Flowserve (FLS) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 02, 2020
Entity Listings [Line Items]
Entity Central Index Key	0000030625
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	1-13179
Entity Registrant Name	FLOWSERVE CORP
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	31-0267900
Entity Address, Address Line One	5215 N. O’Connor Blvd., Suite 2300,
Entity Address, City or Town	Irving,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75039
City Area Code	972
Local Phone Number	443-6500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		130,125,926
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $1.25 Par Value
Trading Symbol	FLS
Security Exchange Name	NYSE
2022 Senior notes
Entity Listings [Line Items]
Title of 12(b) Security	1.25% Senior Notes due 2022
Trading Symbol	FLS22A
Security Exchange Name	NYSE

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Sales	$ 894,457	$ 890,051
Cost of sales	(628,480)	(595,975)
Gross profit	265,977	294,076
Selling, general and administrative expense	(243,621)	(205,154)
Net earnings from affiliates	3,196	2,309
Operating income	25,552	91,231
Interest expense	(12,963)	(14,031)
Interest income	1,749	2,023
Other income (expense), net	23,462	(3,140)
Earnings before income taxes	37,800	76,083
Provision for income taxes	(36,310)	(16,587)
Net earnings, including noncontrolling interests	1,490	59,496
Less: Net earnings attributable to noncontrolling interests	(2,100)	(2,235)
Net earnings (loss) attributable to Flowserve Corporation	$ (610)	$ 57,261
Net earnings per share attributable to Flowserve Corporation common shareholders:
Basic (in dollars per share)	$ 0	$ 0.44
Diluted (in dollars per share)	$ 0	$ 0.44

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net earnings, including noncontrolling interests	$ 1,490	$ 59,496
Other comprehensive income (loss):
Foreign currency translation adjustments, net of taxes	(81,353)	6,945
Pension and other postretirement effects, net of taxes	6,309	1,217
Cash flow hedging activity, net of taxes	54	62
Other comprehensive income (loss)	(74,990)	8,224
Comprehensive income (loss), including noncontrolling interests	(73,500)	67,720
Comprehensive income (loss) attributable to noncontrolling interests	(2,939)	(2,913)
Comprehensive income (loss) attributable to Flowserve Corporation	$ (76,439)	$ 64,807

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Foreign currency translation, taxes	$ 7,162	$ 2,682
Pension and other postretirement effects, taxes	$ (398)	$ (207)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 622,299,000	$ 670,980,000
Accounts receivable, net of allowance for expected credit losses of $66,252 and $53,412, respectively	732,879,000	795,538,000
Contract assets, net of allowance for expected credit losses of $2,681 at March 31, 2020	275,927,000	272,914,000
Inventories, net	684,113,000	660,837,000
Prepaid expenses and other	110,296,000	105,101,000
Total current assets	2,425,514,000	2,505,370,000
Property, plant and equipment, net of accumulated depreciation of $1,007,261 and $1,013,207, respectively	550,853,000	572,175,000
Operating lease right-of-use assets, net	182,464,000	186,218,000
Goodwill	1,180,264,000	1,193,010,000
Deferred taxes	31,517,000	54,879,000
Other intangible assets, net	174,538,000	180,805,000
Other assets, net of allowance for expected credit losses of $100,887 and $101,439, respectively	216,924,000	227,185,000
Total assets	4,762,074,000	4,919,642,000
Current liabilities:
Accounts payable	425,795,000	447,582,000
Accrued liabilities	410,783,000	401,385,000
Contract liabilities	223,632,000	216,541,000
Debt due within one year	8,980,000	11,272,000
Operating lease liabilities	36,841,000	36,108,000
Total current liabilities	1,106,031,000	1,112,888,000
Long-term debt due after one year	1,357,108,000	1,365,977,000
Operating lease liabilities	147,031,000	151,523,000
Retirement obligations and other liabilities	466,479,000	473,295,000
Shareholders’ equity:
Common shares, $1.25 par value, Shares authorized - 305,000, Shares issued - 176,793	220,991,000	220,991,000
Capital in excess of par value	497,721,000	501,045,000
Retained earnings	3,661,579,000	3,695,862,000
Treasury shares, at cost – 47,002 and 46,262 shares, respectively	(2,069,063,000)	(2,051,583,000)
Deferred compensation obligation	8,324,000	8,334,000
Accumulated other comprehensive loss	(660,122,000)	(584,292,000)
Total Flowserve Corporation shareholders’ equity	1,659,430,000	1,790,357,000
Noncontrolling interests	25,995,000	25,602,000
Total equity	1,685,425,000	1,815,959,000
Total liabilities and equity	$ 4,762,074,000	$ 4,919,642,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Allowance for doubtful accounts	$ 66,252	$ 53,412
Contract asset, allowance for doubtful accounts	2,681
Accumulated depreciation on property, plant and equipment	1,007,261	1,013,207
Other assets, allowance for credit loss	$ 100,887	$ 101,439
Shareholders’ equity:
Common shares, par value (in dollars per share)	$ 1.25	$ 1.25
Common shares, shares authorized (in shares)	305,000,000	305,000,000
Common shares, shares issued (in shares)	176,793,000	176,793,000
Treasury shares, shares (in shares)	47,002,000	46,262,000

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Shareholders' Equity - USD ($)	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Treasury Stock	Deferred Compensation Obligation	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Balance — (in shares) at Dec. 31, 2018		176,793,000			46,237,000
Balance — at Dec. 31, 2018	$ 1,660,780,000	$ 220,991,000	$ 494,551,000	$ 3,543,007,000	$ (2,049,404,000)	$ 7,117,000	$ (573,947,000)	$ 18,465,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock activity under stock plans (in shares)					268,000
