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Revenues (Tables) | 6 Months Ended
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Jun. 30, 2021
Revenue from Contract with Customer [Abstract] |
Schedule of Outstanding Contract Asset and (Liability) Accounts | The outstanding contract asset and liability accounts were as follows:
| 2021 |  | 2020
| (In thousands)
Contract assets—January 1 | $ | 68,971 |  |  | $ | 73,039 |
Contract assets – June 30 | 73,853 |  |  | 67,804 |
Change in contract assets – increase (decrease) | 4,882 |  |  | (5,235) |
Contract liabilities – January 1 | 215,093 |  |  | 167,306 |
Contract liabilities – June 30 | 333,409 |  |  | 199,967 |
Change in contract liabilities – increase | (118,316) |  |  | (32,661) |
Net change | $ | (113,434) |  |  | $ | (37,896) |
Schedule of Revenue From External Customers by Geographic Areas | Information about the Company’s operations in different geographic areas was as follows for the three and six months ended June 30:
| Three months ended June 30, 2021 |  | Six months ended June 30, 2021
| EIG |  | EMG |  | Total |  | EIG |  | EMG |  | Total
| (In thousands)
United States | $ | 495,039 |  |  | $ | 225,912 |  |  | $ | 720,951 |  |  | $ | 883,940 |  |  | $ | 436,094 |  |  | $ | 1,320,034 |
International(1): |  |  |  |  |  |  |  |  |  |  |
United Kingdom | 20,649 |  |  | 28,568 |  |  | 49,217 |  |  | 42,596 |  |  | 58,619 |  |  | 101,215 |
European Union countries | 117,856 |  |  | 103,604 |  |  | 221,460 |  |  | 221,521 |  |  | 198,901 |  |  | 420,422 |
Asia | 217,854 |  |  | 65,449 |  |  | 283,303 |  |  | 415,415 |  |  | 126,643 |  |  | 542,058 |
Other foreign countries | 82,536 |  |  | 28,879 |  |  | 111,415 |  |  | 161,386 |  |  | 56,973 |  |  | 218,359 |
Total international | 438,895 |  |  | 226,500 |  |  | 665,395 |  |  | 840,918 |  |  | 441,136 |  |  | 1,282,054 |
Consolidated net sales | $ | 933,934 |  |  | $ | 452,412 |  |  | $ | 1,386,346 |  |  | $ | 1,724,858 |  |  | $ | 877,230 |  |  | $ | 2,602,088 |
________________ (1) Includes U.S. export sales of $365.5 million and $696.4 million for the three and six months ended June 30, 2021, respectively.
| 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 $257.9 million and $563.1 million for the three and six months ended June 30, 2020, 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, 2021 |  | Six months ended June 30, 2021
| EIG |  | EMG |  | Total |  | EIG |  | EMG |  | Total
| (In thousands)
Process and analytical instrumentation | $ | 644,121 |  |  | $ | — |  |  | $ | 644,121 |  |  | $ | 1,220,680 |  |  | $ | — |  |  | $ | 1,220,680 |
Aerospace and power | 289,813 |  |  | 126,466 |  |  | 416,279 |  |  | 504,178 |  |  | 248,639 |  |  | 752,817 |
Automation and engineered solutions | — |  |  | 325,946 |  |  | 325,946 |  |  | — |  |  | 628,591 |  |  | 628,591 |
Consolidated net sales | $ | 933,934 |  |  | $ | 452,412 |  |  | $ | 1,386,346 |  |  | $ | 1,724,858 |  |  | $ | 877,230 |  |  | $ | 2,602,088 |
| 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 |
Schedule of Disaggregation of Revenue |
| Three months ended June 30, 2021 |  | Six months ended June 30, 2021
| EIG |  | EMG |  | Total |  | EIG |  | EMG |  | Total
| (In thousands)
Products transferred at a point in time | $ | 767,514 |  |  | $ | 408,569 |  |  | $ | 1,176,083 |  |  | $ | 1,414,766 |  |  | $ | 791,600 |  |  | $ | 2,206,366 |
Products and services transferred over time | 166,420 |  |  | 43,843 |  |  | 210,263 |  |  | 310,092 |  |  | 85,630 |  |  | 395,722 |
Consolidated net sales | $ | 933,934 |  |  | $ | 452,412 |  |  | $ | 1,386,346 |  |  | $ | 1,724,858 |  |  | $ | 877,230 |  |  | $ | 2,602,088 |
| 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 |
Schedule of Product Warranty Liability | Changes in the accrued product warranty obligation were as follows:
| Six Months Ended June 30,
| 2021 |  | 2020
| (In thousands)
Balance at the beginning of the period | $ | 27,839 |  |  | $ | 27,611 |
Accruals for warranties issued during the period | 5,964 |  |  | 6,874 |
Settlements made during the period | (6,620) |  |  | (7,605) |
Warranty accruals related to acquired businesses and other during the period | 2,169 |  |  | 326 |
Balance at the end of the period | $ | 29,352 |  |  | $ | 27,206 |

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- 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 + Details
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