Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2019

Revenue from Contract with Customer [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 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 11:


Three Months Ended March 31	2019		2018
(In millions)

Non-insurance warranty services - CNA Financial	$	281	$	238


Contract drilling - Diamond Offshore		234		296
Transportation and storage of natural gas and NGLs and other services - Boardwalk Pipeline		339		331
Lodging and related services - Loews Hotels & Co		180		183
Rigid plastic packaging and recycled resin – Corporate		214		213
Total revenues from contracts with customers		967		1,023
Other revenues		18		20
Operating revenues and other	$	985	$	1,043

Receivables from contracts with customers

– As of March 31, 2019 and December 31, 2018, receivables from contracts with customers were approximately $446 million and $434 million and are included within Receivables on the Consolidated Condensed Balance Sheets.

Deferred revenue

– As of March 31, 2019 and December 31, 2018, deferred revenue resulting from contracts with customers was approximately $3.5 billion and is reported as Deferred

non-insurance

warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets. Approximately $285 million and $268 million of revenues recognized during the three months ended March 31, 2019 and 2018 were included in deferred revenue as of December 31, 2018 and 2017.

Performance obligations

– As of March 31, 2019, approximately $13.2 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 of natural gas and NGLs at Boardwalk Pipeline and

non-insurance

warranty services at CNA. Approximately $1.9 billion will be recognized during the remaining nine months of 2019, $1.9 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 Pipeline.