. see note 4 , “ acquisitions and divestitures , ” and “ equity method investments , ” of note 7 , “ investments , ” to the consolidated financial statements for further discussion of these transactions . for a detailed discussion of our results of operations , see “ segment operating results ” below . replace_table_token_6_th _ n/m not meaningful . in countries with currencies other than the u.s. dollar , revenues and expenses are translated using monthly average exchange rates . impacts on our revenues less transaction-based expenses and operating income associated with fluctuations in foreign currency are discussed in more detail under “ item 7a . quantitative and qualitative disclosures about market risk . ” 32 segment operating results the following table shows our revenues by segment , transaction-based expenses for our market services segment and total revenues less transaction-based expenses : replace_table_token_7_th ( 1 ) includes the revenues from the bwise enterprise governance , risk and compliance software platform which was sold in march 2019 and the public relations solutions and digital media services businesses which were sold in april 2018. prior to the sale dates , these revenues were included in our corporate solutions business within our corporate services segment . see “ 2019 divestitures , ” and “ 2018 divestiture , ” of note 4 , “ acquisitions and divestitures , ” to the consolidated financial statements for further discussion . the following charts show our market services , corporate services , information services , and market technology segments as a percentage of our total revenues less transaction-based expenses of $ 2,535 million in 2019 , $ 2,526 million in 2018 and $ 2,411 million in 2017 : 33 34 market services the following table shows total revenues , transaction-based expenses , and total revenues less transaction-based expenses from our market services segment : replace_table_token_8_th ( 1 ) includes section 31 fees of $ 43 million in 2019 , $ 39 million in 2018 , and $ 40 million in 2017. section 31 fees are recorded as equity derivative trading and clearing revenues with a corresponding amount recorded in transaction-based expenses . ( 2 ) includes section 31 fees of $ 337 million in 2019 , $ 343 million in 2018 , and $ 319 million in 2017. section 31 fees are recorded as cash equity trading revenues with a corresponding amount recorded in transaction-based expenses . equity derivative trading and clearing revenues equity derivative trading and clearing revenues and equity derivative trading and clearing revenues less transaction-based expenses decreased in 2019 compared with 2018 , reflecting in large part a significantly lower volume and volatility market environment in the u.s. as compared to 2018. the decrease in equity derivative trading and clearing revenues in 2019 was primarily due to lower u.s. industry trading volumes and lower overall u.s. matched market share executed on nasdaq 's exchanges , partially offset by a higher u.s. gross capture rate and higher section 31 pass-through fee revenue . the decrease in equity derivative trading and clearing revenues less transaction-based expenses in 2019 was primarily due to lower u.s. industry trading volumes and lower overall u.s. matched market share executed on nasdaq 's exchanges , partially offset by a higher u.s. net capture rate . the decreases in equity derivative trading and clearing revenues and equity derivative trading and clearing revenues less transaction-based expenses also included an unfavorable impact from foreign exchange of $ 3 million related to nasdaq 's nordic exchanges . section 31 fees are recorded as equity derivative trading and clearing revenues with a corresponding amount recorded as transaction-based expenses . in the u.s. , we are assessed these fees from the sec and pass them through to our customers in the form of incremental fees . pass-through fees can increase or decrease due to rate changes by the sec , our percentage of the overall industry volumes processed on our systems , and differences in actual dollar value of shares traded . since the amount recorded in revenues is equal to the amount recorded as transaction-based expenses , there is no impact on our revenues less transaction-based expenses . section 31 fees increased in 2019 compared with 2018 primarily due to higher average sec fee rates , partially offset by lower dollar value traded on nasdaq 's exchanges . 