Deferred Revenue (Tables)

3 Months Ended

Mar. 31, 2017

Deferred Revenue Disclosure [Abstract]

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

Estimated Deferred Revenue

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.