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 $19.5 million, $18.5 million and $17.9 million for the years ended December 31, 2016, 2015 and 2014, respectively.

The deferred revenue liability as of December 31 is summarized as follows:


(in millions)	2016		2015
Current	$	18.8	$	18.1
Long-term		172.0		159.7
Deferred revenue	$	190.8	$	177.8

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

Other Deferred Revenue

Other deferred revenue primarily relates to customer prepayments on sales within the Fluid Technologies segment. Other deferred revenue as of December 31 is summarized as follows:


(in millions)	2016		2015
Current	$	4.4	$	5.9
Long-term		-		-
Deferred revenue	$	4.4	$	5.9