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Deferred Revenue | 3 Months Ended
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Mar. 31, 2022
Revenue from Contract with Customer [Abstract] |
Deferred Revenue | REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue The following tables summarize the disaggregation of revenue by major product and service and by segment for the three months ended March 31, 2022 and 2021:
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |
| (in millions)
Market Technology |  |  |  |  |
Anti Financial Crime Technology | $ | 72 |  |  | $ | 42 |  |  |
Marketplace Infrastructure Technology | 52 |  |  | 58 |  |  |
Investment Intelligence |  |  |  |  |
Market data | 108 |  |  | 106 |  |  |
Index | 122 |  |  | 102 |  |  |
Analytics | 54 |  |  | 48 |  |  |
Corporate Platforms |  |  |  |  |
Listing services | 107 |  |  | 89 |  |  |
IR & ESG Services | 61 |  |  | 57 |  |  |
Market Services |  |  |  |  |
Transaction-based trading and clearing, net | 231 |  |  | 255 |  |  |
Trade management services | 84 |  |  | 79 |  |  |
Other revenues | 1 |  |  | 15 |  |  |
Revenues less transaction-based expenses | $ | 892 |  |  | $ | 851 |  |  |
Substantially all revenues from the Market Technology, Investment Intelligence and Corporate Platforms segments were recognized over time for the three months ended March 31, 2022 and 2021. For the three months ended March 31, 2022 and 2021 approximately 70.5% and 73.2%, respectively, of Market Services revenues were recognized at a point in time and 29.5% and 26.8%, respectively, were recognized over time. Contract Balances Substantially all of our revenues are considered to be revenues from contracts with customers. The related accounts receivable balances are recorded in our Condensed Consolidated Balance Sheets as receivables, which are net of allowance for doubtful accounts of $19 million as of March 31, 2022 and $17 million as of December 31, 2021. The changes in the balance between periods were immaterial. We do not have obligations for warranties, returns or refunds to customers. For the majority of our contracts with customers, except for our marketplace infrastructure technology and listings services contracts, our performance obligations range from three months to three years and there is no significant variable consideration. Deferred revenue is the only significant contract asset or liability as of March 31, 2022. Deferred revenue represents consideration received that is yet to be recognized as revenue for unsatisfied performance obligations. Deferred revenue primarily represents our contract liabilities related to our fees for Market Technology, Investment Intelligence, Annual and Initial Listings, and IR & ESG Services contracts. See Note 7, “Deferred Revenue,” for our discussion on deferred revenue balances, activity, and expected timing of recognition. We do not have a material amount of revenue recognized from performance obligations that were satisfied in prior periods. We do not provide disclosures about transaction price allocated to unsatisfied performance obligations if contract durations are less than one year. For our initial listings the transaction price allocated to remaining performance obligations is included in deferred revenue. For our Market Technology, Analytics, and IR & ESG contracts, the portion of transaction price allocated to unsatisfied performance obligations is presented in the table below. To the extent consideration has been received, unsatisfied performance obligations would be included in the table below as well as deferred revenue. The following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied, for contract durations greater than one year, as of March 31, 2022:
| Market Technology |  | Analytics |  | IR & ESG Services |  | Total
| (in millions)
Remainder of 2022 | $ | 404 |  |  | $ | 49 |  |  | $ | 47 |  |  | $ | 500 |
2023 | 397 |  |  | 46 |  |  | 38 |  |  | 481 |
2024 | 194 |  |  | 22 |  |  | 12 |  |  | 228 |
2025 | 118 |  |  | 8 |  |  | 1 |  |  | 127 |
2026 | 72 |  |  | 7 |  |  | — |  |  | 79 |
2027+ | 79 |  |  | 4 |  |  | — |  |  | 83 |
Total | $ | 1,264 |  |  | $ | 136 |  |  | $ | 98 |  |  | $ | 1,498 |
DEFERRED REVENUE 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, 2022 are reflected in the following table:
| Balance at December 31, 2021 | Additions | Revenue Recognized | Adjustments | Balance at March 31, 2022 |  |  |  |  |  |  |  |
| (in millions) |  |  |  |  |  |  |  |
Market Technology | $ | 117 |  | $ | 53 |  | $ | (57) |  | $ | (2) |  | $ | 111 |  |  |  |  |  |  |  |  |
Investment Intelligence | 106 |  | 61 |  | (41) |  | — |  | 126 |  |  |  |  |  |  |  |  |
Corporate Platforms: |  |  |  |  |  |  |  |  |  |  |  |
Initial Listing | 145 |  | 16 |  | (19) |  | (1) |  | 141 |  |  |  |  |  |  |  |  |
Annual Listings | 2 |  | 267 |  | — |  | 1 |  | 270 |  |  |  |  |  |  |  |  |
IR & ESG Services | 57 |  | 30 |  | (24) |  | — |  | 63 |  |  |  |  |  |  |  |  |
Other | 21 |  | 8 |  | (4) |  | (1) |  | 24 |  |  |  |  |  |  |  |  |
Total | $ | 448 |  | $ | 435 |  | $ | (145) |  | $ | (3) |  | $ | 735 |  |  |  |  |  |  |  |  |
In the preceding table: •Revenue recognized includes revenue recognized during the current period that was included in the beginning balance. •Adjustments reflect foreign currency translation adjustments. •Other primarily includes deferred revenue from non-U.S. listing of additional shares fees. Listing of additional shares fees are included in our Listing Services business. As of March 31, 2022, we estimate that our deferred revenue will be recognized in the following years:
Fiscal year ended: | 2022 | 2023 | 2024 | 2025 | 2026 | 2027+ | Total |  |  |  |  |  |
| (in millions) |  |  |  |  |  |
Market Technology | $ | 101 |  | $ | 8 |  | $ | 1 |  | $ | 1 |  | $ | — |  | $ | — |  | $ | 111 |  |  |  |  |  |  |
Investment Intelligence | 115 |  | 11 |  | — |  | — |  | — |  | — |  | 126 |  |  |  |  |  |  |
Corporate Platforms: |  |  |  |  |  |  |  |  |  |  |  |
Initial Listings | 37 |  | 37 |  | 27 |  | 18 |  | 15 |  | 7 |  | 141 |  |  |  |  |  |  |
Annual Listings | 270 |  | — |  | — |  | — |  | — |  | — |  | 270 |  |  |  |  |  |  |
IR & ESG Services | 60 |  | 3 |  | — |  | — |  | — |  | — |  | 63 |  |  |  |  |  |  |
Other | 11 |  | 6 |  | 5 |  | 2 |  | — |  | — |  | 24 |  |  |  |  |  |  |
Total | $ | 594 |  | $ | 65 |  | $ | 33 |  | $ | 21 |  | $ | 15 |  | $ | 7 |  | $ | 735 |  |  |  |  |  |  |
In the above table, 2022 represents the remaining nine months of 2022. The timing of recognition of deferred revenue related to certain marketplace infrastructure technology contracts 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.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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