MARKETAXESS HOLDINGS INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued) and other assets in the Consolidated Statements of Financial Condition was $0.9 million.
The Company is exposed to credit risk in the event a counterparty does not fulfill its obligation to complete a transaction or if there is a miscommunication or other error in executing a matched principal transaction.
Pursuant to the terms of the securities clearing agreements, the clearing broker has the right to charge the Company for losses resulting from a counterparty’s failure to fulfill its contractual obligations.
The losses are not capped at a maximum amount and apply to all trades executed through the clearing broker.
At December 31, 2014 and 2013, the Company had not recorded any liabilities with regard to this right.
In the normal course of business, the Company enters into contracts that contain a variety of representations, warranties and general indemnifications.
The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred.
However, based on experience, the Company expects the risk of loss to be remote.14.
Discontinued Operations In October 2013, the Company sold 100% of the outstanding shares of Greenline, a wholly owned subsidiary of the Company, to CameronTec Intressenter AB.
The aggregate purchase price was $11.0 million in cash, including a post-closing working capital adjustment.
The Company recognized a gain on the disposition of $7.6 million, net of a tax benefit.
Greenline’s operating results have been classified as discontinued operations in the Consolidated Statement of Operations.
The following is a summary of Greenline’s operating results:
## Table 0 ##
15.
Related Party In February 2012, the Company completed a registered underwritten secondary public offering of 3,597,333 shares of common stock held by JPM.
The Company did not receive any of the proceeds of the offering.
In addition, the Company repurchased 1,821,730 shares of non-voting common stock held by JPM.
Immediately following the offering, JPM no longer held shares of common stock in the Company and is no longer considered a related party.
The Company generated commissions, technology products and services revenues, information and user access fees, investment income and other income from JPM totaling $1.6 million for the two months ended February 28, 2012.16.
Segment and Geographic Information The Company operates an electronic multi-party platform for the trading of fixed-income securities and provides related data, analytics, compliance tools and post-trade services.
The Company’s operations constitute a single business segment because of the highly integrated nature of these product and services, of the financial markets in which the Company competes and of the Company’s worldwide business activities.
The Company believes that results by geographic region or client sector are not necessarily meaningful in understanding its business.
For the years ended December 31, 2014 and 2013, the U. K.  is the only individual foreign country in which we have a subsidiary that accounted for 10% or more of the total revenues or total long-lived assets of the Company.
Revenues and long-lived assets are attributed to geographic area based on the location of the particular subsidiary.
Long-lived assets are defined as furniture, equipment, leasehold improvements and capitalized software .
Information regarding revenue for the three years ended December 31, 2014 and long-lived assets as of December 31, 2014 and 2013 follows:
Year Ended December 31, 2014 Compared to Year Ended December 31, 2013 Overview Total ?revenues ?increased ?by ?$24.0 ?million ?or ?10.1% ?to ?$262.8 ?million ?for ?the ?year ?ended ?December ?31, ?2014 ?from ?$238.7 ?million ?for ?the ?year ?ended December?31,?2013.
?This?increase?in?total?revenues?was?primarily?due?to?an?increase?in?commissions?of?$17.5?million?and?an?increase?in?revenue?from?information and ?post-trade ?services ?of ?$6.1 ?million.
?The ?increase ?in ?revenue ?from ?information ?and ?post-trade ?services ?was ?primarily ?due ?to ?the ?inclusion ?in ?2014 ?of ?two additional?months?of?revenues?from?Xtrakter,?which?was?acquired?in?February?2013.
?A?5.4%?change?in?the?foreign?currency?exchange?rates?of?the?Pound?Sterling compared?to?the?U.
S. ?dollar?from?the?year?ended?December?31,?2013?to?the?year?ended?December?31,?2014?had?the?effect?of?increasing?revenues?by?$1.9?million.
Total ?expenses ?increased ?by ?$12.8 ?million ?or ?9.7% ?to ?$144.2 ?million ?for ?the ?year ?ended ?December ?31, ?2014 ?from ?$131.5 ?million ?for ?the ?year ?ended December?31,?2013.
