Revenue
Disaggregation of Revenues
The following table presents net sales disaggregated by product line for each segment:
| | | | | | | | | | | | | | | | | | | | |
| (in millions) December 31, | | 2025 | | 2024 | | 2023 |
| Crane Payment Innovations | | | | | | |
| Products | | $ | 709.4 | | | $ | 739.9 | | | $ | 758.7 | |
| Services | | 137.2 | | | 133.3 | | | 127.7 | |
| Total Crane Payment Innovations | $ | 846.6 | | | $ | 873.2 | | | $ | 886.4 | |
| | | | | | |
| Security and Authentication Technologies | | | | | | |
| Banknotes and Security Products | | $ | 592.4 | | | $ | 521.9 | | | $ | 500.4 | |
| Authentication Products and Solutions | | 217.7 | | 91.7 | | 4.5 |
| Total Security and Authentication Technologies | | $ | 810.1 | | | $ | 613.6 | | | $ | 504.9 | |
| Total Net Sales | $ | 1,656.7 | | | $ | 1,486.8 | | | $ | 1,391.3 | |
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, 2025, backlog was $492.8 million. We expect to recognize approximately 98% of our remaining performance obligations as revenue in 2026 and 2% in 2027.
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, and certain international government contracts, 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”, current contract liabilities, which are included within “Accrued liabilities” and long-term contract liabilities, which are included within “Other liabilities” on our 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) December 31, | 2025 | | 2024 | | | | |
| Contract assets | $ | 56.1 | | | $ | 37.8 | | | | | |
| Contract liabilities | $ | 87.3 | | | $ | 71.4 | | | | | |
| Long-term contract liabilities | $ | 17.0 | | | $ | 13.5 | | | | | |
During 2025 we recognized revenue of $66.6 million related to contract liabilities as of December 31, 2024.
The business had one individually significant customer within the Security and Authentication Technologies segment with net sales of $210.7 million, $209.2 million and $213.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.