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v3.23.1

Revenues (Tables) | 3 Months Ended
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Mar. 31, 2023
Revenue from Contract with Customer [Abstract] |
Schedule of Outstanding Contract Asset and (Liability) Accounts | The outstanding contract asset and liability accounts were as follows:
| 2023 |  | 2022
| (In thousands)
Contract assets—January 1 | $ | 119,741 |  |  | $ | 95,274 |
Contract assets – March 31 | 127,412 |  |  | 102,703 |
Change in contract assets – increase (decrease) | 7,671 |  |  | 7,429 |
Contract liabilities – January 1 | 398,692 |  |  | 328,816 |
Contract liabilities – March 31 | 432,695 |  |  | 351,053 |
Change in contract liabilities – (increase) decrease | (34,003) |  |  | (22,237) |
Net change | $ | (26,332) |  |  | $ | (14,808) |
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 months ended March 31:
| Three months ended March 31, 2023 |  |
| EIG |  | EMG |  | Total |  |  |  |  |  |
| (In thousands)
United States | $ | 561,896 |  |  | $ | 247,119 |  |  | $ | 809,015 |  |  |  |  |  |  |
International(1): |  |  |  |  |  |  |  |  |  |  |
United Kingdom | 28,038 |  |  | 31,062 |  |  | 59,100 |  |  |  |  |  |  |
European Union countries | 135,658 |  |  | 116,807 |  |  | 252,465 |  |  |  |  |  |  |
Asia | 283,892 |  |  | 50,905 |  |  | 334,797 |  |  |  |  |  |  |
Other foreign countries | 107,763 |  |  | 33,977 |  |  | 141,740 |  |  |  |  |  |  |
Total international | 555,351 |  |  | 232,751 |  |  | 788,102 |  |  |  |  |  |  |
Consolidated net sales | $ | 1,117,247 |  |  | $ | 479,870 |  |  | $ | 1,597,117 |  |  |  |  |  |  |
________________ (1) Includes U.S. export sales of $434.2 million for the three months ended March 31, 2023.
| Three months ended March 31, 2022 |  |
| EIG |  | EMG |  | Total |  |  |  |  |  |
| (In thousands)
United States | $ | 483,626 |  |  | $ | 230,641 |  |  | $ | 714,267 |  |  |  |  |  |  |
International(1): |  |  |  |  |  |  |  |  |  |  |
United Kingdom | 27,955 |  |  | 28,757 |  |  | 56,712 |  |  |  |  |  |  |
European Union countries | 120,714 |  |  | 114,149 |  |  | 234,863 |  |  |  |  |  |  |
Asia | 256,420 |  |  | 63,406 |  |  | 319,826 |  |  |  |  |  |  |
Other foreign countries | 99,044 |  |  | 33,813 |  |  | 132,857 |  |  |  |  |  |  |
Total international | 504,133 |  |  | 240,125 |  |  | 744,258 |  |  |  |  |  |  |
Consolidated net sales | $ | 987,759 |  |  | $ | 470,766 |  |  | $ | 1,458,525 |  |  |  |  |  |  |
______________ (1) Includes U.S. export sales of $409.2 million for the three months ended March 31, 2022.
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 March 31, 2023 |  |
| EIG |  | EMG |  | Total |  |  |  |  |  |
| (In thousands)
Process and analytical instrumentation | $ | 794,433 |  |  | $ | — |  |  | $ | 794,433 |  |  |  |  |  |  |
Aerospace and power | 322,814 |  |  | 143,050 |  |  | 465,864 |  |  |  |  |  |  |
Automation and engineered solutions | — |  |  | 336,820 |  |  | 336,820 |  |  |  |  |  |  |
Consolidated net sales | $ | 1,117,247 |  |  | $ | 479,870 |  |  | $ | 1,597,117 |  |  |  |  |  |  |
| Three months ended March 31, 2022 |  |
| EIG |  | EMG |  | Total |  |  |  |  |  |
| (In thousands)
Process and analytical instrumentation | $ | 692,692 |  |  | $ | — |  |  | $ | 692,692 |  |  |  |  |  |  |
Aerospace and power | 295,067 |  |  | 126,742 |  |  | 421,809 |  |  |  |  |  |  |
Automation and engineered solutions | — |  |  | 344,024 |  |  | 344,024 |  |  |  |  |  |  |
Consolidated net sales | $ | 987,759 |  |  | $ | 470,766 |  |  | $ | 1,458,525 |  |  |  |  |  |  |
Schedule of Disaggregation of Revenue |
| Three months ended March 31, 2023 |  |
| EIG |  | EMG |  | Total |  |  |  |  |  |
| (In thousands)
Products transferred at a point in time | $ | 935,308 |  |  | $ | 413,601 |  |  | $ | 1,348,909 |  |  |  |  |  |  |
Products and services transferred over time | 181,939 |  |  | 66,269 |  |  | 248,208 |  |  |  |  |  |  |
Consolidated net sales | $ | 1,117,247 |  |  | $ | 479,870 |  |  | $ | 1,597,117 |  |  |  |  |  |  |
| Three months ended March 31, 2022 |  |
| EIG |  | EMG |  | Total |  |  |  |  |  |
| (In thousands)
Products transferred at a point in time | $ | 812,948 |  |  | $ | 412,654 |  |  | $ | 1,225,602 |  |  |  |  |  |  |
Products and services transferred over time | 174,811 |  |  | 58,112 |  |  | 232,923 |  |  |  |  |  |  |
Consolidated net sales | $ | 987,759 |  |  | $ | 470,766 |  |  | $ | 1,458,525 |  |  |  |  |  |  |
Schedule of Product Warranty Liability | Changes in the accrued product warranty obligation were as follows:
| Three Months Ended March 31,
| 2023 |  | 2022
| (In thousands)
Balance at the beginning of the period | $ | 26,487 |  |  | $ | 27,478 |
Accruals for warranties issued during the period | 3,411 |  |  | 2,753 |
Settlements made during the period | (3,224) |  |  | (3,023) |
Warranty accruals related to acquired businesses and other during the period | 133 |  |  | (166) |
Balance at the end of the period | $ | 26,807 |  |  | $ | 27,042 |

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- 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 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 + Details
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