Question
2020 2019 (in millions, except share and per share amounts) U.S. GAAP net income attributable to Nasdaq $ 933 $ 774 Non-GAAP adjustments: Amortization expense
2020 | 2019 | |||||||||||||||||||
(in millions, except share and per share amounts) | ||||||||||||||||||||
U.S. GAAP net income attributable to Nasdaq | $ | 933 | $ | 774 | ||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||
Amortization expense of acquired intangible assets | 103 | 101 | ||||||||||||||||||
Merger and strategic initiatives expense | 33 | 30 | ||||||||||||||||||
Restructuring charges | 48 | 39 | ||||||||||||||||||
Net income from unconsolidated investees | (70) | (82) | ||||||||||||||||||
Clearing default loss | ||||||||||||||||||||
Provision for notes receivable | 6 | 20 | ||||||||||||||||||
Extinguishment of debt | 36 | 11 | ||||||||||||||||||
Net gain on divestiture of businesses | (27) | |||||||||||||||||||
Gain on sale of investment security | ||||||||||||||||||||
Charitable donations | 17 | |||||||||||||||||||
Other | 8 | 17 | ||||||||||||||||||
Total non-GAAP adjustments | 181 | 109 | ||||||||||||||||||
Adjustment to the income tax provision to reflect non-GAAP adjustments and other tax items | (77) | (43) | ||||||||||||||||||
Excess tax benefits related to employee share-based compensation | (6) | (5) | ||||||||||||||||||
Impact of enacted U.S. tax legislation | ||||||||||||||||||||
Reversal of certain Swedish tax benefits | ||||||||||||||||||||
Total non-GAAP tax adjustments | (83) | (48) | ||||||||||||||||||
Total non-GAAP adjustments, net of tax | 98 | 61 | ||||||||||||||||||
Non-GAAP net income attributable to Nasdaq | $ | 1,031 | $ | 835 |
Are there ethical implications to the disclosure of an unaudited non-GAAP financial measure? Do you believe the SEC should more strictly regulate this disclosure or should a company have the freedom to disclose as it wishes?
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