Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Recognition

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 Segment		Fixed Income and Data Services Segment		Mortgage Technology Segment		Total Consolidated
Six Months Ended June 30, 2022:
Total revenues	$	3,247	$	1,021	$	604	$	4,872
Transaction-based expenses	1,159		—		—		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 time	891		862		334		2,087
Total revenues, less transaction-based expenses	$	2,088	$	1,021	$	604	$	3,713

	Exchanges Segment		Fixed Income and Data Services Segment		Mortgage Technology Segment		Total Consolidated
Six Months Ended June 30, 2021:
Total revenues	$	2,942	$	926	$	695	$	4,563
Transaction-based expenses	1,059		—		—		1,059
Total revenues, less transaction-based expenses	$	1,883	$	926	$	695	$	3,504
Timing of Revenue Recognition
Services transferred at a point in time	$	1,056	$	107	$	417	$	1,580
Services transferred over time	827		819		278		1,924
Total revenues, less transaction-based expenses	$	1,883	$	926	$	695	$	3,504

	Exchanges Segment		Fixed Income and Data Services Segment		Mortgage Technology Segment		Total Consolidated
Three Months Ended June 30, 2022
Total revenues	$	1,604	$	512	$	297	$	2,413
Transaction-based expenses	599		—		—		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 time	442		429		169		1,040
Total revenues, less transaction-based expenses	$	1,005	$	512	$	297	$	1,814

	Exchanges Segment		Fixed Income and Data Services Segment		Mortgage Technology Segment		Total Consolidated
Three Months Ended June 30, 2021
Total revenues	$	1,336	$	458	$	340	$	2,134
Transaction-based expenses	427		—		—		427
Total revenues, less transaction-based expenses	$	909	$	458	$	340	$	1,707
Timing of Revenue Recognition
Services transferred at a point in time	$	495	$	47	$	196	$	738
Services transferred over time	414		411		144		969
Total revenues, less transaction-based expenses	$	909	$	458	$	340	$	1,707

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,
	2022		2021		2022		2021
Exchanges Segment:
Data services revenues	$	432	$	415	$	218	$	208
Services transferred over time related to risk management of open interest performance obligations	$	139	$	125	$	63	$	59
Services transferred over time related to listings	$	260	$	233	$	131	$	119
Services transferred over time related to regulatory fees, trading permits, and software licenses	$	60	$	54	$	30	$	28
Total	$	891	$	827	$	442	$	414
Fixed Income Data Services Segment:
Data services revenues	$	843	$	806	$	421	$	407
Services transferred over time related to risk management of open interest performance obligations in our CDS business	$	19	$	13	$	8	$	4
Total	$	862	$	819	$	429	$	411
Mortgage Technology Segment:
Subscription revenues	$	312	$	258	$	159	$	134
Professional service revenues and other	$	22	$	20	$	10	$	10
Total	$	334	$	278	$	169	$	144
Total consolidated revenues transferred over time	$	2,087	$	1,924	$	1,040	$	969