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Revenues
 6 Months Ended
Jun. 30, 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 $73,039 
Contract assets – June 3073,853 67,804 
Change in contract assets – increase (decrease)4,882 (5,235)
Contract liabilities – January 1215,093 167,306 
Contract liabilities – June 30333,409 199,967 
Change in contract liabilities – increase(118,316)(32,661)
Net change$(113,434)$(37,896)
The net change for the six months ended June 30, 2021 was primarily driven by contract liabilities from the 2021 acquisitions' advance payments from customers. For the six months ended June 30, 2021 and 2020, the Company recognized revenue of $145.2 million and $105.3 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 June 30, 2021 and December 31, 2020, $39.4 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 June 30, 2021 and December 31, 2020 were $422.3 million and $300.8 million, respectively. The increase was primarily driven by the 2021 acquisitions. 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 and six months ended June 30:
Three months ended June 30, 2021Six months ended June 30, 2021
EIG
EMG
Total
EIGEMGTotal
(In thousands)
United States$495,039 $225,912 $720,951 $883,940 $436,094 $1,320,034 
International(1):
United Kingdom20,649 28,568 49,217 42,596 58,619 101,215 
European Union countries117,856 103,604 221,460 221,521 198,901 420,422 
Asia217,854 65,449 283,303 415,415 126,643 542,058 
Other foreign countries82,536 28,879 111,415 161,386 56,973 218,359 
Total international438,895 226,500 665,395 840,918 441,136 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, 2020Six months ended June 30, 2020
EIGEMGTotalEIGEMGTotal
(In thousands)
United States$338,757 $189,369 $528,126 $745,302 $424,058 $1,169,360 
International(1):
United Kingdom13,427 22,752 36,179 28,220 55,890 84,110 
European Union countries79,901 79,327 159,228 185,577 168,093 353,670 
Asia161,190 47,536 208,726 325,935 91,366 417,301 
Other foreign countries54,607 25,056 79,663 137,073 52,626 189,699 
Total international309,125 174,671 483,796 676,805 367,975 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.
Major Products and Services
The Company’s major products and services in the reportable segments were as follows:
Three months ended June 30, 2021Six months ended June 30, 2021
EIGEMGTotalEIGEMGTotal
(In thousands)
Process and analytical instrumentation$644,121 $— $644,121 $1,220,680 $— $1,220,680 
Aerospace and power289,813 126,466 416,279 504,178 248,639 752,817 
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, 2020Six months ended June 30, 2020
EIGEMGTotalEIGEMGTotal
(In thousands)
Process and analytical instrumentation$483,540 $— $483,540 $1,031,980 $— $1,031,980 
Aerospace and power164,342 104,133 268,475 390,127 231,384 621,511 
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 
Timing of Revenue Recognition
Three months ended June 30, 2021Six months ended June 30, 2021
EIG
EMG
Total
EIGEMGTotal
(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 time166,420 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, 2020Six months ended June 30, 2020
EIG
EMG
Total
EIGEMGTotal
(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 time122,714 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 
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:
Six Months Ended June 30,
20212020
(In thousands)
Balance at the beginning of the period$27,839 $27,611 
Accruals for warranties issued during the period5,964 6,874 
Settlements made during the period(6,620)(7,605)
Warranty accruals related to acquired businesses and other during the period2,169 326 
Balance at the end of the period$29,352 $27,206 
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 June 30, 2021, the Company had $754.0 million of accounts receivable, net of allowances of $12.1 million. Changes in the allowance were not material for the three and six months ended June 30, 2021.