35 transaction rebates , in which we credit a portion of the per share execution charge to the market participant , decreased in 2019 compared with 2018 primarily due to lower u.s. industry trading volumes , a decrease in our overall u.s. matched market share executed on nasdaq 's exchanges , and a decrease in the u.s. rebate capture rate . brokerage , clearance and exchange fees increased in 2019 compared with 2018 primarily due to higher section 31 pass-through fees , as discussed above . cash equity trading revenues cash equity trading revenues and cash equity trading revenues less transaction-based expenses decreased in 2019 compared with 2018 reflecting in large part the lower volume and volatility market environment in the u.s. as compared to 2018 as mentioned above in “ equity derivative trading and clearing revenues . ” the decrease in cash equity trading revenues in 2019 was primarily due to lower u.s. industry trading volumes and lower section 31 pass-through fee revenue , partially offset by a higher u.s. gross capture rate . the decrease in cash equity trading revenues less transaction-based expenses in 2019 primarily reflects lower u.s. and european industry trading volumes and a lower u.s. net capture rate due to a particularly strong 2018 period , partially offset by a higher european net capture rate . the decreases in cash equity trading revenues and cash equity trading revenues less transaction-based expenses also included an unfavorable impact from foreign exchange of $ 7 million related to nasdaq 's nordic exchanges . story_separator_special_tag for 2018 , other significant items primarily included : a net gain on divestiture of businesses which represents our pre-tax net gain of $ 33 million on the sale of the public relations solutions and digital media services businesses ; a gain on the sale of an investment security which represents our pre-tax gain of $ 118 million on the sale of our 5.0 % ownership interest in lch group holdings limited , or lch ; other items : ◦ charges related to uncertain positions pertaining to sales and use tax and vat which are recorded in general , administrative and other expense in the consolidated statements of income ; and ◦ certain litigation costs which are recorded in professional and contract services expense in the consolidated statements of income . significant tax items : the non-gaap adjustment to the income tax provision included the tax impact of each non-gaap adjustment and : for 2019 , a tax benefit of $ 10 million primarily related to an adjustment to the 2018 federal and state tax returns and a tax benefit of $ 10 million related to capital distributions from the occ . see “ occ capital plan , ” of note 7 , “ investments , ” to the consolidated financial statements for further discussion of our occ investment . for 2018 , a net $ 7 million increase to tax expense due to a remeasurement of unrecognized tax benefits ( excluding the reversal of certain swedish tax benefits discussed below ) and the impact of state tax rate changes . additional adjustments included the following items : for 2019 and 2018 , excess tax benefits related to employee share-based compensation to reflect the recognition of the income tax effects of share-based awards when awards vest or are settled . this item is subject to volatility and will vary based on the timing of the vesting of employee share-based compensation arrangements and fluctuation in our stock price . for 2018 : ◦ the impact of enacted u.s. tax legislation , which related to the tax cuts and jobs act that was enacted in december 2017. we recorded an increase to tax expense of $ 290 million and a reduction to deferred tax assets related to foreign currency translation as a result of the finalization of the provisional estimate related to this act ; and ◦ a reversal of certain swedish tax benefits . see note 18 , “ income taxes , ” to the consolidated financial statements for further discussion . 