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Segment Reporting | 12 Months Ended
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Dec. 31, 2019
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting Our reportable business segments: our Trading and Clearing segment and our Data and Listings segment. This presentation is reflective of how our chief operating decision maker reviews and operates our business. Our Trading and Clearing segment comprises our transaction-based execution and clearing businesses. Our Data and Listings segment comprises our data services and our securities listings businesses, which are both largely subscription-based. Our chief operating decision maker does not review total assets or statements of income below operating income by segments; therefore, such information is not presented below. Our two segments do not engage in intersegment transactions. Financial data for our business segments is as follows in 2019, 2018 and 2017 (in millions):
| Year Ended December 31, 2019 |  | Year Ended December 31, 2018 |  | Year Ended December 31, 2017
| Trading and Clearing Segment |  | Data and Listings Segment |  | Consolidated |  | Trading and Clearing Segment |  | Data and Listings Segment |  | Consolidated |  | Trading and Clearing Segment |  | Data and Listings Segment |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy futures and options contracts | $ | 992 |  |  | $ | — |  |  | $ | 992 |  |  | $ | 965 |  |  | $ | — |  |  | $ | 965 |  |  | $ | 909 |  |  | $ | — |  |  | $ | 909 |
Agricultural and metals futures and options contracts | 251 |  |  | — |  |  | 251 |  |  | 251 |  |  | — |  |  | 251 |  |  | 216 |  |  | — |  |  | 216 |
Financial futures and options contracts | 332 |  |  | — |  |  | 332 |  |  | 354 |  |  | — |  |  | 354 |  |  | 326 |  |  | — |  |  | 326 |
Cash equities and equity options | 1,643 |  |  | — |  |  | 1,643 |  |  | 1,624 |  |  | — |  |  | 1,624 |  |  | 1,491 |  |  | — |  |  | 1,491 |
| Year Ended December 31, 2019 |  | Year Ended December 31, 2018 |  | Year Ended December 31, 2017
| Trading and Clearing Segment |  | Data and Listings Segment |  | Consolidated |  | Trading and Clearing Segment |  | Data and Listings Segment |  | Consolidated |  | Trading and Clearing Segment |  | Data and Listings Segment |  | Consolidated
Fixed income and credit | 364 |  |  | — |  |  | 364 |  |  | 240 |  |  | — |  |  | 240 |  |  | 139 |  |  | — |  |  | 139 |
OTC and other transactions | 45 |  |  | — |  |  | 45 |  |  | 49 |  |  | — |  |  | 49 |  |  | 50 |  |  | — |  |  | 50 |
Pricing and analytics | — |  |  | 1,083 |  |  | 1,083 |  |  | — |  |  | 1,043 |  |  | 1,043 |  |  | — |  |  | 970 |  |  | 970 |
Exchange data and feeds | — |  |  | 704 |  |  | 704 |  |  | — |  |  | 670 |  |  | 670 |  |  | — |  |  | 632 |  |  | 632 |
Desktops and connectivity | — |  |  | 424 |  |  | 424 |  |  | — |  |  | 402 |  |  | 402 |  |  | — |  |  | 482 |  |  | 482 |
Listings | — |  |  | 449 |  |  | 449 |  |  | — |  |  | 444 |  |  | 444 |  |  | — |  |  | 426 |  |  | 426 |
Other revenues | 260 |  |  | — |  |  | 260 |  |  | 234 |  |  | — |  |  | 234 |  |  | 202 |  |  | — |  |  | 202 |
Revenues | 3,887 |  |  | 2,660 |  |  | 6,547 |  |  | 3,717 |  |  | 2,559 |  |  | 6,276 |  |  | 3,333 |  |  | 2,510 |  |  | 5,843 |
Transaction-based expenses | 1,345 |  |  | — |  |  | 1,345 |  |  | 1,297 |  |  | — |  |  | 1,297 |  |  | 1,205 |  |  | — |  |  | 1,205 |
Revenues, less transaction-based expenses | 2,542 |  |  | 2,660 |  |  | 5,202 |  |  | 2,420 |  |  | 2,559 |  |  | 4,979 |  |  | 2,128 |  |  | 2,510 |  |  | 4,638 |
Operating expenses | 1,033 |  |  | 1,496 |  |  | 2,529 |  |  | 911 |  |  | 1,485 |  |  | 2,396 |  |  | 781 |  |  | 1,478 |  |  | 2,259 |
Operating income | $ | 1,509 |  |  | $ | 1,164 |  |  | $ | 2,673 |  |  | $ | 1,509 |  |  | $ | 1,074 |  |  | $ | 2,583 |  |  | $ | 1,347 |  |  | $ | 1,032 |  |  | $ | 2,379 |
Revenue from one clearing member of the Trading and Clearing segment comprised $368 million, or 14% of our Trading and Clearing revenues, less transaction-based expenses in 2019. Revenue from one clearing member of the Trading and Clearing segment comprised $406 million, or 17% of our Trading and Clearing revenues less transaction-based expenses in 2018. Revenue from two clearing members of the Trading and Clearing segment comprised $477 million, or 22% of our Trading and Clearing revenues in 2017. Clearing members are primarily intermediaries and represent a broad range of principal trading firms. If a clearing member ceased its operations, we believe that the trading firms would continue to conduct transactions and would clear those transactions through another clearing member firm. No additional customers or clearing members accounted for more than 10% of our segment revenues or consolidated revenues in 2019, 2018 and 2017. Geographical Information The following represents our revenues, less transaction-based expenses, net assets and net property and equipment based on the geographic location (in millions):
| United States |  | Foreign Countries |  | Total
Revenues, less transaction-based expenses: |  |  |  |  |
Year ended December 31, 2019 | $ | 3,290 |  |  | $ | 1,912 |  |  | $ | 5,202 |
Year ended December 31, 2018 | $ | 3,087 |  |  | $ | 1,892 |  |  | $ | 4,979 |
Year ended December 31, 2017 | $ | 2,807 |  |  | $ | 1,831 |  |  | $ | 4,638 |
Net assets: |  |  |  |  |
As of December 31, 2019 | $ | 9,038 |  |  | $ | 8,248 |  |  | $ | 17,286 |
As of December 31, 2018 | $ | 9,226 |  |  | $ | 8,005 |  |  | $ | 17,231 |
Property and equipment, net: |  |  |  |  |
As of December 31, 2019 | $ | 1,353 |  |  | $ | 183 |  |  | $ | 1,536 |
As of December 31, 2018 | $ | 1,125 |  |  | $ | 116 |  |  | $ | 1,241 |
The foreign countries category above primarily relates to the U.K. and to a lesser extent, EU, Israel, Canada and Singapore.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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