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Revenues (Tables)

12 Months Ended

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

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

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-Topic 606
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-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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