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Revenue
 3 Months Ended
Mar. 31, 2025
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)20252024
Crane Payment Innovations
Products$169.9 $176.4 
Services33.0 32.6 
Total Crane Payment Innovations$202.9 $209.0 
Security and Authentication Technologies
Banknotes and Security Products$93.4 $103.4 
Authentication Products and Solutions34.0 1.2 
Total Security and Authentication Technologies$127.4 $104.6 
Net sales$330.3 $313.6 

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 March 31, 2025, our performance obligations were $547.8 million. We expect to recognize approximately 76% of our remaining performance obligations as revenue in 2025, and 24% 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 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 Condensed Consolidated Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” and “Other liabilities” on our Unaudited 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, 2025December 31, 2024
Contract assets$41.6 $37.8 
Current contract liabilities$87.4 $71.4 
Long-term contract liabilities$13.2 $13.5 
We recognized revenue of $24.5 million during the three months ended March 31, 2025, related to contract liabilities as of December 31, 2024.