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Revision to Previously Reported Financial Information (Tables) | 9 Months Ended
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Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract] |
Schedule of Adjustments | The following tables present the impact to affected line items on our condensed consolidated financial statements for the periods indicated for the correction of the accounting error involving foreign currency transactions identified in the first quarter of 2021:
| September 30, 2020
(Amounts in thousands) | As Reported |  | Adjustments(1) |  | As Revised
Retirement obligations and other liabilities | $ | 541,721 |  |  | $ | 1,499 |  |  | $ | 543,220 |
Retained earnings | 3,625,291 |  |  | 14,937 |  |  | 3,640,228 |
Accumulated other comprehensive loss | (618,856) |  |  | (16,436) |  |  | (635,292) |
Total Flowserve Corporation shareholders’ equity | 1,673,421 |  |  | (1,499) |  |  | 1,671,922 |
Total equity | 1,703,843 |  |  | (1,499) |  |  | 1,702,344 |
_______________________________________ (1) Adjustments relate to the accounting error involving foreign currency transactions.
| Three Months Ended September 30, 2020
(Amounts in thousands, except per share data) | As Reported |  | Adjustments(1) |  | As Revised
Other income (expense), net | $ | (963) |  |  | $ | 5,636 |  |  | $ | 4,673 |
Earnings before income taxes | 72,322 |  |  | 5,636 |  |  | 77,958 |
Provision for income taxes | (18,672) |  |  | (524) |  |  | (19,196) |
Net earnings, including noncontrolling interests | 53,650 |  |  | 5,112 |  |  | 58,762 |
Net earnings attributable to Flowserve Corporation | $ | 51,003 |  |  | $ | 5,112 |  |  | $ | 56,115 |
Net earnings per share attributable to Flowserve Corporation common shareholders: |  |  |  |  |
Basic | $ | 0.39 |  |  | $ | 0.04 |  |  | $ | 0.43 |
Diluted | 0.39 |  |  | 0.04 |  |  | 0.43 |
_______________________________________ (1) Adjustments relate to the accounting error involving foreign currency transactions.
| Three Months Ended September 30, 2020
(Amounts in thousands) | As Reported |  | Adjustments(1) |  | As Revised
Net earnings, including noncontrolling interests | $ | 53,650 |  |  | $ | 5,112 |  |  | $ | 58,762 |
Other comprehensive income (loss): |  |  |  |  |
Foreign currency translation adjustments, net of taxes | 25,204 |  |  | (5,649) |  |  | 19,555 |
Other comprehensive income (loss) | 24,269 |  |  | (5,649) |  |  | 18,620 |
Comprehensive income (loss), including noncontrolling interests | 77,919 |  |  | (537) |  |  | 77,382 |
Comprehensive income (loss) attributable to Flowserve Corporation | $ | 75,276 |  |  | $ | (537) |  |  | $ | 74,739 |
_______________________________________ (1) Adjustments relate to the accounting error involving foreign currency transactions.
| Nine Months Ended September 30, 2020
(Amounts in thousands, except per share data) | As Reported |  | Adjustments(1) |  | As Revised
Other income (expense), net | $ | 7,558 |  |  | $ | 16,411 |  |  | $ | 23,969 |
Earnings before income taxes | 125,498 |  |  | 16,411 |  |  | 141,909 |
Provision for income taxes | (59,175) |  |  | (1,475) |  |  | (60,650) |
Net earnings, including noncontrolling interests | 66,323 |  |  | 14,936 |  |  | 81,259 |
Net earnings attributable to Flowserve Corporation | $ | 59,433 |  |  | $ | 14,936 |  |  | $ | 74,369 |
Net earnings per share attributable to Flowserve Corporation common shareholders: |  |  |  |  |
Basic | $ | 0.46 |  |  | $ | 0.11 |  |  | $ | 0.57 |
Diluted | 0.45 |  |  | 0.12 |  |  | 0.57 |
_______________________________________ (1) Adjustments relate to the accounting error involving foreign currency transactions.
| Nine Months Ended September 30, 2020
(Amounts in thousands) | As Reported |  | Adjustments(1) |  | As Revised
Net earnings, including noncontrolling interests | $ | 66,323 |  |  | $ | 14,936 |  |  | $ | 81,259 |
Other comprehensive income (loss): |  |  |  |  |
Foreign currency translation adjustments, net of taxes | (41,022) |  |  | (16,434) |  |  | (57,456) |
Other comprehensive income (loss) | (33,792) |  |  | (16,434) |  |  | (50,226) |
Comprehensive income (loss), including noncontrolling interests | 32,531 |  |  | (1,498) |  |  | 31,033 |
Comprehensive income (loss) attributable to Flowserve Corporation | $ | 24,869 |  |  | $ | (1,498) |  |  | $ | 23,371 |
_______________________________________ (1) Adjustments relate to the accounting error involving foreign currency transactions.
