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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 September 30, 2021
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 October 25, 2021, the number of shares of the registrant’s Common Stock outstanding was 563,404,336 shares.




 
 
INTERCONTINENTAL EXCHANGE, INC.
Form 10-Q
Quarterly Period Ended September 30, 2021
TABLE OF CONTENTS
 
 
PART I.
Financial Statements
Item 1.
Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020
2
Consolidated Statements of Income for the nine and three months ended September 30, 2021 and 2020
4
Consolidated Statements of Comprehensive Income for the nine and three months ended September 30, 2021 and 2020
5
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest for the nine and three months ended September 30, 2021 and 2020
6
Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020
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 (Unaudited)

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

As of As of
December 31, 2020
September 30, 2021
(Unaudited)
Assets:
Current assets:
Cash and cash equivalents
$ 618  $ 583 
Short-term restricted cash and cash equivalents
1,045  1,000 
Customer accounts receivable, net of allowance for doubtful accounts of $23 and $27 at September 30, 2021 and December 31, 2020, respectively
1,327  1,230 
Margin deposits, guaranty funds and delivery contracts receivable
108,698  84,083 
Prepaid expenses and other current assets
1,032  323 
Total current assets
112,720  87,219 
Property and equipment, net
1,723  1,713 
Other non-current assets:
Goodwill
21,309  21,291 
Other intangible assets, net
13,928  14,408 
Long-term restricted cash and cash equivalents
398  408 
Other non-current assets
584  1,161 
Total other non-current assets
36,219  37,268 
Total assets
$ 150,662  $ 126,200 
Liabilities and Equity:
Current liabilities:
Accounts payable and accrued liabilities
$ 696  $ 639 
Section 31 fees payable
14  207 
Accrued salaries and benefits
275  346 
Deferred revenue
322  158 
Short-term debt
1,831  2,411 
Margin deposits, guaranty funds and delivery contracts payable
108,698  84,083 
Other current liabilities
196  155 
Total current liabilities
112,032  87,999 
Non-current liabilities:
Non-current deferred tax liability, net
3,689  3,563 
Long-term debt
12,394  14,126 
Accrued employee benefits
200  206 
Non-current operating lease liability
274  320 
Other non-current liabilities
394  359 
Total non-current liabilities
16,951  18,574 
Total liabilities
128,983  106,573 
Commitments and contingencies
Redeemable non-controlling interest in consolidated subsidiaries
87  93 
2


Equity:
Intercontinental Exchange, Inc. stockholders’ equity:
Preferred stock, $0.01 par value; 100 shares authorized; none issued or outstanding at September 30, 2021 and December 31, 2020
—  — 
Common stock, $0.01 par value; 1,500 shares authorized; 631 and 629 issued at September 30, 2021 and December 31, 2020, respectively, and 562 and 561 shares outstanding at September 30, 2021 and December 31, 2020, respectively
Treasury stock, at cost; 69 shares at September 30, 2021 and 68 shares at December 31, 2020
(5,269) (5,200)
Additional paid-in capital
14,019  13,845 
Retained earnings
13,009  11,039 
Accumulated other comprehensive loss
(206) (192)
Total Intercontinental Exchange, Inc. stockholders’ equity
21,559  19,498 
Non-controlling interest in consolidated subsidiaries
33  36 
Total equity
21,592  19,534 
Total liabilities and equity
$ 150,662  $ 126,200 

See accompanying notes.
3


Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Income
(In millions, except per share amounts)
(Unaudited)
Nine Months Ended September 30, Three Months Ended September 30,
2021 2020 2021 2020
Revenues:
Exchanges
$ 4,376  $ 4,406  $ 1,434  $ 1,337 
Fixed income and data services
1,403  1,360  477  450 
Mortgage technology
1,061  245  366  143 
Total revenues
6,840  6,011  2,277  1,930 
Transaction-based expenses:
Section 31 fees
204  465  38  145 
Cash liquidity payments, routing and clearing
1,330  1,181  437  374 
Total revenues, less transaction-based expenses
5,306  4,365  1,802  1,411 
Operating expenses:
Compensation and benefits
1,093  849  374  298 
Professional services
124  100  43  37 
Acquisition-related transaction and integration costs
42  90  14  76 
Technology and communication
495  388  168  131 
Rent and occupancy
61  59  20  19 
Selling, general and administrative
163  132  52  43 
Depreciation and amortization
759  494  253  180 
Total operating expenses
2,737  2,112  924  784 
Operating income
2,569  2,253  878  627 
Other income (expense):
Interest income
—  — 
Interest expense
(321) (245) (108) (89)
Other income, net
1,341  75  54  44 
Other income (expense), net
1,020  (161) (54) (44)
Income before income tax expense
3,589  2,092  824  583 
Income tax expense
1,049  512  187  189 
Net income
$ 2,540  $ 1,580  $ 637  $ 394 
Net income attributable to non-controlling interest
(9) (17) (4) (4)
Net income attributable to Intercontinental Exchange, Inc.
$ 2,531  $ 1,563  $ 633  $ 390 
Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders:
Basic
$ 4.50  $ 2.85  $ 1.12  $ 0.71 
Diluted
$ 4.48  $ 2.83  $ 1.12  $ 0.71 
Weighted average common shares outstanding:
Basic
563  549  563  548 
Diluted
565  552  566  551 

