v2.4.0.8
Deferred Revenue (Tables)
 9 Months Ended
Sep. 30, 2013
Deferred Revenue [Abstract]  
Estimated Deferred Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Initial Listing Revenues

 

Listing of Additional Shares Revenues

 

Annual Renewal and Other Revenues

 

Technology Solutions Revenues(2)

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

Fiscal year ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013(1)

 

$
3 

 

$
10 

 

$
60 

 

$
36 

 

$
109 

2014

 

 
10 

 

 
31 

 

 
4 

 

 
50 

 

 
95 

2015

 

 
9 

 

 
20 

 

 

 -

 

 
29 

 

 
58 

2016

 

 
7 

 

 
12 

 

 

 -

 

 
23 

 

 
42 

2017

 

 
5 

 

 
3 

 

 

 -

 

 
15 

 

 
23 

2018 and thereafter

 

 
4 

 

 

 -

 

 

 -

 

 
8 

 

 
12 

 

 

$
38 

 

$
76 

 

$
64 

 

$
161 

 

$
339 

 

(1)   Represents deferred revenue that is anticipated to be recognized over the remaining three months of 2013.

(2)   The timing of recognition of our deferred Technology Solutions revenues is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing Market Technology contracts and the timing of Corporate Solutions subscription-based contracts. As such, as it relates to Market Technology revenues, the timing represents our best estimate.

 

The changes in our deferred revenue during the nine months ended September 30, 2013 and 2012 are reflected in the following table.

Changes in Deferred Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Initial Listing Revenues

 

Listing of Additional Shares Revenues

 

Annual Renewal and Other Revenues

 

Technology Solutions Revenues(2)

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

Balance at January 1, 2013

 

$
36 

 

$
78 

 

$
32 

 

$
149 

 

$
295 

Additions(1)

 

 
12 

 

 
28 

 

 
215 

 

 
156 

 

 
411 

Amortization(1)

 

 
(10)

 

 
(30)

 

 
(177)

 

 
(155)

 

 
(372)

Translation adjustment

 

 

 -

 

 

 -

 

 
(6)

 

 
11 

 

 
5 

Balance at September 30, 2013

 

$
38 

 

$
76 

 

$
64 

 

$
161 

 

$
339 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2012

 

$
39 

 

$
86 

 

$
25 

 

$
128 

 

$
278 

Additions(1)

 

 
8 

 

 
22 

 

 
213 

 

 
73 

 

 
316 

Amortization(1)

 

 
(11)

 

 
(29)

 

 
(170)

 

 
(65)

 

 
(275)

Translation adjustment

 

 

 -

 

 

 -

 

 
1 

 

 
5 

 

 
6 

Balance at September 30, 2012

 

$
36 

 

$
79 

 

$
69 

 

$
141 

 

$
325 

 

(1) The additions and amortization for initial listing revenues, listing of additional shares revenues and annual renewal and other revenues primarily reflect revenues from our U.S. listing services business.

(2)       Technology Solutions deferred revenues primarily include revenues from our Market Technology delivered client contracts in the support phase charged during the period and our Corporate Solutions subscription based contracts.  For our Market Technology contracts, where customization and significant modifications to the software are made to meet the needs of our customers, total revenues, as well as costs incurred, are deferred until significant modifications are completed and delivered. Once delivered, deferred revenue and the related deferred costs are recognized over the post contract support period. For these Market Technology contracts, we have included the deferral of costs in other current assets and other non-current assets in the Condensed Consolidated Balance Sheets. The amortization of Technology Solutions deferred revenue primarily includes revenues earned from Market Technology client contracts and Corporate Solutions subscription based contracts recognized during the period.