Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 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 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 19:

Year Ended December 31	2022		2021		2020
(In millions)
Non-insurance warranty – CNA Financial	$	1,574	$	1,430	$	1,252
Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines	$	1,398	$	1,306	$	1,264
Lodging and related services – Loews Hotels & Co	689		419		234
Rigid plastic packaging and recycled resin – Corporate (a)			280		1,022
Contract drilling – Diamond Offshore (b)					300
Total revenues from contracts with customers	2,087		2,005		2,820
Other revenues	113		128		113
Operating revenues and other	$	2,200	$	2,133	$	2,933

(a)Revenues presented reflect the consolidated results of Altium Packaging through March 31, 2021. See Note 2 for further discussion.

(b)Revenues presented for Diamond Offshore reflects the period prior to deconsolidation. See Note 2 for further discussion.

Receivables from contracts with customers – As of December 31, 2022 and 2021, receivables from contracts with customers were approximately $168 million and $145 million and are included within Receivables on the Consolidated Balance Sheets.

Deferred revenue – As of December 31, 2022 and 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 Balance Sheets. Approximately $1.4 billion and $1.2 billion of revenues recognized during the year ended December 31, 2022 and 2021 were included in deferred revenue as of January 1, 2022 and 2021.

Contract costs – As of December 31, 2022 and 2021, the Company had approximately $3.7 billion and $3.5 billion of costs to obtain contracts with customers related to CNA for amounts paid to dealers and other agents to obtain non-insurance warranty contracts, which are reported as Deferred non-insurance warranty acquisition expenses on the Consolidated Balance Sheets. For the year ended December 31, 2022 and 2021, amortization expense of $1.2 billion and $1.1 billion is reported as Non-insurance warranty expense on the Consolidated Statement of Income. There were no adjustments to deferred costs recorded for the year ended December 31, 2022 and 2021.

Performance obligations – As of December 31, 2022, approximately $13.7 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 revenue at CNA. Approximately $2.8 billion will be recognized during 2023, $2.2 billion in 2024 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control.