Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The following tables present selected financial data and should be read in conjunction with the consolidated financial statements and notes thereto of Nasdaq and Management’s Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this Form 10-K. We completed our acquisition of Cinnober in January 2019 and several acquisitions and divestitures during the years ended 2015 through 2019. The financial results of such acquisitions are included in our consolidated financial statements from the respective acquisition dates. On January 1, 2019, we adopted ASU 2016-02, “Leases,” or ASU 2016-02, and elected the

optional transition method to initially apply the standard at the January 1, 2019 adoption date. As a result, we applied the new lease standard prospectively to our leases existing or commencing on or after January 1, 2019. Comparative periods presented were not restated upon adoption. On January 1, 2018, we adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” using the full retrospective method which required restatement of our 2017 and 2016 financial statements.

Selected Financial Data



	Year Ended December 31,
	2019			2018			2017			2016			2015
	(in millions, except share and per share amounts)
Statements of Income Data:
Total revenues	$	4,262		$	4,277		$	3,948		$	3,704		$	3,403
Transaction-based expenses	(1,727		)	(1,751		)	(1,537		)	(1,428		)	(1,313		)
Revenues less transaction-based expenses	2,535			2,526			2,411			2,276			2,090
Total operating expenses	1,518			1,498			1,420			1,440			1,370
Operating income	1,017			1,028			991			836			720
Net income attributable to Nasdaq	774			458			729			106			428
Per share information:
Basic earnings per share	$	4.69		$	2.77		$	4.38		$	0.64		$	2.56
Diluted earnings per share	$	4.63		$	2.73		$	4.30		$	0.63		$	2.50
Cash dividends declared per common share	$	1.85		$	1.70		$	1.46		$	1.21		$	0.90
Weighted-average common shares outstanding for earnings per share:
Basic	164,931,628			165,349,471			166,364,299			165,182,290			167,285,450
Diluted	166,970,161			167,691,299			169,585,031			168,800,997			171,283,271



	December 31,
	2019		2018		2017		2016		2015
	(in millions)
Balance Sheets Data:
Cash and cash equivalents and financial investments	$	623	$	813	$	612	$	648	$	502
Default funds and margin deposits	2,996		4,742		3,988		3,301		2,228
Goodwill	6,366		6,363		6,586		6,027		5,395
Total assets	13,924		15,700		15,354		13,411		11,257
Long-term debt	2,996		2,956		3,727		3,603		2,364
Total Nasdaq stockholders' equity	5,639		5,449		5,880		5,428		5,609

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