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Revenue Recognition (Tables) | 9 Months Ended
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Sep. 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 September 30, 2021
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 223,358 |  |  | $ | 201,890 |  |  | $ | 425,248 |
Aftermarket | 377,750 |  |  | 63,120 |  |  | 440,870 |
| $ | 601,108 |  |  | $ | 265,010 |  |  | $ | 866,118 |
| Three Months Ended September 30, 2020
| FPD |  | FCD |  | Total
Original Equipment | $ | 280,951 |  |  | $ | 198,472 |  |  | $ | 479,423 |
Aftermarket | 388,584 |  |  | 56,294 |  |  | 444,878 |
| $ | 669,535 |  |  | $ | 254,766 |  |  | $ | 924,301 |
| Nine Months Ended September 30, 2021
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 657,910 |  |  | $ | 608,707 |  |  | $ | 1,266,617 |
Aftermarket | 1,162,798 |  |  | 192,189 |  |  | 1,354,987 |
| $ | 1,820,708 |  |  | $ | 800,896 |  |  | $ | 2,621,604 |
| Nine Months Ended September 30, 2020
| FPD |  | FCD |  | Total
Original Equipment | $ | 805,150 |  |  | $ | 588,448 |  |  | $ | 1,393,598 |
Aftermarket | 1,173,065 |  |  | 176,163 |  |  | 1,349,228 |
| $ | 1,978,215 |  |  | $ | 764,611 |  |  | $ | 2,742,826 |
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 September 30, 2021
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 230,130 |  |  | $ | 95,854 |  |  | $ | 325,984 |
Latin America(2) | 63,443 |  |  | 7,320 |  |  | 70,763 |
Middle East and Africa | 71,296 |  |  | 24,271 |  |  | 95,567 |
Asia Pacific | 117,424 |  |  | 84,267 |  |  | 201,691 |
Europe | 118,815 |  |  | 53,298 |  |  | 172,113 |
| $ | 601,108 |  |  | $ | 265,010 |  |  | $ | 866,118 |
| Three Months Ended September 30, 2020
| FPD |  | FCD |  | Total
North America(1) | $ | 245,282 |  |  | $ | 96,435 |  |  | $ | 341,717 |
Latin America(2) | 47,346 |  |  | 6,065 |  |  | 53,411 |
Middle East and Africa | 83,330 |  |  | 29,045 |  |  | 112,375 |
Asia Pacific | 151,227 |  |  | 66,836 |  |  | 218,063 |
Europe | 142,350 |  |  | 56,385 |  |  | 198,735 |
| $ | 669,535 |  |  | $ | 254,766 |  |  | $ | 924,301 |
| Nine Months Ended September 30, 2021
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 697,712 |  |  | $ | 284,217 |  |  | $ | 981,929 |
Latin America(2) | 157,703 |  |  | 23,014 |  |  | 180,717 |
Middle East and Africa | 223,502 |  |  | 78,503 |  |  | 302,005 |
Asia Pacific | 361,450 |  |  | 251,864 |  |  | 613,314 |
Europe | 380,341 |  |  | 163,298 |  |  | 543,639 |
| $ | 1,820,708 |  |  | $ | 800,896 |  |  | $ | 2,621,604 |
| Nine Months Ended September 30, 2020
| FPD |  | FCD |  | Total
North America(1) | $ | 782,403 |  |  | $ | 326,271 |  |  | $ | 1,108,674 |
Latin America(2) | 136,443 |  |  | 18,480 |  |  | 154,923 |
Middle East and Africa | 277,231 |  |  | 77,404 |  |  | 354,635 |
Asia Pacific | 391,796 |  |  | 185,946 |  |  | 577,742 |
Europe | 390,342 |  |  | 156,510 |  |  | 546,852 |
| $ | 1,978,215 |  |  | $ | 764,611 |  |  | $ | 2,742,826 |
__________________________________ (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 nine months ended September 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 | — |  |  | — |  |  | (137,305) |  |  | — |  |
Revenue recognized in the period in excess of billings | 539,813 |  |  | — |  |  | — |  |  | — |  |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 145,369 |  |  | — |  |
Amounts transferred from contract assets to receivables | (563,145) |  |  | (61) |  |  | — |  |  | — |  |
Currency effects and other, net | (18,485) |  |  | (109) |  |  | (3,188) |  |  | (40) |  |
Ending balance, September 30, 2021 | $ | 235,917 |  |  | $ | 969 |  |  | $ | 199,103 |  |  | $ | 782 |  |
(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 | — |  |  | — |  |  | (159,376) |  |  | (1,198) |
Revenue recognized in the period in excess of billings | 654,967 |  |  | — |  |  | — |  |  | — |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 137,986 |  |  | 309 |
Amounts transferred from contract assets to receivables | (606,564) |  |  | 191 |  |  | — |  |  | — |
Currency effects and other, net | (11,187) |  |  | (6,585) |  |  | (1,325) |  |  | 15 |
Ending balance, September 30, 2020 | $ | 310,130 |  |  | $ | 2,886 |  |  | $ | 198,380 |  |  | $ | 778 |
_____________________________________ (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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