XML 40 R28.htm IDEA: XBRL DOCUMENT
v3.20.2

Revenue Recognition (Tables) | 9 Months Ended
--- | ---
Sep. 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 September 30, 2020
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 280,951 |  |  | $ | 198,472 |  |  | $ | 479,423 |
Aftermarket | 388,584 |  |  | 56,294 |  |  | 444,878 |
| $ | 669,535 |  |  | $ | 254,766 |  |  | $ | 924,301 |
| Three Months Ended September 30, 2019
| FPD |  | FCD |  | Total
Original Equipment | $ | 256,664 |  |  | $ | 251,447 |  |  | $ | 508,111 |
Aftermarket | 426,134 |  |  | 61,464 |  |  | 487,598 |
| $ | 682,798 |  |  | $ | 312,911 |  |  | $ | 995,709 |
| Nine Months Ended September 30, 2020
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 805,150 |  |  | $ | 588,448 |  |  | $ | 1,393,598 |
Aftermarket | 1,173,065 |  |  | 176,163 |  |  | 1,349,228 |
| $ | 1,978,215 |  |  | $ | 764,611 |  |  | $ | 2,742,826 |
| Nine Months Ended September 30, 2019
| FPD |  | FCD |  | Total
Original Equipment | $ | 706,092 |  |  | $ | 710,144 |  |  | $ | 1,416,236 |
Aftermarket | 1,259,431 |  |  | 195,850 |  |  | 1,455,281 |
| $ | 1,965,523 |  |  | $ | 905,994 |  |  | $ | 2,871,517 |
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 September 30, 2020
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 245,282 |  |  | $ | 96,435 |  |  | $ | 341,717 |
Latin America(1) | 47,346 |  |  | 6,065 |  |  | 53,411 |
Middle East and Africa | 83,330 |  |  | 29,045 |  |  | 112,375 |
Asia Pacific | 151,227 |  |  | 66,836 |  |  | 218,063 |
Europe | 142,350 |  |  | 56,385 |  |  | 198,735 |
| $ | 669,535 |  |  | $ | 254,766 |  |  | $ | 924,301 |
| Three Months Ended September 30, 2019
| FPD |  | FCD |  | Total
North America(1) | $ | 279,583 |  |  | $ | 133,881 |  |  | $ | 413,464 |
Latin America(1) | 51,338 |  |  | 7,682 |  |  | 59,020 |
Middle East and Africa | 87,982 |  |  | 23,721 |  |  | 111,703 |
Asia Pacific | 129,047 |  |  | 85,952 |  |  | 214,999 |
Europe | 134,848 |  |  | 61,675 |  |  | 196,523 |
| $ | 682,798 |  |  | $ | 312,911 |  |  | $ | 995,709 |
| Nine Months Ended September 30, 2020
(Amounts in thousands) | FPD |  | FCD |  | Total
North America (1) | $ | 782,403 |  |  | $ | 326,271 |  |  | $ | 1,108,674 |
Latin America(1) | 136,443 |  |  | 18,480 |  |  | 154,923 |
Middle East and Africa | 277,231 |  |  | 77,404 |  |  | 354,635 |
Asia Pacific | 391,796 |  |  | 185,946 |  |  | 577,742 |
Europe | 390,342 |  |  | 156,510 |  |  | 546,852 |
| $ | 1,978,215 |  |  | $ | 764,611 |  |  | $ | 2,742,826 |
| Nine Months Ended September 30, 2019
| FPD |  | FCD |  | Total
North America (1) | $ | 797,092 |  |  | $ | 401,921 |  |  | $ | 1,199,013 |
Latin America(1) | 134,716 |  |  | 23,574 |  |  | 158,290 |
Middle East and Africa | 249,694 |  |  | 69,484 |  |  | 319,178 |
Asia Pacific | 367,204 |  |  | 223,864 |  |  | 591,068 |
Europe | 416,817 |  |  | 187,151 |  |  | 603,968 |
| $ | 1,965,523 |  |  | $ | 905,994 |  |  | $ | 2,871,517 |
__________________________________ (1) North America represents the 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 nine months ended September 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 |  |  | $ | 221,095 |  |  | $ | 1,652 |  |
Revenue recognized that was included in contract liabilities at the beginning of the period | — |  |  | — |  |  | (159,376) |  |  | (1,198) |  |
Revenue recognized in the period in excess of billings | 654,967 |  |  | — |  |  | — |  |  | — |  |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 137,986 |  |  | 309 |  |
Amounts transferred from contract assets to receivables | (606,564) |  |  | 191 |  |  | — |  |  | — |  |
Currency effects and other, net | (11,187) |  |  | (6,585) |  |  | (1,325) |  |  | 15 |  |
Ending balance, September 30, 2020 | $ | 310,130 |  |  | $ | 2,886 |  |  | $ | 198,380 |  |  | $ | 778 |  |
(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 | $ | 229,297 |  |  | $ | 10,967 |  |  | $ | 201,702 |  |  | $ | 1,370 |
Revenue recognized that was included in contract liabilities at the beginning of the period | — |  |  | — |  |  | (129,265) |  |  | — |
Revenue recognized in the period in excess of billings | 584,784 |  |  | — |  |  | — |  |  | — |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 148,552 |  |  | — |
Amounts transferred from contract assets to receivables | (544,533) |  |  | (3,414) |  |  | — |  |  | — |
Currency effects and other, net | (11,249) |  |  | 539 |  |  | 3,254 |  |  | 248 |
Ending balance, September 30, 2019 | $ | 258,299 |  |  | $ | 8,092 |  |  | $ | 224,243 |  |  | $ | 1,618 |
_____________________________________ (1) Included in other assets, net. (2) Included in retirement obligations and other liabilities.

X
- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + 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=121604090&loc=SL49130551-203045 + Details
Name: | us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=121604090&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration