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Revenue Recognition (Tables) | 6 Months Ended
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Jun. 30, 2021
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue | The following tables present our customer revenues disaggregated by revenue source:
| Three Months Ended June 30, 2021
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 220,387 |  |  | $ | 214,097 |  |  | $ | 434,484 |
Aftermarket | 397,047 |  |  | 66,647 |  |  | 463,694 |
| $ | 617,434 |  |  | $ | 280,744 |  |  | $ | 898,178 |
| Three Months Ended June 30, 2020
| FPD |  | FCD |  | Total
Original Equipment | $ | 271,465 |  |  | $ | 191,358 |  |  | $ | 462,823 |
Aftermarket | 402,089 |  |  | 60,100 |  |  | 462,189 |
| $ | 673,554 |  |  | $ | 251,458 |  |  | $ | 925,012 |
| Six Months Ended June 30, 2021
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 434,541 |  |  | $ | 406,817 |  |  | $ | 841,358 |
Aftermarket | 785,059 |  |  | 129,069 |  |  | 914,128 |
| $ | 1,219,600 |  |  | $ | 535,886 |  |  | $ | 1,755,486 |
| Six Months Ended June 30, 2020
| FPD |  | FCD |  | Total
Original Equipment | $ | 524,198 |  |  | $ | 389,977 |  |  | $ | 914,175 |
Aftermarket | 784,482 |  |  | 119,869 |  |  | 904,351 |
| $ | 1,308,680 |  |  | $ | 509,846 |  |  | $ | 1,818,526 |
Our customer sales are diversified geographically. The following tables present our revenues disaggregated by geography, based on the shipping addresses of our customers:
| Three Months Ended June 30, 2021
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 243,611 |  |  | $ | 98,118 |  |  | $ | 341,729 |
Latin America(2) | 52,219 |  |  | 8,879 |  |  | 61,098 |
Middle East and Africa | 69,662 |  |  | 26,530 |  |  | 96,192 |
Asia Pacific | 119,375 |  |  | 88,944 |  |  | 208,319 |
Europe | 132,567 |  |  | 58,273 |  |  | 190,840 |
| $ | 617,434 |  |  | $ | 280,744 |  |  | $ | 898,178 |
| Three Months Ended June 30, 2020
| FPD |  | FCD |  | Total
North America(1) | $ | 269,610 |  |  | $ | 106,737 |  |  | $ | 376,347 |
Latin America(2) | 46,909 |  |  | 6,905 |  |  | 53,814 |
Middle East and Africa | 96,740 |  |  | 21,687 |  |  | 118,427 |
Asia Pacific | 128,102 |  |  | 64,546 |  |  | 192,648 |
Europe | 132,193 |  |  | 51,583 |  |  | 183,776 |
| $ | 673,554 |  |  | $ | 251,458 |  |  | $ | 925,012 |
| Six Months Ended June 30, 2021
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 467,582 |  |  | $ | 188,368 |  |  | $ | 655,950 |
Latin America(2) | 94,256 |  |  | 15,694 |  |  | 109,950 |
Middle East and Africa | 152,207 |  |  | 54,226 |  |  | 206,433 |
Asia Pacific | 244,027 |  |  | 167,600 |  |  | 411,627 |
Europe | 261,528 |  |  | 109,998 |  |  | 371,526 |
| $ | 1,219,600 |  |  | $ | 535,886 |  |  | $ | 1,755,486 |
| Six Months Ended June 30, 2020
| FPD |  | FCD |  | Total
North America(1) | $ | 537,135 |  |  | $ | 229,862 |  |  | $ | 766,997 |
Latin America(2) | 89,096 |  |  | 12,415 |  |  | 101,511 |
Middle East and Africa | 193,908 |  |  | 48,352 |  |  | 242,260 |
Asia Pacific | 240,557 |  |  | 119,103 |  |  | 359,660 |
Europe | 247,984 |  |  | 100,114 |  |  | 348,098 |
| $ | 1,308,680 |  |  | $ | 509,846 |  |  | $ | 1,818,526 |
__________________________________ (1) North America represents the United States and Canada. (2) 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 six months ended June 30, 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 | — |  |  | — |  |  | (112,835) |  |  | — |  |
Revenue recognized in the period in excess of billings | 321,040 |  |  | 54 |  |  | — |  |  | — |  |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 126,591 |  |  | — |  |
Amounts transferred from contract assets to receivables | (326,634) |  |  | (28) |  |  | — |  |  | — |  |
Currency effects and other, net | (9,909) |  |  | (86) |  |  | 1,109 |  |  | (19) |  |
Ending balance, June 30, 2021 | $ | 262,231 |  |  | $ | 1,079 |  |  | $ | 209,092 |  |  | $ | 803 |  |
(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 | — |  |  | — |  |  | (138,994) |  |  | (646) |
Revenue recognized in the period in excess of billings | 386,250 |  |  | 511 |  |  | — |  |  | — |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 141,156 |  |  | — |
Amounts transferred from contract assets to receivables | (335,505) |  |  | (93) |  |  | — |  |  | — |
Currency effects and other, net | (14,463) |  |  | (6,689) |  |  | (3,624) |  |  | (31) |
Ending balance, June 30, 2020 | $ | 309,196 |  |  | $ | 3,009 |  |  | $ | 219,633 |  |  | $ | 975 |
_____________________________________ (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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