184)
Other comprehensive income/(loss) 11  —  —  11 
Income tax benefit/(expense) (1) —  —  (1)
Net current period other comprehensive income/(loss) 10  —  —  10 
Balance, as of June 30, 2021
$ (117) $ $ (59) $ (174)


11. Income Taxes
Our effective tax rate was 22% and 31% for the six months ended June 30, 2022 and 2021, respectively, and 23% and 35% during the three months ended June 30, 2022 and 2021, respectively. The effective tax rates for the six months and three months ended June 30, 2022 were lower than the effective tax rates for the comparable periods in 2021 primarily due to the deferred income tax impact from U.K. tax law changes as well as from the impact of the sale of our investment in Coinbase during the six months ended June 30, 2021. During the three months ended June 30, 2021, the U.K. Finance Act 2021 was enacted, which increased the U.K. corporate income tax rate from 19% to 25%, effective April 1, 2023. The combined impact of the U.K. deferred tax provision and the sale of our investment in Coinbase for the six months and three months ended June 30, 2021 increased our effective tax rate by 8 and 12 percentage points, respectively.

12. Clearing Operations
We operate six clearing houses, each of which acts as a central counterparty that becomes the buyer to every seller and the seller to every buyer for its clearing members or participants, or Members. Through this central counterparty function, the clearing houses provide financial security for each transaction for the duration of the position by limiting counterparty credit risk.
Our clearing houses are responsible for providing clearing services to each of our futures exchanges, and in some cases to third-party execution venues, and are as follows, referred to herein collectively as "the ICE Clearing Houses":
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Clearing House Products Cleared Exchange where Executed Location
ICE Clear Europe Energy, agricultural, interest rates and equity index futures and options contracts and OTC European CDS instruments ICE Futures Europe, ICE Futures U.S., ICE Endex, ICE Futures Abu Dhabi and third-party venues U.K.
ICE Clear U.S. Agricultural, metals, foreign exchange, or FX, interest rate, equity index and digital asset futures and/or options contracts ICE Futures U.S. U.S.
ICE Clear Credit OTC North American, European, Asian-Pacific and Emerging Market CDS instruments Creditex and third-party venues U.S.
ICE Clear Netherlands Derivatives on equities and equity indices traded on regulated markets ICE Endex The Netherlands
ICE Clear Singapore Energy, metals and financial futures products and digital assets futures contracts ICE Futures Singapore Singapore
ICE NGX Physical North American natural gas and electricity ICE NGX Canada
In June 2022, we announced our decision to cease our CDS clearing service at ICE Clear Europe, our clearing house in the U.K., and our CDS clearing offering will therefore be consolidated at our ICE Clear Credit clearing house in the U.S.
Original and Variation Margin
Each of the ICE Clearing Houses generally requires all Members to deposit collateral in cash or certain pledged assets. The collateral deposits are known as “original margin.” In addition, the ICE Clearing Houses may make intraday original margin calls in circumstances where market conditions require additional protection. The daily profits and losses to and from the ICE Clearing Houses due to the marking-to-market of open contracts is known as “variation margin.” With the exception of ICE NGX’s physical natural gas and physical power products discussed separately below, the ICE Clearing Houses mark all outstanding contracts to market, and therefore pay and collect variation margin, at least once daily.
The amounts that Members are required to maintain are determined by proprietary risk models established by each ICE Clearing House and reviewed by the relevant regulators, independent model validators, risk committees and the boards of directors of the respective ICE Clearing House. The amounts required may fluctuate over time. Each of the ICE Clearing Houses is a separate legal entity and is not subject to the liabilities of the others, or the obligations of Members of the other ICE Clearing Houses.