Stock activity under stock plans	(2,670,000)		(14,488,000)		$ 11,818,000
Stock-based compensation	7,610,000		7,610,000
Net earnings	59,496,000			57,261,000				2,235,000
Cash dividends declared	(25,254,000)			(25,254,000)
Other comprehensive income (loss), net of tax	8,224,000						7,547,000	677,000
Other, net	(200,000)					(10,000)		(190,000)
Net Income (Loss) Attributable to Parent	57,261,000
Balance — (in shares) at Mar. 31, 2019		176,793,000			45,969,000
Balance — at Mar. 31, 2019	$ 1,707,986,000	$ 220,991,000	487,673,000	3,575,014,000	$ (2,037,586,000)	7,107,000	(566,400,000)	21,187,000
Balance — (in shares) at Dec. 31, 2019	176,793,000	176,793,000			46,262,000
Balance — at Dec. 31, 2019	$ 1,815,959,000	$ 220,991,000	501,045,000	3,695,862,000	$ (2,051,583,000)	8,334,000	(584,292,000)	25,602,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock activity under stock plans (in shares)					317,000
Stock activity under stock plans	(3,003,000)		(17,635,000)		$ 14,632,000
Stock-based compensation	14,311,000		14,311,000
Net earnings	1,490,000			(610,000)				2,100,000
Cash dividends declared	(26,382,000)			(26,382,000)
Repurchases of common shares (in shares)					(1,057,000)
Repurchases of common shares	(32,112,000)				$ (32,112,000)
Other comprehensive income (loss), net of tax	(74,990,000)						(75,830,000)	840,000
Other, net	(2,557,000)					(10,000)		(2,547,000)
Net Income (Loss) Attributable to Parent	$ (610,000)
Balance — (in shares) at Mar. 31, 2020	176,793,000	176,793,000			47,002,000
Balance — at Mar. 31, 2020	$ 1,685,425,000	$ 220,991,000	$ 497,721,000	$ 3,661,579,000	$ (2,069,063,000)	$ 8,324,000	$ (660,122,000)	$ 25,995,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows – Operating activities:
Net earnings, including noncontrolling interests	$ 1,490	$ 59,496
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation	22,166	23,361
Amortization of intangible and other assets	3,121	4,105
Stock-based compensation	14,311	7,609
Foreign currency, asset write downs and other non-cash adjustments	23,065	(15,454)
Change in assets and liabilities:
Accounts receivable, net	19,137	8,174
Inventories, net	(43,226)	(49,478)
Contract assets, net	(14,462)	1,631
Prepaid expenses and other assets, net	(2,493)	(5,128)
Accounts payable	(7,873)	(15,399)
Contract liabilities	15,705	5,567
Accrued liabilities and income taxes payable	12,204	11,462
Retirement obligations and other	9,738	(652)
Net deferred taxes	(5,581)	3,225
Net cash flows provided (used) by operating activities	47,302	38,519
Cash flows – Investing activities:
Capital expenditures	(17,310)	(10,638)
Proceeds from disposal of assets and other	10,737	39,211
Net cash flows provided (used) by investing activities	(6,573)	28,573
Cash flows – Financing activities:
Payments on long-term debt	0	(15,000)
Proceeds under other financing arrangements	3,250	1,660
Payments under other financing arrangements	(3,356)	(2,484)
Repurchases of common shares	32,112	0
Payments related to tax withholding for stock-based compensation	(3,137)	(2,861)
Payments of dividends	(26,023)	(24,909)
Other	(2,547)	(192)
Net cash flows provided (used) by financing activities	(63,925)	(43,786)
Effect of exchange rate changes on cash	(25,485)	(5,279)
Net change in cash and cash equivalents	(48,681)	18,027
Cash and cash equivalents at beginning of period	670,980	619,683
Cash and cash equivalents at end of period	$ 622,299	$ 637,710

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	3 Months Ended
	Mar. 31, 2020
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, 2020, the related condensed consolidated statements of income and comprehensive income for the three months ended March 31, 2020 and 2019, the condensed consolidated statements of stockholders' equity for the three months ended March 31, 2020 and 2019 and the condensed consolidated statements of cash flows for the three months ended March 31, 2020 and 2019 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, 2020 ("Quarterly Report") are presented as permitted by Regulation S-X and do not contain certain information included in our annual financial statements and notes thereto. Accordingly, the accompanying condensed consolidated financial information should be read in conjunction with the audited consolidated financial statements presented in our Annual Report on Form 10-K for the year ended December 31, 2019 ("2019 Annual Report"). Coronavirus Pandemic ("COVID-19") and Oil and Gas Market - During the last several months, we were challenged by macroeconomics and global economic impacts based on the disruption and uncertainties caused by COVID-19 and the emanating impacts of the pandemic on oil pricing and demand, accelerating a deterioration of oil commodity prices. The pandemic outbreak had widespread implications worldwide and has caused substantial economic uncertainty and challenging operational conditions. The preparation of our condensed consolidated financial statements requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. We evaluate our estimates, judgments and methodologies on an ongoing basis. We base our estimates on historical experience and on various other assumptions that we believe are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of revenues and expenses. