Flowserve (FLS) 10-Q/A 11 Aug 17 2017 Q1 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 25, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	FLOWSERVE CORP
Entity Central Index Key	30,625
Document Type	10-Q/A
Document Period End Date	Mar. 31, 2017
Amendment Flag	true
Amendment Description	The purpose of this Amendment is to update the previous filing to make certain revisions for immaterial accounting errors that were identified in the second quarter of 2017.  While not material to any prior annual or quarterly period, in order to facilitate comparisons among periods, we have filed this Amendment, as well as an Amendment to our Form 10-K for the fiscal year ended December 31, 2016, to reflect the revisions to our consolidated financial statements for the fiscal years ended December 31, 2016, 2015 and 2014 and to the unaudited condensed consolidated financial statements for the fiscal quarter ended March 31, 2017 and 2016.  We have determined that these errors were as a result of material weaknesses that existed in our internal control structure for the year ended December 31, 2016 and continued through the end of the second quarter of 2017.  We have added disclosures related to our lack of internal controls related to financial reporting.  This Amendment should be read in conjunction with our other filings made with the SEC subsequent to the Original filing.
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		130,618,272

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Sales	$ 866,318	$ 946,221
Cost of sales	(597,880)	(641,067)
Gross profit	268,438	305,154
Selling, general and administrative expense	(222,084)	(237,549)
Net earnings from affiliates	3,455	3,319
Operating income	49,809	70,924
Interest expense	(14,696)	(14,568)
Interest income	624	676
Other expense, net	(11,128)	(5,564)
Earnings before income taxes	24,609	51,468
Provision for income taxes	(5,320)	(17,177)
Net earnings, including noncontrolling interests	19,289	34,291
Less: Net earnings attributable to noncontrolling interests	(239)	(425)
Net earnings attributable to Flowserve Corporation	$ 19,050	$ 33,866
Net earnings per share attributable to Flowserve Corporation common shareholders:
Basic (in dollars per share)	$ 0.15	$ 0.26
Diluted (in dollars per share)	0.15	0.26
Cash dividends declared per share (in dollars per share)	$ 0.19	$ 0.19

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net earnings, including noncontrolling interests	$ 19,289	$ 34,291
Other comprehensive income:
Foreign currency translation adjustments, net of taxes	33,786	32,499
Pension and other postretirement effects, net of taxes	484	2,786
Cash flow hedging activity, net of taxes	103	643
Other comprehensive income	34,373	35,928
Comprehensive income, including noncontrolling interests	53,662	70,219
Comprehensive income attributable to noncontrolling interests	(772)	(1,185)
Comprehensive income attributable to Flowserve Corporation	$ 52,890	$ 69,034

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Foreign currency translation, taxes	$ (20,074)	$ (19,356)
Pension and other postretirement effects, taxes	(356)	(742)
Cash flow hedging activity, taxes	$ (34)	$ (264)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 325,783	$ 367,162	$ 307,378	$ 366,444
Accounts receivable, net of allowance for doubtful accounts of $52,072 and $51,920, respectively	831,362	882,638
Inventories, net	940,000	897,690
Prepaid expenses and other	154,633	150,199
Total current assets	2,251,778	2,297,689
Property, plant and equipment, net of accumulated depreciation of $911,160 and $882,151, respectively	715,563	724,805
Goodwill	1,211,153	1,205,054
Deferred taxes	82,290	83,722
Other intangible assets, net	216,724	214,527
Other assets, net	186,668	183,126
Total assets	4,664,176	4,708,923
Current liabilities:
Accounts payable	354,566	412,087
Accrued liabilities	653,686	680,986
Debt due within one year	90,632	85,365
Total current liabilities	1,098,884	1,178,438
Long-term debt due after one year	1,477,549	1,485,258
Retirement obligations and other liabilities	415,844	407,839
Shareholders’ equity:
Common shares, $1.25 par value, Shares authorized - 305,000, Shares issued - 176,793	220,991	220,991
Capital in excess of par value	481,443	491,848
Retained earnings	3,595,368	3,598,396
Treasury shares, at cost – 46,575 and 46,980 shares, respectively	(2,063,085)	(2,078,527)
Deferred compensation obligation	6,641	8,507
Accumulated other comprehensive loss	(590,948)	(624,788)
Total Flowserve Corporation shareholders’ equity	1,650,410	1,616,427
Noncontrolling interests	21,489	20,961
Total equity	1,671,899	1,637,388
Total liabilities and equity	$ 4,664,176	$ 4,708,923

Condensed Consolidated Balance6

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Allowance for doubtful accounts	$ 52,072	$ 51,920
Accumulated depreciation on property, plant and equipment	$ 911,160	$ 882,151
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	46,575,000	46,980,000

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows – Operating activities:
Net earnings, including noncontrolling interests	$ 19,289	$ 34,291
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation	24,586	24,505
Amortization of intangible and other assets	4,039	4,123
Stock-based compensation	11,307	15,957
Foreign currency and other non-cash adjustments	319	10,238
Change in assets and liabilities, net of acquisition:
Accounts receivable, net	67,466	91,399
Inventories, net	(27,110)	(67,918)
Prepaid expenses and other	(2,436)	3,960
Other assets, net	(5,074)	(9,095)
Accounts payable	(60,740)	(89,840)
Accrued liabilities and income taxes payable	(36,010)	(16,592)
Retirement obligations and other	2,253	844
Net deferred taxes	6,038	(10,497)
Net cash flows provided (used) by operating activities	3,927	(8,625)
Cash flows – Investing activities:
Capital expenditures	(15,862)	(20,212)
Proceeds from disposal of assets and other	367	101
Net cash flows used by investing activities	(15,495)	(20,111)
Cash flows – Financing activities:
Payments on long-term debt	(15,000)	(15,000)
Proceeds under other financing arrangements	5,715	14,009
Payments under other financing arrangements	(1,314)	(11,017)
Excess tax benefits from stock-based payment arrangements	(3,198)	(2,356)
Payments of dividends	(24,785)	(23,415)
Other	(244)	(142)
Net cash flows used by financing activities	(38,826)	(37,921)
Effect of exchange rate changes on cash	9,015	7,591
Net change in cash and cash equivalents	(41,379)	(59,066)
Cash and cash equivalents at beginning of period	367,162	366,444
Cash and cash equivalents at end of period	$ 325,783	$ 307,378

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 , the related condensed consolidated statements of income and comprehensive income for the three months ended March 31, 2017 and 2016 , and the condensed consolidated statements of cash flows for the three months ended March 31, 2017 and 2016 , 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 March 31, 2017 ("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 Amended Annual Report on Form 10-K/A for the year ended December 31, 2016 (" 2016 Annual Report"). Revision to Previously Reported Financial Information - In the second quarter of 2017, we identified accounting errors focused mainly at two of our non-U.S. sites in the inventory, accounts receivable, cost of sales and selling, general and administrative expense balances for prior periods through the first quarter of 2017. We have assessed these errors, individually and in the aggregate, and concluded that they are not material to any prior annual or interim period. However, to facilitate comparisons among periods we have revised our previously issued audited consolidated financial information for fiscal years ended December 31, 2014, 2015 and 2016 and unaudited condensed consolidated financial information for the interim periods of 2016 and the three months ended March 31, 2017. We also corrected the timing of immaterial previously recorded out-of-period adjustments and reflected them in the revised prior period financial statements, where applicable. Prior periods not presented herein will be revised, as applicable, in future filings. See Note 2 for more information. 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 months ended March 31, 2017 represented less than 0.5% of consolidated sales and its assets at March 31, 2017 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 March 31, 2017 . 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. In the third quarter of 2016 we recorded a charge of $73.5 million to selling, general and administrative expense ("SG&A") to fully reserve for those potentially uncollectible accounts receivable and a charge to cost of sales ("COS") of $1.9 million to reserve for related net inventory exposures. We continue to pursue payments from our Venezuelan customer. At March 31, 2017 the DICOM exchange rate was 709.7 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, 2017 , 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. Valuation of Goodwill, Indefinite-Lived Intangible Assets and Other Long-Lived Assets – As discussed in Note 1 to our consolidated financial statements included in our 2016 Annual Report, the value of our goodwill and indefinite-lived intangible assets is tested for impairment as of December 31 each year or whenever events or circumstances indicate such assets may be impaired. We did not record an impairment of goodwill in 2016, 2015 or 2014; however at December 31, 2016 the estimated fair value of our Engineered Product Operations ("EPO") and Industrial Product Division ("IPD") reporting units reduced significantly due to broad-based capital spending declines and heightened pricing pressure experienced in the oil and gas markets which are anticipated to continue in the near to mid-term. Although we concluded that there is no impairment on the goodwill associated with our EPO and IPD reporting units as of December 31, 2016, we will continue to closely monitor their performance and related market conditions for future indicators of potential impairment and reassess accordingly. Accounting Policies Significant accounting policies, for which no significant changes have occurred in the three months ended March 31, 2017 , are detailed in Note 1 to our consolidated financial statements included in our 2016 Annual Report. Accounting Developments Pronouncements Implemented In July 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 updates 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. Our adoption of ASU No. 2015-11 effective January 1, 2017 did not have an impact on our consolidated financial condition and results of operations. 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. We adopted the provisions of ASU 2016-09 as of January 1, 2017. The adoption resulted in the recognition of approximately $1 million of tax expense in our provision of income taxes and an approximately $3 million one-time, cumulative adjustment to beginning retained earnings related to the change in our accounting policy for estimated forfeitures and share cancellations. In addition, in our statements of cash flows we reclassified cash outflows for employee taxes paid from operating to financing and elected to reclassify cash impacts due to excess tax deficiencies and benefits from financing to operating, which resulted in a net reclassification of approximately $2 million of cash flows used from operating to financing for the three months ended March 31, 2016. Pronouncements Not Yet Implemented In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)" which supersedes most of 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. Companies are permitted to adopt the new standard using one of two transition methods. Under the full retrospective method, the requirements of the new standard are applied to contracts for each prior reporting period presented and the cumulative effect of applying the standard is recognized in the earliest period presented. Under the modified retrospective method the requirements of the new standard are applied to contracts that are open as of January 1, 2018, the required date of adoption and the cumulative effect of applying the standard is recognized as an adjustment to beginning retained earnings in that same year. The standard also includes significantly expanded disclosure requirements for revenue. Since 2014, the FASB has issued several updates to Topic 606. 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. We plan to adopt the new revenue guidance effective January 1, 2018 using the modified retrospective method for transition. In 2015, we established a cross-functional implementation team consisting of representatives from across all of our reportable segments to begin the process of analyzing the impact of the standard on our contracts. The preliminary results of our evaluation, which is still in process, indicate that one of the changes upon adoption may be potentially increased “over-time” revenue recognition. Historically, revenue recognized under the percentage of completion method is less than 7% of our consolidated sales. We also anticipate changes to the consolidated balance sheet related to accounts receivable, contract assets and contract liabilities. Additionally, we are in the process of evaluating and designing the necessary changes to our business processes, systems and controls to support recognition and disclosure under the new standard. We are continuing our evaluation to determine the 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 beginning after December 15, 2018, including interim periods within those fiscal years 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 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. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments - A consensus of the FASB Emerging Issues Task Force.” The update was issued with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230 and other topics. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of ASU No. 2016-15 is not expected to have a material impact on our consolidated financial condition and results of operations. In October 2016, the FASB issued ASU No. 2016-16, "Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other Than Inventory." The ASU guidance requires the recognition of the income tax consequences of an intercompany asset transfer, other than transfers of inventory, when the transfer occurs. For intercompany transfers of inventory, the income tax effects will continue to be deferred until the inventory has been sold to a third party. The ASU is effective for reporting periods beginning after December 15, 2017, with early adoption permitted. We are currently evaluating the impact of ASU No. 2016-16 on our consolidated financial condition and results of operations. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash." The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU is effective for reporting periods beginning after December 15, 2017, including interim periods with those fiscal years. The adoption of ASU No. 2016-18 is not expected to have a material impact on our consolidated financial condition and results of operations. In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): "Clarifying the Definition of a Business." The ASU clarifies the definition of a business and provides guidance on evaluating as to whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition clarification as outlined in this ASU affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The amendments of the ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The adoption of ASU No. 2017-01 is not expected to have a material impact on our consolidated financial condition and results of operations. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The amendments in this ASU allow companies to apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The amendments of the ASU are effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We are currently evaluating the impact of ASU No. 2017- 04 on our consolidated financial condition and results of operations. In February 2017, the FASB issued ASU No. 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." The FASB issued this ASU to clarify the scope of subtopic 610-20, which the FASB had failed to define in its issuance of ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." ASU No. 2017-05 will be effective concurrently with ASU No. 2014-09. Similarly to ASU 2014-09, we are continuing our evaluation of ASU No. 2017-05 to determine the impact on our consolidated financial condition and results of operations. On March 10, 2017, the FASB issued ASU No. 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." The amendments of this ASU provide additional guidance intended to improve the presentation of net benefit costs pension costs and net periodic postretirement costs. The amendments of the ASU must be applied to annual reporting periods beginning after December 15, 2017, and to quarterly periods in 2018, early adoption of the standard is permitted. We are currently evaluating the impact of ASU No. 2017- 07 on our consolidated financial condition and results of operations.

