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Revenues (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Outstanding Contract Asset and (Liability) Accounts

The outstanding contract asset and liability accounts were as follows:

			2022						2021
			(In thousands)
Contract assets—January 1			$	95,274					$	68,971
Contract assets – June 30			107,902						73,853
Change in contract assets – increase (decrease)			12,628						4,882
Contract liabilities – January 1			328,816						215,093
Contract liabilities – June 30			369,926						333,409
Change in contract liabilities – (increase) decrease			(41,110)						(118,316)
Net change			$	(28,482)					$	(113,434)

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, 2022																		Six months ended June 30, 2022
			EIG						EMG						Total						EIG						EMG						Total
			(In thousands)
United States			$	551,967					$	240,436					$	792,403					$	1,035,593					$	471,813					$	1,507,406
International(1):
United Kingdom			19,050						31,620						50,670						47,005						60,251						107,256
European Union countries			109,425						108,031						217,456						230,139						222,193						452,332
Asia			255,232						70,225						325,457						511,652						133,064						644,716
Other foreign countries			92,574						35,992						128,566						191,618						69,749						261,367
Total international			476,281						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, 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.

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, 2022																		Six months ended June 30, 2022
			EIG						EMG						Total						EIG						EMG						Total
			(In thousands)
Process and analytical instrumentation			$	768,261					$	—					$	768,261					$	1,460,953					$	—					$	1,460,953
Aerospace and power			259,987						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, 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

Schedule of Disaggregation of Revenue

			Three months ended June 30, 2022																		Six months ended June 30, 2022
			EIG						EMG						Total						EIG						EMG						Total
			(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 time			188,300						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, 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

Schedule of Product Warranty Liability

Changes in the accrued product warranty obligation were as follows:

			Six Months Ended June 30,
			2022						2021
			(In thousands)
Balance at the beginning of the period			$	27,478					$	27,839
Accruals for warranties issued during the period			5,143						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

X

- 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
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Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue.

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Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability.

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