Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2021

Revenue from Contracts with Customers [Abstract]

Revenue from Contracts with Customers

8. 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 12:

Three Months Ended March 31	2021		2020
(In millions)
Non-insurance warranty - CNA Financial	$	338	$	301
Transportation and storage of natural gas and NGLs and other services - Boardwalk Pipelines		361		332
Lodging and related services - Loews Hotels & Co		56		142
Rigid plastic packaging and recycled resin – Corporate		280		256
Contract drilling – Diamond Offshore				229
Total revenues from contracts with customers		697		959
Other revenues		18		23
Operating revenues and other	$	715	$	982

Receivables from contracts with customers – As of March 31, 2021 and December 31, 2020, receivables from contracts with customers were approximately $251 million and $246 million and are included within Receivables on the Consolidated Condensed Balance Sheets.

Deferred revenue – As of March 31, 2021 and December 31, 2020, deferred revenue resulting from contracts with customers was approximately $4.2 billion and $4.1 billion and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets. Approximately $316 million and $297 million of revenues recognized during the three months ended March 31, 2021 and 2020 were included in deferred revenue as of December 31, 2020 and 2019.

Performance obligations – As of March 31, 2021, approximately $13.3 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations. The balance relates primarily to transportation and storage of natural gas and natural gas liquids and hydrocarbons (“NGLs”) services and non-insurance warranty revenue. Approximately $1.9 billion will be recognized during the remaining nine months of 2021, $2.1 billion in 2022 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control.