Revenue

Disaggregation of Revenue

In the following tables, revenue is disaggregated by primary geographical market, type of revenue, and recurring nature of revenue recognized. The tables also include a reconciliation of the disaggregated revenue with the Company’s reportable segments.

For the three months ended March 31, 2018 (in millions):



	Reportable Segments
					Corporate
	IFS		GFS		and Other		Total
Primary Geographical Markets:
North America	$	1,017	$	453	$	64	$	1,534
All others	44		474		14		532
Total	$	1,061	$	927	$	78	$	2,066

Type of Revenue:
Processing and services	$	896	$	542	$	75	$	1,513
License and software related	86		247		—		333
Professional services	37		138		2		177
Hardware and other	42		—		1		43
Total	$	1,061	$	927	$	78	$	2,066

Recurring Nature of Revenue Recognition:
Recurring fees	$	951	$	699	$	75	$	1,725
Non-recurring fees	110		228		3		341
Total	$	1,061	$	927	$	78	$	2,066

For the three months ended March 31, 2017 (in millions):



	Reportable Segments
	As Adjusted
					Corporate
	IFS		GFS		and Other		Total
Primary Geographical Markets:
North America	$	999	$	490	$	95	$	1,584
All others	38		513		13		564
Total	$	1,037	$	1,003	$	108	$	2,148

Type of Revenue:
Processing and services	$	850	$	550	$	87	$	1,487
License and software related	94		201		12		307
Professional services	48		252		6		306
Hardware and other	45		—		3		48
Total	$	1,037	$	1,003	$	108	$	2,148

Recurring Nature of Revenue Recognition:
Recurring fees	$	913	$	699	$	96	$	1,708
Non-recurring fees	124		304		12		440
Total	$	1,037	$	1,003	$	108	$	2,148

Contract Balances

The following table provides information about trade receivables, contract assets, and deferred revenues from contracts with customers (in millions).



	As of
	March 31,		December 31,
	2018		2017
			As adjusted

Trade receivables	$	1,562	$	1,624
Contract assets (current)	107		108
Contract assets (non-current), included in other noncurrent assets	111		118
Deferred revenue (current)	842		776
Deferred revenue (non-current)	105		106

The payment terms and conditions in our customer contracts may vary. In some cases, customers pay in advance of our delivery of solutions or services; in other cases, payment is due as services are performed or in arrears following the delivery of the solutions or services. Differences in timing between revenue recognition and invoicing result in accrued trade receivables, contract assets, or deferred revenue on our Condensed Consolidated Balance Sheet. Receivables are accrued when revenue is recognized prior to invoicing but the right to payment is unconditional (i.e., only the passage of time is required). This occurs most commonly when software term licenses recognized at a point in time are paid for periodically over the license term. Contract assets result when amounts allocated to distinct performance obligations are recognized when or as control of a solution or service is transferred to the customer but invoicing is contingent on performance of other performance obligations or on completion of contractual milestones. Contract assets are transferred to receivables when the rights become unconditional, typically upon invoicing of the related performance obligations in the contract or upon achieving the requisite project milestone. Deferred revenue results from customer payments in advance of our satisfaction of the associated performance obligation(s) and relates primarily to prepaid maintenance or other recurring services. Deferred revenues are relieved as revenue is recognized. Contract assets and deferred revenues are reported on a contract-by-contract basis at the end of each reporting period. Changes in the contract asset and deferred revenue balances during the three months ended March 31, 2018 were not materially impacted by any factors other than those described above.

During the three months ended March 31, 2018 and 2017, the Company recognized revenue of $282 million and $244 million, respectively, that was included in the corresponding deferred revenue balance at the beginning of the periods.

During the three months ended March 31, 2018 and 2017, amounts recognized from performance obligations satisfied (or partially satisfied) in prior periods were insignificant.

Transaction Price Allocated to the Remaining Performance Obligations

As of March 31, 2018, approximately $19.5 billion of revenue is estimated to be recognized in the future from the Company’s remaining unfulfilled performance obligations, which are primarily comprised of recurring account- and volume-based processing services. This excludes the amount of anticipated recurring renewals not yet contractually obligated. The Company expects to recognize approximately 35% of our remaining performance obligations over the next 12 months, approximately another 25% over the next 13 to 24 months, and the balance thereafter.