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Revision to Previously Reported Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract] |
Schedule of Adjustments | The following table presents the impact to affected line items for the correction of the accounting error involving foreign currency transactions identified in the first quarter of 2021 on our condensed consolidated balance sheet as of December 31, 2020:
| December 31, 2020
(Amounts in thousands) | As Reported |  | Adjustments |  | As Revised
Retirement obligations and other liabilities | $ | 516,087 |  |  | $ | 1,479 |  |  | $ | 517,566 |
Retained earnings | 3,656,449 |  |  | 14,094 |  |  | 3,670,543 |
Accumulated other comprehensive loss | (594,052) |  |  | (15,573) |  |  | (609,625) |
Total Flowserve Corporation shareholders’ equity | 1,732,470 |  |  | (1,479) |  |  | 1,730,991 |
Total equity | 1,762,800 |  |  | (1,479) |  |  | 1,761,321 |
_______________________________________ The following table presents the impact to affected line items on our condensed consolidated statement of income for the three months ended March 31, 2020, for the correction of the accounting error involving foreign currency transactions identified in the first quarter of 2021 and the accounting errors related to the recognition of a liability for unasserted asbestos claims identified in the third quarter of 2020:
| Three Months Ended March 31, 2020
(Amounts in thousands) | As Reported |  | Adjustments |  | As Revised
Sales | $ | 894,457 |  |  | $ | (944) |  |  | $ | 893,513 |
Cost of sales | (628,480) |  |  | 1,426 |  |  | (627,054) |
Gross profit | 265,977 |  |  | 482 |  |  | 266,459 |
Selling, general and administrative expense (1) | (243,621) |  |  | (1,830) |  |  | (245,451) |
Operating income | 25,552 |  |  | (1,348) |  |  | 24,204 |
Other income (expense), net (2) | 23,462 |  |  | 14,740 |  |  | 38,202 |
Earnings before income taxes | 37,800 |  |  | 13,392 |  |  | 51,192 |
Provision for income taxes | (36,310) |  |  | (659) |  |  | (36,969) |
Net earnings, including noncontrolling interests | 1,490 |  |  | 12,733 |  |  | 14,223 |
Net earnings (loss) attributable to Flowserve Corporation | $ | (610) |  |  | 12,733 |  |  | $ | 12,123 |
Net earnings (loss) per share attributable to Flowserve Corporation common shareholders: |  |  |  |  |
Basic | $ | — |  |  | $ | 0.09 |  |  | $ | 0.09 |
Diluted | — |  |  | 0.09 |  |  | 0.09 |
_______________________________________ (1) Adjustment primarily relates to asbestos settlement and defense costs for related legal fees. (2) Adjustment relates to the accounting error involving foreign currency transactions.
The following table presents the impact to affected line items for the correction of the accounting errors on our condensed consolidated statement of comprehensive income (loss) for the three months ended March 31, 2020:
| Three Months Ended March 31, 2020
(Amounts in thousands) | As Reported |  | Adjustments |  | As Revised
Net earnings, including noncontrolling interests | $ | 1,490 |  |  | $ | 12,733 |  |  | $ | 14,223 |
Other comprehensive income (loss): |  |  |  |  |
Foreign currency translation adjustments, net of taxes | (81,353) |  |  | (14,708) |  |  | (96,061) |
Other comprehensive income (loss) | (74,990) |  |  | (14,708) |  |  | (89,698) |
Comprehensive income (loss), including noncontrolling interests | (73,500) |  |  | (1,975) |  |  | (75,475) |
Comprehensive income (loss) attributable to Flowserve Corporation | $ | (76,439) |  |  | $ | (1,975) |  |  | $ | (78,414) |
The following table presents the impact to affected line items for the correction of the errors on our condensed consolidated statement of cash flows for the three months ended March 31, 2020:
| Three Months Ended March 31, 2020
(Amounts in thousands) | As Reported |  | Adjustments |  | As Revised
Net cash flows provided (used) by operating activities | $ | 47,302 |  |  | $ | 201 |  |  | $ | 47,503 |
Net cash flows provided (used) by investing activities (1) | (6,573) |  |  | 1,355 |  |  | (5,218) |
Net cash flows provided (used) by financing activities (2) | (63,925) |  |  | (1,556) |  |  | (65,481) |
Cash and cash equivalents at end of period | 622,299 |  |  | — |  |  | 622,299 |
_______________________________________ (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. (2) Primarily resulting from the misclassification of non-cash items under proceeds and payments under other financing arrangements in financing activities, rather than other assets, net, in operating activities.

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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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