Deferred Revenue (Tables)

9 Months Ended

Sep. 30, 2017

Deferred Revenue Disclosure [Abstract]

The changes in our deferred revenue during the nine months ended September 30, 2017 and 2016 are reflected in the following table:



	Initial Listing Revenues			Listing of Additional Shares Revenues			Annual Renewal and Other Revenues			Market Technology Revenues			Total
	(in millions)
Balance at January 1, 2017	$	54		$	37		$	57		$	185		$	333
Additions	12			9			468			170			659
Revenue recognized	(13		)	(17		)	(422		)	(197		)	(649		)
Translation adjustment	—			—			2			21			23
Deferred revenue reclassified as held for sale⁽¹⁾	—			—			(5		)	—			(5		)
Balance at September 30, 2017	$	53		$	29		$	100		$	179		$	361

Balance at January 1, 2016	$	59		$	53		$	28		$	187		$	327
Additions	9			10			516			195			730
Revenue recognized	(13		)	(22		)	(433		)	(185		)	(653		)
Translation adjustment	—			—			—			3			3
Balance at September 30, 2016	$	55		$	41		$	111		$	200		$	407

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⁽¹⁾ See Note 5, “Assets and Liabilities Held for Sale,” for further discussion.

Estimated Deferred Revenue

At September 30, 2017, we estimate that our deferred revenue, which is primarily corporate services and market technology revenues, will be recognized in the following years:



	Initial Listing Revenues		Listing of Additional Shares Revenues		Annual Renewal and Other Revenues		Market Technology Revenues		Total
	(in millions)
Fiscal year ended:
2017⁽¹⁾	$	4	$	5	$	78	$	28	$	115
2018	15		13		22		57		107
2019	14		6		—		36		56
2020	10		4		—		33		47
2021	6		1		—		15		22
2022 and thereafter	4		—		—		10		14
	$	53	$	29	$	100	$	179	$	361

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⁽¹⁾	Represents deferred revenue that is anticipated to be recognized over the remaining three months of 2017.