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Revenue Recognition (Tables) | 12 Months Ended
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Dec. 31, 2020
Revenue Recognition and Deferred Revenue [Abstract] |
Disaggregation of Revenue | The following table presents our customer revenues disaggregated by revenue source:
| December 31, 2020
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 1,091,906 |  |  | $ | 808,585 |  |  | $ | 1,900,491 |
Aftermarket | 1,581,799 |  |  | 245,844 |  |  | 1,827,643 |
| $ | 2,673,705 |  |  | $ | 1,054,429 |  |  | $ | 3,728,134 |
| December 31, 2019
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 994,719 |  |  | $ | 967,271 |  |  | $ | 1,961,990 |
Aftermarket | 1,709,726 |  |  | 267,981 |  |  | 1,977,707 |
| $ | 2,704,445 |  |  | $ | 1,235,252 |  |  | $ | 3,939,697 |
| December 31, 2018
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 992,162 |  |  | $ | 946,926 |  |  | $ | 1,939,088 |
Aftermarket | 1,628,326 |  |  | 268,285 |  |  | 1,896,611 |
| $ | 2,620,488 |  |  | $ | 1,215,211 |  |  | $ | 3,835,699 |
Our customer sales are diversified geographically. The following table presents our revenues disaggregated by geography, based on the shipping addresses of our customers:
| December 31, 2020
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 1,039,285 |  |  | $ | 429,572 |  |  | $ | 1,468,857 |
Latin America(1) | 191,517 |  |  | 26,393 |  |  | 217,910 |
Middle East and Africa | 359,403 |  |  | 110,539 |  |  | 469,942 |
Asia Pacific | 537,792 |  |  | 270,238 |  |  | 808,030 |
Europe | 545,708 |  |  | 217,687 |  |  | 763,395 |
| $ | 2,673,705 |  |  | $ | 1,054,429 |  |  | $ | 3,728,134 |
| December 31, 2019
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 1,085,627 |  |  | $ | 542,182 |  |  | $ | 1,627,809 |
Latin America(1) | 202,247 |  |  | 28,899 |  |  | 231,146 |
Middle East and Africa | 355,937 |  |  | 98,959 |  |  | 454,896 |
Asia Pacific | 499,932 |  |  | 315,886 |  |  | 815,818 |
Europe | 560,702 |  |  | 249,326 |  |  | 810,028 |
| $ | 2,704,445 |  |  | $ | 1,235,252 |  |  | $ | 3,939,697 |
| December 31, 2018
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 1,037,637 |  |  | $ | 541,378 |  |  | $ | 1,579,015 |
Latin America(1) | 219,376 |  |  | 22,405 |  |  | 241,781 |
Middle East and Africa | 329,484 |  |  | 138,240 |  |  | 467,724 |
Asia Pacific | 502,559 |  |  | 281,080 |  |  | 783,639 |
Europe | 531,432 |  |  | 232,108 |  |  | 763,540 |
| $ | 2,620,488 |  |  | $ | 1,215,211 |  |  | $ | 3,835,699 |
_____________________________________ (1) North America represents United States and Canada; Latin America includes Mexico.
Contract with Customer, Asset and Liability | The following table presents opening and closing balances of contract assets and contract liabilities, current and long-term, for the years ended December 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) |
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 | — |  |  | — |  |  | (125,257) |  |  | — |  |
Increase due to revenue recognized in the period in excess of billings | 835,147 |  |  | — |  |  | — |  |  | — |  |
Increase due to billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 135,679 |  |  | 290 |  |
Amounts transferred from contract assets to receivables | (785,279) |  |  | (1,747) |  |  | — |  |  | — |  |
Currency effects and other, net | (6,251) |  |  | 60 |  |  | 8,971 |  |  | (8) |  |
Balance — December 31, 2019 | $ | 272,914 |  |  | $ | 9,280 |  |  | $ | 221,095 |  |  | $ | 1,652 |  |
Revenue recognized that was included in contract liabilities at the beginning of the period | — |  |  | — |  |  | (180,522) |  |  | — |  |
Increase due to revenue recognized in the period in excess of billings | 925,244 |  |  | — |  |  | — |  |  | — |  |
Increase due to billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 140,391 |  |  | — |  |
Amounts transferred from contract assets to receivables | (917,885) |  |  | (1,666) |  |  | — |  |  | — |  |
Currency effects and other, net | (2,539) |  |  | (6,475) |  |  | 13,263 |  |  | (830) |  |
Balance — December 31, 2020 | $ | 277,734 |  |  | $ | 1,139 |  |  | $ | 194,227 |  |  | $ | 822 |  |
_____________________________________ (1) Included in other assets, net. (2) Included in retirement obligations and other liabilities.

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