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v3.23.3

Realignment Programs (Tables) | 9 Months Ended
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Sep. 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 nine months of 2022:
|  |  | Nine Months Ended September 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 September 30, 2023
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 173 |  |  | $ | — |  |  | $ | 173 |  |  | $ | — |  |  | $ | 173 |
SG&A | — |  |  | 1 |  |  | 1 |  |  | (1) |  |  | — |
| $ | 173 |  |  | $ | 1 |  |  | $ | 174 |  |  | $ | (1) |  |  | $ | 173 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 5,968 |  |  | $ | 1,099 |  |  | $ | 7,067 |  |  | $ | — |  |  | $ | 7,067 |
SG&A | 9,929 |  |  | 1,571 |  |  | 11,500 |  |  | 3,454 |  |  | 14,954 |
| $ | 15,897 |  |  | $ | 2,670 |  |  | $ | 18,567 |  |  | $ | 3,454 |  |  | $ | 22,021 |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 6,141 |  |  | $ | 1,099 |  |  | $ | 7,240 |  |  | $ | — |  |  | $ | 7,240 |
SG&A | 9,929 |  |  | 1,572 |  |  | 11,501 |  |  | 3,453 |  |  | 14,954 |
Total | $ | 16,070 |  |  | $ | 2,671 |  |  | $ | 18,741 |  |  | $ | 3,453 |  |  | $ | 22,194 |
| Three Months Ended September 30, 2022
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | (456) |  |  | $ | 26 |  |  | $ | (430) |  |  | $ | — |  |  | $ | (430) |
SG&A | — |  |  | 2 |  |  | 2 |  |  | — |  |  | 2 |
| $ | (456) |  |  | $ | 28 |  |  | $ | (428) |  |  | $ | — |  |  | $ | (428) |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 39 |  |  | $ | (4) |  |  | $ | 35 |  |  | $ | — |  |  | $ | 35 |
SG&A | 74 |  |  | 5 |  |  | 79 |  |  | 18 |  |  | 97 |
| $ | 113 |  |  | $ | 1 |  |  | $ | 114 |  |  | $ | 18 |  |  | $ | 132 |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | (417) |  |  | $ | 22 |  |  | $ | (395) |  |  | $ | — |  |  | $ | (395) |
SG&A | 74 |  |  | 7 |  |  | 81 |  |  | 18 |  |  | 99 |
Total | $ | (343) |  |  | $ | 29 |  |  | $ | (314) |  |  | $ | 18 |  |  | $ | (296) |
| Nine Months Ended September 30, 2023
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 571 |  |  | $ | — |  |  | $ | 571 |  |  | $ | 66 |  |  | $ | 637 |
SG&A | — |  |  | 8,877 |  |  | 8,877 |  |  | — |  |  | 8,877 |
| $ | 571 |  |  | $ | 8,877 |  |  | $ | 9,448 |  |  | $ | 66 |  |  | $ | 9,514 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 6,913 |  |  | $ | 4,263 |  |  | $ | 11,176 |  |  | $ | (265) |  |  | $ | 10,911 |
SG&A | 11,996 |  |  | 1,601 |  |  | 13,597 |  |  | 16,602 |  |  | 30,199 |
| $ | 18,909 |  |  | $ | 5,864 |  |  | $ | 24,773 |  |  | $ | 16,337 |  |  | $ | 41,110 |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 7,484 |  |  | $ | 4,263 |  |  | $ | 11,747 |  |  | $ | (199) |  |  | $ | 11,548 |
SG&A | 11,996 |  |  | 10,478 |  |  | 22,474 |  |  | 16,602 |  |  | 39,076 |
Total | $ | 19,480 |  |  | $ | 14,741 |  |  | $ | 34,221 |  |  | $ | 16,403 |  |  | $ | 50,624 |
| Nine Months Ended September 30, 2022
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 430 |  |  | $ | 97 |  |  | $ | 527 |  |  | $ | — |  |  | $ | 527 |
SG&A | — |  |  | 2 |  |  | 2 |  |  | — |  |  | 2 |
| $ | 430 |  |  | $ | 99 |  |  | $ | 529 |  |  | $ | — |  |  | $ | 529 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | (550) |  |  | $ | (41) |  |  | $ | (591) |  |  | $ | (61) |  |  | $ | (652) |
SG&A | 150 |  |  | 55 |  |  | 205 |  |  | (248) |  |  | (43) |
