Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

9. 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 Income. 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 13:

		Three Months Ended				Six Months Ended
	June 30,					June 30,
		2019		2018		2019		2018
(In millions)
Non-insurance warranty services – CNA Financial		$	285	$	248	$	566	$	486
Contract drilling – Diamond Offshore			216		268		450		564
Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines			321		281		660		612
Lodging and related services – Loews Hotels & Co			185		200		365		383
Rigid plastic packaging and recycled resin – Corporate			223		216		437		429
Total revenues from contracts with customers			945		965		1,912		1,988
Other revenues			16		14		34		34
Operating revenues and other		$	961	$	979	$	1,946	$	2,022

Receivables from contracts with customers – As of June 30, 2019 and December 31, 2018, receivables from contracts with customers were approximately $400 million and $434 million and are included within Receivables on the Consolidated Condensed Balance Sheets.

Deferred revenue – As of June 30, 2019 and December 31, 2018, deferred revenue resulting from contracts with customers was approximately $3.7 billion and $3.5 billion and is primarily related to Deferred non-insurance warranty revenue as reported on the Consolidated Condensed Balance Sheets. Approximately $533 million and $473 million of revenues recognized during the six months ended June 30, 2019 and 2018 were included in deferred revenue as of December 31, 2018 and 2017.

Performance obligations – As of June 30, 2019, approximately $13.1 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 of natural gas and NGLs at Boardwalk Pipelines and non-insurance warranty services at CNA. Approximately $1.1 billion will be recognized during the remaining six months of 2019, $2.0 billion in 2020 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control. The Company has elected to exclude variable consideration related entirely to wholly unsatisfied performance obligations and contracts where revenue is recognized based upon the right to invoice the customer. Therefore, the estimated operating revenues exclude contract drilling dayrate revenue at Diamond Offshore and interruptible service contract revenue at Boardwalk Pipelines.