Deferred Revenue

Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue during the year ended December 31, 2018 are reflected in the following table:



	Initial Listing Revenues			Annual Listings Revenues			Market Technology Revenues			Corporate Solutions and Other Revenues⁽³⁾			Information Services Revenues			Other⁽⁴⁾			Total
	(in millions)
Balance at December 31, 2017	$	64		$	3		$	109		$	37		$	40		$	34		$	287
Additions	29			236			168			242			169			23			867
Revenue recognized	(25		)	(234		)	(183		)	(242		)	(130		)	(36		)	(850		)
Reclassification of deferred revenue⁽¹⁾	—			—			(11		)	11			—			—			—
Deferred revenue reclassified to held for sale⁽²⁾	—			—			—			(12		)	—			—			(12		)
Translation adjustment	(2		)	(1		)	(8		)	—			1			(1		)	(11		)
Balance at December 31, 2018	$	66		$	4		$	75		$	36		$	80		$	20		$	281

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⁽¹⁾	Concurrent with the realignment of our BWise internal audit, regulatory compliance management, and operational risk management software solutions from our Market Technology segment to our Corporate Services segment, deferred revenue was reassigned to the Corporate Services segment.

⁽²⁾ See Note 5, “Assets and Liabilities Held for Sale,” for further discussion.


⁽³⁾	Other revenues include the revenues from the Public Relations Solutions and Digital Media Services businesses through the date of sale (April 2018). See “2018 Divestiture,” of Note 3, “Acquisitions and Divestiture,” to the consolidated financial statements for further discussion.


⁽⁴⁾	The balance as of December 31, 2018 and 2017 primarily includes deferred revenue from listing of additional shares fees which are included in our Listing Services segment. The activity during the period primarily pertains to our Trade Management Services and FICC businesses, which are included in our Market Services segment, for contracts paid monthly or quarterly in advance of the service.

On January 1, 2018, we adopted Topic 606. As a result, a portion of revenues that were previously deferred were recognized either in prior period revenues, through restatement, or as an adjustment to retained earnings upon adoption of the new standard. See “Revenue From Contracts With Customers,” of Note 2, “Summary of Significant Accounting Policies,” for a description of our initial listing, annual listing, market technology, corporate solutions, and information services revenues and the revenue recognition policy for each of these revenue streams.

As of December 31, 2018, we estimate that our deferred revenue will be recognized in the following years:



	Initial Listing Revenues		Annual Listings Revenues		Market Technology Revenues		Corporate Solutions Revenues		Information Services Revenues		Other⁽¹⁾		Total
	(in millions)
Fiscal year ended:
2019	$	23	$	4	$	47	$	33	$	77	$	10	$	194
2020	20		—		21		3		3		7		54
2021	10		—		7		—		—		2		19
2022	7		—		—		—		—		1		8
2023	5		—		—		—		—		—		5
2024 and thereafter	1		—		—		—		—		—		1
Total	$	66	$	4	$	75	$	36	$	80	$	20	$	281

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⁽¹⁾	Other primarily includes revenues from listing of additional shares fees which are included in our Listing Services business.

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.