v3.26.1
Revenues
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The outstanding contract asset and liability accounts were as follows:
20262025
(In thousands)
Contract assets—January 1$159,896 $136,432 
Contract assets – June 30177,868 160,443 
Change in contract assets – increase (decrease)17,972 24,011 
Contract liabilities – January 1448,849 400,689 
Contract liabilities – June 30502,973 420,585 
Change in contract liabilities – (increase) decrease(54,124)(19,896)
Net change$(36,152)$4,115 
The net change for the six months ended June 30, 2026 was primarily driven by an increase in customer advance payments. For the six months ended June 30, 2026 and 2025, the Company recognized revenue of $307.1 million and $243.7 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 June 30, 2026 and December 31, 2025, $49.4 million and $52.7 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 June 30, 2026 and December 31, 2025 were $747.7 million and $627.4 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 six months ended June 30:
Three months ended June 30, 2026Six months ended June 30, 2026
EIG
EMG
Total
EIGEMGTotal
(In thousands)
United States$654,569 $426,174 $1,080,743 $1,273,953 $811,565 $2,085,518 
International(1):
United Kingdom27,756 35,810 63,566 61,933 73,870 135,803 
European Union countries163,094 128,060 291,154 325,109 256,637 581,746 
Asia336,784 81,842 418,626 660,251 148,409 808,660 
Other foreign countries138,950 51,358 190,308 264,443 96,664 361,107 
Total international666,584 297,070 963,654 1,311,736 575,580 1,887,316 
Consolidated net sales$1,321,153 $723,244 $2,044,397 $2,585,689 $1,387,145 $3,972,834 
________________
(1)    Includes U.S. export sales of $570.5 million and $1,103.9 million for the three and six months ended June 30, 2026, respectively.
Three months ended June 30, 2025Six months ended June 30, 2025
EIGEMGTotalEIGEMGTotal
(In thousands)
United States$576,268 $358,738 $935,006 $1,156,393 $706,143 $1,862,536 
International(1):
United Kingdom24,739 37,603 62,342 55,556 75,409 130,965 
European Union countries145,453 109,137 254,590 277,919 213,322 491,241 
Asia289,965 62,281 352,246 564,830 117,459 682,289 
Other foreign countries123,146 50,726 173,872 248,546 94,450 342,996 
Total international583,303 259,747 843,050 1,146,851 500,640 1,647,491 
Consolidated net sales$1,159,571 $618,485 $1,778,056 $2,303,244 $1,206,783 $3,510,027 
______________
(1)    Includes U.S. export sales of $472.9 million and $942.9 million for the three and six months ended June 30, 2025.
Major Products and Services
The Company’s major products and services in the reportable segments were as follows:
Three months ended June 30, 2026Six months ended June 30, 2026
EIGEMGTotalEIGEMGTotal
(In thousands)
Process and analytical instrumentation$943,965 $— $943,965 $1,835,595 $— $1,835,595 
Aerospace and power377,188 221,918 599,106 750,094 418,513 1,168,607 
Automation and engineered solutions— 501,326 501,326 — 968,632 968,632 
Consolidated net sales$1,321,153 $723,244 $2,044,397 $2,585,689 $1,387,145 $3,972,834 

Three months ended June 30, 2025Six months ended June 30, 2025
EIGEMGTotalEIGEMGTotal
(In thousands)
Process and analytical instrumentation$802,866 $— $802,866 $1,579,737 $— $1,579,737 
Aerospace and power356,705 180,723 537,428 723,507 352,631 1,076,138 
Automation and engineered solutions— 437,762 437,762 — 854,152 854,152 
Consolidated net sales$1,159,571 $618,485 $1,778,056 $2,303,244 $1,206,783 $3,510,027 
Timing of Revenue Recognition
Three months ended June 30, 2026Six months ended June 30, 2026
EIG
EMG
Total
EIGEMGTotal
(In thousands)
Products transferred at a point in time$1,065,967 $628,390 $1,694,357 $2,067,179 $1,217,455 $3,284,634 
Products and services transferred over time255,186 94,854 350,040 518,510 169,690 688,200 
Consolidated net sales$1,321,153 $723,244 $2,044,397 $2,585,689 $1,387,145 $3,972,834 

Three months ended June 30, 2025Six months ended June 30, 2025
EIG
EMG
Total
EIGEMGTotal
(In thousands)
Products transferred at a point in time$919,601 $564,030 $1,483,631 $1,826,488 $1,097,438 $2,923,926 
Products and services transferred over time239,970 54,455 294,425 476,756 109,345 586,101 
Consolidated net sales$1,159,571 $618,485 $1,778,056 $2,303,244 $1,206,783 $3,510,027 
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:
Six Months Ended June 30,
20262025
(In thousands)
Balance at the beginning of the period$44,738 $38,555 
Accruals for warranties issued during the period8,576 9,970 
Settlements made during the period(9,482)(9,418)
Warranty accruals related to acquired businesses and other during the period(188)2,123 
Balance at the end of the period$43,644 $41,230 
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 June 30, 2026, the Company had $1,170.5 million of accounts receivable, net of allowances of $14.4 million. At December 31, 2025, the Company had $1,119.3 million of accounts receivable, net of allowance of $13.7 million. Changes in the allowance were not material for the three and six months ended June 30, 2026.