Deferred Revenue (Tables)

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

The changes in our deferred revenue during the three months ended March 31, 2020 are reflected in the following table:


	Initial Listing Revenues		Annual Listings Revenues		Corporate Solutions Revenues		Information Services Revenues		Market Technology Revenues		Other⁽¹⁾		Total
	(in millions)
Balance at December 31, 2019	$	69	$	2	$	41	$	82	$	66	$	14	$	274
Deferred revenue billed in the current period, net of recognition	7		181		21		48		16		6		279
Revenue recognized that was included in the beginning of the period	(10)		(1)		(18)		(26)		(18)		(5)		(78)
Translation adjustment	—		—		—		—		(4)		1		(3)
Balance at March 31, 2020	$	66	$	182	$	44	$	104	$	60	$	16	$	472

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(1) Primarily includes deferred revenue from listing of additional shares fees. In the U.S., these fees will continue to run-off as a result of the implementation of our all-inclusive annual fee. Listing of additional shares fees are included in our Listing Services business.

Estimated Deferred Revenue

As of March 31, 2020, we estimate that our deferred revenue will be recognized in the following years:


	Initial Listing Revenues		Annual Listings Revenues		Corporate Solutions Revenues		Information Services Revenues		Market Technology Revenues		Other⁽¹⁾		Total
	(in millions)
Fiscal year ended:
2020⁽²⁾	$	21	$	182	$	40	$	94	$	47	$	10	$	394
2021	19		—		4		10		13		4		50
2022	11		—		—		—		—		1		12
2023	8		—		—		—		—		1		9
2024	5		—		—		—		—		—		5
2025 and thereafter	2		—		—		—		—		—		2
Total	$	66	$	182	$	44	$	104	$	60	$	16	$	472

____________

⁽¹⁾ Other primarily includes revenues from U.S. listing of additional shares fees which are included in our Listing Services business.

⁽²⁾ Represents the estimated amortization to be recognized for the remaining nine months of 2020.