See accompanying notes.
4


Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(In millions)
(Unaudited)
Nine Months Ended September 30, Three Months Ended September 30,
2021 2020 2021 2020
Net income
$ 2,540  $ 1,580  $ 637  $ 394 
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax benefit of $1 for both the nine and three months ended September 30, 2021 and tax expense of $1 for both the nine and three months ended September 30, 2020
(15) (30) (32) 48 
Change in equity method investment
—  —  — 
Other comprehensive income (loss)
(14) (30) (32) 48 
Comprehensive income
$ 2,526  $ 1,550  $ 605  $ 442 
Comprehensive income attributable to non-controlling interest
(9) (17) (4) (4)
Comprehensive income attributable to Intercontinental Exchange, Inc.
$ 2,517  $ 1,533  $ 601  $ 438 

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
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
—  —  —  —  —  —  (14) —  (14) — 
Exercise of common stock options
—  —  —  —  10  —  —  —  10  — 
Payments relating to treasury shares
—  —  (1) (69) —  —  —  —  (69) — 
Stock-based compensation
—  —  —  —  122  —  —  —  122 
Issuance under the employee stock purchase plan
—  —  —  —  42  —  —  —  42  — 
Issuance of restricted stock
—  —  —  —  —  —  —  —  — 
Distributions of profits
—  —  —  —  —  —  —  (21) (21) — 
Dividends paid to stockholders
—  —  —  —  —  (561) —  —  (561) — 
Net income (loss) attributable to non-controlling interest
—  —  —  —  —  (9) —  18  (9)
Net income
—  —  —  —  —  2,540  —  —  2,540  — 
Balance, as of September 30, 2021
631  $ (69) $ (5,269) $ 14,019  $ 13,009  $ (206) $ 33  $ 21,592  $ 87 

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 June 30, 2021 631  $ (68) $ (5,267) $ 13,952  $ 12,563  $ (174) $ 36  $ 21,116  $ 89 
Other comprehensive income
—  —  —  —  —  —  (32) —  (32) — 
Exercise of common stock options
—  —  —  —  —  —  —  — 
Payments relating to treasury shares
—  —  (1) (2) —  —  —  —  (2) — 
Stock-based compensation
—  —  —  —  41  —  —  —  41 
Issuance under the employee stock purchase plan
—  —  —  —  24  —  —  —  24  — 
Distributions of profits
(10) (10)
Dividends paid to stockholders
—  —  —  —  —  (187) —  —  (187) — 
Net income (loss) attributable to non-controlling interest
—  —  —  —  —  (4) —  (3)
Net income
—  —  —  —  —  637  —  —  637  — 
Balance, as of September 30, 2021
631  $ (69) $ (5,269) $ 14,019  $ 13,009  $ (206) $ 33  $ 21,592  $ 87 

See accompanying notes.
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, 2019
607  $ (53) $ (3,879) $ 11,742  $ 9,629  $ (243) $ 31  $ 17,286  $ 78 
Impact of adoption of ASU 2016-13, net of tax —  —  —  —  —  (10) —  —  (10) — 
Other comprehensive loss
—  —  —  —  —  —  (30) —  (30) — 
Stock consideration issued for acquisition
18  —  —  —  1,895  1,895 
Exercise of common stock options
—  —  —  26  —  —  —  26  — 
Repurchases of common stock
—  —  (14) (1,247) —  —  —  —  (1,247) — 
Payments relating to treasury shares
—  —  —  (72) —  —  —  —  (72) — 
Stock-based compensation
—  —  —  —  105  —  —  —  105 
Issuance under the employee stock purchase plan
—  —  —  —  33  —  —  —  33  — 
Warrants issued to minority interest holders —  —  —  —  —  —  — 
Issuance of restricted stock
—  —  —  —  —  —  —  —  — 
Distributions of profits
—  —  —  —  —  —  —  (31) (31) — 
Dividends paid to stockholders
—  —  —  —  —  (500) —  —  (500) — 
Redeemable non-controlling interest —  —  —  —  —  —  —  —  —  10 
Issuance of non-controlling interest —  —  —  —  —  —  —  — 
Net income (loss) attributable to non-controlling interest
—  —  —  —  —  (17) —  22  (5)
Net income
—  —  —  —  —  1,580  —  —  1,580  — 
Balance, as of September 30, 2020
628  $ (67) $ (5,198) $ 13,804  $ 10,682  $ (273) $ 31  $ 19,052  $ 94 



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 June 30, 2020 609  $ (65) $ (5,050) $ 11,856  $ 10,462  $ (321) $ 41  $ 16,994  $ 95 
Other comprehensive income
—  —  —  —  —  —  48  —  48  — 
Stock consideration issued for acquisition
18  —  —  —  1,895  —  —  —  1,895  — 
Exercise of common stock options
—  —  —  —  —  —  — 
Repurchases of common stock
—  —  (2) (148) —  —  —  —  (148) — 
Stock-based compensation
—  —  —  —  32  —  —  —  32 
Issuance under the employee stock purchase plan
—  —  —  —  17  —  —  —  17  — 
Distributions of profits
—  —  —  —  —  —  —  (16) (16) — 
Dividends paid to stockholders
—  —  —  —  —  (170) —  —  (170) — 
Net income (loss) attributable to non-controlling interest
—  —  —  —  —  (4) —  (2)
Net income
—  —  —  —  —  394  —  —  394  — 
Balance, as of September 30, 2020
628  $ (67) $ (5,198) $ 13,804  $ 10,682  $ (273) $ 31  $ 19,052  $ 94 


See accompanying notes.