Accounting Errors and Correctio

Accounting Errors and Corrections (Notes)	3 Months Ended
	Mar. 31, 2017
Accounting Changes and Error Corrections [Abstract]
Accounting Changes and Error Corrections [Text Block]	Revision to Previously Reported Financial Information In the second quarter of 2017, we identified accounting errors focused mainly at two of our non-U.S. sites in the inventory, accounts receivable, cost of sales and selling, general and administrative expense balances for prior periods through the first quarter of 2017. We have assessed these errors, individually and in the aggregate, and concluded that they are not material to any prior annual or interim period. However, to facilitate comparisons among periods we have revised our previously issued audited consolidated financial information for fiscal years ended December 31, 2014, 2015 and 2016 and unaudited condensed consolidated financial information for the interim periods of 2016 and the three months ended March 31, 2017. We also corrected the timing of immaterial previously recorded out-of-period adjustments and reflected them in the revised prior period financial statements, where applicable. Prior periods not presented herein will be revised, as applicable, in future filings. The following table presents the effect of the prior period revisions on the affected line items of our condensed consolidated balance sheet as of March 31, 2017 : March 31, 2017 (Amounts in thousands) As Reported Adjustments As Revised Accounts receivable, net (1) $ 844,597 $ (13,235 ) $ 831,362 Inventories, net (2) 957,120 (17,120 ) 940,000 Total current assets 2,282,133 (30,355 ) 2,251,778 Deferred taxes (3) 84,590 (2,300 ) 82,290 Total assets 4,696,831 (32,655 ) 4,664,176 Accrued liabilities 654,025 (339 ) 653,686 Total current liabilities 1,099,223 (339 ) 1,098,884 Retirement obligations and other liabilities 418,196 (2,352 ) 415,844 Retained earnings (4) 3,624,907 (29,539 ) 3,595,368 Accumulated other comprehensive loss (590,523 ) (425 ) (590,948 ) Total Flowserve Corporation shareholders’ equity 1,680,374 (29,964 ) 1,650,410 Total equity 1,701,863 (29,964 ) 1,671,899 Total liabilities and equity $ 4,696,831 $ (32,655 ) $ 4,664,176 (1) The adjustments to accounts receivable, net are primarily related to receivables at one non-U.S. manufacturing site of $(10.5) million from our primary Venezuelan customer. These receivables should have been classified as long-term receivables and included in the charge that we recorded in the third quarter of 2016 to fully reserve all the potentially uncollectible receivables. This adjustment related to our EPD segment. (2) The inventory adjustments primarily include corrections for errors at one non-U.S. manufacturing site related to inventory manufacturing cost variances of $(5.3) million , excess and obsolete reserve of $(3.0) million , inappropriate costs capitalized to projects in process of $(4.8) million and the write-off of non-recoverable work in process of $(3.8) million . The inventory manufacturing cost variances are capitalized to reflect inventory balances at actual cost, however, the non-U.S. site inappropriately overstated the costs subject to capitalization, primarily during 2016. The excess and obsolete reserve did not consider all inventory items resulting in an understatement of the reserve. The inappropriate costs were attributable to multiple projects over multiple periods for which no costs had been incurred or for which costs were incurred for warranty items that should have been expensed. The non-recoverable work in process related to projects which had previously shipped but the related costs were not appropriately removed from inventory. These adjustments were attributable to our IPD segment other than $(3.3) million of write-off of non-recoverable work in progress that were attributable to our EPD segment. (3) The deferred tax asset adjustments primarily related to deferred tax assets of $(6.5) million that previously were determined to be more likely than not realizable, partially offset by the tax effect of other revision adjustments. However, as a result of the adjustments described above, it was determined the deferred tax assets would not be realized. (4) The adjustment to retained earnings represents the cumulative effect of the errors that were corrected in current and prior periods. The following table presents the effect of the prior period revisions on the affected line items of our condensed consolidated balance sheet as of December 31, 2016 : December 31, 2016 (Amounts in thousands) As Reported Adjustments As Revised Accounts receivable, net (1) 894,749 (12,111 ) 882,638 Inventories, net (2) 919,251 (21,561 ) 897,690 Total current assets 2,331,361 (33,672 ) 2,297,689 Property, plant and equipment, net 723,628 1,177 724,805 Deferred taxes (3) 87,178 (3,456 ) 83,722 Other assets, net 181,014 2,112 183,126 Total assets $ 4,742,762 $ (33,839 ) $ 4,708,923 Accrued liabilities 680,689 297 680,986 Total current liabilities 1,178,141 297 1,178,438 Retirement obligations and other liabilities 410,168 (2,329 ) 407,839 Retained earnings (4) 3,632,163 (33,767 ) 3,598,396 Accumulated other comprehensive loss (626,748 ) 1,960 (624,788 ) Total Flowserve Corporation shareholders’ equity 1,648,234 (31,807 ) 1,616,427 Noncontrolling interests 20,961 — 20,961 Total equity 1,669,195 (31,807 ) 1,637,388 Total liabilities and equity $ 4,742,762 $ (33,839 ) $ 4,708,923 _______________________________________ (1) The adjustments to accounts receivable, net are primarily related to receivables at one non-U.S. manufacturing site of $(9.5) million from our primary Venezuelan customer. These receivables should have been classified as long-term receivables and included in the charge that we recorded in the third quarter of 2016 to fully reserve all the potentially uncollectible receivables. This adjustment related to our EPD segment. (2) The inventory adjustments primarily include corrections for errors at one non-U.S. manufacturing site related to inventory manufacturing cost variances of $(5.9) million , excess and obsolete reserve of $(2.5) million , inappropriate costs capitalized to projects in process of $(8.3) million and the write-off of non-recoverable work in process of $(3.3) million . The inventory manufacturing cost variances are capitalized to reflect inventory balances at actual cost, however, the non-U.S. site inappropriately overstated the costs subject to capitalization, primarily during 2016. The excess and obsolete reserve did not consider all inventory items resulting in an understatement of the reserve. The inappropriate costs were attributable to multiple projects over multiple periods for which no costs had been incurred or for which costs were incurred for warranty items that should have been expensed. The non-recoverable work in process related to projects which had previously shipped but the related costs were not appropriately removed from inventory. These adjustments were attributable to our IPD segment other than $(3.6) million of the inappropriate capitalized cost and $(2.8) million of write-off of non-recoverable work in progress that were attributable to our EPD segment. (3) The deferred tax asset adjustments primarily related to deferred tax assets of $(6.4) million that previously were determined to be more likely than not realizable, partially offset by the tax effect of other revision adjustments. However, as a result of the adjustments described above, it was determined the deferred tax assets would not be realized. (4) The adjustment to retained earnings represents the cumulative effect of the errors that were corrected in current and prior periods. The following table presents the effect of the prior period revisions on the affected line items of our condensed consolidated statement of income for the three months ended March 31, 2017 : (Amounts in thousands, except per share data) Three Months Ended March 31, 2017 As Reported Adjustments As Revised Sales $ 863,626 $ 2,692 $ 866,318 Cost of sales (599,746 ) 1,866 (597,880 ) Gross profit 263,880 4,558 268,438 Selling, general and administrative expense (222,029 ) (55 ) (222,084 ) Net earnings from affiliates 5,165 (1,710 ) 3,455 Operating income 47,016 2,793 49,809 Earnings before income taxes 21,817 2,792 24,609 Provision for income taxes (6,755 ) 1,435 (5,320 ) Net earnings, including noncontrolling interests 15,062 4,227 19,289 Net earnings attributable to Flowserve Corporation $ 14,823 $ 4,227 $ 19,050 Net earnings per share attributable to Flowserve Corporation common shareholders: Basic $ 0.11 $ 0.04 $ 0.15 Diluted 0.11 0.04 0.15 The following table presents the effect of the prior period revisions on the affected line items of our condensed consolidated statement of income for the three months ended March 31, 2016 : (Amounts in thousands, except per share data) Three Months Ended March 31, 2016 As Reported Adjustments As Revised Sales $ 947,248 $ (1,027 ) $ 946,221 Cost of sales (639,247 ) (1,820 ) (641,067 ) Gross profit 308,001 (2,847 ) 305,154 Selling, general and administrative expense (236,910 ) (639 ) (237,549 ) Operating income 74,410 (3,486 ) 70,924 Other expense, net (4,543 ) (1,021 ) (5,564 ) Earnings before income taxes 55,975 (4,507 ) 51,468 Provision for income taxes (17,691 ) 514 (17,177 ) Net earnings, including noncontrolling interests 38,284 (3,993 ) 34,291 Net earnings attributable to Flowserve Corporation $ 37,859 $ (3,993 ) $ 33,866 Net earnings per share attributable to Flowserve Corporation common shareholders: Basic $ 0.29 $ (0.03 ) $ 0.26 Diluted 0.29 (0.03 ) 0.26 The effect of the revision adjustments to the condensed consolidated statements of cash flows for the three months ended March 31, 2016 and March 31, 2017 related to net earnings, including noncontrolling interests for the change in net earnings in the table above offset primarily by impacts to changes in assets and liabilities. The revisions to individual line items within changes in assets and liabilities were below $3 million except for an increase of $4.4 million to the change in inventory, net for the three months ended March 31, 2017 . Additionally, we adopted ASU 2016-09 on January 1, 2017, see Note 1 for further discussion of the impact of that adoption on our statements of cash flows. The impacts of the revisions have been reflected throughout the financial statements, including the applicable footnotes, as appropriate.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
	Mar. 31, 2017
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, 2,832,115 were available for issuance as of March 31, 2017 . In 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 ("55/10 Provision"). As of March 31, 2017 , 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, except for awards related to the 55/10 Provision which are expensed in the period granted. We had unearned compensation of $25.0 million and $15.2 million at March 31, 2017 and December 31, 2016 , 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 March 31, 2017 and 2016 was $25.7 million and $36.4 million , respectively. We recorded stock-based compensation expense of $7.5 million ( $11.3 million pre-tax) and $10.5 million ( $16.0 million pre-tax) for the three months ended March 31, 2017 and 2016 , respectively. The following table summarizes information regarding Restricted Shares: Three Months Ended March 31, 2017 Shares Weighted Average Grant-Date Fair Value Number of unvested shares: Outstanding - January 1, 2017 1,259,275 $ 50.77 Granted 523,235 50.49 Vested (423,523 ) 60.69 Canceled (128,281 ) 47.97 Outstanding as of March 31, 2017 1,230,706 $ 47.53 Unvested Restricted Shares outstanding as of March 31, 2017 , includes approximately 872,000 units with performance-based vesting provisions. Performance-based units are issuable in common stock and vest upon the achievement of pre-defined performance targets. Performance-based units granted prior to 2017 have performance targets 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. Performance-based units granted in 2017 have performance targets based on our average return on invested capital and our total shareholder return ("TSR") over a three-year period as compared with the same measures for a defined peer group for the same period. Most units were granted in three annual grants since January 1, 2015 and have a vesting percentage between 0% and 200% depending on the achievement of the specific performance targets. Except for shares granted under the 55/10 Provision, compensation expense is recognized ratably over a cliff-vesting period of 36 months , based on the fair value of our common stock on the date of grant, as adjusted for actual forfeitures. During the performance period, earned and unearned compensation expense is adjusted based on changes in the expected achievement of the performance targets for all performance-based units granted except for the TSR-based units. Vesting provisions range from 0 to approximately 1,670,000 shares based on performance targets. As of March 31, 2017 , we estimate vesting of approximately 636,000 shares based on expected achievement of performance targets.

