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Revenues (Tables) | 12 Months Ended
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Dec. 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 – December 31 | 140,826 |  |  | 119,741 |
Change in contract assets – increase | 21,085 |  |  | 24,467 |
Contract liabilities – January 1 | 398,692 |  |  | 328,816 |
Contract liabilities – December 31 | 432,830 |  |  | 398,692 |
Change in contract liabilities – (increase) | (34,138) |  |  | (69,876) |
Net change | $ | (13,053) |  |  | $ | (45,409) |
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:
| 2023
| EIG |  | EMG |  | Total
| (In thousands)
United States | $ | 2,377,316 |  |  | $ | 1,091,468 |  |  | $ | 3,468,784 |
International(1): |  |  |  |  |
United Kingdom | 99,718 |  |  | 114,770 |  |  | 214,488 |
European Union countries | 518,758 |  |  | 426,219 |  |  | 944,977 |
Asia | 1,175,703 |  |  | 202,425 |  |  | 1,378,128 |
Other foreign countries | 452,755 |  |  | 137,818 |  |  | 590,573 |
Total international | 2,246,934 |  |  | 881,232 |  |  | 3,128,166 |
Consolidated net sales | $ | 4,624,250 |  |  | $ | 1,972,700 |  |  | $ | 6,596,950 |
_________________ (1)Includes U.S. export sales of $1,732.4 million.
| 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
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:
| 2023
| EIG |  | EMG |  | Total
| (In thousands)
Process and analytical instrumentation | $ | 3,267,698 |  |  | $ | — |  |  | $ | 3,267,698 |
Aerospace and power | 1,356,552 |  |  | 588,446 |  |  | 1,944,998 |
Automation and engineered solutions | — |  |  | 1,384,254 |  |  | 1,384,254 |
Consolidated net sales | $ | 4,624,250 |  |  | $ | 1,972,700 |  |  | $ | 6,596,950 |
| 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 |
Schedule of Disaggregation of Revenue | The Company’s timing of revenue recognition was as follows for the year ended December 31:
| 2023
| EIG |  | EMG |  | Total
| (In thousands)
Products transferred at a point in time | $ | 3,831,321 |  |  | $ | 1,772,329 |  |  | $ | 5,603,650 |
Products and services transferred over time | 792,929 |  |  | 200,371 |  |  | 993,300 |
Consolidated net sales | $ | 4,624,250 |  |  | $ | 1,972,700 |  |  | $ | 6,596,950 |
| 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 |
Schedule of Product Warranty Liability | Changes in the accrued product warranty obligation were as follows:
| 2023 |  | 2022 |  | 2021
| (In thousands)
Balance at the beginning of the year | $ | 26,487 |  |  | $ | 27,478 |  |  | $ | 27,839 |
Accruals for warranties issued during the year | 23,308 |  |  | 11,414 |  |  | 11,518 |
Settlements made during the year | (14,219) |  |  | (11,835) |  |  | (13,669) |
Warranty accruals related to acquired businesses and other during the year | 1,511 |  |  | (570) |  |  | 1,790 |
Balance at the end of the year | $ | 37,087 |  |  | $ | 26,487 |  |  | $ | 27,478 |

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5 + Details
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- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482425/460-10-50-8 + Details
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