7



Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
Nine Months Ended September 30,
2021 2020
Operating activities:
Net income
$ 2,540  $ 1,580 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
759  494 
Stock-based compensation
112  105 
Deferred taxes
134  67 
Gain on sale of Coinbase investment
(1,227) — 
Gain on equity investments (34) — 
Other
(6) (48)
Changes in assets and liabilities:
Customer accounts receivable
(109) (228)
  Other current and non-current assets (63) (43)
Section 31 fees payable
(193) (85)
Deferred revenue
163  120 
Other current and non-current liabilities
54  (147)
Total adjustments
(410) 235 
Net cash provided by operating activities
2,130  1,815 
 Investing activities:
Capital expenditures
(117) (114)
Capitalized software development costs
(211) (154)
Cash paid for acquisitions, net of cash acquired
(10) (9,439)
Purchase of equity method investment
(23) — 
Proceeds from the sale of Coinbase investment 1,237  — 
Other
(4)
Net cash provided by/(used in) investing activities
872  (9,702)
Financing activities:
 Proceeds from debt facilities, net —  9,606 
 Repayments of debt facilities (1,248) (1,258)
 Proceeds from/(redemption of) commercial paper, net (1,081) 1,149 
Repurchases of common stock
—  (1,247)
Dividends to stockholders
(561) (500)
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises
(69) (72)
Other
31  31 
Net cash provided by/(used in) financing activities
(2,928) 7,709 
 Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents (4)
Net increase/(decrease) in cash, cash equivalents, and restricted cash and cash equivalents
70  (177)
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period
1,991  2,188 
Cash, cash equivalents, and restricted cash and cash equivalents, end of period
$ 2,061  $ 2,011 
Supplemental cash flow disclosure:
 Common stock issued for acquisition $ —  $ 1,895 
Cash paid for income taxes
$ 809  $ 558 
Cash paid for interest
$ 329  $ 209 

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. These 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 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.
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, 2020. 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 nine and three months ended September 30, 2021 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. Where outside owners hold an option to require us to repurchase their interests, these amounts are shown as redeemable non-controlling interests and are subject to remeasurement when repurchase is probable.
We previously operated and presented our results as two reportable business segments. Effective October 1, 2020, we changed our internal financial reporting and the captions in which we present revenue in our financial statements because we determined that a change in reportable segments had occurred (Note 16). As of September 30, 2021, our business is conducted through three reportable business segments: our Exchanges segment, our Fixed Income and Data Services segment, and our Mortgage Technology segment. Prior periods have been restated to reflect this change. The majority of our identifiable assets are located in the U.S and U.K.
Recently Adopted Accounting Pronouncements
During the nine months ended September 30, 2021, 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, 2020, or the Form 10-K.

9


3.     Acquisitions and Divestitures
Ellie Mae Acquisition
On September 4, 2020, we acquired Ellie Mae, Inc., or Ellie Mae, for aggregate consideration of $11.4 billion from private equity firm Thoma Bravo. The purchase price consisted of $9.5 billion in cash, as adjusted for $335 million of cash and cash equivalents held by Ellie Mae on the date of acquisition, and approximately $1.9 billion, or approximately 18.4 million shares of our common stock, based on our stock price on the acquisition date. ICE funded the cash portion of the purchase price with net proceeds from our offering of senior notes in August 2020, together with the issuance of commercial paper and borrowings under a senior unsecured term loan facility. We have evaluated the impact of this acquisition and related disclosures under Accounting Standards Codification, or ASC, 805- Business Combinations.
The purchase price has been allocated to the net tangible and identifiable intangible assets and liabilities based on the respective estimated fair values on the date of acquisition, as determined with the assistance of a third-party valuation specialist. The excess of purchase price over the net tangible and identifiable intangible assets has been recorded as goodwill. Goodwill represents potential revenue synergies related to new product development, various expense synergies and opportunities to enter new markets. The purchase price allocation is as follows (in millions):
Purchase Price Allocation
Cash and cash equivalents $ 335 
Property and equipment 125 
Goodwill 7,731 
Identifiable intangibles 4,442 
Other assets and liabilities, net 48 
Deferred tax liabilities on identifiable intangibles (1,253)
Total purchase price allocation $ 11,428 

In performing the purchase price allocation, we considered, among other factors, the intended future use of acquired assets, analysis of historical financial performance and estimates of future performance of the Ellie Mae business.
The following table sets forth the components of the intangible assets associated with the acquisition as of September 30, 2021 (in millions, except years):
Acquisition-Date Fair Value Accumulated Amortization Net Book Value Useful Life (Years)
Customer relationships $ 3,136  $ (174) $ 2,962 
10 to 20
Backlog 300  (64) 236 
5
Trademark/Tradenames 200  (12) 188 
5 to 20
 Developed Technology 739  (118) 621  7
 In-process Research & Development 67  —  67  N/A
Total $ 4,442  $ (368) $ 4,074 

The financial information in the table below summarizes the combined results of operations of ICE and Ellie Mae, on a pro forma basis, as though the companies had been combined as of the beginning of the period presented. The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of the period presented. Such unaudited pro forma financial information is based on the historical financial statements of ICE and Ellie Mae. This unaudited pro forma financial information is based on estimates and assumptions that have been made solely for purposes of developing such unaudited pro forma information, including, without limitation, purchase accounting adjustments, interest expense on debt issued to finance the purchase price, acquisition-related transaction costs, the removal of historical Ellie Mae intangible asset amortization and the addition of intangible asset amortization related to this acquisition. The unaudited pro forma financial information does not reflect any synergies or operating cost reductions that have been and may be achieved from the combined operations. The unaudited pro forma financial information combines the historical results for us and Ellie Mae for the nine and three months ended September 30, 2020 in the following table (in millions).
10


