Flowserve (FLS) 10-Q 28 Jul 16 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 20, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	FLOWSERVE CORP
Entity Central Index Key	30,625
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		130,379,968

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Sales	$ 1,026,232	$ 1,162,247	$ 1,973,480	$ 2,176,867
Cost of sales	(701,508)	(793,155)	(1,340,755)	(1,476,045)
Gross profit	324,724	369,092	632,725	700,822
Selling, general and administrative expense	(228,529)	(243,594)	(465,439)	(483,521)
Net earnings from affiliates	1,809	2,079	5,128	3,652
Operating income	98,004	127,577	172,414	220,953
Interest expense	(15,274)	(15,392)	(29,842)	(31,429)
Interest income	645	249	1,318	1,006
Other income (expense), net	4,735	(4,882)	193	(24,828)
Earnings before income taxes	88,110	107,552	144,083	165,702
Provision for income taxes	(25,122)	(30,920)	(42,812)	(59,426)
Net earnings, including noncontrolling interests	62,988	76,632	101,271	106,276
Less: Net earnings attributable to noncontrolling interests	9	(1,624)	(415)	(3,602)
Net earnings attributable to Flowserve Corporation	$ 62,997	$ 75,008	$ 100,856	$ 102,674
Net earnings per share attributable to Flowserve Corporation common shareholders:
Basic (in dollars per share)	$ 0.48	$ 0.56	$ 0.77	$ 0.76
Diluted (in dollars per share)	0.48	0.56	0.77	0.76
Cash dividends declared per share (in dollars per share)	$ 0.19	$ 0.18	$ 0.38	$ 0.36

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net earnings, including noncontrolling interests	$ 62,988	$ 76,632	$ 101,271	$ 106,276
Other comprehensive income (loss):
Foreign currency translation adjustments, net of taxes	(28,622)	13,666	5,135	(92,768)
Pension and other postretirement effects, net of taxes	3,150	1,780	5,936	9,671
Cash flow hedging activity, net of taxes	560	3,427	1,203	(1,719)
Other comprehensive income (loss)	(24,912)	18,873	12,274	(84,816)
Comprehensive income, including noncontrolling interests	38,076	95,505	113,545	21,460
Comprehensive income attributable to noncontrolling interests	9	(3,059)	(1,197)	(5,056)
Comprehensive income attributable to Flowserve Corporation	$ 38,085	$ 92,446	$ 112,348	$ 16,404

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Foreign currency translation, taxes	$ 17,049	$ (8,161)	$ 3,058	$ 55,400
Pension and other postretirement effects, taxes	(1,877)	(134)	(2,619)	(3,525)
Cash flow hedging activity, taxes	$ (155)	$ (1,582)	$ (420)	$ 445

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 266,013	$ 366,444
Accounts receivable, net of allowance for doubtful accounts of $46,768 and $43,936, respectively	945,966	988,391
Inventories, net	1,057,967	995,565
Prepaid expenses and other	153,416	125,410
Total current assets	2,423,362	2,475,810
Property, plant and equipment, net of accumulated depreciation of $881,655 and $855,214, respectively	755,105	758,427
Goodwill	1,227,218	1,223,986
Deferred taxes	71,439	69,327
Other intangible assets, net	222,412	228,777
Other assets, net	232,136	224,330
Total assets	4,931,672	4,980,657
Current liabilities:
Accounts payable	417,218	491,378
Accrued liabilities	750,728	796,764
Debt due within one year	70,656	60,434
Total current liabilities	1,238,602	1,348,576
Long-term debt due after one year	1,543,557	1,560,562
Retirement obligations and other liabilities	387,226	387,786
Shareholders’ equity:
Common shares, $1.25 par value, Shares authorized - 305,000, Share issued - 176,793	220,991	220,991
Capital in excess of par value	487,775	494,961
Retained earnings	3,637,837	3,587,120
Treasury shares, at cost – 47,065 and 47,703 shares, respectively	(2,082,308)	(2,106,785)
Deferred compensation obligation	8,231	10,233
Accumulated other comprehensive loss	(528,550)	(540,043)
Total Flowserve Corporation shareholders’ equity	1,743,976	1,666,477
Noncontrolling interests	18,311	17,256
Total equity	1,762,287	1,683,733
Total liabilities and equity	$ 4,931,672	$ 4,980,657

Condensed Consolidated Balance6

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Allowance for doubtful accounts	$ 46,768	$ 43,936
Accumulated depreciation on property, plant and equipment	$ 881,655	$ 855,214
Shareholders’ equity:
Common shares, par value (in dollars per share)	$ 1.25	$ 1.25
Common shares, shares authorized	305,000,000	305,000,000
Common shares, shares issued	176,793,000	176,793,000
Treasury shares, shares	47,065,000	47,703,000

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows – Operating activities:
Net earnings, including noncontrolling interests	$ 101,271	$ 106,276
Adjustments to reconcile net earnings to net cash used by operating activities:
Depreciation	50,071	49,270
Amortization of intangible and other assets	8,341	17,833
Loss on divestiture of business	7,664	0
Excess tax benefits from stock-based payment arrangements	(1,843)	(5,858)
Stock-based compensation	23,965	17,396
Foreign currency and other non-cash adjustments	5,622	49,794
Change in assets and liabilities, net of acquisition:
Accounts receivable, net	41,348	45,376
Inventories, net	(51,864)	(113,005)
Prepaid expenses and other	(27,057)	(21,015)
Other assets, net	(7,308)	(22,435)
Accounts payable	(76,421)	(124,001)
Accrued liabilities and income taxes payable	(77,210)	(5,473)
Retirement obligations and other	3,324	7,003
Net deferred taxes	3,377	16,903
Net cash flows provided by operating activities	3,280	18,064
Cash flows – Investing activities:
Capital expenditures	(36,912)	(113,794)
Payments for acquisition, net of cash acquired	0	(341,545)
Proceeds from disposal of assets	1,427	1,872
Payment for divestiture of business	(5,064)	0
Net cash flows used by investing activities	(40,549)	(453,467)
Cash flows – Financing activities:
Excess tax benefits from stock-based payment arrangements	1,843	5,858
Payments on long-term debt	(30,000)	(20,000)
Proceeds from issuance of senior notes	0	526,332
Payments of deferred loan cost	0	(5,108)
Proceeds under other financing arrangements	19,494	2,902
Payments under other financing arrangements	(11,441)	(7,631)
Repurchases of common shares	0	(139,644)
Payments of dividends	(48,181)	(45,928)
Other	(142)	160
Net cash flows (used) provided by financing activities	(68,427)	316,941
Effect of exchange rate changes on cash	5,265	(16,584)
Net change in cash and cash equivalents	(100,431)	(135,046)
Cash and cash equivalents at beginning of period	366,444	450,350
Cash and cash equivalents at end of period	$ 266,013	$ 315,304

