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Revision to Previously Reported Financial Information (Tables)
 3 Months Ended
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 AdjustmentsAs Revised
Retirement obligations and other liabilities$516,087 $1,479 $517,566 
Retained earnings3,656,449 14,094 3,670,543 
Accumulated other comprehensive loss(594,052)(15,573)(609,625)
Total Flowserve Corporation shareholders’ equity1,732,470 (1,479)1,730,991 
Total equity1,762,800 (1,479)1,761,321 
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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 ReportedAdjustmentsAs Revised
Sales$894,457 $(944)$893,513 
Cost of sales(628,480)1,426 (627,054)
Gross profit265,977 482 266,459 
Selling, general and administrative expense (1)(243,621)(1,830)(245,451)
Operating income25,552 (1,348)24,204 
Other income (expense), net (2)23,462 14,740 38,202 
Earnings before income taxes37,800 13,392 51,192 
Provision for income taxes (36,310)(659)(36,969)
Net earnings, including noncontrolling interests1,490 12,733 14,223 
Net earnings (loss) attributable to Flowserve Corporation$(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 
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(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 ReportedAdjustmentsAs 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 AdjustmentsAs 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 
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(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.