XML 44 R30.htm IDEA: XBRL DOCUMENT
v3.25.1

Revenue Recognition (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
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, 2025
(Amounts in thousands) | FPD |  | FCD |  | Total
Original Equipment | $ | 280,230 |  |  | $ | 276,815 |  |  | $ | 557,045 |
Aftermarket | 501,259 |  |  | 86,239 |  |  | 587,498 |
| $ | 781,489 |  |  | $ | 363,054 |  |  | $ | 1,144,543 |
| Three Months Ended March 31, 2024
| 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 |
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, 2025
(Amounts in thousands) | FPD |  | FCD |  | Total
North America(1) | $ | 327,327 |  |  | $ | 139,186 |  |  | $ | 466,513 |
Latin America(2) | 71,706 |  |  | 10,639 |  |  | 82,345 |
Middle East and Africa | 143,793 |  |  | 50,690 |  |  | 194,483 |
Asia Pacific | 97,213 |  |  | 105,507 |  |  | 202,720 |
Europe | 141,450 |  |  | 57,032 |  |  | 198,482 |
| $ | 781,489 |  |  | $ | 363,054 |  |  | $ | 1,144,543 |
| Three Months Ended March 31, 2024
| 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 |
_________________________________ (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, 2025 and 2024:
(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, 2025 | $ | 298,906 |  |  | $ | 923 |  |  | $ | 283,670 |  |  | $ | 673 |  |
Revenue recognized that was included in contract liabilities at the beginning of the period | — |  |  | — |  |  | (119,775) |  |  | — |  |
Revenue recognized in the period in excess of billings | 145,721 |  |  | — |  |  | — |  |  | — |  |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 118,078 |  |  | 1,348 |  |
Amounts transferred from contract assets to receivables | (128,844) |  |  | (768) |  |  | — |  |  | — |  |
Currency effects and other, net | (3,629) |  |  | 49 |  |  | 2,724 |  |  | 30 |  |
Ending balance, March 31, 2025 | $ | 312,154 |  |  | $ | 204 |  |  | $ | 284,697 |  |  | $ | 2,051 |  |
(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 |
___________________________________ (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 + Details
Name: | us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration