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Revenue | 6 Months Ended
--- | ---
Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue As a result of our ongoing portfolio assessments, the Company reclassified certain non-strategic operations from Banking to Corporate and Other during the quarter ended December 31, 2023. The Company recast all prior-period segment information presented to reflect these reclassifications. 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. For the three months ended June 30, 2024 (in millions):
|  |  |  | Capital |  |  |  |  |  |
|  | Banking |  | Market |  | Corporate |  |  |  |
|  | Solutions |  | Solutions |  | and Other |  | Total |  |
Primary Geographical Markets: |  |  |  |  |  |  |  |  |  |
North America |  | $ | 1,470 |  |  | $ | 452 |  |  | $ | 23 |  |  | $ | 1,945 |  |  |
All others |  | 240 |  |  | 270 |  |  | 34 |  |  | 544 |  |  |
Total |  | $ | 1,710 |  |  | $ | 722 |  |  | $ | 57 |  |  | $ | 2,489 |  |  |
Type of Revenue: |  |  |  |  |  |  |  |  |  |
Recurring revenue: |  |  |  |  |  |  |  |  |  |
Transaction processing and services |  | $ | 1,270 |  |  | $ | 366 |  |  | $ | 43 |  |  | $ | 1,679 |  |  |
Software maintenance |  | 90 |  |  | 143 |  |  | 1 |  |  | 234 |  |  |
Other recurring |  | 68 |  |  | 22 |  |  | 9 |  |  | 99 |  |  |
Total recurring |  | 1,428 |  |  | 531 |  |  | 53 |  |  | 2,012 |  |  |
Software license |  | 37 |  |  | 91 |  |  | — |  |  | 128 |  |  |
Professional services |  | 136 |  |  | 99 |  |  | 1 |  |  | 236 |  |  |
Other non-recurring fees |  | 109 |  |  | 1 |  |  | 3 |  |  | 113 |  |  |
Total |  | $ | 1,710 |  |  | $ | 722 |  |  | $ | 57 |  |  | $ | 2,489 |  |  |
For the three months ended June 30, 2023 (in millions):
|  |  |  | Capital |  |  |  |  |  |
|  | Banking |  | Market |  | Corporate |  |  |  |
|  | Solutions |  | Solutions |  | and Other |  | Total |  |
Primary Geographical Markets: |  |  |  |  |  |  |  |  |  |
North America |  | $ | 1,437 |  |  | $ | 424 |  |  | $ | 47 |  |  | $ | 1,908 |  |  |
All others |  | 229 |  |  | 248 |  |  | 39 |  |  | 516 |  |  |
Total |  | $ | 1,666 |  |  | $ | 672 |  |  | $ | 86 |  |  | $ | 2,424 |  |  |
Type of Revenue: |  |  |  |  |  |  |  |  |  |
Recurring revenue: |  |  |  |  |  |  |  |  |  |
Transaction processing and services |  | $ | 1,235 |  |  | $ | 346 |  |  | $ | 65 |  |  | $ | 1,646 |  |  |
Software maintenance |  | 91 |  |  | 130 |  |  | — |  |  | 221 |  |  |
Other recurring |  | 62 |  |  | 20 |  |  | 10 |  |  | 92 |  |  |
Total recurring |  | 1,388 |  |  | 496 |  |  | 75 |  |  | 1,959 |  |  |
Software license |  | 19 |  |  | 79 |  |  | — |  |  | 98 |  |  |
Professional services |  | 156 |  |  | 97 |  |  | 2 |  |  | 255 |  |  |
Other non-recurring fees (1) |  | 103 |  |  | — |  |  | 9 |  |  | 112 |  |  |
Total |  | $ | 1,666 |  |  | $ | 672 |  |  | $ | 86 |  |  | $ | 2,424 |  |  |
For the six months ended June 30, 2024 (in millions):
|  |  |  | Capital |  |  |  |  |  |
|  | Banking |  | Market |  | Corporate |  |  |  |
|  | Solutions |  | Solutions |  | and Other |  | Total |  |
Primary Geographical Markets: |  |  |  |  |  |  |  |  |  |
North America |  | $ | 2,902 |  |  | $ | 897 |  |  | $ | 64 |  |  | $ | 3,863 |  |  |
All others |  | 492 |  |  | 531 |  |  | 71 |  |  | 1,094 |  |  |
