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Revenue From Contracts With Customers
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue From Contracts With Customers REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
The following tables summarize the disaggregation of revenue by major product and service and by segment for the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31,
 202220212020
 (in millions)
Market Platforms
Trading Services, net$1,019 $1,037 $932 
Marketplace Technology562 545 525 
Capital Access Platforms
Data & Listing Services729 680 574 
Index486 459 324 
Workflow & Insights469 429 389 
Anti-Financial Crime306 231 116 
Other revenues11 39 43 
Revenues less transaction-based expenses$3,582 $3,420 $2,903 
Substantially all revenues from the Capital Access Platforms and Anti-Financial Crime segments as well as our Marketplace Technology business were recognized over time for the years ended December 31, 2022, 2021 and 2020. For the years ended December 31, 2022, 2021 and 2020 approximately 93.1%, 93.6%, and 94.8% respectively, of Trading Services revenues were recognized at a point in time and 6.9%, 6.4% and 5.2%, respectively, were recognized over time.
Contract Balances
Substantially all of our revenues are considered to be revenues from contracts with customers. The related accounts receivable balances are recorded in our Consolidated Balance Sheets as receivables, which are net of allowance for doubtful accounts of $15 million as of December 31, 2022 and $17 million as of December 31, 2021. The changes in the balance between periods were immaterial. We do not have obligations for warranties, returns or refunds to customers.
For the majority of our contracts with customers, except for our market technology and listing services contracts, our performance obligations range from three months to three years and there is no significant variable consideration.
Deferred revenue is the only significant contract asset or liability as of December 31, 2022. Deferred revenue represents consideration received that is yet to be recognized as revenue for unsatisfied performance obligations. Deferred revenue primarily represents our contract liabilities related to our fees for Annual and Initial Listings, Workflow & Insights, Market Technology and Anti-Financial Crime contracts. See Note 8, “Deferred Revenue,” for our discussion on deferred revenue balances, activity, and expected timing of recognition.
We do not have a material amount of revenue recognized from performance obligations that were satisfied in prior periods. We do not provide disclosures about transaction price allocated to unsatisfied performance obligations if contract durations are less than one year. For our initial listings, the transaction price allocated to remaining performance obligations is included in deferred revenue. For our Market Technology, Anti-Financial Crime, and Workflow & Insights contracts, the portion of transaction price allocated to unsatisfied performance obligations is presented in the table below. To the extent consideration has been received, unsatisfied performance obligations would be included in the table below as well as deferred revenue.
The following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied, for contract durations greater than one year, as of December 31, 2022:
Market TechnologyAnti-Financial CrimeWorkflow & InsightsTotal
(in millions)
2023$193 $382 $137 $712 
2024155 214 79 448 
2025127 90 30 247 
202692 27 11 130 
202754 10 8 72 
2028+72 6 — 78 
Total$693 $729 $265 $1,687 
DEFERRED REVENUE
Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue during the year ended December 31, 2022 are reflected in the following table: 
 
Balance at December 31, 2021
AdditionsRevenue RecognizedAdjustments
Balance at December 31, 2022
(in millions)
Market Platforms:
Market Technology$36 $28 $(30)$(5)$29 
Capital Access Platforms:
Initial Listing145 25 (51)(3)116 
Annual Listings2 3 (2)(1)2 
Workflow & Insights159 166 (152)(1)172 
Anti-Financial Crime81 106 (79)— 108 
Other25 12 (13)(3)21 
Total$448 $340 $(327)$(13)$448 
In the above table:
•Additions primarily reflect deferred revenue billed in the current period, net of recognition.
•Revenue recognized includes revenue recognized during the current period that was included in the beginning balance.
•Adjustments reflect foreign currency translation adjustments.
•Other primarily includes deferred revenue from our Index business, data contracts and non-U.S. listing of additional shares fees. These fees are included in our Capital Access Platforms segment.
As of December 31, 2022, we estimate that our deferred revenue will be recognized in the following years:
Fiscal year ended:
202320242025202620272028+Total
(in millions)
Market Platforms:
Market Technology $28 $1 $— $— $— $— $29 
Capital Access Platforms:
Initial Listings40 30 20 17 8 1 116 
Annual Listings2 — — — — — 2 
Workflow & Insights169 3 — — — — 172 
Anti-Financial Crime106 2 — — — — 108 
Other12 5 3 1 — — 21 
Total$357 $41 $23 $18 $8 $1 $448 
The timing of recognition of deferred revenue related to certain market technology contracts is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing market technology contracts. As such, as it relates to market technology revenues, the timing represents our best estimate.