Derivative Instruments and Hedg

Derivative Instruments and Hedges	3 Months Ended
	Mar. 31, 2017
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 7 to our consolidated financial statements included in our 2016 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. We had no foreign exchange contracts designated as hedging instruments as of March 31, 2017 , compared to a notional value of $0.6 million as of December 31, 2016 . Foreign exchange contracts with third parties not designated as hedging instruments had a notional value of $387.0 million and $393.2 million at March 31, 2017 and December 31, 2016 , respectively. At March 31, 2017 , the length of foreign exchange contracts currently in place ranged from three days to 20 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: March 31, December 31, (Amounts in thousands) 2017 2016 Current derivative assets $ 2,909 $ 682 Current derivative liabilities 3,210 6,878 Noncurrent derivative liabilities 114 355 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 March 31, (Amounts in thousands) 2017 2016 Gain recognized in income $ 1,897 $ 2,061 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 expense, net in our condensed consolidated 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 three months ended March 31, 2017 or March 31, 2016 .

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt Debt, including capital lease obligations, consisted of: March 31, December 31, (Amounts in thousands, except percentages) 2017 2016 1.25% EUR Senior Notes due March 17, 2022, net of unamortized discount and debt issuance costs of $5,556 and $5,748 $ 526,894 $ 519,902 4.00% USD Senior Notes due November 15, 2023, net of unamortized discount and debt issuance costs of $2,878 and $2,972 297,122 297,028 3.50% USD Senior Notes due September 15, 2022, net of unamortized discount and debt issuance costs of $3,696 and $3,848 496,304 496,152 Term Loan Facility, interest rate of 2.40% at March 31, 2017 and 2.25% at December 31, 2016, net of debt issuance costs of $653 and $745 209,347 224,255 Capital lease obligations and other borrowings 38,514 33,286 Debt and capital lease obligations 1,568,181 1,570,623 Less amounts due within one year 90,632 85,365 Total debt due after one year $ 1,477,549 $ 1,485,258 Senior Credit Facility As discussed in Note 11 to our consolidated financial statements included in our 2016 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 March 31, 2017 and December 31, 2016 , we had no amounts outstanding under the Revolving Credit Facility. We had outstanding letters of credit of $89.6 million and $102.6 million at March 31, 2017 and December 31, 2016 , respectively. As of March 31, 2017 and December 31, 2016 , due to a financial covenant in the Senior Credit Facility, the amount available for borrowings under our Revolving Credit Facility was effectively limited to $419.8 million and $553.5 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 March 31, 2017 . 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 March 31, 2017 . During the three months ended March 31, 2017 , we made scheduled repayments of $15.0 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	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 was $1,348.5 million compared to the carrying value of $1,320.3 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 March 31, 2017 and December 31, 2016 .

Inventories

Inventories	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, net consisted of the following: March 31, December 31, (Amounts in thousands) 2017 2016 Raw materials $ 361,685 $ 348,012 Work in process 652,383 629,766 Finished goods 215,383 206,086 Less: Progress billings (214,507 ) (216,783 ) Less: Excess and obsolete reserve (74,944 ) (69,391 ) Inventories, net $ 940,000 $ 897,690

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
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 March 31, (Amounts in thousands, except per share data) 2017 2016 Net earnings of Flowserve Corporation $ 19,050 $ 33,866 Dividends on restricted shares not expected to vest — 2 Earnings attributable to common and participating shareholders $ 19,050 $ 33,868 Weighted average shares: Common stock 130,393 129,781 Participating securities 169 361 Denominator for basic earnings per common share 130,562 130,142 Effect of potentially dilutive securities 713 670 Denominator for diluted earnings per common share 131,275 130,812 Earnings per common share: Basic $ 0.15 $ 0.26 Diluted 0.15 0.26 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	3 Months Ended
	Mar. 31, 2017
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 2016 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 have completed our response to the subpoena. 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	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and 2016 were as follows: U.S. Defined Benefit Plans Non-U.S. Defined Benefit Plans Postretirement Medical Benefits (Amounts in millions) 2017 2016 2017 2016 2017 2016 Service cost $ 6.2 $ 5.9 $ 1.7 $ 1.8 $ — $ — Interest cost 4.3 4.8 2.2 2.9 0.2 0.3 Expected return on plan assets (6.2 ) (6.1 ) (2.1 ) (2.7 ) — — Amortization of prior service cost — 0.1 — — — — Amortization of unrecognized net loss (gain) 1.5 1.2 0.9 1.3 0.1 (0.1 ) Net periodic cost recognized $ 5.8 $ 5.9 $ 2.7 $ 3.3 $ 0.3 $ 0.2

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Dividends – 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 March 31, 2017 and 2016 . As of March 31, 2017 we had $160.7 million of remaining capacity under our current share repurchase program.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2017 , we earned $24.6 million before taxes and provided for income taxes of $5.3 million resulting in an effective tax rate of 21.6% . The effective tax rate varied from the U.S. federal statutory rate for the three months ended March 31, 2017 primarily due to the net impact of foreign operations. For the three months ended March 31, 2016 , we earned $51.5 million before taxes and provided for income taxes of $17.2 million resulting in an effective tax rate of 33.4% . The effective tax rate varied from the U.S. federal statutory rate for the three months ended March 31, 2016 primarily due to the net impact of foreign operations. As of March 31, 2017 , the amount of unrecognized tax benefits increased by $3.4 million from December 31, 2016 . With limited exception, we are no longer subject to U.S. federal income tax audits for years through 2014, state and local income tax audits for years through 2010 or non-U.S. income tax audits for years through 2009. We are currently under examination for various years in Austria, Germany, India, Italy, Singapore, the U.S. and Venezuela. 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 $8 million within the next 12 months.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 (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 $ 417,070 $ 170,002 $ 279,246 $ 866,318 $ — $ 866,318 Intersegment sales 7,592 8,378 1,191 17,161 (17,161 ) — Segment operating income (loss) 45,583 (13,774 ) 41,470 73,279 (23,470 ) 49,809 Three Months Ended March 31, 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 $ 463,199 $ 186,704 $ 296,318 $ 946,221 $ — $ 946,221 Intersegment sales 9,613 10,746 2,668 23,027 (23,027 ) — Segment operating income 55,808 3,695 38,374 97,877 (26,953 ) 70,924

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and 2016 : 2017 2016 (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 $ (483,609 ) $ (136,530 ) $ (1,238 ) $ (621,377 ) $ (411,615 ) $ (120,461 ) $ (3,458 ) $ (535,534 ) Other comprehensive income (loss) before reclassifications 33,786 (1,152 ) 80 32,714 32,499 1,060 529 34,088 Amounts reclassified from AOCL — 1,636 23 1,659 — 1,726 114 1,840 Net current-period other comprehensive income 33,786 484 103 34,373 32,499 2,786 643 35,928 Balance - March 31 $ (449,823 ) $ (136,046 ) $ (1,135 ) $ (587,004 ) $ (379,116 ) $ (117,675 ) $ (2,815 ) $ (499,606 ) _______________________________________ (1) Includes foreign currency translation adjustments attributable to noncontrolling interests of $3.4 million and $2.7 million at January 1, 2017 and 2016, respectively, and $3.9 million and $3.5 million at March 31, 2017 and 2016 , respectively. Includes net investment hedge losses of $0.8 million and $12.5 million , net of deferred taxes, for the three months ended March 31, 2017 and 2016 , respectively. Amounts in parentheses indicate debits. The following table presents the reclassifications out of AOCL: Three Months Ended March 31, (Amounts in thousands) Affected line item in the statement of income 2017(1) 2016 Cash flow hedging activity Foreign exchange contracts Sales $ (30 ) $ (154 ) Tax benefit 7 40 Net of tax $ (23 ) $ (114 ) Pension and other postretirement effects Amortization of actuarial losses(2) $ (2,397 ) $ (2,313 ) Prior service costs(2) (57 ) (152 ) Tax benefit 818 739 Net of tax $ (1,636 ) $ (1,726 ) _______________________________________ (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

Realignment Programs	3 Months Ended
	Mar. 31, 2017
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 . 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 COS or 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 in 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 March 31, 2017 (Amounts in thousands) Engineered Product Division Industrial Product Division Flow Control Division Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Restructuring Charges COS $ (2,674 ) $ 4,771 $ (32 ) $ 2,065 $ — $ 2,065 SG&A (781 ) 89 124 (568 ) 11 (557 ) $ (3,455 ) $ 4,860 $ 92 $ 1,497 $ 11 $ 1,508 Non-Restructuring Charges COS $ 1,101 $ 1,438 $ 433 $ 2,972 $ — $ 2,972 SG&A 714 3,606 547 4,867 1,164 6,031 $ 1,815 $ 5,044 $ 980 $ 7,839 $ 1,164 $ 9,003 Total Realignment Charges COS $ (1,573 ) $ 6,209 $ 401 $ 5,037 $ — $ 5,037 SG&A (67 ) 3,695 671 4,299 1,175 $ 5,474 Total $ (1,640 ) $ 9,904 $ 1,072 $ 9,336 $ 1,175 $ 10,511 Three Months Ended March 31, 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 $ 1,520 $ (184 ) $ 108 $ 1,444 $ — $ 1,444 SG&A 2,407 1,712 159 4,278 — 4,278 $ 3,927 $ 1,528 $ 267 $ 5,722 $ — $ 5,722 Non-Restructuring Charges COS $ 99 $ 1,793 $ 3,860 $ 5,752 $ 15 $ 5,767 SG&A (221 ) 608 1,464 1,851 131 1,982 $ (122 ) $ 2,401 $ 5,324 $ 7,603 $ 146 $ 7,749 Total Realignment Charges COS $ 1,619 $ 1,609 $ 3,968 $ 7,196 $ 15 $ 7,211 SG&A 2,186 2,320 1,623 6,129 131 $ 6,260 Total $ 3,805 $ 3,929 $ 5,591 $ 13,325 $ 146 $ 13,471 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 $ 32,037 $ 45,419 $ 13,957 $ 91,413 $ — $ 91,413 SG&A 17,036 15,686 9,676 42,398 29 42,427 Income tax expense(2) 9,400 9,300 1,800 20,500 — 20,500 $ 58,473 $ 70,405 $ 25,433 $ 154,311 $ 29 $ 154,340 Non-Restructuring Charges COS $ 17,261 $ 15,621 $ 12,366 $ 45,248 $ 8 $ 45,256 SG&A 10,707 11,816 5,386 27,909 5,596 33,505 $ 27,968 $ 27,437 $ 17,752 $ 73,157 $ 5,604 $ 78,761 Total Realignment Charges COS $ 49,298 $ 61,040 $ 26,323 $ 136,661 $ 8 $ 136,669 SG&A 27,743 27,502 15,062 70,307 5,625 75,932 Income tax expense(2) 9,400 9,300 1,800 20,500 — 20,500 Total $ 86,441 $ 97,842 $ 43,185 $ 227,468 $ 5,633 $ 233,101 ____________________________ (1) Includes $48.2 million of restructuring charges, primarily COS, related to the R1 Realignment Program. (2) Income tax expense includes exit taxes as well as non-deductible costs. 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 March 31, 2017 (Amounts in thousands) Severance Contract Termination Asset Write-Downs Other Total COS $ (3,757 ) $ 137 $ 4,953 $ 732 $ 2,065 SG&A (1,319 ) — 352 410 (557 ) Total $ (5,076 ) $ 137 $ 5,305 $ 1,142 $ 1,508 Three Months Ended March 31, 2016 (Amounts in thousands) Severance Contract Termination Asset Write-Downs Other Total COS $ 63 $ — $ 918 $ 463 $ 1,444 SG&A 3,754 — 36 488 4,278 Total $ 3,817 $ — $ 954 $ 951 $ 5,722 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) $ 68,187 $ 746 $ 13,870 $ 8,610 $ 91,413 SG&A 29,448 43 1,780 11,156 42,427 Income tax expense(2) — — — 20,500 20,500 Total $ 97,635 $ 789 $ 15,650 $ 40,266 $ 154,340 _______________________________ (1) Includes $48.2 million of restructuring charges, primarily COS, related to the R1 Realignment Program. (2) Income tax expense includes exit taxes as well as non-deductible costs. The following represents the activity, primarily severance, related to the restructuring reserve for the Realignment Programs for the three months ended March 31, 2017 and 2016 : 2017 2016 (Amounts in thousands) R1 Realignment Program R2 Realignment Program Total R1 Realignment Program R2 Realignment Program Total Balance at December 31 $ 12,594 $ 47,733 $ 60,327 $ 25,156 $ 33,147 $ 58,303 Charges, net of adjustments (3,431 ) (503 ) (3,934 ) 976 3,792 4,768 Cash expenditures (4,124 ) (7,070 ) (11,194 ) (1,294 ) (3,999 ) (5,293 ) Other non-cash adjustments, including currency 3,038 (1,712 ) 1,326 (877 ) (1,162 ) (2,039 ) Balance at March 31 $ 8,077 $ 38,448 $ 46,525 $ 23,961 $ 31,778 $ 55,739

Subsequent Events (Notes)

Subsequent Events (Notes)	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Event On March 31, 2017, we signed a conditional sale and purchase agreement to sell our Flow Control Division's ("FCD") Gestra AG ("Gestra") business to a leading provider of steam system solutions for €186 million . The sale will include Gestra’s manufacturing facility in Germany as well as related operations in the U.S., the United Kingdom ("U.K."), Spain, Poland, Italy, Singapore and Portugal. In 2016, Gestra recorded revenues of approximately €92 million with earnings before interest and taxes of approximately €15 million . We believe the transaction will be completed in May 2017. Although the timing of the completed transaction and the balance sheet at the closing date will determine the exact amount, we currently estimate a gain on the sale in excess of €40 million .

Basis of Presentation and Acc24

Basis of Presentation and Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Accounting developments	Accounting Developments Pronouncements Implemented In July 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 updates 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. Our adoption of ASU No. 2015-11 effective January 1, 2017 did not have an impact on our consolidated financial condition and results of operations. 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. We adopted the provisions of ASU 2016-09 as of January 1, 2017. The adoption resulted in the recognition of approximately $1 million of tax expense in our provision of income taxes and an approximately $3 million one-time, cumulative adjustment to beginning retained earnings related to the change in our accounting policy for estimated forfeitures and share cancellations. In addition, in our statements of cash flows we reclassified cash outflows for employee taxes paid from operating to financing and elected to reclassify cash impacts due to excess tax deficiencies and benefits from financing to operating, which resulted in a net reclassification of approximately $2 million of cash flows used from operating to financing for the three months ended March 31, 2016. Pronouncements Not Yet Implemented In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)" which supersedes most of 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. Companies are permitted to adopt the new standard using one of two transition methods. Under the full retrospective method, the requirements of the new standard are applied to contracts for each prior reporting period presented and the cumulative effect of applying the standard is recognized in the earliest period presented. Under the modified retrospective method the requirements of the new standard are applied to contracts that are open as of January 1, 2018, the required date of adoption and the cumulative effect of applying the standard is recognized as an adjustment to beginning retained earnings in that same year. The standard also includes significantly expanded disclosure requirements for revenue. Since 2014, the FASB has issued several updates to Topic 606. 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. We plan to adopt the new revenue guidance effective January 1, 2018 using the modified retrospective method for transition. In 2015, we established a cross-functional implementation team consisting of representatives from across all of our reportable segments to begin the process of analyzing the impact of the standard on our contracts. The preliminary results of our evaluation, which is still in process, indicate that one of the changes upon adoption may be potentially increased “over-time” revenue recognition. Historically, revenue recognized under the percentage of completion method is less than 7% of our consolidated sales. We also anticipate changes to the consolidated balance sheet related to accounts receivable, contract assets and contract liabilities. Additionally, we are in the process of evaluating and designing the necessary changes to our business processes, systems and controls to support recognition and disclosure under the new standard. We are continuing our evaluation to determine the 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 beginning after December 15, 2018, including interim periods within those fiscal years 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 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. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments - A consensus of the FASB Emerging Issues Task Force.” The update was issued with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230 and other topics. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of ASU No. 2016-15 is not expected to have a material impact on our consolidated financial condition and results of operations. In October 2016, the FASB issued ASU No. 2016-16, "Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other Than Inventory." The ASU guidance requires the recognition of the income tax consequences of an intercompany asset transfer, other than transfers of inventory, when the transfer occurs. For intercompany transfers of inventory, the income tax effects will continue to be deferred until the inventory has been sold to a third party. The ASU is effective for reporting periods beginning after December 15, 2017, with early adoption permitted. We are currently evaluating the impact of ASU No. 2016-16 on our consolidated financial condition and results of operations. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash." The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU is effective for reporting periods beginning after December 15, 2017, including interim periods with those fiscal years. The adoption of ASU No. 2016-18 is not expected to have a material impact on our consolidated financial condition and results of operations. In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): "Clarifying the Definition of a Business." The ASU clarifies the definition of a business and provides guidance on evaluating as to whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition clarification as outlined in this ASU affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The amendments of the ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The adoption of ASU No. 2017-01 is not expected to have a material impact on our consolidated financial condition and results of operations. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The amendments in this ASU allow companies to apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The amendments of the ASU are effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We are currently evaluating the impact of ASU No. 2017- 04 on our consolidated financial condition and results of operations. In February 2017, the FASB issued ASU No. 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." The FASB issued this ASU to clarify the scope of subtopic 610-20, which the FASB had failed to define in its issuance of ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." ASU No. 2017-05 will be effective concurrently with ASU No. 2014-09. Similarly to ASU 2014-09, we are continuing our evaluation of ASU No. 2017-05 to determine the impact on our consolidated financial condition and results of operations. On March 10, 2017, the FASB issued ASU No. 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." The amendments of this ASU provide additional guidance intended to improve the presentation of net benefit costs pension costs and net periodic postretirement costs. The amendments of the ASU must be applied to annual reporting periods beginning after December 15, 2017, and to quarterly periods in 2018, early adoption of the standard is permitted. We are currently evaluating the impact of ASU No. 2017- 07 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.

