filings.toolsItem 6. Selected Financial Data.
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Item 6. Selected Financial Data.
The following table sets forth selected financial data on a historical basis for Nasdaq. The following information should be read in conjunction with the consolidated financial statements and notes thereto of Nasdaq included elsewhere in this Form 10-K. We completed several acquisitions during the years ended December 31, 2016, 2015, 2013 and 2012 and included the financial results of such acquisitions in our consolidated financial statements from the respective acquisition dates.
Selected Financial Data
| Year Ended December 31, | ||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
| (in millions, except share and per share amounts) | ||||||||||||||||||||
| Statements of Income Data: | ||||||||||||||||||||
| Total revenues | $ | 3,705 | $ | 3,403 | $ | 3,500 | $ | 3,211 | $ | 3,120 | ||||||||||
| Transaction-based expenses | (1,428 | ) | (1,313 | ) | (1,433 | ) | (1,316 | ) | (1,446 | ) | ||||||||||
| Revenues less transaction-based expenses | 2,277 | 2,090 | 2,067 | 1,895 | 1,674 | |||||||||||||||
| Total operating expenses | 1,438 | 1,370 | 1,313 | 1,207 | 984 | |||||||||||||||
| Operating income | 839 | 720 | 754 | 688 | 690 | |||||||||||||||
| Net income attributable to Nasdaq | 108 | 428 | 414 | 385 | 352 | |||||||||||||||
| Per share information: | ||||||||||||||||||||
| Basic earnings per share | $ | 0.65 | $ | 2.56 | $ | 2.45 | $ | 2.30 | $ | 2.09 | ||||||||||
| Diluted earnings per share | $ | 0.64 | $ | 2.50 | $ | 2.39 | $ | 2.25 | $ | 2.04 | ||||||||||
| Cash dividends declared per common share | $ | 1.21 | $ | 0.90 | $ | 0.58 | $ | 0.52 | $ | 0.39 | ||||||||||
| Weighted-average common shares outstanding for earnings per share: | ||||||||||||||||||||
| Basic | 165,182,290 | 167,285,450 | 168,926,733 | 166,932,103 | 168,254,653 | |||||||||||||||
| Diluted | 168,800,997 | 171,283,271 | 173,018,849 | 171,266,146 | 172,587,870 |
| December 31, | ||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Balance Sheets Data: | ||||||||||||||||||||
| Cash and cash equivalents and financial investments | $ | 648 | $ | 502 | $ | 601 | $ | 587 | $ | 720 | ||||||||||
| Total assets | 14,150 | 11,861 | 12,071 | 12,563 | 9,122 | |||||||||||||||
| Total long-term liabilities | 4,638 | 3,332 | 3,297 | 3,579 | 2,895 | |||||||||||||||
| Total Nasdaq stockholders' equity | 5,430 | 5,609 | 5,794 | 6,184 | 5,209 |
Total assets increased $2.3 billion (with a corresponding increase in current liabilities) at December 31, 2016 as compared with December 31, 2015 primarily due to new regulatory rules in 2016 that require all collateral pledged by members of our Nasdaq Clearing business to be recorded on the balance sheet and an increase in goodwill associated with our 2016 acquisitions, partially offset by a pre-tax, non-cash intangible asset impairment charge of $578 million to write off the full value of a trade name. Total assets increased $3.4 billion (with a corresponding increase in current liabilities) at December 31, 2013 compared with December 31, 2012, primarily due to an increase in default funds and margin deposits, reflecting the implementation of our collateral management process for our Nasdaq Clearing business in 2013 and an increase in goodwill and intangible assets associated with the acquisitions of the TR Corporate businesses and eSpeed in 2013.
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