XML 39 R27.htm IDEA: XBRL DOCUMENT
v3.22.2

Revenue Recognition (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
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, 2022
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 212,760 |  |  | $ | 198,597 |  |  | $ | 411,357 |
Aftermarket | 401,665 |  |  | 69,200 |  |  | 470,865 |
| $ | 614,425 |  |  | $ | 267,797 |  |  | $ | 882,222 |
| Three Months Ended June 30, 2021
| FPD |  | FCD |  | Total
Original Equipment | $ | 220,387 |  |  | $ | 214,097 |  |  | $ | 434,484 |
Aftermarket | 397,047 |  |  | 66,647 |  |  | 463,694 |
| $ | 617,434 |  |  | $ | 280,744 |  |  | $ | 898,178 |
| Six Months Ended June 30, 2022
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 413,100 |  |  | $ | 381,439 |  |  | $ | 794,539 |
Aftermarket | 775,312 |  |  | 133,429 |  |  | 908,741 |
| $ | 1,188,412 |  |  | $ | 514,868 |  |  | $ | 1,703,280 |
| Six Months Ended June 30, 2021
| 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 |
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, 2022
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 265,657 |  |  | $ | 119,791 |  |  | $ | 385,448 |
Latin America(2) | 48,294 |  |  | 4,955 |  |  | 53,249 |
Middle East and Africa | 84,935 |  |  | 22,049 |  |  | 106,984 |
Asia Pacific | 97,557 |  |  | 72,418 |  |  | 169,975 |
Europe | 117,982 |  |  | 48,584 |  |  | 166,566 |
| $ | 614,425 |  |  | $ | 267,797 |  |  | $ | 882,222 |
| Three Months Ended June 30, 2021
| 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 |
| Six Months Ended June 30, 2022
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 504,368 |  |  | $ | 227,429 |  |  | $ | 731,797 |
Latin America(2) | 95,914 |  |  | 10,504 |  |  | 106,418 |
Middle East and Africa | 156,636 |  |  | 43,398 |  |  | 200,034 |
Asia Pacific | 199,156 |  |  | 140,209 |  |  | 339,365 |
Europe | 232,338 |  |  | 93,328 |  |  | 325,666 |
| $ | 1,188,412 |  |  | $ | 514,868 |  |  | $ | 1,703,280 |
| Six Months Ended June 30, 2021
| 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 |
__________________________________ (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, 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 | — |  |  | — |  |  | (118,177) |  |  | — |  |
Revenue recognized in the period in excess of billings | 256,608 |  |  | 1,659 |  |  | — |  |  | — |  |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 122,502 |  |  | — |  |
Amounts transferred from contract assets to receivables | (246,405) |  |  | (380) |  |  | 230 |  |  | — |  |
Currency effects and other, net | (8,673) |  |  | (1,671) |  |  | (2,345) |  |  | (19) |  |
Ending balance, June 30, 2022 | $ | 197,128 |  |  | $ | 34 |  |  | $ | 205,175 |  |  | $ | 445 |  |
(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 |
_____________________________________ (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=123351226&loc=SL49130551-203045 + Details
Name: | us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=123351226&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration