Non-Insurance Revenues from Contracts with Customers

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Non-Insurance Revenues from Contracts with Customers

Non-Insurance Revenues from Contracts with Customers

The Company had a deferred non-insurance warranty revenue balance of $4.6 billion and $4.7 billion reported under Liabilities as of March 31, 2024 and December 31, 2023. For the three months ended March 31, 2024 and 2023, the Company recognized $0.4 billion of revenues in each period that were included in the deferred revenue balance as of January 1, 2024 and 2023. For the three months ended March 31, 2024 and 2023, Non-insurance warranty revenue recognized from performance obligations related to prior periods due to a change in estimate was not material. The Company expects to recognize approximately $1.1 billion of the deferred revenue in the remainder of 2024, $1.1 billion in 2025, $0.9 billion in 2026 and $1.5 billion thereafter.