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v3.20.2

Realignment and Transformation Programs (Tables) | 6 Months Ended
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Jun. 30, 2020
Restructuring and Related Activities [Abstract] |
Restructuring and Related Costs | The following is a summary of total charges, net of adjustments, related to our realignment activities and Flowserve 2.0 Transformation charges. Realignment charges incurred in the second quarter of 2020 related to our 2020 Realignment Program and realignment charges incurred in 2019 related to our 2015 Realignment Programs:
| Three Months Ended June 30, 2020 |  |  |  |  |  |  |  |
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 11,650 |  |  | $ | (167) |  |  | $ | 11,483 |  |  | $ | — |  |  | $ | 11,483 |
SG&A | 126 |  |  | 24 |  |  | 150 |  |  | — |  |  | 150 |
| $ | 11,776 |  |  | $ | (143) |  |  | $ | 11,633 |  |  | $ | — |  |  | $ | 11,633 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 12,003 |  |  | $ | 5,819 |  |  | $ | 17,822 |  |  | $ | 548 |  |  | $ | 18,370 |
SG&A | 9,316 |  |  | 4,312 |  |  | 13,628 |  |  | 14,852 |  |  | 28,480 |
| $ | 21,319 |  |  | $ | 10,131 |  |  | $ | 31,450 |  |  | $ | 15,400 |  |  | $ | 46,850 |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 23,653 |  |  | $ | 5,652 |  |  | $ | 29,305 |  |  | $ | 548 |  |  | $ | 29,853 |
SG&A | 9,442 |  |  | 4,336 |  |  | 13,778 |  |  | 14,852 |  |  | $ | 28,630 |
Total | $ | 33,095 |  |  | $ | 9,988 |  |  | $ | 43,083 |  |  | $ | 15,400 |  |  | $ | 58,483 |
Transformation Charges |  |  |  |  |  |  |  |  |
SG&A | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,618 |  |  | $ | 5,618 |
| $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,618 |  |  | $ | 5,618 |
Total Realignment and Transformation Charges |  |  |  |  |  |  |  |  |
COS | $ | 23,653 |  |  | $ | 5,652 |  |  | $ | 29,305 |  |  | $ | 548 |  |  | $ | 29,853 |
SG&A | 9,442 |  |  | 4,336 |  |  | 13,778 |  |  | 20,470 |  |  | 34,248 |
Total | $ | 33,095 |  |  | $ | 9,988 |  |  | $ | 43,083 |  |  | $ | 21,018 |  |  | $ | 64,101 |
_______________________________
| Three Months Ended June 30, 2019 |  |  |  |  |  |  |  |
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | (928) |  |  | $ | 23 |  |  | $ | (905) |  |  | $ | — |  |  | $ | (905) |
SG&A | 1,345 |  |  | 90 |  |  | 1,435 |  |  | — |  |  | 1,435 |
| $ | 417 |  |  | $ | 113 |  |  | $ | 530 |  |  | $ | — |  |  | $ | 530 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 4,727 |  |  | $ | 42 |  |  | $ | 4,769 |  |  | $ | — |  |  | $ | 4,769 |
SG&A | 254 |  |  | 35 |  |  | 289 |  |  | 713 |  |  | 1,002 |
| $ | 4,981 |  |  | $ | 77 |  |  | $ | 5,058 |  |  | $ | 713 |  |  | $ | 5,771 |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 3,799 |  |  | $ | 65 |  |  | $ | 3,864 |  |  | $ | — |  |  | $ | 3,864 |
SG&A | 1,599 |  |  | 125 |  |  | 1,724 |  |  | 713 |  |  | $ | 2,437 |
Total | $ | 5,398 |  |  | $ | 190 |  |  | $ | 5,588 |  |  | $ | 713 |  |  | $ | 6,301 |
Transformation Charges |  |  |  |  |  |  |  |  |
SG&A | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,573 |  |  | $ | 7,573 |
| $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,573 |  |  | $ | 7,573 |
Total Realignment and Transformation Charges |  |  |  |  |  |  |  |  |
COS | $ | 3,799 |  |  | $ | 65 |  |  | $ | 3,864 |  |  | $ | — |  |  | $ | 3,864 |
SG&A | 1,599 |  |  | $ | 125 |  |  | 1,724 |  |  | 8,286 |  |  | 10,010 |
Total | $ | 5,398 |  |  | $ | 190 |  |  | $ | 5,588 |  |  | $ | 8,286 |  |  | $ | 13,874 |
| Six Months Ended June 30, 2020 |  |  |  |  |  |  |  |
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 13,331 |  |  | $ | (272) |  |  | $ | 13,059 |  |  | $ | — |  |  | $ | 13,059 |