Nine Months Ended September 30, 2020
Three Months Ended September 30, 2020
Total revenues, less transaction-based expenses $ 4,973  $ 1,611 
Net income attributable to ICE $ 1,638  $ 497 
Transaction-based expenses included within revenues, less transaction-based expenses in the table above, were not impacted by pro forma adjustments and agree to the amounts presented historically in our consolidated income statements as they relate solely to ICE and not to Ellie Mae.
Bakkt Transaction
On October 15, 2021, Bakkt Holdings, LLC, or Bakkt, completed its merger with VPC Impact Acquisition Holdings, or VIH, a special purpose acquisition company sponsored by Victory Park Capital, or VPC.
The business combination between Bakkt and VIH results in an enterprise value of approximately $2.1 billion, including approximately $479 million of cash on the combined company’s balance sheet, reflecting a contribution of approximately $123 million of cash held in VIH’s trust account, a $325 million concurrent private investment in public equity, or PIPE, of Class A common stock of the combined company, and $31 million of cash held in Bakkt accounts. The PIPE was priced at $10.00 per share and included a $47 million commitment from us. The newly combined company has been renamed Bakkt Holdings, Inc. and is listed on the New York Stock Exchange, or NYSE.
As part of the transaction, Bakkt’s existing equity holders and management rolled 100% of their equity into the combined company, and are subject to a six-month lockup period. Certain shareholders of VIH exercised their redemption rights, and at closing, Bakkt equity holders, including ICE, owned approximately 81% of the combined company, VIH’s public shareholders owned approximately 5%, VPC owned 2%, and PIPE investors (a group that also includes us) owned approximately 12% of the issued and outstanding common stock of the combined company.
Following the transaction, we continue to maintain an approximately 68% economic interest and 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 expect to deconsolidate Bakkt and treat it as an equity method investment within our financial statements. As of September 30, 2021, we fully consolidated Bakkt and did not apply accounting treatment under the "held for sale" guidance as conditional shareholder approvals had not been achieved as of that date. We expect to record a pre-tax gain on the transaction of approximately $1.3 billion during the fourth quarter of 2021, which will be included in other non-operating income within our consolidated income statement.

4.Allowance for Credit Losses

Accounts Receivable

We measure credit losses in accordance with Accounting Standards Update 2016-13, or ASU 2016-13, Financial Instruments- Measurement of Credit Losses on Financial Instruments. Based on the high turnover and collectability of our accounts receivable, as well as the monthly billing process for the majority of revenue, we have not experienced significant changes in our loss provision under the current expected credit loss model. Accounts receivable in our futures and clearing businesses have minimal credit risk as all clearing members are pre-screened, collection periods occur within one month and the services to customers are completed almost instantaneously. Our accounts receivable related to revenues from market data, cash trading, listings, technology services, mortgage technology, CDS transactions and bilateral OTC energy transactions subject us to credit losses, but we expeditiously limit our risk of credit loss by taking action such as terminating trading or transaction access, terminating public listings or ceasing to distribute data for entities with delinquent accounts. The concentration of risk on our accounts receivable is also mitigated by the high quality and the large number of entities comprising our customer base.

We estimate our allowance for doubtful accounts using an aging method, disaggregated based on major revenue stream categories as well as other unique revenue stream factors. The factors for pooling our accounts receivable balances are specific to each revenue stream based on our risk assessment, past patterns of collectability, our knowledge of the business, and customer-specific situations. We apply estimated reserve percentages to the risk pools identified, which are derived from historical write-off factors that are based on the accounts receivable balance’s delinquency status and adjusted as appropriate for our reasonable and supportable estimates of current and future economic conditions. We believe that historical write-off trends provide a basis for estimating future patterns of losses because there have been no significant changes in the mix or risk characteristics of the accounts receivable revenue stream pool populations from the
11


risk pools used to calculate our historical write-off rates. At each measurement date we reassess whether our accounts receivable pools continue to exhibit similar risk characteristics. We then determine if assets need to be isolated further as part of their own specific line item reserve due to specific events, such as a customer’s inability to meet its financial obligations (i.e. customer disputes, highly unresponsive customers, delinquency of the receivable, or other indicators of credit deterioration of customers). Lastly, the current expected credit loss impairment model is forward-looking and requires us to factor reasonable and supportable economic expectations into our allowance estimate for the asset's entire expected life, which is generally less than one year.
A reconciliation of the beginning and ending amount of allowance for doubtful accounts is as follows for the nine months ended September 30, 2021 (in millions):
Allowance for Doubtful Accounts
Beginning balance as of December 31, 2020
$ 27 
Bad debt expense
10 
Charge-offs
(14)
Ending balance as of September 30, 2021
$ 23 
Charge-offs in the table above represent the write-off of uncollectible receivables, net of recoveries. These amounts also include the impact of foreign currency translation adjustments.

