Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

Disaggregation of revenues – Revenue from contracts with customers, other than insurance premiums, is reported as Non-insurance warranty revenue and within Operating revenues and other on the Consolidated Condensed Statements of Operations. The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 11:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
(In millions)
Non-insurance warranty – CNA Financial	$	399	$	357	$	1,173	$	1,054
Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines	$	329	$	296	$	1,013	$	959
Lodging and related services – Loews Hotels & Co	171		129		507		279
Rigid plastic packaging and recycled resin – Corporate (a)							280
Total revenues from contracts with customers	500		425		1,520		1,518
Other revenues	33		25		87		62
Operating revenues and other	$	533	$	450	$	1,607	$	1,580

(a)Revenues presented reflect the consolidated results of Altium Packaging through March 31, 2021.

Receivables from contracts with customers – As of September 30, 2022 and December 31, 2021, receivables from contracts with customers were approximately $144 million and $145 million and are included within Receivables on the Consolidated Condensed Balance Sheets.

Deferred revenue – As of September 30, 2022 and December 31, 2021, deferred revenue resulting from contracts with customers was approximately $4.8 billion and $4.6 billion and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets. Approximately $1.0 billion and $916 million of revenues recognized during the nine months ended September 30, 2022 and 2021 were included in deferred revenue as of December 31, 2021 and 2020.

Performance obligations – As of September 30, 2022, approximately $13.4 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations. The balance relates primarily to revenues for transportation and storage services for natural gas and natural gas liquids and hydrocarbons (“NGLs”) at Boardwalk Pipelines and non-insurance warranty revenue at CNA. Approximately $0.8 billion will be recognized during the remaining three months of 2022, $2.7 billion in 2023 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control.