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition, including sales, expenses, our allowance for expected credit losses, stock based compensation, the carrying value of our goodwill and other long-lived assets, financial assets, and valuation allowances for tax assets, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat it, as well as the economic impact on local, regional, national and international customers, suppliers and markets. We have made estimates of the impact of COVID-19 within our financial statements and there may be changes to those estimates in future periods as new information becomes available. Actual results may differ from these estimates. Accounting Developments Pronouncements Implemented In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, "Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments" ("CECL"). The ASU requires, among other things, the use of a new current expected credit loss model in order to determine an allowance for credit losses with respect to financial assets and instruments held. The CECL model requires that we estimate the lifetime of an expected credit loss for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. On January 1, 2020 we adopted the ASU on a prospective basis to determine our allowance for credit losses in accordance with the requirements of Topic 326, and we modified our accounting policy and processes to facilitate this approach. As a result of the adoption of the ASU we recorded a noncash cumulative effect after-tax adjustment to retained earnings of $7.3 million on ou r opening condensed consolidated balance shee t. Our primary exposure to financial assets that are within the scope of CECL are trade receivables and contract assets. For these financial assets, we record an allowance for credit losses that, when deducted from the gross asset balance, presents the net amount expected to be collected. We estimate the allowance based on an aging schedule and according to historical losses as determined from our billings and collections history. Additionally, we adjust the allowance for factors that are specific to our customers’ credit risk such as financial difficulties, liquidity issues, insolvency, and country and political risk. We also consider both the current and forecasted direction of macroeconomic conditions at the reporting date. The CECL model requires consideration of reasonable and supportable forecasts of future economic conditions in the estimate of expected credit losses. We adjust the allowance and recognize adjustments in the income statement each period. Trade receivables are written off against the allowance in the period when the receivable is deemed to be uncollectible. Subsequent recoveries of amounts previously written off are reflected as a reduction to credit impairment losses in the income statement. Our allowance for expected credit losses for short-term receivables as of March 31, 2020, wa s $66.3 million, compared to $53.4 million as of December 31, 2019. The three months activity included $6.9 million for the adoption of the CECL model at January 1, 2020 and $6.0 million for current period adjustments. Our long-term receivables, included in other assets, net, represent receivables with collection periods longer than 12 months and the balance primarily consists of amounts to be collected from insurance companies and fully-reserved receivables associated with the national oil company in Venezuela. As of March 31, 2020, we had $114.0 million of long-term receivables, compared to $118.5 million as of December 31, 2019. Our allowance for expected credit losses for long-term receivables as of March 31, 2020 w as $100.9 million, compared to $101.4 million as of December 31, 2019. We have exposure to credit losses from off-balance sheet exposures, such as financial guarantees and standby letters of credit, where the risk of loss is immaterial to our financial statements. 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. Our adoption of ASU No. 2017-04 effective January 1, 2020 did not have an impact on our condensed consolidated financial condition and results of operations. In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement." The amendments of the ASU modify the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosure requirements for assets and liabilities measured at fair value in the statement of financial position or disclosed in the notes to the financial statements. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted for the removed disclosures and delayed adoption until fiscal year 2020 permitted for the new disclosures. The removed and modified disclosures were adopted on a retrospective basis and the new disclosures were adopted on a prospective basis. Our adoption of ASU No. 2018-13 effective January 1, 2020 did not have an impact on our disclosures. In August 2018, the FASB issued ASU No. 2018-15, "Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." The ASU addresses how entities should account for costs associated with implementing a cloud computing arrangement that is considered a service contract. Per the amendments of the ASU, implementation costs incurred in a cloud computing arrangement that is a service contract should be accounted for in the same manner as implementation costs incurred to develop or obtain software for internal use as prescribed by guidance in ASC 350-40. The ASU requires that implementation costs incurred in a cloud computing arrangement be capitalized rather than expensed. Further, the ASU specifies the method for the amortization of costs incurred during implementation, and the manner in which the unamortized portion of these capitalized implementation costs should be evaluated for impairment. The ASU also provides guidance on how to present such implementation costs in the financial statements and also creates additional disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2019. The amendments in this ASU can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Our adoption of ASU No. 2018-15 effective January 1, 2020 did not have a material impact on our condensed consolidated financial condition and results of operations. In October 2018, the FASB