v3.26.3
Revenues
 9 Months Ended
Sep. 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 $136,432 
Contract assets – September 30201,267 173,363 
Change in contract assets – increase (decrease)41,371 36,931 
Contract liabilities – January 1448,849 400,689 
Contract liabilities – September 30542,265 466,983 
Change in contract liabilities – (increase) decrease(93,416)(66,294)
Net change$(52,045)$(29,363)
The net change for the nine months ended September 30, 2026 was primarily driven by an increase in customer advance payments primarily from the acquisition of Indicor. For the nine months ended September 30, 2026 and 2025, the Company recognized revenue of $349.6 million and $276.7 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 September 30, 2026 and December 31, 2025, $43.4 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 September 30, 2026 and December 31, 2025 were $767.7 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 nine months ended September 30:
Three months ended September 30, 2026Nine months ended September 30, 2026
EIG
EMG
Total
EIGEMGTotal
(In thousands)
United States$695,980 $463,438 $1,159,418 $1,969,933 $1,275,003 $3,244,936 
International(1):
United Kingdom40,145 37,458 77,603 102,078 111,328 213,406 
European Union countries171,159 127,822 298,981 496,268 384,459 880,727 
Asia382,056 93,409 475,465 1,042,307 241,818 1,284,125 
Other foreign countries152,981 55,858 208,839 417,424 152,522 569,946 
Total international746,341 314,547 1,060,888 2,058,077 890,127 2,948,204 
Consolidated net sales$1,442,321 $777,985 $2,220,306 $4,028,010 $2,165,130 $6,193,140 
________________
(1)    Includes U.S. export sales of $653.8 million and $1,757.7 million for the three and nine months ended September 30, 2026, respectively.
Three months ended September 30, 2025Nine months ended September 30, 2025
EIGEMGTotalEIGEMGTotal
(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.
Major Products and Services
The Company’s major products and services in the reportable segments were as follows:
Three months ended September 30, 2026Nine months ended September 30, 2026
EIGEMGTotalEIGEMGTotal
(In thousands)
Process and analytical instrumentation$1,041,379 $— $1,041,379 $2,876,974 $— $2,876,974 
Aerospace and power400,942 233,901 634,843 1,151,036 652,414 1,803,450 
Automation and engineered solutions— 544,084 544,084 — 1,512,716 1,512,716 
Consolidated net sales$1,442,321 $777,985 $2,220,306 $4,028,010 $2,165,130 $6,193,140 

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 
Timing of Revenue Recognition
Three months ended September 30, 2026Nine months ended September 30, 2026
EIG
EMG
Total
EIGEMGTotal
(In thousands)
Products transferred at a point in time$1,166,165 $691,737 $1,857,902 $3,233,344 $1,909,192 $5,142,536 
Products and services transferred over time276,156 86,248 362,404 794,666 255,938 1,050,604 
Consolidated net sales$1,442,321 $777,985 $2,220,306 $4,028,010 $2,165,130 $6,193,140 
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 
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,
20262025
(In thousands)
Balance at the beginning of the period$44,738 $38,555 
Accruals for warranties issued during the period12,796 14,629 
Settlements made during the period(13,446)(13,851)
Warranty accruals related to acquired businesses and other during the period2,972 4,455 
Balance at the end of the period$47,060 $43,788 
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, 2026, the Company had $1,348.4 million of accounts receivable, net of allowances of $14.9 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 nine months ended September 30, 2026.