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Revenues
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The outstanding contract asset and liability accounts were as follows:
20252024
(In thousands)
Contract assets—January 1$136,432 $140,826 
Contract assets – September 30173,363 151,451 
Change in contract assets – increase (decrease)36,931 10,625 
Contract liabilities – January 1400,689 432,830 
Contract liabilities – September 30466,983 396,172 
Change in contract liabilities – (increase) decrease(66,294)36,658 
Net change$(29,363)$47,283 
The net change for the nine months ended September 30, 2025 was primarily driven by an increase in customer advance payments from the 2025 acquisitions. For the nine months ended September 30, 2025 and 2024, the Company recognized revenue of $276.7 million and $324.8 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 September 30, 2025 and December 31, 2024, $50.7 million and $37.1 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 September 30, 2025 and December 31, 2024 were $618.8 million and $541.8 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 and nine months ended September 30:
Three months ended September 30, 2025Nine months ended September 30, 2025
EIG
EMG
Total
EIGEMGTotal
(In thousands)
United States$605,310 $381,254 $986,564 $1,761,703 $1,087,397 $2,849,100 
International(1):
United Kingdom29,800 37,512 67,312 85,356 112,921 198,277 
European Union countries164,759 116,401 281,160 442,678 329,723 772,401 
Asia291,063 66,741 357,804 855,893 184,200 1,040,093 
Other foreign countries155,400 44,401 199,801 403,946 138,851 542,797 
Total international641,022 265,055 906,077 1,787,873 765,695 2,553,568 
Consolidated net sales$1,246,332 $646,309 $1,892,641 $3,549,576 $1,853,092 $5,402,668 
________________
(1)    Includes U.S. export sales of $512.8 million and $1,461.1 million for the three and nine months ended September 30, 2025, respectively.

Three months ended September 30, 2024Nine months ended September 30, 2024
EIGEMGTotalEIGEMGTotal
(In thousands)
United States$561,273 $333,575 $894,848 $1,732,847 $1,019,636 $2,752,483 
International(1):
United Kingdom25,247 31,160 56,407 79,713 95,107 174,820 
European Union countries123,271 109,071 232,342 393,941 331,047 724,988 
Asia301,858 60,008 361,866 881,893 166,517 1,048,410 
Other foreign countries122,939 40,162 163,101 356,586 122,291 478,877 
Total international573,315 240,401 813,716 1,712,133 714,962 2,427,095 
Consolidated net sales$1,134,588 $573,976 $1,708,564 $3,444,980 $1,734,598 $5,179,578 
______________
(1)    Includes U.S. export sales of $465.1 million and $1,374.4 million for the three and nine months ended September 30, 2024, respectively.
Major Products and Services
The Company’s major products and services in the reportable segments were as follows:
Three months ended September 30, 2025Nine months ended September 30, 2025
EIGEMGTotalEIGEMGTotal
(In thousands)
Process and analytical instrumentation$883,483 $— $883,483 $2,463,220 $— $2,463,220 
Aerospace and power362,849 189,893 552,742 1,086,356 542,524 1,628,880 
Automation and engineered solutions— 456,416 456,416 — 1,310,568 1,310,568 
Consolidated net sales$1,246,332 $646,309 $1,892,641 $3,549,576 $1,853,092 $5,402,668 

Three months ended September 30, 2024Nine months ended September 30, 2024
EIGEMGTotalEIGEMGTotal
(In thousands)
Process and analytical instrumentation$779,772 $— $779,772 $2,374,034 $— $2,374,034 
Aerospace and power354,816 160,177 514,993 1,070,946 467,092 1,538,038 
Automation and engineered solutions— 413,799 413,799 — 1,267,506 1,267,506 
Consolidated net sales$1,134,588 $573,976 $1,708,564 $3,444,980 $1,734,598 $5,179,578 
Timing of Revenue Recognition
Three months ended September 30, 2025Nine months ended September 30, 2025
EIG
EMG
Total
EIGEMGTotal
(In thousands)
Products transferred at a point in time$993,386 $576,933 $1,570,319 $2,819,874 $1,674,371 $4,494,245 
Products and services transferred over time252,946 69,376 322,322 729,702 178,721 908,423 
Consolidated net sales$1,246,332 $646,309 $1,892,641 $3,549,576 $1,853,092 $5,402,668 

Three months ended September 30, 2024Nine months ended September 30, 2024
EIG
EMG
Total
EIGEMGTotal
(In thousands)
Products transferred at a point in time$904,622 $515,035 $1,419,657 $2,776,552 $1,557,412 $4,333,964 
Products and services transferred over time229,966 58,941 288,907 668,428 177,186 845,614 
Consolidated net sales$1,134,588 $573,976 $1,708,564 $3,444,980 $1,734,598 $5,179,578 

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:
Nine Months Ended September 30,
20252024
(In thousands)
Balance at the beginning of the period$38,555 $37,087 
Accruals for warranties issued during the period14,629 18,049 
Settlements made during the period(13,851)(16,219)
Warranty accruals related to acquired businesses and other during the period4,455 247 
Balance at the end of the period$43,788 $39,164 
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 September 30, 2025, the Company had $1,136.0 million of accounts receivable, net of allowances of $13.5 million. At December 31, 2024, the Company had $948.8 million of accounts receivable, net of allowance of $13.0 million. Changes in the allowance were not material for the three and nine months ended September 30, 2025.