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Equity
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Equity
Equity
Treasury Stock
During 2019, 2018 and 2017, we received 1.0 million shares, 1.5 million shares and 1.5 million shares, respectively, 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.
In September 2017, our Board approved an aggregate of $1.2 billion for future repurchases with no fixed expiration date. In September 2018, our Board approved an aggregate of $2.0 billion for future repurchases with no fixed expiration date. 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. The $2.4 billion replaced the previous amount approved by the Board of Directors.
During 2019, 2018 and 2017, we repurchased 17.4 million shares, 16.3 million shares and 15.0 million shares, respectively, of our outstanding common stock at a cost of $1.5 billion, $1.2 billion and $949 million, respectively, excluding shares withheld upon vesting of equity awards. The shares repurchased are held in treasury stock.
We expect to fund repurchases from our operating cash flow, 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 have entered into a Rule 10b5-1 trading plan, as authorized by our Board, to govern some of the repurchases of our shares of common stock. We may discontinue the stock repurchases at any time and may amend or terminate the Rule 10b5-1 trading plan at any time. 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.
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)
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(1)
17,432

 
$
83.75

 
$
1,460

 
 
 

 
 
 
 
 
 
 
 
 
 
2018
 
 
 
 
 
 
 
 
 
Fourth quarter
1,863

 
$
74.99

 
$
139

 
16,257

 
$
2

Third quarter
3,991

 
$
75.17

 
300

 
14,394

 
$
141

Second quarter
6,298

 
$
72.81

 
459

 
10,403

 
$
441

First quarter
4,105

 
$
73.08

 
300

 
4,105

 
$
900

Total common stock repurchases(2)
16,257

 
$
73.71

 
$
1,198

 
 
 

 
 
 
 
 
 
 
 
 
 
2017
 
 
 
 
 
 
 
 
 
Fourth quarter
3,498

 
$
68.62

 
$
240

 
14,967

 
$
51

Third quarter
3,642

 
$
65.90

 
240

 
11,469

 
$
291

Second quarter
3,916

 
$
61.28

 
240

 
7,828

 
$
531

First quarter
3,911

 
$
58.49

 
229

 
3,911

 
$
771

Total open market common stock repurchases
14,967

 
$
63.39

 
$
949

 
 
 


(1)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.
(2) Includes 2.2 million shares purchased on the open market at a cost of $159 million and 14.1 million shares purchased under our Rule 10b5-1 trading plan at a cost of $1.0 billion.
Dividends
The declaration of dividends is subject to the discretion of our Board, and may be affected by various factors, including our future earnings, financial condition, capital requirements, levels of indebtedness, credit ratings, our current and future planned
strategic growth initiatives and other considerations which our Board of Directors deem relevant. Our Board has adopted a quarterly dividend declaration policy providing that the declaration of any dividends will be determined quarterly by the Board or its Audit Committee, taking into account such factors as our evolving business model, prevailing business conditions and our financial results and capital requirements, 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)
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

 
 
 
 
2018
 
 
 
Fourth quarter
$
0.24

 
$
138

Third quarter
0.24

 
138

Second quarter
0.24

 
139

First quarter
0.24

 
140

Total cash dividends declared and paid
$
0.96

 
$
555

 
 
 
 
2017
 
 
 
Fourth quarter
$
0.20

 
$
118

Third quarter
0.20

 
119

Second quarter
0.20

 
119

First quarter
0.20

 
120

Total cash dividends declared and paid
$
0.80

 
$
476



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
 
Fair value of available-for-sale securities
 
Total
 
Balance, as of January 1, 2017
 
$
(345
)
 
$
2

 
$
(109
)
 
$
108

 
$
(344
)
Other comprehensive income (loss)
 
203

 
—

 
28

 
(108
)
 
123

Income tax benefit (expense)
 
6

 
—

 
(8
)
 
—

 
(2
)
Net current period other comprehensive income (loss)
 
209

 
—

 
20

 
(108
)
 
121

Balance, as of December 31, 2017
 
(136
)
 
2

—

(89
)
—

—

 
(223
)
Other comprehensive income (loss)
 
(91
)
 
—

 
33

 
—

 
(58
)
Net impact of adoption of ASU 2018-02
 
(1
)
 
—

 
(25
)
 
—

 
(26
)
Income tax benefit (expense)
 
1

 
—

 
(9
)
 
—

 
(8
)
Net current period other comprehensive income (loss)
 
(91
)
 
—

 
(1
)
 
—

 
(92
)
Balance, as of December 31, 2018
 
(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
)