v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
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 EndedSix Months Ended
June 30, June 30,
(in millions)2026202520262025
Security and Authentication Technologies
Banknotes and Security Products$165.5 $143.5 $305.9 $236.9 
Authentication Products and Solutions61.2 49.5 113.6 83.5 
Total Security and Authentication Technologies$226.7 $193.0 $419.5 $320.4 
Detection and Traceability Technologies
Detection and Inspection Products and Solutions$215.3 $177.1 $375.4 $347.0 
Services51.2 34.3 86.0 67.3 
Total Detection and Traceability Technologies$266.5 $211.4 $461.4 $414.3 
Net sales$493.2 $404.4 $880.9 $734.7 
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, 2026, our performance obligations were $755.5 million. We expect to recognize approximately 59% of our remaining performance obligations as revenue in 2026, approximately 40% in 2027 and substantially all the remaining obligations in 2028.
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 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 presented separately as “Contract liabilities” and long-term contract liabilities, which are included within “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)June 30, 2026December 31, 2025
Contract assets$54.8 $56.1 
Current contract liabilities$158.7 $87.3 
Long-term contract liabilities$24.9 $17.0 
We recognized revenue of $25.7 million and $54.2 million during the three-and-six months ended June 30, 2026, related to contract liabilities as of December 31, 2025.