Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables present our customer revenues disaggregated by revenue source:

	Three Months Ended March 31, 2023
(Amounts in thousands)	FPD		FCD		Total
Original Equipment	$	252,732	$	210,753	$	463,485
Aftermarket	446,746		70,074		516,820
	$	699,478	$	280,827	$	980,305
	Three Months Ended March 31, 2022
	FPD		FCD		Total
Original Equipment	$	200,340	$	182,842	$	383,182
Aftermarket	373,646		64,230		437,876
	$	573,986	$	247,072	$	821,058

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

	Three Months Ended March 31, 2023
(Amounts in thousands)	FPD		FCD		Total
North America(1)	$	282,272	$	125,681	$	407,953
Latin America(2)	63,989		7,863		71,852
Middle East and Africa	114,370		28,401		142,771
Asia Pacific	113,371		67,828		181,199
Europe	125,476		51,054		176,530
	$	699,478	$	280,827	$	980,305
	Three Months Ended March 31, 2022
	FPD		FCD		Total
North America(1)	$	238,710	$	107,634	$	346,344
Latin America(2)	47,619		5,550		53,169
Middle East and Africa	71,701		21,351		93,052
Asia Pacific	101,599		67,793		169,392
Europe	114,357		44,744		159,101
	$	573,986	$	247,072	$	821,058

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(1) North America represents the United States and Canada.

(2) 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, 2023 and 2022:

(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, 2023	$	233,457	$	297	$	256,963	$	1,059
Revenue recognized that was included in contract liabilities at the beginning of the period	—		—		(117,035)		—
Revenue recognized in the period in excess of billings	136,965		4		—		—
Billings arising during the period in excess of revenue recognized	—		—		146,262		164
Amounts transferred from contract assets to receivables	(137,865)		—		—		—
Currency effects and other, net	(693)		4		5,448		2,983
Ending balance, March 31, 2023	$	231,864	$	305	$	291,638	$	4,206

(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, 2022	$	195,598	$	426	$	202,965	$	464
Revenue recognized that was included in contract liabilities at the beginning of the period	—		—		(79,792)		—
Revenue recognized in the period in excess of billings	116,140		1,757		—		—
Billings arising during the period in excess of revenue recognized	—		—		78,156		—
Amounts transferred from contract assets to receivables	(109,358)		—		—		—
Currency effects and other, net	(2,326)		(1,750)		2,829		(2)
Ending balance, March 31, 2022	$	200,054	$	433	$	204,158	$	462

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(1) Included in other assets, net.

(2) Included in retirement obligations and other liabilities.