As disclosed in Note 2, effective this quarter the Company is discontinuing the reporting of separate operating business segments. See Note 2 for further information on the reporting of operating business segments.

Significant transactions and balances between the operating subsidiaries occur, primarily as a result of certain operating subsidiaries holding exchange or clearing organization memberships, which are utilized to provide execution and clearing services to subsidiaries. Intra-region income and expenses and related balances have been eliminated in this geographic information to reflect the external business conducted in each geographic region.

The Company operates its automated global business in the U.S. and international markets on more than 135 electronic exchanges and market centers. A significant portion of the Company’s net revenues is generated by subsidiaries operating outside the U.S. International operations are conducted in 32 countries in Europe, Asia/Pacific and the Americas (outside the U.S.). The following table presents total net revenues and income before income taxes by geographic area for the periods indicated. The geographic analysis presented below is based on the location of the subsidiaries in which the transactions are recorded. This geographic information does not reflect the way the Company’s business is managed.



	Three Months Ended March 31,
	2020		2019

	(in millions)
Net revenues
United States	$	373	$	461
International		159		97
Total net revenues	$	532	$	558

Income before income taxes
United States	$	244	$	313
International		64		26
Total income before income taxes	$	308	$	339