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Revenues (Tables)

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Schedule of outstanding contract asset and (liability) accounts

The outstanding contract asset and liability accounts were as follows:

			2020						2019
			(In thousands)
Contract assets—January 1			$	73,039					$	58,266
Contract assets – June 30			67,804						82,063
Change in contract assets – (decrease) increase			(5,235)						23,797
Contract liabilities – January 1			167,306						146,162
Contract liabilities – June 30			199,967						151,447
Change in contract liabilities – increase			(32,661)						(5,285)
Net change			$	(37,896)					$	18,512

Schedule of revenue from external customers by geographic areas

Information about the Company’s operations in different geographic areas for the three and six months ended June 30, 2020 is shown below. Net sales were attributed to geographic areas based on the location of the customer.

			Three months ended June 30, 2020																														Six months ended June 30, 2020
			EIG						EMG						Total						EIG						EMG						Total
			(In thousands)
United States			$	338,757					$	189,369					$	528,126					$	745,302					$	424,058					$	1,169,360
International(1):
United Kingdom			13,427						22,752						36,179						28,220						55,890						84,110
European Union countries			79,901						79,327						159,228						185,577						168,093						353,670
Asia			161,190						47,536						208,726						325,935						91,366						417,301
Other foreign countries			54,607						25,056						79,663						137,073						52,626						189,699
Total international			309,125						174,671						483,796						676,805						367,975						1,044,780
Consolidated net sales			$	647,882					$	364,040					$	1,011,922					$	1,422,107					$	792,033					$	2,214,140

________________

(1) Includes U.S. export sales of $563.1 million and $868.4 million for the three and six months ended June 30, 2020, respectively.

Information about the Company’s operations in different geographic areas for the three and six months ended June 30, 2019 is shown below. Net sales were attributed to geographic areas based on the location of the customer.

			Three months ended June 30, 2019																														Six months ended June 30, 2019
			EIG						EMG						Total						EIG						EMG						Total
			(In thousands)
United States			$	425,543					$	250,904					$	676,447					$	828,935					$	511,658					$	1,340,593
International(1):
United Kingdom			12,920						32,450						45,370						28,347						66,338						94,685
European Union countries			100,835						103,362						204,197						203,620						209,781						413,401
Asia			185,287						48,577						233,864						379,134						95,688						474,822
Other foreign countries			95,662						33,872						129,534						187,122						66,480						253,602
Total international			394,704						218,261						612,965						798,223						438,287						1,236,510
Consolidated net sales			$	820,247					$	469,165					$	1,289,412					$	1,627,158					$	949,945					$	2,577,103

______________

(1) Includes U.S. export sales of $322.1 million and $647.5 million for the three and six months ended June 30, 2019, respectively.

Schedule of revenue from external customers by products and services

The Company’s major products and services in the reportable segments were as follows:

			Three months ended June 30, 2020																														Six months ended June 30, 2020
			EIG						EMG						Total						EIG						EMG						Total
			(In thousands)
Process and analytical instrumentation			$	483,540					$	—					$	483,540					$	1,031,980					$	—					$	1,031,980
Aerospace and power			164,342						104,133						268,475						390,127						231,384						621,511
Automation and engineered solutions			—						259,907						259,907						—						560,649						560,649
Consolidated net sales			$	647,882					$	364,040					$	1,011,922					$	1,422,107					$	792,033					$	2,214,140

			Three months ended June 30, 2019																														Six months ended June 30, 2019
			EIG						EMG						Total						EIG						EMG						Total
			(In thousands)
Process and analytical instrumentation			$	583,938					$	—					$	583,938					$	1,161,278					$	—					$	1,161,278
Aerospace and power			236,309						120,392						356,701						465,880						239,270						705,150
Automation and engineered solutions			—						348,773						348,773						—						710,675						710,675
Consolidated net sales			$	820,247					$	469,165					$	1,289,412					$	1,627,158					$	949,945					$	2,577,103

Schedule of disaggregation of revenue

			Three months ended June 30, 2020																														Six months ended June 30, 2020
			EIG						EMG						Total						EIG						EMG						Total
			(In thousands)
Products transferred at a point in time			$	525,168					$	324,502					$	849,670					$	1,158,708					$	703,561					$	1,862,269
Products and services transferred over time			122,714						39,538						162,252						263,399						88,472						351,871
Consolidated net sales			$	647,882					$	364,040					$	1,011,922					$	1,422,107					$	792,033					$	2,214,140

			Three months ended June 30, 2019																														Six months ended June 30, 2019
			EIG						EMG						Total						EIG						EMG						Total
			(In thousands)
Products transferred at a point in time			$	654,155					$	434,175					$	1,088,330					$	1,331,988					$	869,780					$	2,201,768
Products and services transferred over time			166,092						34,990						201,082						295,170						80,165						375,335
Consolidated net sales			$	820,247					$	469,165					$	1,289,412					$	1,627,158					$	949,945					$	2,577,103

Schedule of product warranty liability

Changes in the accrued product warranty obligation were as follows:

			Six Months Ended June 30,
			2020						2019
			(In thousands)
Balance at the beginning of the period			$	27,611					$	23,482
Accruals for warranties issued during the period			6,874						8,196
Settlements made during the period			(7,605)						(9,275)
Warranty accruals related to acquired businesses and other during the period			326						(89)
Balance at the end of the period			$	27,206					$	22,314

X

- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
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Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue.

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Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability.

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