5. Investments
Our equity investments, including our investment in Euroclear plc, or Euroclear, among others, 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 15 for a discussion of our determination of fair value of our financial instruments.
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 $898 million net of tax, as other income in our consolidated statement of income.
Investment in OCC
We own a 40% interest in the Options Clearing Corporation, or OCC, through a direct investment by the NYSE and which is regulated by the SEC and the Commodity Futures Trading Commission, or CFTC, that we treat as an equity method investment. OCC is included in other non-current assets in the accompanying consolidated balance sheet. We recognized $42 million and $84 million during the nine months ended September 30, 2021 and 2020, respectively, and $8 million and $49 million during the three months ended September 30, 2021 and 2020, respectively, of equity earnings as our share of OCC's estimated profits, which is included in other income. Included within the amount recognized during the nine months ended September 30, 2021 is a $16 million earnings adjustment to reflect higher than reported 2020 net income than originally estimated by OCC. Similarly, included within the amount recognized during the nine months ended September 30, 2020 is a $7 million earnings adjustment to reflect higher than reported 2019 net income than originally estimated. Included within the amount recognized during the three months ended September 30, 2020 is a $36 million earnings adjustment to reflect higher than reported 2020 net income than originally estimated.
Investment in BondLink, Inc.
On May 12, 2021, we made a 35.0% strategic investment in BondLink, Inc., or BondLink, a financial technology company that provides cloud-based debt management software solutions to governments financing infrastructure in the municipal bond market. The Series B investment is designed to accelerate BondLink’s growth and product development, including by providing a variety of our market-leading data sets to municipalities as they prepare to issue bonds. We treat BondLink as an equity method investment which is included in other non-current assets in the accompanying consolidated balance sheet, and we record equity earnings of our share of BondLink's estimated profits, which we include in other income.
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Investment in Euroclear
We own a 9.8% stake in Euroclear as of September 30, 2021 that we originally purchased for $631 million, and we participate on the Euroclear Board of Directors. Euroclear is a provider of post-trade services, including settlement, central securities depositories and related services for cross-border transactions across asset classes. We classify our investment in Euroclear as equity investment.
During the three months ended September 30, 2021, we became aware of an observable price change in orderly transactions of similar Euroclear investments by a third party. The transactions resulted in a fair value adjustment of our Euroclear investment, and we recorded a gain of $34 million in other income, including the impact of foreign currency translation.
During the second quarter of 2021, we began to explore a sale of our equity investment in Euroclear, and as a result, we reclassified the carrying value of our Euroclear investment at that time, from other non-current assets to other current assets within our accompanying consolidated balance sheet. As of September 30, 2021, the adjusted fair value of our Euroclear investment in other current assets is $701 million. On October 18, 2021, we announced that we had reached an agreement to sell our entire 9.8% stake in Euroclear for €709 million ($821 million based on the euro/U.S. dollar exchange rate of 1.1578 as of September 30, 2021). The sale is subject to customary closing conditions and regulatory approval.
Additionally, we recognized dividend income of $60 million and $30 million during the nine and three months ended September 30, 2021, respectively, from Euroclear, which is included in other income. As a result of a 2020 European regulation limiting dividend payments, we did not receive a Euroclear dividend in 2020, but have now received two dividend payments during the nine months ended September 30, 2021.

6. 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 8 for our discussion of deferred revenue balances, activity, and expected timing of recognition.
We have elected not to provide disclosures about the transaction price allocated to unsatisfied performance obligations if contract durations are less than one year, or if we are not required to estimate the transaction price. 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 2020 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 16:
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  Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Total Consolidated
Nine Months Ended September 30, 2021:
Total revenues $ 4,376  $ 1,403  $ 1,061  $ 6,840 
Transaction-based expenses 1,534  —  —  1,534 
Total revenues, less transaction-based expenses $ 2,842  $ 1,403  $ 1,061  $ 5,306 
Timing of Revenue Recognition
Services transferred at a point in time $ 1,590  $ 162  $ 631  $ 2,383 
Services transferred over time 1,252  1,241  430  2,923 
Total revenues, less transaction-based expenses $ 2,842  $ 1,403  $ 1,061  $ 5,306 

  Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Total Consolidated
Nine Months Ended September 30, 2020:
Total revenues $ 4,406  $ 1,360  $ 245  $ 6,011 
Transaction-based expenses 1,646  —  —  1,646 
Total revenues, less transaction-based expenses $ 2,760  $ 1,360  $ 245  $ 4,365 
Timing of Revenue Recognition
Services transferred at a point in time $ 1,571  $ 199  $ 207  $ 1,977 
Services transferred over time 1,189  1,161  38  2,388 
Total revenues, less transaction-based expenses $ 2,760  $ 1,360  $ 245  $ 4,365 


  Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Total Consolidated
Three Months Ended September 30, 2021:
Total revenues $ 1,434  $ 477  $ 366  $ 2,277 
Transaction-based expenses 475  —  —  475 
Total revenues, less transaction-based expenses $ 959  $ 477  $ 366  $ 1,802 
Timing of Revenue Recognition
Services transferred at a point in time $ 534  $ 55  $ 214  $ 803 
Services transferred over time 425  422  152  999 
Total revenues, less transaction-based expenses $ 959  $ 477  $ 366  $ 1,802 


