Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 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 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 21:

Year Ended December 31	2023		2022		2021
(In millions)
Non-insurance warranty – CNA Financial	$	1,624	$	1,574	$	1,430
Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines	$	1,582	$	1,398	$	1,306
Lodging and related services – Loews Hotels & Co	778		689		419
Rigid plastic packaging and recycled resin – Corporate (a)					280
Total revenues from contracts with customers	2,360		2,087		2,005
Other revenues	95		113		128
Operating revenues and other	$	2,455	$	2,200	$	2,133

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

Receivables from contracts with customers – As of December 31, 2023 and 2022, receivables from contracts with customers were approximately $228 million and $168 million and are included within Receivables on the Consolidated Balance Sheets.

Deferred revenue – As of December 31, 2023 and 2022, deferred revenue resulting from contracts with customers was approximately $4.8 billion for each year and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Balance Sheets. Approximately $1.4 billion of revenues recognized during each of the years ended December 31, 2023 and 2022 were included in deferred revenue as of January 1, 2023 and 2022.

Contract costs – As of each of December 31, 2023 and 2022, the Company had approximately $3.7 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 each of the years ended December 31, 2023 and 2022, amortization expense of $1.2 billion is reported as Non-insurance warranty expense on the Consolidated Statement of Operations. There were no adjustments to deferred costs recorded for the years ended December 31, 2023 and 2022.

Performance obligations – As of December 31, 2023, approximately $14.2 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 NGLs and certain ethane supply contracts at Boardwalk Pipelines and non-insurance warranty revenue at CNA. Approximately $2.8 billion will be recognized during 2024, $2.4 billion in 2025 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control.