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Deferred Revenue (Tables)
9 Months Ended
Sep. 30, 2012
Estimated Deferred Revenue

At September 30, 2012, we estimate that our deferred revenue, which is primarily related to Global Listing 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(2)
     Total  
     (in millions)  

Fiscal year ended:

              

2012(1)

   $ 3       $ 9       $ 61       $ 17       $ 90   

2013

     10         34         8         42         94   

2014

     8         22         —           32         62   

2015

     7         11         —           24         42   

2016

     5         3         —           17         25   

2017 and thereafter

     3         —           —           9         12   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   $ 36       $ 79       $ 69       $ 141       $ 325   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) 

Represents deferred revenue that is anticipated to be recognized over the remaining three months of 2012.

(2) 

The timing of recognition of our deferred Market Technology revenues is dependent upon the completion of customization and any significant modifications made pursuant to existing contracts. As such, as it relates to these revenues, the timing represents our best estimate.

Changes in Deferred Revenue

The changes in our deferred revenue during the nine months ended September 30, 2012 and 2011 are reflected in the following table.

 

     Initial
Listing
Revenues
    Listing of
Additional
Shares
Revenues
    Annual
Renewal
and Other
Revenues
    Market
Technology
Revenues(2)
    Total  
                 (in millions)              

Balance at January 1, 2012

   $ 39      $ 86      $ 25      $ 128      $ 278   

Additions(1)

     8        22        213        73        316   

Amortization(1)

     (11     (29     (170     (65     (275

Translation adjustment

     —          —          1        5        6   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at September 30, 2012

   $ 36      $ 79      $ 69      $ 141      $ 325   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at January 1, 2011

   $ 42      $ 83      $ 21      $ 146      $ 292   

Additions(1)

     10        33        207        12        262   

Amortization(1)

     (12     (30     (169     (31     (242

Translation adjustment

     —          —          —          (2     (2
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at September 30, 2011

   $ 40      $ 86      $ 59      $ 125      $ 310   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

The additions and amortization for initial listing revenues, listing of additional shares revenues and annual renewal and other revenues primarily reflect Issuer Services revenues from U.S. listing revenues.

(2) 

Market Technology deferred revenue includes revenues from delivered client contracts in the support phase charged during the period. Under contract accounting, where customization and significant modifications to the software are made to meet the needs of our customers, total revenues, as well as costs incurred, are deferred until significant modifications are completed and delivered. Once delivered, deferred revenue and the related deferred costs are recognized over the post-contract support period. We have included the deferral of costs in other current assets and other non-current assets in the Condensed Consolidated Balance Sheets. The amortization of Market Technology deferred revenue primarily includes revenues earned from client contracts recognized during the period.