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Realignment and Transformation Programs (Tables)

9 Months Ended

Sep. 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 September 30, 2021
(Amounts in thousands)			FPD						FCD						Subtotal–Reportable Segments						All Other						Consolidated Total
Realignment Charges
Restructuring Charges
COS			$	1,659					$	185					$	1,844					$	—					$	1,844
SG&A			38						(7)						31						—						31
			$	1,697					$	178					$	1,875					$	—					$	1,875
Non-Restructuring Charges
COS			$	614					$	124					$	738					$	—					$	738
SG&A			(290)						6						(284)						621						337
			$	324					$	130					$	454					$	621					$	1,075
Total Realignment Charges
COS			$	2,273					$	309					$	2,582					$	—					$	2,582
SG&A			(252)						(1)						(253)						621						368
Total			$	2,021					$	308					$	2,329					$	621					$	2,950

			Three Months Ended September 30, 2020
(Amounts in thousands)			FPD						FCD						Subtotal–Reportable Segments						All Other						Consolidated Total
Realignment Charges
Restructuring Charges
COS			$	5,469					$	590					$	6,059					$	—					$	6,059
SG&A			(10)						(2)						(12)						—						(12)
			$	5,459					$	588					$	6,047					$	—					$	6,047
Non-Restructuring Charges
COS			$	1,210					$	(1,366)					$	(156)					$	(245)					$	(401)
SG&A			1,097						75						1,172						613						1,785
			$	2,307					$	(1,291)					$	1,016					$	368					$	1,384
Total Realignment Charges
COS			$	6,679					$	(776)					$	5,903					$	(245)					$	5,658
SG&A			1,087						73						1,160						613						$	1,773
Total			$	7,766					$	(703)					$	7,063					$	368					$	7,431
Transformation Charges
SG&A			$	—					$	—					$	—					$	4,746					$	4,746
			$	—					$	—					$	—					$	4,746					$	4,746
Total Realignment and Transformation Charges
COS			$	6,679					$	(776)					$	5,903					$	(245)					$	5,658
SG&A			1,087						$	73					1,160						5,359						6,519
Total			$	7,766					$	(703)					$	7,063					$	5,114					$	12,177

			Nine Months Ended September 30, 2021
(Amounts in thousands)			FPD						FCD						Subtotal–Reportable Segments						All Other						Consolidated Total
Realignment Charges
Restructuring Charges
COS			$	7,702					$	655					$	8,357					$	—					$	8,357
SG&A			705						(17)						688						—						688
			$	8,407					$	638					$	9,045					$	—					$	9,045
Non-Restructuring Charges
COS			$	6,064					$	802					$	6,866					$	590					$	7,456
SG&A			205						744						949						4,816						5,765
			$	6,269					$	1,546					$	7,815					$	5,406					$	13,221
Total Realignment Charges
COS			$	13,766					$	1,457					$	15,223					$	590					$	15,813
SG&A			910						727						1,637						4,816						6,453
Total			$	14,676					$	2,184					$	16,860					$	5,406					$	22,266

			Nine Months Ended September 30, 2020
(Amounts in thousands)			FPD						FCD						Subtotal–Reportable Segments						All Other						Consolidated Total
Restructuring Charges
COS			$	18,800					$	318					$	19,118					$	—					$	19,118
SG&A			221						(5)						216						—						216
			$	19,021					$	313					$	19,334					$	—					$	19,334
Non-Restructuring Charges
COS			$	13,339					$	7,876					$	21,215					$	303					$	21,518
SG&A			10,899						4,459						15,358						16,107						31,465
			$	24,238					$	12,335					$	36,573					$	16,410					$	52,983
Total Realignment Charges
COS			$	32,139					$	8,194					$	40,333					$	303					$	40,636
SG&A			11,120						4,454						15,574						16,107						31,681
Total			$	43,259					$	12,648					$	55,907					$	16,410					$	72,317
Transformation Charges
SG&A			$	—					$	—					$	—					$	16,007					$	16,007
			$	—					$	—					$	—					$	16,007					$	16,007
Total Realignment Charges
COS			$	32,139					$	8,194					$	40,333					$	303					$	40,636
SG&A			11,120						4,454						15,574						32,114						47,688
Total			$	43,259					$	12,648					$	55,907					$	32,417					$	88,324

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			$	25,531					$	1,882					$	27,413					$	—					$	27,413
SG&A			756						309						1,065						—						1,065
			$	26,287					$	2,191					$	28,478					$	—					$	28,478
Non-Restructuring Charges
COS			$	25,267					$	329					$	25,596					$	642					$	26,238
SG&A			10,886						5,299						16,185						22,698						38,883
			$	36,153					$	5,628					$	41,781					$	23,340					$	65,121
Total Realignment Charges
COS			$	50,798					$	2,211					$	53,009					$	642					$	53,651
SG&A			11,642						5,608						17,250						22,698						39,948
Total			$	62,440					$	7,819					$	70,259					$	23,340					$	93,599

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 September 30, 2021
(Amounts in thousands)			Severance						Contract Termination						Asset Write-Downs						Other						Total
COS			$	(371)					$	—					$	1,282					$	933					$	1,844
SG&A			—						—						—						31						31
Total			$	(371)					$	—					$	1,282					$	964					$	1,875

			Three Months Ended September 30, 2020
(Amounts in thousands)			Severance						Contract Termination						Asset Write-Downs						Other						Total
COS			$	4,704					$	—					$	331					$	1,024					$	6,059
SG&A			(16)						—						3						1						(12)
Total			$	4,688					$	—					$	334					$	1,025					$	6,047

			Nine Months Ended September 30, 2021
(Amounts in thousands)			Severance						Contract Termination						Asset Write-Downs						Other						Total
COS			$	848					$	—					$	2,623					$	4,886					$	8,357
SG&A			168												—						520						688
Total			$	1,016					$	—					$	2,623					$	5,406					$	9,045

			Nine Months Ended September 30, 2020
(Amounts in thousands)			Severance						Contract Termination						Asset Write-Downs						Other						Total
COS			$	16,959					$	—					$	1,322					$	837					$	19,118
SG&A			228						—						25						(37)						216
Total			$	17,187					$	—					$	1,347					$	800					$	19,334

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			$	16,092					$	52					$	4,035					$	7,234					$	27,413
SG&A			252						—						14						799						1,065
Total			$	16,344					$	52					$	4,049					$	8,033					$	28,478

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

(Amounts in thousands)			2021						2020
Balance at January 1			$	18,255					$	6,703
Charges, net of adjustments			6,423						17,986
Cash expenditures			(16,999)						(4,772)
Other non-cash adjustments, including currency			(1,039)						425
Balance at September 30			$	6,640					$	20,342

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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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