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Revenue Recognition (Tables) | 12 Months Ended
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Dec. 31, 2024
Revenue Recognition and Deferred Revenue [Abstract] |
Disaggregation of Revenue | The following table presents our customer revenues disaggregated by revenue source:
| December 31, 2024
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 1,152,643 |  |  | $ | 1,065,408 |  |  | $ | 2,218,051 |
Aftermarket | 2,001,508 |  |  | 338,247 |  |  | 2,339,755 |
| $ | 3,154,151 |  |  | $ | 1,403,655 |  |  | $ | 4,557,806 |
| December 31, 2023
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 1,147,906 |  |  | $ | 938,790 |  |  | $ | 2,086,696 |
Aftermarket | 1,913,087 |  |  | 320,794 |  |  | 2,233,881 |
| $ | 3,060,993 |  |  | $ | 1,259,584 |  |  | $ | 4,320,577 |
| December 31, 2022
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 881,061 |  |  | $ | 825,508 |  |  | $ | 1,706,569 |
Aftermarket | 1,636,939 |  |  | 271,612 |  |  | 1,908,551 |
| $ | 2,518,000 |  |  | $ | 1,097,120 |  |  | $ | 3,615,120 |
Our customer sales are diversified geographically. The following table presents our revenues disaggregated by geography, based on the shipping addresses of our customers:
| December 31, 2024
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 1,291,273 |  |  | $ | 551,101 |  |  | $ | 1,842,374 |
Latin America(1) | 296,474 |  |  | 29,847 |  |  | 326,321 |
Middle East and Africa | 542,399 |  |  | 223,440 |  |  | 765,839 |
Asia Pacific | 425,743 |  |  | 363,868 |  |  | 789,611 |
Europe | 598,262 |  |  | 235,399 |  |  | 833,661 |
| $ | 3,154,151 |  |  | $ | 1,403,655 |  |  | $ | 4,557,806 |
| December 31, 2023
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 1,264,673 |  |  | $ | 556,208 |  |  | $ | 1,820,881 |
Latin America(1) | 273,126 |  |  | 30,126 |  |  | 303,252 |
Middle East and Africa | 538,037 |  |  | 146,552 |  |  | 684,589 |
Asia Pacific | 436,813 |  |  | 302,700 |  |  | 739,513 |
Europe | 548,344 |  |  | 223,998 |  |  | 772,342 |
| $ | 3,060,993 |  |  | $ | 1,259,584 |  |  | $ | 4,320,577 |
| December 31, 2022
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 1,060,393 |  |  | $ | 472,467 |  |  | $ | 1,532,860 |
Latin America(1) | 222,878 |  |  | 23,575 |  |  | 246,453 |
Middle East and Africa | 372,148 |  |  | 101,017 |  |  | 473,165 |
Asia Pacific | 389,366 |  |  | 305,193 |  |  | 694,559 |
Europe | 473,215 |  |  | 194,868 |  |  | 668,083 |
| $ | 2,518,000 |  |  | $ | 1,097,120 |  |  | $ | 3,615,120 |
_____________________________________ (1) North America represents United States and Canada; Latin America includes Mexico.
Contract with Customer, Asset and Liability | The following table presents opening and closing balances of contract assets and contract liabilities, current and long-term, for the years ended December 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) |
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 | — |  |  | — |  |  | (209,560) |  |  | — |  |
Increase due to revenue recognized in the period in excess of billings | 890,150 |  |  | 932 |  |  | — |  |  | — |  |
Increase due to billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 238,683 |  |  | 1,043 |  |
Amounts transferred from contract assets to receivables | (842,780) |  |  | (435) |  |  | — |  |  | — |  |
Currency effects and other, net | (599) |  |  | 240 |  |  | 1,611 |  |  | (559) |  |
Balance — December 31, 2023 | $ | 280,228 |  |  | $ | 1,034 |  |  | $ | 287,697 |  |  | $ | 1,543 |  |
Revenue recognized that was included in contract liabilities at the beginning of the period | — |  |  | — |  |  | (217,470) |  |  | (740) |  |
Increase due to revenue recognized in the period in excess of billings | 958,388 |  |  | — |  |  | — |  |  | — |  |
Increase due to billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 214,163 |  |  | — |  |
Amounts transferred from contract assets to receivables | (920,793) |  |  | (656) |  |  | — |  |  | — |  |
Currency effects and other, net | (18,917) |  |  | 545 |  |  | (720) |  |  | (130) |  |
Balance — December 31, 2024 | $ | 298,906 |  |  | $ | 923 |  |  | $ | 283,670 |  |  | $ | 673 |  |
_____________________________________ (1) Included in other assets, net. (2) Included in retirement obligations and other liabilities.

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