Should a particular Member fail to deposit its original margin or fail to make a variation margin payment, when and as required, the relevant ICE Clearing House may liquidate or hedge the defaulting Member's open positions and use their original margin and guaranty fund deposits to pay any amount owed. In the event that the defaulting Member's deposits are not sufficient to pay the amount owed in full, the ICE Clearing Houses will first use their respective contributions to the guaranty fund, often referred to as Skin In The Game, or SITG, to pay any remaining amount owed. In the event that the SITG is not sufficient, the ICE Clearing Houses may utilize the respective guaranty fund deposits and default insurance, or collect limited additional funds from their respective non-defaulting Members on a pro-rata basis, to pay any remaining amount owed.
As of June 30, 2022 and December 31, 2021, the ICE Clearing Houses had received or had been pledged $270.8 billion and $239.9 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.
Guaranty Funds and ICE Contribution
As described above, mechanisms have been created, called guaranty funds, to provide partial protection in the event of a Member default. With the exception of ICE NGX, each of the ICE Clearing Houses requires that each Member make deposits into a guaranty fund.
In addition, we have contributed our own capital that could be used if a defaulting Member’s original margin and guaranty fund deposits are insufficient. Such amounts are recorded as long-term restricted cash and cash equivalents in our balance sheets and are as follows (in millions):
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ICE Portion of Guaranty Fund Contribution Default insurance
Clearing House As of June 30, 2022 As of
December 31, 2021
As of June 30, 2022 As of
December 31, 2021
ICE Clear Europe $247 $247 $75 $75
ICE Clear U.S. 90  83  25  25 
ICE Clear Credit 50  50  50  50 
ICE Clear Netherlands N/A N/A
ICE Clear Singapore N/A N/A
ICE NGX 15  15  200  100 
Total $405 $398 $350 $250
Of our total contribution to ICE Clear U.S. above, as of June 30, 2022, $15 million was solely applicable to any losses associated with a default in Bitcoin contracts and other digital assets that ICE Clear U.S. may clear in the future.
We also maintain default insurance as an additional layer of clearing member default protection. The default insurance was added in September 2019 and has a three-year term for the following clearing houses in the following amounts: ICE Clear Europe - $75 million; ICE Clear U.S. - $25 million and ICE Clear Credit - $50 million. The default insurance layer resides after and in addition to the ICE Clear Europe, ICE Clear U.S. and ICE Clear Credit SITG contributions and before the guaranty fund contributions of the non-defaulting Members. Renewal is currently being pursued and is subject to availability, cost and risk coverage considerations.
Similar to SITG, the default insurance layer is not intended to replace or reduce the position risk-based amount of the guaranty fund. As a result, the default insurance layer is not a factor that is included in the calculation of the Members' guaranty fund contribution requirement. Instead, it serves as an additional, distinct, and separate default resource that should serve to further protect the non-defaulting Members’ guaranty fund contributions from being mutualized in the event of a default.
As of June 30, 2022, ICE NGX maintained a guaranty fund of $215 million, comprising $15 million in cash and a $200 million letter of credit backed by a default insurance policy of the same amount, discussed below.
Below you will find our Default Waterfall which summarizes the lines of defense and layers of protection we maintain at the ICE Clearing Houses.
ICE Clearing House Default Waterfall
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Cash and Invested Deposits
We have recorded cash and invested margin and guaranty fund deposits and amounts due in our balance sheets as current assets with corresponding current liabilities to the Members. As of June 30, 2022, our cash and invested margin and guaranty fund deposits were as follows (in millions):
ICE Clear Europe (1)
ICE Clear
Credit
ICE Clear U.S. ICE NGX Other ICE Clearing Houses Total
Original margin
$ 98,940  $ 52,031  $ 4,788  $ —  $ $ 155,763 
Unsettled variation margin, net
—  —  —  841  —  841 
Guaranty fund
3,940  4,942  614  —  9,500 
Delivery contracts receivable/payable, net
—  —  —  1,568  —  1,568 
Total
$ 102,880  $ 56,973  $ 5,402  $ 2,409  $ $ 167,672 
As of December 31, 2021, our cash and invested margin and guaranty fund deposits were as follows (in millions):
ICE Clear Europe (2)