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Revenue Recognition (Tables)

9 Months Ended

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.

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
-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

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X

- 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

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