issued ASU No. 2018-17, "Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities ("VIEs")." The standard reduces the cost and complexity of financial reporting associated with VIEs. The new standard amends the guidance for determining whether a decision-making fee is a VIE. The amendments require organizations to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety as currently required in U.S. Generally Accepted Accounting Principles ("GAAP"). The amendments of this ASU are effective for fiscal years beginning after December 15, 2019. Our adoption of ASU No. 2018-17 effective January 1, 2020 did not have an impact on our condensed consolidated financial condition and results of operations. In November 2018, the FASB issued ASU No. 2018-18, "Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606." The ASU clarifies the interaction between the guidance for certain collaborative arrangements and ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)," which we adopted January 1, 2018. The amendments of the ASU provide guidance on how to assess whether certain transactions between collaborative arrangement participants should be accounted for within ASU No. 2014-09. The ASU also provides more comparability in the presentation of revenue for certain transactions between collaborative arrangement participants. Parts of the collaborative arrangement that are not in the purview of the revenue recognition standard should be presented separately. The amendments are effective for fiscal years beginning after December 15, 2019. Our adoption of ASU No. 2018-18 effective January 1, 2020 did not have an impact on our condensed consolidated financial condition and results of operations. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The ASU intends to simplify various aspects related to accounting for income taxes and removes certain exceptions to the general principles in the standard. Additionally, the ASU clarifies and amends existing guidance to improve consistent application of its requirements. We early adopted ASU No. 2019-12 effective January 1, 2020 on a prospective basis and the adoption did not have an impact on our condensed consolidated financial condition and results of operations. Pronouncements Not Yet Implemented In August 2018, the FASB issued ASU No. 2018-14, "Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans." The ASU amends the disclosure requirements by adding, clarifying, or removing certain disclosures for sponsor defined benefit pension or other postretirement plans. The amendments are effective for fiscal years ending after December 15, 2020 and the amendments should be applied retrospectively to all periods presented. We are currently evaluating the impact of ASU No. 2018-14 and we anticipate that our adoption of this ASU will not have an impact on our disclosures. In March of 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of The Effects of Reference Rate Reform on Financial Reporting." The ASU provides guidance designed to enable the process for migrating away from reference rates such as the London Interbank Offered Rate ("LIBOR") and others to new reference rates. Further, the amendments of the ASU provides optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The amendments are effective as of March 12, 2020 through December 31, 2022 and should be applied prospectively to all periods presented. We are currently evaluating the impact of ASU No. 2020-04 and we anticipate that our adoption of this ASU will not have an impact on our condensed consolidated financial condition and results of operations.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The majority of our revenues relate to customer orders that typically contain a single commitment of goods or services which have lead times under a year. Longer lead time, more complex contracts with our customers typically have multiple commitments of goods and services, including any combination of designing, developing, manufacturing, modifying, installing and commissioning of flow management equipment and providing services and parts related to the performance of such products. Control transfers over time when the customer is able to direct the use of and obtain substantially all of the benefits of our work as we perform. Our primary method for recognizing revenue over time is the percentage of completion ("POC") method. Revenue from products and services transferred to customers over time accounted for approximately 23% of total revenue for the three month period ended March 31, 2020, as compared to 17% for the same period in 2019. If control does not transfer over time, then control transfers at a point in time. We recognize revenue at a point in time at the level of each performance obligation based on the evaluation of certain indicators of control transfer, such as title transfer, risk of loss transfer, customer acceptance and physical possession. Revenue from products and services transferred to customers at a point in time accounted for approximately 77% of total revenue for the three month period ended March 31, 2020, as compared to 83% for the same period in 2019 . Refer to Note 2 to our consolidated financial statements included in our 2019 Annual Report for a more comprehensive discussion of our policies and accounting practices of revenue recognition. Disaggregated Revenue We conduct our operations through two business segments based on the type of product and how we manage the business: • Flowserve Pump Division ("FPD") for custom, highly-engineered pumps, pre-configured industrial pumps, pump systems, mechanical seals, auxiliary systems and replacement parts and related services; and • Flow Control Division ("FCD") for engineered and