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Revenue From Contracts With Customers | 12 Months Ended
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Dec. 31, 2022
Revenue from Contract with Customer [Abstract] |
Revenue From Contracts With Customers | 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 years ended December 31, 2022, 2021 and 2020:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in millions)
Market Platforms |  |  |  |  |
Trading Services, net | $ | 1,019 |  |  | $ | 1,037 |  |  | $ | 932 |
Marketplace Technology | 562 |  |  | 545 |  |  | 525 |
Capital Access Platforms |  |  |  |  |
Data & Listing Services | 729 |  |  | 680 |  |  | 574 |
Index | 486 |  |  | 459 |  |  | 324 |
Workflow & Insights | 469 |  |  | 429 |  |  | 389 |
Anti-Financial Crime | 306 |  |  | 231 |  |  | 116 |
Other revenues | 11 |  |  | 39 |  |  | 43 |
Revenues less transaction-based expenses | $ | 3,582 |  |  | $ | 3,420 |  |  | $ | 2,903 |
Substantially all revenues from the Capital Access Platforms and Anti-Financial Crime segments as well as our Marketplace Technology business were recognized over time for the years ended December 31, 2022, 2021 and 2020. For the years ended December 31, 2022, 2021 and 2020 approximately 93.1%, 93.6%, and 94.8% respectively, of Trading Services revenues were recognized at a point in time and 6.9%, 6.4% and 5.2%, 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 Consolidated Balance Sheets as receivables, which are net of allowance for doubtful accounts of $15 million as of December 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 market technology and listing 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 December 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 Annual and Initial Listings, Workflow & Insights, Market Technology and Anti-Financial Crime contracts. See Note 8, “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, Anti-Financial Crime, and Workflow & Insights 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 December 31, 2022:
| Market Technology |  | Anti-Financial Crime |  | Workflow & Insights |  | Total
| (in millions)
2023 | $ | 193 |  |  | $ | 382 |  |  | $ | 137 |  |  | $ | 712 |
2024 | 155 |  |  | 214 |  |  | 79 |  |  | 448 |
2025 | 127 |  |  | 90 |  |  | 30 |  |  | 247 |
2026 | 92 |  |  | 27 |  |  | 11 |  |  | 130 |
2027 | 54 |  |  | 10 |  |  | 8 |  |  | 72 |
2028+ | 72 |  |  | 6 |  |  | — |  |  | 78 |
Total | $ | 693 |  |  | $ | 729 |  |  | $ | 265 |  |  | $ | 1,687 |
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, 2022 are reflected in the following table:
| Balance at December 31, 2021 | Additions | Revenue Recognized | Adjustments | Balance at December 31, 2022 |  |  |  |  |  |  |  |
| (in millions) |  |  |  |  |  |  |  |
Market Platforms: |  |  |  |  |  |  |  |  |  |  |  |
Market Technology | $ | 36 |  | $ | 28 |  | $ | (30) |  | $ | (5) |  | $ | 29 |  |  |  |  |  |  |  |  |
Capital Access Platforms: |  |  |  |  |  |  |  |  |  |  |  |
Initial Listing | 145 |  | 25 |  | (51) |  | (3) |  | 116 |  |  |  |  |  |  |  |  |
Annual Listings | 2 |  | 3 |  | (2) |  | (1) |  | 2 |  |  |  |  |  |  |  |  |
Workflow & Insights | 159 |  | 166 |  | (152) |  | (1) |  | 172 |  |  |  |  |  |  |  |  |
Anti-Financial Crime | 81 |  | 106 |  | (79) |  | — |  | 108 |  |  |  |  |  |  |  |  |
Other | 25 |  | 12 |  | (13) |  | (3) |  | 21 |  |  |  |  |  |  |  |  |
Total | $ | 448 |  | $ | 340 |  | $ | (327) |  | $ | (13) |  | $ | 448 |  |  |  |  |  |  |  |  |
In the above table: •Additions primarily reflect deferred revenue billed in the current period, net of recognition. •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 our Index business, data contracts and non-U.S. listing of additional shares fees. These fees are included in our Capital Access Platforms segment. As of December 31, 2022, we estimate that our deferred revenue will be recognized in the following years:
Fiscal year ended: | 2023 | 2024 | 2025 | 2026 | 2027 | 2028+ | Total |  |  |  |  |  |
| (in millions) |  |  |  |  |  |
Market Platforms: |  |  |  |  |  |  |  |  |  |  |  |
Market Technology | $ | 28 |  | $ | 1 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 29 |  |  |  |  |  |  |
Capital Access Platforms: |  |  |  |  |  |  |  |  |  |  |
Initial Listings | 40 |  | 30 |  | 20 |  | 17 |  | 8 |  | 1 |  | 116 |  |  |  |  |  |  |
Annual Listings | 2 |  | — |  | — |  | — |  | — |  | — |  | 2 |  |  |  |  |  |  |
Workflow & Insights | 169 |  | 3 |  | — |  | — |  | — |  | — |  | 172 |  |  |  |  |  |  |
Anti-Financial Crime | 106 |  | 2 |  | — |  | — |  | — |  | — |  | 108 |  |  |  |  |  |  |
Other | 12 |  | 5 |  | 3 |  | 1 |  | — |  | — |  | 21 |  |  |  |  |  |  |
Total | $ | 357 |  | $ | 41 |  | $ | 23 |  | $ | 18 |  | $ | 8 |  | $ | 1 |  | $ | 448 |  |  |  |  |  |  |
The timing of recognition of deferred revenue related to certain market 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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