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Segment Reporting And Geographic Information | 3 Months Ended
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Mar. 31, 2025
Segment Reporting And Geographic Information [Abstract] |
Segment Reporting And Geographic Information | 14. Segment Reporting and Geographic Information Segment Reporting The Company has a single reportable segment, electronic brokerage, which is managed on a consolidated basis since the Company’s chief operating decision maker (“CODM”) assesses performance and allocates resources on a consolidated basis based on income before income taxes and net income as reported on the consolidated statements of comprehensive income. The Company’s CODM is its Chief Executive Officer and President. The electronic brokerage segment provides execution, clearing and settlement of trades globally for hedge and mutual funds, ETFs, registered investment advisors, proprietary trading groups, introducing brokers and individual investors. The electronic brokerage segment derives revenue from customers in the U.S. and international markets by routing orders and executing and processing trades in stocks, options, futures, foreign exchange instruments (“forex”), bonds, mutual funds, ETFs, precious metals, and forecast contracts on more than 160 electronic exchanges and market centers in 36 countries and 28 currencies around the world, and by offering custody, prime brokerage, and securities and margin lending services to customers. In addition, electronic brokerage customers can use its trading platform to trade certain cryptocurrencies through third-party cryptocurrency service providers that execute, clear and custody the cryptocurrencies. Since the electronic brokerage segment is managed on a consolidated basis, there are no reconciling items between segment and the consolidated amounts reported in these financial statements, including total assets and segment assets. The accounting policies of the electronic brokerage segment are the same as those described in the summary of significant accounting policies in Note 2. The table below presents selected financial information, including significant expenses, for the Company’s single operating segment for the periods indicated.
|  | Three Months Ended March 31,
|  | 2025 |  | 2024
|  | (in millions)
Total net revenues |  | $ | 1,427 |  | $ | 1,203
Significant Expenses |  |  |  |  |  |
Transaction based fees 1 |  |  | 102 |  |  | 80
Non-transaction based fees 1 |  |  | 19 |  |  | 21
Employee compensation 2 |  |  | 143 |  |  | 133
Advertising 3 |  |  | 21 |  |  | 13
Other expenses 4 |  |  | 87 |  |  | 90
Total non-interest expenses |  |  | 372 |  |  | 337
Income before income taxes |  |  | 1,055 |  |  | 866
Income tax expense |  |  | 91 |  |  | 71
Net income |  | $ | 964 |  | $ | 795
Total segment assets |  | $ | 157,670 |  | $ | 132,238
Total depreciation and amortization 5 |  | $ | 15 |  | $ | 17
__________________________ (1)Included in “Execution, clearing and distribution fees” in the condensed consolidated statements of comprehensive income. (2)Included in “Employee compensation and benefits” in the condensed consolidated statements of comprehensive income. (3)Included in “General and administrative” in the condensed consolidated statements of comprehensive income. ‎ (4)Includes “Occupancy, depreciation and amortization”; “Communications”; “Customer bad debt”; employee benefits and other personnel expenses included in “Employee compensation and benefits”; and professional services, legal and regulatory matters, and other administrative expenses included in “General and administrative” in the condensed consolidated statements of comprehensive income. (5)Included in “Occupancy, depreciation and amortization” in the condensed consolidated statements of comprehensive income. Interest income and expense is disclosed in the condensed consolidated statements of comprehensive income. Geographic Information The Company operates its automated global business in the U.S. and international markets on more than 160 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 35 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. 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 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,
|  | 2025 |  | 2024
|  | (in millions)
Net revenues |  |  |  |  |  |
United States |  | $ | 990 |  | $ | 828
International |  |  | 437 |  |  | 375
Total net revenues |  | $ | 1,427 |  | $ | 1,203
Income before income taxes |  |  |  |  |  |
United States |  | $ | 806 |  | $ | 647
International |  |  | 249 |  |  | 219
Total income before income taxes |  | $ | 1,055 |  | $ | 866

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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