Table Of Contents
Transaction-based expenses
(1,313)
-
-
-
-
(1,313)
Revenues less transaction-based expenses
771
264
512
543
-
2,090
Depreciation and amortization
64
9
14
51
-
138
Operating income (loss)
413
113
365
84
(255)
720
Total assets
6,906
235
2,456
1,093
1,171
11,861
Purchase of property and equipment
53
16
11
53
-
133
2014
Total revenues
$
2,229 $
238 $
473 $
560 $
- $
3,500
Transaction-based expenses
(1,433)
-
-
-
-
(1,433)
Revenues less transaction-based expenses
796
238
473
560
-
2,067
Depreciation and amortization
80
6
13
38
-
137
Operating income (loss)
413
95
348
75
(177)
754
Total assets
7,437
222
2,296
1,124
992
12,071
Purchase of property and equipment
50
21
12
57
-
140
2013
Total revenues
$
2,072 $
228 $
436 $
475 $
- $
3,211
Transaction-based expenses
(1,316)
-
-
-
-
(1,316)
Revenues less transaction-based expenses
756
228
436
475
-
1,895
Depreciation and amortization
79
3
11
29
-
122
Operating income (loss)
361
93
325
57
(148)
688
Total assets
7,816
262
2,557
1,108
820
12,563
Purchase of property and equipment
47
5
9
54
-
115
The 2015 corporate items and eliminations primarily include:
• r estructuring charges of $172 million. See Note 3, “Restructuring Charges,” for further discussion;
• amortization expense of acquired intangible assets of $62 million;
• reversal of previously recorded VAT receivables no longer deemed collectible of $12 million ; and
• merger and strategic initiatives expense of $10 million primarily related to certain strategic initiatives and our acquisition of DWA .
Total assets decreased $210 million at December 31, 2015 compared with December 31, 2014 primarily due to a decrease in goodwill and
intangible assets, net reflecting the impact of changes in foreign exchange rates and amortization . In addition, a s discussed in
“Intangible Asset Impairment Charges,” of Note 5, “Goodwill and Acquired Intangible Assets,” the decrease is also due to a $119 million
indefinite-lived intangible asset impairment charge recorded in 2015. These decreases were partially offset by an increase in non-current
deferred tax assets primarily due to the income tax benefits of net foreign currency translation losses which are recorded in accumulated
other comprehensive loss within stockholders’ equity in the Consolidated Balance Sheets . Total assets decreased $492 million at December
31, 2014 compared with December 31, 2013 primarily due to a decrease in goodwill and intangible assets, net reflecting the impact of
changes in foreign exchange rates and amortization, partially offset by an increase in default funds and margin deposits .
The 2014 corporate items and eliminations primarily include:
• m erger and strategic initiatives expense of $81 million primarily related to our acquisitions of the TR Corporate businesses and
eSpeed and a charge of $23 million related to the reversal of a receivable under a tax sharing agreement with an unrelated party;
• amortization expense of acquired intangible assets of $69 million;
"
s ublease loss reserve of $11 million; and
• loss on e xtinguishment of debt of $11 million, reflecting $9 million related to the early extinguishment of our 4.00% senior notes in
June 2014 and $2 million related to the refinancing of our 2011 c redit f acility.
The 2013 corporate items and eliminations primarily include:
• e xpense related to our voluntary accommodation program of $44 million;
• m erger and strategic initiatives expense of $22 million;
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• amortization expense of acquired intangible assets of $63 million;
• e xpenses paid with respect to an SEC matter of $10 million; and
• r estructuring charges of $9 million.
For further discussion of our segments’ results, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of
Operations—Segment Operating Results.”
Geographic Data
The following table presents revenues and property and equipment, net by geographic area for 201 5 , 201 4 and 201 3 . Revenues are
classified based upon the location of the customer. Property and equipment information is based on the physical location of the assets.
Property and
Total
Equipment,
Revenues
Net
(in millions)
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
2013:
United States
$
2,386
$
166
All other countries
825
102
Total
$
3,211
$
268
Property and equipment, net for all other countries primarily includes assets held in Sweden.
No single customer accounted for 10.0% or more of our revenues in 201 5 , 201 4 and 201 3 .
20. Subsequent Events
Chi-X Canada
In December 2015, we agreed to acquire Chi-X Canada for $110 million. In February 2016, we completed the acquisition. Chi-X Canada is
part of our Market Services and Information Services segments.
Marketwired
In February 2016, we acquire d Marketwired, a newswire operator and press release distributer for C$1 5 0 million . Marketwired is part
of our Corporate Solutions business.
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