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Revision to Previously Reported Financial Information (Tables)
 12 Months Ended
Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
The following table presents the impact of correcting the errors previously discussed on the affected line items of our consolidated balance sheet as of December 31, 2019:

December 31, 2019
(Amounts in thousands)As Reported AdjustmentsAs Revised
Prepaid expenses and other105,101 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 consolidated statement of income for the year ended December 31, 2019:

(Amounts in thousands)Year Ended December 31, 2019
 As ReportedAdjustmentsAs Revised
Sales (1)$3,944,850 $(5,153)$3,939,697 
Cost of sales(2,649,480)(874)(2,650,354)
Gross profit1,295,370 (6,027)— 1,289,343 
Selling, general and administrative expense (2)(899,813)(13,390)(913,203)
Operating income406,040 (19,417)386,623 
Earnings before income taxes341,850 (19,417)322,433 
Provision for income taxes (3)(80,070)4,577 (75,493)
Net earnings, including noncontrolling interests261,780 (14,840)246,940 
Net earnings attributable to Flowserve Corporation$253,668 $(14,840)$238,828 
Net earnings per share attributable to Flowserve Corporation common shareholders:  
Basic$1.94 $(0.12)$1.82 
Diluted1.93 (0.12)1.81 
______________________________________
(1) Adjustment related to one of our sites related to errors in estimated costs under the over time revenue recognition model.
(2) Adjustment primarily related to asbestos settlement and defense costs from insurance coverage and expense for related legal fees.
(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 consolidated statement of income for the year ended December 31, 2018:
(Amounts in thousands)Year Ended December 31, 2018
 As ReportedAdjustmentsAs Revised
Sales (1)$3,832,666 $3,033 $3,835,699 
Gross profit1,187,836 3,033 — 1,190,869 
Selling, general and administrative expense (2)(943,714)(22,870)(966,584)
Operating income247,538 (19,837)227,701 
Earnings before income taxes176,274 (19,837)156,437 
Provision for income taxes (3)(51,224)4,674 (46,550)
Net earnings, including noncontrolling interests125,050 (15,163)109,887 
Net earnings attributable to Flowserve Corporation$119,671 $(15,163)$104,508 
Net earnings per share attributable to Flowserve Corporation common shareholders:  
Basic$0.91 $(0.11)$0.80 
Diluted0.91 (0.11)0.80 
_______________________________________
(1) Adjustment related to one of our sites related to errors in estimated costs under the over time revenue recognition model.
(2) Adjustment primarily related 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 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 consolidated statement of cash flows for the years ended December 31, 2019 and 2018:
Year Ended December 31, 2019
(Amounts in thousands)As Reported AdjustmentsAs Revised
Net cash flows provided (used) by operating activities (1)$312,741 $11,356 $324,097 
Net cash flows provided (used) by investing activities (1)(23,837)(9,546)(33,383)
Net cash flows provided (used) by financing activities(229,654)(1,810)(231,464)
Cash and cash equivalents at end of period (1)670,980 — 670,980 
_______________________________________(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.