industrial valves, control valves, actuators and controls and related services. Our revenue sources are derived from our original equipment manufacturing and our aftermarket sales and services. Our original equipment revenues are generally related to originally designed, manufactured, distributed and installed equipment that can range from pre-configured, short-cycle products to more customized, highly-engineered equipment ("Original Equipment"). Our aftermarket sales and services are derived from sales of replacement equipment, as well as maintenance, advanced diagnostic, repair and retrofitting services ("Aftermarket"). Each of our two business segments generate Original Equipment and Aftermarket revenues. The following table presents our customer revenues disaggregated by revenue source: Three Months Ended March 31, 2020 (Amounts in thousands) FPD FCD Total Original Equipment $ 252,732 $ 199,563 $ 452,295 Aftermarket 382,394 59,768 442,162 $ 635,126 $ 259,331 $ 894,457 Three Months Ended March 31, 2019 FPD FCD Total Original Equipment $ 205,803 $ 214,047 $ 419,850 Aftermarket 402,956 67,245 470,201 $ 608,759 $ 281,292 $ 890,051 Our customer sales are diversified geographically. The following table presents our revenues disaggregated by geography, based on the shipping addresses of our customers: : Three Months Ended March 31, 2020 (Amounts in thousands) FPD FCD Total North America(1) $ 267,524 $ 123,118 $ 390,642 Latin America(1) 42,187 5,511 47,698 Middle East and Africa 97,168 26,663 123,831 Asia Pacific 112,455 55,507 167,962 Europe 115,792 48,532 164,324 $ 635,126 $ 259,331 $ 894,457 Three Months Ended March 31, 2019 FPD FCD Total North America(1) $ 247,769 $ 135,177 $ 382,946 Latin America(1) 37,601 5,796 43,397 Middle East and Africa 74,366 22,891 97,257 Asia Pacific 113,948 57,192 171,140 Europe 135,075 60,236 195,311 $ 608,759 $ 281,292 $ 890,051 __________________________________ (1) North America represents United States and Canada; Latin America includes Mexico. On March 31, 2020 , the aggregate transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations was approximately $660 million. We estimate recognition of approximately $412 million of this amount as revenue in the remainder of 2020 and an additional $248 million in 2021 and thereafter. Contract Balances We receive payment from customers based on a contractual billing schedule and specific performance requirements as established in our contracts. We record billings as accounts receivable when an unconditional right to consideration exists. A contract asset represents revenue recognized in advance of our right to receive payment under the terms of a contract. A contract liability represents our right to receive payment in advance of revenue recognized for a contract. The following tables present beginning and ending balances of contract assets and contract liabilities, current and long-term, for the three months ended March 31, 2020 and 2019: (Amounts in thousands) Contract Assets, net (Current) Long-term Contract Assets, net(1) Contract Liabilities (Current) Long-term Contract Liabilities(2) Beginning balance, January 1, 2020 $ 272,914 9,280 $ 216,541 $ 1,652 Revenue recognized that was included in contract liabilities at the beginning of the period — — (85,636) (634) Revenue recognized in the period in excess of billings 203,856 504 — — Billings arising during the period in excess of revenue recognized — — 100,121 — Amounts transferred from contract assets to receivables (185,456) (93) — — Currency effects and other, net (15,387) (7,229) (7,394) (53) Ending balance, March 31, 2020 $ 275,927 $ 2,462 $ 223,632 $ 965 (Amounts in thousands) Contract Assets, net (Current) Long-term Contract Assets, net(1) Contract Liabilities (Current) Long-term Contract Liabilities(2) Beginning balance, January 1, 2019 $ 228,579 $ 10,967 $ 202,458 $ 1,370 Revenue recognized that was included in contract liabilities at the beginning of the period — — (73,417) — Revenue recognized in the period in excess of billings 155,444 — — — Billings arising during the period in excess of revenue recognized — — 78,078 — Amounts transferred from contract assets to receivables (154,817) (2,202) — — Currency effects and other, net (4,356) (19) 623 (12) Ending balance, March 31, 2019 $ 224,850 $ 8,746 $ 207,742 $ 1,358 _____________________________________ (1) Included in other assets, net.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	Leases We have operating and finance leases for certain manufacturing facilities, offices, service and quick response centers, machinery, equipment and automobiles. Our leases have remaining lease terms of up to 33 years. The terms and conditions of our leases may include options to extend or terminate the lease which are considered and included in the lease term when these options are reasonably certain of exercise. We determine if a contract is (or contains) a lease at inception by evaluating whether the contract conveys the right to control the use of an identified asset. For all classes of leased assets, we have elected the practical expedient to account for any non-lease components in the contract together with the related lease component in the same unit of account. For lease contracts containing more than one lease component, we allocate the contract consideration to each of the lease components on the basis of relative standalone prices in order to identify the lease payments for each lease component. Right-of-use ("ROU") assets and lease liabilities are recognized in our condensed consolidated balance sheets at the commencement date based on the present value of remaining lease payments over the lease term. Additionally, ROU assets include any lease