Deferred Revenue and Extended Product Warranty

9 Months Ended

Sep. 30, 2017

Deferred Revenue Disclosure [Abstract]

Deferred Revenue and Extended Product Warranty

Deferred Revenue and Extended Product Warranty

Deferred revenue consists primarily of unearned revenue related to separately priced extended product warranty contracts on sales of certain products, the most significant being those offered on the installed roofing systems within the Construction Materials segment. Other deferred revenue relates to customer prepayments on sales within the Fluid Technologies segment.

Deferred revenue related to our separately priced extended warranty contracts recognized in the Condensed Consolidated Statements of Earnings were as follows:

(in millions)	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Extended product warranty contracts amortization	$	5.0	$	4.9	$	15.0	$	14.5

Deferred revenue included in the Condensed Consolidated Balance Sheets were as follows: 

(in millions)	September 30, 2017		December 31, 2016
Extended product warranty contracts - current	$	19.2	$	18.8
Customer prepayments - current	10.1		4.4
Extended product warranty contracts - long-term	182.4		172.0
Deferred revenue	$	211.7	$	195.2

Expected costs of services to be performed under our roofing systems extended product warranty contracts are actuarially determined.  Any expected costs in excess of deferred revenue are recognized within accrued expenses.