Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Equity

Equity

Treasury Stock

During each of 2021, 2020 and 2019, we received 1.0 million shares of common stock from employees to satisfy tax withholdings we made on their behalf for restricted stock and stock option exercises. We recorded the receipt of the shares as treasury stock.

Stock Repurchase Program

We periodically review whether to repurchase our stock. In making a determination regarding the timing and extent of any stock repurchases, we consider multiple factors that may include: overall stock market conditions, our common stock price performance, the remaining amount authorized for repurchases by our Board, the potential impact of a stock repurchase program on our debt ratings, our expected free cash flow and working capital needs, our current and future planned strategic growth initiatives, and other potential uses of our cash and capital resources.

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. We discontinued stock repurchases and terminated our Rule 10b5-1 trading plan in August 2020 in connection with the Ellie Mae acquisition. In November 2021, we resumed stock repurchases.

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 January 1, 2022. The $3.15 billion replaces the previous amount approved by the Board. In December 2021 we entered into a new Rule 10b5-1 trading plan that will become effective in February 2022.

During 2021, 2020 and 2019, we repurchased 1.8 million shares, 13.6 million shares and 17.4 million shares, respectively, of our outstanding common stock at a cost of $250 million, $1.2 billion and $1.5 billion, respectively, excluding shares withheld upon vesting of equity awards. The shares repurchased are held in treasury stock.

As of December 31, 2021, the remaining balance of Board approved funds for future repurchase was $903 million. The approval of our Board for stock 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.

The table below sets forth the information with respect to purchases made by or on behalf of ICE or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act) of our common stock during the periods presented as follows:

	Shares Repurchased (in thousands)	Average Repurchase Price Per Share		Amount of Repurchases (in millions)		Total cumulative year-to-date shares purchased as part of publicly announced plans or programs (in thousands)	Approximate dollar value of shares that may yet be purchased under the plans or programs as of the end of the quarter (in millions)
2021
Fourth quarter	1,834	$	136.31	$	250	1,834	$	903
Third quarter	—	$	—	—		—	$	—
Second quarter	—	$	—	—		—	$	—
First quarter	—	$	—	—		—	$	—
Total common stock repurchases(1)	1,834	$	136.31	$	250
2020
Fourth quarter	—	$	—	$	—	13,603	$	1,153
Third quarter	1,576	$	93.88	148		13,603	$	1,153
Second quarter	4,384	$	91.24	400		12,027	$	1,301
First quarter	7,643	$	91.50	699		7,643	$	1,701
Total common stock repurchases(2)	13,603	$	91.69	$	1,247
2019
Fourth quarter	3,661	$	92.86	$	340	17,432	$	540
Third quarter	3,730	$	91.16	340		13,771	$	880
Second quarter	4,170	$	81.53	340		10,041	$	1,220
First quarter	5,871	$	74.95	440		5,871	$	1,560
Total common stock repurchases(3)	17,432	$	83.75	$	1,460

(1)All 1.8 million shares were purchased on the open market at a cost of $250 million.

(2)Includes 3.2 million shares purchased on the open market at a cost of $299 million and 10.4 million shares purchased under our Rule 10b5-1 trading plan at a cost of $948 million.

(3) Includes 1.3 million shares purchased on the open market at a cost of $100 million and 16.1 million shares purchased under our Rule 10b5-1 trading plan at a cost of $1.4 billion.

Dividends

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. We declared and paid cash dividends per share during the periods presented as follows:

	Dividends Per Share		Amount (in millions)
2021
Fourth quarter	$	0.33	$	186
Third quarter	0.33		187
Second quarter	0.33		187
First quarter	0.33		187
Total cash dividends declared and paid	$	1.32	$	747
2020
Fourth quarter	$	0.30	$	169
Third quarter	0.30		170
Second quarter	0.30		164
First quarter	0.30		166
Total cash dividends declared and paid	$	1.20	$	669
2019
Fourth quarter	$	0.275	$	154
Third quarter	0.275		155
Second quarter	0.275		155
First quarter	0.275		157
Total cash dividends declared and paid	$	1.10	$	621

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 January 1, 2019	$	(227)	$	2	$	(90)	$	(315)
Other comprehensive income (loss)	51		(1)		32		82
Income tax benefit (expense)	(1)		—		(9)		(10)
Net current period other comprehensive income (loss)	50		(1)		23		72
Balance, as of December 31, 2019	(177)		1		(67)		(243)
Other comprehensive income (loss)	43		—		11		54
Income tax benefit (expense)	—		—		(3)		(3)
Net current period other comprehensive income (loss)	43		—		8		51
Balance, as of December 31, 2020	(134)		1		(59)		(192)
Other comprehensive income (loss)	(16)		1		15		—
Income tax benefit (expense)	—		—		(4)		(4)
Net current period other comprehensive income (loss)	(16)		1		11		(4)
Balance, as of December 31, 2021	$	(150)	$	2	$	(48)	$	(196)