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Revision to Previously Reported Financial Information (Tables)
 9 Months Ended
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 AdjustmentsAs Revised
Prepaid expenses and other$105,101 $1,377 $106,478 
Total current assets2,505,370 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 assets4,919,642 18,635 4,938,277 
Contract liabilities (3)216,541 4,554 221,095 
Total current liabilities1,112,888 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’ equity1,790,357 (43,618)1,746,739 
Total equity1,815,959 (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 ReportedAdjustmentsAs Revised
Sales$996,544 $(835)$995,709 
Gross profit333,688 (835)332,853 
Selling, general and administrative expense (1)(226,216)(4,146)(230,362)
Operating income109,559 (4,981)104,578 
Other income (expense), net (2)(1,622)(6,855)(8,477)
Earnings before income taxes96,209 (11,836)84,373 
Provision for income taxes (3)(25,646)3,236 (22,410)
Net earnings, including noncontrolling interests70,563 (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 
Diluted0.52 (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 ReportedAdjustmentsAs Revised
Sales (1)$2,876,679 (5,162)$2,871,517 
Cost of sales(1,930,881)(875)(1,931,756)
Gross profit945,798 (6,037)939,761 
Selling, general and administrative expense (2)(655,046)(10,579)(665,625)
Operating income298,809 (16,616)282,193 
Other income (expense), net (3)(8,098)(7,055)(15,153)
Earnings before income taxes255,180 (23,671)231,509 
Provision for income taxes (4)(64,646)6,039 (58,607)
Net earnings, including noncontrolling interests190,534 (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 
Diluted1.40 (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 AdjustmentsAs 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 adjustments 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.