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Revenues
 6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The outstanding contract asset and liability accounts were as follows:
20222021
(In thousands)
Contract assets—January 1$95,274 $68,971 
Contract assets – June 30107,902 73,853 
Change in contract assets – increase (decrease)12,628 4,882 
Contract liabilities – January 1328,816 215,093 
Contract liabilities – June 30369,926 333,409 
Change in contract liabilities – (increase) decrease(41,110)(118,316)
Net change$(28,482)$(113,434)
The net change for the six months ended June 30, 2022 was primarily driven by contract liabilities, specifically broad-based growth in advance payments from customers. For the six months ended June 30, 2022 and 2021, the Company recognized revenue of $219.3 million and $145.2 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, 2022 and December 31, 2021, $42.4 million and $30.1 million of Customer advanced payments (contract liabilities), respectively, were recorded in Other long-term liabilities in the consolidated balance sheets.
The remaining performance obligations not expected to be completed within one year as of June 30, 2022 and December 31, 2021 were $422.1 million and $342.5 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 and six months ended June 30:
Three months ended June 30, 2022Six months ended June 30, 2022
EIG
EMG
Total
EIGEMGTotal
(In thousands)
United States$551,967 $240,436 $792,403 $1,035,593 $471,813 $1,507,406 
International(1):
United Kingdom19,050 31,620 50,670 47,005 60,251 107,256 
European Union countries109,425 108,031 217,456 230,139 222,193 452,332 
Asia255,232 70,225 325,457 511,652 133,064 644,716 
Other foreign countries92,574 35,992 128,566 191,618 69,749 261,367 
Total international476,281 245,868 722,149 980,414 485,257 1,465,671 
Consolidated net sales$1,028,248 $486,304 $1,514,552 $2,016,007 $957,070 $2,973,077 
________________
(1)    Includes U.S. export sales of $394.7 million and $801.2 million for the three and six months ended June 30, 2022.

Three months ended June 30, 2021Six months ended June 30, 2021
EIGEMGTotalEIGEMGTotal
(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.
Major Products and Services
The Company’s major products and services in the reportable segments were as follows:
Three months ended June 30, 2022Six months ended June 30, 2022
EIGEMGTotalEIGEMGTotal
(In thousands)
Process and analytical instrumentation$768,261 $— $768,261 $1,460,953 $— $1,460,953 
Aerospace and power259,987 137,340 397,327 555,054 264,082 819,136 
Automation and engineered solutions— 348,964 348,964 — 692,988 692,988 
Consolidated net sales$1,028,248 $486,304 $1,514,552 $2,016,007 $957,070 $2,973,077 

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 
Timing of Revenue Recognition
Three months ended June 30, 2022Six months ended June 30, 2022
EIG
EMG
Total
EIGEMGTotal
(In thousands)
Products transferred at a point in time$839,948 $423,506 $1,263,454 $1,652,896 $836,160 $2,489,056 
Products and services transferred over time188,300 62,798 251,098 363,111 120,910 484,021 
Consolidated net sales$1,028,248 $486,304 $1,514,552 $2,016,007 $957,070 $2,973,077 

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 
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,
20222021
(In thousands)
Balance at the beginning of the period$27,478 $27,839 
Accruals for warranties issued during the period5,143 5,964 
Settlements made during the period(6,023)(6,620)
Warranty accruals related to acquired businesses and other during the period(632)2,169 
Balance at the end of the period$25,966 $29,352 
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, 2022, the Company had $885.1 million of accounts receivable, net of allowances of $11.2 million. Changes in the allowance were not material for the three and six months ended June 30, 2022.