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Revenues (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Outstanding Contract Asset and (Liability) Accounts

The outstanding contract asset and liability accounts were as follows:

			2024						2023
			(In thousands)
Contract assets—January 1			$	140,826					$	119,741
Contract assets – June 30			149,674						137,444
Change in contract assets – increase (decrease)			8,848						17,703
Contract liabilities – January 1			432,830						398,692
Contract liabilities – June 30			425,617						443,768
Change in contract liabilities – decrease (increase)			7,213						(45,076)
Net change			$	16,061					$	(27,373)

Schedule of Revenue From External Customers by Geographic Areas

Information about the Company’s operations in different geographic areas was as follows for the three and six months ended June 30:

			Three months ended June 30, 2024																		Six months ended June 30, 2024
			EIG						EMG						Total						EIG						EMG						Total
			(In thousands)
United States			$	602,677					$	342,201					$	944,878					$	1,171,574					$	686,061					$	1,857,635
International(1):
United Kingdom			27,759						35,755						63,514						54,466						63,947						118,413
European Union countries			128,428						106,990						235,418						270,670						221,976						492,646
Asia			281,990						56,310						338,300						580,035						106,509						686,544
Other foreign countries			112,759						39,965						152,724						233,647						82,129						315,776
Total international			550,936						239,020						789,956						1,138,818						474,561						1,613,379
Consolidated net sales			$	1,153,613					$	581,221					$	1,734,834					$	2,310,392					$	1,160,622					$	3,471,014

________________

(1)    Includes U.S. export sales of $435.6 million and $909.3 million for the three and six months ended June 30, 2024, respectively.

			Three months ended June 30, 2023																		Six months ended June 30, 2023
			EIG						EMG						Total						EIG						EMG						Total
			(In thousands)
United States			$	575,281					$	284,611					$	859,892					$	1,137,177					$	531,730					$	1,668,907
International(1):
United Kingdom			23,150						28,402						51,552						51,188						59,464						110,652
European Union countries			130,811						110,876						241,687						266,469						227,683						494,152
Asia			290,636						52,753						343,389						574,528						103,658						678,186
Other foreign countries			114,768						34,823						149,591						222,531						68,800						291,331
Total international			559,365						226,854						786,219						1,114,716						459,605						1,574,321
Consolidated net sales			$	1,134,646					$	511,465					$	1,646,111					$	2,251,893					$	991,335					$	3,243,228

______________

(1)    Includes U.S. export sales of $439.1 million and $873.3 million for the three and six months ended June 30, 2023, respectively.

Schedule of Revenue From External Customers by Products and Services

The Company’s major products and services in the reportable segments were as follows:

			Three months ended June 30, 2024																		Six months ended June 30, 2024
			EIG						EMG						Total						EIG						EMG						Total
			(In thousands)
Process and analytical instrumentation			$	802,724					$	—					$	802,724					$	1,594,262					$	—					$	1,594,262
Aerospace and power			350,889						154,463						505,352						716,130						306,915						1,023,045
Automation and engineered solutions			—						426,758						426,758						—						853,707						853,707
Consolidated net sales			$	1,153,613					$	581,221					$	1,734,834					$	2,310,392					$	1,160,622					$	3,471,014

			Three months ended June 30, 2023																		Six months ended June 30, 2023
			EIG						EMG						Total						EIG						EMG						Total
			(In thousands)
Process and analytical instrumentation			$	798,667					$	—					$	798,667					$	1,593,100					$	—					$	1,593,100
Aerospace and power			335,979						149,792						485,771						658,793						292,842						951,635
Automation and engineered solutions			—						361,673						361,673						—						698,493						698,493
Consolidated net sales			$	1,134,646					$	511,465					$	1,646,111					$	2,251,893					$	991,335					$	3,243,228

Schedule of Disaggregation of Revenue

			Three months ended June 30, 2024																		Six months ended June 30, 2024
			EIG						EMG						Total						EIG						EMG						Total
			(In thousands)
Products transferred at a point in time			$	925,932					$	493,999					$	1,419,931					$	1,871,930					$	997,584					$	2,869,514
Products and services transferred over time			227,681						87,222						314,903						438,462						163,038						601,500
Consolidated net sales			$	1,153,613					$	581,221					$	1,734,834					$	2,310,392					$	1,160,622					$	3,471,014

			Three months ended June 30, 2023																		Six months ended June 30, 2023
			EIG						EMG						Total						EIG						EMG						Total
			(In thousands)
Products transferred at a point in time			$	936,934					$	463,618					$	1,400,552					$	1,872,242					$	877,219					$	2,749,461
Products and services transferred over time			197,712						47,847						245,559						379,651						114,116						493,767
Consolidated net sales			$	1,134,646					$	511,465					$	1,646,111					$	2,251,893					$	991,335					$	3,243,228

Schedule of Product Warranty Liability

Changes in the accrued product warranty obligation were as follows:

			Six Months Ended June 30,
			2024						2023
			(In thousands)
Balance at the beginning of the period			$	37,087					$	26,487
Accruals for warranties issued during the period			10,648						9,397
Settlements made during the period			(11,073)						(7,289)
Warranty accruals related to acquired businesses and other during the period			(30)						244
Balance at the end of the period			$	36,632					$	28,839

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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

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-Topic 606
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-Section 50
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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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