Deferred Revenue (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Changes in Deferred Revenue

The changes in our deferred revenue during the nine months ended September 30, 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	29		66		44		67		36		8		250
Revenue recognized that was included in the beginning of the period	(24)		(2)		(39)		(58)		(45)		(8)		(176)
Foreign currency translation adjustment	1		(1)		—		—		3		1		4
Balance at September 30, 2020	$	75	$	65	$	46	$	91	$	60	$	15	$	352

____________

(1)    Balance at September 30, 2020 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 September 30, 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)	$	8	$	65	$	23	$	39	$	25	$	4	$	164
2021	28		—		23		52		33		5		141
2022	17		—		—		—		1		3		21
2023	10		—		—		—		1		3		14
2024	7		—		—		—		—		—		7
2025 and thereafter	5		—		—		—		—		—		5
Total	$	75	$	65	$	46	$	91	$	60	$	15	$	352

____________

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

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