Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2016

Deferred Revenue Disclosure [Abstract]

Deferred revenue represents cash received that is yet to be recognized as revenue. Total deferred revenue was $237 million as of December 31, 2016, including $114 million in current deferred revenue and $123 million in non-current deferred revenue. Total deferred revenue was $190 million as of December 31, 2015, including $98 million in current deferred revenue and $92 million in non-current deferred revenue. See Note 2 for a description of our annual listing, original listing, other listings and data services revenues and the revenue recognition policy for each of these revenue streams. The changes in our deferred revenue during the years ended December 31, 2016 and 2015 are as follows (in millions):



	Annual Listing Revenue			Original Listing Revenues			Other Listing Revenues			Data Services and Other Revenues			Total
Deferred revenue balance at January 1, 2015	$	—		$	35		$	46		$	55		$	136
Additions	358			20			29			181			588
Amortization	(358		)	(5		)	(16		)	(155		)	(534		)
Deferred revenue balance at December 31, 2015	—			50			59			81			190
Additions	363			25			71			467			926
Amortization	(363		)	(9		)	(47		)	(460		)	(879		)
Deferred revenue balance at December 31, 2016	$	—		$	66		$	83		$	88		$	237

As of December 31, 2016, we estimate that our deferred revenue will be recognized in the following years (in millions):



	Original Listing Revenues		Other Listing Revenues		Data Services and Other Revenues		Total
2017	$	13	$	19	$	82	$	114
2018	9		21		2		32
2019	9		19		1		29
2020	9		14		1		24
2021	8		8		—		16
Thereafter	18		2		2		22
Total	$	66	$	83	$	88	$	237

Deferred Revenue Recognition Schedule

As of December 31, 2016, we estimate that our deferred revenue will be recognized in the following years (in millions):



	Original Listing Revenues		Other Listing Revenues		Data Services and Other Revenues		Total
2017	$	13	$	19	$	82	$	114
2018	9		21		2		32
2019	9		19		1		29
2020	9		14		1		24
2021	8		8		—		16
Thereafter	18		2		2		22
Total	$	66	$	83	$	88	$	237

Deferred Revenue Rollforward

The changes in our deferred revenue during the years ended December 31, 2016 and 2015 are as follows (in millions):



	Annual Listing Revenue			Original Listing Revenues			Other Listing Revenues			Data Services and Other Revenues			Total
Deferred revenue balance at January 1, 2015	$	—		$	35		$	46		$	55		$	136
Additions	358			20			29			181			588
Amortization	(358		)	(5		)	(16		)	(155		)	(534		)
Deferred revenue balance at December 31, 2015	—			50			59			81			190
Additions	363			25			71			467			926
Amortization	(363		)	(9		)	(47		)	(460		)	(879		)
Deferred revenue balance at December 31, 2016	$	—		$	66		$	83		$	88		$	237

- Definition

The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

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