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Revenue
 6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue RevenueThe core principle of the revenue recognition guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
To achieve this principle, the entity applies the following steps: identify the contract(s) with the customer, identify the performance obligations in the contract(s), determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the entity satisfies a performance obligation. In accordance with accounting guidance, a performance obligation is satisfied either at a “point in time” or “over time” depending on the nature of the product or service provided, and the specific terms of the contract with customers.
Other revenue included in the consolidated statements of income that is not from contracts with customers is less than 2% of total revenue, and therefore, is not presented as a separate line item.
The Company's revenue recognition guidance is provided in more detail in Note 2, Revenue, in the Form 10-K for the year ended December 31, 2021.
The following table disaggregates components of the Company's revenue:
Three Months Ended
June 30,		Six Months Ended
June 30,
(In millions)2022202120222021
Marsh:
EMEA$745 $796 $1,587 $1,633 
Asia Pacific382 347 703 621 
Latin America118 103 222 193 
Total International1,245 1,246 2,512 2,447 
U.S./Canada1,533 1,404 2,812 2,528 
Total Marsh2,778 2,650 5,324 4,975 
Guy Carpenter522 488 1,521 1,383 
 Subtotal3,300 3,138 6,845 6,358 
Fiduciary interest income13 3 17 8 
Total Risk and Insurance Services$3,313 $3,141 $6,862 $6,366 
Mercer:
Wealth$597 $625 $1,214 $1,248 
Health587 462 1,111 949 
Career205 187 407 365 
Total Mercer1,389 1,274 2,732 2,562 
Oliver Wyman Group695 618 1,362 1,203 
Total Consulting$2,084 $1,892 $4,094 $3,765 
The Company recognizes commission revenue for a significant portion of its brokerage arrangements at a point in time on the effective date of the underlying policy. Commission revenue is estimated using historical information about the risks to be covered over the policy period, some of which are dependent on variable factors such as number of employees covered, covered payroll, airline passenger miles flown, shipped tonnage of marine cargo and others.
The following table provides contract assets and contract liabilities information from contracts with customers:
(In millions)June 30, 2022December 31, 2021
Contract assets$381 $290 
Contract liabilities$831 $776 
The Company records accounts receivable when the right to consideration is unconditional, subject only to the passage of time. Contract assets primarily relate to quota share reinsurance brokerage and contingent insurer revenue. The Company does not have the right to bill and collect revenue for quota share brokerage until the underlying policies written by the ceding insurer attach to the treaty. Estimated contingent insurer revenue related to achievement of volume or loss ratio metrics cannot be billed or collected until all related policy placements are completed and the contingency is resolved. Contract assets are included in other current assets in the Company's consolidated balance sheets. Contract liabilities primarily relate to the advance consideration received from customers. Contract liabilities are included in current liabilities in the Company's consolidated balance sheets. Revenue recognized in the three and six months ended June 30, 2022 that was included in the contract liability
balance at the beginning of each of those periods was $174 million and $454 million, respectively, compared to revenue recognized of $142 million and $380 million for the same periods in the prior year.
The amount of revenue recognized in the three and six months ended June 30, 2022 from performance obligations satisfied in previous periods, mainly due to variable consideration from contracts with insurers, quota share business and consulting contracts previously considered constrained was $37 million and $61 million, respectively, and $38 million and $72 million for the three and six months ended June 30, 2021, respectively.
The Company applies the practical expedient and does not disclose the value of unsatisfied performance obligations for (1) contracts with original contract terms of one year or less and (2) contracts where the Company has the right to invoice for services performed. The revenue expected to be recognized in future periods during the non-cancellable term of existing contracts greater than one year that is related to performance obligations that are unsatisfied or partially satisfied at the end of the reporting period is approximately $185 million, primarily related to Mercer. The Company expects revenue in 2023, 2024, 2025, 2026 and 2027 and beyond of $80 million, $55 million, $28 million, $15 million and $7 million, respectively, related to these performance obligations.