| December 31, 2020
(Amounts in thousands) | As Reported |  | Adjustments(1) |  | 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 |
_______________________________________ (1) Adjustments relate to the accounting error involving foreign currency transactions.
| Three Months Ended December 31, 2020
(Amounts in thousands, except per share data) | As Reported |  | Adjustments(1) |  | As Revised
Other income (expense), net | $ | (17,811) |  |  | $ | (931) |  |  | $ | (18,742) |
Earnings before income taxes | 61,314 |  |  | (931) |  |  | 60,383 |
Provision for income taxes | (856) |  |  | 89 |  |  | (767) |
Net earnings, including noncontrolling interests | 60,458 |  |  | (842) |  |  | 59,616 |
Net earnings attributable to Flowserve Corporation | $ | 56,893 |  |  | $ | (842) |  |  | $ | 56,051 |
Net earnings per share attributable to Flowserve Corporation common shareholders: |  |  |  |  |
Basic | $ | 0.44 |  |  | $ | (0.01) |  |  | $ | 0.43 |
Diluted | 0.43 |  |  | — |  |  | 0.43 |
______________________________________ (1) Adjustments relate to the accounting error involving foreign currency transactions.
| Three Months Ended December 31, 2020
(Amounts in thousands) | As Reported |  | Adjustments(1) |  | As Revised
Net earnings, including noncontrolling interests | $ | 60,458 |  |  | $ | (842) |  |  | $ | 59,616 |
Other comprehensive income (loss): |  |  |  |  |
Foreign currency translation adjustments, net of taxes | 41,411 |  |  | 862 |  |  | 42,273 |
Other comprehensive income (loss) | 24,803 |  |  | 862 |  |  | 25,665 |
Comprehensive income (loss), including noncontrolling interests | 85,261 |  |  | 20 |  |  | 85,281 |
Comprehensive income (loss) attributable to Flowserve Corporation | $ | 81,698 |  |  | $ | 20 |  |  | $ | 81,718 |
______________________________________ (1) Adjustments relate to the accounting error involving foreign currency transactions.
| Year Ended December 31, 2020
(Amounts in thousands, except per share data) | As Reported |  | Adjustments(1) |  | As Revised
Other income (expense), net | $ | (10,254) |  |  | $ | 15,480 |  |  | $ | 5,226 |
Earnings before income taxes | 186,812 |  |  | 15,480 |  |  | 202,292 |
Provision for income taxes | (60,031) |  |  | (1,386) |  |  | (61,417) |
Net earnings, including noncontrolling interests | 126,781 |  |  | 14,094 |  |  | 140,875 |
Net earnings attributable to Flowserve Corporation | $ | 116,326 |  |  | $ | 14,094 |  |  | $ | 130,420 |
Net earnings per share attributable to Flowserve Corporation common shareholders: |  |  |  |  |
Basic | $ | 0.89 |  |  | $ | 0.11 |  |  | $ | 1.00 |
Diluted | 0.89 |  |  | 0.11 |  |  | 1.00 |
______________________________________ (1) Adjustments relate to the accounting error involving foreign currency transactions.
| Year Ended December 31, 2020
(Amounts in thousands) | As Reported |  | Adjustments(1) |  | As Revised
Net earnings, including noncontrolling interests | $ | 126,781 |  |  | $ | 14,094 |  |  | $ | 140,875 |
Other comprehensive income (loss): |  |  |  |  |
Foreign currency translation adjustments, net of taxes | 388 |  |  | (15,571) |  |  | (15,183) |
Other comprehensive income (loss) | (8,991) |  |  | (15,571) |  |  | (24,562) |
Comprehensive income (loss), including noncontrolling interests | 117,790 |  |  | (1,477) |  |  | 116,313 |
Comprehensive income (loss) attributable to Flowserve Corporation | $ | 106,565 |  |  | $ | (1,477) |  |  | $ | 105,088 |
______________________________________ (1) Adjustments relate to the accounting error involving foreign currency transactions. The following table presents the impact to affected sub-totals for the correction of the error on our condensed consolidated statement of cash flows for the nine month period ended September 30, 2020. There was no impact on the condensed consolidated statement of cash flows for the year ended December 31, 2020.
| Nine Months Ended September 30, 2020
(Amounts in thousands) | As Reported |  | Adjustments |  | As Revised
Net cash flows provided (used) by operating activities (1) | $ | 115,629 |  |  | $ | (1,378) |  |  | $ | 114,251 |
Net cash flows provided (used) by investing activities (1) | (34,160) |  |  | 1,495 |  |  | (32,665) |
Net cash flows provided (used) by financing activities | 178,972 |  |  | (117) |  |  | 178,855 |
Cash and cash equivalents at end of period | 921,178 |  |  | — |  |  | 921,178 |
_______________________________________ (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.

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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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