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 $18.5 million and $17.9 million for the years ended December 31, 2015 and 2014, respectively. Deferred revenue recognized in the Consolidated Balance Sheets as of December 31 includes the following related to roofing systems extended product warranty contracts:

(in millions)	2015		2014
Deferred revenue
Current	$	18.1	$	17.5
Long-term		159.7		150.7

Deferred revenue liability	$	177.8	$	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 Consolidated Balance Sheets as of December 31, primarily related to contracts within the Fluid Technologies segment, was as follows:

(in millions)	2015		2014
Deferred revenue
Current	$	5.9	$	0.4
Long-term		—		0.4

Deferred revenue liability	$	5.9	$	0.8