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v3.23.3

Revenues (Tables) | 9 Months Ended
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Sep. 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 – September 30 | 139,771 |  |  | 111,687 |
Change in contract assets – increase (decrease) | 20,030 |  |  | 16,413 |
Contract liabilities – January 1 | 398,692 |  |  | 328,816 |
Contract liabilities – September 30 | 422,415 |  |  | 371,411 |
Change in contract liabilities – (increase) decrease | (23,723) |  |  | (42,595) |
Net change | $ | (3,693) |  |  | $ | (26,182) |
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 nine months ended September 30:
| Three months ended September 30, 2023 |  | Nine months ended September 30, 2023
| EIG |  | EMG |  | Total |  | EIG |  | EMG |  | Total
| (In thousands)
United States | $ | 616,988 |  |  | $ | 274,146 |  |  | $ | 891,134 |  |  | $ | 1,754,165 |  |  | $ | 805,876 |  |  | $ | 2,560,041 |
International(1): |  |  |  |  |  |  |  |  |  |  |
United Kingdom | 23,327 |  |  | 30,348 |  |  | 53,675 |  |  | 74,515 |  |  | 89,812 |  |  | 164,327 |
European Union countries | 115,026 |  |  | 99,931 |  |  | 214,957 |  |  | 381,495 |  |  | 327,614 |  |  | 709,109 |
Asia | 271,922 |  |  | 47,699 |  |  | 319,621 |  |  | 846,450 |  |  | 151,357 |  |  | 997,807 |
Other foreign countries | 108,867 |  |  | 34,583 |  |  | 143,450 |  |  | 331,398 |  |  | 103,383 |  |  | 434,781 |
Total international | 519,142 |  |  | 212,561 |  |  | 731,703 |  |  | 1,633,858 |  |  | 672,166 |  |  | 2,306,024 |
Consolidated net sales | $ | 1,136,130 |  |  | $ | 486,707 |  |  | $ | 1,622,837 |  |  | $ | 3,388,023 |  |  | $ | 1,478,042 |  |  | $ | 4,866,065 |
________________ (1) Includes U.S. export sales of $391.7 million and $1,265.0 million for the three and nine months ended September 30, 2023, respectively.
| Three months ended September 30, 2022 |  | Nine months ended September 30, 2022
| EIG |  | EMG |  | Total |  | EIG |  | EMG |  | Total
| (In thousands)
United States | $ | 554,048 |  |  | $ | 265,549 |  |  | $ | 819,597 |  |  | $ | 1,589,641 |  |  | $ | 736,626 |  |  | $ | 2,326,267 |
International(1): |  |  |  |  |  |  |  |  |  |  |
United Kingdom | 18,409 |  |  | 28,694 |  |  | 47,103 |  |  | 65,414 |  |  | 89,071 |  |  | 154,485 |
European Union countries | 113,935 |  |  | 100,427 |  |  | 214,362 |  |  | 344,074 |  |  | 322,607 |  |  | 666,681 |
Asia | 264,432 |  |  | 70,375 |  |  | 334,807 |  |  | 776,084 |  |  | 204,006 |  |  | 980,090 |
Other foreign countries | 103,300 |  |  | 32,617 |  |  | 135,917 |  |  | 294,918 |  |  | 102,422 |  |  | 397,340 |
Total international | 500,076 |  |  | 232,113 |  |  | 732,189 |  |  | 1,480,490 |  |  | 718,106 |  |  | 2,198,596 |
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, 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 September 30, 2023 |  | Nine months ended September 30, 2023
| EIG |  | EMG |  | Total |  | EIG |  | EMG |  | Total
| (In thousands)
Process and analytical instrumentation | $ | 801,027 |  |  | $ | — |  |  | $ | 801,027 |  |  | $ | 2,394,127 |  |  | $ | — |  |  | $ | 2,394,127 |
Aerospace and power | 335,103 |  |  | 146,843 |  |  | 481,946 |  |  | 993,896 |  |  | 439,685 |  |  | 1,433,581 |
Automation and engineered solutions | — |  |  | 339,864 |  |  | 339,864 |  |  | — |  |  | 1,038,357 |  |  | 1,038,357 |
Consolidated net sales | $ | 1,136,130 |  |  | $ | 486,707 |  |  | $ | 1,622,837 |  |  | $ | 3,388,023 |  |  | $ | 1,478,042 |  |  | $ | 4,866,065 |
| Three months ended September 30, 2022 |  | Nine months ended September 30, 2022
| EIG |  | EMG |  | Total |  | EIG |  | EMG |  | Total
| (In thousands)
Process and analytical instrumentation | $ | 758,868 |  |  | $ | — |  |  | $ | 758,868 |  |  | $ | 2,219,821 |  |  | $ | — |  |  | $ | 2,219,821 |
Aerospace and power | 295,256 |  |  | 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 |
Schedule of Disaggregation of Revenue |
| Three months ended September 30, 2023 |  | Nine months ended September 30, 2023
| EIG |  | EMG |  | Total |  | EIG |  | EMG |  | Total
| (In thousands)
Products transferred at a point in time | $ | 937,382 |  |  | $ | 437,542 |  |  | $ | 1,374,924 |  |  | $ | 2,809,624 |  |  | $ | 1,314,761 |  |  | $ | 4,124,385 |
Products and services transferred over time | 198,748 |  |  | 49,165 |  |  | 247,913 |  |  | 578,399 |  |  | 163,281 |  |  | 741,680 |
Consolidated net sales | $ | 1,136,130 |  |  | $ | 486,707 |  |  | $ | 1,622,837 |  |  | $ | 3,388,023 |  |  | $ | 1,478,042 |  |  | $ | 4,866,065 |
| Three months ended September 30, 2022 |  | Nine months ended September 30, 2022
| EIG |  | EMG |  | Total |  | EIG |  | EMG |  | Total
| (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 time | 184,669 |  |  | 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 |
Schedule of Product Warranty Liability | Changes in the accrued product warranty obligation were as follows:
| Nine Months Ended September 30,
| 2023 |  | 2022
| (In thousands)
Balance at the beginning of the period | $ | 26,487 |  |  | $ | 27,478 |
Accruals for warranties issued during the period | 15,711 |  |  | 8,530 |
Settlements made during the period | (10,868) |  |  | (8,769) |
Warranty accruals related to acquired businesses and other during the period | 21 |  |  | (1,080) |
Balance at the end of the period | $ | 31,351 |  |  | $ | 26,159 |

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