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Revenue Recognition (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2024
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 285,038 |  |  | $ | 243,562 |  |  | $ | 528,600 |
Aftermarket | 483,725 |  |  | 75,154 |  |  | 558,879 |
| $ | 768,763 |  |  | $ | 318,716 |  |  | $ | 1,087,479 |
| Three Months Ended March 31, 2023
| FPD |  | FCD |  | Total
Original Equipment | $ | 252,732 |  |  | $ | 210,753 |  |  | $ | 463,485 |
Aftermarket | 446,746 |  |  | 70,074 |  |  | 516,820 |
| $ | 699,478 |  |  | $ | 280,827 |  |  | $ | 980,305 |
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, 2024
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 310,469 |  |  | $ | 129,002 |  |  | $ | 439,471 |
Latin America(2) | 70,385 |  |  | 5,034 |  |  | 75,419 |
Middle East and Africa | 136,261 |  |  | 46,227 |  |  | 182,488 |
Asia Pacific | 106,294 |  |  | 76,447 |  |  | 182,741 |
Europe | 145,354 |  |  | 62,006 |  |  | 207,360 |
| $ | 768,763 |  |  | $ | 318,716 |  |  | $ | 1,087,479 |
| Three Months Ended March 31, 2023
| 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 |
_________________________________ (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, 2024 and 2023:
(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, 2024 | $ | 280,228 |  |  | $ | 1,034 |  |  | $ | 287,697 |  |  | $ | 1,543 |  |
Revenue recognized that was included in contract liabilities at the beginning of the period | — |  |  | — |  |  | (101,602) |  |  | (295) |  |
Revenue recognized in the period in excess of billings | 166,318 |  |  | — |  |  | — |  |  | — |  |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 90,523 |  |  | — |  |
Amounts transferred from contract assets to receivables | (156,948) |  |  | (713) |  |  | — |  |  | — |  |
Currency effects and other, net | (2,540) |  |  | 342 |  |  | 2,598 |  |  | (16) |  |
Ending balance, March 31, 2024 | $ | 287,058 |  |  | $ | 663 |  |  | $ | 279,216 |  |  | $ | 1,232 |  |
(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 |
___________________________________ (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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