41 the following table shows reconciliations between u.s. gaap net income attributable to nasdaq and diluted earnings per share and non-gaap net income attributable to nasdaq and diluted earnings per share : year ended december 31 , 2019 year ended december 31 , 2018 year ended december 31 , 2017 ( in millions , except share and per share amounts ) net income diluted earnings per share net income diluted earnings per share net income diluted earnings per share u.s. gaap net income attributable to nasdaq and diluted earnings per share $ 774 $ 4.63 $ 458 $ 2.73 $ 729 $ 4.30 non-gaap adjustments : amortization expense of acquired intangible assets 101 0.60 109 0.65 92 0.54 merger and strategic initiatives expense 30 0.18 21 0.13 44 0.26 restructuring charges 39 0.23 — — — — net income from unconsolidated investee ( 82 ) ( 0.49 ) ( 16 ) ( 0.10 ) ( 13 ) ( 0.08 ) clearing default loss — — 31 0.18 — — provision for notes receivable 20 0.12 — — — — extinguishment of debt 11 0.07 — — 10 0.06 net gain on divestiture of businesses ( 27 ) ( 0.16 ) ( 33 ) ( 0.20 ) — — gain on sale of investment security — — ( 118 ) ( 0.69 ) — — other 17 0.11 17 0.10 3 0.02 total non-gaap adjustments 109 0.66 11 0.07 136 0.80 adjustment to the income tax provision to reflect non-gaap adjustments and other tax items ( 43 ) ( 0.26 ) 6 0.03 ( 66 ) ( 0.39 ) excess tax benefits related to employee share-based compensation ( 5 ) ( 0.03 ) ( 9 ) ( 0.05 ) ( 40 ) ( 0.24 ) impact of enacted u.s. tax legislation — — 290 1.73 ( 89 ) ( 0.52 ) reversal of certain swedish tax benefits — — 41 0.24 — — total non-gaap tax adjustments ( 48 ) ( 0.29 ) 328 1.95 ( 195 ) ( 1.15 ) total non-gaap adjustments , net of tax 61 0.37 339 2.02 ( 59 ) ( 0.35 ) non-gaap net income attributable to nasdaq and diluted earnings per share $ 835 $ 5.00 $ 797 $ 4.75 $ 670 $ 3.95 weighted-average common shares outstanding for diluted earnings per share 166,970,161 167,691,299 169,585,031 liquidity and capital resources historically , we have funded our operating activities and met our commitments through cash generated by operations , augmented by the periodic issuance of our common stock and debt . currently , our cost and availability of funding remain healthy . in march 2019 , we used net proceeds from the sale of commercial paper and cash on hand to redeem all of our 2019 notes . in april 2019 , we issued the 2029 notes and in may 2019 , we primarily used the net proceeds from the 2029 notes to repay in full and terminate our 2020 notes . in addition , in june 2019 , we used proceeds from issuances of commercial paper to repay in full and terminate our 2016 credit facility , and in february 2020 , we issued the 2030 notes . we will primarily use the net proceeds from the 2030 notes to redeem the 2021 notes and for other general corporate purposes . see “ 1.75 % senior unsecured notes due 2029 , ” “ early extinguishment of 5.55 % senior unsecured notes due 2020

repatriation of cash our cash and cash equivalents held outside of the u.s. in various foreign subsidiaries totaled $ 160 million as of december 31 , 2019 and $ 367 million as of december 31 , 2018 . the remaining balance held in the u.s. totaled $ 172 million as of december 31 , 2019 and $ 178 million as of december 31 , 2018 . unremitted earnings of subsidiaries outside of the u.s. are used to finance our international operations and are considered to be indefinitely reinvested . share repurchase program see “ share repurchase program , ” of note 13 , “ nasdaq stockholders ' equity , ” to the consolidated financial statements for further discussion of our share repurchase program . cash dividends on common stock the following table shows quarterly cash dividends paid per common share on our outstanding common stock : replace_table_token_17_th see “ cash dividends on common stock , ” of note 13 , “ nasdaq stockholders ' equity , ” to the consolidated financial statements for further discussion of the dividends . financial investments our financial investments totaled $ 291 million as of december 31 , 2019 and $ 268 million as of december 31 , 2018 and are primarily comprised of highly rated european government debt securities . of these securities , $ 169 million as of december 31 , 2019 and $ 166 million as of december 31 , 2018 are assets primarily utilized to meet regulatory capital requirements , mainly for our clearing operations at nasdaq clearing . see note 7 , “ investments , ” to the consolidated financial statements for further discussion . * * * * * * debt obligations the following table summarizes our debt obligations by contractual maturity : replace_table_token_18_th ( 1 ) balance was reclassified to short-term debt as of march 31 , 2019. in addition to the $ 1 billion senior unsecured revolving credit facility , we also have other credit facilities primarily related to our nasdaq clearing operations in order to provide further liquidity .