Note 14—Deferred Revenue

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 $4.9 million and $4.7 million for the three month periods ended September 30, 2016 and 2015, respectively, and $14.5 million and $13.8 million for the nine month periods ended September 30, 2016 and 2015, respectively.

Deferred revenue is summarized as follows:


	September 30,		December 31,
(in millions)	2016		2015
Current	$	18.4	$	18.1
Long-term		167.2		159.7
Deferred revenue	$	185.6	$	177.8

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 primarily relates to customer prepayment on sales within the Fluid Technologies segment. Other deferred revenue is summarized as follows:


	September 30,		December 31,
(in millions)	2016		2015
Current	$	5.5	$	5.9
Long-term		-		-
Deferred revenue	$	5.5	$	5.9