Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2023

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 13:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
(In millions)
Non-insurance warranty – CNA Financial	$	407	$	399	$	1,221	$	1,173
Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines	$	347	$	329	$	1,083	$	1,013
Lodging and related services – Loews Hotels & Co	190		171		577		507
Total revenues from contracts with customers	537		500		1,660		1,520
Other revenues	22		33		68		87
Operating revenues and other	$	559	$	533	$	1,728	$	1,607

Receivables from contracts with customers – As of September 30, 2023 and December 31, 2022, receivables from contracts with customers were approximately $194 million and $168 million and are included within Receivables on the Consolidated Condensed Balance Sheets.

Deferred revenue – As of September 30, 2023 and December 31, 2022, deferred revenue resulting from contracts with customers was approximately $4.8 billion and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets. Approximately $905 million and $1.0 billion of revenues recognized during the nine months ended September 30, 2023 and 2022 were included in deferred revenue as of December 31, 2022 and 2021.

Performance obligations – As of September 30, 2023, approximately $14.0 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 other 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 2023, $2.6 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.