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Revenue Recognition (Tables)

3 Months Ended

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

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(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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- References

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