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Revenues
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The outstanding contract asset and liability accounts were as follows:
20242023
(In thousands)
Contract assets—January 1$140,826 $119,741 
Contract assets – March 31146,948 127,412 
Change in contract assets – increase (decrease)6,122 7,671 
Contract liabilities – January 1432,830 398,692 
Contract liabilities – March 31439,365 432,695 
Change in contract liabilities – (increase) decrease(6,535)(34,003)
Net change$(413)$(26,332)
The net change for the three months ended March 31, 2024 was driven by contract liabilities, specifically growth in advance payments from customers being largely offset by the increase in contract assets. For the three months ended March 31, 2024 and 2023, the Company recognized revenue of $219.0 million and $199.3 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 March 31, 2024 and December 31, 2023, $47.5 million and $57.3 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 March 31, 2024 and December 31, 2023 were $596.3 million and $607.5 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 months ended March 31:
Three months ended March 31, 2024
EIG
EMG
Total
(In thousands)
United States$568,897 $343,860 $912,757 
International(1):
United Kingdom26,707 28,192 54,899 
European Union countries142,242 114,986 257,228 
Asia298,045 50,199 348,244 
Other foreign countries120,888 42,164 163,052 
Total international587,882 235,541 823,423 
Consolidated net sales$1,156,779 $579,401 $1,736,180 
________________
(1)    Includes U.S. export sales of $473.8 million for the three months ended March 31, 2024.

Three months ended March 31, 2023
EIGEMGTotal
(In thousands)
United States$561,896 $247,119 $809,015 
International(1):
United Kingdom28,038 31,062 59,100 
European Union countries135,658 116,807 252,465 
Asia283,892 50,905 334,797 
Other foreign countries107,763 33,977 141,740 
Total international555,351 232,751 788,102 
Consolidated net sales$1,117,247 $479,870 $1,597,117 
______________
(1)    Includes U.S. export sales of $434.2 million for the three months ended March 31, 2023.
Major Products and Services
The Company’s major products and services in the reportable segments were as follows:
Three months ended March 31, 2024
EIGEMGTotal
(In thousands)
Process and analytical instrumentation$791,538 $— $791,538 
Aerospace and power365,241 152,452 517,693 
Automation and engineered solutions— 426,949 426,949 
Consolidated net sales$1,156,779 $579,401 $1,736,180 

Three months ended March 31, 2023
EIGEMGTotal
(In thousands)
Process and analytical instrumentation$794,433 $— $794,433 
Aerospace and power322,814 143,050 465,864 
Automation and engineered solutions— 336,820 336,820 
Consolidated net sales$1,117,247 $479,870 $1,597,117 
Timing of Revenue Recognition
Three months ended March 31, 2024
EIG
EMG
Total
(In thousands)
Products transferred at a point in time$945,998 $503,585 $1,449,583 
Products and services transferred over time210,781 75,816 286,597 
Consolidated net sales$1,156,779 $579,401 $1,736,180 

Three months ended March 31, 2023
EIG
EMG
Total
(In thousands)
Products transferred at a point in time$935,308 $413,601 $1,348,909 
Products and services transferred over time181,939 66,269 248,208 
Consolidated net sales$1,117,247 $479,870 $1,597,117 

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:
Three Months Ended March 31,
20242023
(In thousands)
Balance at the beginning of the period$37,087 $26,487 
Accruals for warranties issued during the period4,867 3,411 
Settlements made during the period(5,761)(3,224)
Warranty accruals related to acquired businesses and other during the period32 133 
Balance at the end of the period$36,225 $26,807 
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 March 31, 2024, the Company had $983.9 million of accounts receivable, net of allowances of $13.3 million. Changes in the allowance were not material for the three months ended March 31, 2024.