Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2021

Revenue from Contracts with Customers [Abstract]

Revenue from Contracts with Customers

7. 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,
	2021		2020		2021		2020
(In millions)
Non-insurance warranty – CNA Financial	$	357	$	317	$	1,054	$	926
Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines		296		280		959		898
Lodging and related services – Loews Hotels & Co		129		36		279		194
Rigid plastic packaging and recycled resin – Corporate (a)				253		280		753
Contract drilling – Diamond Offshore (b)								300
Total revenues from contracts with customers		425		569		1,518		2,145
Other revenues		25		40		62		96
Operating revenues and other	$	450	$	609	$	1,580	$	2,241

(a) Revenues presented for Corporate reflect the periods prior to the deconsolidation of Altium Packaging in the second quarter of 2021. See Note 2 for further discussion.

(b) Revenues presented for Diamond Offshore reflect the period prior to its deconsolidation in the second quarter of 2020. See Note 2 for further discussion.

Receivables from contracts with customers – As of September 30, 2021 and December 31, 2020, receivables from contracts with customers were approximately $118 million and $246 million and are included within Receivables on the Consolidated Condensed Balance Sheets.

Deferred revenue – As of September 30, 2021 and December 31, 2020, deferred revenue resulting from contracts with customers was approximately $4.5 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 $916 million and $839 million of revenues recognized during the nine months ended September 30, 2021 and 2020 were included in deferred revenue as of December 31, 2020 and 2019.

Performance obligations – As of September 30, 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 $0.7 billion will be recognized during the remaining three months of 2021, $2.3 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.