payments made at or before the commencement date, as well as any initial direct costs incurred, and are reduced by any lease incentives received. As most of our operating leases do not provide an implicit rate, we apply our incremental borrowing rate to determine the present value of remaining lease payments. Our incremental borrowing rate is determined based on information available at the commencement date of the lease. Operating leases are included in operating lease right-of-use assets, net and operating lease liabilities in our condensed consolidated balance sheets. Finance leases are included in property plant and equipment, debt due within one year and long-term debt due after one year in our condensed consolidated balance sheets. We have certain lease contracts with terms and conditions that provide for variability in the payment amount based on changes in facts or circumstances occurring after the commencement date. These variable lease payments are recognized in our condensed consolidated income statements as the obligation is incurred. We have certain lease contracts where we provide a guarantee to the lessor that the value of an underlying asset will be at least a specified amount at the end of the lease. Estimated amounts expected to be paid for residual value guarantees are included in operating lease liabilities and ROU assets, net. We had $42.3 million and $34.7 million of legally binding minimum lease payments for operating leases signed but not yet commenced as of March 31, 2020 and December 31, 2019, respectively. We did not have material subleases, leases that imposed significant restrictions or covenants, material related party leases or sale-leaseback arrangements. Other information related to our leases is as follows: March 31, December 31, (Amounts in thousands) 2020 2019 Operating Leases: ROU assets recorded under operating leases $ 224,627 $ 220,865 Accumulated amortization associated with operating leases (42,163) (34,647) Total operating leases ROU assets, net $ 182,464 $ 186,218 Liabilities recorded under operating leases (current) $ 36,841 $ 36,108 Liabilities recorded under operating leases (non-current) 147,031 151,523 Total operating leases liabilities $ 183,872 $ 187,631 Finance Leases: ROU assets recorded under finance leases $ 19,761 $ 19,606 Accumulated depreciation associated with finance leases (7,952) (7,551) Total finance leases ROU assets, net(1) $ 11,809 $ 12,055 Total finance leases liabilities(2) $ 11,700 $ 11,788 The costs components of operating and finance leases are as follows: March 31, (Amounts in thousands) 2020 2019 Operating Lease Costs: Fixed lease expense(3) $ 14,470 $ 15,209 Variable lease expense(3) 2,172 1,575 Total operating lease expense $ 16,642 $ 16,784 Finance Lease Costs: Depreciation of finance lease ROU assets(3) $ 1,305 $ 1,157 Interest on lease liabilities(4) 233 78 Total finance lease expense $ 1,538 $ 1,235 _____________________ (1) Included in property plant and equipment, net. (2) Included in debt due within one year and long-term debt due after one year, accordingly. (3) Included in cost of sales and selling, general and administrative expense, accordingly. (4) Included in interest expense. Supplemental cash flows information as of and for the three months ended : March 31, (Amounts in thousands, except lease term and discount rate) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases(1) $ 17,493 $ 16,736 Financing cash flows from finance leases(2) 724 1,124 ROU assets obtained in exchange for lease obligations: Operating leases $ 802 $ 2,922 Finance leases 1,411 3,580 Weighted average remaining lease term (in years) Operating leases 9 years 9 years Finance leases 3 years 3 years Weighted average discount rate (percent) Operating leases 4.5 % 4.5 % Finance leases 3.5 % 3.6 % _____________________ (1) Included in our condensed consolidated statement of cash flows, operating activities, prepaid expenses and other assets, net and retirement obligations and other. (2) Included in our condensed consolidated statement of cash flows, financing activities, payments under other financing arrangements. Future undiscounted lease payments under operating and finance leases as of March 31, 2020 were as follows (amounts in thousands): Year ending December 31, Operating Finance Leases 2020 (excluding the three months ended March 31, 2020) $ 31,199 $ 3,899 2021 34,324 4,056 2022 28,631 2,741 2023 23,441 1,384 2024 18,316 335 Thereafter 85,691 55 Total future minimum lease payments $ 221,602 $ 12,470 Less: Imputed interest (37,730) (770) Total $ 183,872 $ 11,700 Other current liabilities $ 36,841 $ — Operating lease liabilities 147,031 — Debt due within one year — 4,653 Long-term debt due after one year — 7,047 Total $ 183,872 $ 11,700
Leases	Leases We have operating and finance leases for certain manufacturing facilities, offices, service and quick response centers, machinery, equipment and automobiles. Our leases have remaining lease terms of up to 33 years. The terms and conditions of our leases may include options to extend or terminate the lease which are considered and included in the lease term when these options are reasonably certain of exercise. We determine if a contract is (or contains) a lease at inception by evaluating whether the contract conveys the right to control the use of an identified asset. For all classes of leased assets, we have elected the practical expedient to account for any non-lease components in the contract together with the related lease component in the same unit of account. For lease contracts containing more than one lease component, we allocate the contract consideration to each of the lease components on the basis of relative standalone