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Revenue Recognition (Tables) | 9 Months Ended
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Sep. 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 September 30, 2022
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 196,539 |  |  | $ | 215,550 |  |  | $ | 412,089 |
Aftermarket | 394,807 |  |  | 65,985 |  |  | 460,792 |
| $ | 591,346 |  |  | $ | 281,535 |  |  | $ | 872,881 |
| Three Months Ended September 30, 2021
| FPD |  | FCD |  | Total
Original Equipment | $ | 223,358 |  |  | $ | 201,890 |  |  | $ | 425,248 |
Aftermarket | 377,750 |  |  | 63,120 |  |  | 440,870 |
| $ | 601,108 |  |  | $ | 265,010 |  |  | $ | 866,118 |
| Nine Months Ended September 30, 2022
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 609,640 |  |  | $ | 596,989 |  |  | $ | 1,206,629 |
Aftermarket | 1,170,117 |  |  | 199,415 |  |  | 1,369,532 |
| $ | 1,779,757 |  |  | $ | 796,404 |  |  | $ | 2,576,161 |
| Nine Months Ended September 30, 2021
| 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 |
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, 2022
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 249,968 |  |  | $ | 117,262 |  |  | $ | 367,230 |
Latin America(2) | 49,063 |  |  | 6,959 |  |  | 56,022 |
Middle East and Africa | 90,598 |  |  | 23,994 |  |  | 114,592 |
Asia Pacific | 89,794 |  |  | 80,770 |  |  | 170,564 |
Europe | 111,923 |  |  | 52,550 |  |  | 164,473 |
| $ | 591,346 |  |  | $ | 281,535 |  |  | $ | 872,881 |
| Three Months Ended September 30, 2021
| 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 |
| Nine Months Ended September 30, 2022
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 754,337 |  |  | $ | 344,690 |  |  | $ | 1,099,027 |
Latin America(2) | 144,974 |  |  | 17,463 |  |  | 162,437 |
Middle East and Africa | 247,205 |  |  | 67,392 |  |  | 314,597 |
Asia Pacific | 288,971 |  |  | 220,980 |  |  | 509,951 |
Europe | 344,270 |  |  | 145,879 |  |  | 490,149 |
| $ | 1,779,757 |  |  | $ | 796,404 |  |  | $ | 2,576,161 |
| Nine Months Ended September 30, 2021
| 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 |
__________________________________ (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, 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 | — |  |  | — |  |  | (133,730) |  |  | — |  |
Revenue recognized in the period in excess of billings | 417,430 |  |  | — |  |  | — |  |  | — |  |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 155,584 |  |  | 7 |  |
Amounts transferred from contract assets to receivables | (392,199) |  |  | (1,406) |  |  | — |  |  | — |  |
Currency effects and other, net | (15,593) |  |  | 987 |  |  | (8,725) |  |  | (38) |  |
Ending balance, September 30, 2022 | $ | 205,236 |  |  | $ | 7 |  |  | $ | 216,094 |  |  | $ | 433 |  |
(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 |
_____________________________________ (1) Included in other assets, net. (2) Included in retirement obligations and other liabilities.

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