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Revenue Recognition (Tables)

9 Months Ended

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.

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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