?This?increase?was?primarily?due?to?higher?employee?compensation?and?benefits?of?$10.6?million,?depreciation?and?amortization?of?$3.3?million, technology?and?communication?costs?of?$1.6?million?and?marketing?and?advertising?costs?of?$1.1?million,?which?were?partially?offset?by?a?decrease?in?professional and?consulting?fees?of?$3.8?million.
??The?increase?in?expenses?reflects?the?inclusion?in?2014?of?two?additional?months?of?expenses?from?Xtrakter. ?
?During?the?second quarter?of?2013,?we?determined?that?we?had?incorrectly?excluded?incentive?compensation?as?a?component?of?employee?compensation?eligible?for?capitalization under?our?software?development?costs?capitalization?policy. ?
?We?recorded?this?item?as?an?out-of-period?adjustment?in?the?three?months?ended?June?30,?2013?by reducing ?employee ?compensation ?and ?benefits ?expense ?by ?$2.9 ?million ?and ?increasing ?depreciation ?and ?amortization ?expense ?by ?$1.3 ?million.
?The ?change ?in foreign?currency?exchange?rates?had?the?effect?of?increasing?expenses?by?$1.7?million?for?the?year?ended?December?31,?2014.
??
Income?before?taxes?from?continuing?operations?increased?by?$11.3?million?or?10.5%?to?$118.5?million?for?the?year?ended?December?31,?2014?from?$107.3 million?for?the?year?ended?December?31,?2013.
?Net?income?from?continuing?operations?increased?by?$6.2?million?or?9.1%?to?$74.8?million?for?the?year?ended December?31,?2014?from?$68.6?million?for?the?year?ended?December?31,?2013.
In?October?2013,?we?sold?Greenline?Financial?Technologies,?Inc.
?(“Greenline”)?for?$11.0?million?and?recognized?a?gain?on?the?sale,?net?of?a?tax?benefit,?of $7.6 ?million.
?Greenline’s ?operating ?results ?have ?been ?classified ?as ?discontinued ?operations ?in ?our ?Consolidated ?Statement ?of ?Operations.
?The ?net ?loss ?from discontinued?operations?for?the?year?ended?December?31,?2013?was?$0.2?million.
Revenues Our?revenues?for?the?years?ended?December?31,?2014?and?2013,?and?the?resulting?dollar?and?percentage?changes,?were?as?follows:
## Table 1 ##
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Union Pacific Corporation and Subsidiary Companies For purposes of this report, unless the context otherwise requires, all references herein to the “Corporation”, “Company”, “UPC”, “we”, “us”, and “our” mean Union Pacific Corporation and its subsidiaries, including Union Pacific Railroad Company, which will be separately referred to herein as “UPRR” or the “Railroad”.1.
Nature of Operations Operations and Segmentation – We are a Class I railroad operating in the U. S.  Our network includes 31,974 route miles, linking Pacific Coast and Gulf Coast ports with the Midwest and Eastern U. S.  gateways and providing several corridors to key Mexican gateways.
We own 26,012 miles and operate on the remainder pursuant to trackage rights or leases.
We serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the Atlantic Coast, the Pacific Coast, the Southeast, the Southwest, Canada, and Mexico.
Export and import traffic is moved through Gulf Coast and Pacific Coast ports and across the Mexican and Canadian borders.
The Railroad, along with its subsidiaries and rail affiliates, is our one reportable operating segment.
Although we provide and review revenue by commodity group, we analyze the net financial results of the Railroad as one segment due to the integrated nature of our rail network.
The following table provides freight revenue by commodity group:
## Table 2 ##
Although our revenues are principally derived from customers domiciled in the U. S. , the ultimate points of origination or destination for some products transported by us are outside the U. S.  Each of our commodity groups includes revenue from shipments to and from Mexico.
Included in the above table are revenues from our Mexico business which amounted to $2.3 billion in 2014, $2.1 billion in 2013, and $1.9 billion in 2012.
Basis of Presentation – The Consolidated Financial Statements are presented in accordance with accounting principles generally accepted in the U. S.  (GAAP) as codified in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC).2.
