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

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(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

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(1) Included in other assets, net.

(2) Included in retirement obligations and other liabilities.