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Revenue Recognition (Tables)
 9 Months Ended
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)FPDFCDTotal
Original Equipment$277,556 $272,009 $549,565 
Aftermarket521,750 103,119 624,869 
$799,306 $375,128 $1,174,434 
Three Months Ended September 30, 2024
FPDFCDTotal
Original Equipment$282,895 $272,939 $555,834 
Aftermarket498,477 78,776 577,253 
$781,372 $351,715 $1,133,087 
Nine Months Ended September 30, 2025
(Amounts in thousands)FPD FCDTotal
Original Equipment$842,267 $819,794 $1,662,061 
Aftermarket1,556,028 288,980 1,845,008 
$2,398,295 $1,108,774 $3,507,069 
Nine Months Ended September 30, 2024
FPDFCDTotal
Original Equipment$869,799 $781,006 $1,650,805 
Aftermarket1,490,949 235,704 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)FPDFCDTotal
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 Pacific94,461 85,868 180,329 
Europe150,708 66,700 217,408 
$799,306 $375,128 $1,174,434 
Three Months Ended September 30, 2024
FPDFCDTotal
North America(1)$313,744 $133,944 $447,688 
Latin America(2)81,434 7,103 88,537 
Middle East and Africa133,600 58,652 192,252 
Asia Pacific109,070 89,339 198,409 
Europe143,524 62,677 206,201 
$781,372 $351,715 $1,133,087 
Nine Months Ended September 30, 2025
(Amounts in thousands)FPD FCDTotal
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 Pacific290,869 277,542 568,411 
Europe440,511 189,884 630,395 
$2,398,295 $1,108,774 $3,507,069 
Nine Months Ended September 30, 2024
FPDFCDTotal
North America(1)$966,870 $406,317 $1,373,187 
Latin America(2)224,787 18,257 243,044 
Middle East and Africa404,514 155,530 560,044 
Asia Pacific321,204 252,832 574,036 
Europe443,373 183,774 627,147 
$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 billings616,402 — — — 
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 billings639,717 — — — 
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 
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(1) Included in other assets, net.
(2) Included in retirement obligations and other liabilities.