Revenue

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

In the following tables, revenue is disaggregated by primary geographical market and type of revenue. The tables also include a reconciliation of the disaggregated revenue with the Company’s reportable segments. Prior-period amounts have been reclassified to conform to the new reportable segment presentation as discussed in Note 12.

For the three months ended March 31, 2020 (in millions):


	Reportable Segments
					Capital
	Merchant		Banking		Market		Corporate
	Solutions		Solutions		Solutions		and Other		Total
Primary Geographical Markets:
North America	$	661	$	1,243	$	404	$	40	$	2,348
All others	274		219		227		10		730
Total	$	935	$	1,462	$	631	$	50	$	3,078

Type of Revenue:
Recurring revenue:
Transaction processing and services	$	910	$	1,096	$	311	$	47	$	2,364
Software maintenance	1		88		122		—		211
Other recurring	21		44		24		—		89
Total recurring	932		1,228		457		47		2,664

Software license	1		19		72		—		92
Professional services	—		143		102		1		246
Other non-recurring	2		72		—		2		76
Total	$	935	$	1,462	$	631	$	50	$	3,078

For the three months ended March 31, 2019 (in millions):


	Reportable Segments
					Capital
	Merchant		Banking		Market		Corporate
	Solutions		Solutions		Solutions		and Other		Total
Primary Geographical Markets:
North America	$	50	$	1,126	$	356	$	47	$	1,579
All others	—		247		216		15		478
Total	$	50	$	1,373	$	572	$	62	$	2,057

Type of Revenue:
Recurring revenue:
Transaction processing and services	$	49	$	991	$	272	$	59	$	1,371
Software maintenance	—		89		121		—		210
Other recurring	—		44		27		—		71
Total recurring	49		1,124		420		59		1,652

Software license	—		39		57		—		96
Professional services	—		139		95		1		235
Other non-recurring	1		71		—		2		74
Total	$	50	$	1,373	$	572	$	62	$	2,057

Contract Balances

The Company recognized revenue of $338 million and $321 million during the three months ended March 31, 2020 and 2019, respectively, that was included in the corresponding deferred revenue balance at the beginning of the periods.

Transaction Price Allocated to the Remaining Performance Obligations

As of March 31, 2020, approximately $20.5 billion of revenue is estimated to be recognized in the future primarily from the Banking Solutions and Capital Market Solutions segments’ 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 the Banking Solutions and Capital Market Solutions segments’ remaining performance obligations over the next 12 months, approximately another 25% over the next 13 to 24 months, and the balance thereafter.

As permitted by ASC 606, Revenue from Contracts with Customers, the Company has elected to exclude from this disclosure an estimate for the Merchant Solutions segment, which is primarily comprised of contracts with an original duration of one year or less or variable consideration that meet specific criteria. This segment’s core performance obligations consist of variable consideration under a stand-ready series of distinct days of service, and revenue from the segment’s products and service arrangements are generally billed and recognized as the services are performed. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material.