SG&A | 230 |  |  | (3) |  |  | 227 |  |  | — |  |  | 227 |
| $ | 13,561 |  |  | $ | (275) |  |  | $ | 13,286 |  |  | $ | — |  |  | $ | 13,286 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 12,128 |  |  | $ | 13,579 |  |  | $ | 25,707 |  |  | $ | 548 |  |  | $ | 26,255 |
SG&A | 9,801 |  |  | 4,384 |  |  | 14,185 |  |  | 15,497 |  |  | 29,682 |
| $ | 21,929 |  |  | $ | 17,963 |  |  | $ | 39,892 |  |  | $ | 16,045 |  |  | $ | 55,937 |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 25,459 |  |  | $ | 13,307 |  |  | $ | 38,766 |  |  | $ | 548 |  |  | $ | 39,314 |
SG&A | 10,031 |  |  | 4,381 |  |  | 14,412 |  |  | 15,497 |  |  | 29,909 |
Total | $ | 35,490 |  |  | $ | 17,688 |  |  | $ | 53,178 |  |  | $ | 16,045 |  |  | $ | 69,223 |
Transformation Charges |  |  |  |  |  |  |  |  |
SG&A | — |  |  | — |  |  | — |  |  | 11,261 |  |  | 11,261 |
| $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 11,261 |  |  | $ | 11,261 |
Total Realignment and Transformation Charges |  |  |  |  |  |  |  |  |
COS | $ | 25,459 |  |  | $ | 13,307 |  |  | $ | 38,766 |  |  | $ | 548 |  |  | $ | 39,314 |
SG&A | 10,031 |  |  | 4,381 |  |  | 14,412 |  |  | 26,758 |  |  | 41,170 |
Total | $ | 35,490 |  |  | $ | 17,688 |  |  | $ | 53,178 |  |  | $ | 27,306 |  |  | $ | 80,484 |
_______________________________ |  |  |  |  |  |  |  |  |
| Six Months Ended June 30, 2019 |  |  |  |  |  |  |  |
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 1,695 |  |  | $ | 479 |  |  | $ | 2,174 |  |  | $ | — |  |  | $ | 2,174 |
SG&A(1) | (17,126) |  |  | 413 |  |  | (16,713) |  |  | 16 |  |  | (16,697) |
| $ | (15,431) |  |  | $ | 892 |  |  | $ | (14,539) |  |  | $ | 16 |  |  | $ | (14,523) |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 7,122 |  |  | $ | 68 |  |  | $ | 7,190 |  |  | $ | — |  |  | $ | 7,190 |
SG&A | 427 |  |  | 34 |  |  | 461 |  |  | 1,243 |  |  | 1,704 |
| $ | 7,549 |  |  | $ | 102 |  |  | $ | 7,651 |  |  | $ | 1,243 |  |  | $ | 8,894 |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 8,817 |  |  | $ | 547 |  |  | $ | 9,364 |  |  | $ | — |  |  | $ | 9,364 |
SG&A | (16,699) |  |  | 447 |  |  | (16,252) |  |  | 1,259 |  |  | (14,993) |
Total | $ | (7,882) |  |  | $ | 994 |  |  | $ | (6,888) |  |  | $ | 1,259 |  |  | $ | (5,629) |
Transformation Charges |  |  |  |  |  |  |  |  |
SG&A | — |  |  | — |  |  | — |  |  | 15,986 |  |  | 15,986 |
| $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15,986 |  |  | $ | 15,986 |
Total Realignment and Transformation Charges |  |  |  |  |  |  |  |  |
COS | $ | 8,817 |  |  | $ | 547 |  |  | $ | 9,364 |  |  | $ | — |  |  | $ | 9,364 |
SG&A | (16,699) |  |  | 447 |  |  | (16,252) |  |  | 17,245 |  |  | 993 |
Total | $ | (7,882) |  |  | $ | 994 |  |  | $ | (6,888) |  |  | $ | 17,245 |  |  | $ | 10,357 |
_______________________________ (1) Primarily consists of gains from the sales of non-strategic manufacturing facilities that are included in our 2015 Realignment Programs. The following is a summary of total inception to date charges, net of adjustments, related to the 2020 Realignment Program initiated in the second quarter of 2020:
| Inception to Date |  |  |  |  |  |  |  |
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 11,650 |  |  | $ | (167) |  |  | $ | 11,483 |  |  | $ | — |  |  | $ | 11,483 |
SG&A | 126 |  |  | 24 |  |  | 150 |  |  | — |  |  | 150 |
| $ | 11,776 |  |  | $ | (143) |  |  | $ | 11,633 |  |  | $ | — |  |  | $ | 11,633 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 12,003 |  |  | $ | 5,819 |  |  | $ | 17,822 |  |  | $ | 548 |  |  | $ | 18,370 |
SG&A | 9,316 |  |  | 4,312 |  |  | 13,628 |  |  | 14,852 |  |  | 28,480 |
| $ | 21,319 |  |  | $ | 10,131 |  |  | $ | 31,450 |  |  | $ | 15,400 |  |  | $ | 46,850 |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 23,653 |  |  | $ | 5,652 |  |  | $ | 29,305 |  |  | $ | 548 |  |  | $ | 29,853 |
