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Revenue Recognition (Tables) | 3 Months Ended
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Mar. 31, 2021
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue | The following table presents our customer revenues disaggregated by revenue source:
| Three Months Ended March 31, 2021
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 214,164 |  |  | $ | 192,720 |  |  | $ | 406,884 |
Aftermarket | 388,002 |  |  | 62,422 |  |  | 450,424 |
| $ | 602,166 |  |  | $ | 255,142 |  |  | $ | 857,308 |
| Three Months Ended March 31, 2020
| FPD |  | FCD |  | Total
Original Equipment | $ | 252,732 |  |  | $ | 198,619 |  |  | $ | 451,351 |
Aftermarket | 382,394 |  |  | 59,768 |  |  | 442,162 |
| $ | 635,126 |  |  | $ | 258,387 |  |  | $ | 893,513 |
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 March 31, 2021
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 223,975 |  |  | $ | 90,247 |  |  | $ | 314,222 |
Latin America(1) | 42,040 |  |  | 6,818 |  |  | 48,858 |
Middle East and Africa | 82,541 |  |  | 27,687 |  |  | 110,228 |
Asia Pacific | 124,648 |  |  | 78,661 |  |  | 203,309 |
Europe | 128,962 |  |  | 51,729 |  |  | 180,691 |
| $ | 602,166 |  |  | $ | 255,142 |  |  | $ | 857,308 |
| Three Months Ended March 31, 2020
| FPD |  | FCD |  | Total
North America(1) | $ | 267,524 |  |  | $ | 123,118 |  |  | $ | 390,642 |
Latin America(1) | 42,187 |  |  | 5,511 |  |  | 47,698 |
Middle East and Africa | 97,168 |  |  | 26,663 |  |  | 123,831 |
Asia Pacific | 112,455 |  |  | 54,563 |  |  | 167,018 |
Europe | 115,792 |  |  | 48,532 |  |  | 164,324 |
| $ | 635,126 |  |  | $ | 258,387 |  |  | $ | 893,513 |
__________________________________ (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 three months ended March 31, 2021 and 2020:
(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, 2021 | $ | 277,734 |  |  | 1,139 |  |  | $ | 194,227 |  |  | $ | 822 |  |
Revenue recognized that was included in contract liabilities at the beginning of the period | — |  |  | — |  |  | (78,713) |  |  | — |  |
Revenue recognized in the period in excess of billings | 164,246 |  |  | 55 |  |  | — |  |  | — |  |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 82,712 |  |  | — |  |
Amounts transferred from contract assets to receivables | (156,805) |  |  | — |  |  | — |  |  | — |  |
Currency effects and other, net | (10,988) |  |  | (98) |  |  | 1,312 |  |  | (30) |  |
Ending balance, March 31, 2021 | $ | 274,187 |  |  | $ | 1,096 |  |  | $ | 199,538 |  |  | $ | 792 |  |
(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 | — |  |  | — |  |  | (90,190) |  |  | (634) |
Revenue recognized in the period in excess of billings | 203,856 |  |  | 504 |  |  | — |  |  | — |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 100,121 |  |  | — |
Amounts transferred from contract assets to receivables | (185,456) |  |  | (93) |  |  | — |  |  | — |
Currency effects and other, net | (15,387) |  |  | (7,229) |  |  | (1,896) |  |  | (53) |
Ending balance, March 31, 2020 | $ | 275,927 |  |  | $ | 2,462 |  |  | $ | 229,130 |  |  | $ | 965 |
_____________________________________ (1) Included in other assets, net. (2) Included in retirement obligations and other liabilities.

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- 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
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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 + Details
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