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, 2017, 2016, 2015 and 2013 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, | ||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
| (in millions, except share and per share amounts) | ||||||||||||||||||||
| Statements of Income Data: | ||||||||||||||||||||
| Total revenues | $ | 3,965 | $ | 3,705 | $ | 3,403 | $ | 3,500 | $ | 3,211 | ||||||||||
| Transaction-based expenses | (1,537 | ) | (1,428 | ) | (1,313 | ) | (1,433 | ) | (1,316 | ) | ||||||||||
| Revenues less transaction-based expenses | 2,428 | 2,277 | 2,090 | 2,067 | 1,895 | |||||||||||||||
| Total operating expenses | 1,429 | 1,438 | 1,370 | 1,313 | 1,207 | |||||||||||||||
| Operating income | 999 | 839 | 720 | 754 | 688 | |||||||||||||||
| Net income attributable to Nasdaq | 734 | 108 | 428 | 414 | 385 | |||||||||||||||
| Per share information: | ||||||||||||||||||||
| Basic earnings per share | $ | 4.41 | $ | 0.65 | $ | 2.56 | $ | 2.45 | $ | 2.30 | ||||||||||
| Diluted earnings per share | $ | 4.33 | $ | 0.64 | $ | 2.50 | $ | 2.39 | $ | 2.25 | ||||||||||
| Cash dividends declared per common share | $ | 1.46 | $ | 1.21 | $ | 0.90 | $ | 0.58 | $ | 0.52 | ||||||||||
| Weighted-average common shares outstanding for earnings per share: | ||||||||||||||||||||
| Basic | 166,364,299 | 165,182,290 | 167,285,450 | 168,926,733 | 166,932,103 | |||||||||||||||
| Diluted | 169,585,031 | 168,800,997 | 171,283,271 | 173,018,849 | 171,266,146 |
| December 31, | ||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Balance Sheets Data: | ||||||||||||||||||||
| Cash and cash equivalents and financial investments | $ | 612 | $ | 648 | $ | 502 | $ | 601 | $ | 587 | ||||||||||
| Total assets | 15,786 | 14,150 | 11,861 | 12,071 | 12,563 | |||||||||||||||
| Total long-term liabilities | 4,637 | 4,638 | 3,332 | 3,297 | 3,579 | |||||||||||||||
| Total Nasdaq stockholders' equity | 5,887 | 5,430 | 5,609 | 5,794 | 6,184 |
Total assets increased $1.6 billion as of December 31, 2017 compared with December 31, 2016 primarily due to an increase in default funds and margin deposits (with a corresponding increase in current liabilities), reflecting an increase in cash margin deposits pledged by members of our Nasdaq Clearing business due to an increase in clearing volume. Also contributing to the increase is an increase in goodwill and intangible assets associated with our 2017 acquisitions, partially offset by a decrease in deferred tax assets primarily due to the impact of the Tax Cuts and Jobs Act. See Note 11, “Income Taxes,” to the consolidated financial statements for further discussion. Total assets increased $2.3 billion as of December 31, 2016 compared with December 31, 2015 primarily due to an increase in default funds and margin deposits (with a corresponding increase in current liabilities) as new regulatory rules in 2016 required all collateral pledged by members of our Nasdaq Clearing business to be recorded on the balance sheet. Also contributing to the increase was an increase in goodwill and intangible assets 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.
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