|IHS MARKIT LTD. filed this Form 10-K on 01/18/2019|
Amounts reclassified from AOCI to income related to net pension and OPEB liability are recorded in net periodic pension and postretirement expense.
Net cash provided by operating activities reflects cash payments for interest and income taxes as shown below, for the years ended November 30, 2018, 2017, and 2016, respectively (in millions):
Interest paid during 2016, 2017, and 2018 increased primarily due to increased borrowings associated with acquisitions and share repurchase programs, as well as a higher effective interest rate due to an increased amount of fixed-rate debt.
Cash and cash equivalents amounting to approximately $120.0 million and $133.8 million reflected on the consolidated balance sheets at November 30, 2018 and 2017, respectively, are maintained primarily in U.S. Dollars, British Pounds, and Euros.
Our Chief Executive Officer is our CODM, and the CODM evaluates segment performance based primarily on revenue and segment Adjusted EBITDA, as described below. In addition, the CODM regularly reviews revenue by transaction type. The accounting policies of our segments are the same as those described in the summary of significant accounting policies (see Note 2).
No single customer accounted for 10 percent or more of our total revenue for the years ended November 30, 2018, 2017, or 2016. There are no material inter-segment revenues for any period presented. Our shared services function includes corporate transactions that are not allocated to the reportable segments, including net periodic pension and postretirement expense, as well as certain corporate functions such as investor relations, procurement, corporate development, and portions of finance, legal, and marketing.
We evaluate segment operating performance at the Adjusted EBITDA level for each of our four segments. We define Adjusted EBITDA as net income before net interest, provision for income taxes, depreciation and amortization, stock-based compensation cost, restructuring charges, acquisition-related costs and performance compensation, exceptional litigation, net other gains and losses, pension mark-to-market and settlement expense, the impact of joint ventures and noncontrolling interests, and discontinued operations. Information about the operations of our four segments is set forth below (in millions).