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Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables present our customer revenues disaggregated by revenue source:

			Three Months Ended March 31, 2022
(Amounts in thousands)			FPD						FCD						Total
Original Equipment			$	200,340					$	182,842					$	383,182
Aftermarket			373,646						64,230						437,876
			$	573,986					$	247,072					$	821,058
			Three Months Ended March 31, 2021
			FPD						FCD						Total
Original Equipment			$	214,164					$	192,720					$	406,884
Aftermarket			388,002						62,422						450,424
			$	602,166					$	255,142					$	857,308

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 March 31, 2022
(Amounts in thousands)			FPD						FCD						Total
North America(1)			$	238,710					$	107,634					$	346,344
Latin America(2)			47,619						5,550						53,169
Middle East and Africa			71,701						21,351						93,052
Asia Pacific			101,599						67,793						169,392
Europe			114,357						44,744						159,101
			$	573,986					$	247,072					$	821,058
			Three Months Ended March 31, 2021
			FPD						FCD						Total
North America(1)			$	223,975					$	90,247					$	314,222
Latin America(2)			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

__________________________________

(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 three months ended March 31, 2022 and 2021:

(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, 2022			$	195,598					$	426					$	202,965					$	464
Revenue recognized that was included in contract liabilities at the beginning of the period			—						—						(79,792)						—
Revenue recognized in the period in excess of billings			116,140						1,757						—						—
Billings arising during the period in excess of revenue recognized			—						—						78,156						—
Amounts transferred from contract assets to receivables			(109,358)						—						—						—
Currency effects and other, net			(2,326)						(1,750)						2,829						(2)
Ending balance, March 31, 2022			$	200,054					$	433					$	204,158					$	462

(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

_____________________________________

(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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- References

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