Total |  | $ | 3,394 |  |  | $ | 1,428 |  |  | $ | 135 |  |  | $ | 4,957 |  |  |
Type of Revenue: |  |  |  |  |  |  |  |  |  |
Recurring revenue: |  |  |  |  |  |  |  |  |  |
Transaction processing and services |  | $ | 2,534 |  |  | $ | 736 |  |  | $ | 90 |  |  | $ | 3,360 |  |  |
Software maintenance |  | 180 |  |  | 286 |  |  | 1 |  |  | 467 |  |  |
Other recurring |  | 132 |  |  | 45 |  |  | 19 |  |  | 196 |  |  |
Total recurring |  | 2,846 |  |  | 1,067 |  |  | 110 |  |  | 4,023 |  |  |
Software license |  | 87 |  |  | 165 |  |  | — |  |  | 252 |  |  |
Professional services |  | 268 |  |  | 195 |  |  | 2 |  |  | 465 |  |  |
Other non-recurring fees |  | 193 |  |  | 1 |  |  | 23 |  |  | 217 |  |  |
Total |  | $ | 3,394 |  |  | $ | 1,428 |  |  | $ | 135 |  |  | $ | 4,957 |  |  |
For the six months ended June 30, 2023 (in millions):
|  |  |  | Capital |  |  |  |  |  |
|  | Banking |  | Market |  | Corporate |  |  |  |
|  | Solutions |  | Solutions |  | and Other |  | Total |  |
Primary Geographical Markets: |  |  |  |  |  |  |  |  |  |
North America |  | $ | 2,857 |  |  | $ | 849 |  |  | $ | 95 |  |  | $ | 3,801 |  |  |
All others |  | 455 |  |  | 486 |  |  | 79 |  |  | 1,020 |  |  |
Total |  | $ | 3,312 |  |  | $ | 1,335 |  |  | $ | 174 |  |  | $ | 4,821 |  |  |
Type of Revenue: |  |  |  |  |  |  |  |  |  |
Recurring revenue: |  |  |  |  |  |  |  |  |  |
Transaction processing and services |  | $ | 2,460 |  |  | $ | 686 |  |  | $ | 131 |  |  | $ | 3,277 |  |  |
Software maintenance |  | 181 |  |  | 260 |  |  | 1 |  |  | 442 |  |  |
Other recurring |  | 116 |  |  | 39 |  |  | 20 |  |  | 175 |  |  |
Total recurring |  | 2,757 |  |  | 985 |  |  | 152 |  |  | 3,894 |  |  |
Software license |  | 30 |  |  | 152 |  |  | — |  |  | 182 |  |  |
Professional services |  | 311 |  |  | 197 |  |  | 5 |  |  | 513 |  |  |
Other non-recurring fees (1) |  | 214 |  |  | 1 |  |  | 17 |  |  | 232 |  |  |
Total |  | $ | 3,312 |  |  | $ | 1,335 |  |  | $ | 174 |  |  | $ | 4,821 |  |  |
(1) December 31, 2023, was the final deadline for states to complete all benefit issuance under federally funded pandemic relief programs. Accordingly, revenue associated with services the Company provided related to these programs has been classified as Other non-recurring commencing in the fourth quarter of 2023, and related prior-period amounts have been reclassified from Transaction processing and services to Other non-recurring for comparability. Revenue associated with services the Company provided related to these programs was $11 million and $49 million for the three and six months ended June 30, 2023, respectively. Contract Balances The Company recognized revenue of $202 million and $184 million during the three months, and $528 million and $498 million during the six months, ended June 30, 2024 and 2023, 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 June 30, 2024, approximately $22.5 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 that are not yet contractually obligated. The Company expects to recognize approximately 32% of our remaining performance obligations over the next 12 months, approximately another 24% over the next 13 to 24 months, and the balance thereafter.

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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