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  Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Total Consolidated
Three Months Ended September 30, 2020:
Total revenues $ 1,337  $ 450  $ 143  $ 1,930 
Transaction-based expenses 519  —  —  519 
Total revenues, less transaction-based expenses $ 818  $ 450  $ 143  $ 1,411 
Timing of Revenue Recognition
Services transferred at a point in time $ 429  $ 55  $ 109  $ 593 
Services transferred over time 389  395  34  818 
Total revenues, less transaction-based expenses $ 818  $ 450  $ 143  $ 1,411 
The Exchanges segment revenues above include $623 million and $589 million of data services revenues for the nine months ended September 30, 2021 and 2020, respectively, and $208 million and $201 million during the three months ended September 30, 2021 and 2020, respectively. Fixed Income and Data Services segment revenues above include $1.2 billion and $1.1 billion of data services revenues for the nine months ended September 30, 2021 and 2020, respectively, and $414 million and $388 million during the three months ended September 30, 2021 and 2020, respectively. 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 above also include $356 million and $334 million for the nine months ended September 30, 2021 and 2020, respectively, and $123 million and $111 million during the three months ended September 30, 2021 and 2020, respectively, of services transferred over time related to listings, as well as $190 million and $186 million for the nine months ended September 30, 2021 and 2020, respectively, and $65 million and $50 million during the three months ended September 30, 2021 and 2020, respectively, for services transferred over time related to risk management of open interest performance obligations. In addition, the Exchanges segment revenues include $83 million and $80 million for the nine months ended September 30, 2021 and 2020, respectively, and $29 million and $27 million during the three months ended September 30, 2021 and 2020, respectively, of services transferred over time related to regulatory fees, trading permits, and software licenses.
The Fixed Income and Data Services segment revenues above also include $21 million and $23 million for the nine months ended September 30, 2021 and 2020, respectively, and $8 million and $7 million during the three months ended September 30, 2021 and 2020, respectively, for services transferred over time related to risk management of open interest performance obligations, primarily in our CDS business.
The Mortgage Technology segment revenues above include $26 million of professional services revenues for the nine months ended September 30, 2021 and $9 million during the three months ended September 30, 2021, for services transferred over time. The remaining 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. Contracts generally range from one year to five years.

7. Goodwill and Other Intangible Assets
The following is a summary of the activity in the goodwill balance for the nine months ended September 30, 2021 (in millions):
Goodwill balance at December 31, 2020
$ 21,291 
Acquisitions
Foreign currency translation
(7)
  Other activity, net
22 
Goodwill balance at September 30, 2021
$ 21,309 
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The following is a summary of the activity in the other intangible assets balance for the nine months ended September 30, 2021 (in millions):
Other intangible assets balance at December 31, 2020
$ 14,408 
Acquisitions
Foreign currency translation
(8)
Amortization of other intangible assets
(469)
Other activity, net
(11)
Other intangible assets balance at September 30, 2021
$ 13,928 
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 change in other activity, net, primarily relates 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 nine and three months ended September 30, 2021.

8. Deferred Revenue
Our contract liabilities, or deferred revenue, represent consideration received that is yet to be recognized as revenue. Total deferred revenue was $422 million as of September 30, 2021, including $322 million in current deferred revenue and $100 million in other non-current liabilities. The changes in our deferred revenue during the nine months ended September 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
397  26  42  352  60  877 
Amortization
(301) (24) (31) (319) (39) (714)
Deferred revenue balance at September 30, 2021
$ 96  $ 15  $ 103  $ 128  $ 80  $ 422 

The changes in our deferred revenue during the nine months ended September 30, 2020 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, 2019
$ —  $ 19  $ 94  $ 88  $ —  $ 201 
Additions
384  34  367  25  819 
Amortization
(288) (15) (31) (326) —  (660)
Deferred revenue balance at September 30, 2020
$ 96  $ 13  $ 97  $ 129  $ 25  $ 360 
Included in the amortization recognized during the nine months ended September 30, 2021 is $128 million related to the deferred revenue balance as of December 31, 2020. Included in the amortization recognized for the nine months ended September 30, 2020 is $92 million related to the deferred revenue balance as of December 31, 2019. As of September 30, 2021, the remaining deferred revenue balance will be recognized over the period of time we satisfy our performance obligations as described in Note 6.

