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Revenue Recognition (Tables)

9 Months Ended

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.

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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