XML 39 R27.htm IDEA: XBRL DOCUMENT v3.21.2

Revision to Previously Reported Financial Information (Tables)

9 Months Ended

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.

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

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

Name:	us-gaap_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration