Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents our customer revenues disaggregated by revenue source:

	Three Months Ended March 31, 2020
(Amounts in thousands)	FPD		FCD		Total
Original Equipment	$	252,732	$	199,563	$	452,295
Aftermarket	382,394		59,768		442,162
	$	635,126	$	259,331	$	894,457
	Three Months Ended March 31, 2019
	FPD		FCD		Total
Original Equipment	$	205,803	$	214,047	$	419,850
Aftermarket	402,956		67,245		470,201
	$	608,759	$	281,292	$	890,051

Our customer sales are diversified geographically. The following table presents our revenues disaggregated by geography, based on the shipping addresses of our customers:

:

	Three Months Ended March 31, 2020
(Amounts in thousands)	FPD		FCD		Total
North America(1)	$	267,524	$	123,118	$	390,642
Latin America(1)	42,187		5,511		47,698
Middle East and Africa	97,168		26,663		123,831
Asia Pacific	112,455		55,507		167,962
Europe	115,792		48,532		164,324
	$	635,126	$	259,331	$	894,457
	Three Months Ended March 31, 2019
	FPD		FCD		Total
North America(1)	$	247,769	$	135,177	$	382,946
Latin America(1)	37,601		5,796		43,397
Middle East and Africa	74,366		22,891		97,257
Asia Pacific	113,948		57,192		171,140
Europe	135,075		60,236		195,311
	$	608,759	$	281,292	$	890,051

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(1) North America represents United States and Canada; Latin America includes Mexico.

Contract liabilities

The following tables present beginning and ending balances of contract assets and contract liabilities, current and long-term, for the three months ended March 31, 2020 and 2019:

(Amounts in thousands)	Contract Assets, net (Current)		Long-term Contract Assets, net(1)		Contract Liabilities (Current)		Long-term Contract Liabilities(2)
Beginning balance, January 1, 2020	$	272,914	9,280		$	216,541	$	1,652
Revenue recognized that was included in contract liabilities at the beginning of the period	—		—		(85,636)		(634)
Revenue recognized in the period in excess of billings	203,856		504		—		—
Billings arising during the period in excess of revenue recognized	—		—		100,121		—
Amounts transferred from contract assets to receivables	(185,456)		(93)		—		—
Currency effects and other, net	(15,387)		(7,229)		(7,394)		(53)
Ending balance, March 31, 2020	$	275,927	$	2,462	$	223,632	$	965

(Amounts in thousands)	Contract Assets, net (Current)		Long-term Contract Assets, net(1)		Contract Liabilities (Current)		Long-term Contract Liabilities(2)
Beginning balance, January 1, 2019	$	228,579	$	10,967	$	202,458	$	1,370
Revenue recognized that was included in contract liabilities at the beginning of the period	—		—		(73,417)		—
Revenue recognized in the period in excess of billings	155,444		—		—		—
Billings arising during the period in excess of revenue recognized	—		—		78,078		—
Amounts transferred from contract assets to receivables	(154,817)		(2,202)		—		—
Currency effects and other, net	(4,356)		(19)		623		(12)
Ending balance, March 31, 2019	$	224,850	$	8,746	$	207,742	$	1,358

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(1) Included in other assets, net.

(2) Included in retirement obligations and other liabilities.