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation and Accounting Policies	Basis of Presentation and Accounting Policies Basis of Presentation The accompanying condensed consolidated balance sheet as of June 30, 2016 , the related condensed consolidated statements of income and comprehensive income for the three and six months ended June 30, 2016 and 2015 , and the condensed consolidated statements of cash flows for the six months ended June 30, 2016 and 2015 , of Flowserve Corporation are unaudited. In management’s opinion, all adjustments comprising normal recurring adjustments necessary for fair statement of such condensed consolidated financial statements have been made. Where applicable, prior period information has been updated to conform to current year presentation. The accompanying condensed consolidated financial statements and notes in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016 ("Quarterly Report") are presented as permitted by Regulation S-X and do not contain certain information included in our annual financial statements and notes thereto. Accordingly, the accompanying condensed consolidated financial information should be read in conjunction with the audited consolidated financial statements presented in our Annual Report on Form 10-K for the year ended December 31, 2015 (" 2015 Annual Report"). Venezuela – Our operations in Venezuela primarily consist of a service center that performs service and repair activities. Our Venezuelan subsidiary's sales for the three and six months ended June 30, 2016 represented less than 0.5% of consolidated sales and its assets at June 30, 2016 represented less than 0.5% of total consolidated assets. Assets primarily consisted of United States ("U.S.") dollar-denominated monetary assets and bolivar-denominated non-monetary assets at June 30, 2016 . In addition, certain of our operations in other countries sell equipment and parts that are typically denominated in U.S. dollars directly to Venezuelan customers. We continue to experience delays in collecting payment on our accounts receivable from the national oil company in Venezuela, our primary Venezuelan customer. These accounts receivable are primarily U.S. dollar-denominated and are not disputed. However, while we have not historically had write-offs relating to this customer, the accounts receivable continue to be significantly in arrears. The increased deterioration of the social, political, economic and legal climate in 2016 has given rise to significant uncertainties about Venezuela's economic and political stability, and while we continue to conduct business with our Venezuelan customer, the volume of activity has diminished significantly in 2016 from prior year levels. Accordingly, our ability to fully collect the accounts receivable from our primary Venezuelan customer could be materially adversely impacted. We continue to discuss payments with our Venezuelan customer and currently believe the accounts receivable will be collected; however, we will continue to evaluate collectability. Our total outstanding accounts receivable with this customer was approximately 7% of our gross accounts receivable at both June 30, 2016 and December 31, 2015. Given the experienced delays in collecting payments we estimate that approximately 69% of the outstanding accounts receivable will most likely not be collected within one year and therefore has been classified as long-term within other assets, net on our June 30, 2016 condensed consolidated balance sheet as compared to 64% at December 31, 2015. At June 30, 2016 the DICOM exchange rate (formerly SIMADI) was 628.3 bolivars to the U.S. dollar, compared with the official exchange rate of 10.0 bolivars to the U.S. dollar. As of March 31, 2015, we determined, based on our specific facts and circumstances, that the SIMADI exchange rate was the most appropriate for the remeasurement of our Venezuelan subsidiary's bolivar-denominated net monetary assets in U.S. dollars. As a result of the remeasurement, in the first quarter of 2015 we recognized a loss of $20.6 million of which $18.5 million was reported in other income (expense), net and $2.1 million in cost of goods sold in our condensed consolidated statement of income and resulted in no tax benefit. As of June 30, 2016 , we believe the DICOM exchange rate continues to be the most appropriate rate to remeasure the U.S. dollar value of the assets, liabilities and results of operations of our Venezuelan subsidiary. We are continuing to assess and monitor the ongoing impact of the changes in the Venezuelan foreign exchange market on our Venezuelan operations and imports into the market, including our Venezuelan subsidiary's ability to remit cash for dividends and other payments at the DICOM exchange rate, as well as additional government actions, political and labor unrest, or other economic conditions that may adversely impact our future consolidated financial condition or results of operations. Accounting Policies Significant accounting policies, for which no significant changes have occurred in the six months ended June 30, 2016 , are detailed in Note 1 to our consolidated financial statements included in our 2015 Annual Report. Accounting Developments Pronouncements Implemented In June 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-12 "Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." This ASU was issued to address share-based payment awards with a performance target affecting vesting that could be achieved after the employee’s requisite service period. Our adoption of ASU No. 2014-12 effective January 1, 2016 did not have an impact on our consolidated financial condition and results of operations. In November 2014, the FASB issued ASU No. 2014-16, "Derivatives and Hedging (Topic 815): "Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity." This ASU was issued to clarify and reinforce the practice of evaluating all relevant terms and features when reviewing the nature of a host contract. Our adoption of ASU No. 2014-16 effective January 1, 2016 did not have an impact on our consolidated financial condition and results of operations. In January 2015, the FASB issued ASU 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items." In connection with the FASB's efforts to simplify accounting standards, the FASB released new guidance on simplifying Income Statement presentation by eliminating the concept of extraordinary items from accounting principles generally accepted in the U.S. (“U.S. GAAP”). Our adoption of ASU No. 2015-01 effective January 1, 2016 did not have an impact on our consolidated financial condition and results of operations. In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis,” which provides guidance on the analysis process companies must perform in order to determine whether a legal entity should be consolidated. Our adoption of ASU No. 2015-02 effective January 1, 2016 did not have an impact on our consolidated financial condition and results of operations. In April 2015, the FASB issued ASU No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The ASU was issued in connection with the FASB's efforts to simplify accounting standards for the presentation of debt issuance costs. The ASU requires companies to present debt issuance costs in the same manner that debt discounts are currently reported, as a direct deduction from the carrying value of that debt liability. The applicability of this requirement does not impact the recognition and measurement guidance for debt issuance costs. In August 2015, the FASB issued ASU 2015-15, "Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update)." In this ASU the SEC staff announced that it would "not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement." We adopted the provisions of ASU 2015-03 and ASU 2015-15 as of January 1, 2016. Prior period amounts have been reclassified to conform to the current period presentation. As of December 31, 2015 , $10.3 million of debt issuance costs were reclassified in our consolidated balance sheet from other assets, net to long-term debt. Our adoption of ASU No. 2015-03 and ASU No. 2015-15 did not have an impact on our consolidated results of operations. In May 2015, the FASB issued ASU No. 2015-07, "Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (a consensus of the Emerging Issues Task Force)." The ASU removes the requirement to categorize all investments for which fair value is measured using the net asset value per share practical expedient within the fair value hierarchy. Our adoption of ASU No. 2015-07 effective January 1, 2016 did not have an impact on our consolidated financial condition and results of operations. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes to simplify the presentation of deferred income taxes. The ASU requires that deferred tax liabilities and assets be classified as noncurrent on the balance sheet. We adopted ASU No. 2015-17 effective January 1, 2016 and as a result, prior period amounts have been reclassified to conform to the current period presentation. As of December 31, 2015 , $156.0 million of deferred tax assets and $11.4 million of deferred tax liabilities were reclassified from current to noncurrent on our balance sheet. Our adoption of ASU No. 2015-17 did not have an impact on our consolidated results of operations. Pronouncements Not Yet Implemented In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)" which supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)." The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. There are also expanded disclosure requirements in this ASU. In August 2015, the FASB issued ASU No. 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date." As a result, public entities will apply the new standard for annual reporting periods beginning after December 15, 2017, including interim periods within those reporting periods. Early adoption as of the original public entity effective date is permitted. In March 2016, the FASB issued ASU No. 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations". This update is simply a clarification of the implementation guidance on principle versus agent considerations. In April 2016, the FASB issued ASU No. 2016-10, “Identifying Performance Obligations and Licensing", which amends certain aspects of ASU No. 2014-09. In May 2016, the FASB issued ASU No. 2016-11, "Rescission of SEC Guidance Because of ASU No. 2014-09 and ASU No. 2014-16; this ASU rescinds specific SEC guidance on accounting for shipping and handling fees and costs and consideration given by a vendor to a customer. Additionally, in May 2016, the FASB issued ASU No. 2016-12, "Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients." This ASU amends and clarifies the ASU No. 2016-09 guidance on assessing collectibility, presenting sales taxes, measuring non-cash consideration, and certain transition matters. We are currently evaluating the impact of ASU No. 2014-09 and all related ASU's on our consolidated financial condition and results of operations. Although we are continuing to evaluate, upon initial qualitative evaluation, we believe some anticipated key changes upon adoption will be potentially increased “over-time” revenue recognition and potential changes to the balance sheet related to accounts receivable, contract assets and contract liabilities. In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern." This ASU requires management to evaluate whether there are conditions or events that raise substantial doubt about the ability of a company to continue as a going concern for one year from the date the financial statements are issued or within one year after the date that the financial statements are available to be issued when applicable. Further, the ASU provides management guidance regarding its responsibility to disclose the ability of a company to continue as a going concern in the notes to the financial statements. This ASU is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The adoption of ASU No. 2014-15 is not expected to have an impact on our consolidated financial condition and results of operations. In July 2015, the FASB issued ASU No. 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." The ASU updates represent changes to simplify the subsequent measurement of inventory. Previous to the issuance of this ASU, ASC 330 required that an entity measure inventory at the lower of cost or market. The amendments of ASU 2015-11 update narrows that “market” requirement to “net realizable value,” which is defined by the ASU as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016. Application of this ASU is to be made prospectively, earlier application is permitted as of the beginning of an interim or annual reporting period. The adoption of ASU No. 2015-11 is not expected to have a material impact on our consolidated financial condition and results of operations. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The ASU requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value with changes in fair value recognized in net income. The ASU also requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The requirement to disclose the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost on the balance sheet has been eliminated by this ASU. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are currently evaluating the impact of ASU No. 2016-01 on our consolidated financial condition and results of operations. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. The ASU requires that organizations that lease assets recognize assets and liabilities on the balance sheet for the rights and obligations created by those leases. The ASU will affect the presentation of lease related expenses on the income statement and statement of cash flows and will increase the required disclosures related to leases. This ASU is effective for annual periods ending after December 15, 2018, and interim periods thereafter, with early adoption permitted. We are currently evaluating the impact of ASU No. 2016-02 on our consolidated financial condition and results of operations. Although we are continuing to evaluate, upon initial qualitative evaluation, we believe a key change upon adoption will be the balance sheet recognition of leased assets and liabilities. Based on our qualitative evaluation to date, we believe that any changes in income statement recognition will not be material. In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting." The ASU affects the accounting for employee share-based payment transactions as it relates to accounting for income taxes, accounting for forfeitures, and statutory tax withholding requirements. This ASU is effective for annual periods ending after December 15, 2016, and interim periods within those periods with early adoption permitted. We are currently evaluating the impact of ASU No. 2016-09 on our consolidated financial condition and results of operations. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The amendments in this ASU replace the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently evaluating the impact of ASU No. 2016-13 on our consolidated financial condition and results of operations.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Acquisitions	Acquisition SIHI Group B.V. Effective January 7, 2015, we acquired for inclusion in Industrial Product Division ("IPD"), 100% of SIHI Group B.V. ("SIHI"), a global provider of engineered vacuum and fluid pumps and related services, primarily servicing the chemical market, as well as the pharmaceutical, food & beverage and other process industries, in a stock purchase for €286.7 million ( $341.5 million based on exchange rates in effect at the time the acquisition closed and net of cash acquired) in cash. The acquisition was funded using approximately $110 million in available cash and approximately $255 million in initial borrowings from our Revolving Credit Facility, which was subsequently paid down with a portion of the net proceeds from our 2022 EUR Senior Notes. SIHI, based in The Netherlands, has operations primarily in Europe and, to a lesser extent, the Americas and Asia. The purchase price was allocated to the assets acquired and liabilities assumed based on estimates of fair values at the date of acquisition and is summarized below: (Amounts in millions) Accounts receivable $ 59.3 Inventories 74.0 Prepaid expenses and other 17.7 Total current assets 151.0 Intangible assets Trademarks 20.9 Existing customer relationships 45.3 Backlog 8.5 Engineering drawings and other 3.9 Total intangible assets 78.6 Property, plant and equipment 94.5 Long-term deferred tax asset 11.7 Investments in affiliates 7.3 Total assets 343.1 Current liabilities (88.0 ) Noncurrent liabilities (114.7 ) Net assets 140.4 Goodwill 201.1 Purchase price, net of cash acquired of $23.4 million $ 341.5 The excess of the acquisition date fair value of the total purchase price over the estimated fair value of the net assets was recorded as goodwill. Goodwill of $201.1 million represents the value expected to be obtained from strengthening Flowserve’s portfolio of products and services through the addition of SIHI's engineered vacuum and fluid pumps, as well as the associated aftermarket services and parts. The goodwill related to this acquisition is recorded in the IPD segment and is not expected to be deductible for tax purposes. The trademarks are primarily indefinite-lived intangibles. As of date of acquisition existing customer relationships, engineering drawings and backlog had expected weighted average useful lives of 10 years, 10 years and less than one year, respectively. In total, amortizable intangible assets have a weighted average useful live of approximately 9 years.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans We maintain the Flowserve Corporation Equity and Incentive Compensation Plan (the "2010 Plan"), which is a shareholder-approved plan authorizing the issuance of up to 8,700,000 shares of our common stock in the form of restricted shares, restricted share units and performance-based units (collectively referred to as "Restricted Shares"), incentive stock options, non-statutory stock options, stock appreciation rights and bonus stock. Of the 8,700,000 shares of common stock authorized under the 2010 Plan, 3,152,773 were available for issuance as of June 30, 2016 . The long-term incentive program was amended to allow Restricted Shares granted after January 1, 2016 to employees who retire and have achieved at least 55 years of age and 10 years of service to continue to vest over the original vesting period. No stock options have been granted since 2006. Restricted Shares – Awards of Restricted Shares are valued at the closing market price of our common stock on the date of grant. The unearned compensation is amortized to compensation expense over the vesting period of the restricted shares. We had unearned compensation of $36.2 million and $30.2 million at June 30, 2016 and December 31, 2015 , respectively, which is expected to be recognized over a weighted-average period of approximately two years. These amounts will be recognized into net earnings in prospective periods as the awards vest. The total fair value of Restricted Shares vested during the three months ended June 30, 2016 and 2015 was $1.8 million and $1.6 million , respectively. The total fair value of Restricted Shares vested during the six months ended June 30, 2016 and 2015 was $38.1 million and $39.3 million , respectively. We recorded stock-based compensation expense of $5.2 million ( $8.0 million pre-tax) and $5.5 million ( $8.3 million pre-tax) for the three months ended June 30, 2016 and 2015 , respectively. We recorded stock-based compensation expense of $15.7 million ( $24.0 million pre-tax) and $11.5 million ( $17.4 million pre-tax) for the six months ended June 30, 2016 and 2015 , respectively. The following table summarizes information regarding Restricted Shares: Six Months Ended June 30, 2016 Shares Weighted Average Grant-Date Fair Value Number of unvested shares: Outstanding - January 1, 2016 1,540,843 $ 58.14 Granted 885,165 39.44 Vested (695,843 ) 54.81 Canceled (114,502 ) 52.55 Outstanding - June 30, 2016 1,615,663 $ 49.72 Unvested Restricted Shares outstanding as of June 30, 2016 , includes approximately 873,000 units with performance-based vesting provisions. Performance-based units are issuable in common stock and vest upon the achievement of pre-defined performance targets, primarily based on our average annual return on net assets over a three -year period as compared with the same measure for a defined peer group for the same period. Most units were granted in three annual grants since January 1, 2014 and have a vesting percentage between 0% and 200% depending on the achievement of the specific performance targets. Compensation expense is recognized ratably over a cliff-vesting period of 36 months , based on the fair market value of our common stock on the date of grant, as adjusted for anticipated forfeitures. During the performance period, earned and unearned compensation expense is adjusted based on changes in the expected achievement of the performance targets. Vesting provisions range from 0 to approximately 1,671,000 shares based on performance targets. As of June 30, 2016 , we estimate vesting of approximately 908,000 shares based on expected achievement of performance targets.

Derivative Instruments and Hedg

Derivative Instruments and Hedges	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedges	Derivative Instruments and Hedges Our risk management and foreign currency derivatives and hedging policy specifies the conditions under which we may enter into derivative contracts. See Notes 1 and 6 to our consolidated financial statements included in our 2015 Annual Report and Note 6 of this Quarterly Report for additional information on our derivatives. We enter into foreign exchange forward contracts to hedge our cash flow risks associated with transactions denominated in currencies other than the local currency of the operation engaging in the transaction. All designated foreign exchange hedging instruments are highly effective as of June 30, 2016 . Foreign exchange contracts designated as hedging instruments had a notional value of $10.2 million and $21.0 million , at June 30, 2016 and December 31, 2015 , respectively. Foreign exchange contracts with third parties not designated as hedging instruments had a notional value of $404.4 million and $376.3 million , at June 30, 2016 and December 31, 2015 , respectively. At June 30, 2016 , the length of foreign exchange contracts currently in place ranged from one day to 19 months . We are exposed to risk from credit-related losses resulting from nonperformance by counterparties to our financial instruments. We perform credit evaluations of our counterparties under foreign exchange contracts agreements and expect all counterparties to meet their obligations. We have not experienced credit losses from our counterparties. The fair value of foreign exchange contracts not designated as hedging instruments are summarized below: June 30, December 31, (Amounts in thousands) 2016 2015 Current derivative assets $ 6,726 $ 2,364 Noncurrent derivative assets 23 — Current derivative liabilities 1,242 3,196 Noncurrent derivative liabilities 221 441 The fair value of foreign exchange contracts designated as hedging instruments are summarized below: June 30, December 31, (Amounts in thousands) 2016 2015 Current derivative assets $ — $ 26 Current derivative liabilities 71 1,448 Current and noncurrent derivative assets are reported in our condensed consolidated balance sheets in prepaid expenses and other and other assets, net, respectively. Current and noncurrent derivative liabilities are reported in our condensed consolidated balance sheets in accrued liabilities and retirement obligations and other liabilities, respectively. The impact of net changes in the fair values of foreign exchange contracts are summarized below: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2016 2015 2016 2015 Gain recognized in income $ 4,300 $ 1,901 $ 6,361 $ 26,981 Gains and losses recognized in our condensed consolidated statements of income for foreign exchange contracts are classified as other expense, net. In March 2015, we designated €255.7 million of our €500.0 million Euro senior notes discussed in Note 5 as a net investment hedge of our investments in certain of our international subsidiaries that use the Euro as their functional currency. We used the spot method to measure the effectiveness of our net investment hedge. Under this method, for each reporting period, the change in the carrying value of the Euro senior notes due to remeasurement of the effective portion is reported in accumulated other comprehensive loss on our condensed consolidated balance sheet and the remaining change in the carrying value of the ineffective portion, if any, is recognized in other income (expense), net in our condensed statement of income. We evaluate the effectiveness of our net investment hedge on a prospective basis at the beginning of each quarter. We did not record any ineffectiveness for the six months ended June 30, 2016 .

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt Debt, including capital lease obligations, consisted of: June 30, December 31, (Amounts in thousands, except percentages) 2016 2015(1) 1.25% EUR Senior Notes due March 17, 2022, net of unamortized discount and debt issuance costs of $6,636 and $7,034 $ 548,564 $ 535,966 4.00% USD Senior Notes due November 15, 2023, net of unamortized discount and debt issuance costs of $3,158 and $3,339 296,842 296,661 3.50% USD Senior Notes due September 15, 2022, net of unamortized discount and debt issuance costs of $4,149 and $4,445 495,851 495,555 Term Loan Facility, interest rate of 1.88% at June 30, 2016 and 1.86% at December 31, 2015, net of debt issuance costs of $952 and $1,181 254,048 283,819 Capital lease obligations and other borrowings 18,908 8,995 Debt and capital lease obligations 1,614,213 1,620,996 Less amounts due within one year 70,656 60,434 Total debt due after one year $ 1,543,557 $ 1,560,562 _______________________________________ (1) Prior period information has been updated to conform to presentation requirements as prescribed by ASU No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30). Senior Credit Facility As discussed in Note 10 to our consolidated financial statements included in our 2015 Annual Report, our credit agreement provides for an initial $400.0 million term loan (“Term Loan Facility”) and a $1.0 billion revolving credit facility (“Revolving Credit Facility” and, together with the Term Loan Facility, the “Senior Credit Facility”) with a maturity date of October 14, 2020 . As of June 30, 2016 and December 31, 2015 , we had no amounts outstanding under the Revolving Credit Facility. We had outstanding letters of credit of $103.4 million and $105.2 million at June 30, 2016 and December 31, 2015 , respectively, which contributed to the reduction of our borrowing capacity to $877.3 million and $894.8 million , respectively. Our compliance with applicable financial covenants under the Senior Credit Facility is tested quarterly, and we complied with all applicable covenants as of June 30, 2016 . We may prepay loans under our Senior Credit Facility in whole or in part, without premium or penalty, at any time. A commitment fee, which is payable quarterly on the daily unused portions of the Senior Credit Facility, was 0.150% (per annum) during the period ended June 30, 2016 . During the six months ended June 30, 2016 , we made scheduled repayments of $30.0 million under our Term Loan Facility. We have scheduled repayments of $15.0 million due in each of the next four quarters on our Term Loan Facility.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models may be applied. Assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized by hierarchical levels based upon the level of judgment associated with the inputs used to measure their fair values. Recurring fair value measurements are limited to investments in derivative instruments. The fair value measurements of our derivative instruments are determined using models that maximize the use of the observable market inputs including interest rate curves and both forward and spot prices for currencies, and are classified as Level II under the fair value hierarchy. The fair values of our derivatives are included in Note 4. Our financial instruments are presented at fair value in our condensed consolidated balance sheets, with the exception of our long-term debt. The estimated fair value of our long-term debt, excluding the Senior Notes, approximates the carrying value and is classified as Level II under the fair value hierarchy. The carrying value of our debt is included in Note 5. The estimated fair value of our Senior Notes at June 30, 2016 was $1,372.1 million compared to the carrying value of $1,341.3 million . The estimated fair value of the Senior Notes is based on Level I quoted market rates. The carrying amounts of our other financial instruments (e.g., cash and cash equivalents, accounts receivable, net, accounts payable and short-term debt) approximated fair value due to their short-term nature at June 30, 2016 and December 31, 2015 .

