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Business Segments (Tables) | 3 Months Ended
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Mar. 31, 2022
Segment Reporting [Abstract] |
Schedule of Operating Segments | The following table presents certain information regarding our business segments for the three months ended March 31, 2022 and 2021:
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |
Market Technology | (in millions)
Total revenues | $ | 124 |  |  | $ | 100 |  |  |
Operating income | 4 |  |  | (2) |  |  |
Investment Intelligence |  |  |  |  |
Total revenues | 284 |  |  | 256 |  |  |
Operating income | 184 |  |  | 166 |  |  |
Corporate Platforms |  |  |  |  |
Total revenues | 168 |  |  | 146 |  |  |
Operating income | 75 |  |  | 58 |  |  |
Market Services |  |  |  |  |
Total revenues | 958 |  |  | 1,134 |  |  |
Transaction-based expenses | (643) |  |  | (800) |  |  |
Revenues less transaction-based expenses | 315 |  |  | 334 |  |  |
Operating income | 200 |  |  | 226 |  |  |
Corporate Items |  |  |  |  |
Total revenues | 1 |  |  | 15 |  |  |
Operating income (loss) | (58) |  |  | (83) |  |  |
Consolidated |  |  |  |  |
Total revenues | $ | 1,535 |  |  | $ | 1,651 |  |  |
Transaction-based expenses | (643) |  |  | (800) |  |  |
Revenues less transaction-based expenses | $ | 892 |  |  | $ | 851 |  |  |
Operating income | $ | 405 |  |  | $ | 365 |  |  |
Certain amounts are allocated to corporate items in our management reports as we believe they do not contribute to a meaningful evaluation of a particular segment's ongoing operating performance. These items, which are presented in the table below, include the following: •Amortization expense of acquired intangible assets: We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations. As such, if intangible asset amortization is included in performance measures, it is more difficult to assess the day-to-day operating performance of the segments, and the relative operating performance of the segments between periods. Management does not consider intangible asset amortization expense for the purpose of evaluating the performance of our segments or their managers or when making decisions to allocate resources. Therefore, we believe performance measures excluding intangible asset amortization expense provide management with a useful representation of our segments' ongoing activity in each period. •Merger and strategic initiatives expense: We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. Management does not consider merger and strategic initiatives expense for the purpose of evaluating the performance of our segments or their managers or when making decisions to allocate resources. Therefore, we believe performance measures excluding merger and strategic initiatives expense provide management with a useful representation of our segments' ongoing activity in each period. •Restructuring charges: We initiated the transition of certain technology platforms to advance our strategic opportunities as a technology and analytics provider and continue the realignment of certain business areas. See Note 19, “Restructuring Charges,” for further discussion of our 2019 restructuring plan. We believe performance measures excluding restructuring charges provide management with a useful representation of our segments' ongoing activity in each period. •Revenues and expenses - divested/contributed businesses: We have included in corporate items the revenues and expenses of our U.S. Fixed Income business, which was previously included in our Market Services and Investment Intelligence results. See “2021 Divestiture,” of Note 4, “Acquisition and Divestiture,” for further discussion of this divestiture. Additionally, other revenues related to a transitional services agreement associated with a divested business are included in corporate items. Also included are the revenues and expenses associated with the NPM business, which we contributed in July 2021 to a standalone, independent company, of which we own the largest minority interest together with a consortium of third party financial institutions. Prior to July these revenues were previously included in our Corporate Platforms results. •Other significant items: We have included certain other charges or gains in corporate items, to the extent we believe they should be excluded when evaluating the ongoing operating performance of each individual segment.
Schedule of Corporate Items | The following table summarizes our Corporate Items:
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |
| (in millions) |  |
Revenues - divested/contributed businesses | $ | 1 |  |  | $ | 15 |  |  |
Expenses: |  |  |  |  |
Amortization expense of acquired intangible assets | $ | 40 |  |  | $ | 36 |  |  |
Merger and strategic initiatives expense | 15 |  |  | 45 |  |  |
Restructuring charges | — |  |  | 10 |  |  |
Expenses - divested/contributed businesses | — |  |  | 5 |  |  |
Other | 4 |  |  | 2 |  |  |
Total expenses | 59 |  |  | 98 |  |  |
Operating loss | $ | (58) |  |  | $ | (83) |  |  |

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- Definition Tabular disclosure of each significant reconciling item, other than profit (loss), revenues, or assets, in the reconciliation of totals of such items in reportable segments to the entity's corresponding consolidated amount. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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