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Revenue Recognition (Tables) | 6 Months Ended
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Jun. 30, 2025
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, 2025 |  |
(Amounts in thousands) | FPD |  | FCD |  | Total |  |
Original Equipment | $ | 284,481 |  |  | $ | 270,970 |  |  | $ | 555,451 |  |  |
Aftermarket | 533,019 |  |  | 99,622 |  |  | 632,641 |  |  |
| $ | 817,500 |  |  | $ | 370,592 |  |  | $ | 1,188,092 |  |  |
| Three Months Ended June 30, 2024 |  |
| 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 |  |  |
| Six Months Ended June 30, 2025 |  |
(Amounts in thousands) | FPD |  | FCD |  | Total |  |
Original Equipment | $ | 564,711 |  |  | $ | 547,785 |  |  | $ | 1,112,496 |  |  |
Aftermarket | 1,034,278 |  |  | 185,861 |  |  | 1,220,139 |  |  |
| $ | 1,598,989 |  |  | $ | 733,646 |  |  | $ | 2,332,635 |  |  |
| Six Months Ended June 30, 2024 |  |
| 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 |  |  |
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, 2025 |  |
(Amounts in thousands) | FPD |  | FCD |  | Total |  |
North America(1) | $ | 362,410 |  |  | $ | 156,340 |  |  | $ | 518,750 |  |  |
Latin America(2) | 56,332 |  |  | 12,106 |  |  | 68,438 |  |  |
Middle East and Africa | 151,210 |  |  | 49,827 |  |  | 201,037 |  |  |
Asia Pacific | 99,195 |  |  | 86,167 |  |  | 185,362 |  |  |
Europe | 148,353 |  |  | 66,152 |  |  | 214,505 |  |  |
| $ | 817,500 |  |  | $ | 370,592 |  |  | $ | 1,188,092 |  |  |
| Three Months Ended June 30, 2024 |  |
| 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 |  |  |
| Six Months Ended June 30, 2025 |  |
(Amounts in thousands) | FPD |  | FCD |  | Total |  |
North America(1) | $ | 689,737 |  |  | $ | 295,526 |  |  | $ | 985,263 |  |  |
Latin America(2) | 128,038 |  |  | 22,745 |  |  | 150,783 |  |  |
Middle East and Africa | 295,003 |  |  | 100,517 |  |  | 395,520 |  |  |
Asia Pacific | 196,408 |  |  | 191,674 |  |  | 388,082 |  |  |
Europe | 289,803 |  |  | 123,184 |  |  | 412,987 |  |  |
| $ | 1,598,989 |  |  | $ | 733,646 |  |  | $ | 2,332,635 |  |  |
| Six Months Ended June 30, 2024 |  |
| 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 |  |  |
(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, 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 the contract liabilities at the beginning of the period | — |  |  | — |  |  | (183,543) |  |  | — |  |  |
Revenue recognized in the period in excess of billings | 385,606 |  |  | — |  |  | — |  |  | — |  |  |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 169,624 |  |  | 4,328 |  |  |
Amounts transferred from contract assets to receivables | (349,394) |  |  | (966) |  |  | — |  |  | — |  |  |
Currency effects and other, net | 4,237 |  |  | 136 |  |  | 13,430 |  |  | 93 |  |  |
Ending balance, June 30, 2025 | $ | 339,355 |  |  | $ | 93 |  |  | $ | 283,181 |  |  | $ | 5,094 |  |  |
(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 the 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 |  |  |
_____________________________________ (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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