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Revenue Recognition (Tables)

6 Months Ended

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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- Definition

Tabular disclosure of contract balances and changes in contract balances.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=118956577&loc=SL49130551-203045

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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=118956577&loc=SL49130545-203045

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