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v3.23.2

Realignment Programs (Tables) | 6 Months Ended
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Jun. 30, 2023
Restructuring and Related Activities [Abstract] |
Restructuring and Related Costs | The following table presents the above impacts of the Russia pre-tax charge in the first six months of 2022:
|  |  | Six Months Ended June 30, 2022
(Amounts in thousands) |  |  |  |  |  |  | Flowserve Pump Division |  | Flow Control Division |  | Consolidated Total
Sales |  |  |  |  |  |  | $ | (5,429) |  |  | $ | (2) |  |  | $ | (5,431) |
Cost of sales ("COS") |  |  |  |  |  |  | 3,510 |  |  | 1,112 |  |  | 4,622 |
Gross loss |  |  |  |  |  |  | (8,939) |  |  | (1,114) |  |  | (10,053) |
Selling, general and administrative expense ("SG&A") |  |  |  |  |  |  | 9,111 |  |  | 1,082 |  |  | 10,193 |
Operating loss |  |  |  |  |  |  | $ | (18,050) |  |  | $ | (2,196) |  |  | $ | (20,246) |
The following is a summary of total charges, net of adjustments, incurred related to our Realignment Programs:
| Three Months Ended June 30, 2023
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 1,410 |  |  | $ | — |  |  | $ | 1,410 |  |  | $ | — |  |  | $ | 1,410 |
SG&A | — |  |  | (29) |  |  | (29) |  |  | 1 |  |  | (28) |
| $ | 1,410 |  |  | $ | (29) |  |  | $ | 1,381 |  |  | $ | 1 |  |  | $ | 1,382 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | (457) |  |  | $ | 3,153 |  |  | $ | 2,696 |  |  | $ | — |  |  | $ | 2,696 |
SG&A | 17 |  |  | 29 |  |  | 46 |  |  | 7,427 |  |  | 7,473 |
| $ | (440) |  |  | $ | 3,182 |  |  | $ | 2,742 |  |  | $ | 7,427 |  |  | $ | 10,169 |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 953 |  |  | $ | 3,153 |  |  | $ | 4,106 |  |  | $ | — |  |  | $ | 4,106 |
SG&A | 17 |  |  | — |  |  | 17 |  |  | 7,428 |  |  | 7,445 |
Total | $ | 970 |  |  | $ | 3,153 |  |  | $ | 4,123 |  |  | $ | 7,428 |  |  | $ | 11,551 |
| Three Months Ended June 30, 2022
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 604 |  |  | $ | 76 |  |  | $ | 680 |  |  | $ | — |  |  | $ | 680 |
SG&A | — |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | 604 |  |  | $ | 76 |  |  | $ | 680 |  |  | $ | — |  |  | $ | 680 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | (225) |  |  | $ | 12 |  |  | $ | (213) |  |  | $ | — |  |  | $ | (213) |
SG&A | 2 |  |  | 33 |  |  | 35 |  |  | 27 |  |  | 62 |
| $ | (223) |  |  | $ | 45 |  |  | $ | (178) |  |  | $ | 27 |  |  | $ | (151) |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 379 |  |  | $ | 88 |  |  | $ | 467 |  |  | $ | — |  |  | $ | 467 |
SG&A | 2 |  |  | 33 |  |  | 35 |  |  | 27 |  |  | 62 |
Total | $ | 381 |  |  | $ | 121 |  |  | $ | 502 |  |  | $ | 27 |  |  | $ | 529 |
| Six Months Ended June 30, 2023
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 398 |  |  | $ | — |  |  | $ | 398 |  |  | $ | 66 |  |  | $ | 464 |
SG&A | — |  |  | 8,876 |  |  | 8,876 |  |  | 1 |  |  | 8,877 |
| $ | 398 |  |  | $ | 8,876 |  |  | $ | 9,274 |  |  | $ | 67 |  |  | $ | 9,341 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 945 |  |  | $ | 3,164 |  |  | $ | 4,109 |  |  | $ | (265) |  |  | $ | 3,844 |
SG&A | 2,067 |  |  | 30 |  |  | 2,097 |  |  | 13,148 |  |  | 15,245 |
| $ | 3,012 |  |  | $ | 3,194 |  |  | $ | 6,206 |  |  | $ | 12,883 |  |  | $ | 19,089 |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 1,343 |  |  | $ | 3,164 |  |  | $ | 4,507 |  |  | $ | (199) |  |  | $ | 4,308 |
SG&A | 2,067 |  |  | 8,906 |  |  | 10,973 |  |  | 13,149 |  |  | 24,122 |
Total | $ | 3,410 |  |  | $ | 12,070 |  |  | $ | 15,480 |  |  | $ | 12,950 |  |  | $ | 28,430 |
| Six Months Ended June 30, 2022
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 885 |  |  | $ | 71 |  |  | $ | 956 |  |  | $ | — |  |  | $ | 956 |
SG&A | — |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | 885 |  |  | $ | 71 |  |  | $ | 956 |  |  | $ | — |  |  | $ | 956 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | (589) |  |  | $ | (37) |  |  | $ | (626) |  |  | $ | (61) |  |  | $ | (687) |
