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Revenue Recognition (Tables)

9 Months Ended

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.

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

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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=123351226&loc=SL49130545-203045

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