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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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