SG&A | 77 |  |  | 50 |  |  | 127 |  |  | (266) |  |  | (139) |
| $ | (512) |  |  | $ | 13 |  |  | $ | (499) |  |  | $ | (327) |  |  | $ | (826) |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 296 |  |  | $ | 34 |  |  | $ | 330 |  |  | $ | (61) |  |  | $ | 269 |
SG&A | 77 |  |  | 50 |  |  | 127 |  |  | (266) |  |  | (139) |
Total | $ | 373 |  |  | $ | 84 |  |  | $ | 457 |  |  | $ | (327) |  |  | $ | 130 |
The following is a summary of total inception to date charges, net of adjustments, related to the 2023 Realignment Programs:
| Inception to Date
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 398 |  |  | $ | — |  |  | $ | 398 |  |  | $ | 66 |  |  | $ | 464 |
SG&A | — |  |  | 8,876 |  |  | 8,876 |  |  | 1 |  |  | 8,877 |
| $ | 398 |  |  | $ | 8,876 |  |  | $ | 9,274 |  |  | $ | 67 |  |  | $ | 9,341 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 945 |  |  | $ | 3,164 |  |  | $ | 4,109 |  |  | $ | (265) |  |  | $ | 3,844 |
SG&A | 2,067 |  |  | 30 |  |  | 2,097 |  |  | 13,148 |  |  | 15,245 |
| $ | 3,012 |  |  | $ | 3,194 |  |  | $ | 6,206 |  |  | $ | 12,883 |  |  | $ | 19,089 |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 1,343 |  |  | $ | 3,164 |  |  | $ | 4,507 |  |  | $ | (199) |  |  | $ | 4,308 |
SG&A | 2,067 |  |  | 8,906 |  |  | 10,973 |  |  | 13,149 |  |  | 24,122 |
Total | $ | 3,410 |  |  | $ | 12,070 |  |  | $ | 15,480 |  |  | $ | 12,950 |  |  | $ | 28,430 |
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 Realignment Programs:
| Three Months Ended June 30, 2023
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs (Gains) |  | Other |  | Total
COS | $ | 255 |  |  | $ | 228 |  |  | $ | 33 |  |  | $ | 894 |  |  | $ | 1,410 |
SG&A | (5) |  |  | — |  |  | (29) |  |  | 6 |  |  | (28) |
Total | $ | 250 |  |  | $ | 228 |  |  | $ | 4 |  |  | $ | 900 |  |  | $ | 1,382 |
| Three Months Ended June 30, 2022
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs (Gains) |  | Other |  | Total
COS | $ | 570 |  |  | $ | — |  |  | $ | 19 |  |  | $ | 91 |  |  | $ | 680 |
SG&A | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 570 |  |  | $ | — |  |  | $ | 19 |  |  | $ | 91 |  |  | $ | 680 |
| Six Months Ended June 30, 2023
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs (Gains) |  | Other |  | Total
COS | $ | 441 |  |  | $ | 294 |  |  | $ | (1,270) |  |  | $ | 999 |  |  | $ | 464 |
SG&A | — |  |  | — |  |  | 8,871 |  |  | 6 |  |  | 8,877 |
Total | $ | 441 |  |  | $ | 294 |  |  | $ | 7,601 |  |  | $ | 1,005 |  |  | $ | 9,341 |
| Six Months Ended June 30, 2022
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs (Gains) |  | Other |  | Total
COS | $ | 568 |  |  | $ | — |  |  | $ | 259 |  |  | $ | 129 |  |  | $ | 956 |
SG&A | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 568 |  |  | $ | — |  |  | $ | 259 |  |  | $ | 129 |  |  | $ | 956 |
The following is a summary of total inception to date restructuring charges, net of adjustments, related to our 2023 Realignment Programs:
| Inception to Date
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs (Gains) |  | Other |  | Total
COS | $ | 441 |  |  | $ | 294 |  |  | $ | (1,270) |  |  | $ | 999 |  |  | $ | 464 |
SG&A | — |  |  | — |  |  | 8,871 |  |  | 6 |  |  | 8,877 |
Total | $ | 441 |  |  | $ | 294 |  |  | $ | 7,601 |  |  | $ | 1,005 |  |  | $ | 9,341 |
The following represents the activity, primarily severance charges from reductions in force, related to the restructuring reserves for the six months ended June 30, 2023 and 2022:
(Amounts in thousands) | 2023 |  | 2022
Balance at January 1 | $ | 965 |  |  | $ | 4,868 |
Charges, net of adjustments | 1,739 |  |  | 696 |
Cash expenditures | (1,231) |  |  | (2,082) |
Other non-cash adjustments, including currency | (170) |  |  | (310) |
Balance at June 30 | $ | 1,303 |  |  | $ | 3,172 |

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