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9. Debt
Our total debt, including short-term and long-term debt, consisted of the following as of September 30, 2021 and December 31, 2020 (in millions):
As of September 30, 2021 As of December 31, 2020
Debt:
Short-term debt:
Commercial Paper $ 1,324  $ 2,405 
2022 Senior Notes (2.35% senior unsecured notes due September 15, 2022)
499  — 
Other short-term debt
Total short-term debt 1,831  2,411 
Long-term debt:
2022 Senior Notes (2.35% senior unsecured notes due September 15, 2022)
—  498 
2023 Senior Notes (floating rate senior unsecured notes due June 15, 2023)
—  1,244 
2023 Senior Notes (0.70% senior unsecured notes due June 15, 2023)
996  995 
2023 Senior Notes (3.45% senior unsecured notes due September 21, 2023)
399  398 
2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023)
797  796 
2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025)
1,246  1,245 
2027 Senior Notes (3.10% senior unsecured notes due September 15, 2027)
497  496 
2028 Senior Notes (3.75% senior unsecured notes due September 21, 2028)
593  593 
2030 Senior Notes (2.10% senior unsecured notes due June 15, 2030)
1,233  1,232 
2032 Senior Notes (1.85% senior unsecured notes due September 15, 2032)
1,483  1,481 
2040 Senior Notes (2.65% senior unsecured notes due September 15, 2040)
1,230  1,229 
2048 Senior Notes (4.25% senior unsecured notes due September 21, 2048)
1,230  1,230 
2050 Senior Notes (3.00% senior unsecured notes due June 15, 2050)
1,220  1,219 
2060 Senior Notes (3.00% senior unsecured notes due September 15, 2060)
1,470  1,470 
Total long-term debt 12,394  14,126 
Total debt $ 14,225  $ 16,537 
Our fixed rate senior notes of $12.9 billion have a weighted average maturity of 15 years and a weighted average cost of 3.0% per annum.
During the three months ended September 30, 2021, we used the proceeds from commercial paper issuances and cash on hand to fund the redemption of $1.25 billion aggregate principal amount of senior floating rate notes due in June 2023, or the Floating Rate Notes. We delivered a notice of redemption of the Floating Rate Notes to Wells Fargo Bank, National Association, as trustee, under the indenture governing the Floating Rate Notes, which was delivered to the holders of the Floating Rate Notes on September 17, 2021, and they were subsequently redeemed on September 27, 2021. In connection with this redemption, we recorded $4 million in accelerated unamortized deferred loan costs, which are included in interest expense in our consolidated statements of income for the three months ended September 30, 2021.
Credit Facilities
We have a $3.8 billion senior unsecured revolving credit facility, or the Credit Facility, with a maturity date of August 21, 2025 and future capacity to increase our borrowings under the Credit Facility by an additional $625 million, subject to the consent of the lenders funding the increase and certain other conditions. No amounts were outstanding under the Credit Facility as of September 30, 2021. On October 15, 2021, we agreed with the lenders to extend the maturity date of the Credit Facility to October 15, 2026, among other items.
As of September 30, 2021, of the $3.8 billion that is currently available for borrowing under the Credit Facility, $1.3 billion is required to back-stop the amount outstanding under our U.S. dollar commercial paper program, or the Commercial Paper Program, and $172 million is required to support certain broker-dealer and other subsidiary commitments. The amount required to back-stop the amounts outstanding under the Commercial Paper Program will fluctuate as we increase or decrease our commercial paper borrowings. The remaining $2.3 billion is available for working capital and general corporate purposes including, but not limited to, acting as a back-stop to future increases in the amounts outstanding under the Commercial Paper Program.
Our India subsidiaries maintain $20 million of credit lines for their general corporate purposes. As of September 30, 2021, they had borrowed $8 million, which is reflected as “other short-term debt” in the table above.
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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 nine months ended September 30, 2021, we had net repayments of $1.1 billion under the Commercial Paper Program. We used $1.2 billion of proceeds received from the sale of our Coinbase investment to pay down the commercial paper balance.
Commercial paper notes of $1.3 billion with original maturities ranging from one to 75 days were outstanding as of September 30, 2021, with a weighted average interest rate of 0.24% per annum, and a weighted average remaining maturity of 28 days.

10. 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 $112 million and $105 million for the nine months ended September 30, 2021 and 2020, respectively, and $39 million and $32 million during the three months ended September 30, 2021 and 2020, respectively. This includes the expense related to the Bakkt Incentive Units, described below.
Stock Option Plans
We use the Black-Scholes option pricing model to value our stock option awards. During the nine months ended September 30, 2021 and 2020, we used the assumptions in the table below to compute the value:
Nine Months Ended September 30,
Assumptions: 2021 2020
Risk-free interest rate
0.64% 1.46%
Expected life in years
5.7 5.8
Expected volatility
24% 20%
Expected dividend yield
1.16% 1.30%
Estimated weighted-average fair value of options granted per share
$22.70 $16.65
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 years, net of forfeitures.
In February 2021, 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, 2021, and will also be subject to a market condition reduction based on how our 2021 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 $77 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 $38 million if the target financial performance is met, which would result in 0.4 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 2021 actual financial performance as compared to the 2021 financial performance targets. As of September 30, 2021, our best estimate is that the financial performance level will be above target for 2021. Based on this assessment, we recorded non-cash compensation expense of
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$18 million and $9 million for the nine and three months ended September 30, 2021, respectively, related to these awards and the remaining $29 million in non-cash compensation expense will be recorded on an accelerated basis over the remaining vesting period, including $8 million which will be recorded over the remainder of 2021.
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.
Bakkt Incentive Units
We sponsor the Bakkt Equity Incentive Plan under which Bakkt issues various Bakkt preferred, common and phantom, or participation, equity unit awards. These awards were made to certain employees and board members of Bakkt. The units are unvested at the issuance date, are subject to the vesting terms in the award agreements and upon vesting are converted into Bakkt equity or cash. Upon the closing of the Bakkt transaction on October 15, 2021 (Note 3), one-third of these units vested with the remaining two-thirds vesting on the first and second anniversaries of the closing.
During the nine months ended September 30, 2020, there was a $300 million capital call related to the acquisition of Bridge2 Solutions that triggered a market condition of certain of these Bakkt equity incentive awards. The market condition is based on numerous possible Bakkt transaction or event scenarios established on the original date of grant, each of which have a fixed fair market value. Over the life of these awards, we are required to estimate the most likely outcome and reflect the cumulative financial statement impact of any changes between outcomes. As a result, during the nine months ended September 30, 2020, we incurred a $10 million compensation expense related to these awards that was recorded as an acquisition-related cost.

