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Revenues (Tables)

12 Months Ended

Dec. 31, 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 – December 31			119,741						95,274
Change in contract assets – increase			24,467						26,303
Contract liabilities – January 1			328,816						215,093
Contract liabilities – December 31			398,692						328,816
Change in contract liabilities – (increase)			(69,876)						(113,723)
Net change			$	(45,409)					$	(87,420)

Revenue from External Customers by Geographic Areas

Information about the Company’s operations in different geographic areas was as follows for the year ended December 31:

			2022
			EIG						EMG						Total
			(In thousands)
United States			$	2,171,684					$	982,579					$	3,154,263
International(1):
United Kingdom			92,668						117,788						210,456
European Union countries			510,052						420,756						930,808
Asia			1,050,843						266,011						1,316,854
Other foreign countries			404,106						134,043						538,149
Total international			2,057,669						938,598						2,996,267
Consolidated net sales			$	4,229,353					$	1,921,177					$	6,150,530

_________________

(1)Includes U.S. export sales of $1,688.7 million.

			2021
			EIG						EMG						Total
			(In thousands)
United States			$	1,910,203					$	890,737					$	2,800,940
International(1):
United Kingdom			96,206						121,290						217,496
European Union countries			482,426						403,890						886,316
Asia			927,027						254,370						1,181,397
Other foreign countries			347,896						112,469						460,365
Total international			1,853,555						892,019						2,745,574
Consolidated net sales			$	3,763,758					$	1,782,756					$	5,546,514

_________________

(1)Includes U.S. export sales of $1,475.6 million.

			2020
			EIG						EMG						Total
			(In thousands)
United States			$	1,513,967					$	816,159					$	2,330,126
International(1):
United Kingdom			54,158						117,469						171,627
European Union countries			371,884						324,203						696,087
Asia			769,532						189,987						959,519
Other foreign countries			280,387						102,283						382,670
Total international			1,475,961						733,942						2,209,903
Consolidated net sales			$	2,989,928					$	1,550,101					$	4,540,029

_________________

(1)Includes U.S. export sales of $1,196.4 million

Revenue from External Customers by Products and Services

The Company’s major products and services in the reportable segments were as follows for the year ended December 31:

			2022
			EIG						EMG						Total
			(In thousands)
Process and analytical instrumentation			$	3,061,263					$	—					$	3,061,263
Aerospace and power			1,168,090						549,735						1,717,825
Automation and engineered solutions			—						1,371,442						1,371,442
Consolidated net sales			$	4,229,353					$	1,921,177					$	6,150,530

			2021
			EIG						EMG						Total
			(In thousands)
Process and analytical instrumentation			$	2,627,476					$	—					$	2,627,476
Aerospace and power			1,136,282						506,925						1,643,207
Automation and engineered solutions			—						1,275,831						1,275,831
Consolidated net sales			$	3,763,758					$	1,782,756					$	5,546,514

			2020
			EIG						EMG						Total
			(In thousands)
Process and analytical instrumentation			$	2,199,167					$	—					$	2,199,167
Aerospace and power			790,761						466,343						1,257,104
Automation and engineered solutions			—						1,083,758						1,083,758
Consolidated net sales			$	2,989,928					$	1,550,101					$	4,540,029

Schedule of Disaggregation of Revenue

The Company’s timing of revenue recognition was as follows for the year ended December 31:

			2022
			EIG						EMG						Total
			(In thousands)
Products transferred at a point in time			$	3,471,118					$	1,680,558					$	5,151,676
Products and services transferred over time			758,235						240,619						998,854
Consolidated net sales			$	4,229,353					$	1,921,177					$	6,150,530

			2021
			EIG						EMG						Total
			(In thousands)
Products transferred at a point in time			$	3,048,819					$	1,596,911					$	4,645,730
Products and services transferred over time			714,939						185,845						900,784
Consolidated net sales			$	3,763,758					$	1,782,756					$	5,546,514

			2020
			EIG						EMG						Total
			(In thousands)
Products transferred at a point in time			$	2,427,254					$	1,390,574					$	3,817,828
Products and services transferred over time			562,674						159,527						722,201
Consolidated net sales			$	2,989,928					$	1,550,101					$	4,540,029

Schedule of Product Warranty Liability

Changes in the accrued product warranty obligation were as follows:

			2022						2021						2020
			(In thousands)
Balance at the beginning of the year			$	27,478					$	27,839					$	27,611
Accruals for warranties issued during the year			11,414						11,518						12,000
Settlements made during the year			(11,835)						(13,669)						(14,602)
Warranty accruals related to acquired businesses and other during the year			(570)						1,790						2,830
Balance at the end of the year			$	26,487					$	27,478					$	27,839

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

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-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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