Deferred Revenue

3 Months Ended

Mar. 31, 2017

Deferred Revenue Disclosure [Abstract]

Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue during the three months ended March 31, 2017 and 2016 are reflected in the following table:



	Initial Listing Revenues			Listing of Additional Shares Revenues			Annual Renewal and Other Revenues			Market Technology Revenues			Total
	(in millions)
Balance at January 1, 2017	$	54		$	37		$	57		$	185		$	333
Additions	4			5			306			46			361
Amortization	(5		)	(9		)	(142		)	(55		)	(211		)
Translation adjustment	—			—			—			3			3
Balance at March 31, 2017	$	53		$	33		$	221		$	179		$	486

Balance at January 1, 2016	$	59		$	53		$	28		$	187		$	327
Additions	1			2			314			67			384
Amortization	(4		)	(7		)	(143		)	(64		)	(218		)
Translation adjustment	—			—			1			(2		)	(1		)
Balance at March 31, 2016	$	56		$	48		$	200		$	188		$	492

The additions and amortization for initial listing revenues, listing of additional shares revenues and annual renewal and other revenues primarily reflect revenues from our Listing Services business within our Corporate Services segment.

For our market technology contracts, total revenues, as well as costs incurred, are deferred until significant customizations 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.

At March 31, 2017, we estimate that our deferred revenue, which is primarily corporate services and market technology revenues, will be recognized in the following years:



	Initial Listing Revenues		Listing of Additional Shares Revenues		Annual Renewal and Other Revenues		Market Technology Revenues		Total
	(in millions)
Fiscal year ended:
2017⁽¹⁾	$	12	$	15	$	216	$	58	$	301
2018	14		11		4		38		67
2019	12		5		1		32		50
2020	8		2		—		30		40
2021	5		—		—		13		18
2022 and thereafter	2		—		—		8		10
	$	53	$	33	$	221	$	179	$	486

____________


⁽¹⁾	Represents deferred revenue that is anticipated to be recognized over the remaining nine months of 2017.

The timing of recognition of our deferred market technology revenues is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing market technology contracts. As such, as it relates to market technology revenues, the timing represents our best estimate.

- Definition

The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

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