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Revenue
 3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The 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 that 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. 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.
The Company's revenue recognition guidance is provided in more detail in Note 2 of the consolidated financial statements and the notes thereto included in 2020 Form 10-K for the year ended December 31, 2020.
The following schedule disaggregates components of the Company's revenue:
Three Months Ended
March 31,
(In millions)20212020
Marsh:
EMEA$837 $754 
Asia Pacific274 238 
Latin America90 91 
Total International1,201 1,083 
U.S./Canada1,124 978 
Total Marsh2,325 2,061 
Guy Carpenter895 827 
 Subtotal3,220 2,888 
Fiduciary interest income5 23 
Total Risk and Insurance Services$3,225 $2,911 
Mercer:
Wealth$623 $592 
Health487 486 
Career178 173 
Total Mercer1,288 1,251 
Oliver Wyman585 511 
Total Consulting$1,873 $1,762 

The Company recognizes commission revenue from arrangements 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 schedule provides contract assets and contract liabilities information from contracts with customers.
(In millions)March 31, 2021December 31, 2020
Contract Assets$304 $236 
Contract Liabilities$737 $676 
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. Contract assets are included in other current assets in the Company's consolidated balance sheet. Contract liabilities primarily relate to the advance consideration received from customers. Contract liabilities are included in current liabilities in the Company's consolidated balance sheet. Revenue recognized in the first three months of 2021 and 2020 that was included in the contract liability balance at the beginning of each of those years was $238 million and $289 million, respectively.
The amount of revenue recognized in the first three months of 2021 and 2020 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 $34 million and $29 million, 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 $40 million for Marsh, $169 million for Mercer and $2 million for Oliver Wyman. The Company expects revenue in 2022, 2023, 2024, 2025 and
2026 and beyond of $102 million, $72 million, $29 million, $5 million and $3 million, respectively, related to these performance obligations.