Accounting Errors and Correct25

Accounting Errors and Corrections (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	The following table presents the effect of the prior period revisions on the affected line items of our condensed consolidated balance sheet as of March 31, 2017 : March 31, 2017 (Amounts in thousands) As Reported Adjustments As Revised Accounts receivable, net (1) $ 844,597 $ (13,235 ) $ 831,362 Inventories, net (2) 957,120 (17,120 ) 940,000 Total current assets 2,282,133 (30,355 ) 2,251,778 Deferred taxes (3) 84,590 (2,300 ) 82,290 Total assets 4,696,831 (32,655 ) 4,664,176 Accrued liabilities 654,025 (339 ) 653,686 Total current liabilities 1,099,223 (339 ) 1,098,884 Retirement obligations and other liabilities 418,196 (2,352 ) 415,844 Retained earnings (4) 3,624,907 (29,539 ) 3,595,368 Accumulated other comprehensive loss (590,523 ) (425 ) (590,948 ) Total Flowserve Corporation shareholders’ equity 1,680,374 (29,964 ) 1,650,410 Total equity 1,701,863 (29,964 ) 1,671,899 Total liabilities and equity $ 4,696,831 $ (32,655 ) $ 4,664,176 (1) The adjustments to accounts receivable, net are primarily related to receivables at one non-U.S. manufacturing site of $(10.5) million from our primary Venezuelan customer. These receivables should have been classified as long-term receivables and included in the charge that we recorded in the third quarter of 2016 to fully reserve all the potentially uncollectible receivables. This adjustment related to our EPD segment. (2) The inventory adjustments primarily include corrections for errors at one non-U.S. manufacturing site related to inventory manufacturing cost variances of $(5.3) million , excess and obsolete reserve of $(3.0) million , inappropriate costs capitalized to projects in process of $(4.8) million and the write-off of non-recoverable work in process of $(3.8) million . The inventory manufacturing cost variances are capitalized to reflect inventory balances at actual cost, however, the non-U.S. site inappropriately overstated the costs subject to capitalization, primarily during 2016. The excess and obsolete reserve did not consider all inventory items resulting in an understatement of the reserve. The inappropriate costs were attributable to multiple projects over multiple periods for which no costs had been incurred or for which costs were incurred for warranty items that should have been expensed. The non-recoverable work in process related to projects which had previously shipped but the related costs were not appropriately removed from inventory. These adjustments were attributable to our IPD segment other than $(3.3) million of write-off of non-recoverable work in progress that were attributable to our EPD segment. (3) The deferred tax asset adjustments primarily related to deferred tax assets of $(6.5) million that previously were determined to be more likely than not realizable, partially offset by the tax effect of other revision adjustments. However, as a result of the adjustments described above, it was determined the deferred tax assets would not be realized. (4) The adjustment to retained earnings represents the cumulative effect of the errors that were corrected in current and prior periods. The following table presents the effect of the prior period revisions on the affected line items of our condensed consolidated balance sheet as of December 31, 2016 : December 31, 2016 (Amounts in thousands) As Reported Adjustments As Revised Accounts receivable, net (1) 894,749 (12,111 ) 882,638 Inventories, net (2) 919,251 (21,561 ) 897,690 Total current assets 2,331,361 (33,672 ) 2,297,689 Property, plant and equipment, net 723,628 1,177 724,805 Deferred taxes (3) 87,178 (3,456 ) 83,722 Other assets, net 181,014 2,112 183,126 Total assets $ 4,742,762 $ (33,839 ) $ 4,708,923 Accrued liabilities 680,689 297 680,986 Total current liabilities 1,178,141 297 1,178,438 Retirement obligations and other liabilities 410,168 (2,329 ) 407,839 Retained earnings (4) 3,632,163 (33,767 ) 3,598,396 Accumulated other comprehensive loss (626,748 ) 1,960 (624,788 ) Total Flowserve Corporation shareholders’ equity 1,648,234 (31,807 ) 1,616,427 Noncontrolling interests 20,961 — 20,961 Total equity 1,669,195 (31,807 ) 1,637,388 Total liabilities and equity $ 4,742,762 $ (33,839 ) $ 4,708,923 _______________________________________ (1) The adjustments to accounts receivable, net are primarily related to receivables at one non-U.S. manufacturing site of $(9.5) million from our primary Venezuelan customer. These receivables should have been classified as long-term receivables and included in the charge that we recorded in the third quarter of 2016 to fully reserve all the potentially uncollectible receivables. This adjustment related to our EPD segment. (2) The inventory adjustments primarily include corrections for errors at one non-U.S. manufacturing site related to inventory manufacturing cost variances of $(5.9) million , excess and obsolete reserve of $(2.5) million , inappropriate costs capitalized to projects in process of $(8.3) million and the write-off of non-recoverable work in process of $(3.3) million . The inventory manufacturing cost variances are capitalized to reflect inventory balances at actual cost, however, the non-U.S. site inappropriately overstated the costs subject to capitalization, primarily during 2016. The excess and obsolete reserve did not consider all inventory items resulting in an understatement of the reserve. The inappropriate costs were attributable to multiple projects over multiple periods for which no costs had been incurred or for which costs were incurred for warranty items that should have been expensed. The non-recoverable work in process related to projects which had previously shipped but the related costs were not appropriately removed from inventory. These adjustments were attributable to our IPD segment other than $(3.6) million of the inappropriate capitalized cost and $(2.8) million of write-off of non-recoverable work in progress that were attributable to our EPD segment. (3) The deferred tax asset adjustments primarily related to deferred tax assets of $(6.4) million that previously were determined to be more likely than not realizable, partially offset by the tax effect of other revision adjustments. However, as a result of the adjustments described above, it was determined the deferred tax assets would not be realized. (4) The adjustment to retained earnings represents the cumulative effect of the errors that were corrected in current and prior periods. The following table presents the effect of the prior period revisions on the affected line items of our condensed consolidated statement of income for the three months ended March 31, 2017 : (Amounts in thousands, except per share data) Three Months Ended March 31, 2017 As Reported Adjustments As Revised Sales $ 863,626 $ 2,692 $ 866,318 Cost of sales (599,746 ) 1,866 (597,880 ) Gross profit 263,880 4,558 268,438 Selling, general and administrative expense (222,029 ) (55 ) (222,084 ) Net earnings from affiliates 5,165 (1,710 ) 3,455 Operating income 47,016 2,793 49,809 Earnings before income taxes 21,817 2,792 24,609 Provision for income taxes (6,755 ) 1,435 (5,320 ) Net earnings, including noncontrolling interests 15,062 4,227 19,289 Net earnings attributable to Flowserve Corporation $ 14,823 $ 4,227 $ 19,050 Net earnings per share attributable to Flowserve Corporation common shareholders: Basic $ 0.11 $ 0.04 $ 0.15 Diluted 0.11 0.04 0.15 The following table presents the effect of the prior period revisions on the affected line items of our condensed consolidated statement of income for the three months ended March 31, 2016 : (Amounts in thousands, except per share data) Three Months Ended March 31, 2016 As Reported Adjustments As Revised Sales $ 947,248 $ (1,027 ) $ 946,221 Cost of sales (639,247 ) (1,820 ) (641,067 ) Gross profit 308,001 (2,847 ) 305,154 Selling, general and administrative expense (236,910 ) (639 ) (237,549 ) Operating income 74,410 (3,486 ) 70,924 Other expense, net (4,543 ) (1,021 ) (5,564 ) Earnings before income taxes 55,975 (4,507 ) 51,468 Provision for income taxes (17,691 ) 514 (17,177 ) Net earnings, including noncontrolling interests 38,284 (3,993 ) 34,291 Net earnings attributable to Flowserve Corporation $ 37,859 $ (3,993 ) $ 33,866 Net earnings per share attributable to Flowserve Corporation common shareholders: Basic $ 0.29 $ (0.03 ) $ 0.26 Diluted 0.29 (0.03 ) 0.26

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Information Regarding Restricted Shares	The following table summarizes information regarding Restricted Shares: Three Months Ended March 31, 2017 Shares Weighted Average Grant-Date Fair Value Number of unvested shares: Outstanding - January 1, 2017 1,259,275 $ 50.77 Granted 523,235 50.49 Vested (423,523 ) 60.69 Canceled (128,281 ) 47.97 Outstanding as of March 31, 2017 1,230,706 $ 47.53

Derivative Instruments and He27

Derivative Instruments and Hedges (Tables)	3 Months Ended
	Mar. 31, 2017
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: March 31, December 31, (Amounts in thousands) 2017 2016 Current derivative assets $ 2,909 $ 682 Current derivative liabilities 3,210 6,878 Noncurrent derivative liabilities 114 355
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 March 31, (Amounts in thousands) 2017 2016 Gain recognized in income $ 1,897 $ 2,061

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt Including Capital Lease Obligations	Debt, including capital lease obligations, consisted of: March 31, December 31, (Amounts in thousands, except percentages) 2017 2016 1.25% EUR Senior Notes due March 17, 2022, net of unamortized discount and debt issuance costs of $5,556 and $5,748 $ 526,894 $ 519,902 4.00% USD Senior Notes due November 15, 2023, net of unamortized discount and debt issuance costs of $2,878 and $2,972 297,122 297,028 3.50% USD Senior Notes due September 15, 2022, net of unamortized discount and debt issuance costs of $3,696 and $3,848 496,304 496,152 Term Loan Facility, interest rate of 2.40% at March 31, 2017 and 2.25% at December 31, 2016, net of debt issuance costs of $653 and $745 209,347 224,255 Capital lease obligations and other borrowings 38,514 33,286 Debt and capital lease obligations 1,568,181 1,570,623 Less amounts due within one year 90,632 85,365 Total debt due after one year $ 1,477,549 $ 1,485,258

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Net Components of Inventory	Inventories, net consisted of the following: March 31, December 31, (Amounts in thousands) 2017 2016 Raw materials $ 361,685 $ 348,012 Work in process 652,383 629,766 Finished goods 215,383 206,086 Less: Progress billings (214,507 ) (216,783 ) Less: Excess and obsolete reserve (74,944 ) (69,391 ) Inventories, net $ 940,000 $ 897,690

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, (Amounts in thousands, except per share data) 2017 2016 Net earnings of Flowserve Corporation $ 19,050 $ 33,866 Dividends on restricted shares not expected to vest — 2 Earnings attributable to common and participating shareholders $ 19,050 $ 33,868 Weighted average shares: Common stock 130,393 129,781 Participating securities 169 361 Denominator for basic earnings per common share 130,562 130,142 Effect of potentially dilutive securities 713 670 Denominator for diluted earnings per common share 131,275 130,812 Earnings per common share: Basic $ 0.15 $ 0.26 Diluted 0.15 0.26

Retirement and Postretirement31

Retirement and Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and 2016 were as follows: U.S. Defined Benefit Plans Non-U.S. Defined Benefit Plans Postretirement Medical Benefits (Amounts in millions) 2017 2016 2017 2016 2017 2016 Service cost $ 6.2 $ 5.9 $ 1.7 $ 1.8 $ — $ — Interest cost 4.3 4.8 2.2 2.9 0.2 0.3 Expected return on plan assets (6.2 ) (6.1 ) (2.1 ) (2.7 ) — — Amortization of prior service cost — 0.1 — — — — Amortization of unrecognized net loss (gain) 1.5 1.2 0.9 1.3 0.1 (0.1 ) Net periodic cost recognized $ 5.8 $ 5.9 $ 2.7 $ 3.3 $ 0.3 $ 0.2

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 (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 $ 417,070 $ 170,002 $ 279,246 $ 866,318 $ — $ 866,318 Intersegment sales 7,592 8,378 1,191 17,161 (17,161 ) — Segment operating income (loss) 45,583 (13,774 ) 41,470 73,279 (23,470 ) 49,809 Three Months Ended March 31, 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 $ 463,199 $ 186,704 $ 296,318 $ 946,221 $ — $ 946,221 Intersegment sales 9,613 10,746 2,668 23,027 (23,027 ) — Segment operating income 55,808 3,695 38,374 97,877 (26,953 ) 70,924

