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Revenues
 9 Months Ended
Sep. 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 $73,039 
Contract assets – September 3082,986 68,157 
Change in contract assets – increase (decrease)14,015 (4,882)
Contract liabilities – January 1215,093 167,306 
Contract liabilities – September 30311,674 198,660 
Change in contract liabilities – increase(96,581)(31,354)
Net change$(82,566)$(36,236)
The net change for the nine months ended September 30, 2021 was primarily driven by contract liabilities from the 2021 acquisitions' advance payments from customers. For the nine months ended September 30, 2021 and 2020, the Company recognized revenue of $179.1 million and $120.6 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 September 30, 2021 and December 31, 2020, $24.3 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 September 30, 2021 and December 31, 2020 were $545.3 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 nine months ended September 30:
Three months ended September 30, 2021Nine months ended September 30, 2021
EIG
EMG
Total
EIGEMGTotal
(In thousands)
United States$509,075 $230,524 $739,599 $1,393,015 $666,618 $2,059,633 
International(1):
United Kingdom25,358 32,846 58,204 67,954 91,465 159,419 
European Union countries117,035 102,069 219,104 338,556 300,970 639,526 
Asia242,063 65,624 307,687 657,478 192,267 849,745 
Other foreign countries88,284 27,803 116,087 249,670 84,776 334,446 
Total international472,740 228,342 701,082 1,313,658 669,478 1,983,136 
Consolidated net sales$981,815 $458,866 $1,440,681 $2,706,673 $1,336,096 $4,042,769 
________________
(1)    Includes U.S. export sales of $391.0 million and $1,087.3 million for the three and nine months ended September 30, 2021, respectively.

Three months ended September 30, 2020Nine months ended September 30, 2020
EIGEMGTotalEIGEMGTotal
(In thousands)
United States$379,744 $198,440 $578,184 $1,125,046 $622,498 $1,747,544 
International(1):
United Kingdom11,488 28,657 40,145 39,708 84,547 124,255 
European Union countries97,028 78,851 175,879 282,605 246,944 529,549 
Asia188,254 47,496 235,750 514,189 138,862 653,051 
Other foreign countries71,858 25,126 96,984 208,931 77,752 286,683 
Total international368,628 180,130 548,758 1,045,433 548,105 1,593,538 
Consolidated net sales$748,372 $378,570 $1,126,942 $2,170,479 $1,170,603 $3,341,082 
______________
(1)    Includes U.S. export sales of $303.2 million and $866.3 million for the three and nine months ended September 30, 2020, respectively.
Major Products and Services
The Company’s major products and services in the reportable segments were as follows:
Three months ended September 30, 2021Nine months ended September 30, 2021
EIGEMGTotalEIGEMGTotal
(In thousands)
Process and analytical instrumentation$661,243 $— $661,243 $1,881,923 $— $1,881,923 
Aerospace and power320,572 130,671 451,243 824,750 379,310 1,204,060 
Automation and engineered solutions— 328,195 328,195 — 956,786 956,786 
Consolidated net sales$981,815 $458,866 $1,440,681 $2,706,673 $1,336,096 $4,042,769 
Three months ended September 30, 2020Nine months ended September 30, 2020
EIGEMGTotalEIGEMGTotal
(In thousands)
Process and analytical instrumentation$557,570 $— $557,570 $1,589,550 $— $1,589,550 
Aerospace and power190,802 116,126 306,928 580,929 347,510 928,439 
Automation and engineered solutions—262,444 262,444 — 823,093 823,093 
Consolidated net sales$748,372 $378,570 $1,126,942 $2,170,479 $1,170,603 $3,341,082 
Timing of Revenue Recognition
Three months ended September 30, 2021Nine months ended September 30, 2021
EIG
EMG
Total
EIGEMGTotal
(In thousands)
Products transferred at a point in time$791,486 $413,062 $1,204,548 $2,206,252 $1,204,662 $3,410,914 
Products and services transferred over time190,329 45,804 236,133 500,421 131,434 631,855 
Consolidated net sales$981,815 $458,866 $1,440,681 $2,706,673 $1,336,096 $4,042,769 

Three months ended September 30, 2020Nine months ended September 30, 2020
EIG
EMG
Total
EIGEMGTotal
(In thousands)
Products transferred at a point in time$603,602 $346,237 $949,839 $1,762,310 $1,049,798 $2,812,108 
Products and services transferred over time144,770 32,333 177,103 408,169 120,805 528,974 
Consolidated net sales$748,372 $378,570 $1,126,942 $2,170,479 $1,170,603 $3,341,082 
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:
Nine Months Ended September 30,
20212020
(In thousands)
Balance at the beginning of the period$27,839 $27,611 
Accruals for warranties issued during the period8,379 9,766 
Settlements made during the period(9,112)(11,513)
Warranty accruals related to acquired businesses and other during the period2,227 2,594 
Balance at the end of the period$29,333 $28,458 
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 September 30, 2021, the Company had $768.4 million of accounts receivable, net of allowances of $12.1 million. Changes in the allowance were not material for the three and nine months ended September 30, 2021.