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```repatriation of cash our cash and cash equivalents held outside of the u.s. in various foreign subsidiaries totaled $ 160 million as of december 31 , 2019 and $ 367 million as of december 31 , 2018 . the remaining balance held in the u.s. totaled $ 172 million as of december 31 , 2019 and $ 178 million as of december 31 , 2018 . unremitted earnings of subsidiaries outside of the u.s. are used to finance our international operations and are considered to be indefinitely reinvested . share repurchase program see “ share repurchase program , ” of note 13 , “ nasdaq stockholders ' equity , ” to the consolidated financial statements for further discussion of our share repurchase program . cash dividends on common stock the following table shows quarterly cash dividends paid per common share on our outstanding common stock : replace_table_token_17_th see “ cash dividends on common stock , ” of note 13 , “ nasdaq stockholders ' equity , ” to the consolidated financial statements for further discussion of the dividends . financial investments our financial investments totaled $ 291 million as of december 31 , 2019 and $ 268 million as of december 31 , 2018 and are primarily comprised of highly rated european government debt securities . of these securities , $ 169 million as of december 31 , 2019 and $ 166 million as of december 31 , 2018 are assets primarily utilized to meet regulatory capital requirements , mainly for our clearing operations at nasdaq clearing . see note 7 , “ investments , ” to the consolidated financial statements for further discussion . * * * * * * debt obligations the following table summarizes our debt obligations by contractual maturity : replace_table_token_18_th ( 1 ) balance was reclassified to short-term debt as of march 31 , 2019. in addition to the $ 1 billion senior unsecured revolving credit facility , we also have other credit facilities primarily related to our nasdaq clearing operations in order to provide further liquidity .
```    
 Suspicious Activity Report : . see note 4 , “ acquisitions and divestitures , ” and “ equity method investments , ” of note 7 , “ investments , ” to the consolidated financial statements for further discussion of these transactions . for a detailed discussion of our results of operations , see “ segment operating results ” below . replace_table_token_6_th _ n/m not meaningful . in countries with currencies other than the u.s. dollar , revenues and expenses are translated using monthly average exchange rates . impacts on our revenues less transaction-based expenses and operating income associated with fluctuations in foreign currency are discussed in more detail under “ item 7a . quantitative and qualitative disclosures about market risk . ” 32 segment operating results the following table shows our revenues by segment , transaction-based expenses for our market services segment and total revenues less transaction-based expenses : replace_table_token_7_th ( 1 ) includes the revenues from the bwise enterprise governance , risk and compliance software platform which was sold in march 2019 and the public relations solutions and digital media services businesses which were sold in april 2018. prior to the sale dates , these revenues were included in our corporate solutions business within our corporate services segment . see “ 2019 divestitures , ” and “ 2018 divestiture , ” of note 4 , “ acquisitions and divestitures , ” to the consolidated financial statements for further discussion . the following charts show our market services , corporate services , information services , and market technology segments as a percentage of our total revenues less transaction-based expenses of $ 2,535 million in 2019 , $ 2,526 million in 2018 and $ 2,411 million in 2017 : 33 34 market services the following table shows total revenues , transaction-based expenses , and total revenues less transaction-based expenses from our market services segment : replace_table_token_8_th ( 1 ) includes section 31 fees of $ 43 million in 2019 , $ 39 million in 2018 , and $ 40 million in 2017. section 31 fees are recorded as equity derivative trading and clearing revenues with a corresponding amount recorded in transaction-based expenses . ( 2 ) includes section 31 fees of $ 337 million in 2019 , $ 343 million in 2018 , and $ 319 million in 2017. section 31 fees are recorded as cash equity trading revenues with a corresponding amount recorded in transaction-based expenses . equity derivative trading and clearing revenues equity derivative trading and clearing revenues and equity derivative trading and clearing revenues less transaction-based expenses decreased in 2019 compared with 2018 , reflecting in large part a significantly lower volume and volatility market environment in the u.s. as compared to 2018. the decrease in equity derivative trading and clearing revenues in 2019 was primarily due to lower u.s. industry trading volumes and lower overall u.s. matched market share executed on nasdaq 's exchanges , partially offset by a higher u.s. gross capture rate and higher section 31 pass-through fee revenue . the decrease in equity derivative trading and clearing revenues less transaction-based expenses in 2019 was primarily due to lower u.s. industry trading volumes and lower overall u.s. matched market share executed on nasdaq 's exchanges , partially offset by a higher u.s. net capture rate . the decreases in equity derivative trading and clearing revenues and equity derivative trading and clearing revenues less transaction-based expenses also included an unfavorable impact from foreign exchange of $ 3 million related to nasdaq 's nordic exchanges . section 31 fees are recorded as equity derivative trading and clearing revenues with a corresponding amount recorded as transaction-based expenses . in the u.s. , we are assessed these fees from the sec and pass them through to our customers in the form of incremental fees . pass-through fees can increase or decrease due to rate changes by the sec , our percentage of the overall industry volumes processed on our systems , and differences in actual dollar value of shares traded . since the amount recorded in revenues is equal to the amount recorded as transaction-based expenses , there is no impact on our revenues less transaction-based expenses . section 31 fees increased in 2019 compared with 2018 primarily due to higher average sec fee rates , partially offset by lower dollar value traded on nasdaq 's exchanges . 35 transaction rebates , in which we credit a portion of the per share execution charge to the market participant , decreased in 2019 compared with 2018 primarily due to lower u.s. industry trading volumes , a decrease in our overall u.s. matched market share executed on nasdaq 's exchanges , and a decrease in the u.s. rebate capture rate . brokerage , clearance and exchange fees increased in 2019 compared with 2018 primarily due to higher section 31 pass-through fees , as discussed above . cash equity trading revenues cash equity trading revenues and cash equity trading revenues less transaction-based expenses decreased in 2019 compared with 2018 reflecting in large part the lower volume and volatility market environment in the u.s. as compared to 2018 as mentioned above in “ equity derivative trading and clearing revenues . ” the decrease in cash equity trading revenues in 2019 was primarily due to lower u.s. industry trading volumes and lower section 31 pass-through fee revenue , partially offset by a higher u.s. gross capture rate . the decrease in cash equity trading revenues less transaction-based expenses in 2019 primarily reflects lower u.s. and european industry trading volumes and a lower u.s. net capture rate due to a particularly strong 2018 period , partially offset by a higher european net capture rate . the decreases in cash equity trading revenues and cash equity trading revenues less transaction-based expenses also included an unfavorable impact from foreign exchange of $ 7 million related to nasdaq 's nordic exchanges . story_separator_special_tag for 2018 , other significant items primarily included : a net gain on divestiture of businesses which represents our pre-tax net gain of $ 33 million on the sale of the public relations solutions and digital media services businesses ; a gain on the sale of an investment security which represents our pre-tax gain of $ 118 million on the sale of our 5.0 % ownership interest in lch group holdings limited , or lch ; other items : ◦ charges related to uncertain positions pertaining to sales and use tax and vat which are recorded in general , administrative and other expense in the consolidated statements of income ; and ◦ certain litigation costs which are recorded in professional and contract services expense in the consolidated statements of income . significant tax items : the non-gaap adjustment to the income tax provision included the