Business Segments (Tables)

12 Months Ended

Dec. 31, 2016

The following table presents certain information regarding our operating segments for the years ended December 31, 2016, 2015 and 2014:



	Market Services			Corporate Services		Information Services		Market Technology		Corporate Items			Consolidated
	(in millions)
2016
Total revenues	$	2,255		$	635	$	540	$	275	$	—		$	3,705
Transaction-based expenses	(1,428		)	—		—		—		—			(1,428		)
Revenues less transaction-based expenses	827			635		540		275		—			2,277
Depreciation and amortization	87			47		18		18		—			170
Operating income (loss)	450			158		383		69		(221		)	839
Total assets	8,626			1,263		2,439		559		1,263			14,150
Purchase of property and equipment	62			37		8		27		—			134
2015
Total revenues	$	2,084		$	562	$	512	$	245	$	—		$	3,403
Transaction-based expenses	(1,313		)	—		—		—		—			(1,313		)
Revenues less transaction-based expenses	771			562		512		245		—			2,090
Depreciation and amortization	64			42		14		18		—			138
Operating income (loss)	413			140		365		58		(256		)	720
Total assets	6,906			576		2,456		752		1,171			11,861
Purchase of property and equipment	53			38		11		31		—			133
2014
Total revenues	$	2,229		$	552	$	473	$	246	$	—		$	3,500
Transaction-based expenses	(1,433		)	—		—		—		—			(1,433		)
Revenues less transaction-based expenses	796			552		473		246		—			2,067
Depreciation and amortization	80			25		13		19		—			137
Operating income (loss)	413			121		348		49		(177		)	754
Total assets	7,437			747		2,296		599		992			12,071
Purchase of property and equipment	50			43		12		35		—			140

The table below presents certain recast historical financial information for these segments for the past eight quarters:



Corporate Services
	2016				2015
	Revenues		Operating Income		Revenues		Operating Income
	(in millions)
First quarter	$	143	$	34	$	139	$	32
Second quarter	162		41		142		37
Third quarter	162		42		138		36
Fourth quarter	167		41		143		36

Market Technology
	2016				2015
	Revenues		Operating Income		Revenues		Operating Income
	(in millions)
First quarter	$	57	$	10	$	55	$	10
Second quarter	69		17		59		11
Third quarter	73		19		59		12
Fourth quarter	77		23		71		23

Schedule of Corporate Items



	December 31,
	2016			2015		2014
	(in millions)
Amortization expense of acquired intangible assets	$	82		$	62	$	69
Restructuring charges	41			172		—
Merger and strategic initiatives expense	76			10		81
Executive compensation	12			—		—
Regulatory matter	6			—		—
Sublease loss reserve	(1		)	—		11
Reversal of VAT refund receivables	—			12		—
Loss on extinguishment of debt	—			—		11
Other charges	5			—		5
Total	$	221		$	256	$	177

Revenues and property and equipment, net by geographic area

The following table presents total revenues and property and equipment, net by geographic area for 2016, 2015 and 2014. Revenues are classified based upon the location of the customer. Property and equipment information is based on the physical location of the assets.



	Total Revenues		Property and Equipment, Net
	(in millions)
2016:
United States	$	2,659	$	244
All other countries	1,046		118
Total	$	3,705	$	362

2015:
United States	$	2,408	$	217
All other countries	995		106
Total	$	3,403	$	323

2014:
United States	$	2,524	$	198
All other countries	976		94
Total	$	3,500	$	292