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Revenues
 12 Months Ended
Dec. 31, 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 $95,274 
Contract assets – December 31140,826 119,741 
Change in contract assets – increase21,085 24,467 
Contract liabilities – January 1398,692 328,816 
Contract liabilities – December 31432,830 398,692 
Change in contract liabilities – (increase)(34,138)(69,876)
Net change$(13,053)$(45,409)
The net change in 2023 and 2022 was primarily driven by the receipt of advance payments from customers exceeding the recognition of revenue and customer advance payments from acquired businesses. For the years ended December 31, 2023 and 2022, the Company recognized revenue of $345 million and $272 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 December 31, 2023 and 2022, $57.3 million and $41.0 million, respectively, of Customer advanced payments (contract liabilities) were recorded in Other long-term liabilities in the consolidated balance sheet.
The remaining performance obligations exceeding one year as of December 31, 2023 and 2022 were $607.5 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 year ended December 31:
2023
EIGEMGTotal
(In thousands)
United States$2,377,316 $1,091,468 $3,468,784 
International(1):
United Kingdom99,718 114,770 214,488 
European Union countries518,758 426,219 944,977 
Asia1,175,703 202,425 1,378,128 
Other foreign countries452,755 137,818 590,573 
Total international2,246,934 881,232 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
EIGEMGTotal
(In thousands)
United States$2,171,684 $982,579 $3,154,263 
International(1):
United Kingdom92,668 117,788 210,456 
European Union countries510,052 420,756 930,808 
Asia1,050,843 266,011 1,316,854 
Other foreign countries404,106 134,043 538,149 
Total international2,057,669 938,598 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
EIGEMGTotal
(In thousands)
United States$1,910,203 $890,737 $2,800,940 
International(1):
United Kingdom96,206 121,290 217,496 
European Union countries482,426 403,890 886,316 
Asia927,027 254,370 1,181,397 
Other foreign countries347,896 112,469 460,365 
Total international1,853,555 892,019 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

Major Products and Services
The Company’s major products and services in the reportable segments were as follows for the year ended December 31:
2023
EIGEMGTotal
(In thousands)
Process and analytical instrumentation$3,267,698 $— $3,267,698 
Aerospace and power1,356,552 588,446 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
EIGEMGTotal
(In thousands)
Process and analytical instrumentation$3,061,263 $— $3,061,263 
Aerospace and power1,168,090 549,735 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
EIGEMGTotal
(In thousands)
Process and analytical instrumentation$2,627,476 $— $2,627,476 
Aerospace and power1,136,282 506,925 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 


Timing of Revenue Recognition
The Company’s timing of revenue recognition was as follows for the year ended December 31:
2023
EIGEMGTotal
(In thousands)
Products transferred at a point in time$3,831,321 $1,772,329 $5,603,650 
Products and services transferred over time792,929 200,371 993,300 
Consolidated net sales$4,624,250 $1,972,700 $6,596,950 
2022
EIGEMGTotal
(In thousands)
Products transferred at a point in time$3,471,118 $1,680,558 $5,151,676 
Products and services transferred over time758,235 240,619 998,854 
Consolidated net sales$4,229,353 $1,921,177 $6,150,530 
2021
EIGEMGTotal
(In thousands)
Products transferred at a point in time$3,048,819 $1,596,911 $4,645,730 
Products and services transferred over time714,939 185,845 900,784 
Consolidated net sales$3,763,758 $1,782,756 $5,546,514 
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:
202320222021
(In thousands)
Balance at the beginning of the year$26,487 $27,478 $27,839 
Accruals for warranties issued during the year23,308 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 year1,511 (570)1,790 
Balance at the end of the year$37,087 $26,487 $27,478