Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2023

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:


	Exchanges Segment		Fixed Income and Data Services Segment		Mortgage Technology Segment		Total Consolidated
Nine Months Ended September 30, 2023:
Total revenues	$	4,754	$	1,668	$	815	$	7,237
Transaction-based expenses	1,450		—		—		1,450
Total revenues, less transaction-based expenses	$	3,304	$	1,668	$	815	$	5,787

Timing of Revenue Recognition
Services transferred at a point in time	$	1,902	$	343	$	240	$	2,485
Services transferred over time	1,402		1,325		575		3,302
Total revenues, less transaction-based expenses	$	3,304	$	1,668	$	815	$	5,787


	Exchanges Segment		Fixed Income and Data Services Segment		Mortgage Technology Segment		Total Consolidated
Three Months Ended September 30, 2023:
Total revenues	$	1,540	$	559	$	330	$	2,429
Transaction-based expenses	426		—		—		426
Total revenues, less transaction-based expenses	$	1,114	$	559	$	330	$	2,003

Timing of Revenue Recognition
Services transferred at a point in time	$	639	$	114	$	92	$	845
Services transferred over time	475		445		238		1,158
Total revenues, less transaction-based expenses	$	1,114	$	559	$	330	$	2,003


	Exchanges Segment		Fixed Income and Data Services Segment		Mortgage Technology Segment		Total Consolidated
Nine Months Ended September 30, 2022:
Total revenues	$	4,824	$	1,555	$	880	$	7,259
Transaction-based expenses	1,735		—		—		1,735
Total revenues, less transaction-based expenses	$	3,089	$	1,555	$	880	$	5,524

Timing of Revenue Recognition
Services transferred at a point in time	$	1,760	$	263	$	374	$	2,397
Services transferred over time	1,329		1,292		506		3,127
Total revenues, less transaction-based expenses	$	3,089	$	1,555	$	880	$	5,524


	Exchanges Segment		Fixed Income and Data Services Segment		Mortgage Technology Segment		Total Consolidated
Three Months Ended September 30, 2022:
Total revenues	$	1,577	$	534	$	276	$	2,387
Transaction-based expenses	576		$	—	$	—	576
Total revenues, less transaction-based expenses	$	1,001	$	534	$	276	$	1,811

Timing of Revenue Recognition
Services transferred at a point in time	$	563	$	104	$	104	$	771
Services transferred over time	438		430		172		1,040
Total revenues, less transaction-based expenses	$	1,001	$	534	$	276	$	1,811

The components of services transferred over time for each of our segments are as follows:


	Nine Months Ended September 30,				Three Months Ended September 30,
	2023		2022		2023		2022
Exchanges Segment:
Data services revenues	$	699	$	651	$	236	$	219
Services transferred over time related to risk management of open interest performance obligations	229		201		78		62
Services transferred over time related to listings	376		388		124		128
Services transferred over time related to regulatory fees, trading permits, and software licenses	98		89		37		29
Total	$	1,402	$	1,329	$	475	$	438

Fixed Income Data Services Segment:
Data services revenues	$	1,300	$	1,263	$	436	$	420
Services transferred over time related to risk management of open interest performance obligations in our CDS business	25		29		9		10
Total	$	1,325	$	1,292	$	445	$	430

Mortgage Technology Segment:
Recurring revenues	$	564	$	479	$	235	$	163
Other	11		27		3		9
Total	$	575	$	506	$	238	$	172

Total consolidated revenues transferred over time	$	3,302	$	3,127	$	1,158	$	1,040