Inventories

Inventories	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, net consisted of the following: June 30, December 31, (Amounts in thousands) 2016 2015 Raw materials $ 390,533 $ 390,998 Work in process 769,040 739,227 Finished goods 256,897 235,083 Less: Progress billings (273,501 ) (285,582 ) Less: Excess and obsolete reserve (85,002 ) (84,161 ) Inventories, net $ 1,057,967 $ 995,565

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following is a reconciliation of net earnings of Flowserve Corporation and weighted average shares for calculating net earnings per common share. Earnings per weighted average common share outstanding was calculated as follows: Three Months Ended June 30, (Amounts in thousands, except per share data) 2016 2015 Net earnings of Flowserve Corporation $ 62,997 $ 75,008 Dividends on restricted shares not expected to vest 2 3 Earnings attributable to common and participating shareholders $ 62,999 $ 75,011 Weighted average shares: Common stock 130,180 133,742 Participating securities 274 495 Denominator for basic earnings per common share 130,454 134,237 Effect of potentially dilutive securities 456 594 Denominator for diluted earnings per common share 130,910 134,831 Earnings per common share: Basic $ 0.48 $ 0.56 Diluted 0.48 0.56 Six Months Ended June 30, (Amounts in thousands, except per share data) 2016 2015 Net earnings of Flowserve Corporation $ 100,856 $ 102,674 Dividends on restricted shares not expected to vest 3 6 Earnings attributable to common and participating shareholders $ 100,859 $ 102,680 Weighted average shares: Common stock 129,981 134,065 Participating securities 318 513 Denominator for basic earnings per common share 130,299 134,578 Effect of potentially dilutive securities 563 815 Denominator for diluted earnings per common share 130,862 135,393 Earnings per common share: Basic $ 0.77 $ 0.76 Diluted 0.77 0.76 Diluted earnings per share above is based upon the weighted average number of shares as determined for basic earnings per share plus shares potentially issuable in conjunction with stock options and Restricted Shares.

Legal Matters and Contingencies

Legal Matters and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Legal Matters and Contingencies	Legal Matters and Contingencies Asbestos-Related Claims We are a defendant in a substantial number of lawsuits that seek to recover damages for personal injury allegedly caused by exposure to asbestos-containing products manufactured and/or distributed by our heritage companies in the past. While the overall number of asbestos-related claims has generally declined in recent years, there can be no assurance that this trend will continue, or that the average cost per claim will not further increase. Asbestos-containing materials incorporated into any such products were encapsulated and used as internal components of process equipment, and we do not believe that any significant emission of asbestos fibers occurred during the use of this equipment. Our practice is to vigorously contest and resolve these claims, and we have been successful in resolving a majority of claims with little or no payment. Historically, a high percentage of resolved claims have been covered by applicable insurance or indemnities from other companies, and we believe that a substantial majority of existing claims should continue to be covered by insurance or indemnities. Accordingly, we have recorded a liability for our estimate of the most likely settlement of asserted claims and a related receivable from insurers or other companies for our estimated recovery, to the extent we believe that the amounts of recovery are probable and not otherwise in dispute. While unfavorable rulings, judgments or settlement terms regarding these claims could have a material adverse impact on our business, financial condition, results of operations and cash flows, we currently believe the likelihood is remote. Additionally, we have claims pending against certain insurers that, if resolved more favorably than reflected in the recorded receivables, would result in discrete gains in the applicable quarter. We are currently unable to estimate the impact, if any, of unasserted asbestos-related claims, although future claims would also be subject to then existing indemnities and insurance coverage. United Nations Oil-for-Food Program In mid-2006, the French authorities began an investigation of over 170 French companies, of which one of our French subsidiaries was included, concerning suspected inappropriate activities conducted in connection with the United Nations Oil for Food Program. As previously disclosed, the French investigation of our French subsidiary was formally opened in the first quarter of 2010, and our French subsidiary filed a formal response with the French court. In July 2012, the French court ruled against our procedural motions to challenge the constitutionality of the charges and quash the indictment. Hearings occurred on April 1-2, 2015, and the Company presented its defense and closing arguments. On June 18, 2015, the French court issued its ruling dismissing the case against the Company and the other defendants. However, on July 1, 2015, the French prosecutor lodged an appeal. We currently do not expect to incur additional case resolution costs of a material amount in this matter. However, if the French authorities ultimately take enforcement action against our French subsidiary regarding its investigation, we may be subject to monetary and non-monetary penalties, which we currently do not believe will have a material adverse financial impact on our company. Other We are currently involved as a potentially responsible party at five former public waste disposal sites in various stages of evaluation or remediation. The projected cost of remediation at these sites, as well as our alleged "fair share" allocation, will remain uncertain until all studies have been completed and the parties have either negotiated an amicable resolution or the matter has been judicially resolved. At each site, there are many other parties who have similarly been identified. Many of the other parties identified are financially strong and solvent companies that appear able to pay their share of the remediation costs. Based on our information about the waste disposal practices at these sites and the environmental regulatory process in general, we believe that it is likely that ultimate remediation liability costs for each site will be apportioned among all liable parties, including site owners and waste transporters, according to the volumes and/or toxicity of the wastes shown to have been disposed of at the sites. We believe that our financial exposure for existing disposal sites will not be materially in excess of accrued reserves. As previously disclosed in our 2015 Annual Report, we terminated an employee of an overseas subsidiary after uncovering actions that violated our Code of Business Conduct and may have violated the Foreign Corrupt Practices Act. We completed our internal investigation into the matter, self-reported the potential violation to the United States Department of Justice (the “DOJ”) and the SEC, and continue to cooperate with the DOJ and SEC. We previously received a subpoena from the SEC requesting additional information and documentation related to the matter and are in the process of responding. We currently believe that this matter will not have a material adverse financial impact on the Company, but there can be no assurance that the Company will not be subjected to monetary penalties and additional costs. We are also a defendant in a number of other lawsuits, including product liability claims, that are insured, subject to the applicable deductibles, arising in the ordinary course of business, and we are also involved in other uninsured routine litigation incidental to our business. We currently believe none of such litigation, either individually or in the aggregate, is material to our business, operations or overall financial condition. However, litigation is inherently unpredictable, and resolutions or dispositions of claims or lawsuits by settlement or otherwise could have an adverse impact on our financial position, results of operations or cash flows for the reporting period in which any such resolution or disposition occurs. Although none of the aforementioned potential liabilities can be quantified with absolute certainty except as otherwise indicated above, we have established reserves covering exposures relating to contingencies, to the extent believed to be reasonably estimable and probable based on past experience and available facts. While additional exposures beyond these reserves could exist, they currently cannot be estimated. We will continue to evaluate and update the reserves as necessary and appropriate.

Retirement and Postretirement B

Retirement and Postretirement Benefits	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Retirement and Postretirement Benefits	Retirement and Postretirement Benefits Components of the net periodic cost for retirement and postretirement benefits for the three months ended June 30, 2016 and 2015 were as follows: U.S. Defined Benefit Plans Non-U.S. Defined Benefit Plans Postretirement Medical Benefits (Amounts in millions) 2016 2015 2016 2015 2016 2015 Service cost $ 5.4 $ 5.9 $ 1.7 $ 2.0 $ — $ — Interest cost 4.7 4.2 3.0 2.9 0.3 0.3 Expected return on plan assets (5.9 ) (6.0 ) (2.6 ) (3.0 ) — — Amortization of prior service cost 0.1 0.1 — — 0.1 0.1 Amortization of unrecognized net loss (gain) 1.3 2.3 1.1 1.3 (0.1 ) (0.2 ) Net periodic cost recognized $ 5.6 $ 6.5 $ 3.2 $ 3.2 $ 0.3 $ 0.2 Components of the net periodic cost for retirement and postretirement benefits for the six months months ended June 30, 2016 and 2015 were as follows: U.S. Defined Benefit Plans Non-U.S. Defined Benefit Plans Postretirement Medical Benefits (Amounts in millions) 2016 2015 2016 2015 2016 2015 Service cost $ 11.3 $ 12.1 $ 3.5 $ 4.2 $ — $ — Interest cost 9.5 8.5 5.9 6.2 0.6 0.6 Expected return on plan assets (12.0 ) (12.1 ) (5.3 ) (6.0 ) — — Amortization of prior service cost 0.2 0.2 — — 0.1 0.1 Amortization of unrecognized net loss (gain) 2.5 4.6 2.4 2.6 (0.2 ) (0.3 ) Net periodic cost recognized $ 11.5 $ 13.3 $ 6.5 $ 7.0 $ 0.5 $ 0.4

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Dividends – On February 15, 2016, our Board of Directors authorized an increase in the payment of quarterly dividends on our common stock from $0.18 per share to $0.19 per share payable beginning on April 8, 2016. On February 16, 2015, our Board of Directors authorized an increase in the payment of quarterly dividends on our common stock from $0.16 per share to $0.18 per share payable beginning on April 10, 2015. Generally, our dividend date-of-record is in the last month of the quarter, and the dividend is paid the following month. Any subsequent dividends will be reviewed by our Board of Directors and declared in its discretion dependent on its assessment of our financial situation and business outlook at the applicable time. Share Repurchase Program – On November 13, 2014, our Board of Directors approved a $500.0 million share repurchase authorization. Our share repurchase program does not have an expiration date, and we reserve the right to limit or terminate the repurchase program at anytime without notice. We had no repurchases of shares of our outstanding common stock for the three months ended June 30, 2016 compared to 1,072,421 shares repurchased for $59.7 million , during the three months ended June 30, 2015 . We had no repurchases of shares of our outstanding common stock for the six months ended June 30, 2016 compared to 2,454,446 shares repurchased for $139.6 million , during the six months ended June 30, 2015 . As of June 30, 2016 we had $160.7 million of remaining capacity under our current share repurchase program.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended June 30, 2016 , we earned $88.1 million before taxes and provided for income taxes of $25.1 million resulting in an effective tax rate of 28.5% . For the six months ended June 30, 2016 , we earned $144.1 million before taxes and provided for income taxes of $42.8 million , resulting in an effective tax rate of 29.7% . The effective tax rate varied from the U.S. federal statutory rate for the three and six months ended June 30, 2016 primarily due to the net impact of foreign operations. For the three months ended June 30, 2015 , we earned $107.6 million before taxes and provided for income taxes of $30.9 million resulting in an effective tax rate of 28.7% . For the six months ended June 30, 2015 , we earned $165.7 million before taxes and provided for income taxes of $59.4 million resulting in an effective tax rate of 35.9% . The effective tax rate varied from the U.S. federal statutory rate for the three months ended June 30, 2015 primarily due to the net impact of foreign operations. The effective tax rate varied from the U.S. federal statutory rate for the six months ended June 30, 2015 primarily due to tax impacts of the realignment programs and the Venezuelan exchange rate remeasurement loss, partially offset by the net impact of foreign operations. It is reasonably possible that within the next 12 months the effective tax rate will be impacted by the resolution of some or all of the matters audited by various taxing authorities. It is also reasonably possible that we will have the statute of limitations close in various taxing jurisdictions within the next 12 months. As such, we estimate we could record a reduction in our tax expense of approximately $11 million within the next 12 months.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information The following is a summary of the financial information of the reportable segments reconciled to the amounts reported in the condensed consolidated financial statements: Three Months Ended June 30, 2016 (Amounts in thousands) Engineered Product Division Industrial Product Division Flow Control Division Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 502,720 $ 208,132 $ 315,380 $ 1,026,232 $ — $ 1,026,232 Intersegment sales 9,052 6,899 1,805 17,756 (17,756 ) — Segment operating income 65,257 5,485 48,450 119,192 (21,188 ) 98,004 Three Months Ended June 30, 2015 (Amounts in thousands) Engineered Product Division Industrial Product Division Flow Control Division Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 558,334 $ 248,659 $ 355,254 $ 1,162,247 $ — $ 1,162,247 Intersegment sales 12,431 12,156 1,111 25,698 (25,698 ) — Segment operating income 86,227 7,070 54,489 147,786 (20,209 ) 127,577 Six Months Ended June 30, 2016 (Amounts in thousands) Engineered Product Division Industrial Product Division Flow Control Division Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 966,946 $ 394,836 $ 611,698 $ 1,973,480 $ — $ 1,973,480 Intersegment sales 18,665 17,646 4,473 40,784 (40,784 ) — Segment operating income 123,638 9,483 87,300 220,421 (48,007 ) 172,414 Six Months Ended June 30, 2015 (Amounts in thousands) Engineered Product Division Industrial Product Division Flow Control Division Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 1,031,747 $ 463,371 $ 681,749 $ 2,176,867 $ — $ 2,176,867 Intersegment sales 23,177 20,812 1,778 45,767 (45,767 ) — Segment operating income (loss) 155,056 (6,269 ) 109,204 257,991 (37,038 ) 220,953