Significant Accounting Policies Principles of Consolidation – The Consolidated Financial Statements include the accounts of Union Pacific Corporation and all of its subsidiaries.
Investments in affiliated companies (20% to 50% owned) are accounted for using the equity method of accounting.
All intercompany transactions are eliminated.
We currently have no less than majority-owned investments that require consolidation under variable interest entity requirements.
Cash and Cash Equivalents – Cash equivalents consist of investments with original maturities of three months or less.
Accounts Receivable – Accounts receivable includes receivables reduced by an allowance for doubtful accounts.
The allowance is based upon historical losses, credit worthiness of customers, and current economic conditions.
Receivables not expected to be collected in one year and the associated allowances are classified as other assets in our Consolidated Statements of Financial Position.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="2">Year Ended December 31,</td></tr><tr><td></td><td>2013</td><td>2012</td></tr><tr><td></td><td colspan="2">(In thousands)</td></tr><tr><td>Revenues</td><td>$6,137</td><td>$7,364</td></tr><tr><td>Expenses</td><td>6,384</td><td>10,048</td></tr><tr><td>Loss before income taxes and gain on the sale from discontinued operations</td><td>-247</td><td>-2,684</td></tr><tr><td>Benefit for income taxes</td><td>-58</td><td>-969</td></tr><tr><td>Gain on the sale of discontinued operations, net of tax benefit</td><td>7,642</td><td>—</td></tr><tr><td>Income (loss) from discontinued operations</td><td>$7,453</td><td>$-1,715</td></tr></table>
<table><tr><td></td><td colspan="6">Year Ended December 31,</td></tr><tr><td></td><td colspan="2">2014</td><td>2013</td><td></td><td></td><td></td></tr><tr><td></td><td></td><td>% of</td><td></td><td>% of</td><td>$</td><td>%</td></tr><tr><td></td><td></td><td>$Revenues</td><td></td><td>$Revenues</td><td>Change</td><td>Change</td></tr><tr><td></td><td colspan="6">($ in thousands)</td></tr><tr><td>Commissions</td><td>$221,138</td><td>84.2</td><td>%$203,652</td><td>85.3</td><td>%$17,486</td><td>8.6%</td></tr><tr><td>Information and post-trade services</td><td>31,510</td><td>12.0</td><td>25,377</td><td>10.6</td><td>6,133</td><td>24.2</td></tr><tr><td>Technology products and services</td><td>6,874</td><td>2.6</td><td>6,331</td><td>2.7</td><td>543</td><td>8.6</td></tr><tr><td>Investment income</td><td>543</td><td>0.2</td><td>420</td><td>0.2</td><td>123</td><td>29.3</td></tr><tr><td>Other</td><td>2,709</td><td>1.0</td><td>2,953</td><td>1.2</td><td>-244</td><td>-8.3</td></tr><tr><td>Total revenues</td><td>$262,774</td><td>100.0</td><td>%$238,733</td><td>100.0</td><td>%$24,041</td><td>10.1%</td></tr></table>
<table><tr><td><i>Millions</i></td><td><i>2014</i></td><td><i>2013</i></td><td><i>2012</i></td></tr><tr><td>Agricultural Products</td><td>$3,777</td><td>$3,276</td><td>$3,280</td></tr><tr><td>Automotive</td><td>2,103</td><td>2,077</td><td>1,807</td></tr><tr><td>Chemicals</td><td>3,664</td><td>3,501</td><td>3,238</td></tr><tr><td>Coal</td><td>4,127</td><td>3,978</td><td>3,912</td></tr><tr><td>Industrial Products</td><td>4,400</td><td>3,822</td><td>3,494</td></tr><tr><td>Intermodal</td><td>4,489</td><td>4,030</td><td>3,955</td></tr><tr><td>Total freight revenues</td><td>$22,560</td><td>$20,684</td><td>$19,686</td></tr><tr><td>Other revenues</td><td>1,428</td><td>1,279</td><td>1,240</td></tr><tr><td>Total operatingrevenues</td><td>$23,988</td><td>$21,963</td><td>$20,926</td></tr></table>

Question: In which Year Ended December 31 is Investment income smaller than 510 thousand?
Answer: 2013