Contract Assets and Contract Liabilities (Notes)

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Contracts Assets and Liabilities

Contract Assets and Contract Liabilities

The Company reports contract assets, which are included within “Other current assets” in the Condensed Consolidated Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” in the Condensed Consolidated Balance Sheets, on a contract-by-contract net basis at the end of each reporting period. Net contract assets and contract liabilities consisted of the following:

(in millions)	June 30, 2018		January 1, 2018
Contract assets	$	53.3	$	22.1
Contract liabilities	$	78.4	$	21.1

During the six months ended June 30, 2018, contract assets and contract liabilities increased $31.2 million and $57.3 million, respectively, primarily due to the acquisition of Crane Currency.

During the three and six month periods ended June 30, 2018, the Company recognized $22.7 million and $33.5 million, respectively, related to the opening balance of contract liabilities as of January 1, 2018.

See Note 2, “Significant Accounting Policies Update” for further details.