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Revenue Recognition (Tables)

3 Months Ended

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

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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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- References

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