Equity method investments

  
Investment in EuroclearWe own a 9.8% stake in Euroclear as of December 31, 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 an equity investment.In September 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, which includes the impact of foreign currency translation. Following the adjustment and as of December 31, 2021, the adjusted fair value of our Euroclear investment is $701 million. We are not aware of the occurrence of any observable price changes in orderly transactions of similar Euroclear investments since September 2021.On October 18, 2021, we announced that we had reached an agreement to sell our entire 9.8% stake in Euroclear for €709 million. The sale is subject to customary closing conditions and regulatory approval. As a result of our expectation to sell our Euroclear investment, we include this investment in other current assets as of December 31, 2021.Additionally, we recognized dividend income of $60 million and $19 million in 2021 and 2019, respectively, from Euroclear, 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 we received two dividend payments during 2021.Equity Method InvestmentsWe recognized ($42 million), $71 million and $62 million as other income/(expense) during 2021, 2020 and 2019, respectively, related to our equity method investments in OCC, BondLink, Inc., or BondLink and Bakkt, discussed below. BondLink and Bakkt became our equity method investments during 2021, and prior to that, as of December 31, 2020, OCC was our only equity method investment. Our equity method investments are included in other non-current assets in the accompanying consolidated balance sheets. Under the equity method of accounting, each reporting period we adjust the carrying value of our equity method investments on our balance sheet by recognizing our pro-rata share of the earnings or losses of each investment, with a corresponding adjustment in our statement of income to other income, after eliminating any intra-entity income or expenses. In addition, if and when our equity method investments issue cash dividends to us, we deduct the amount of these dividends from the carrying amount of that investment. Investment in OCCWe own a 40% interest in 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 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, and is regulated by the SEC as a registered clearing agency and by the CFTC as a derivatives clearing organization.We recognized $51 million, $71 million and $62 million during 2021, 2020 and 2019, respectively, of equity earnings as our share of the OCC's estimated profits, which is included in other income.  
Investment in BondLink, Inc.On May 12, 2021, we made a 35.0% strategic investment in 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.  
Investment in BakktFollowing Bakkt's October 15, 2021 merger with VIH, we initially held a 68% economic interest and we show our share of Bakkt's profits and losses in other income (Note 3). For the three months ended December 31, 2021, we recorded estimated equity losses of ($92 million) related to our investment in Bakkt, and as of December 31, 2021 our carrying value of our Bakkt investment is $1.6 billion.106