SG&A | 9,442 |  |  | 4,336 |  |  | 13,778 |  |  | 14,852 |  |  | 28,630 |
Total | $ | 33,095 |  |  | $ | 9,988 |  |  | $ | 43,083 |  |  | $ | 15,400 |  |  | $ | 58,483 |
Schedule of Restructuring Reserve by Type of Cost | The following is a summary of restructuring charges, net of adjustments, for our restructuring activities. Restructuring charges incurred in the second quarter of 2020 related to our 2020 Realignment Program and restructuring charges incurred in 2019 related to our 2015 Realignment Programs:
| Three Months Ended June 30, 2020 |  |  |  |  |  |  |  |
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs |  | Other |  | Total
COS | $ | 10,572 |  |  | $ | — |  |  | $ | 994 |  |  | $ | (83) |  |  | $ | 11,483 |
SG&A | 126 |  |  | — |  |  | 24 |  |  | — |  |  | 150 |
Total | $ | 10,698 |  |  | $ | — |  |  | $ | 1,018 |  |  | $ | (83) |  |  | $ | 11,633 |
| Three Months Ended June 30, 2019 |  |  |  |  |  |  |  |
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs |  | Other |  | Total
COS | $ | 148 |  |  | $ | 9 |  |  | $ | (1,051) |  |  | $ | (11) |  |  | $ | (905) |
SG&A | 1,302 |  |  | — |  |  | — |  |  | 133 |  |  | 1,435 |
Total | $ | 1,450 |  |  | $ | 9 |  |  | $ | (1,051) |  |  | $ | 122 |  |  | $ | 530 |
| Six Months Ended June 30, 2020 |  |  |  |  |  |  |  |
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs |  | Other |  | Total
COS | $ | 12,255 |  |  | $ | — |  |  | $ | 991 |  |  | $ | (187) |  |  | $ | 13,059 |
SG&A | 265 |  |  |  |  | — |  |  | (38) |  |  | 227 |
Total | $ | 12,520 |  |  | $ | — |  |  | $ | 991 |  |  | $ | (225) |  |  | $ | 13,286 |
| Six Months Ended June 30, 2019 |  |  |  |  |  |  |  |
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs/ (Gains) |  | Other |  | Total
COS | $ | 1,827 |  |  | $ | 48 |  |  | $ | (818) |  |  | $ | 1,117 |  |  | $ | 2,174 |
SG&A(1) | 1,618 |  |  | — |  |  | (18,502) |  |  | 187 |  |  | (16,697) |
Total | $ | 3,445 |  |  | $ | 48 |  |  | $ | (19,320) |  |  | $ | 1,304 |  |  | $ | (14,523) |
_______________________________ (1) Primarily consists of gains from the sales of non-strategic manufacturing facilities that are included in our 2015 Realignment Programs. The following is a summary of total inception to date restructuring charges, net of adjustments, related to our 2020 Realignment Program initiated in the second quarter of 2020:
| Inception to Date |  |  |  |  |  |  |  |
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs |  | Other |  | Total
COS | $ | 10,572 |  |  | $ | — |  |  | $ | 994 |  |  | $ | (83) |  |  | $ | 11,483 |
SG&A | 126 |  |  | — |  |  | 24 |  |  | — |  |  | 150 |
Total | $ | 10,698 |  |  | $ | — |  |  | $ | 1,018 |  |  | $ | (83) |  |  | $ | 11,633 |
The following represents the activity, primarily severance charges from reductions in force, related to the restructuring reserves for the six months ended June 30, 2020 and 2019:
(Amounts in thousands) | 2020 |  | 2019
Balance at January 1 | $ | 6,703 |  |  | $ | 11,927 |
Charges, net of adjustments | 12,270 |  |  | 4,796 |
Cash expenditures | (2,713) |  |  | (4,733) |
Other non-cash adjustments, including currency | (118) |  |  | (205) |
Balance at June 30 | $ | 16,142 |  |  | $ | 11,785 |

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- Definition Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140864-122747 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 + Details
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- Definition Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(b)(2)) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 + Details
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