prices in order to identify the lease payments for each lease component. Right-of-use ("ROU") assets and lease liabilities are recognized in our condensed consolidated balance sheets at the commencement date based on the present value of remaining lease payments over the lease term. Additionally, ROU assets include any lease payments made at or before the commencement date, as well as any initial direct costs incurred, and are reduced by any lease incentives received. As most of our operating leases do not provide an implicit rate, we apply our incremental borrowing rate to determine the present value of remaining lease payments. Our incremental borrowing rate is determined based on information available at the commencement date of the lease. Operating leases are included in operating lease right-of-use assets, net and operating lease liabilities in our condensed consolidated balance sheets. Finance leases are included in property plant and equipment, debt due within one year and long-term debt due after one year in our condensed consolidated balance sheets. We have certain lease contracts with terms and conditions that provide for variability in the payment amount based on changes in facts or circumstances occurring after the commencement date. These variable lease payments are recognized in our condensed consolidated income statements as the obligation is incurred. We have certain lease contracts where we provide a guarantee to the lessor that the value of an underlying asset will be at least a specified amount at the end of the lease. Estimated amounts expected to be paid for residual value guarantees are included in operating lease liabilities and ROU assets, net. We had $42.3 million and $34.7 million of legally binding minimum lease payments for operating leases signed but not yet commenced as of March 31, 2020 and December 31, 2019, respectively. We did not have material subleases, leases that imposed significant restrictions or covenants, material related party leases or sale-leaseback arrangements. Other information related to our leases is as follows: March 31, December 31, (Amounts in thousands) 2020 2019 Operating Leases: ROU assets recorded under operating leases $ 224,627 $ 220,865 Accumulated amortization associated with operating leases (42,163) (34,647) Total operating leases ROU assets, net $ 182,464 $ 186,218 Liabilities recorded under operating leases (current) $ 36,841 $ 36,108 Liabilities recorded under operating leases (non-current) 147,031 151,523 Total operating leases liabilities $ 183,872 $ 187,631 Finance Leases: ROU assets recorded under finance leases $ 19,761 $ 19,606 Accumulated depreciation associated with finance leases (7,952) (7,551) Total finance leases ROU assets, net(1) $ 11,809 $ 12,055 Total finance leases liabilities(2) $ 11,700 $ 11,788 The costs components of operating and finance leases are as follows: March 31, (Amounts in thousands) 2020 2019 Operating Lease Costs: Fixed lease expense(3) $ 14,470 $ 15,209 Variable lease expense(3) 2,172 1,575 Total operating lease expense $ 16,642 $ 16,784 Finance Lease Costs: Depreciation of finance lease ROU assets(3) $ 1,305 $ 1,157 Interest on lease liabilities(4) 233 78 Total finance lease expense $ 1,538 $ 1,235 _____________________ (1) Included in property plant and equipment, net. (2) Included in debt due within one year and long-term debt due after one year, accordingly. (3) Included in cost of sales and selling, general and administrative expense, accordingly. (4) Included in interest expense. Supplemental cash flows information as of and for the three months ended : March 31, (Amounts in thousands, except lease term and discount rate) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases(1) $ 17,493 $ 16,736 Financing cash flows from finance leases(2) 724 1,124 ROU assets obtained in exchange for lease obligations: Operating leases $ 802 $ 2,922 Finance leases 1,411 3,580 Weighted average remaining lease term (in years) Operating leases 9 years 9 years Finance leases 3 years 3 years Weighted average discount rate (percent) Operating leases 4.5 % 4.5 % Finance leases 3.5 % 3.6 % _____________________ (1) Included in our condensed consolidated statement of cash flows, operating activities, prepaid expenses and other assets, net and retirement obligations and other. (2) Included in our condensed consolidated statement of cash flows, financing activities, payments under other financing arrangements. Future undiscounted lease payments under operating and finance leases as of March 31, 2020 were as follows (amounts in thousands): Year ending December 31, Operating Finance Leases 2020 (excluding the three months ended March 31, 2020) $ 31,199 $ 3,899 2021 34,324 4,056 2022 28,631 2,741 2023 23,441 1,384 2024 18,316 335 Thereafter 85,691 55 Total future minimum lease payments $ 221,602 $ 12,470 Less: Imputed interest (37,730) (770) Total $ 183,872 $ 11,700 Other current liabilities $ 36,841 $ — Operating lease liabilities 147,031 — Debt due within one year — 4,653 Long-term debt due after one year — 7,047 Total $ 183,872 $ 11,700

