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Revenue Recognition (Tables) | 9 Months Ended
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Sep. 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 September 30, 2024
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 282,895 |  |  | $ | 272,939 |  |  | $ | 555,834 |
Aftermarket | 498,477 |  |  | 78,776 |  |  | 577,253 |
| $ | 781,372 |  |  | $ | 351,715 |  |  | $ | 1,133,087 |
| Three Months Ended September 30, 2023
| 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 |
| Nine Months Ended September 30, 2024
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 869,799 |  |  | $ | 781,006 |  |  | $ | 1,650,805 |
Aftermarket | 1,490,949 |  |  | 235,704 |  |  | 1,726,653 |
| $ | 2,360,748 |  |  | $ | 1,016,710 |  |  | $ | 3,377,458 |
| Nine Months Ended September 30, 2023
| 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 |
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, 2024
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 313,744 |  |  | $ | 133,944 |  |  | $ | 447,688 |
Latin America(2) | 81,434 |  |  | 7,103 |  |  | 88,537 |
Middle East and Africa | 133,600 |  |  | 58,652 |  |  | 192,252 |
Asia Pacific | 109,070 |  |  | 89,339 |  |  | 198,409 |
Europe | 143,524 |  |  | 62,677 |  |  | 206,201 |
| $ | 781,372 |  |  | $ | 351,715 |  |  | $ | 1,133,087 |
| Three Months Ended September 30, 2023
| 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 |
| Nine Months Ended September 30, 2024
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 966,870 |  |  | $ | 406,317 |  |  | $ | 1,373,187 |
Latin America(2) | 224,787 |  |  | 18,257 |  |  | 243,044 |
Middle East and Africa | 404,514 |  |  | 155,530 |  |  | 560,044 |
Asia Pacific | 321,204 |  |  | 252,832 |  |  | 574,036 |
Europe | 443,373 |  |  | 183,774 |  |  | 627,147 |
| $ | 2,360,748 |  |  | $ | 1,016,710 |  |  | $ | 3,377,458 |
| Nine Months Ended September 30, 2023
| 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 |
__________________________________ (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, 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 | — |  |  | — |  |  | (199,580) |  |  | (174) |  |
Revenue recognized in the period in excess of billings | 639,717 |  |  | — |  |  | — |  |  | — |  |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 206,998 |  |  | — |  |
Amounts transferred from contract assets to receivables | (604,907) |  |  | (709) |  |  | — |  |  | — |  |
Currency effects and other, net | (15,617) |  |  | 620 |  |  | (893) |  |  | (365) |  |
Ending balance, September 30, 2024 | $ | 299,421 |  |  | $ | 945 |  |  | $ | 294,222 |  |  | $ | 1,004 |  |
(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 |
_____________________________________ (1) Included in other assets, net. (2) Included in retirement obligations and other liabilities.

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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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