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Revenues
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The outstanding contract asset and liability accounts were as follows:
20232022
(In thousands)
Contract assets—January 1$119,741 $95,274 
Contract assets – September 30139,771 111,687 
Change in contract assets – increase (decrease)20,030 16,413 
Contract liabilities – January 1398,692 328,816 
Contract liabilities – September 30422,415 371,411 
Change in contract liabilities – (increase) decrease(23,723)(42,595)
Net change$(3,693)$(26,182)
The net change for the nine months ended September 30, 2023 was primarily driven by contract liabilities, specifically growth in advance payments from customers. For the nine months ended September 30, 2023 and 2022, the Company recognized revenue of $297.7 million and $252.4 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, 2023 and December 31, 2022, $59.4 million and $41.0 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, 2023 and December 31, 2022 were $570.7 million and $526.0 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, 2023Nine months ended September 30, 2023
EIG
EMG
Total
EIGEMGTotal
(In thousands)
United States$616,988 $274,146 $891,134 $1,754,165 $805,876 $2,560,041 
International(1):
United Kingdom23,327 30,348 53,675 74,515 89,812 164,327 
European Union countries115,026 99,931 214,957 381,495 327,614 709,109 
Asia271,922 47,699 319,621 846,450 151,357 997,807 
Other foreign countries108,867 34,583 143,450 331,398 103,383 434,781 
Total international519,142 212,561 731,703 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, 2022Nine months ended September 30, 2022
EIGEMGTotalEIGEMGTotal
(In thousands)
United States$554,048 $265,549 $819,597 $1,589,641 $736,626 $2,326,267 
International(1):
United Kingdom18,409 28,694 47,103 65,414 89,071 154,485 
European Union countries113,935 100,427 214,362 344,074 322,607 666,681 
Asia264,432 70,375 334,807 776,084 204,006 980,090 
Other foreign countries103,300 32,617 135,917 294,918 102,422 397,340 
Total international500,076 232,113 732,189 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.

Major Products and Services
The Company’s major products and services in the reportable segments were as follows:
Three months ended September 30, 2023Nine months ended September 30, 2023
EIGEMGTotalEIGEMGTotal
(In thousands)
Process and analytical instrumentation$801,027 $— $801,027 $2,394,127 $— $2,394,127 
Aerospace and power335,103 146,843 481,946 993,896 439,685 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, 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 
Timing of Revenue Recognition
Three months ended September 30, 2023Nine months ended September 30, 2023
EIG
EMG
Total
EIGEMGTotal
(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 time198,748 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, 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 

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,
20232022
(In thousands)
Balance at the beginning of the period$26,487 $27,478 
Accruals for warranties issued during the period15,711 8,530 
Settlements made during the period(10,868)(8,769)
Warranty accruals related to acquired businesses and other during the period21 (1,080)
Balance at the end of the period$31,351 $26,159 
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, 2023, the Company had $936.8 million of accounts receivable, net of allowances of $13.9 million. Changes in the allowance were not material for the three and nine months ended September 30, 2023.