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following table presents the changes in accumulated other comprehensive loss ("AOCL"), net of tax for the three months ended June 30, 2016 and 2015 : 2016 2015 (Amounts in thousands) Foreign currency translation items(1) Pension and other post-retirement effects Cash flow hedging activity Total(1) Foreign currency translation items(1) Pension and other post-retirement effects Cash flow hedging activity Total(1) Balance - April 1 $ (379,665 ) $ (117,675 ) $ (2,815 ) $ (500,155 ) $ (344,967 ) $ (127,507 ) $ (10,356 ) $ (482,830 ) Other comprehensive (loss) income before reclassifications (28,622 ) 1,317 65 (27,240 ) 13,666 (675 ) 1,648 14,639 Amounts reclassified from AOCL — 1,833 495 2,328 — 2,455 1,779 4,234 Net current-period other comprehensive (loss) income (28,622 ) 3,150 560 (24,912 ) 13,666 1,780 3,427 18,873 Balance - June 30 $ (408,287 ) $ (114,525 ) $ (2,255 ) $ (525,067 ) $ (331,301 ) $ (125,727 ) $ (6,929 ) $ (463,957 ) _______________________________________ (1) Includes foreign currency translation adjustments attributable to noncontrolling interests of $3.5 million and $1.3 million at April 1, 2016 and 2015 and $3.5 million and $2.7 million at June 30, 2016 and 2015 , respectively. Includes net investment hedge gain of $4.4 million and loss of $6.5 million , net of deferred taxes, for the three months ended June 30, 2016 and 2015 , respectively. Amounts in parentheses indicate debits. The following table presents the reclassifications out of AOCL: Three Months Ended June 30, (Amounts in thousands) Affected line item in the statement of income 2016(1) 2015(1) Cash flow hedging activity Foreign exchange contracts Sales $ (660 ) $ (2,522 ) Tax benefit 165 743 Net of tax $ (495 ) $ (1,779 ) Pension and other postretirement effects Amortization of actuarial losses(2) $ (2,476 ) $ (3,507 ) Prior service costs(2) (154 ) (156 ) Tax benefit 797 1,208 Net of tax $ (1,833 ) $ (2,455 ) _______________________________________ (1) Amounts in parentheses indicate decreases to income. None of the reclass amounts have a noncontrolling interest component. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 10 for additional details. The following table presents the changes in AOCL, net of tax for the six months ended June 30, 2016 and 2015 : 2016 2015 (Amounts in thousands) Foreign currency translation items(1) Pension and other post-retirement effects Cash flow hedging activity Total(1) Foreign currency translation items(1) Pension and other post-retirement effects Cash flow hedging activity Total(1) Balance - January 1 $ (413,422 ) $ (120,461 ) $ (3,458 ) $ (537,341 ) $ (238,533 ) $ (135,398 ) $ (5,210 ) $ (379,141 ) Other comprehensive income (loss) before reclassifications 5,135 2,378 594 8,107 (92,768 ) 4,785 (6,705 ) (94,688 ) Amounts reclassified from AOCL — 3,558 609 4,167 — 4,886 4,986 9,872 Net current-period other comprehensive income (loss) 5,135 5,936 1,203 12,274 (92,768 ) 9,671 (1,719 ) (84,816 ) Balance - June 30 $ (408,287 ) $ (114,525 ) $ (2,255 ) $ (525,067 ) $ (331,301 ) $ (125,727 ) $ (6,929 ) $ (463,957 ) ________________________________ (1) Includes foreign currency translation adjustments attributable to noncontrolling interests of $2.7 million and $1.3 million at January 1, 2016 and 2015 and $3.5 million and $2.7 million at June 30, 2016 and 2015, respectively. Includes net investment hedge losses of $3.9 million and $8.6 million , net of deferred taxes, for the six months ended June 30, 2016 and 2015 , respectively. Amounts in parentheses indicate debits. The following table presents the reclassifications out of AOCL: Six Months Ended June 30, (Amounts in thousands) Affected line item in the statement of income 2016(1) 2015(1) Foreign currency translation items Cash flow hedging activity Foreign exchange contracts Other expense, net $ — $ (3,327 ) Sales (814 ) (3,704 ) Tax benefit 205 2,045 Net of tax $ (609 ) $ (4,986 ) Pension and other postretirement effects Amortization of actuarial losses(2) $ (4,789 ) $ (6,931 ) Prior service costs(2) (305 ) (354 ) Tax benefit 1,536 2,399 Net of tax $ (3,558 ) $ (4,886 ) _______________________________________ (1) Amounts in parentheses indicate decreases to income. None of the reclass amounts have a noncontrolling interest component. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 10 for additional details. At June 30, 2016 , we expect to recognize a loss of $1.5 million , net of deferred taxes, into earnings in the next twelve months related to designated foreign exchange contracts based on their fair values at June 30, 2016 .

Realignment Programs

Realignment Programs	6 Months Ended
	Jun. 30, 2016
Restructuring and Related Activities [Abstract]
Realignment Programs	Realignment Programs In the first quarter of 2015, we initiated a realignment program ("R1 Realignment Program") to reduce and optimize certain non-strategic QRCs and manufacturing facilities from the SIHI acquisition . In the second quarter of 2015, we initiated a second realignment program ("R2 Realignment Program") to better align costs and improve long-term efficiency, including further manufacturing optimization through the consolidation of facilities, a reduction in our workforce, the transfer of activities from high-cost regions to lower-cost facilities and the divestiture of certain non-strategic assets. The R1 Realignment Program and the R2 Realignment Program (collectively the "Realignment Programs") consist of both restructuring and non-restructuring charges. Restructuring charges represent costs associated with the relocation or reorganization of certain business activities and facility closures and include related severance costs. Non-restructuring charges are primarily employee severance associated with workforce reductions to reduce redundancies. Expenses are primarily reported in cost of sales ("COS") or selling, general and administrative expense ("SG&A"), as applicable, in our condensed consolidated statements of income. We anticipate a total investment in these programs of approximately $400 million , including projects still under final evaluation. We anticipate that the majority of any remaining charges will be incurred throughout 2016 and 2017. Generally, the aforementioned charges will be paid in cash, except for asset write-downs, which are non-cash charges. The following is a summary of total charges, net of adjustments, related to the Realignment Programs: Three Months Ended June 30, 2016 (Amounts in thousands) Engineered Product Division Industrial Product Division Flow Control Division Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Restructuring Charges COS $ 3,335 $ 2,294 $ 2,180 $ 7,809 $ — $ 7,809 SG&A 6,411 77 177 6,665 32 6,697 $ 9,746 $ 2,371 $ 2,357 $ 14,474 $ 32 $ 14,506 Non-Restructuring Charges COS $ 1,038 $ 2,489 $ (141 ) $ 3,386 $ — $ 3,386 SG&A 1,199 (208 ) 126 1,117 1,129 2,246 $ 2,237 $ 2,281 $ (15 ) $ 4,503 $ 1,129 $ 5,632 Total Realignment Charges COS $ 4,373 $ 4,783 $ 2,039 $ 11,195 $ — $ 11,195 SG&A 7,610 (131 ) 303 7,782 1,161 $ 8,943 $ 11,983 $ 4,652 $ 2,342 $ 18,977 $ 1,161 $ 20,138 Three Months Ended June 30, 2015 (Amounts in thousands) Engineered Product Division Industrial Product Division Flow Control Division Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Restructuring Charges COS $ 110 $ 5,311 $ 1,019 $ 6,440 $ — $ 6,440 SG&A 122 2,690 2,342 5,154 — 5,154 Income tax expense — 500 — 500 — 500 $ 232 $ 8,501 $ 3,361 $ 12,094 $ — $ 12,094 Non-Restructuring Charges COS $ 7,069 $ 927 $ 5,091 $ 13,087 $ — $ 13,087 SG&A 2,160 1,262 3,924 7,346 — 7,346 $ 9,229 $ 2,189 $ 9,015 $ 20,433 $ — $ 20,433 Total Realignment Charges COS $ 7,179 $ 6,238 $ 6,110 $ 19,527 $ — $ 19,527 SG&A 2,282 3,952 6,266 12,500 — $ 12,500 Income tax expense — 500 — 500 — $ 500 $ 9,461 $ 10,690 $ 12,376 $ 32,527 $ — $ 32,527 Six Months Ended June 30, 2016 (Amounts in thousands) Engineered Product Division Industrial Product Division Flow Control Division Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Restructuring Charges COS $ 4,855 $ 2,110 $ 2,287 $ 9,252 $ — $ 9,252 SG&A 8,818 1,789 336 10,943 32 10,975 $ 13,673 $ 3,899 $ 2,623 $ 20,195 $ 32 $ 20,227 Non-Restructuring Charges COS $ 1,137 $ 4,283 $ 3,719 $ 9,139 $ 15 $ 9,154 SG&A 978 400 1,590 2,968 1,259 4,227 $ 2,115 $ 4,683 $ 5,309 $ 12,107 $ 1,274 $ 13,381 Total Realignment Charges COS $ 5,992 $ 6,393 $ 6,006 $ 18,391 $ 15 $ 18,406 SG&A 9,796 2,189 1,926 13,911 1,291 15,202 $ 15,788 $ 8,582 $ 7,932 $ 32,302 $ 1,306 $ 33,608 Six Months Ended June 30, 2015 (Amounts in thousands) Engineered Product Division Industrial Product Division Flow Control Division Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Restructuring Charges COS $ 110 $ 18,639 $ 1,019 $ 19,768 $ — $ 19,768 SG&A 122 10,245 2,342 12,709 — 12,709 Income tax expense — 5,500 — 5,500 — 5,500 $ 232 $ 34,384 $ 3,361 $ 37,977 $ — $ 37,977 Non-Restructuring Charges COS $ 7,069 $ 927 $ 5,091 $ 13,087 $ — $ 13,087 SG&A 2,160 1,894 3,924 7,978 — 7,978 $ 9,229 $ 2,821 $ 9,015 $ 21,065 $ — $ 21,065 Total Realignment Charges COS $ 7,179 $ 19,566 $ 6,110 $ 32,855 $ — $ 32,855 SG&A 2,282 12,139 6,266 20,687 — 20,687 Income tax expense — 5,500 — 5,500 — 5,500 $ 9,461 $ 37,205 $ 12,376 $ 59,042 $ — $ 59,042 The following is a summary of total inception to date charges, net of adjustments, related to the Realignment Programs: Inception to Date (Amounts in thousands) Engineered Product Division Industrial Product Division (1) Flow Control Division Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Restructuring Charges COS $ 14,818 $ 22,556 $ 11,588 $ 48,962 $ — $ 48,962 SG&A 16,293 11,048 7,947 35,288 32 35,320 Income tax expense — 8,900 — 8,900 — 8,900 $ 31,111 $ 42,504 $ 19,535 $ 93,150 $ 32 $ 93,182 Non-Restructuring Charges COS $ 11,403 $ 12,444 $ 12,302 $ 36,149 $ 15 $ 36,164 SG&A 7,509 6,548 5,003 19,060 1,259 20,319 $ 18,912 $ 18,992 $ 17,305 $ 55,209 $ 1,274 $ 56,483 Total Realignment Charges COS $ 26,221 $ 35,000 $ 23,890 $ 85,111 $ 15 $ 85,126 SG&A 23,802 17,596 12,950 54,348 1,291 55,639 Income tax expense — 8,900 — 8,900 — 8,900 $ 50,023 $ 61,496 $ 36,840 $ 148,359 $ 1,306 $ 149,665 ____________________________ (1) Includes $39.1 million of restructuring charges, primarily COS, related to the R1 Realignment Program. Restructuring charges represent costs associated with the relocation or reorganization of certain business activities and facility closures and include costs related to employee severance at closed facilities, contract termination costs, asset write-downs and other costs. Severance costs primarily include costs associated with involuntary termination benefits. Contract termination costs include costs related to termination of operating leases or other contract termination costs. Asset write-downs include accelerated depreciation of fixed assets, accelerated amortization of intangible assets, divestiture of certain non-strategic assets and inventory write-downs. Other costs generally include costs related to employee relocation, asset relocation, vacant facility costs (i.e., taxes and insurance) and other charges. The following is a summary of restructuring charges, net of adjustments, for the Realignment Programs: Three Months Ended June 30, 2016 (Amounts in thousands) Severance Contract Termination Asset Write-Downs Other Total COS $ 3,311 $ — $ 1,615 $ 2,883 $ 7,809 SG&A (1,897 ) — 2,608 5,986 6,697 Total $ 1,414 $ — $ 4,223 $ 8,869 $ 14,506 Three Months Ended June 30, 2015 (Amounts in thousands) Severance Contract Termination Asset Write-Downs Other Total COS $ 6,284 $ — $ 107 $ 49 $ 6,440 SG&A 4,444 — 634 76 5,154 Income tax expense — — — 500 500 Total $ 10,728 $ — $ 741 $ 625 $ 12,094 Six Months Ended June 30, 2016 (Amounts in thousands) Severance Contract Termination Asset Write-Downs Other Total COS $ 3,372 $ — $ 2,533 $ 3,347 $ 9,252 SG&A 1,856 — 2,644 6,475 10,975 Total $ 5,228 $ — $ 5,177 $ 9,822 $ 20,227 Six Months Ended June 30, 2015 (Amounts in thousands) Severance Contract Termination Asset Write-Downs Other Total COS $ 19,612 $ — $ 107 $ 49 $ 19,768 SG&A 11,999 — 634 76 12,709 Income tax expense — — — 5,500 5,500 Total $ 31,611 $ — $ 741 $ 5,625 $ 37,977 The following is a summary of total inception to date restructuring charges, net of adjustments, related to the Realignment Programs: Inception to Date (Amounts in thousands) Severance Contract Termination Asset Write-Downs Other Total (1) COS(1) $ 37,344 $ 609 $ 6,021 $ 4,988 $ 48,962 SG&A 25,376 43 2,688 7,213 35,320 Income tax expense — — — 8,900 8,900 Total $ 62,720 $ 652 $ 8,709 $ 21,101 $ 93,182 _______________________________ (1) Includes $39.1 million of restructuring charges, primarily COS, related to the R1 Realignment Program. The following represents the activity, primarily severance, related to the restructuring reserve for the Realignment Programs: (Amounts in thousands) R1 Realignment Program R2 Realignment Program Total Balance at December 31, 2015 $ 25,156 $ 33,147 $ 58,303 Charges 976 3,792 4,768 Cash expenditures (1,294 ) (3,999 ) (5,293 ) Other non-cash adjustments, including currency (877 ) (1,162 ) (2,039 ) Balance at March 31, 2016 $ 23,961 $ 31,778 $ 55,739 Charges 2,371 2,681 5,052 Cash expenditures (3,305 ) (1,348 ) (4,653 ) Other non-cash adjustments, including currency (5,370 ) (4,424 ) (9,794 ) Balance at June 30, 2016 $ 17,657 $ 28,687 $ 46,344

