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Revenue Recognition (Tables)
 6 Months Ended
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)FPDFCDTotal
Original Equipment$284,481 $270,970 $555,451 
Aftermarket533,019 99,622 632,641 
$817,500 $370,592 $1,188,092 
Three Months Ended June 30, 2024
FPDFCDTotal
Original Equipment$301,866 $264,504 $566,370 
Aftermarket508,747 81,775 590,522 
$810,613 $346,279 $1,156,892 
Six Months Ended June 30, 2025
(Amounts in thousands)FPD FCDTotal
Original Equipment$564,711 $547,785 $1,112,496 
Aftermarket1,034,278 185,861 1,220,139 
$1,598,989 $733,646 $2,332,635 
Six Months Ended June 30, 2024
FPDFCDTotal
Original Equipment$586,904 $508,067 $1,094,971 
Aftermarket992,472 156,928 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)FPDFCDTotal
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 Pacific99,195 86,167 185,362 
Europe148,353 66,152 214,505 
$817,500 $370,592 $1,188,092 
Three Months Ended June 30, 2024
FPDFCDTotal
North America(1)$342,678 $143,402 $486,080 
Latin America(2)72,948 6,116 79,064 
Middle East and Africa134,652 50,627 185,279 
Asia Pacific105,832 87,036 192,868 
Europe154,503 59,098 213,601 
$810,613 $346,279 $1,156,892 
Six Months Ended June 30, 2025
(Amounts in thousands)FPD FCDTotal
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 Pacific196,408 191,674 388,082 
Europe289,803 123,184 412,987 
$1,598,989 $733,646 $2,332,635 
Six Months Ended June 30, 2024
FPDFCDTotal
North America(1)$653,143 $272,405 $925,548 
Latin America(2)143,334 11,150 154,484 
Middle East and Africa270,915 96,854 367,769 
Asia Pacific212,127 163,483 375,610 
Europe299,857 121,103 420,960 
$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 billings385,606 — — — 
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, net4,237 136 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 billings400,743 — — — 
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 
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(1) Included in other assets, net.
(2) Included in retirement obligations and other liabilities.