Contract Assets and Contract Liabilities (Notes)

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

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)	March 31, 2018		January 1, 2018
Contract assets	$	46.4	$	22.1
Contract liabilities	$	48.2	$	21.1

In the first quarter of 2018, contract assets and contract liabilities increased $24.3 million and $27.1 million, respectively, primarily due to the acquisition of Crane Currency.

The Company recognized $10.8 million during the first quarter of 2018 related to the opening balance of contract liabilities as of January 1, 2018.

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