Basis of Presentation and Acc23

Basis of Presentation and Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
New Accounting Pronouncements	Accounting Developments Pronouncements Implemented In June 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-12 "Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." This ASU was issued to address share-based payment awards with a performance target affecting vesting that could be achieved after the employee’s requisite service period. Our adoption of ASU No. 2014-12 effective January 1, 2016 did not have an impact on our consolidated financial condition and results of operations. In November 2014, the FASB issued ASU No. 2014-16, "Derivatives and Hedging (Topic 815): "Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity." This ASU was issued to clarify and reinforce the practice of evaluating all relevant terms and features when reviewing the nature of a host contract. Our adoption of ASU No. 2014-16 effective January 1, 2016 did not have an impact on our consolidated financial condition and results of operations. In January 2015, the FASB issued ASU 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items." In connection with the FASB's efforts to simplify accounting standards, the FASB released new guidance on simplifying Income Statement presentation by eliminating the concept of extraordinary items from accounting principles generally accepted in the U.S. (“U.S. GAAP”). Our adoption of ASU No. 2015-01 effective January 1, 2016 did not have an impact on our consolidated financial condition and results of operations. In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis,” which provides guidance on the analysis process companies must perform in order to determine whether a legal entity should be consolidated. Our adoption of ASU No. 2015-02 effective January 1, 2016 did not have an impact on our consolidated financial condition and results of operations. In April 2015, the FASB issued ASU No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The ASU was issued in connection with the FASB's efforts to simplify accounting standards for the presentation of debt issuance costs. The ASU requires companies to present debt issuance costs in the same manner that debt discounts are currently reported, as a direct deduction from the carrying value of that debt liability. The applicability of this requirement does not impact the recognition and measurement guidance for debt issuance costs. In August 2015, the FASB issued ASU 2015-15, "Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update)." In this ASU the SEC staff announced that it would "not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement." We adopted the provisions of ASU 2015-03 and ASU 2015-15 as of January 1, 2016. Prior period amounts have been reclassified to conform to the current period presentation. As of December 31, 2015 , $10.3 million of debt issuance costs were reclassified in our consolidated balance sheet from other assets, net to long-term debt. Our adoption of ASU No. 2015-03 and ASU No. 2015-15 did not have an impact on our consolidated results of operations. In May 2015, the FASB issued ASU No. 2015-07, "Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (a consensus of the Emerging Issues Task Force)." The ASU removes the requirement to categorize all investments for which fair value is measured using the net asset value per share practical expedient within the fair value hierarchy. Our adoption of ASU No. 2015-07 effective January 1, 2016 did not have an impact on our consolidated financial condition and results of operations. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes to simplify the presentation of deferred income taxes. The ASU requires that deferred tax liabilities and assets be classified as noncurrent on the balance sheet. We adopted ASU No. 2015-17 effective January 1, 2016 and as a result, prior period amounts have been reclassified to conform to the current period presentation. As of December 31, 2015 , $156.0 million of deferred tax assets and $11.4 million of deferred tax liabilities were reclassified from current to noncurrent on our balance sheet. Our adoption of ASU No. 2015-17 did not have an impact on our consolidated results of operations. Pronouncements Not Yet Implemented In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)" which supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)." The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. There are also expanded disclosure requirements in this ASU. In August 2015, the FASB issued ASU No. 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date." As a result, public entities will apply the new standard for annual reporting periods beginning after December 15, 2017, including interim periods within those reporting periods. Early adoption as of the original public entity effective date is permitted. In March 2016, the FASB issued ASU No. 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations". This update is simply a clarification of the implementation guidance on principle versus agent considerations. In April 2016, the FASB issued ASU No. 2016-10, “Identifying Performance Obligations and Licensing", which amends certain aspects of ASU No. 2014-09. In May 2016, the FASB issued ASU No. 2016-11, "Rescission of SEC Guidance Because of ASU No. 2014-09 and ASU No. 2014-16; this ASU rescinds specific SEC guidance on accounting for shipping and handling fees and costs and consideration given by a vendor to a customer. Additionally, in May 2016, the FASB issued ASU No. 2016-12, "Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients." This ASU amends and clarifies the ASU No. 2016-09 guidance on assessing collectibility, presenting sales taxes, measuring non-cash consideration, and certain transition matters. We are currently evaluating the impact of ASU No. 2014-09 and all related ASU's on our consolidated financial condition and results of operations. Although we are continuing to evaluate, upon initial qualitative evaluation, we believe some anticipated key changes upon adoption will be potentially increased “over-time” revenue recognition and potential changes to the balance sheet related to accounts receivable, contract assets and contract liabilities. In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern." This ASU requires management to evaluate whether there are conditions or events that raise substantial doubt about the ability of a company to continue as a going concern for one year from the date the financial statements are issued or within one year after the date that the financial statements are available to be issued when applicable. Further, the ASU provides management guidance regarding its responsibility to disclose the ability of a company to continue as a going concern in the notes to the financial statements. This ASU is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The adoption of ASU No. 2014-15 is not expected to have an impact on our consolidated financial condition and results of operations. In July 2015, the FASB issued ASU No. 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." The ASU updates represent changes to simplify the subsequent measurement of inventory. Previous to the issuance of this ASU, ASC 330 required that an entity measure inventory at the lower of cost or market. The amendments of ASU 2015-11 update narrows that “market” requirement to “net realizable value,” which is defined by the ASU as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016. Application of this ASU is to be made prospectively, earlier application is permitted as of the beginning of an interim or annual reporting period. The adoption of ASU No. 2015-11 is not expected to have a material impact on our consolidated financial condition and results of operations. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The ASU requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value with changes in fair value recognized in net income. The ASU also requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The requirement to disclose the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost on the balance sheet has been eliminated by this ASU. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are currently evaluating the impact of ASU No. 2016-01 on our consolidated financial condition and results of operations. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. The ASU requires that organizations that lease assets recognize assets and liabilities on the balance sheet for the rights and obligations created by those leases. The ASU will affect the presentation of lease related expenses on the income statement and statement of cash flows and will increase the required disclosures related to leases. This ASU is effective for annual periods ending after December 15, 2018, and interim periods thereafter, with early adoption permitted. We are currently evaluating the impact of ASU No. 2016-02 on our consolidated financial condition and results of operations. Although we are continuing to evaluate, upon initial qualitative evaluation, we believe a key change upon adoption will be the balance sheet recognition of leased assets and liabilities. Based on our qualitative evaluation to date, we believe that any changes in income statement recognition will not be material. In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting." The ASU affects the accounting for employee share-based payment transactions as it relates to accounting for income taxes, accounting for forfeitures, and statutory tax withholding requirements. This ASU is effective for annual periods ending after December 15, 2016, and interim periods within those periods with early adoption permitted. We are currently evaluating the impact of ASU No. 2016-09 on our consolidated financial condition and results of operations. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The amendments in this ASU replace the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently evaluating the impact of ASU No. 2016-13 on our consolidated financial condition and results of operations.
Fair Value	Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models may be applied. Assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized by hierarchical levels based upon the level of judgment associated with the inputs used to measure their fair values. Recurring fair value measurements are limited to investments in derivative instruments. The fair value measurements of our derivative instruments are determined using models that maximize the use of the observable market inputs including interest rate curves and both forward and spot prices for currencies, and are classified as Level II under the fair value hierarchy. The fair values of our derivatives are included in Note 4.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The purchase price was allocated to the assets acquired and liabilities assumed based on estimates of fair values at the date of acquisition and is summarized below: (Amounts in millions) Accounts receivable $ 59.3 Inventories 74.0 Prepaid expenses and other 17.7 Total current assets 151.0 Intangible assets Trademarks 20.9 Existing customer relationships 45.3 Backlog 8.5 Engineering drawings and other 3.9 Total intangible assets 78.6 Property, plant and equipment 94.5 Long-term deferred tax asset 11.7 Investments in affiliates 7.3 Total assets 343.1 Current liabilities (88.0 ) Noncurrent liabilities (114.7 ) Net assets 140.4 Goodwill 201.1 Purchase price, net of cash acquired of $23.4 million $ 341.5

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Information Regarding Restricted Shares	The following table summarizes information regarding Restricted Shares: Six Months Ended June 30, 2016 Shares Weighted Average Grant-Date Fair Value Number of unvested shares: Outstanding - January 1, 2016 1,540,843 $ 58.14 Granted 885,165 39.44 Vested (695,843 ) 54.81 Canceled (114,502 ) 52.55 Outstanding - June 30, 2016 1,615,663 $ 49.72

Derivative Instruments and He26

Derivative Instruments and Hedges (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Fair Value of Forward Exchange Contracts not Designated as Hedging Instruments	The fair value of foreign exchange contracts not designated as hedging instruments are summarized below: June 30, December 31, (Amounts in thousands) 2016 2015 Current derivative assets $ 6,726 $ 2,364 Noncurrent derivative assets 23 — Current derivative liabilities 1,242 3,196 Noncurrent derivative liabilities 221 441
Summary of Fair Value of Forward Exchange Derivative Contracts in Designated Hedging Relationships	The fair value of foreign exchange contracts designated as hedging instruments are summarized below: June 30, December 31, (Amounts in thousands) 2016 2015 Current derivative assets $ — $ 26 Current derivative liabilities 71 1,448
Impact of Net Changes in Fair Values of Forward Exchange Contracts Not Designated as Hedging Instruments	The impact of net changes in the fair values of foreign exchange contracts are summarized below: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2016 2015 2016 2015 Gain recognized in income $ 4,300 $ 1,901 $ 6,361 $ 26,981

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt Including Capital Lease Obligations	Debt, including capital lease obligations, consisted of: June 30, December 31, (Amounts in thousands, except percentages) 2016 2015(1) 1.25% EUR Senior Notes due March 17, 2022, net of unamortized discount and debt issuance costs of $6,636 and $7,034 $ 548,564 $ 535,966 4.00% USD Senior Notes due November 15, 2023, net of unamortized discount and debt issuance costs of $3,158 and $3,339 296,842 296,661 3.50% USD Senior Notes due September 15, 2022, net of unamortized discount and debt issuance costs of $4,149 and $4,445 495,851 495,555 Term Loan Facility, interest rate of 1.88% at June 30, 2016 and 1.86% at December 31, 2015, net of debt issuance costs of $952 and $1,181 254,048 283,819 Capital lease obligations and other borrowings 18,908 8,995 Debt and capital lease obligations 1,614,213 1,620,996 Less amounts due within one year 70,656 60,434 Total debt due after one year $ 1,543,557 $ 1,560,562 _______________________________________ (1) Prior period information has been updated to conform to presentation requirements as prescribed by ASU No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30).

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Net Components of Inventory	Inventories, net consisted of the following: June 30, December 31, (Amounts in thousands) 2016 2015 Raw materials $ 390,533 $ 390,998 Work in process 769,040 739,227 Finished goods 256,897 235,083 Less: Progress billings (273,501 ) (285,582 ) Less: Excess and obsolete reserve (85,002 ) (84,161 ) Inventories, net $ 1,057,967 $ 995,565

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Calculation of Net Earnings Per Common Share and Weighted Average Common Share Outstanding	The following is a reconciliation of net earnings of Flowserve Corporation and weighted average shares for calculating net earnings per common share. Earnings per weighted average common share outstanding was calculated as follows: Three Months Ended June 30, (Amounts in thousands, except per share data) 2016 2015 Net earnings of Flowserve Corporation $ 62,997 $ 75,008 Dividends on restricted shares not expected to vest 2 3 Earnings attributable to common and participating shareholders $ 62,999 $ 75,011 Weighted average shares: Common stock 130,180 133,742 Participating securities 274 495 Denominator for basic earnings per common share 130,454 134,237 Effect of potentially dilutive securities 456 594 Denominator for diluted earnings per common share 130,910 134,831 Earnings per common share: Basic $ 0.48 $ 0.56 Diluted 0.48 0.56 Six Months Ended June 30, (Amounts in thousands, except per share data) 2016 2015 Net earnings of Flowserve Corporation $ 100,856 $ 102,674 Dividends on restricted shares not expected to vest 3 6 Earnings attributable to common and participating shareholders $ 100,859 $ 102,680 Weighted average shares: Common stock 129,981 134,065 Participating securities 318 513 Denominator for basic earnings per common share 130,299 134,578 Effect of potentially dilutive securities 563 815 Denominator for diluted earnings per common share 130,862 135,393 Earnings per common share: Basic $ 0.77 $ 0.76 Diluted 0.77 0.76

Retirement and Postretirement30

Retirement and Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Components of Net Periodic Cost for Pension and Postretirement Benefits	Components of the net periodic cost for retirement and postretirement benefits for the three months ended June 30, 2016 and 2015 were as follows: U.S. Defined Benefit Plans Non-U.S. Defined Benefit Plans Postretirement Medical Benefits (Amounts in millions) 2016 2015 2016 2015 2016 2015 Service cost $ 5.4 $ 5.9 $ 1.7 $ 2.0 $ — $ — Interest cost 4.7 4.2 3.0 2.9 0.3 0.3 Expected return on plan assets (5.9 ) (6.0 ) (2.6 ) (3.0 ) — — Amortization of prior service cost 0.1 0.1 — — 0.1 0.1 Amortization of unrecognized net loss (gain) 1.3 2.3 1.1 1.3 (0.1 ) (0.2 ) Net periodic cost recognized $ 5.6 $ 6.5 $ 3.2 $ 3.2 $ 0.3 $ 0.2 Components of the net periodic cost for retirement and postretirement benefits for the six months months ended June 30, 2016 and 2015 were as follows: U.S. Defined Benefit Plans Non-U.S. Defined Benefit Plans Postretirement Medical Benefits (Amounts in millions) 2016 2015 2016 2015 2016 2015 Service cost $ 11.3 $ 12.1 $ 3.5 $ 4.2 $ — $ — Interest cost 9.5 8.5 5.9 6.2 0.6 0.6 Expected return on plan assets (12.0 ) (12.1 ) (5.3 ) (6.0 ) — — Amortization of prior service cost 0.2 0.2 — — 0.1 0.1 Amortization of unrecognized net loss (gain) 2.5 4.6 2.4 2.6 (0.2 ) (0.3 ) Net periodic cost recognized $ 11.5 $ 13.3 $ 6.5 $ 7.0 $ 0.5 $ 0.4

