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Realignment and Transformation Programs (Tables)

6 Months Ended

Jun. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

The following is a summary of total charges, net of adjustments, incurred in 2021 related to our 2020 Realignment Program and the total charges incurred in 2020 are related to our 2020 Realignment Program and Flowserve 2.0 Transformation:

			Three Months Ended June 30, 2021
(Amounts in thousands)			FPD						FCD						Subtotal–Reportable Segments						All Other						Consolidated Total
Realignment Charges
Restructuring Charges
COS			$	2,016					$	171					$	2,187					$	—					$	2,187
SG&A			667						—						667						—						667
			$	2,683					$	171					$	2,854					$	—					$	2,854
Non-Restructuring Charges
COS			$	1,558					$	80					$	1,638					$	—					$	1,638
SG&A			338						(129)						209						915						1,124
			$	1,896					$	(49)					$	1,847					$	915					$	2,762
Total Realignment Charges
COS			$	3,574					$	251					$	3,825					$	—					$	3,825
SG&A			1,005						(129)						876						915						1,791
Total			$	4,579					$	122					$	4,701					$	915					$	5,616

			Three Months Ended June 30, 2020
(Amounts in thousands)			FPD						FCD						Subtotal–Reportable Segments						All Other						Consolidated Total
Realignment Charges
Restructuring Charges
COS			$	11,650					$	(167)					$	11,483					$	—					$	11,483
SG&A			126						3						129						—						129
			$	11,776					$	(164)					$	11,612					$	—					$	11,612
Non-Restructuring Charges
COS			$	12,003					$	2,917					$	14,920					$	548					$	15,468
SG&A			9,316						4,333						13,649						14,852						28,501
			$	21,319					$	7,250					$	28,569					$	15,400					$	43,969
Total Realignment Charges
COS			$	23,653					$	2,750					$	26,403					$	548					$	26,951
SG&A			9,442						4,336						13,778						14,852						$	28,630
Total			$	33,095					$	7,086					$	40,181					$	15,400					$	55,581
Transformation Charges
SG&A			$	—					$	—					$	—					$	5,618					$	5,618
			$	—					$	—					$	—					$	5,618					$	5,618
Total Realignment and Transformation Charges
COS			$	23,653					$	2,750					$	26,403					$	548					$	26,951
SG&A			9,442						$	4,336					13,778						20,470						34,248
Total			$	33,095					$	7,086					$	40,181					$	21,018					$	61,199

			Six Months Ended June 30, 2021
(Amounts in thousands)			FPD						FCD						Subtotal–Reportable Segments						All Other						Consolidated Total
Realignment Charges
Restructuring Charges
COS			$	6,043					$	470					$	6,513					$	—					$	6,513
SG&A			667						(9)						658						—						658
			$	6,710					$	461					$	7,171					$	—					$	7,171
Non-Restructuring Charges
COS			$	5,449					$	678					$	6,127					$	590					$	6,717
SG&A			495						739						1,234						4,195						5,429
			$	5,944					$	1,417					$	7,361					$	4,785					$	12,146
Total Realignment Charges
COS			$	11,492					$	1,148					$	12,640					$	590					$	13,230
SG&A			1,162						730						1,892						4,195						6,087
Total			$	12,654					$	1,878					$	14,532					$	4,785					$	19,317

			Six Months Ended June 30, 2020
(Amounts in thousands)			FPD						FCD						Subtotal–Reportable Segments						All Other						Consolidated Total
Restructuring Charges
COS			$	13,331					$	(272)					$	13,059					$	—					$	13,059
SG&A(1)			230						(3)						227						—						227
			$	13,561					$	(275)					$	13,286					$	—					$	13,286
Non-Restructuring Charges
COS			$	12,128					$	9,242					$	21,370					$	548					$	21,918
SG&A			9,801						4,384						14,185						15,497						29,682
			$	21,929					$	13,626					$	35,555					$	16,045					$	51,600
Total Realignment Charges
COS			$	25,459					$	8,970					$	34,429					$	548					$	34,977
SG&A			10,031						4,381						14,412						15,497						29,909
Total			$	35,490					$	13,351					$	48,841					$	16,045					$	64,886
Transformation Charges
SG&A			$	—					$	—					$	—					$	11,261					$	11,261
			$	—					$	—					$	—					$	11,261					$	11,261
Total Realignment Charges
COS			$	25,459					$	8,970					$	34,429					$	548					$	34,977
SG&A			10,031						4,381						14,412						26,758						41,170
Total			$	35,490					$	13,351					$	48,841					$	27,306					$	76,147

