Revenue

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Disaggregation of Revenues

The following table presents net sales disaggregated by product line for each segment:

(in millions) December 31,	2024		2023		2022
Crane Payment Innovations
Products	$	739.9	$	758.7	$	752.2
Services	133.3		127.7		122.1
Total Crane Payment Innovations	$	873.2	$	886.4	$	874.3
Security and Authentication Technologies
Banknotes and Security Products	521.9		500.4		461.0
Authentication Products and Solutions	91.7		4.5		4.6
Total Security and Authentication Technologies	$	613.6	$	504.9	$	465.6
Total Net Sales	$	1,486.8	$	1,391.3	$	1,339.9

Remaining Performance Obligations

The transaction price allocated to remaining performance obligations represents the transaction price of firm orders which have not yet been fulfilled, which we also refer to as total backlog. As of December 31, 2024, backlog was $394.1 million. We expect to recognize approximately 90% of our remaining performance obligations as revenue in 2025 and 10% in 2026.

Contract Assets and Contract Liabilities

Contract assets represent unbilled amounts that typically arise from contracts for customized products or contracts for products sold directly to the U.S. government, where revenue recognized using the cost-to-cost method exceeds the amount billed to the customer. Contract assets are assessed for impairment and recorded at their net realizable value. Contract liabilities represent advance payments from customers. Revenue related to contract liabilities is recognized when control is transferred to the customer. We report contract assets, which are included within “Other current assets” in our Consolidated Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” and “Other liabilities” in our Consolidated Balance Sheets, on a contract-by-contract net basis at the end of each reporting period. Net contract assets and contract liabilities were as follows:

(in millions) December 31,	2024		2023
Contract assets	$	37.8	$	30.3
Contract liabilities	$	71.4	$	92.5
Long-term contract liabilities	$	13.5	$	—

During 2024 we recognized revenue of $80.0 million related to contract liabilities as of December 31, 2023.

The business had one individually significant customer within the Security and Authentication Technologies segment with net sales of $209.2 million, $213.1 million and $231.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.