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Summarized Financial Information of Reportable Segments	The following is a summary of the financial information of the reportable segments reconciled to the amounts reported in the condensed consolidated financial statements: Three Months Ended June 30, 2016 (Amounts in thousands) Engineered Product Division Industrial Product Division Flow Control Division Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 502,720 $ 208,132 $ 315,380 $ 1,026,232 $ — $ 1,026,232 Intersegment sales 9,052 6,899 1,805 17,756 (17,756 ) — Segment operating income 65,257 5,485 48,450 119,192 (21,188 ) 98,004 Three Months Ended June 30, 2015 (Amounts in thousands) Engineered Product Division Industrial Product Division Flow Control Division Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 558,334 $ 248,659 $ 355,254 $ 1,162,247 $ — $ 1,162,247 Intersegment sales 12,431 12,156 1,111 25,698 (25,698 ) — Segment operating income 86,227 7,070 54,489 147,786 (20,209 ) 127,577 Six Months Ended June 30, 2016 (Amounts in thousands) Engineered Product Division Industrial Product Division Flow Control Division Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 966,946 $ 394,836 $ 611,698 $ 1,973,480 $ — $ 1,973,480 Intersegment sales 18,665 17,646 4,473 40,784 (40,784 ) — Segment operating income 123,638 9,483 87,300 220,421 (48,007 ) 172,414 Six Months Ended June 30, 2015 (Amounts in thousands) Engineered Product Division Industrial Product Division Flow Control Division Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 1,031,747 $ 463,371 $ 681,749 $ 2,176,867 $ — $ 2,176,867 Intersegment sales 23,177 20,812 1,778 45,767 (45,767 ) — Segment operating income (loss) 155,056 (6,269 ) 109,204 257,991 (37,038 ) 220,953

Accumulated Other Comprehensi32

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table presents the changes in AOCL, net of tax for the six months ended June 30, 2016 and 2015 : 2016 2015 (Amounts in thousands) Foreign currency translation items(1) Pension and other post-retirement effects Cash flow hedging activity Total(1) Foreign currency translation items(1) Pension and other post-retirement effects Cash flow hedging activity Total(1) Balance - January 1 $ (413,422 ) $ (120,461 ) $ (3,458 ) $ (537,341 ) $ (238,533 ) $ (135,398 ) $ (5,210 ) $ (379,141 ) Other comprehensive income (loss) before reclassifications 5,135 2,378 594 8,107 (92,768 ) 4,785 (6,705 ) (94,688 ) Amounts reclassified from AOCL — 3,558 609 4,167 — 4,886 4,986 9,872 Net current-period other comprehensive income (loss) 5,135 5,936 1,203 12,274 (92,768 ) 9,671 (1,719 ) (84,816 ) Balance - June 30 $ (408,287 ) $ (114,525 ) $ (2,255 ) $ (525,067 ) $ (331,301 ) $ (125,727 ) $ (6,929 ) $ (463,957 ) ________________________________ (1) Includes foreign currency translation adjustments attributable to noncontrolling interests of $2.7 million and $1.3 million at January 1, 2016 and 2015 and $3.5 million and $2.7 million at June 30, 2016 and 2015, respectively. Includes net investment hedge losses of $3.9 million and $8.6 million , net of deferred taxes, for the six months ended June 30, 2016 and 2015 , respectively. Amounts in parentheses indicate debits. The following table presents the changes in accumulated other comprehensive loss ("AOCL"), net of tax for the three months ended June 30, 2016 and 2015 : 2016 2015 (Amounts in thousands) Foreign currency translation items(1) Pension and other post-retirement effects Cash flow hedging activity Total(1) Foreign currency translation items(1) Pension and other post-retirement effects Cash flow hedging activity Total(1) Balance - April 1 $ (379,665 ) $ (117,675 ) $ (2,815 ) $ (500,155 ) $ (344,967 ) $ (127,507 ) $ (10,356 ) $ (482,830 ) Other comprehensive (loss) income before reclassifications (28,622 ) 1,317 65 (27,240 ) 13,666 (675 ) 1,648 14,639 Amounts reclassified from AOCL — 1,833 495 2,328 — 2,455 1,779 4,234 Net current-period other comprehensive (loss) income (28,622 ) 3,150 560 (24,912 ) 13,666 1,780 3,427 18,873 Balance - June 30 $ (408,287 ) $ (114,525 ) $ (2,255 ) $ (525,067 ) $ (331,301 ) $ (125,727 ) $ (6,929 ) $ (463,957 ) _______________________________________ (1) Includes foreign currency translation adjustments attributable to noncontrolling interests of $3.5 million and $1.3 million at April 1, 2016 and 2015 and $3.5 million and $2.7 million at June 30, 2016 and 2015 , respectively. Includes net investment hedge gain of $4.4 million and loss of $6.5 million , net of deferred taxes, for the three months ended June 30, 2016 and 2015 , respectively. Amounts in parentheses indicate debits.
Reclassifications out of Accumulated Other Comprehensive Income (Loss)	The following table presents the reclassifications out of AOCL: Three Months Ended June 30, (Amounts in thousands) Affected line item in the statement of income 2016(1) 2015(1) Cash flow hedging activity Foreign exchange contracts Sales $ (660 ) $ (2,522 ) Tax benefit 165 743 Net of tax $ (495 ) $ (1,779 ) Pension and other postretirement effects Amortization of actuarial losses(2) $ (2,476 ) $ (3,507 ) Prior service costs(2) (154 ) (156 ) Tax benefit 797 1,208 Net of tax $ (1,833 ) $ (2,455 ) _______________________________________ (1) Amounts in parentheses indicate decreases to income. None of the reclass amounts have a noncontrolling interest component. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 10 for additional details. The following table presents the reclassifications out of AOCL: Six Months Ended June 30, (Amounts in thousands) Affected line item in the statement of income 2016(1) 2015(1) Foreign currency translation items Cash flow hedging activity Foreign exchange contracts Other expense, net $ — $ (3,327 ) Sales (814 ) (3,704 ) Tax benefit 205 2,045 Net of tax $ (609 ) $ (4,986 ) Pension and other postretirement effects Amortization of actuarial losses(2) $ (4,789 ) $ (6,931 ) Prior service costs(2) (305 ) (354 ) Tax benefit 1,536 2,399 Net of tax $ (3,558 ) $ (4,886 ) _______________________________________ (1) Amounts in parentheses indicate decreases to income. None of the reclass amounts have a noncontrolling interest component. (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 10 for additional details.

Realignment Programs (Tables)

Realignment Programs (Tables)	6 Months Ended
	Jun. 30, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs [Table Text Block]	The following is a summary of total charges, net of adjustments, related to the Realignment Programs: Three Months Ended June 30, 2016 (Amounts in thousands) Engineered Product Division Industrial Product Division Flow Control Division Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Restructuring Charges COS $ 3,335 $ 2,294 $ 2,180 $ 7,809 $ — $ 7,809 SG&A 6,411 77 177 6,665 32 6,697 $ 9,746 $ 2,371 $ 2,357 $ 14,474 $ 32 $ 14,506 Non-Restructuring Charges COS $ 1,038 $ 2,489 $ (141 ) $ 3,386 $ — $ 3,386 SG&A 1,199 (208 ) 126 1,117 1,129 2,246 $ 2,237 $ 2,281 $ (15 ) $ 4,503 $ 1,129 $ 5,632 Total Realignment Charges COS $ 4,373 $ 4,783 $ 2,039 $ 11,195 $ — $ 11,195 SG&A 7,610 (131 ) 303 7,782 1,161 $ 8,943 $ 11,983 $ 4,652 $ 2,342 $ 18,977 $ 1,161 $ 20,138 Three Months Ended June 30, 2015 (Amounts in thousands) Engineered Product Division Industrial Product Division Flow Control Division Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Restructuring Charges COS $ 110 $ 5,311 $ 1,019 $ 6,440 $ — $ 6,440 SG&A 122 2,690 2,342 5,154 — 5,154 Income tax expense — 500 — 500 — 500 $ 232 $ 8,501 $ 3,361 $ 12,094 $ — $ 12,094 Non-Restructuring Charges COS $ 7,069 $ 927 $ 5,091 $ 13,087 $ — $ 13,087 SG&A 2,160 1,262 3,924 7,346 — 7,346 $ 9,229 $ 2,189 $ 9,015 $ 20,433 $ — $ 20,433 Total Realignment Charges COS $ 7,179 $ 6,238 $ 6,110 $ 19,527 $ — $ 19,527 SG&A 2,282 3,952 6,266 12,500 — $ 12,500 Income tax expense — 500 — 500 — $ 500 $ 9,461 $ 10,690 $ 12,376 $ 32,527 $ — $ 32,527 Six Months Ended June 30, 2016 (Amounts in thousands) Engineered Product Division Industrial Product Division Flow Control Division Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Restructuring Charges COS $ 4,855 $ 2,110 $ 2,287 $ 9,252 $ — $ 9,252 SG&A 8,818 1,789 336 10,943 32 10,975 $ 13,673 $ 3,899 $ 2,623 $ 20,195 $ 32 $ 20,227 Non-Restructuring Charges COS $ 1,137 $ 4,283 $ 3,719 $ 9,139 $ 15 $ 9,154 SG&A 978 400 1,590 2,968 1,259 4,227 $ 2,115 $ 4,683 $ 5,309 $ 12,107 $ 1,274 $ 13,381 Total Realignment Charges COS $ 5,992 $ 6,393 $ 6,006 $ 18,391 $ 15 $ 18,406 SG&A 9,796 2,189 1,926 13,911 1,291 15,202 $ 15,788 $ 8,582 $ 7,932 $ 32,302 $ 1,306 $ 33,608 Six Months Ended June 30, 2015 (Amounts in thousands) Engineered Product Division Industrial Product Division Flow Control Division Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Restructuring Charges COS $ 110 $ 18,639 $ 1,019 $ 19,768 $ — $ 19,768 SG&A 122 10,245 2,342 12,709 — 12,709 Income tax expense — 5,500 — 5,500 — 5,500 $ 232 $ 34,384 $ 3,361 $ 37,977 $ — $ 37,977 Non-Restructuring Charges COS $ 7,069 $ 927 $ 5,091 $ 13,087 $ — $ 13,087 SG&A 2,160 1,894 3,924 7,978 — 7,978 $ 9,229 $ 2,821 $ 9,015 $ 21,065 $ — $ 21,065 Total Realignment Charges COS $ 7,179 $ 19,566 $ 6,110 $ 32,855 $ — $ 32,855 SG&A 2,282 12,139 6,266 20,687 — 20,687 Income tax expense — 5,500 — 5,500 — 5,500 $ 9,461 $ 37,205 $ 12,376 $ 59,042 $ — $ 59,042 The following is a summary of total inception to date charges, net of adjustments, related to the Realignment Programs: Inception to Date (Amounts in thousands) Engineered Product Division Industrial Product Division (1) Flow Control Division Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Restructuring Charges COS $ 14,818 $ 22,556 $ 11,588 $ 48,962 $ — $ 48,962 SG&A 16,293 11,048 7,947 35,288 32 35,320 Income tax expense — 8,900 — 8,900 — 8,900 $ 31,111 $ 42,504 $ 19,535 $ 93,150 $ 32 $ 93,182 Non-Restructuring Charges COS $ 11,403 $ 12,444 $ 12,302 $ 36,149 $ 15 $ 36,164 SG&A 7,509 6,548 5,003 19,060 1,259 20,319 $ 18,912 $ 18,992 $ 17,305 $ 55,209 $ 1,274 $ 56,483 Total Realignment Charges COS $ 26,221 $ 35,000 $ 23,890 $ 85,111 $ 15 $ 85,126 SG&A 23,802 17,596 12,950 54,348 1,291 55,639 Income tax expense — 8,900 — 8,900 — 8,900 $ 50,023 $ 61,496 $ 36,840 $ 148,359 $ 1,306 $ 149,665 ____________________________ (1) Includes $39.1 million of restructuring charges, primarily COS, related to the R1 Realignment Program. Restructuring charges represent costs associated with the relocation or reorganization of certain business activities and facility closures and include costs related to employee severance at closed facilities, contract termination costs, asset write-downs and other costs. Severance costs primarily include costs associated with involuntary termination benefits. Contract termination costs include costs related to termination of operating leases or other contract termination costs. Asset write-downs include accelerated depreciation of fixed assets, accelerated amortization of intangible assets, divestiture of certain non-strategic assets and inventory write-downs. Other costs generally include costs related to employee relocation, asset relocation, vacant facility costs (i.e., taxes and insurance) and other charges. The following is a summary of restructuring charges, net of adjustments, for the Realignment Programs: Three Months Ended June 30, 2016 (Amounts in thousands) Severance Contract Termination Asset Write-Downs Other Total COS $ 3,311 $ — $ 1,615 $ 2,883 $ 7,809 SG&A (1,897 ) — 2,608 5,986 6,697 Total $ 1,414 $ — $ 4,223 $ 8,869 $ 14,506 Three Months Ended June 30, 2015 (Amounts in thousands) Severance Contract Termination Asset Write-Downs Other Total COS $ 6,284 $ — $ 107 $ 49 $ 6,440 SG&A 4,444 — 634 76 5,154 Income tax expense — — — 500 500 Total $ 10,728 $ — $ 741 $ 625 $ 12,094 Six Months Ended June 30, 2016 (Amounts in thousands) Severance Contract Termination Asset Write-Downs Other Total COS $ 3,372 $ — $ 2,533 $ 3,347 $ 9,252 SG&A 1,856 — 2,644 6,475 10,975 Total $ 5,228 $ — $ 5,177 $ 9,822 $ 20,227 Six Months Ended June 30, 2015 (Amounts in thousands) Severance Contract Termination Asset Write-Downs Other Total COS $ 19,612 $ — $ 107 $ 49 $ 19,768 SG&A 11,999 — 634 76 12,709 Income tax expense — — — 5,500 5,500 Total $ 31,611 $ — $ 741 $ 5,625 $ 37,977 The following is a summary of total inception to date restructuring charges, net of adjustments, related to the Realignment Programs: Inception to Date (Amounts in thousands) Severance Contract Termination Asset Write-Downs Other Total (1) COS(1) $ 37,344 $ 609 $ 6,021 $ 4,988 $ 48,962 SG&A 25,376 43 2,688 7,213 35,320 Income tax expense — — — 8,900 8,900 Total $ 62,720 $ 652 $ 8,709 $ 21,101 $ 93,182 _______________________________ (1) Includes $39.1 million of restructuring charges, primarily COS, related to the R1 Realignment Program.
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	The following represents the activity, primarily severance, related to the restructuring reserve for the Realignment Programs: (Amounts in thousands) R1 Realignment Program R2 Realignment Program Total Balance at December 31, 2015 $ 25,156 $ 33,147 $ 58,303 Charges 976 3,792 4,768 Cash expenditures (1,294 ) (3,999 ) (5,293 ) Other non-cash adjustments, including currency (877 ) (1,162 ) (2,039 ) Balance at March 31, 2016 $ 23,961 $ 31,778 $ 55,739 Charges 2,371 2,681 5,052 Cash expenditures (3,305 ) (1,348 ) (4,653 ) Other non-cash adjustments, including currency (5,370 ) (4,424 ) (9,794 ) Balance at June 30, 2016 $ 17,657 $ 28,687 $ 46,344

