Revenue

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Disaggregation of Revenues

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2023		2022		2023		2022
Crane Payment Innovations
Products	$	193.1	$	181.3	$	385.8	$	363.0
Services	32.8		30.1		63.9		59.4
Total Crane Payment Innovations	$	225.9	$	211.4	$	449.7	$	422.4
Crane Currency
Banknotes and Security Products	126.5		122.6		231.8		244.2
Total Crane Currency	$	126.5	$	122.6	231.8		244.2
Net sales	$	352.4	$	334.0	$	681.5	$	666.6

Remaining Performance Obligations

The transaction price allocated to remaining performance obligations represents the transaction price of firm orders which have not yet been fulfilled. As of June 30, 2023, our performance obligations were $485.1 million. We expect to recognize approximately 83% of our remaining performance obligations as revenue in 2023, and the remainder in 2024.

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 or indirectly to the U.S. government through subcontracts, 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 Unaudited Consolidated and Combined Condensed Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” on our Unaudited Consolidated and Combined Condensed 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, 2023		December 31, 2022
Contract assets	$	32.7	$	31.8
Contract liabilities	$	93.9	$	93.6

We recognized revenue of $29.0 million and $56.3 million during the three-and-six-months ended June 30, 2023, related to contract liabilities as of December 31, 2022.