Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Schedule of Disaggregation of Revenue

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 19:

	Exchanges Segment		Fixed Income and Data Services Segment		Mortgage Technology Segment		Total Consolidated
Year ended December 31, 2023
Total revenues	$	6,355	$	2,231	$	1,317	$	9,903
Transaction-based expenses	1,915		—		—		1,915
Total revenues, less transaction-based expenses	$	4,440	$	2,231	$	1,317	$	7,988
Timing of Revenue Recognition
Services transferred at a point in time	$	2,576	$	453	$	341	$	3,370
Services transferred over time	1,864		1,778		976		4,618
Total revenues, less transaction-based expenses	$	4,440	$	2,231	$	1,317	$	7,988

	Exchanges Segment		Fixed Income and Data Services Segment		Mortgage Technology Segment		Total Consolidated
Year ended December 31, 2022
Total revenues	$	6,415	$	2,092	$	1,129	$	9,636
Transaction-based expenses	2,344		—		—		2,344
Total revenues, less transaction-based expenses	$	4,071	$	2,092	$	1,129	$	7,292
Timing of Revenue Recognition
Services transferred at a point in time	$	2,307	$	370	$	455	$	3,132
Services transferred over time	1,764		1,722		674		4,160
Total revenues, less transaction-based expenses	$	4,071	$	2,092	$	1,129	$	7,292

	Exchanges Segment		Fixed Income and Data Services Segment		Mortgage Technology Segment		Total Consolidated
Year ended December 31, 2021
Total revenues	$	5,878	$	1,883	$	1,407	$	9,168
Transaction-based expenses	2,022		—		—		2,022
Total revenues, less transaction-based expenses	$	3,856	$	1,883	$	1,407	$	7,146
Timing of Revenue Recognition
Services transferred at a point in time	$	2,166	$	216	$	820	$	3,202
Services transferred over time	1,690		1,667		587		3,944
Total revenues, less transaction-based expenses	$	3,856	$	1,883	$	1,407	$	7,146

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

	Year ended December 31,
	2023		2022		2021
Exchanges Segment:
Data services revenues	$	933	$	877	$	838
Services transferred over time related to risk management of open interest performance obligations	$	312	$	262	$	260
Services transferred over time related to listings	$	497	$	515	$	479
Services transferred over time related to regulatory fees, trading permits, and software licenses	$	122	$	110	$	113
Total	$	1,864	$	1,764	$	1,690
Fixed Income Data Services Segment:
Data services revenues	$	1,747	$	1,686	$	1,639
Services transferred over time related to risk management of open interest performance obligations in our CDS business	$	31	$	36	$	28
Total	$	1,778	$	1,722	$	1,667
Mortgage Technology Segment:
Recurring revenues	$	961	$	643	$	553
Other	$	15	$	31	$	34
Total	$	976	$	674	$	587
Total consolidated revenues transferred over time	$	4,618	$	4,160	$	3,944