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Revenues
 9 Months Ended
Sep. 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 $68,971 
Contract assets – September 30111,687 82,986 
Change in contract assets – increase (decrease)16,413 14,015 
Contract liabilities – January 1328,816 215,093 
Contract liabilities – September 30371,411 311,674 
Change in contract liabilities – (increase) decrease(42,595)(96,581)
Net change$(26,182)$(82,566)
The net change for the nine months ended September 30, 2022 was primarily driven by contract liabilities, specifically growth in advance payments from customers. For the nine months ended September 30, 2022 and 2021, the Company recognized revenue of $252.4 million and $179.1 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, 2022 and December 31, 2021, $39.2 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 September 30, 2022 and December 31, 2021 were $520.6 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 nine months ended September 30:
Three months ended September 30, 2022Nine months ended September 30, 2022
EIG
EMG
Total
EIGEMGTotal
(In thousands)
United States$554,048 $265,549 $819,597 $1,589,641 $737,362 $2,327,003 
International(1):
United Kingdom18,409 28,694 47,103 65,414 88,945 154,359 
European Union countries113,935 100,427 214,362 344,074 322,620 666,694 
Asia264,432 70,375 334,807 776,084 203,439 979,523 
Other foreign countries103,300 32,617 135,917 294,918 102,366 397,284 
Total international500,076 232,113 732,189 1,480,490 717,370 2,197,860 
Consolidated net sales$1,054,124 $497,662 $1,551,786 $3,070,131 $1,454,732 $4,524,863 
________________
(1)    Includes U.S. export sales of $415.4 million and $1,217.2 million for the three and nine months ended September 30, 2022.

Three months ended September 30, 2021Nine months ended September 30, 2021
EIGEMGTotalEIGEMGTotal
(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.
Major Products and Services
The Company’s major products and services in the reportable segments were as follows:
Three months ended September 30, 2022Nine months ended September 30, 2022
EIGEMGTotalEIGEMGTotal
(In thousands)
Process and analytical instrumentation$758,868 $— $758,868 $2,219,821 $— $2,219,821 
Aerospace and power295,256 143,689 438,945 850,310 407,771 1,258,081 
Automation and engineered solutions— 353,973 353,973 — 1,046,961 1,046,961 
Consolidated net sales$1,054,124 $497,662 $1,551,786 $3,070,131 $1,454,732 $4,524,863 

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 
Timing of Revenue Recognition
Three months ended September 30, 2022Nine months ended September 30, 2022
EIG
EMG
Total
EIGEMGTotal
(In thousands)
Products transferred at a point in time$869,455 $436,222 $1,305,677 $2,522,351 $1,272,382 $3,794,733 
Products and services transferred over time184,669 61,440 246,109 547,780 182,350 730,130 
Consolidated net sales$1,054,124 $497,662 $1,551,786 $3,070,131 $1,454,732 $4,524,863 

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 
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,
20222021
(In thousands)
Balance at the beginning of the period$27,478 $27,839 
Accruals for warranties issued during the period8,530 8,379 
Settlements made during the period(8,769)(9,112)
Warranty accruals related to acquired businesses and other during the period(1,080)2,227 
Balance at the end of the period$26,159 $29,333 
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, 2022, the Company had $876.5 million of accounts receivable, net of allowances of $12.0 million. Changes in the allowance were not material for the three and nine months ended September 30, 2022.