Product Warranties

9 Months Ended

Sep. 30, 2013

Product Warranties

Product Warranties

Note 17—Product Warranties

The Company offers various warranty programs on its products, primarily installed roofing systems, braking products, tires and wheels, aerospace cables and assemblies, and foodservice equipment. The change in the Company’s aggregate product warranty liabilities, including accrued costs and loss reserves associated with extended product warranties, for the period ended September 30, 2013 is as follows:

(in millions)	2013
December 31, 2012 reserve	$	16.9
Current year provision	12.5
Current year claims	(13.6		)
September 30, 2013 reserve	$	15.8

The Company also offers separately priced extended warranty contracts on sales of certain products, the most significant being those offered on its installed roofing systems within the Construction Materials segment.  The amount of revenue recognized due to extended product warranty revenues was $4.4 million and $4.5 million for the three months ended September 30, 2013 and 2012, respectively and $12.9 million and $12.8 million for the nine months ended September 30, 2013 and 2012, respectively.

Product warranty deferred revenue as of September 30, 2013 and December 31, 2012 was as follows:

	September 30,		December 31,
(in millions)	2013		2012
Deferred revenue
Current	$	16.7	$	16.8
Long-term	140.7		135.4
Deferred revenue liability	$	157.4	$	152.2

In addition to deferred revenue related to extended warranty contracts, current Deferred revenue includes $0.4 million and $0.8 million as of September 30, 2013 and December 31, 2012, respectively, related primarily to contracts on brake pads.