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Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2019
Revenue Recognition and Deferred Revenue [Abstract]  
Disaggregation of Revenue
The following table presents our customer revenues disaggregated by revenue source:
 
December 31, 2019
(Amounts in thousands)
FPD
 
FCD
 
Total
Original Equipment
$
994,719

 
$
972,424

 
$
1,967,143

Aftermarket
1,709,726

 
267,981

 
1,977,707

 
$
2,704,445

 
$
1,240,405

 
$
3,944,850

 
 
 
 
 
 
 
December 31, 2018
(Amounts in thousands)
FPD
 
FCD
 
Total
Original Equipment
$
992,162

 
$
943,893

 
$
1,936,055

Aftermarket
1,628,326

 
268,285

 
1,896,611

 
$
2,620,488

 
$
1,212,178

 
$
3,832,666

 
 
 
 
 
 
 
December 31, 2017 (1)
(Amounts in thousands)
FPD
 
FCD
 
Total
Original Equipment
$
968,856

 
$
906,890

 
$
1,875,746

Aftermarket
1,508,882

 
276,203

 
1,785,085

 
$
2,477,738

 
$
1,183,093

 
$
3,660,831

__________________________
(1) Presented in accordance with Topic 605.

Our customer sales are diversified geographically. The following table presents our revenues disaggregated by geography, based on the shipping addresses of our customers:
 
December 31, 2019
(Amounts in thousands)
FPD
 
FCD
 
Total
North America(1)
$
1,085,627

 
$
543,986

 
$
1,629,613

Latin America(1)
202,247

 
28,899

 
231,146

Middle East and Africa
355,937

 
98,959

 
454,896

Asia Pacific
499,932

 
319,235

 
819,167

Europe
560,702

 
249,326

 
810,028

 
$
2,704,445

 
$
1,240,405

 
$
3,944,850

 
 
 
 
 
 
 
December 31, 2018
(Amounts in thousands)
FPD
 
FCD
 
Total
North America(1)
$
1,037,637

 
$
540,316

 
$
1,577,953

Latin America(1)
219,376

 
22,405

 
241,781

Middle East and Africa
329,484

 
138,240

 
467,724

Asia Pacific
502,559

 
279,109

 
781,668

Europe
531,432

 
232,108

 
763,540

 
$
2,620,488

 
$
1,212,178

 
$
3,832,666

 
 
 
 
 
 
 
December 31, 2017 (2)
(Amounts in thousands)
FPD
 
FCD
 
Total
North America(1)
$
969,417

 
$
477,275

 
$
1,446,692

Latin America(1)
168,971

 
33,207

 
202,178

Middle East and Africa
327,366

 
155,447

 
482,813

Asia Pacific
445,001

 
239,197

 
684,198

Europe
566,983

 
277,967

 
844,950

 
$
2,477,738

 
$
1,183,093

 
$
3,660,831

_____________________________________
(1) North America represents United States and Canada; Latin America includes Mexico.
(2) Presented in accordance with Topic 605.


Contract with Customer, Asset and Liability
The following table presents opening and closing balances of contract assets and contract liabilities, current and long-term, for the years ended December 31, 2019 and 2018:
( Amounts in thousands)
Contract Assets, net (Current)
 
Long-term Contract Assets, net(1)
 
Contract Liabilities (Current)
 
Long-term Contract Liabilities(2)
Balance — January 1, 2018
$
219,361

 
$
3,990

 
$
178,515

 
$
3,925

Revenue recognized that was included in contract liabilities at the beginning of the period
—

 
—

 
(123,458
)
 
(1,360
)
Increase due to revenue recognized in the period in excess of billings
846,922

 
6,668

 
—

 
—

Increase due to billings arising during the period in excess of revenue recognized
—

 
—

 
152,664

 
(481
)
Amounts transferred from contract assets to receivables
(815,213
)
 
(2,503
)
 
—

 
—

Currency effects and other, net
(22,491
)
 
2,812

 
(5,263
)
 
(714
)
Balance — December 31, 2018
$
228,579

 
$
10,967

 
$
202,458

 
$
1,370

Revenue recognized that was included in contract liabilities at the beginning of the period
—

 
—

 
(125,274
)
 
—

Increase due to revenue recognized in the period in excess of billings
835,147

 
—

 
—

 
—

Increase due to billings arising during the period in excess of revenue recognized
—

 
—

 
135,695

 
290

Amounts transferred from contract assets to receivables
(785,279
)
 
(1,747
)
 
—

 
—

Currency effects and other, net
(5,533
)
 
60

 
3,662

 
(8
)
Balance — December 31, 2019
$
272,914

 
$
9,280

 
$
216,541

 
$
1,652

_____________________________________
(1) Included in other assets, net.
(2) Included in retirement obligations and other liabilities.