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Revenue
 12 Months Ended
Dec. 31, 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:
(in millions) December 31,202320222021
Crane Payment Innovations
Products$758.7 $752.2 $692.2 
Services127.7 122.1 113.5 
Total Crane Payment Innovations$886.4 $874.3 $805.7 
Crane Currency Products$504.9 $465.6 $539.4 
Total Net Sales$1,391.3 $1,339.9 $1,345.1 
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, 2023, backlog was $459.8 million. We expect to recognize approximately 85% of our remaining performance obligations as revenue in 2024, 9% in 2025 and the balance thereafter.
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 and Combined Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” in our Consolidated and Combined 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 31,20232022
Contract assets$30.3 $31.8 
Contract liabilities$92.5 $93.6 
During 2023 we recognized revenue of $87.8 million related to contract liabilities as of December 31, 2022.
The business had one individually significant customer within the Crane Currency segment with net sales of $213.1 million, $231.9 million and $242.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.