Accumulated Other Comprehensi33

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table presents the changes in accumulated other comprehensive loss ("AOCL"), net of tax for the three months ended March 31, 2017 and 2016 : 2017 2016 (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 $ (483,609 ) $ (136,530 ) $ (1,238 ) $ (621,377 ) $ (411,615 ) $ (120,461 ) $ (3,458 ) $ (535,534 ) Other comprehensive income (loss) before reclassifications 33,786 (1,152 ) 80 32,714 32,499 1,060 529 34,088 Amounts reclassified from AOCL — 1,636 23 1,659 — 1,726 114 1,840 Net current-period other comprehensive income 33,786 484 103 34,373 32,499 2,786 643 35,928 Balance - March 31 $ (449,823 ) $ (136,046 ) $ (1,135 ) $ (587,004 ) $ (379,116 ) $ (117,675 ) $ (2,815 ) $ (499,606 ) _______________________________________ (1) Includes foreign currency translation adjustments attributable to noncontrolling interests of $3.4 million and $2.7 million at January 1, 2017 and 2016, respectively, and $3.9 million and $3.5 million at March 31, 2017 and 2016 , respectively. Includes net investment hedge losses of $0.8 million and $12.5 million , net of deferred taxes, for the three months ended March 31, 2017 and 2016 , 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 March 31, (Amounts in thousands) Affected line item in the statement of income 2017(1) 2016 Cash flow hedging activity Foreign exchange contracts Sales $ (30 ) $ (154 ) Tax benefit 7 40 Net of tax $ (23 ) $ (114 ) Pension and other postretirement effects Amortization of actuarial losses(2) $ (2,397 ) $ (2,313 ) Prior service costs(2) (57 ) (152 ) Tax benefit 818 739 Net of tax $ (1,636 ) $ (1,726 ) _______________________________________ (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)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 (Amounts in thousands) Engineered Product Division Industrial Product Division Flow Control Division Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Restructuring Charges COS $ (2,674 ) $ 4,771 $ (32 ) $ 2,065 $ — $ 2,065 SG&A (781 ) 89 124 (568 ) 11 (557 ) $ (3,455 ) $ 4,860 $ 92 $ 1,497 $ 11 $ 1,508 Non-Restructuring Charges COS $ 1,101 $ 1,438 $ 433 $ 2,972 $ — $ 2,972 SG&A 714 3,606 547 4,867 1,164 6,031 $ 1,815 $ 5,044 $ 980 $ 7,839 $ 1,164 $ 9,003 Total Realignment Charges COS $ (1,573 ) $ 6,209 $ 401 $ 5,037 $ — $ 5,037 SG&A (67 ) 3,695 671 4,299 1,175 $ 5,474 Total $ (1,640 ) $ 9,904 $ 1,072 $ 9,336 $ 1,175 $ 10,511 Three Months Ended March 31, 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 $ 1,520 $ (184 ) $ 108 $ 1,444 $ — $ 1,444 SG&A 2,407 1,712 159 4,278 — 4,278 $ 3,927 $ 1,528 $ 267 $ 5,722 $ — $ 5,722 Non-Restructuring Charges COS $ 99 $ 1,793 $ 3,860 $ 5,752 $ 15 $ 5,767 SG&A (221 ) 608 1,464 1,851 131 1,982 $ (122 ) $ 2,401 $ 5,324 $ 7,603 $ 146 $ 7,749 Total Realignment Charges COS $ 1,619 $ 1,609 $ 3,968 $ 7,196 $ 15 $ 7,211 SG&A 2,186 2,320 1,623 6,129 131 $ 6,260 Total $ 3,805 $ 3,929 $ 5,591 $ 13,325 $ 146 $ 13,471 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 $ 32,037 $ 45,419 $ 13,957 $ 91,413 $ — $ 91,413 SG&A 17,036 15,686 9,676 42,398 29 42,427 Income tax expense(2) 9,400 9,300 1,800 20,500 — 20,500 $ 58,473 $ 70,405 $ 25,433 $ 154,311 $ 29 $ 154,340 Non-Restructuring Charges COS $ 17,261 $ 15,621 $ 12,366 $ 45,248 $ 8 $ 45,256 SG&A 10,707 11,816 5,386 27,909 5,596 33,505 $ 27,968 $ 27,437 $ 17,752 $ 73,157 $ 5,604 $ 78,761 Total Realignment Charges COS $ 49,298 $ 61,040 $ 26,323 $ 136,661 $ 8 $ 136,669 SG&A 27,743 27,502 15,062 70,307 5,625 75,932 Income tax expense(2) 9,400 9,300 1,800 20,500 — 20,500 Total $ 86,441 $ 97,842 $ 43,185 $ 227,468 $ 5,633 $ 233,101 ____________________________ (1) Includes $48.2 million of restructuring charges, primarily COS, related to the R1 Realignment Program. (2) Income tax expense includes exit taxes as well as non-deductible costs. 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 March 31, 2017 (Amounts in thousands) Severance Contract Termination Asset Write-Downs Other Total COS $ (3,757 ) $ 137 $ 4,953 $ 732 $ 2,065 SG&A (1,319 ) — 352 410 (557 ) Total $ (5,076 ) $ 137 $ 5,305 $ 1,142 $ 1,508 Three Months Ended March 31, 2016 (Amounts in thousands) Severance Contract Termination Asset Write-Downs Other Total COS $ 63 $ — $ 918 $ 463 $ 1,444 SG&A 3,754 — 36 488 4,278 Total $ 3,817 $ — $ 954 $ 951 $ 5,722 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) $ 68,187 $ 746 $ 13,870 $ 8,610 $ 91,413 SG&A 29,448 43 1,780 11,156 42,427 Income tax expense(2) — — — 20,500 20,500 Total $ 97,635 $ 789 $ 15,650 $ 40,266 $ 154,340 _______________________________ (1) Includes $48.2 million of restructuring charges, primarily COS, related to the R1 Realignment Program. (2) Income tax expense includes exit taxes as well as non-deductible costs.
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 for the three months ended March 31, 2017 and 2016 : 2017 2016 (Amounts in thousands) R1 Realignment Program R2 Realignment Program Total R1 Realignment Program R2 Realignment Program Total Balance at December 31 $ 12,594 $ 47,733 $ 60,327 $ 25,156 $ 33,147 $ 58,303 Charges, net of adjustments (3,431 ) (503 ) (3,934 ) 976 3,792 4,768 Cash expenditures (4,124 ) (7,070 ) (11,194 ) (1,294 ) (3,999 ) (5,293 ) Other non-cash adjustments, including currency 3,038 (1,712 ) 1,326 (877 ) (1,162 ) (2,039 ) Balance at March 31 $ 8,077 $ 38,448 $ 46,525 $ 23,961 $ 31,778 $ 55,739

Basis of Presentation and Acc35

Basis of Presentation and Accounting Policies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)VEF / $	Sep. 30, 2016USD ($)	Mar. 31, 2016USD ($)
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Excess Tax Benefit from Share-based Compensation, Financing Activities	$ (3,198)		$ (2,356)
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%
Segment Assets Percentage Of Consolidated Assets (less than 0.5%)	0.50%
Foreign currency exchange rate, translation | VEF / $	10
Percentage of outstanding accounts receivable	7.00%
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 / $	709.7
Adjustments for New Accounting Pronouncement [Member] | Other Assets
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Cumulative Effect on Retained Earnings, Tax	$ (3,000)
Selling, General and Administrative Expenses | Venezuela
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Probable Accounts Receivables		$ 73,500
Cost of Sales | Venezuela
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Probable Accounts Receivables		$ 1,900
Income Tax Expense [Member] | Adjustments for New Accounting Pronouncement [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Allocated Share-based Compensation Expense	$ 1,000
Financing Activities [Member] | Adjustments for New Accounting Pronouncement [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Excess Tax Benefit from Share-based Compensation, Financing Activities			$ 2,000