tax impact of each non-gaap adjustment and : for 2019 , a tax benefit of $ 10 million primarily related to an adjustment to the 2018 federal and state tax returns and a tax benefit of $ 10 million related to capital distributions from the occ . see “ occ capital plan , ” of note 7 , “ investments , ” to the consolidated financial statements for further discussion of our occ investment . for 2018 , a net $ 7 million increase to tax expense due to a remeasurement of unrecognized tax benefits ( excluding the reversal of certain swedish tax benefits discussed below ) and the impact of state tax rate changes . additional adjustments included the following items : for 2019 and 2018 , excess tax benefits related to employee share-based compensation to reflect the recognition of the income tax effects of share-based awards when awards vest or are settled . this item is subject to volatility and will vary based on the timing of the vesting of employee share-based compensation arrangements and fluctuation in our stock price . for 2018 : ◦ the impact of enacted u.s. tax legislation , which related to the tax cuts and jobs act that was enacted in december 2017. we recorded an increase to tax expense of $ 290 million and a reduction to deferred tax assets related to foreign currency translation as a result of the finalization of the provisional estimate related to this act ; and ◦ a reversal of certain swedish tax benefits . see note 18 , “ income taxes , ” to the consolidated financial statements for further discussion . 41 the following table shows reconciliations between u.s. gaap net income attributable to nasdaq and diluted earnings per share and non-gaap net income attributable to nasdaq and diluted earnings per share : year ended december 31 , 2019 year ended december 31 , 2018 year ended december 31 , 2017 ( in millions , except share and per share amounts ) net income diluted earnings per share net income diluted earnings per share net income diluted earnings per share u.s. gaap net income attributable to nasdaq and diluted earnings per share $ 774 $ 4.63 $ 458 $ 2.73 $ 729 $ 4.30 non-gaap adjustments : amortization expense of acquired intangible assets 101 0.60 109 0.65 92 0.54 merger and strategic initiatives expense 30 0.18 21 0.13 44 0.26 restructuring charges 39 0.23 — — — — net income from unconsolidated investee ( 82 ) ( 0.49 ) ( 16 ) ( 0.10 ) ( 13 ) ( 0.08 ) clearing default loss — — 31 0.18 — — provision for notes receivable 20 0.12 — — — — extinguishment of debt 11 0.07 — — 10 0.06 net gain on divestiture of businesses ( 27 ) ( 0.16 ) ( 33 ) ( 0.20 ) — — gain on sale of investment security — — ( 118 ) ( 0.69 ) — — other 17 0.11 17 0.10 3 0.02 total non-gaap adjustments 109 0.66 11 0.07 136 0.80 adjustment to the income tax provision to reflect non-gaap adjustments and other tax items ( 43 ) ( 0.26 ) 6 0.03 ( 66 ) ( 0.39 ) excess tax benefits related to employee share-based compensation ( 5 ) ( 0.03 ) ( 9 ) ( 0.05 ) ( 40 ) ( 0.24 ) impact of enacted u.s. tax legislation — — 290 1.73 ( 89 ) ( 0.52 ) reversal of certain swedish tax benefits — — 41 0.24 — — total non-gaap tax adjustments ( 48 ) ( 0.29 ) 328 1.95 ( 195 ) ( 1.15 ) total non-gaap adjustments , net of tax 61 0.37 339 2.02 ( 59 ) ( 0.35 ) non-gaap net income attributable to nasdaq and diluted earnings per share $ 835 $ 5.00 $ 797 $ 4.75 $ 670 $ 3.95 weighted-average common shares outstanding for diluted earnings per share 166,970,161 167,691,299 169,585,031 liquidity and capital resources historically , we have funded our operating activities and met our commitments through cash generated by operations , augmented by the periodic issuance of our common stock and debt . currently , our cost and availability of funding remain healthy . in march 2019 , we used net proceeds from the sale of commercial paper and cash on hand to redeem all of our 2019 notes . in april 2019 , we issued the 2029 notes and in may 2019 , we primarily used the net proceeds from the 2029 notes to repay in full and terminate our 2020 notes . in addition , in june 2019 , we used proceeds from issuances of commercial paper to repay in full and terminate our 2016 credit facility , and in february 2020 , we issued the 2030 notes . we will primarily use the net proceeds from the 2030 notes to redeem the 2021 notes and for other general corporate purposes . see “ 1.75 % senior unsecured notes due 2029 , ” “ early extinguishment of 5.55 % senior unsecured notes due 2020