Basis of Presentation and Acc34

Basis of Presentation and Accounting Policies (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016VEF / $	Mar. 31, 2015USD ($)	Jun. 30, 2016USD ($)VEF / $	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Remeasurement loss			$ 5,622	$ 49,794
Venezuela
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Segment sales percentage of consolidated sales (less than 0.5%)	0.50%		0.50%
Segment Assets Percentage Of Consolidated Assets (less than 0.5%)	0.50%		0.50%
Percentage of outstanding accounts receivable	7.00%		7.00%		7.00%
Percentage of Receivables Re-classed to Long Term	69.00%		69.00%		64.00%
Foreign currency exchange rate, translation | VEF / $	10		10
Remeasurement loss		$ 20,600
Remeasurement Recognized In Other Expense Net		18,500
Currency Remeasurement Expense Recognized as Cost of Goods Sold		$ 2,100
SICAD I Exchange rate | Venezuela
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign currency exchange rate, translation | VEF / $	628.3		628.3
New Accounting Pronouncement, Early Adoption, Effect | Other Assets
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Debt Issuance Costs, Current, Net					$ 10,300
Adjustments for New Accounting Pronouncement
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Deferred Tax Assets, Gross, Noncurrent					156,000
Deferred Tax Liabilities, Gross, Noncurrent					$ 11,400

Acquisitions (Details)

Acquisitions (Details) $ in Thousands, € in Millions	Jan. 07, 2015USD ($)	Jan. 07, 2015EUR (€)	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill			$ 1,227,218	$ 1,223,986
SIHI Group B.V.
Schedule of Equity Method Investments [Line Items]
Percentage acquired	100.00%
Business Combination, Consideration Transferred	$ 341,500	€ 286.7
Business Combination, Cash Consideration Transferred	110,000
Business Combination, Consideration Transferred from borrowed sources	255,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Accounts receivable	59,300
Inventories	74,000
Prepaid expenses and other	17,700
Total current assets	151,000
Intangible assets	78,600
Property, plant and equipment	94,500
Long-term deferred tax asset	11,700
Investments in affiliates	7,300
Total assets	343,100
Current liabilities	(88,000)
Noncurrent liabilities	(114,700)
Net assets	140,400
Goodwill	201,100
Purchase price, net of cash acquired of $23.4 million	341,500
Business Acquisition, Purchase Price, Net of Cash Acquired	$ 23,400
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in years) (less than for one year)	9 years	9 years
SIHI Group B.V. | Trademarks
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets	$ 20,900
SIHI Group B.V. | Existing customer relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets	$ 45,300
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in years) (less than for one year)	10 years	10 years
SIHI Group B.V. | Backlog
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets	$ 8,500
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in years) (less than for one year)	1 year	1 year
SIHI Group B.V. | Engineering drawings and other
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets	$ 3,900
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in years) (less than for one year)	10 years	10 years

Stock-Based Compensation Plan36

Stock-Based Compensation Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted during period			0
Plan 2,010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to issue under share based compensation plans	8,700,000		8,700,000
Common stock available under stock option plan	3,152,773		3,152,773
Share-based Compensation Arrangement Age Requirement to Vest Over Original Vesting Period			55 years
Share-based Compensation Arrangement Time in Service Requirement to Vest Over Original Vesting Period			10 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 36.2		$ 36.2		$ 30.2
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	1.8	$ 1.6	$ 38.1	$ 39.3
Allocated Share-based Compensation Expense, Net of Tax	5.2	5.5	15.7	11.5
Allocated Share-based Compensation Expense	$ 8	$ 8.3	$ 24	$ 17.4
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,615,663		1,615,663		1,540,843
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	873,000		873,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (in years)			3 years
Vesting period (in months)			36 months
Estimated vesting of shares based on performance shares	1,671,000		1,671,000
Minimum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	0		0
Maximum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			200.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	908,000		908,000

Stock-Based Compensation Plan37

Stock-Based Compensation Plans (Information Regarding Restricted Shares) (Details) - Restricted Stock	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Shares
Outstanding, Shares, Beginning balance | shares	1,540,843
Granted, Shares | shares	885,165
Vested, Shares | shares	(695,843)
Canceled, Shares | shares	(114,502)
Outstanding, Shares, Ending balance | shares	1,615,663
Weighted Average Grant-Date Fair Value
Outstanding, Weighted Average Grant-Date Fair Value, Beginning balance | $ / shares	$ 58.14
Granted, Weighted Average Grant-Date Fair Value | $ / shares	39.44
Vested, Weighted Average Grant-Date Fair Value | $ / shares	54.81
Cancelled, Weighted Average Grant-Date Fair Value | $ / shares	52.55
Outstanding, Weighted Average Grant-Date Fair Value, Ending balance | $ / shares	$ 49.72

Derivative Instruments and He38

Derivative Instruments and Hedges (Details Textual) € in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)	Mar. 17, 2015EUR (€)
Forward Exchange Contract
Derivative [Line Items]
Minimum Remaining Maturity of Foreign Currency Derivatives	1 day
Lower maturity range (days)	19 months
Designated as Hedging Instrument | Forward Exchange Contract
Derivative [Line Items]
Derivative, notional amount | $	$ 10.2	$ 21
Not Designated as Hedging Instrument | Forward Exchange Contract
Derivative [Line Items]
Derivative, notional amount | $	$ 404.4	$ 376.3
2022 EUR Senior Notes
Derivative [Line Items]
Designated Amount, Net Investment Hedge | €			€ 255.7
Debt Instrument, Face Amount | €			€ 500

Derivative Instruments and He39

Derivative Instruments and Hedges (Fair Value Balance Sheet Disclosures) (Details) - Foreign Exchange Contract - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Not Designated as Hedging Instrument
Derivative [Line Items]
Current derivative assets	$ 6,726	$ 2,364
Noncurrent derivative assets	23	0
Current derivative liabilities	1,242	3,196
Noncurrent derivative liabilities	221	441
Designated as Hedging Instrument
Derivative [Line Items]
Current derivative assets	0	26
Current derivative liabilities	$ 71	$ 1,448

Derivative Instruments and He40

Derivative Instruments and Hedges (Fair Value of Forward Exchange Contracts) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Forward Contracts
Derivative [Line Items]
Gain recognized in income	$ 4,300	$ 1,901	$ 6,361	$ 26,981

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Capital lease obligations and other borrowings	$ 18,908	$ 8,995
Debt and capital lease obligations	1,614,213	1,620,996
Less amounts due within one year	70,656	60,434
Total debt due after one year	$ 1,543,557	$ 1,560,562
2022 EUR Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	1.25%	1.25%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 6,636	$ 7,034
Long-term Debt	$ 548,564	$ 535,966
2023 Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.00%	4.00%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 3,158	$ 3,339
Long-term Debt	$ 296,842	$ 296,661
2022 Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.50%	3.50%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 4,149	$ 4,445
Long-term Debt	$ 495,851	$ 495,555
Term Loan Facility
Debt Instrument [Line Items]
Effective interest rate (as a percent)	1.88%	1.86%
Debt Issuance Costs, Net	$ 952	$ 1,181
Term Loan Facility	$ 254,048	$ 283,819

Debt (Details Textual)

Debt (Details Textual) - USD ($)	Oct. 14, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Oct. 04, 2013
Line of Credit Facility [Line Items]
Payments on long-term debt		$ 30,000,000	$ 20,000,000
Term Loan Facility
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount					$ 400,000,000
Payments on long-term debt		30,000,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 1,000,000,000
Revolving Credit Facility		0		$ 0
Line of Credit Facility, Current Borrowing Capacity		877,300,000		894,800,000
Senior Credit Facility
Line of Credit Facility [Line Items]
Debt Instrument, Maturity Date	Oct. 14, 2020
Letters of credit outstanding		$ 103,400,000		$ 105,200,000
Line of credit, commitment fee (as a percentage)		0.15%
Credit Facilities Scheduled Repayments Due in Next Four Quarters		$ 15,000,000

Fair Value (Details)

Fair Value (Details) $ in Millions	Jun. 30, 2016USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 1,341.3
Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 1,372.1

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Net Components of Inventory
Raw materials	$ 390,533	$ 390,998
Work in process	769,040	739,227
Finished goods	256,897	235,083
Less: Progress billings	(273,501)	(285,582)
Less: Excess and obsolete reserve	(85,002)	(84,161)
Inventories, net	$ 1,057,967	$ 995,565

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Net earnings of Flowserve Corporation	$ 62,997	$ 75,008	$ 100,856	$ 102,674
Dividends on restricted shares not expected to vest	2	3	3	6
Earnings attributable to common and participating shareholders	$ 62,999	$ 75,011	$ 100,859	$ 102,680
Weighted average shares:
Common stock	130,180	133,742	129,981	134,065
Participating securities	274	495	318	513
Denominator for basic earnings per common share	130,454	134,237	130,299	134,578
Effect of potentially dilutive securities	456	594	563	815
Denominator for diluted earnings per common share	130,910	134,831	130,862	135,393
Earnings per common share:
Basic (in dollars per share)	$ 0.48	$ 0.56	$ 0.77	$ 0.76
Diluted (in dollars per share)	$ 0.48	$ 0.56	$ 0.77	$ 0.76

Legal Matters and Contingenci46

Legal Matters and Contingencies (Details)	Jun. 30, 2016sitecompany
Legal Matters and Contingencies
Number of former public waste disposal sites | site	5
Oil-for-Food Program
Legal Matters and Contingencies
Number of French companies for investigation (over 170)	170
Number of our French companies for investigation	1

Retirement and Postretirement47

Retirement and Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
U.S. Defined Benefit Plans
Components of the net periodic cost for retirement and postretirement benefits
Service cost	$ 5.4	$ 5.9	$ 11.3	$ 12.1
Interest cost	4.7	4.2	9.5	8.5
Expected return on plan assets	(5.9)	(6)	(12)	(12.1)
Amortization of prior service cost	0.1	0.1	0.2	0.2
Amortization of unrecognized net loss (gain)	1.3	2.3	2.5	4.6
Net periodic cost recognized	5.6	6.5	11.5	13.3
Non-U.S. Defined Benefit Plans
Components of the net periodic cost for retirement and postretirement benefits
Service cost	1.7	2	3.5	4.2
Interest cost	3	2.9	5.9	6.2
Expected return on plan assets	(2.6)	(3)	(5.3)	(6)
Amortization of prior service cost	0	0	0	0
Amortization of unrecognized net loss (gain)	1.1	1.3	2.4	2.6
Net periodic cost recognized	3.2	3.2	6.5	7
Postretirement Medical Benefits
Components of the net periodic cost for retirement and postretirement benefits
Service cost	0	0	0	0
Interest cost	0.3	0.3	0.6	0.6
Expected return on plan assets	0	0	0	0
Amortization of prior service cost	0.1	0.1	0.1	0.1
Amortization of unrecognized net loss (gain)	(0.1)	(0.2)	(0.2)	(0.3)
Net periodic cost recognized	$ 0.3	$ 0.2	$ 0.5	$ 0.4

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 15, 2016	Feb. 14, 2016	Feb. 16, 2015	Feb. 15, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Nov. 13, 2014
Equity, Class of Treasury Stock [Line Items]
Cash dividends declared per share (in dollars per share)	$ 0.19	$ 0.18	$ 0.18	$ 0.16	$ 0.19	$ 0.18	$ 0.38	$ 0.36
Repurchase of shares (in shares)					0	1,072,421	0	2,454,446
Repurchases of shares, value						$ 59.7		$ 139.6
Remaining authorized repurchase capacity					$ 160.7		$ 160.7
Share repurchase program 2014
Equity, Class of Treasury Stock [Line Items]
Authorized amount to be repurchased									$ 500

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income before income tax	$ 88,110	$ 107,552	$ 144,083	$ 165,702
Provision for income taxes	$ 25,122	$ 30,920	$ 42,812	$ 59,426
Effective tax rate (as a percent)	28.50%	28.70%	29.70%	35.90%
Unrecognized tax benefits approximate amount of estimated reduction within the next twelve months	$ 11,000		$ 11,000

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Summarized financial information of the reportable segments
Sales	$ 1,026,232	$ 1,162,247	$ 1,973,480	$ 2,176,867
Segment operating income	98,004	127,577	172,414	220,953
Intersegment sales
Summarized financial information of the reportable segments
Sales	0	0	0	0
Engineered Product Division
Summarized financial information of the reportable segments
Sales	502,720	558,334	966,946	1,031,747
Segment operating income	65,257	86,227	123,638	155,056
Engineered Product Division | Intersegment sales
Summarized financial information of the reportable segments
Sales	9,052	12,431	18,665	23,177
Industrial Product Division
Summarized financial information of the reportable segments
Sales	208,132	248,659	394,836	463,371
Segment operating income	5,485	7,070	9,483	(6,269)
Industrial Product Division | Intersegment sales
Summarized financial information of the reportable segments
Sales	6,899	12,156	17,646	20,812
Flow Control Division
Summarized financial information of the reportable segments
Sales	315,380	355,254	611,698	681,749
Segment operating income	48,450	54,489	87,300	109,204
Flow Control Division | Intersegment sales
Summarized financial information of the reportable segments
Sales	1,805	1,111	4,473	1,778
Subtotal–Reportable Segments
Summarized financial information of the reportable segments
Sales	1,026,232	1,162,247	1,973,480	2,176,867
Segment operating income	119,192	147,786	220,421	257,991
Subtotal–Reportable Segments | Intersegment sales
Summarized financial information of the reportable segments
Sales	17,756	25,698	40,784	45,767
Eliminations and All Other
Summarized financial information of the reportable segments
Sales	0	0	0	0
Segment operating income	(21,188)	(20,209)	(48,007)	(37,038)
Eliminations and All Other | Intersegment sales
Summarized financial information of the reportable segments
Sales	$ (17,756)	$ (25,698)	$ (40,784)	$ (45,767)

