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Revenues
 3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The outstanding contract asset and liability accounts were as follows:
20212020
(In thousands)
Contract assets—January 1$68,971 $73,039 
Contract assets – March 3171,415 80,796 
Change in contract assets – increase2,444 7,757 
Contract liabilities – January 1215,093 167,306 
Contract liabilities – March 31253,047 194,433 
Change in contract liabilities – increase(37,954)(27,127)
Net change$(35,510)$(19,370)
The net change for the three months ended March 31, 2021 was primarily driven by the receipt of advance payments from customers exceeding the recognition of revenue as performance obligations were satisfied. For the three months ended March 31, 2021 and 2020, the Company recognized revenue of $132.0 million and $87.4 million, respectively, that was previously included in the beginning balance of contract liabilities.
Contract assets are reported as a component of Other current assets in the consolidated balance sheet. At March 31, 2021 and December 31, 2020, $16.7 million and $20.5 million of Customer advanced payments (contract liabilities), respectively, were recorded in Other long-term liabilities in the consolidated balance sheets.
The remaining performance obligations exceeding one year as of March 31, 2021 and December 31, 2020 were $286.9 million and $300.8 million, respectively. Remaining performance obligations represent the transaction price of firm, non-cancelable orders, with expected delivery dates to customers greater than one year from the balance sheet date, for which the performance obligation is unsatisfied or partially unsatisfied. These performance obligations will be substantially satisfied within two to three years.
Geographic Areas
Net sales were attributed to geographic areas based on the location of the customer. Information about the Company’s operations in different geographic areas was as follows for the three months ended March 31:
2021
EIG
EMG
Total
(In thousands)
United States$388,901 $210,182 $599,083 
International(1):
United Kingdom21,947 30,051 51,998 
European Union countries103,665 95,297 198,962 
Asia197,561 61,194 258,755 
Other foreign countries78,850 28,094 106,944 
Total international402,023 214,636 616,659 
Consolidated net sales$790,924 $424,818 $1,215,742 
________________
(1)    Includes U.S. export sales of $331.2 million.

2020
EIGEMGTotal
(In thousands)
United States$406,545 $234,689 $641,234 
International(1):
United Kingdom14,793 33,138 47,931 
European Union countries105,676 88,766 194,442 
Asia164,745 43,830 208,575 
Other foreign countries82,466 27,570 110,036 
Total international367,680 193,304 560,984 
Consolidated net sales$774,225 $427,993 $1,202,218 
______________
(1)    Includes U.S. export sales of $305.2 million.
Major Products and Services
The Company’s major products and services in the reportable segments were as follows:
Three months ended March 31, 2021
EIGEMGTotal
(In thousands)
Process and analytical instrumentation$576,559 $— $576,559 
Aerospace and power214,365 122,173 336,538 
Automation and engineered solutions— 302,645 302,645 
Consolidated net sales$790,924 $424,818 $1,215,742 
Three months ended March 31, 2020
EIGEMGTotal
(In thousands)
Process and analytical instrumentation$548,440 $— $548,440 
Aerospace and power225,785 127,251 353,036 
Automation and engineered solutions—300,742 300,742 
Consolidated net sales$774,225 $427,993 $1,202,218 
Timing of Revenue Recognition
Three months ended March 31, 2021
EIG
EMG
Total
(In thousands)
Products transferred at a point in time$647,252 $383,031 $1,030,283 
Products and services transferred over time143,672 41,787 185,459 
Consolidated net sales$790,924 $424,818 $1,215,742 

Three months ended March 31, 2020
EIG
EMG
Total
(In thousands)
Products transferred at a point in time$633,540 $379,059 $1,012,599 
Products and services transferred over time140,685 48,934 189,619 
Consolidated net sales$774,225 $427,993 $1,202,218 
Product Warranties
The Company provides limited warranties in connection with the sale of its products. The warranty periods for products sold vary among the Company’s operations, but the majority do not exceed one year. The Company calculates its warranty expense provision based on its historical warranty experience and adjustments are made periodically to reflect actual warranty expenses. Product warranty obligations are reported as a component of Accrued liabilities and other in the consolidated balance sheet.
Changes in the accrued product warranty obligation were as follows:
Three Months Ended March 31,
20212020
(In thousands)
Balance at the beginning of the period$27,839 $27,611 
Accruals for warranties issued during the period2,780 3,252 
Settlements made during the period(3,292)(4,217)
Warranty accruals related to acquired businesses and other during the period(99)288 
Balance at the end of the period$27,228 $26,934 
Accounts Receivable
The Company maintains allowances for estimated losses resulting from the inability of customers to meet their financial obligations to the Company. The Company recognizes an allowance for credit losses, on all accounts receivable and contract assets, which considers risk of future credit losses based on factors such as historical experience, contract terms, as well as general and market business conditions, country, and political risk. Balances are written off when determined to be uncollectible.
At March 31, 2021, the Company had $678.5 million of accounts receivable, net of allowances of $12.6 million. Changes in the allowance were not material for the three months ended March 31, 2021.