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Revenue Recognition (Tables) | 6 Months Ended
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Jun. 30, 2023
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, 2023
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 284,053 |  |  | $ | 233,770 |  |  | $ | 517,823 |
Aftermarket | 480,798 |  |  | 81,755 |  |  | 562,553 |
| $ | 764,851 |  |  | $ | 315,525 |  |  | $ | 1,080,376 |
| Three Months Ended June 30, 2022
| FPD |  | FCD |  | Total
Original Equipment | $ | 212,760 |  |  | $ | 198,597 |  |  | $ | 411,357 |
Aftermarket | 401,665 |  |  | 69,200 |  |  | 470,865 |
| $ | 614,425 |  |  | $ | 267,797 |  |  | $ | 882,222 |
| Six Months Ended June 30, 2023
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 536,785 |  |  | $ | 444,522 |  |  | $ | 981,307 |
Aftermarket | 927,545 |  |  | 151,829 |  |  | 1,079,374 |
| $ | 1,464,330 |  |  | $ | 596,351 |  |  | $ | 2,060,681 |
| Six Months Ended June 30, 2022
| 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 |
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, 2023
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 317,994 |  |  | $ | 143,446 |  |  | $ | 461,440 |
Latin America(2) | 63,107 |  |  | 7,190 |  |  | 70,297 |
Middle East and Africa | 130,158 |  |  | 36,536 |  |  | 166,694 |
Asia Pacific | 110,390 |  |  | 72,510 |  |  | 182,900 |
Europe | 143,202 |  |  | 55,843 |  |  | 199,045 |
| $ | 764,851 |  |  | $ | 315,525 |  |  | $ | 1,080,376 |
| Three Months Ended June 30, 2022
| 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 |
| Six Months Ended June 30, 2023
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 600,258 |  |  | $ | 269,124 |  |  | $ | 869,382 |
Latin America(2) | 127,102 |  |  | 15,055 |  |  | 142,157 |
Middle East and Africa | 244,524 |  |  | 64,931 |  |  | 309,455 |
Asia Pacific | 223,774 |  |  | 140,342 |  |  | 364,116 |
Europe | 268,672 |  |  | 106,899 |  |  | 375,571 |
| $ | 1,464,330 |  |  | $ | 596,351 |  |  | $ | 2,060,681 |
| Six Months Ended June 30, 2022
| 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 |
__________________________________ (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, 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 | — |  |  | — |  |  | (169,722) |  |  | — |  |
Revenue recognized in the period in excess of billings | 301,548 |  |  | — |  |  | — |  |  | — |  |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 176,491 |  |  | 661 |  |
Amounts transferred from contract assets to receivables | (310,232) |  |  | (301) |  |  | — |  |  | — |  |
Currency effects and other, net | 2,863 |  |  | 473 |  |  | 5,993 |  |  | 5,851 |  |
Ending balance, June 30, 2023 | $ | 227,636 |  |  | $ | 469 |  |  | $ | 269,725 |  |  | $ | 7,571 |  |
(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 |
_____________________________________ (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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 + 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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5 + Details
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