Restructuring and Acquisition-Related Activities

12 Months Ended

Dec. 31, 2017

Restructuring and Acquisition-Related Activities [Abstract]

RESTRUCTURING AND OTHER ACQUISITION-RELATED ACTIVITIES

NOTE 2—RESTRUCTURING AND OTHER ACQUISITION-RELATED ACTIVITIES

OptionsHouse Acquisition

On September 12, 2016, the Company completed its acquisition of all of the outstanding equity of Aperture New Holdings, Inc., the ultimate parent company of OptionsHouse, from Aperture Holdings, L.P. for $725 million. The Company recorded goodwill of $578 million which primarily includes the synergies expected to result from combining operations with OptionsHouse and coupling its derivatives platform with the Company's existing product offerings. The Company also recorded intangible assets of $169 million, which are subject to amortization over their estimated useful lives:

	Estimated Fair Value (dollars in millions)		Estimated Useful Life (In Years)
Customer relationships	$	118	14
Technology	48		7
Trade name	3		2
Total intangible assets	$	169

The following table shows the components of restructuring and acquisition-related activities expense (dollars in millions):

	Year Ended December 31,
	2017		2016		2015
Restructuring activities	$	12	$	28	$	17
Acquisition-related costs	3		7		—
Total restructuring and acquisition-related activities	$	15	$	35	$	17

Restructuring and acquisition-related costs during the year ended December 31, 2017, primarily includes costs incurred in connection with the integration of OptionsHouse as well as costs from the planned acquisition of TCA. Restructuring and acquisition-related activities during the year ended December 31, 2016 primarily related to employee severance from the realignment of the Company's core brokerage business and organizational structure as well as costs in connection with its purchase of OptionsHouse. Restructuring activities during the year ended December 31, 2015 includes costs related to department and business reorganizations, such as the shutdown of certain of the Company's international operations, and approximately $6 million of executive severance for a position that was eliminated during the year.