Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Changes to Goodwill

Changes to goodwill are as follows:

(in millions)	Crane Payment Innovations		Security and Authentication Technologies		Total
Balance as of December 31, 2023	$	626.7	$	214.5	$	841.2
Additions	—		123.1		123.1
Currency translation	(15.3)		1.4		(13.9)
Balance as of June 30, 2024	$	611.4	$	339.0	$	950.4

Summary of Intangible Assets

Changes to intangible assets are as follows:

(in millions)	Six Months Ended June 30, 2024		Year Ended December 31, 2023
Balance at beginning of period, net of accumulated amortization	$	308.9	$	344.9
Additions	159.3		—
Amortization expense	(20.2)		(35.9)
Currency translation and other	(4.4)		(0.1)
Balance at end of period, net of accumulated amortization	$	443.6	$	308.9

A summary of intangible assets are as follows:

		June 30, 2024						December 31, 2023
(in millions)	Weighted  Average Amortization Period of Finite Lived Assets (in years)	Gross Asset		Accumulated Amortization		Net		Gross Asset		Accumulated Amortization		Net
Intellectual property rights	11.3	$	66.2	$	15.0	$	51.2	$	62.2	$	15.0	$	47.2
Customer relationships and backlog	18.9	611.7		277.5		334.2		504.4		269.5		234.9
Developed Technology	6.9	63.6		22.6		41.0		26.3		21.2		5.1
Other	9.9	72.6		55.4		17.2		73.5		51.8		21.7
Total	18.0	$	814.1	$	370.5	$	443.6	$	666.4	$	357.5	$	308.9

Intangible Assets Future Amortization Expense

Future amortization expense associated with intangible assets is expected to be:

(in millions)
Remainder of 2024	$	26.4
2025	44.1
2026	43.9
2027	41.5
2028	37.6
2029 and after	204.6