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Deferred Revenue
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Deferred Revenue 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 three months ended March 31, 2022 and 2021:
Three Months Ended March 31,
 20222021
 (in millions)
Market Technology
Anti Financial Crime Technology$72 $42 
Marketplace Infrastructure Technology52 58 
Investment Intelligence
Market data108 106 
Index122 102 
Analytics54 48 
Corporate Platforms
Listing services107 89 
IR & ESG Services61 57 
Market Services
Transaction-based trading and clearing, net231 255 
Trade management services84 79 
Other revenues1 15 
Revenues less transaction-based expenses$892 $851 
Substantially all revenues from the Market Technology, Investment Intelligence and Corporate Platforms segments were recognized over time for the three months ended March 31, 2022 and 2021. For the three months ended March 31, 2022 and 2021 approximately 70.5% and 73.2%, respectively, of Market Services revenues were recognized at a point in time and 29.5% and 26.8%, 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 Condensed Consolidated Balance Sheets as receivables, which are net of allowance for doubtful accounts of $19 million as of March 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 marketplace infrastructure technology and listings 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 March 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 Market Technology, Investment Intelligence, Annual and Initial Listings, and IR & ESG Services contracts. See Note 7, “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, Analytics, and IR & ESG 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 March 31, 2022:
Market TechnologyAnalyticsIR & ESG ServicesTotal
(in millions)
Remainder of 2022$404 $49 $47 $500 
2023397 46 38 481 
2024194 22 12 228 
2025118 8 1 127 
202672 7 — 79 
2027+79 4 — 83 
Total$1,264 $136 $98 $1,498 
DEFERRED REVENUE
Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue during the three months ended March 31, 2022 are reflected in the following table: 
 
Balance at December 31, 2021
AdditionsRevenue RecognizedAdjustments
Balance at March 31, 2022
(in millions)
Market Technology$117 $53 $(57)$(2)$111 
Investment Intelligence106 61 (41)— 126 
Corporate Platforms:
Initial Listing145 16 (19)(1)141 
Annual Listings2 267 — 1 270 
IR & ESG Services57 30 (24)— 63 
Other21 8 (4)(1)24 
Total$448 $435 $(145)$(3)$735 
In the preceding table:
•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 non-U.S. listing of additional shares fees. Listing of additional shares fees are included in our Listing Services business.
As of March 31, 2022, we estimate that our deferred revenue will be recognized in the following years:
Fiscal year ended:
202220232024202520262027+Total
(in millions)
Market Technology $101 $8 $1 $1 $— $— $111 
Investment Intelligence115 11 — — — — 126 
Corporate Platforms:
Initial Listings37 37 27 18 15 7 141 
Annual Listings270 — — — — — 270 
IR & ESG Services 60 3 — — — — 63 
Other11 6 5 2 — — 24 
Total$594 $65 $33 $21 $15 $7 $735 
In the above table, 2022 represents the remaining nine months of 2022.
The timing of recognition of deferred revenue related to certain marketplace infrastructure 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.