Revenue Recognition (Tables)

12 Months Ended

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.