v3.23.2
Deferred Revenue
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Deferred Revenue Revenue Recognition
Substantially all of our revenues are considered to be revenues from contracts with customers. The related accounts receivable balances are recorded in our balance sheets as customer accounts receivable. We do not have obligations for warranties, returns or refunds to customers, other than rebates, which are settled each period and therefore do not result in variable consideration. We do not have significant revenue recognized from performance obligations that were satisfied in prior periods, and we do not have any transaction price allocated to unsatisfied performance obligations other than in our deferred revenue. Certain judgments and estimates are used in the identification and timing of satisfaction of performance obligations and the related allocation of transaction price. We believe that these represent a faithful depiction of the transfer of services to our customers.
Deferred revenue represents our contract liabilities related to our annual, original and other listings revenues, certain data services, clearing services, mortgage technology services and other revenues. Deferred revenue is our only significant contract liability. See Note 7 for our discussion of deferred revenue balances, activity, and expected timing of recognition.
For all of our contracts with customers, except for listings and certain data, clearing and mortgage services, our performance obligations are short term in nature and there is no significant variable consideration. In addition, we have elected the practical expedient of excluding sales taxes from transaction prices. We have assessed the costs incurred to obtain or fulfill a contract with a customer, which are primarily our sales commissions.
Refer to Note 5 to the consolidated financial statements included in Part II, Item 8 of our 2022 Form 10-K where our primary revenue contract classifications are described in detail.

The following table depicts the disaggregation of our revenue according to business line and segment (in millions). Amounts here have been aggregated as they follow consistent revenue recognition patterns, and are consistent with the segment information in Note 15:
 Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Six Months Ended June 30, 2023:
Total revenues$3,214 $1,109 $485 $4,808 
Transaction-based expenses1,024 — — 1,024 
Total revenues, less transaction-based expenses$2,190 $1,109 $485 $3,784 
Timing of Revenue Recognition
Services transferred at a point in time$1,263 $229 $148 $1,640 
Services transferred over time927 880 337 2,144 
Total revenues, less transaction-based expenses$2,190 $1,109 $485 $3,784 


 Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Three Months Ended June 30, 2023:
Total revenues$1,541 $546 $249 $2,336 
Transaction-based expenses448 — — 448 
Total revenues, less transaction-based expenses$1,093 $546 $249 $1,888 
Timing of Revenue Recognition
Services transferred at a point in time$628 $106 $81 $815 
Services transferred over time465 440 168 1,073 
Total revenues, less transaction-based expenses$1,093 $546 $249 $1,888 


 Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Six Months Ended June 30, 2022:
Total revenues$3,247 $1,021 $604 $4,872 
Transaction-based expenses1,159 — — 1,159 
Total revenues, less transaction-based expenses$2,088 $1,021 $604 $3,713 
Timing of Revenue Recognition
Services transferred at a point in time$1,197 $159 $270 $1,626 
Services transferred over time891 862 334 2,087 
Total revenues, less transaction-based expenses$2,088 $1,021 $604 $3,713 
 Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Three Months Ended June 30, 2022:
Total revenues$1,604 $512 $297 $2,413 
Transaction-based expenses599 $— $— 599 
Total revenues, less transaction-based expenses$1,005 $512 $297 $1,814 
Timing of Revenue Recognition
Services transferred at a point in time$563 $83 $128 $774 
Services transferred over time442 429 169 1,040 
Total revenues, less transaction-based expenses$1,005 $512 $297 $1,814 

The Exchanges segment and the Fixed Income and Data Services segment revenues above include data services revenues. Our data services revenues are transferred over time, and a majority of those revenues are performed over a short period of time of one month or less and relate to subscription-based data services billed monthly, quarterly or annually in advance. These revenues are recognized ratably over time as our data delivery performance obligations are met consistently throughout the period.
The Exchanges segment revenues transferred over time in the table above also include services related to listings, services related to risk management of open interest performance obligations and services related to regulatory fees, trading permits, and software licenses.
The Fixed Income and Data Services segment revenues transferred over time in the table above also include services related to risk management of open interest performance obligations, primarily in our CDS business.
The Mortgage Technology segment revenues transferred over time in the table above primarily relate to our origination technology revenue where performance obligations consist of a series of distinct services and are recognized over the contract terms as subscription performance obligations are satisfied, and to a lesser extent, professional services revenues and revenues from certain of our data and analytics offerings.

The components of services transferred over time for each of our segments are as follows:
Six Months Ended June 30,
Three Months Ended June 30,
 2023202220232022
Exchanges Segment:
Data services revenues
$463 $432 $231 $218 
Services transferred over time related to risk management of open interest performance obligations
151 139 $75 $63 
Services transferred over time related to listings252 260 $126 $131 
Services transferred over time related to regulatory fees, trading permits, and software licenses61 60 $33 $30 
Total
$927 $891 $465 $442 
Fixed Income Data Services Segment:
Data services revenues$864 $843 $434 $421 
Services transferred over time related to risk management of open interest performance obligations in our CDS business16 19 $6 $8 
Total
$880 $862 $440 $429 
Mortgage Technology Segment:
Subscription revenues$329 $316 $164 $160 
Professional service revenues and other8 18 $4 $9 
Total$337 $334 $168 $169 
Total consolidated revenues transferred over time$2,144 $2,087 $1,073 $1,040 
Deferred Revenue
Our contract liabilities, or deferred revenue, represent consideration received that is yet to be recognized as revenue. Total deferred revenue was $529 million as of June 30, 2023, including $437 million in current deferred revenue and $92 million in other non-current liabilities. The changes in our deferred revenue during the six months ended June 30, 2023 are as follows (in millions):
Listings RevenuesData Services and Other RevenuesMortgage TechnologyTotal
Deferred revenue balance at January 1, 2023$115 $88 $51 $254 
Additions
474 236 32 742 
Amortization
(252)(175)(40)(467)
Deferred revenue balance at June 30, 2023
$337 $149 $43 $529 

The changes in our deferred revenue during the six months ended June 30, 2022 are as follows (in millions):
Listings RevenuesData Services and Other RevenuesMortgage TechnologyTotal
Deferred revenue balance at January 1, 2022$112 $93 $79 $284 
Additions
500 283 46 829 
Amortization
(261)(222)(55)(538)
Deferred revenue balance at June 30, 2022
$351 $154 $70 $575 
Included in the amortization recognized during the six months ended June 30, 2023 is $103 million related to the deferred revenue balance as of January 1, 2023. Included in the amortization recognized for the six months ended June 30, 2022 is $119 million related to the deferred revenue balance as of January 1, 2022. As of June 30, 2023, the remaining deferred revenue balance will be recognized over the period of time we satisfy our performance obligations as described in Note 5.