The following is a summary of total inception to date charges, net of adjustments, related to the 2020 Realignment Program:

			Inception to Date
(Amounts in thousands)			FPD						FCD						Subtotal–Reportable Segments						All Other						Consolidated Total
Realignment Charges
Restructuring Charges
COS			$	23,872					$	1,697					$	25,569					$	—					$	25,569
SG&A			718						316						1,034						—						1,034
			$	24,590					$	2,013					$	26,603					$	—					$	26,603
Non-Restructuring Charges
COS			$	24,653					$	205					$	24,858					$	642					$	25,500
SG&A			11,176						5,293						16,469						22,077						38,546
			$	35,829					$	5,498					$	41,327					$	22,719					$	64,046
Total Realignment Charges
COS			$	48,525					$	1,902					$	50,427					$	642					$	51,069
SG&A			11,894						5,609						17,503						22,077						39,580
Total			$	60,419					$	7,511					$	67,930					$	22,719					$	90,649

Schedule of Restructuring Reserve by Type of Cost

The following is a summary of restructuring charges, net of adjustments, for our restructuring activities related to our 2020 Realignment Program:

			Three Months Ended June 30, 2021
(Amounts in thousands)			Severance						Contract Termination						Asset Write-Downs						Other						Total
COS			$	(154)					$	—					$	(849)					$	3,190					$	2,187
SG&A			168						—						—						499						667
Total			$	14					$	—					$	(849)					$	3,689					$	2,854

			Three Months Ended June 30, 2020
(Amounts in thousands)			Severance						Contract Termination						Asset Write-Downs						Other						Total
COS			$	10,572					$	—					$	994					$	(83)					$	11,483
SG&A			126						—						3						—						129
Total			$	10,698					$	—					$	997					$	(83)					$	11,612

			Six Months Ended June 30, 2021
(Amounts in thousands)			Severance						Contract Termination						Asset Write-Downs						Other						Total
COS			$	1,219					$	—					$	1,341					$	3,953					$	6,513
SG&A			168												—						490						658
Total			$	1,387					$	—					$	1,341					$	4,443					$	7,171

			Six Months Ended June 30, 2020
(Amounts in thousands)			Severance						Contract Termination						Asset Write-Downs						Other						Total
COS			$	12,255					$	—					$	991					$	(187)					$	13,059
SG&A			265						—						—						(38)						227
Total			$	12,520					$	—					$	991					$	(225)					$	13,286

The following is a summary of total inception to date restructuring charges, net of adjustments, related to our 2020 Realignment Program:

			Inception to Date
(Amounts in thousands)			Severance						Contract Termination						Asset Write-Downs						Other						Total
COS			$	16,463					$	52					$	2,753					$	6,301					$	25,569
SG&A			252						—						14						768						1,034
Total			$	16,715					$	52					$	2,767					$	7,069					$	26,603

The following represents the activity, primarily severance charges from reductions in force, related to the restructuring reserves for the six months ended June 30, 2021 and 2020:

(Amounts in thousands)			2021						2020
Balance at January 1			$	18,255					$	6,703
Charges, net of adjustments			5,830						12,270
Cash expenditures			(14,388)						(2,713)
Other non-cash adjustments, including currency			(461)						(118)
Balance at June 30			$	9,236					$	16,142

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Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.

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Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

+ References

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