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Revenues (Tables)

6 Months Ended

Jun. 30, 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 – June 30			137,444						107,902
Change in contract assets – increase (decrease)			17,703						12,628
Contract liabilities – January 1			398,692						328,816
Contract liabilities – June 30			443,768						369,926
Change in contract liabilities – (increase) decrease			(45,076)						(41,110)
Net change			$	(27,373)					$	(28,482)

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, 2023																		Six months ended June 30, 2023
			EIG						EMG						Total						EIG						EMG						Total
			(In thousands)
United States			$	575,281					$	284,611					$	859,892					$	1,137,177					$	531,730					$	1,668,907
International(1):
United Kingdom			23,150						28,402						51,552						51,188						59,464						110,652
European Union countries			130,811						110,876						241,687						266,469						227,683						494,152
Asia			290,636						52,753						343,389						574,528						103,658						678,186
Other foreign countries			114,768						34,823						149,591						222,531						68,800						291,331
Total international			559,365						226,854						786,219						1,114,716						459,605						1,574,321
Consolidated net sales			$	1,134,646					$	511,465					$	1,646,111					$	2,251,893					$	991,335					$	3,243,228

________________

(1)    Includes U.S. export sales of $439.1 million and $873.3 million for the three and six months ended June 30, 2023, respectively.

			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, respectively.

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, 2023																		Six months ended June 30, 2023
			EIG						EMG						Total						EIG						EMG						Total
			(In thousands)
Process and analytical instrumentation			$	798,667					$	—					$	798,667					$	1,593,100					$	—					$	1,593,100
Aerospace and power			335,979						149,792						485,771						658,793						292,842						951,635
Automation and engineered solutions			—						361,673						361,673						—						698,493						698,493
Consolidated net sales			$	1,134,646					$	511,465					$	1,646,111					$	2,251,893					$	991,335					$	3,243,228

			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

Schedule of Disaggregation of Revenue

			Three months ended June 30, 2023																		Six months ended June 30, 2023
			EIG						EMG						Total						EIG						EMG						Total
			(In thousands)
Products transferred at a point in time			$	936,934					$	463,618					$	1,400,552					$	1,872,242					$	877,219					$	2,749,461
Products and services transferred over time			197,712						47,847						245,559						379,651						114,116						493,767
Consolidated net sales			$	1,134,646					$	511,465					$	1,646,111					$	2,251,893					$	991,335					$	3,243,228

			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

Schedule of Product Warranty Liability

Changes in the accrued product warranty obligation were as follows:

			Six Months Ended June 30,
			2023						2022
			(In thousands)
Balance at the beginning of the period			$	26,487					$	27,478
Accruals for warranties issued during the period			9,397						5,143
Settlements made during the period			(7,289)						(6,023)
Warranty accruals related to acquired businesses and other during the period			244						(632)
Balance at the end of the period			$	28,839					$	25,966

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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-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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