Business Segments (Tables)

12 Months Ended

Dec. 31, 2018

The following table presents certain information regarding our operating segments for the years ended December 31, 2018, 2017 and 2016:



	Market Services			Corporate Services		Information Services		Market Technology		Corporate Items			Consolidated
	(in millions)
Year Ended December 31, 2018
Total revenues	$	2,709		$	528	$	714	$	270	$	56		$	4,277
Transaction-based expenses	(1,751		)	—		—		—		—			(1,751		)
Revenues less transaction-based expenses	958			528		714		270		56			2,526
Depreciation and amortization	95			41		51		$	21	2			210
Operating income (loss)	544			163		460		34		(173		)	1,028
Total assets	10,299			734		3,352		467		848			15,700
Purchase of property and equipment	28			29		17		37		—			111
Year Ended December 31, 2017
Total revenues	$	2,418		$	501	$	588	$	247	$	194		$	3,948
Transaction-based expenses	(1,537		)	—		—		—		—			(1,537		)
Revenues less transaction-based expenses	881			501		588		247		194			2,411
Depreciation and amortization	95			44		26		14		9			188
Operating income (loss)	481			158		418		57		(123		)	991
Total assets	9,471			865		3,420		572		1,026			15,354
Purchase of property and equipment	59			41		10		34		—			144
Year Ended December 31, 2016
Total revenues	$	2,255		$	477	$	540	$	241	$	191		$	3,704
Transaction-based expenses	(1,428		)	—		—		—		—			(1,428		)
Revenues less transaction-based expenses	827			477		540		241		191			2,276
Depreciation and amortization	87			42		18		13		10			170
Operating income (loss)	450			130		383		73		(200		)	836
Total assets	8,626			1,263		2,439		497		586			13,411
Purchase of property and equipment	62			37		8		27		—			134

Schedule of Corporate Items

A summary of our corporate items is as follows:



	Year Ended December 31,
	2018			2017			2016
	(in millions)
Revenues - divested businesses	$	56		$	194		$	191
Expenses:
Amortization expense of acquired intangible assets	109			92			82
Merger and strategic initiatives expense	21			44			76
Clearing default	31			—			—
Extinguishment of debt	—			10			—
Restructuring charges	—			—			41
Regulatory matter	—			—			6
Expenses - divested businesses	51			167			168
Executive compensation	—			—			12
Other	17			4			6
Total expenses	229			317			391
Operating loss	$	(173	)	$	(123	)	$	(200	)

Revenue from External Customers by Geographic Areas

The following table presents total revenues and property and equipment, net by geographic area for 2018, 2017 and 2016. Revenues are classified based upon the location of the customer. Property and equipment information is based on the physical location of the assets. On January 1, 2018, we adopted Topic 606 using the full retrospective method which required restatement of 2017 and 2016 financial statements.



	Total Revenues		Property and Equipment, Net
2018:	(in millions)
United States	$	3,379	$	224
All other countries	898		152
Total	$	4,277	$	376
2017:
United States	$	3,081	$	247
All other countries	867		153
Total	$	3,948	$	400
2016:
United States	$	2,679	$	244
All other countries	1,025		118
Total	$	3,704	$	362