Accumulated Other Comprehensi51

Accumulated Other Comprehensive Loss (Components of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (500,155)	$ (482,830)	$ (537,341)	$ (379,141)
Other comprehensive (loss) income before reclassifications	(27,240)	14,639	8,107	(94,688)
Amounts reclassified from AOCL	2,328	4,234	4,167	9,872
Net current-period other comprehensive (loss) income	(24,912)	18,873	12,274	(84,816)
Ending balance	(525,067)	(463,957)	(525,067)	(463,957)
Accumulated Other Comprehensive Gain (Loss), accumulated Net Gain (Loss) from Net investment hedge	4,400	(6,500)	(3,900)	(8,600)
Interest Rate Cash Flow Hedge Loss to be Reclassified During Next 12 Months, Net	1,500		1,500
Foreign currency translation items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(379,665)	(344,967)	(413,422)	(238,533)
Other comprehensive (loss) income before reclassifications	(28,622)	13,666	5,135	(92,768)
Amounts reclassified from AOCL	0	0	0	0
Net current-period other comprehensive (loss) income	(28,622)	13,666	5,135	(92,768)
Ending balance	(408,287)	(331,301)	(408,287)	(331,301)
Pension and other post-retirement effects
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(117,675)	(127,507)	(120,461)	(135,398)
Other comprehensive (loss) income before reclassifications	1,317	(675)	2,378	4,785
Amounts reclassified from AOCL	1,833	2,455	3,558	4,886
Net current-period other comprehensive (loss) income	3,150	1,780	5,936	9,671
Ending balance	(114,525)	(125,727)	(114,525)	(125,727)
Cash flow hedging activity
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(2,815)	(10,356)	(3,458)	(5,210)
Other comprehensive (loss) income before reclassifications	65	1,648	594	(6,705)
Amounts reclassified from AOCL	495	1,779	609	4,986
Net current-period other comprehensive (loss) income	560	3,427	1,203	(1,719)
Ending balance	(2,255)	(6,929)	(2,255)	(6,929)
Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ 3,500	$ 2,700	$ 3,500	$ 2,700	$ 3,500	$ 2,700	$ 1,300	$ 1,300

Accumulated Other Comprehensi52

Accumulated Other Comprehensive Loss (Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other expense, net	$ 4,735	$ (4,882)	$ 193	$ (24,828)
Sales	1,026,232	1,162,247	1,973,480	2,176,867
Tax benefit	(25,122)	(30,920)	(42,812)	(59,426)
Net earnings attributable to Flowserve Corporation	62,997	75,008	100,856	102,674
Net of tax	(2,328)	(4,234)	(4,167)	(9,872)
Cash flow hedging activity
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net of tax	(495)	(1,779)	(609)	(4,986)
Cash flow hedging activity | Reclassification out of AOCI [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other expense, net			0	(3,327)
Sales	(660)	(2,522)	(814)	(3,704)
Tax benefit	165	743	205	2,045
Net earnings attributable to Flowserve Corporation	(495)	(1,779)	(609)	(4,986)
Amortization of actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification	(2,476)	(3,507)	(4,789)	(6,931)
Prior service costs
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification	(154)	(156)	(305)	(354)
Pension and other post-retirement effects
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax benefit	797	1,208	1,536	2,399
Net of tax	$ (1,833)	$ (2,455)	$ (3,558)	$ (4,886)

Realignment Programs (Details)

Realignment Programs (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		18 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 400,000			$ 400,000		$ 400,000
Restructuring Charges	14,506		$ 12,094	20,227	$ 37,977	93,182
Non-Restructuring Charges	5,632		20,433	13,381	21,065	56,483
Total Realignment Program Charges	20,138		32,527	33,608	59,042	149,665
Restructuring Reserve [Roll Forward]
Beginning Balance	55,739	$ 58,303		58,303
Charges	14,506		12,094	20,227	37,977	93,182
Ending Balance	46,344	55,739		46,344		46,344
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	1,414		10,728	5,228	31,611	62,720
Restructuring Reserve [Roll Forward]
Charges	1,414		10,728	5,228	31,611	62,720
Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0		0	0	0	652
Restructuring Reserve [Roll Forward]
Charges	0		0	0	0	652
Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	4,223		741	5,177	741	8,709
Restructuring Reserve [Roll Forward]
Charges	4,223		741	5,177	741	8,709
Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	8,869		625	9,822	5,625	21,101
Restructuring Reserve [Roll Forward]
Charges	8,869		625	9,822	5,625	21,101
Charges
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	5,052	4,768
Restructuring Reserve [Roll Forward]
Charges	5,052	4,768
Cash expenditures
Restructuring Reserve [Roll Forward]
Cash expenditures	(4,653)	(5,293)
Other non-cash adjustments, including currency
Restructuring Reserve [Roll Forward]
Other non-cash adjustments, including currency	(9,794)	(2,039)
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	7,809		6,440	9,252	19,768	48,962
Non-Restructuring Charges	3,386		13,087	9,154	13,087	36,164
Total Realignment Program Charges	11,195		19,527	18,406	32,855	85,126
Restructuring Reserve [Roll Forward]
Charges	7,809		6,440	9,252	19,768	48,962
Cost of Sales | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	3,311		6,284	3,372	19,612	37,344
Restructuring Reserve [Roll Forward]
Charges	3,311		6,284	3,372	19,612	37,344
Cost of Sales | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0		0	0	0	609
Restructuring Reserve [Roll Forward]
Charges	0		0	0	0	609
Cost of Sales | Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	1,615		107	2,533	107	6,021
Restructuring Reserve [Roll Forward]
Charges	1,615		107	2,533	107	6,021
Cost of Sales | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	2,883		49	3,347	49	4,988
Restructuring Reserve [Roll Forward]
Charges	2,883		49	3,347	49	4,988
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	6,697		5,154	10,975	12,709	35,320
Non-Restructuring Charges	2,246		7,346	4,227	7,978	20,319
Total Realignment Program Charges	8,943		12,500	15,202	20,687	55,639
Restructuring Reserve [Roll Forward]
Charges	6,697		5,154	10,975	12,709	35,320
Selling, General and Administrative Expenses | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(1,897)		4,444	1,856	11,999	25,376
Restructuring Reserve [Roll Forward]
Charges	(1,897)		4,444	1,856	11,999	25,376
Selling, General and Administrative Expenses | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0		0	0	0	43
Restructuring Reserve [Roll Forward]
Charges	0		0	0	0	43
Selling, General and Administrative Expenses | Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	2,608		634	2,644	634	2,688
Restructuring Reserve [Roll Forward]
Charges	2,608		634	2,644	634	2,688
Selling, General and Administrative Expenses | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	5,986		76	6,475	76	7,213
Restructuring Reserve [Roll Forward]
Charges	5,986		76	6,475	76	7,213
Income tax expense
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0		500	0	5,500	8,900
Total Realignment Program Charges	0		500	0	5,500	8,900
Restructuring Reserve [Roll Forward]
Charges	0		500	0	5,500	8,900
Income tax expense | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			0	0	0	0
Restructuring Reserve [Roll Forward]
Charges			0	0	0	0
Income tax expense | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			0	0	0	0
Restructuring Reserve [Roll Forward]
Charges			0	0	0	0
Income tax expense | Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			0	0	0	0
Restructuring Reserve [Roll Forward]
Charges			0	0	0	0
Income tax expense | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			500	0	5,500	8,900
Restructuring Reserve [Roll Forward]
Charges			500	0	5,500	8,900
R1 Realignment Program
Restructuring Reserve [Roll Forward]
Beginning Balance	23,961	25,156		25,156
Ending Balance	17,657	23,961		17,657		17,657
R1 Realignment Program | Charges
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	2,371	976
Restructuring Reserve [Roll Forward]
Charges	2,371	976
R1 Realignment Program | Cash expenditures
Restructuring Reserve [Roll Forward]
Cash expenditures	(3,305)	(1,294)
R1 Realignment Program | Other non-cash adjustments, including currency
Restructuring Reserve [Roll Forward]
Other non-cash adjustments, including currency	(5,370)	(877)
R1 Realignment Program | Cost of Sales | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						39,100
Restructuring Reserve [Roll Forward]
Charges						39,100
R2 Realignment Program
Restructuring Reserve [Roll Forward]
Beginning Balance	31,778	33,147		33,147
Ending Balance	28,687	31,778		28,687		28,687
R2 Realignment Program | Charges
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	2,681	3,792
Restructuring Reserve [Roll Forward]
Charges	2,681	3,792
R2 Realignment Program | Cash expenditures
Restructuring Reserve [Roll Forward]
Cash expenditures	(1,348)	(3,999)
R2 Realignment Program | Other non-cash adjustments, including currency
Restructuring Reserve [Roll Forward]
Other non-cash adjustments, including currency	(4,424)	$ (1,162)
Engineered Product Division
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	9,746		232	13,673	232	31,111
Non-Restructuring Charges	2,237		9,229	2,115	9,229	18,912
Total Realignment Program Charges	11,983		9,461	15,788	9,461	50,023
Restructuring Reserve [Roll Forward]
Charges	9,746		232	13,673	232	31,111
Engineered Product Division | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	3,335		110	4,855	110	14,818
Non-Restructuring Charges	1,038		7,069	1,137	7,069	11,403
Total Realignment Program Charges	4,373		7,179	5,992	7,179	26,221
Restructuring Reserve [Roll Forward]
Charges	3,335		110	4,855	110	14,818
Engineered Product Division | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	6,411		122	8,818	122	16,293
Non-Restructuring Charges	1,199		2,160	978	2,160	7,509
Total Realignment Program Charges	7,610		2,282	9,796	2,282	23,802
Restructuring Reserve [Roll Forward]
Charges	6,411		122	8,818	122	16,293
Engineered Product Division | Income tax expense
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0		0	0	0	0
Total Realignment Program Charges	0		0	0	0	0
Restructuring Reserve [Roll Forward]
Charges	0		0	0	0	0
Industrial Product Division
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	2,371		8,501	3,899	34,384	42,504
Non-Restructuring Charges	2,281		2,189	4,683	2,821	18,992
Total Realignment Program Charges	4,652		10,690	8,582	37,205	61,496
Restructuring Reserve [Roll Forward]
Charges	2,371		8,501	3,899	34,384	42,504
Industrial Product Division | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	2,294		5,311	2,110	18,639	22,556
Non-Restructuring Charges	2,489		927	4,283	927	12,444
Total Realignment Program Charges	4,783		6,238	6,393	19,566	35,000
Restructuring Reserve [Roll Forward]
Charges	2,294		5,311	2,110	18,639	22,556
Industrial Product Division | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	77		2,690	1,789	10,245	11,048
Non-Restructuring Charges	(208)		1,262	400	1,894	6,548
Total Realignment Program Charges	(131)		3,952	2,189	12,139	17,596
Restructuring Reserve [Roll Forward]
Charges	77		2,690	1,789	10,245	11,048
Industrial Product Division | Income tax expense
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0		500	0	5,500	8,900
Total Realignment Program Charges	0		500	0	5,500	8,900
Restructuring Reserve [Roll Forward]
Charges	0		500	0	5,500	8,900
Flow Control Division
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	2,357		3,361	2,623	3,361	19,535
Non-Restructuring Charges	(15)		9,015	5,309	9,015	17,305
Total Realignment Program Charges	2,342		12,376	7,932	12,376	36,840
Restructuring Reserve [Roll Forward]
Charges	2,357		3,361	2,623	3,361	19,535
Flow Control Division | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	2,180		1,019	2,287	1,019	11,588
Non-Restructuring Charges	(141)		5,091	3,719	5,091	12,302
Total Realignment Program Charges	2,039		6,110	6,006	6,110	23,890
Restructuring Reserve [Roll Forward]
Charges	2,180		1,019	2,287	1,019	11,588
Flow Control Division | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	177		2,342	336	2,342	7,947
Non-Restructuring Charges	126		3,924	1,590	3,924	5,003
Total Realignment Program Charges	303		6,266	1,926	6,266	12,950
Restructuring Reserve [Roll Forward]
Charges	177		2,342	336	2,342	7,947
Flow Control Division | Income tax expense
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0		0	0	0	0
Total Realignment Program Charges	0		0	0	0	0
Restructuring Reserve [Roll Forward]
Charges	0		0	0	0	0
Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	14,474		12,094	20,195	37,977	93,150
Non-Restructuring Charges	4,503		20,433	12,107	21,065	55,209
Total Realignment Program Charges	18,977		32,527	32,302	59,042	148,359
Restructuring Reserve [Roll Forward]
Charges	14,474		12,094	20,195	37,977	93,150
Subtotal–Reportable Segments | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	7,809		6,440	9,252	19,768	48,962
Non-Restructuring Charges	3,386		13,087	9,139	13,087	36,149
Total Realignment Program Charges	11,195		19,527	18,391	32,855	85,111
Restructuring Reserve [Roll Forward]
Charges	7,809		6,440	9,252	19,768	48,962
Subtotal–Reportable Segments | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	6,665		5,154	10,943	12,709	35,288
Non-Restructuring Charges	1,117		7,346	2,968	7,978	19,060
Total Realignment Program Charges	7,782		12,500	13,911	20,687	54,348
Restructuring Reserve [Roll Forward]
Charges	6,665		5,154	10,943	12,709	35,288
Subtotal–Reportable Segments | Income tax expense
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0		500	0	5,500	8,900
Total Realignment Program Charges	0		500	0	5,500	8,900
Restructuring Reserve [Roll Forward]
Charges	0		500	0	5,500	8,900
Eliminations and All Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	32		0	32	0	32
Non-Restructuring Charges	1,129		0	1,274	0	1,274
Total Realignment Program Charges	1,161		0	1,306	0	1,306
Restructuring Reserve [Roll Forward]
Charges	32		0	32	0	32
Eliminations and All Other | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0		0	0	0	0
Non-Restructuring Charges	0		0	15	0	15
Total Realignment Program Charges	0		0	15	0	15
Restructuring Reserve [Roll Forward]
Charges	0		0	0	0	0
Eliminations and All Other | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	32		0	32	0	32
Non-Restructuring Charges	1,129		0	1,259	0	1,259
Total Realignment Program Charges	1,161		0	1,291	0	1,291
Restructuring Reserve [Roll Forward]
Charges	32		0	32	0	32
Eliminations and All Other | Income tax expense
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0		0	0	0	0
Total Realignment Program Charges	0		0	0	0	0
Restructuring Reserve [Roll Forward]
Charges	$ 0		$ 0	$ 0	$ 0	$ 0