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Revenue Recognition (Tables)

12 Months Ended

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.

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

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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=121604090&loc=SL49130545-203045

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