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Revenue Recognition (Tables) | 9 Months Ended
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Sep. 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 September 30, 2023
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 284,323 |  |  | $ | 244,862 |  |  | $ | 529,185 |
Aftermarket | 480,990 |  |  | 84,543 |  |  | 565,533 |
| $ | 765,313 |  |  | $ | 329,405 |  |  | $ | 1,094,718 |
| Three Months Ended September 30, 2022
| FPD |  | FCD |  | Total
Original Equipment | $ | 196,539 |  |  | $ | 215,550 |  |  | $ | 412,089 |
Aftermarket | 394,807 |  |  | 65,985 |  |  | 460,792 |
| $ | 591,346 |  |  | $ | 281,535 |  |  | $ | 872,881 |
| Nine Months Ended September 30, 2023
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 821,107 |  |  | $ | 689,384 |  |  | $ | 1,510,491 |
Aftermarket | 1,408,536 |  |  | 236,372 |  |  | 1,644,908 |
| $ | 2,229,643 |  |  | $ | 925,756 |  |  | $ | 3,155,399 |
| Nine Months Ended September 30, 2022
| 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 |
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, 2023
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 320,182 |  |  | $ | 134,246 |  |  | $ | 454,428 |
Latin America(2) | 72,637 |  |  | 7,329 |  |  | 79,966 |
Middle East and Africa | 129,370 |  |  | 43,134 |  |  | 172,504 |
Asia Pacific | 106,455 |  |  | 87,265 |  |  | 193,720 |
Europe | 136,669 |  |  | 57,431 |  |  | 194,100 |
| $ | 765,313 |  |  | $ | 329,405 |  |  | $ | 1,094,718 |
| Three Months Ended September 30, 2022
| 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 |
| Nine Months Ended September 30, 2023
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 920,433 |  |  | $ | 403,368 |  |  | $ | 1,323,801 |
Latin America(2) | 199,730 |  |  | 22,385 |  |  | 222,115 |
Middle East and Africa | 373,891 |  |  | 108,066 |  |  | 481,957 |
Asia Pacific | 330,243 |  |  | 227,608 |  |  | 557,851 |
Europe | 405,346 |  |  | 164,329 |  |  | 569,675 |
| $ | 2,229,643 |  |  | $ | 925,756 |  |  | $ | 3,155,399 |
| Nine Months Ended September 30, 2022
| 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 |
__________________________________ (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, 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 | — |  |  | — |  |  | (191,728) |  |  | — |  |
Revenue recognized in the period in excess of billings | 562,582 |  |  | 899 |  |  | — |  |  | — |  |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 203,692 |  |  | 562 |  |
Amounts transferred from contract assets to receivables | (546,247) |  |  | (424) |  |  | — |  |  | — |  |
Currency effects and other, net | (4,659) |  |  | 221 |  |  | 1,798 |  |  | (573) |  |
Ending balance, September 30, 2023 | $ | 245,133 |  |  | $ | 993 |  |  | $ | 270,725 |  |  | $ | 1,048 |  |
(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 |
_____________________________________ (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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