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Revenue Recognition (Tables) | 9 Months Ended
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Sep. 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 September 30, 2025 |  |
(Amounts in thousands) | FPD |  | FCD |  | Total |  |
Original Equipment | $ | 277,556 |  |  | $ | 272,009 |  |  | $ | 549,565 |  |  |
Aftermarket | 521,750 |  |  | 103,119 |  |  | 624,869 |  |  |
| $ | 799,306 |  |  | $ | 375,128 |  |  | $ | 1,174,434 |  |  |
| Three Months Ended September 30, 2024 |  |
| 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 |  |  |
| Nine Months Ended September 30, 2025 |  |
(Amounts in thousands) | FPD |  | FCD |  | Total |  |
Original Equipment | $ | 842,267 |  |  | $ | 819,794 |  |  | $ | 1,662,061 |  |  |
Aftermarket | 1,556,028 |  |  | 288,980 |  |  | 1,845,008 |  |  |
| $ | 2,398,295 |  |  | $ | 1,108,774 |  |  | $ | 3,507,069 |  |  |
| Nine Months Ended September 30, 2024 |  |
| 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 |  |  |
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, 2025 |  |
(Amounts in thousands) | FPD |  | FCD |  | Total |  |
North America(1) | $ | 340,352 |  |  | $ | 157,051 |  |  | $ | 497,403 |  |  |
Latin America(2) | 69,978 |  |  | 10,628 |  |  | 80,606 |  |  |
Middle East and Africa | 143,807 |  |  | 54,881 |  |  | 198,688 |  |  |
Asia Pacific | 94,461 |  |  | 85,868 |  |  | 180,329 |  |  |
Europe | 150,708 |  |  | 66,700 |  |  | 217,408 |  |  |
| $ | 799,306 |  |  | $ | 375,128 |  |  | $ | 1,174,434 |  |  |
| Three Months Ended September 30, 2024 |  |
| 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 |  |  |
| Nine Months Ended September 30, 2025 |  |
(Amounts in thousands) | FPD |  | FCD |  | Total |  |
North America(1) | $ | 1,030,089 |  |  | $ | 452,577 |  |  | $ | 1,482,666 |  |  |
Latin America(2) | 198,016 |  |  | 33,373 |  |  | 231,389 |  |  |
Middle East and Africa | 438,810 |  |  | 155,398 |  |  | 594,208 |  |  |
Asia Pacific | 290,869 |  |  | 277,542 |  |  | 568,411 |  |  |
Europe | 440,511 |  |  | 189,884 |  |  | 630,395 |  |  |
| $ | 2,398,295 |  |  | $ | 1,108,774 |  |  | $ | 3,507,069 |  |  |
| Nine Months Ended September 30, 2024 |  |
| 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 |  |  |
(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, 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 | — |  |  | — |  |  | (211,569) |  |  | — |  |  |
Revenue recognized in the period in excess of billings | 616,402 |  |  | — |  |  | — |  |  | — |  |  |
Billings arising during the period in excess of revenue recognized | — |  |  | — |  |  | 198,519 |  |  | 4,222 |  |  |
Amounts transferred from contract assets to receivables | (565,783) |  |  | (936) |  |  | — |  |  | — |  |  |
Currency effects and other, net | (5,079) |  |  | 259 |  |  | 9,140 |  |  | 90 |  |  |
Ending balance, September 30, 2025 | $ | 344,446 |  |  | $ | 246 |  |  | $ | 279,760 |  |  | $ | 4,985 |  |  |
(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 | — |  |  | — |  |  | (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 |  |  |
_____________________________________ (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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