Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

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:


	Trading and Clearing Segment		Data and Listings Segment		Total Consolidated
Nine Months Ended September 30, 2020:
Transaction and clearing, net	$	3,726	$	—	$	3,726
Data services	—		1,727		1,727
Listings	—		334		334
Other revenues	224		—		224
Total revenues	3,950		2,061		6,011
Transaction-based expenses	1,646		—		1,646
Total revenues, less transaction-based expenses	$	2,304	$	2,061	$	4,365

Timing of Revenue Recognition
Services transferred at a point in time	$	1,982	$	—	$	1,982
Services transferred over time	322		2,061		2,383
Total revenues, less transaction-based expenses	$	2,304	$	2,061	$	4,365


	Trading and Clearing Segment		Data and Listings Segment		Total Consolidated
Nine Months Ended September 30, 2019:
Transaction and clearing, net	$	2,698	$	—	$	2,698
Data services	—		1,652		1,652
Listings	—		336		336
Other revenues	194		—		194
Total revenues	2,892		1,988		4,880
Transaction-based expenses	976		—		976
Total revenues, less transaction-based expenses	$	1,916	$	1,988	$	3,904

Timing of Revenue Recognition
Services transferred at a point in time	$	1,653	$	—	$	1,653
Services transferred over time	263		1,988		2,251
Total revenues, less transaction-based expenses	$	1,916	$	1,988	$	3,904


	Trading and Clearing Segment		Data and Listings Segment		Total Consolidated
Three Months Ended September 30, 2020:
Transaction and clearing, net	$	1,155	$	—	$	1,155
Data services	—		589		589
Listings	—		111		111
Other revenues	75		—		75
Total revenues	1,230		700		1,930
Transaction-based expenses	519		—		519
Total revenues, less transaction-based expenses	$	711	$	700	$	1,411

Timing of Revenue Recognition
Services transferred at a point in time	$	595	$	—	$	595
Services transferred over time	116		700		816
Total revenues, less transaction-based expenses	$	711	$	700	$	1,411


	Trading and Clearing Segment		Data and Listings Segment		Total Consolidated
Three Months Ended September 30, 2019:
Transaction and clearing, net	$	929	$	—	$	929
Data services	—		553		553
Listings	—		114		114
Other revenues	67		—		67
Total revenues	996		667		1,663
Transaction-based expenses	327		—		327
Total revenues, less transaction-based expenses	$	669	$	667	$	1,336

Timing of Revenue Recognition
Services transferred at a point in time	$	578	$	—	$	578
Services transferred over time	91		667		758
Total revenues, less transaction-based expenses	$	669	$	667	$	1,336