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Revision to Previously Reported Financial Information (Tables) | 9 Months Ended
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Sep. 30, 2020
Accounting Changes and Error Corrections [Abstract] |
Schedule of Adjustments | The following table presents the impact of correcting the errors previously discussed on the affected line items of our condensed consolidated balance sheet as of December 31, 2019:
| December 31, 2019
(Amounts in thousands, except par value) | As Reported |  | Adjustments |  | As Revised
Prepaid expenses and other | $ | 105,101 |  |  | $ | 1,377 |  |  | $ | 106,478 |
Total current assets | 2,505,370 |  |  | 1,377 |  |  | 2,506,747 |
Property, plant and equipment, net of accumulated depreciation (1) | 572,175 |  |  | (8,611) |  |  | 563,564 |
Other assets, net of allowance for expected credit losses (2) | 227,185 |  |  | 25,869 |  |  | 253,054 |
Total assets | 4,919,642 |  |  | 18,635 |  |  | 4,938,277 |
Contract liabilities (3) | 216,541 |  |  | 4,554 |  |  | 221,095 |
Total current liabilities | 1,112,888 |  |  | 4,554 |  |  | 1,117,442 |
Retirement obligations and other liabilities (4) | 473,295 |  |  | 57,699 |  |  | 530,994 |
Retained earnings (5) | 3,695,862 |  |  | (43,618) |  |  | 3,652,244 |
Total Flowserve Corporation shareholders’ equity | 1,790,357 |  |  | (43,618) |  |  | 1,746,739 |
Total equity | 1,815,959 |  |  | (43,618) |  |  | 1,772,341 |
Total liabilities and equity | $ | 4,919,642 |  |  | $ | 18,635 |  |  | $ | 4,938,277 |
_______________________________________ (1) Adjustment related to the misclassification of Software as a Service arrangements as property, plant and equipment rather than other assets, net, as prescribed by ASU 2018-15. (2) Adjustment related to the associated receivables for expected insurance proceeds for asbestos settlements and defense costs. (3) Adjustment related to one of our sites for correction in contract position caused by errors in estimated costs under the over time revenue recognition model. (4) Adjustment primarily relates to IBNR reserves associated with unasserted asbestos claims. (5) The adjustments to retained earnings represents the cumulative effect of the immaterial errors that were corrected in periods prior to and through December 31, 2019. The following table presents the impact of correcting the errors previously discussed on the affected line items of our condensed consolidated statement of income for the three months ended September 30, 2019:
(Amounts in thousands, except per share data) | Three Months Ended September 30, 2019
| As Reported |  | Adjustments |  | As Revised
Sales | $ | 996,544 |  |  | $ | (835) |  |  | $ | 995,709 |
Gross profit | 333,688 |  |  | (835) |  |  | 332,853 |
Selling, general and administrative expense (1) | (226,216) |  |  | (4,146) |  |  | (230,362) |
Operating income | 109,559 |  |  | (4,981) |  |  | 104,578 |
Other income (expense), net (2) | (1,622) |  |  | (6,855) |  |  | (8,477) |
Earnings before income taxes | 96,209 |  |  | (11,836) |  |  | 84,373 |
Provision for income taxes (3) | (25,646) |  |  | 3,236 |  |  | (22,410) |
Net earnings, including noncontrolling interests | 70,563 |  |  | (8,600) |  |  | 61,963 |
Net earnings attributable to Flowserve Corporation | $ | 68,442 |  |  | (8,600) |  |  | $ | 59,842 |
Net earnings per share attributable to Flowserve Corporation common shareholders: |  |  |  |  |
Basic | $ | 0.52 |  |  | $ | (0.06) |  |  | $ | 0.46 |
Diluted | 0.52 |  |  | (0.07) |  |  | 0.45 |
_______________________________________ (1) Adjustment primarily relate to asbestos settlement and defense costs for related legal fees. (2) Adjustment related to our Argentinian subsidiary's use of an incorrect exchange rate in connection with a change to using the U.S. dollar as the functional currency. (3) Adjustment related to tax impacts of the matters described in notes (1) and (2), above. The following table presents the impact of correcting the errors previously discussed on the affected line items of our condensed consolidated statement of income for the nine months ended September 30, 2019:
(Amounts in thousands, except per share data) | Nine Months Ended September 30, 2019
| As Reported |  | Adjustments |  | As Revised
Sales (1) | $ | 2,876,679 |  |  | (5,162) |  |  | $ | 2,871,517 |
Cost of sales | (1,930,881) |  |  | (875) |  |  | (1,931,756) |
Gross profit | 945,798 |  |  | (6,037) |  |  | 939,761 |
Selling, general and administrative expense (2) | (655,046) |  |  | (10,579) |  |  | (665,625) |
Operating income | 298,809 |  |  | (16,616) |  |  | 282,193 |
Other income (expense), net (3) | (8,098) |  |  | (7,055) |  |  | (15,153) |
Earnings before income taxes | 255,180 |  |  | (23,671) |  |  | 231,509 |
Provision for income taxes (4) | (64,646) |  |  | 6,039 |  |  | (58,607) |
Net earnings, including noncontrolling interests | 190,534 |  |  | (17,632) |  |  | 172,902 |
Net earnings attributable to Flowserve Corporation | $ | 183,875 |  |  | (17,632) |  |  | $ | 166,243 |
Net earnings per share attributable to Flowserve Corporation common shareholders: |  |  |  |  |
Basic | $ | 1.40 |  |  | $ | (0.13) |  |  | $ | 1.27 |
Diluted | 1.40 |  |  | (0.14) |  |  | 1.26 |
_______________________________________ (1) Adjustment related to one of our sites related to errors in estimated costs under the over time revenue recognition model. (2) Adjustment primarily relate to asbestos settlement and defense costs from insurance coverage and expense for related legal fees and broad-based annual incentive compensation. (3) Adjustment related to our Argentinian subsidiary's use of an incorrect exchange rate in connection with a change to using the U.S. dollar as the functional currency. (4) Adjustment related to tax impacts of the matters described in notes (1), (2) and (3), above. The following table presents the impact of correcting the errors previously discussed on the affected line items of our condensed consolidated statement of cash flows for the nine months ended September 30, 2019:
| Nine Months Ended September 30, 2019
(Amounts in thousands) | As Reported |  | Adjustments |  | As Revised
Net cash flows provided (used) by operating activities (1) | $ | 143,991 |  |  | $ | (768) |  |  | $ | 143,223 |
Net cash flows provided (used) by investing activities (1) | (3,851) |  |  | (652) |  |  | (4,503) |
Cash and cash equivalents at end of period (1) | 547,270 |  |  | (1,421) |  |  | 545,849 |
_______________________________________ (1) Primarily related to adjustments resulting from the misclassification of Software as a Service arrangements as property, plant and equipment rather than other assets, net, as prescribed by ASU 2018-15, and a djustments related to our international operations’ exposure to fluctuations in foreign currency exchange rates, resulting from our Argentinian subsidiary's change in using the U.S. dollar as our functional currency in Argentina.

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794 + Details
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