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Revenue Recognition (Tables) | 6 Months Ended
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Jun. 30, 2020
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue | The following table presents our customer revenues disaggregated by revenue source:
| Three Months Ended June 30, 2020 |  |  |  |
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 271,465 |  |  | $ | 191,311 |  |  | $ | 462,776 |
Aftermarket | 402,089 |  |  | 60,100 |  |  | 462,189 |
| $ | 673,554 |  |  | $ | 251,411 |  |  | $ | 924,965 |
| Three Months Ended June 30, 2019 |  |  |  |
| FPD |  | FCD |  | Total
Original Equipment | $ | 243,625 |  |  | $ | 248,927 |  |  | $ | 492,552 |
Aftermarket | 430,341 |  |  | 67,191 |  |  | 497,532 |
| $ | 673,966 |  |  | $ | 316,118 |  |  | $ | 990,084 |
| Six Months Ended June 30, 2020 |  |  |  |
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 524,197 |  |  | $ | 390,874 |  |  | $ | 915,071 |
Aftermarket | 784,482 |  |  | 119,869 |  |  | 904,351 |
| $ | 1,308,679 |  |  | $ | 510,743 |  |  | $ | 1,819,422 |
| Six Months Ended June 30, 2019 |  |  |  |
| FPD |  | FCD |  | Total
Original Equipment | $ | 449,429 |  |  | $ | 462,973 |  |  | $ | 912,402 |
Aftermarket | 833,296 |  |  | 134,437 |  |  | 967,733 |
| $ | 1,282,725 |  |  | $ | 597,410 |  |  | $ | 1,880,135 |
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 June 30, 2020 |  |  |  |
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 269,610 |  |  | $ | 106,737 |  |  | $ | 376,347 |
Latin America(1) | 46,909 |  |  | 6,905 |  |  | 53,814 |
Middle East and Africa | 96,740 |  |  | 21,687 |  |  | 118,427 |
Asia Pacific | 128,102 |  |  | 64,499 |  |  | 192,601 |
Europe | 132,193 |  |  | 51,583 |  |  | 183,776 |
| $ | 673,554 |  |  | $ | 251,411 |  |  | $ | 924,965 |
| Three Months Ended June 30, 2019 |  |  |  |
| FPD |  | FCD |  | Total
North America(1) | $ | 269,737 |  |  | $ | 134,715 |  |  | $ | 404,452 |
Latin America(1) | 45,771 |  |  | 10,093 |  |  | 55,864 |
Middle East and Africa | 87,344 |  |  | 22,875 |  |  | 110,219 |
Asia Pacific | 124,206 |  |  | 83,189 |  |  | 207,395 |
Europe | 146,908 |  |  | 65,246 |  |  | 212,154 |
| $ | 673,966 |  |  | $ | 316,118 |  |  | $ | 990,084 |
| Six Months Ended June 30, 2020 |  |  |  |
(Amounts in thousands) | FPD |  | FCD |  | Total
North America (1) | $ | 537,135 |  |  | $ | 229,862 |  |  | $ | 766,997 |
Latin America(1) | 89,096 |  |  | 12,415 |  |  | 101,511 |
Middle East and Africa | 193,908 |  |  | 48,352 |  |  | 242,260 |
Asia Pacific | 240,557 |  |  | 120,000 |  |  | 360,557 |
Europe | 247,983 |  |  | 100,114 |  |  | 348,097 |
| $ | 1,308,679 |  |  | $ | 510,743 |  |  | $ | 1,819,422 |
| Six Months Ended June 30, 2019 |  |  |  |
| FPD |  | FCD |  | Total
North America (1) | $ | 517,506 |  |  | $ | 269,874 |  |  | $ | 787,380 |
Latin America(1) | 83,373 |  |  | 15,893 |  |  | 99,266 |
Middle East and Africa | 161,710 |  |  | 45,763 |  |  | 207,473 |
Asia Pacific | 238,154 |  |  | 140,401 |  |  | 378,555 |
Europe | 281,982 |  |  | 125,479 |  |  | 407,461 |
| $ | 1,282,725 |  |  | $ | 597,410 |  |  | $ | 1,880,135 |
Contract liabilities | The following tables present beginning and ending balances of contract assets and contract liabilities, current and long-term, for the six months ended June 30, 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 | — |  |  | — |  |  | (134,440) |  |  | (646) |  |
Revenue recognized in the period in excess of billings | 386,250 |  |  | 511 |  |  | — |  |  | — |  |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 141,156 |  |  | — |  |
Amounts transferred from contract assets to receivables | (335,505) |  |  | (93) |  |  | — |  |  | — |  |
Currency effects and other, net | (14,510) |  |  | (6,689) |  |  | (9,122) |  |  | (31) |  |
Ending balance, June 30, 2020 | $ | 309,149 |  |  | $ | 3,009 |  |  | $ | 214,135 |  |  | $ | 975 |  |
(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 | — |  |  | — |  |  | (108,769) |  |  | — |
Revenue recognized in the period in excess of billings | 361,384 |  |  | — |  |  | — |  |  | — |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 119,726 |  |  | — |
Amounts transferred from contract assets to receivables | (372,398) |  |  | (2,444) |  |  | — |  |  | — |
Currency effects and other, net | (2,125) |  |  | 45 |  |  | (3,726) |  |  | (360) |
Ending balance, June 30, 2019 | $ | 215,440 |  |  | $ | 8,568 |  |  | $ | 209,689 |  |  | $ | 1,010 |
_____________________________________ (1) Included in other assets, net. (2) Included in retirement obligations and other liabilities.

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