Revenue

3 Months Ended

Mar. 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:

	Three Months Ended
	March 31,
(in millions)	2024		2023
Crane Payment Innovations
Products	$	176.4	$	192.7
Services	32.6		31.1
Total Crane Payment Innovations	$	209.0	$	223.8
Crane Currency Products	$	104.6	$	105.3
Net sales	$	313.6	$	329.1

Remaining Performance Obligations

The transaction price allocated to remaining performance obligations represents the transaction price of firm orders which have not yet been fulfilled. As of March 31, 2024, our performance obligations were $422.0 million. We expect to recognize approximately 83% of our remaining performance obligations as revenue in 2024, 11% 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 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 Condensed Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” and “Other liabilities” on our Unaudited Consolidated and 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)	March 31, 2024		December 31, 2023
Contract assets	$	41.7	$	30.3
Contract liabilities	$	86.3	$	92.5

We recognized revenue of $27.7 million during the three months ended March 31, 2024, related to contract liabilities as of December 31, 2023.