Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2022

Revenue Recognition and Deferred Revenue [Abstract]

The following table presents our customer revenues disaggregated by revenue source:


	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

	December 31, 2021
(Amounts in thousands)	FPD		FCD		Total
Original Equipment	$	899,519	$	804,744	$	1,704,263
Aftermarket	1,568,579		268,218		1,836,797
	$	2,468,098	$	1,072,962	$	3,541,060

	December 31, 2020
(Amounts in thousands)	FPD		FCD		Total
Original Equipment	$	1,091,906	$	808,585	$	1,900,491
Aftermarket	1,581,799		245,844		1,827,643
	$	2,673,705	$	1,054,429	$	3,728,134

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, 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

	December 31, 2021
(Amounts in thousands)	FPD		FCD		Total
North America(1)	$	955,283	$	389,766	$	1,345,049
Latin America(1)	211,150		30,554		241,704
Middle East and Africa	311,161		107,533		418,694
Asia Pacific	482,596		333,513		816,109
Europe	507,908		211,596		719,504
	$	2,468,098	$	1,072,962	$	3,541,060

	December 31, 2020
(Amounts in thousands)	FPD		FCD		Total
North America(1)	$	1,039,285	$	429,572	$	1,468,857
Latin America(1)	191,517		26,393		217,910
Middle East and Africa	359,403		110,539		469,942
Asia Pacific	537,792		270,238		808,030
Europe	545,708		217,687		763,395
	$	2,673,705	$	1,054,429	$	3,728,134

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(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, 2022 and 2021:


( Amounts in thousands)	Contract Assets, net (Current)		Long-term Contract Assets, net(1)		Contract Liabilities (Current)		Long-term Contract Liabilities(2)
Balance — January 1, 2021	$	277,734	$	1,139	$	194,227	$	822
Revenue recognized that was included in contract liabilities at the beginning of the period	—		—		(153,221)		—
Increase due to revenue recognized in the period in excess of billings	784,934		—		—		—
Increase due to billings arising during the period in excess of revenue recognized	—		—		165,990		—
Amounts transferred from contract assets to receivables	(848,031)		(2,329)		—		—
Currency effects and other, net	(19,039)		1,616		(4,031)		(358)
Balance — December 31, 2021	$	195,598	$	426	$	202,965	$	464
Revenue recognized that was included in contract liabilities at the beginning of the period	—		—		(143,736)		—
Increase due to revenue recognized in the period in excess of billings	660,039		—		—		—
Increase due to billings arising during the period in excess of revenue recognized	—		—		203,711		—
Amounts transferred from contract assets to receivables	(603,422)		(1,338)		—		—
Currency effects and other, net	(18,758)		1,209		(5,977)		595
Balance — December 31, 2022	$	233,457	$	297	$	256,963	$	1,059

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(1) Included in other assets, net.

(2) Included in retirement obligations and other liabilities.