13. REVENUES FROM CONTRACTS WITH CUSTOMERS
As further described in the Revenue Recognition section of Note 2. Basis of Presentation and Significant Accounting Policies, the Insurance Distribution businesses and a consolidated VIE have contracts that are subject to the Revenue from Contracts with Customers Topic of the ASC.
The following table presents Insurance Distribution commission revenue recognized disaggregated by policy type for the years ended December 31, 2023, 2022 and 2021 :
| | | | | | | | | | | | | | | | | |
| Year ended December 31, | 2023 | | 2022 | | 2021 |
| Employer stop loss | $ | 11 | | | $ | 9 | | | $ | 8 | |
| Affinity products | 22 | | | 19 | | | 18 | |
| Commercial auto | 12 | | | 2 | | | — | |
| Marine | 3 | | | — | | | — | |
| Professional liability | 3 | | | — | | | — | |
| Other | 1 | | | — | | | — | |
| Total | 51 | | | $ | 31 | | | $ | 26 | |
During the years ended December 31, 2023, 2022 and 2021, the amount of revenue recognized related to performance obligations satisfied in a previous period, inclusive of changes due to estimates was approximately $5, $6 and $8, respectively.
As the VIE was consolidated on December 31, 2023, revenues have not yet been recognized.
Receivables, Contract Assets and Liabilities
The balances of receivables, contract assets and contract liabilities with customers were as follows:
| | | | | | | | | | | |
| December 31, | 2023 | | 2022 |
| Receivables | $ | 10 | | | $ | 7 | |
| Contract assets | 95 | | | 5 | |
| Contract liabilities | 1 | | | 1 | |
Insurance Distribution
Contract assets represent estimated future consideration related to base commissions and profit-sharing commissions that were recognized as revenue upon the placement of the policy, but are not yet billable or collectable. The Company does not have the right to bill or collect payment on i) base commissions until the related premiums from policyholders have been collected nor ii) profit-sharing commissions until after the contract year is completed.
Contract liabilities represent advance consideration received from customers related to Employer stop loss base commissions that will be recognized over time as claims servicing is performed, which typically occurs between 17 and 20 months from contract inception. During the years ended December 31, 2023, 2022 and 2021, the Company recognized revenue that was included in the contract liability balance as of the beginning of the period of $1, $1 and $1, respectively.
Consolidated VIE
Contract assets of $87 represent future consideration related to service concession payments for already completed services that were recognized as revenue but are not yet due. There are no contract liabilities.
The change in contract assets during the year ended December 31, 2023, was primarily due to the newly consolidated VIE.