11.      Equity
Stock Repurchase Program
In December 2019, our Board approved an aggregate of $2.4 billion for future repurchases of our common stock with no fixed expiration date that became effective on January 1, 2020. 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. We discontinued stock repurchases and terminated our Rule 10b5-1 trading plan in August 2020 in connection with the Ellie Mae acquisition and had no stock repurchases during the nine months ended September 30, 2021. During the nine months ended September 30, 2020, we repurchased 10.4 million shares of our outstanding common stock at a cost of $948 million under our Rule 10b5-1 trading plan and 3.2 million shares at a cost of $299 million on the open market during an open trading period. As of September 30, 2021, the remaining balance of Board approved funds for future repurchases is $1.2 billion. 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.
Dividends
During the nine months ended September 30, 2021 and 2020, we declared and paid cash dividends per share of $0.99 and $0.90, respectively, for an aggregate payout of $561 million and $500 million, respectively. During the three months ended September 30, 2021 and 2020, we declared and paid cash dividends per share of $0.33 and $0.30, respectively, for an aggregate payout of $187 million and $170 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):
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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 December 31, 2020
$ (134) $ $ (59) $ (192)
Other comprehensive income (loss)
(16) —  (14)
Income tax benefit (expense) (1) —  — 
Net current period other comprehensive income (loss)
(15) —  (14)
Balance, as of September 30, 2021
$ (149) $ $ (59) $ (206)

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 June 30, 2021 $ (117) $ $ (59) $ (174)
Other comprehensive income (loss)
(33) —  —  (33)
Income tax benefit (expense) —  — 
Net current period other comprehensive income (loss)
(32) —  —  (32)
Balance, as of September 30, 2021
$ (149) $ $ (59) $ (206)

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, 2019
$ (177) $ $ (67) $ (243)
Other comprehensive income (loss)
(29) —  —  (29)
Income tax benefit (expense) (1) —  —  (1)
Net current period other comprehensive income (loss)
(30) —  —  (30)
Balance, as of September 30, 2020
$ (207) $ $ (67) $ (273)

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 June 30, 2020 $ (255) $ $ (67) $ (321)
Other comprehensive income (loss)
49  —  —  49 
Income tax benefit (expense) (1) —  —  (1)
Net current period other comprehensive income (loss)
48  —  —  48 
Balance, as of September 30, 2020
$ (207) $ $ (67) $ (273)


12. Income Taxes
Our effective tax rate was 29% and 24% for the nine months ended September 30, 2021 and 2020, respectively, and 23% and 32% during the three months ended September 30, 2021 and 2020, respectively. The effective tax rate for the nine months ended September 30, 2021 was higher than the effective tax rate for the comparable period in 2020 primarily due to the deferred income tax impact resulting from the U.K. tax law changes enacted in June 2021, which increased the U.K. corporate income tax rate from 19% to 25% effective April 1, 2023. The effective tax rate for the three months ended September 30, 2021 was lower than the effective tax rate for the comparable period in 2020 primarily due to the deferred income tax impact resulting from the U.K. tax law changes enacted in July 2020, which increased the U.K. corporate income tax rate from 17% to 19% effective April 1, 2020.
On March 11, 2021, the American Rescue Plan Act, or ARPA, was signed into law. The ARPA enacted certain provisions that are relevant to corporate income tax. These provisions did not have a material impact on our income tax provision for the nine and three months ended September 30, 2021.

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13. 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":
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, and foreign exchange, or FX, index futures and options contracts, equity futures contracts, and digital assets futures 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, electricity and oil futures ICE NGX Canada
Original & 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, or collect limited additional funds from their respective non-defaulting Members on a pro-rata basis, to pay any remaining amount owed.
As of September 30, 2021 and December 31, 2020, the ICE Clearing Houses had received or had been pledged $195.2 billion and $154.1 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 & 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):
21


ICE Portion of Guaranty Fund Contribution Default insurance
Clearing House As of September 30, 2021 As of
December 31, 2020
As of September 30, 2021 As of
December 31, 2020
ICE Clear Europe $247 $237 $75 $75
ICE Clear U.S. 83  103  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  100  100 
Total $398 $408 $250 $250
Of our total contribution to ICE Clear U.S. above, as of September 30, 2021, $15 million was solely applicable to any losses associated with a default in Bitcoin contracts and other digital asset contracts that ICE Clear U.S. may clear in the future. In February 2021, we decreased our contribution to ICE Clear U.S.’s guaranty fund applicable to any losses associated with a default in Bitcoin contracts and other digital asset contracts by $20 million from $35 million as of December 31, 2020. In March 2021, we increased our contribution to ICE Clear Europe's guaranty fund by $10 million in connection with the launch of ICE Futures Abu Dhabi Limited.
We maintain default insurance as an additional layer of 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.
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 September 30, 2021, ICE NGX maintains a guaranty fund utilizing a $115 million letter of credit and a default insurance policy, discussed below.
Cash and Invested Deposits
We have recorded cash and invested margin deposits and amounts due in our balance sheets as current assets with corresponding current liabilities to the Members. As of September 30, 2021, our cash and invested margin 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
$ 52,515  $ 39,977  $ 6,711  $ —  $ $ 99,207 
Unsettled variation margin, net
—  —  —  357  —  357 
Guaranty fund
4,286  3,373  626  —  8,289 
Delivery contracts receivable/payable, net
—  —  —  845  —  845 
Total
$ 56,801  $ 43,350  $ 7,337  $ 1,202  $ $ 108,698 
As of December 31, 2020, our cash and invested margin deposits were as follows (in millions):
ICE Clear Europe (2)
ICE Clear
Credit
ICE Clear U.S. ICE NGX Other ICE Clearing Houses Total
Original margin
$ 33,726  $ 34,922  $ 7,288  $ —  $ 12  $ 75,948 
Unsettled variation margin, net
—  —  —  99  —  99 
Guaranty fund
4,374  2,574  502  —  7,455 
Delivery contracts receivable/payable, net
—  —  —