XML 22 R10.htm IDEA: XBRL DOCUMENT
v3.21.2

Revision to Previously Reported Financial Information | 9 Months Ended
--- | ---
Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract] |
Revision to Previously Reported Financial Information | Revision to Previously Reported Financial Information During the first quarter of 2021, we identified an accounting error involving foreign currency transactions beginning with the first quarter of 2020 though the year ended December 31, 2020. These adjustments increased retirement obligations and other liabilities by $1.5 million, retained earnings by $14.0 million and accumulated other comprehensive loss by $15.5 million as of December 31, 2020. Additionally, we identified and corrected certain immaterial errors of cash flow activities on our condensed consolidated statement of cash flows for the nine month period ended September 30, 2020. 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 condensed consolidated statements of shareholders' equity for the three and nine months ended September 30, 2020 has been revised to reflect the impacts of the above described error. Additionally, the condensed consolidated statements of shareholders' equity for the year ended December 31, 2020, which will be revised the next time such financial statements are filed, have been corrected to reflect the impact of the errors described above and there are no other adjustments impacting those statements. 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. The impacts of the revisions have been reflected throughout the financial statements, including the applicable footnotes, as appropriate.

X
- References No definition available. + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration