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Revenue Recognition (Tables) | 6 Months Ended
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Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue | The following tables present our customer revenues disaggregated by revenue source:
| Three Months Ended June 30, 2024
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 301,866 |  |  | $ | 264,504 |  |  | $ | 566,370 |
Aftermarket | 508,747 |  |  | 81,775 |  |  | 590,522 |
| $ | 810,613 |  |  | $ | 346,279 |  |  | $ | 1,156,892 |
| Three Months Ended June 30, 2023
| FPD |  | FCD |  | Total
Original Equipment | $ | 284,053 |  |  | $ | 233,770 |  |  | $ | 517,823 |
Aftermarket | 480,798 |  |  | 81,755 |  |  | 562,553 |
| $ | 764,851 |  |  | $ | 315,525 |  |  | $ | 1,080,376 |
| Six Months Ended June 30, 2024
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 586,904 |  |  | $ | 508,067 |  |  | $ | 1,094,971 |
Aftermarket | 992,472 |  |  | 156,928 |  |  | 1,149,400 |
| $ | 1,579,376 |  |  | $ | 664,995 |  |  | $ | 2,244,371 |
| Six Months Ended June 30, 2023
| FPD |  | FCD |  | Total
Original Equipment | $ | 536,785 |  |  | $ | 444,522 |  |  | $ | 981,307 |
Aftermarket | 927,545 |  |  | 151,829 |  |  | 1,079,374 |
| $ | 1,464,330 |  |  | $ | 596,351 |  |  | $ | 2,060,681 |
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 June 30, 2024
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 342,678 |  |  | $ | 143,402 |  |  | $ | 486,080 |
Latin America(2) | 72,948 |  |  | 6,116 |  |  | 79,064 |
Middle East and Africa | 134,652 |  |  | 50,627 |  |  | 185,279 |
Asia Pacific | 105,832 |  |  | 87,036 |  |  | 192,868 |
Europe | 154,503 |  |  | 59,098 |  |  | 213,601 |
| $ | 810,613 |  |  | $ | 346,279 |  |  | $ | 1,156,892 |
| Three Months Ended June 30, 2023
| FPD |  | FCD |  | Total
North America(1) | $ | 317,994 |  |  | $ | 143,446 |  |  | $ | 461,440 |
Latin America(2) | 63,107 |  |  | 7,190 |  |  | 70,297 |
Middle East and Africa | 130,158 |  |  | 36,536 |  |  | 166,694 |
Asia Pacific | 110,390 |  |  | 72,510 |  |  | 182,900 |
Europe | 143,202 |  |  | 55,843 |  |  | 199,045 |
| $ | 764,851 |  |  | $ | 315,525 |  |  | $ | 1,080,376 |
| Six Months Ended June 30, 2024
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 653,143 |  |  | $ | 272,405 |  |  | $ | 925,548 |
Latin America(2) | 143,334 |  |  | 11,150 |  |  | 154,484 |
Middle East and Africa | 270,915 |  |  | 96,854 |  |  | 367,769 |
Asia Pacific | 212,127 |  |  | 163,483 |  |  | 375,610 |
Europe | 299,857 |  |  | 121,103 |  |  | 420,960 |
| $ | 1,579,376 |  |  | $ | 664,995 |  |  | $ | 2,244,371 |
| Six Months Ended June 30, 2023
| FPD |  | FCD |  | Total
North America(1) | $ | 600,258 |  |  | $ | 269,124 |  |  | $ | 869,382 |
Latin America(2) | 127,102 |  |  | 15,055 |  |  | 142,157 |
Middle East and Africa | 244,524 |  |  | 64,931 |  |  | 309,455 |
Asia Pacific | 223,774 |  |  | 140,342 |  |  | 364,116 |
Europe | 268,672 |  |  | 106,899 |  |  | 375,571 |
| $ | 1,464,330 |  |  | $ | 596,351 |  |  | $ | 2,060,681 |
__________________________________ (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 six months ended June 30, 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 | — |  |  | — |  |  | (163,330) |  |  | (174) |  |
Revenue recognized in the period in excess of billings | 400,743 |  |  | — |  |  | — |  |  | — |  |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 175,447 |  |  | — |  |
Amounts transferred from contract assets to receivables | (380,362) |  |  | (437) |  |  | — |  |  | — |  |
Currency effects and other, net | (12,933) |  |  | 332 |  |  | (6,460) |  |  | (57) |  |
Ending balance, June 30, 2024 | $ | 287,676 |  |  | $ | 929 |  |  | $ | 293,354 |  |  | $ | 1,312 |  |
(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 | — |  |  | — |  |  | (169,722) |  |  | — |
Revenue recognized in the period in excess of billings | 301,548 |  |  | — |  |  | — |  |  | — |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 176,491 |  |  | 661 |
Amounts transferred from contract assets to receivables | (310,232) |  |  | (301) |  |  | — |  |  | — |
Currency effects and other, net | 2,863 |  |  | 473 |  |  | 5,993 |  |  | 5,851 |
Ending balance, June 30, 2023 | $ | 227,636 |  |  | $ | 469 |  |  | $ | 269,725 |  |  | $ | 7,571 |
_____________________________________ (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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