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Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information
The following table has been prepared from our financial records and reflects all adjustments that are necessary for a fair presentation of the results of operations for the interim periods presented (in millions, except per share amounts):
 
1st Qtr
 
2nd Qtr
 
3rd Qtr
 
4th Qtr
Year Ended December 31, 2018
 
 
 
 
 
 
 
Revenues, less transaction-based expenses
$
1,225

 
$
1,246

 
$
1,200

 
$
1,308

Operating income
650

 
655

 
602

 
676

Net income attributable to Intercontinental Exchange, Inc. (a)
464

 
455

 
458

 
611

Earnings per common share: (c)
 
 
 
 
 
 
 
Basic
$
0.80

 
$
0.79

 
$
0.80

 
$
1.07

Diluted
$
0.79

 
$
0.78

 
$
0.79

 
$
1.07

 
 
 
 
 
 
 
 
Year Ended December 31, 2017
 
 
 
 
 
 
 
Revenues, less transaction-based expenses
$
1,166

 
$
1,180

 
$
1,146

 
$
1,146

Operating income
582

 
609

 
596

 
592

Net income attributable to Intercontinental Exchange, Inc.(b)
503

 
419

 
371

 
1,233

Earnings per common share: (c)
 
 
 
 
 
 
 
Basic
$
0.85

 
$
0.71

 
$
0.63

 
$
2.11

Diluted
$
0.84

 
$
0.71

 
$
0.63

 
$
2.09


(a) We recognized a $110 million gain on our acquisition of MERS in other income for the three months ended December 31, 2018 (Note 3).
(b)
We recognized a $176 million realized investment gain on our sale of Cetip in other income for the three months ended March 31, 2017 (Note 4), we recognized a $764 million gain relating to the deferred tax benefit associated with future U.S. income tax rate reductions for the three months ended December 31, 2017 (Note 13), and we recognized a $110 million gain on our sale of Trayport in other income for the three months ended December 31, 2017 (Note 3).
(c)
The annual earnings per common share may not equal the sum of the individual quarter’s earnings per common share due to rounding.