Note 14— Deferred Revenue and Extended Product Warranties

Deferred revenue consists primarily of unearned revenue related to 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.

Roofing Systems Deferred Revenue

The amount of revenue recognized related to extended product warranties covering roofing systems was $4.6 million and $4.3 million for the three month periods ended June 30, 2015 and 2014, respectively, and $9.1 million and $8.5 million for the six month periods ended June 30, 2015 and 2014, respectively. Deferred revenue recognized in the Condensed Consolidated Balance Sheets includes the following related to roofing systems extended product warranty contracts:

	June 30,		December 31,
(in millions)	2015		2014
Deferred revenue
Current	$	17.6	$	17.5
Long-term	152.7		150.7

Deferred revenue liability	$	170.3	$	168.2

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

Other Deferred Revenue

Other deferred revenue recognized in the Condensed Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014, primarily related to contracts on systems sales within the Fluid Technologies segment, was as follows:

	June 30,		December 31,
(in millions)	2015		2014
Deferred revenue
Current	$	12.7	$	0.4
Long-term	0.2		0.4

Deferred revenue liability	$	12.9	$	0.8