Accounting Errors and Correct36

Accounting Errors and Corrections (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)site$ / shares	Mar. 31, 2016USD ($)$ / shares	Dec. 31, 2016USD ($)site	Dec. 31, 2015USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Number of non-U.S. sites focused for accounting errors | site	2
non-U.S. site	1		1
Revenue, Net	$ 866,318	$ 946,221
Cost of Goods and Services Sold	(597,880)	(641,067)
Gross Profit	268,438	305,154
Selling, General and Administrative Expense	(222,084)	(237,549)
Income (Loss) from Equity Method Investments	3,455	3,319
Operating income (loss)	49,809	70,924
Interest Expense	14,696	14,568
Interest Income, Deposits with Financial Institutions	624	676
Other Nonoperating Income (Expense)	(11,128)	(5,564)
Earnings before income taxes	24,609	51,468
Provision for income taxes	(5,320)	(17,177)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	19,289	34,291
Net Income (Loss) Attributable to Noncontrolling Interest	239	425
Net Income (Loss) Attributable to Parent	$ 19,050	$ 33,866
Basic (in dollars per share) | $ / shares	$ 0.15	$ 0.26
Diluted (in dollars per share) | $ / shares	$ 0.15	$ 0.26
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	$ 33,786	$ 32,499
Cash and Cash Equivalents, at Carrying Value	325,783	307,378	$ 367,162	$ 366,444
Accounts Receivable, Net, Current	$ 831,362		$ 882,638
Number of non-US sites related to inventory adjustments	1		1
Inventory, Net	$ 940,000		$ 897,690
Prepaid Expense and Other Assets, Current	154,633		150,199
Assets, Current	2,251,778		2,297,689
Property, Plant and Equipment, Net	715,563		724,805
Goodwill	1,211,153		1,205,054
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	82,290		83,722
Cash and Cash Equivalents, Period Increase (Decrease)	(41,379)	(59,066)
Increase (Decrease) in Accounts Receivable	(67,466)	(91,399)
Increase (Decrease) in Deferred Income Taxes	(6,038)	10,497
Intangible Assets, Net (Excluding Goodwill)	216,724		214,527
Other Assets, Noncurrent	186,668		183,126
Assets	4,664,176		4,708,923
Accounts Payable, Current	354,566		412,087
Accrued Liabilities, Current	653,686		680,986
Debt due within one year	90,632		85,365
Liabilities, Current	1,098,884		1,178,438
Long-term debt due after one year	1,477,549		1,485,258
Retirement obligations and other liabilities	415,844		407,839
Common Stock, Value, Issued	220,991		220,991
Additional Paid in Capital, Common Stock	481,443		491,848
Retained Earnings (Accumulated Deficit)	3,595,368		3,598,396
Treasury Stock, Value	(2,063,085)		(2,078,527)
Deferred compensation obligation	6,641		8,507
Accumulated Other Comprehensive Income (Loss), Net of Tax	(590,948)		(624,788)
Stockholders' Equity Attributable to Parent	1,650,410		1,616,427
Stockholders' Equity Attributable to Noncontrolling Interest	21,489		20,961
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	1,671,899		1,637,388
Liabilities and Equity	4,664,176		4,708,923
Scenario, Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue, Net	863,626	947,248
Cost of Goods and Services Sold	(599,746)	(639,247)
Gross Profit	263,880	308,001
Selling, General and Administrative Expense	(222,029)	(236,910)
Income (Loss) from Equity Method Investments	5,165
Operating income (loss)	47,016	74,410
Other Nonoperating Income (Expense)		(4,543)
Earnings before income taxes	21,817	55,975
Provision for income taxes	(6,755)	(17,691)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	15,062	38,284
Net Income (Loss) Attributable to Parent	$ 14,823	$ 37,859
Basic (in dollars per share) | $ / shares	$ 0	$ 0
Diluted (in dollars per share) | $ / shares	$ 0	$ 0
Accounts Receivable, Net, Current	$ 844,597		894,749
Inventory, Net	957,120		919,251
Assets, Current	2,282,133		2,331,361
Property, Plant and Equipment, Net			723,628
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	84,590		87,178
Other Assets, Noncurrent			181,014
Assets	4,696,831		4,742,762
Accrued Liabilities, Current	654,025		680,689
Liabilities, Current	1,099,223		1,178,141
Retirement obligations and other liabilities	418,196		410,168
Retained Earnings (Accumulated Deficit)	3,624,907		3,632,163
Accumulated Other Comprehensive Income (Loss), Net of Tax	(590,523)		(626,748)
Stockholders' Equity Attributable to Parent	1,680,374		1,648,234
Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue, Net	2,692	$ (1,027)
Cost of Goods and Services Sold	1,866	(1,820)
Gross Profit	4,558	(2,847)
Selling, General and Administrative Expense	(55)	(639)
Income (Loss) from Equity Method Investments	(1,710)
Operating income (loss)	2,793	(3,486)
Other Nonoperating Income (Expense)		(1,021)
Earnings before income taxes	2,792	(4,507)
Provision for income taxes	1,435	514
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	4,227	(3,993)
Net Income (Loss) Attributable to Parent	$ 4,227	$ (3,993)
Basic (in dollars per share) | $ / shares	$ 0	$ 0
Diluted (in dollars per share) | $ / shares	$ 0	$ 0
Accounts Receivable, Net, Current	$ (13,235)		(12,111)
Inventory, Net	(17,120)		(21,561)
Non-realizable Deferred Tax Adjustment	(6,500)		(6,400)
Assets, Current	(30,355)		(33,672)
Property, Plant and Equipment, Net			1,177
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	(2,300)		(3,456)
Other Assets, Noncurrent			2,112
Assets	(32,655)		(33,839)
Accrued Liabilities, Current	(339)		297
Liabilities, Current	(339)		297
Retirement obligations and other liabilities	(2,352)		(2,329)
Retained Earnings (Accumulated Deficit)	(29,539)		(33,767)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(425)		1,960
Stockholders' Equity Attributable to Parent	(29,964)		(31,807)
Engineered Product Division [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue, Net	417,070	$ 463,199
Operating income (loss)	45,583	55,808
Engineered Product Division [Member] | Venezuela | Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accounts Receivable, Net, Current	(10,500)		(9,500)
Engineered Product Division [Member] | non-recoverable work [Domain] | Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Inventory, Net	(3,300)		(2,800)
Engineered Product Division [Member] | capitalized contract cost [Domain] | Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Inventory, Net			(3,600)
Industrial Product Division [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue, Net	170,002	186,704
Operating income (loss)	(13,774)	3,695
Industrial Product Division [Member] | non-recoverable work [Domain] | Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Inventory, Net	(3,800)		(3,300)
Industrial Product Division [Member] | capitalized contract cost [Domain] | Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Inventory, Net	(4,800)		(8,300)
Industrial Product Division [Member] | Inventory Valuation and Obsolescence [Member] | Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Inventory, Net	(3,000)		(2,500)
Industrial Product Division [Member] | manufacturing cost vaiance [Member] | Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Inventory, Net	$ (5,300)		$ (5,900)
increase (decrease) in assets and liabilities [Domain] | Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		3,000
Inventories [Member] | Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		$ (4,441)

Stock-Based Compensation Plan37

Stock-Based Compensation Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
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
Common stock available under stock option plan	2,832,115
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	$ 25		$ 15.2
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	$ 25.7	$ 36.4
Allocated Share-based Compensation Expense, Net of Tax	7.5	10.5
Allocated Share-based Compensation Expense	$ 11.3	$ 16
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,230,706		1,259,275
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	872,000
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	1,670,000
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
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	636,000

Stock-Based Compensation Plan38

Stock-Based Compensation Plans (Information Regarding Restricted Shares) (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Shares
Outstanding, Shares, Beginning balance | shares	1,259,275
Granted, Shares | shares	523,235
Vested, Shares | shares	(423,523)
Canceled, Shares | shares	(128,281)
Outstanding, Shares, Ending balance | shares	1,230,706
Weighted Average Grant-Date Fair Value
Outstanding, Weighted Average Grant-Date Fair Value, Beginning balance | $ / shares	$ 50.77
Granted, Weighted Average Grant-Date Fair Value | $ / shares	50.49
Vested, Weighted Average Grant-Date Fair Value | $ / shares	60.69
Cancelled, Weighted Average Grant-Date Fair Value | $ / shares	47.97
Outstanding, Weighted Average Grant-Date Fair Value, Ending balance | $ / shares	$ 47.53

Derivative Instruments and He39

Derivative Instruments and Hedges (Details Textual) € in Millions	3 Months Ended
	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 17, 2015EUR (€)
Forward Exchange Contract
Derivative [Line Items]
Minimum Remaining Maturity of Foreign Currency Derivatives	3 days
Lower maturity range (days)	20 months
Designated as Hedging Instrument | Forward Exchange Contract
Derivative [Line Items]
Derivative, notional amount | $	$ 0	$ 600,000
Not Designated as Hedging Instrument | Forward Exchange Contract
Derivative [Line Items]
Derivative, notional amount | $	$ 387,000,000	$ 393,200,000
2022 EUR Senior Notes
Derivative [Line Items]
Designated Amount, Net Investment Hedge | €			€ 255.7
Debt Instrument, Face Amount | €			€ 500

Derivative Instruments and He40

Derivative Instruments and Hedges (Fair Value Balance Sheet Disclosures) (Details) - Not Designated as Hedging Instrument - Foreign Exchange Contract - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Current derivative assets	$ 2,909	$ 682
Current derivative liabilities	3,210	6,878
Noncurrent derivative liabilities	$ 114	$ 355

Derivative Instruments and He41

Derivative Instruments and Hedges (Fair Value of Forward Exchange Contracts) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Forward Contracts
Derivative [Line Items]
Gain recognized in income	$ 1,897	$ 2,061

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Capital lease obligations and other borrowings	$ 38,514	$ 33,286
Debt and capital lease obligations	1,568,181	1,570,623
Less amounts due within one year	90,632	85,365
Total debt due after one year	$ 1,477,549	$ 1,485,258
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	$ 5,556	$ 5,748
Long-term Debt	$ 526,894	$ 519,902
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	$ 2,878	$ 2,972
Long-term Debt	$ 297,122	$ 297,028
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	$ 3,696	$ 3,848
Long-term Debt	$ 496,304	$ 496,152
Term Loan Facility
Debt Instrument [Line Items]
Effective interest rate (as a percent)	2.40%	2.25%
Debt Issuance Costs, Net	$ 653	$ 745
Term Loan Facility	$ 209,347	$ 224,255

Debt (Details Textual)

Debt (Details Textual) - USD ($)	Oct. 14, 2015	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Oct. 04, 2013
Line of Credit Facility [Line Items]
Payments on long-term debt		$ 15,000,000	$ 15,000,000
Term Loan Facility
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount					$ 400,000,000
Payments on long-term debt		15,000,000
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		419,800,000		553,500,000
Senior Credit Facility
Line of Credit Facility [Line Items]
Debt Instrument, Maturity Date	Oct. 14, 2020
Letters of credit outstanding		$ 89,600,000		$ 102,600,000
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	Mar. 31, 2017USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 1,320.3
Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 1,348.5

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Net Components of Inventory
Raw materials	$ 361,685	$ 348,012
Work in process	652,383	629,766
Finished goods	215,383	206,086
Less: Progress billings	(214,507)	(216,783)
Less: Excess and obsolete reserve	(74,944)	(69,391)
Inventories, net	$ 940,000	$ 897,690

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net earnings of Flowserve Corporation	$ 19,050	$ 33,866
Dividends on restricted shares not expected to vest	0	2
Earnings attributable to common and participating shareholders	$ 19,050	$ 33,868
Weighted average shares:
Common stock	130,393	129,781
Participating securities	169	361
Denominator for basic earnings per common share	130,562	130,142
Effect of potentially dilutive securities	713	670
Denominator for diluted earnings per common share	131,275	130,812
Earnings per common share:
Basic (in dollars per share)	$ 0.15	$ 0.26
Diluted (in dollars per share)	$ 0.15	$ 0.26

Legal Matters and Contingenci47

Legal Matters and Contingencies (Details)	Mar. 31, 2017sitecompany
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 Postretirement48

Retirement and Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
U.S. Defined Benefit Plans
Components of the net periodic cost for retirement and postretirement benefits
Service cost	$ 6.2	$ 5.9
Interest cost	4.3	4.8
Expected return on plan assets	(6.2)	(6.1)
Amortization of prior service cost	0	0.1
Amortization of unrecognized net loss (gain)	1.5	1.2
Net periodic cost recognized	5.8	5.9
Non-U.S. Defined Benefit Plans
Components of the net periodic cost for retirement and postretirement benefits
Service cost	1.7	1.8
Interest cost	2.2	2.9
Expected return on plan assets	(2.1)	(2.7)
Amortization of prior service cost	0	0
Amortization of unrecognized net loss (gain)	0.9	1.3
Net periodic cost recognized	2.7	3.3
Postretirement Medical Benefits
Components of the net periodic cost for retirement and postretirement benefits
Service cost	0	0
Interest cost	0.2	0.3
Expected return on plan assets	0	0
Amortization of prior service cost	0	0
Amortization of unrecognized net loss (gain)	0.1	(0.1)
Net periodic cost recognized	$ 0.3	$ 0.2

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Nov. 13, 2014
Equity, Class of Treasury Stock [Line Items]
Repurchase of shares (in shares)	0	0
Remaining authorized repurchase capacity	$ 160,700,000
Share repurchase program 2014
Equity, Class of Treasury Stock [Line Items]
Authorized amount to be repurchased			$ 500,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income before income tax	$ 24,609	$ 51,468
Provision for income taxes	$ 5,320	$ 17,177
Effective tax rate (as a percent)	(21.60%)	33.40%
Unrecognized Tax Benefits, Period Increase (Decrease)	$ 3,400
Unrecognized tax benefits approximate amount of estimated reduction within the next twelve months	$ 8,000

