XML 55 R34.htm IDEA: XBRL DOCUMENT v3.24.0.1

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Disaggregation of Revenue

The following table presents our customer revenues disaggregated by revenue source:

			December 31, 2023
(Amounts in thousands)			FPD						FCD						Total
Original Equipment			$	1,147,906					$	938,790					$	2,086,696
Aftermarket			1,913,087						320,794						2,233,881
			$	3,060,993					$	1,259,584					$	4,320,577
			December 31, 2022
(Amounts in thousands)			FPD						FCD						Total
Original Equipment			$	881,061					$	825,508					$	1,706,569
Aftermarket			1,636,939						271,612						1,908,551
			$	2,518,000					$	1,097,120					$	3,615,120
			December 31, 2021
(Amounts in thousands)			FPD						FCD						Total
Original Equipment			$	899,519					$	804,744					$	1,704,263
Aftermarket			1,568,579						268,218						1,836,797
			$	2,468,098					$	1,072,962					$	3,541,060

Our customer sales are diversified geographically. The following table presents our revenues disaggregated by geography, based on the shipping addresses of our customers:

			December 31, 2023
(Amounts in thousands)			FPD						FCD						Total
North America(1)			$	1,264,673					$	556,208					$	1,820,881
Latin America(1)			273,126						30,126						303,252
Middle East and Africa			538,037						146,552						684,589
Asia Pacific			436,813						302,700						739,513
Europe			548,344						223,998						772,342
			$	3,060,993					$	1,259,584					$	4,320,577
			December 31, 2022
(Amounts in thousands)			FPD						FCD						Total
North America(1)			$	1,060,393					$	472,467					$	1,532,860
Latin America(1)			222,878						23,575						246,453
Middle East and Africa			372,148						101,017						473,165
Asia Pacific			389,366						305,193						694,559
Europe			473,215						194,868						668,083
			$	2,518,000					$	1,097,120					$	3,615,120
			December 31, 2021
(Amounts in thousands)			FPD						FCD						Total
North America(1)			$	955,283					$	389,766					$	1,345,049
Latin America(1)			211,150						30,554						241,704
Middle East and Africa			311,161						107,533						418,694
Asia Pacific			482,596						333,513						816,109
Europe			507,908						211,596						719,504
			$	2,468,098					$	1,072,962					$	3,541,060

_____________________________________

(1) North America represents United States and Canada; Latin America includes Mexico.

Contract with Customer, Asset and Liability

The following table presents opening and closing balances of contract assets and contract liabilities, current and long-term, for the years ended December 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)
Balance — January 1, 2022			$	195,598					$	426					$	202,965					$	464
Revenue recognized that was included in contract liabilities at the beginning of the period			—						—						(143,736)						—
Increase due to revenue recognized in the period in excess of billings			660,039						—						—						—
Increase due to billings arising during the period in excess of revenue recognized			—						—						203,711						—
Amounts transferred from contract assets to receivables			(603,422)						(1,338)						—						—
Currency effects and other, net			(18,758)						1,209						(5,977)						595
Balance — December 31, 2022			$	233,457					$	297					$	256,963					$	1,059
Revenue recognized that was included in contract liabilities at the beginning of the period			—						—						(209,560)						—
Increase due to revenue recognized in the period in excess of billings			890,150						932						—						—
Increase due to billings arising during the period in excess of revenue recognized			—						—						238,683						1,043
Amounts transferred from contract assets to receivables			(842,780)						(435)						—						—
Currency effects and other, net			(599)						240						1,611						(559)
Balance — December 31, 2023			$	280,228					$	1,034					$	287,697					$	1,543

_____________________________________

(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

+ Details

Name:	us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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

+ Details

Name:	us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_RevenueRecognitionAndDeferredRevenueAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration