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Revenue Recognition (Tables) | 3 Months Ended
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Mar. 31, 2023
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, 2023
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 252,732 |  |  | $ | 210,753 |  |  | $ | 463,485 |
Aftermarket | 446,746 |  |  | 70,074 |  |  | 516,820 |
| $ | 699,478 |  |  | $ | 280,827 |  |  | $ | 980,305 |
| Three Months Ended March 31, 2022
| FPD |  | FCD |  | Total
Original Equipment | $ | 200,340 |  |  | $ | 182,842 |  |  | $ | 383,182 |
Aftermarket | 373,646 |  |  | 64,230 |  |  | 437,876 |
| $ | 573,986 |  |  | $ | 247,072 |  |  | $ | 821,058 |
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, 2023
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 282,272 |  |  | $ | 125,681 |  |  | $ | 407,953 |
Latin America(2) | 63,989 |  |  | 7,863 |  |  | 71,852 |
Middle East and Africa | 114,370 |  |  | 28,401 |  |  | 142,771 |
Asia Pacific | 113,371 |  |  | 67,828 |  |  | 181,199 |
Europe | 125,476 |  |  | 51,054 |  |  | 176,530 |
| $ | 699,478 |  |  | $ | 280,827 |  |  | $ | 980,305 |
| Three Months Ended March 31, 2022
| 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 |
__________________________________ (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, 2023 and 2022:
(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, 2023 | $ | 233,457 |  |  | $ | 297 |  |  | $ | 256,963 |  |  | $ | 1,059 |  |
Revenue recognized that was included in contract liabilities at the beginning of the period | — |  |  | — |  |  | (117,035) |  |  | — |  |
Revenue recognized in the period in excess of billings | 136,965 |  |  | 4 |  |  | — |  |  | — |  |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 146,262 |  |  | 164 |  |
Amounts transferred from contract assets to receivables | (137,865) |  |  | — |  |  | — |  |  | — |  |
Currency effects and other, net | (693) |  |  | 4 |  |  | 5,448 |  |  | 2,983 |  |
Ending balance, March 31, 2023 | $ | 231,864 |  |  | $ | 305 |  |  | $ | 291,638 |  |  | $ | 4,206 |  |
(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 |
_____________________________________ (1) Included in other assets, net. (2) Included in retirement obligations and other liabilities.

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- 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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 + Details
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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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045 + Details
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