| $ | (400) |  |  | $ | 14 |  |  | $ | (386) |  |  | $ | (309) |  |  | $ | (695) |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | (120) |  |  | $ | 56 |  |  | $ | (64) |  |  | $ | (61) |  |  | $ | (125) |
SG&A | 150 |  |  | 57 |  |  | 207 |  |  | (248) |  |  | (41) |
Total | $ | 30 |  |  | $ | 113 |  |  | $ | 143 |  |  | $ | (309) |  |  | $ | (166) |
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 | $ | 571 |  |  | $ | — |  |  | $ | 571 |  |  | $ | 66 |  |  | $ | 637 |
SG&A | — |  |  | 8,877 |  |  | 8,877 |  |  | — |  |  | 8,877 |
| $ | 571 |  |  | $ | 8,877 |  |  | $ | 9,448 |  |  | $ | 66 |  |  | $ | 9,514 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 6,913 |  |  | $ | 4,263 |  |  | $ | 11,176 |  |  | $ | (265) |  |  | $ | 10,911 |
SG&A | 11,996 |  |  | 1,601 |  |  | 13,597 |  |  | 16,602 |  |  | 30,199 |
| $ | 18,909 |  |  | $ | 5,864 |  |  | $ | 24,773 |  |  | $ | 16,337 |  |  | $ | 41,110 |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 7,484 |  |  | $ | 4,263 |  |  | $ | 11,747 |  |  | $ | (199) |  |  | $ | 11,548 |
SG&A | 11,996 |  |  | 10,478 |  |  | 22,474 |  |  | 16,602 |  |  | 39,076 |
Total | $ | 19,480 |  |  | $ | 14,741 |  |  | $ | 34,221 |  |  | $ | 16,403 |  |  | $ | 50,624 |
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 September 30, 2023
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs (Gains) |  | Other |  | Total
COS | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 171 |  |  | $ | 173 |
SG&A | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 171 |  |  | $ | 173 |
| Three Months Ended September 30, 2022
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs (Gains) |  | Other |  | Total
COS | $ | (309) |  |  | $ | — |  |  | $ | (89) |  |  | $ | (32) |  |  | $ | (430) |
SG&A | 12 |  |  | — |  |  | — |  |  | (10) |  |  | 2 |
Total | $ | (297) |  |  | $ | — |  |  | $ | (89) |  |  | $ | (42) |  |  | $ | (428) |
| Nine Months Ended September 30, 2023
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs (Gains) |  | Other |  | Total
COS | $ | 443 |  |  | $ | 294 |  |  | $ | (1,270) |  |  | $ | 1,170 |  |  | $ | 637 |
SG&A | — |  |  | — |  |  | 8,871 |  |  | 6 |  |  | 8,877 |
Total | $ | 443 |  |  | $ | 294 |  |  | $ | 7,601 |  |  | $ | 1,176 |  |  | $ | 9,514 |
| Nine Months Ended September 30, 2022
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs (Gains) |  | Other |  | Total
COS | $ | 260 |  |  | $ | — |  |  | $ | 170 |  |  | $ | 97 |  |  | $ | 527 |
SG&A | 12 |  |  | — |  |  | — |  |  | (10) |  |  | 2 |
Total | $ | 272 |  |  | $ | — |  |  | $ | 170 |  |  | $ | 87 |  |  | $ | 529 |
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 | $ | 443 |  |  | $ | 294 |  |  | $ | (1,270) |  |  | $ | 1,170 |  |  | $ | 637 |
SG&A | — |  |  | — |  |  | 8,871 |  |  | 6 |  |  | 8,877 |
Total | $ | 443 |  |  | $ | 294 |  |  | $ | 7,601 |  |  | $ | 1,176 |  |  | $ | 9,514 |
The following represents the activity, primarily severance charges from reductions in force, related to the restructuring reserves for the nine months ended September 30, 2023 and 2022:
(Amounts in thousands) | 2023 |  | 2022
Balance at January 1 | $ | 965 |  |  | $ | 4,868 |
Charges, net of adjustments | 1,912 |  |  | 359 |
Cash expenditures | (1,747) |  |  | (2,311) |
Other non-cash adjustments, including currency | (266) |  |  | (1,431) |
Balance at September 30 | $ | 864 |  |  | $ | 1,485 |

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