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Summarized financial information of the reportable segments
Sales	$ 866,318	$ 946,221
Segment operating income (loss)	49,809	70,924
Intersegment sales
Summarized financial information of the reportable segments
Sales	0	0
Engineered Product Division
Summarized financial information of the reportable segments
Sales	417,070	463,199
Segment operating income (loss)	45,583	55,808
Engineered Product Division | Intersegment sales
Summarized financial information of the reportable segments
Sales	7,592	9,613
Industrial Product Division
Summarized financial information of the reportable segments
Sales	170,002	186,704
Segment operating income (loss)	(13,774)	3,695
Industrial Product Division | Intersegment sales
Summarized financial information of the reportable segments
Sales	8,378	10,746
Flow Control Division
Summarized financial information of the reportable segments
Sales	279,246	296,318
Segment operating income (loss)	41,470	38,374
Flow Control Division | Intersegment sales
Summarized financial information of the reportable segments
Sales	1,191	2,668
Subtotal–Reportable Segments
Summarized financial information of the reportable segments
Sales	866,318	946,221
Segment operating income (loss)	73,279	97,877
Subtotal–Reportable Segments | Intersegment sales
Summarized financial information of the reportable segments
Sales	17,161	23,027
Eliminations and All Other
Summarized financial information of the reportable segments
Sales	0	0
Segment operating income (loss)	(23,470)	(26,953)
Eliminations and All Other | Intersegment sales
Summarized financial information of the reportable segments
Sales	$ (17,161)	$ (23,027)

Accumulated Other Comprehensi52

Accumulated Other Comprehensive Loss (Components of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (621,377)	$ (535,534)
Other comprehensive income (loss) before reclassifications	32,714	34,088
Amounts reclassified from AOCL	1,659	1,840
Other comprehensive income	34,373	35,928
Ending balance	(587,004)	(499,606)
Accumulated Other Comprehensive Gain (Loss), accumulated Net Gain (Loss) from Net investment hedge	(800)	(12,500)
Foreign currency translation items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(483,609)	(411,615)
Other comprehensive income (loss) before reclassifications	33,786	32,499
Amounts reclassified from AOCL	0	0
Other comprehensive income	33,786	32,499
Ending balance	(449,823)	(379,116)
Pension and other post-retirement effects
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(136,530)	(120,461)
Other comprehensive income (loss) before reclassifications	(1,152)	1,060
Amounts reclassified from AOCL	1,636	1,726
Other comprehensive income	484	2,786
Ending balance	(136,046)	(117,675)
Cash flow hedging activity
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(1,238)	(3,458)
Other comprehensive income (loss) before reclassifications	80	529
Amounts reclassified from AOCL	23	114
Other comprehensive income	103	643
Ending balance	(1,135)	(2,815)
Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ 3,900	$ 3,500	$ 3,400	$ 2,700

Accumulated Other Comprehensi53

Accumulated Other Comprehensive Loss (Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Sales	$ 866,318	$ 946,221
Tax benefit	(5,320)	(17,177)
Earnings attributable to common and participating shareholders	19,050	33,868
Net of tax	(1,659)	(1,840)
Cash flow hedging activity
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net of tax	(23)	(114)
Amortization of actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification	(2,397)	(2,313)
Prior service costs
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification	(57)	(152)
Pension and other post-retirement effects
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax benefit	818	739
Net of tax	(1,636)	(1,726)
Reclassification out of Accumulated Other Comprehensive Income | Cash flow hedging activity
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax benefit	7	40
Earnings attributable to common and participating shareholders	(23)	(114)
Reclassification out of Accumulated Other Comprehensive Income | Foreign Exchange Contract | Cash flow hedging activity
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Sales	$ (30)	$ (154)

Realignment Programs (Details)

Realignment Programs (Details) - USD ($) $ in Thousands	3 Months Ended		27 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 400,000		$ 400,000
Restructuring Charges	1,508	$ 5,722	154,340
Non-Restructuring Charges	9,003	7,749	78,761
Total Realignment Program Charges	10,511	13,471	233,101
Restructuring Reserve [Roll Forward]
Beginning Balance	60,327	58,303
Charges, net of adjustments	1,508	5,722	154,340
Ending Balance	46,525	55,739	46,525
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(5,076)	3,817	97,635
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(5,076)	3,817	97,635
Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	137	0	789
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	137	0	789
Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	5,305	954	15,650
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	5,305	954	15,650
Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	1,142	951	40,266
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	1,142	951	40,266
Charges, net of adjustments
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(3,934)	4,768
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(3,934)	4,768
Cash expenditures
Restructuring Reserve [Roll Forward]
Cash expenditures	(11,194)	(5,293)
Other non-cash adjustments, including currency
Restructuring Reserve [Roll Forward]
Other non-cash adjustments, including currency	1,326	(2,039)
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	2,065	1,444	91,413
Non-Restructuring Charges	2,972	5,767	45,256
Total Realignment Program Charges	5,037	7,211	136,669
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	2,065	1,444	91,413
Cost of Sales | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(3,757)	63	68,187
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(3,757)	63	68,187
Cost of Sales | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	137	0	746
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	137	0	746
Cost of Sales | Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	4,953	918	13,870
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	4,953	918	13,870
Cost of Sales | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	732	463	8,610
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	732	463	8,610
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(557)	4,278	42,427
Non-Restructuring Charges	6,031	1,982	33,505
Total Realignment Program Charges	5,474	6,260	75,932
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(557)	4,278	42,427
Selling, General and Administrative Expenses | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(1,319)	3,754	29,448
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(1,319)	3,754	29,448
Selling, General and Administrative Expenses | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0	0	43
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	0	0	43
Selling, General and Administrative Expenses | Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	352	36	1,780
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	352	36	1,780
Selling, General and Administrative Expenses | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	410	488	11,156
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	410	488	11,156
Income tax expense
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			20,500
Total Realignment Program Charges			20,500
Restructuring Reserve [Roll Forward]
Charges, net of adjustments			20,500
Income tax expense | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments			0
Income tax expense | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments			0
Income tax expense | Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments			0
Income tax expense | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			20,500
Restructuring Reserve [Roll Forward]
Charges, net of adjustments			20,500
R1 Realignment Program
Restructuring Reserve [Roll Forward]
Beginning Balance	12,594	25,156
Ending Balance	8,077	23,961	8,077
R1 Realignment Program | Charges, net of adjustments
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(3,431)	976
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(3,431)	976
R1 Realignment Program | Cash expenditures
Restructuring Reserve [Roll Forward]
Cash expenditures	(4,124)	(1,294)
R1 Realignment Program | Other non-cash adjustments, including currency
Restructuring Reserve [Roll Forward]
Other non-cash adjustments, including currency	3,038	(877)
R1 Realignment Program | Cost of Sales | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			48,200
Restructuring Reserve [Roll Forward]
Charges, net of adjustments			48,200
R2 Realignment Program
Restructuring Reserve [Roll Forward]
Beginning Balance	47,733	33,147
Ending Balance	38,448	31,778	38,448
R2 Realignment Program | Charges, net of adjustments
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(503)	3,792
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(503)	3,792
R2 Realignment Program | Cash expenditures
Restructuring Reserve [Roll Forward]
Cash expenditures	(7,070)	(3,999)
R2 Realignment Program | Other non-cash adjustments, including currency
Restructuring Reserve [Roll Forward]
Other non-cash adjustments, including currency	(1,712)	(1,162)
Engineered Product Division
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(3,455)	3,927	58,473
Non-Restructuring Charges	1,815	(122)	27,968
Total Realignment Program Charges	(1,640)	3,805	86,441
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(3,455)	3,927	58,473
Engineered Product Division | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(2,674)	1,520	32,037
Non-Restructuring Charges	1,101	99	17,261
Total Realignment Program Charges	(1,573)	1,619	49,298
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(2,674)	1,520	32,037
Engineered Product Division | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(781)	2,407	17,036
Non-Restructuring Charges	714	(221)	10,707
Total Realignment Program Charges	(67)	2,186	27,743
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(781)	2,407	17,036
Engineered Product Division | Income tax expense
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			9,400
Total Realignment Program Charges			9,400
Restructuring Reserve [Roll Forward]
Charges, net of adjustments			9,400
Industrial Product Division
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	4,860	1,528	70,405
Non-Restructuring Charges	5,044	2,401	27,437
Total Realignment Program Charges	9,904	3,929	97,842
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	4,860	1,528	70,405
Industrial Product Division | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	4,771	(184)	45,419
Non-Restructuring Charges	1,438	1,793	15,621
Total Realignment Program Charges	6,209	1,609	61,040
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	4,771	(184)	45,419
Industrial Product Division | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	89	1,712	15,686
Non-Restructuring Charges	3,606	608	11,816
Total Realignment Program Charges	3,695	2,320	27,502
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	89	1,712	15,686
Industrial Product Division | Income tax expense
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			9,300
Total Realignment Program Charges			9,300
Restructuring Reserve [Roll Forward]
Charges, net of adjustments			9,300
Flow Control Division
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	92	267	25,433
Non-Restructuring Charges	980	5,324	17,752
Total Realignment Program Charges	1,072	5,591	43,185
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	92	267	25,433
Flow Control Division | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(32)	108	13,957
Non-Restructuring Charges	433	3,860	12,366
Total Realignment Program Charges	401	3,968	26,323
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(32)	108	13,957
Flow Control Division | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	124	159	9,676
Non-Restructuring Charges	547	1,464	5,386
Total Realignment Program Charges	671	1,623	15,062
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	124	159	9,676
Flow Control Division | Income tax expense
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			1,800
Total Realignment Program Charges			1,800
Restructuring Reserve [Roll Forward]
Charges, net of adjustments			1,800
Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	1,497	5,722	154,311
Non-Restructuring Charges	7,839	7,603	73,157
Total Realignment Program Charges	9,336	13,325	227,468
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	1,497	5,722	154,311
Subtotal–Reportable Segments | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	2,065	1,444	91,413
Non-Restructuring Charges	2,972	5,752	45,248
Total Realignment Program Charges	5,037	7,196	136,661
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	2,065	1,444	91,413
Subtotal–Reportable Segments | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(568)	4,278	42,398
Non-Restructuring Charges	4,867	1,851	27,909
Total Realignment Program Charges	4,299	6,129	70,307
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(568)	4,278	42,398
Subtotal–Reportable Segments | Income tax expense
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			20,500
Total Realignment Program Charges			20,500
Restructuring Reserve [Roll Forward]
Charges, net of adjustments			20,500
Eliminations and All Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	11	0	29
Non-Restructuring Charges	1,164	146	5,604
Total Realignment Program Charges	1,175	146	5,633
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	11	0	29
Eliminations and All Other | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0	0	0
Non-Restructuring Charges	0	15	8
Total Realignment Program Charges	0	15	8
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	0	0	0
Eliminations and All Other | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	11	0	29
Non-Restructuring Charges	1,164	131	5,596
Total Realignment Program Charges	1,175	131	5,625
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	$ 11	$ 0	29
Eliminations and All Other | Income tax expense
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			0
Total Realignment Program Charges			0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments			$ 0

Subsequent Events (Details)

Subsequent Events (Details) - Gestra [Member] - EUR (€) € in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Disposal Group, Not Discontinued Operation, Consideration	€ 186
Disposal Group, Not Discontinued Operation, Revenue		€ 92
Disposal Group, Not Discontinued Operation, Income Tax		€ 15
Disposal Group, Not Discontinued Operation, Estimated Gain (Loss) on Disposal	€ 40