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans Effective January 1, 2020, our shareholders approved the Flowserve Corporation 2020 Long-Term Incentive Plan (“2020 Plan”). The 2020 Plan replaces and supersedes the Flowserve Corporation Equity and Incentive Compensation Plan ("2010 Plan") in its entirety. See Note 7 to our consolidated financial statements included in our 2019 Annual Report for additional information on the 2010 Plan. The 2020 Plan authorizes the issuance 12,500,000 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, in addition to any shares available for issuance or subject to forfeiture under the 2010 Plan as of its expiration on December 31, 2019. Of the 12,500,000 shares of common stock authorized under the 2020 Plan, 12,948,153 were available for issuance as of March 31, 2020. Restricted Shares primarily vest over a three , 114,943 stock options were outstanding, with a grant date fair value of $2.0 million recognized over three years. As of March 31, 2020 , compensation associated with these stock options was fully earned. No stock options were granted or vested during the three months ended March 31, 2020 and 2019. 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 $43.0 million and $23.4 million at March 31, 2020 and December 31, 2019, respectively, which is expected to be recognized over a remaining 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, 2020 and 2019 was $18.1 million and $13.8 million , respectively. We recorded stock-based compensation expense of $11.1 million ($14.3 million pre-tax) and $6.0 million ($7.6 million pre-tax) for the three months ended March 31, 2020 and 2019, respectively. Performance-based shares granted in 2016 did not vest due to performance targets not being achieved, resulting in 115,302 forfeited shares and a $4.5 million reduction of stock-based compensation expense for the three months ended March 31, 2019. The following table summarizes information regarding Restricted Shares: Three Months Ended March 31, 2020 Shares Weighted Average Number of unvested shares: Outstanding - January 1, 2020 1,690,600 $ 46.71 Granted 657,765 48.21 Vested (398,102) 45.41 Forfeited (159,134) 53.86 Outstanding as of March 31, 2020 1,791,129 $ 46.92 Unvested Restricted Shares outstanding as of March 31, 2020 included approximately 605,000 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 have performance targets based on our average return on invested capital and our total shareholder return ("TSR") over a three-year period. Most unvested units were granted in three

Derivative Instruments and Hedg

Derivative Instruments and Hedges	3 Months Ended
	Mar. 31, 2020
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 8 to our consolidated financial statements included in our 2019 Annual Report and Note 8 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. Foreign exchange contracts with third parties had a notional value of $375.1 million and $398.5 million at March 31, 2020 and December 31, 2019, respectively. At March 31, 2020, the length of foreign exchange contracts currently in place ranged from 14 days to 29 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 values of foreign exchange contracts are summarized below: March 31, December 31, (Amounts in thousands) 2020 2019 Current derivative assets $ 1,556 $ 892 Noncurrent derivative assets — 15 Current derivative liabilities 6,659 3,418 Noncurrent derivative liabilities 392 8 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) 2020 2019 Gains (losses) recognized in income $ 3,459 $ (1,281) Gains and losses recognized in our condensed consolidated statements of income for foreign exchange contracts are classified as other income (expense), net.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Debt, including finance lease obligations, consisted of: March 31, December 31, (Amounts in thousands, except percentages) 2020 2019 1.25% EUR Senior Notes due March 17, 2022, net of unamortized discount and debt issuance costs of $2,319 and $2,653 $ 549,131 $ 557,847 3.50% USD Senior Notes due September 15, 2022, net of unamortized discount and debt issuance costs of $1,754 a nd $1,924 498,246 498,076 4.00% USD Senior Notes due November 15, 2023, net of unamortized discount and debt issuance costs of $1,671 and $1,777 298,329 298,223 Finance lease obligations and other borrowings 20,382 23,103 Debt and finance lease obligations 1,366,088 1,377,249 Less amounts due within one year 8,980 11,272 Total debt due after one year $ 1,357,108 $ 1,365,977 Senior Credit Facility On July 16, 2019, we entered into a credit agreement (“Credit Agreement”) with Bank of America, N.A., as administrative agent, and the other lenders party thereto. The Credit Agreement provides for an $800.0 million unsecured senior credit facility with a maturity date of July 16, 2024 (“Senior Credit Facility”). The Senior Credit Facility includes a $750.0 million sublimit for the issuance of letters of credit and a $30.0 million sublimit for swing line loans. We have the right to increase the amount of the Senior Credit Facility by an aggregate amount not to exceed $400.0 million, subject to certain conditions, including each Lender's approval providing any increase. The interest rates per annum applicable to the Senior Credit Facility, other than with respect to swing line loans, are LIBOR plus between 1.000% to 1.750%, depending on our debt rating by either Moody’s Investors Service, Inc. or Standard & Poor’s Financial Services LLC ("S&P") Ratings, or, at our option, the Base Rate (as defined in the Credit Agreement) plus between 0.000% to 0.750% depending on our debt rating by either Moody’s Investors Service, Inc. or S&P Ratings. At March 31, 2020, the interest rate on the Senior Credit Facility was LIBOR plus 1.375% in the case of LIBOR loans and the Base Rate plus 0.375% in the case of Base Rate loans. In addition, a commitment fee is payable quarterly in arrears on the daily unused portions of the Senior Credit Facility. The commitment fee will be between 0.090% and 0.300% of unused amounts under the Senior Credit Facility depending on our debt rating by either Moody’s Investors Service, Inc. or S&P’s Ratings. The commitment f ee was 0.20% (per annum) during the period ended March 31, 2020. As of March 31, 2020 and December 31, 2019, we had no revolving loans outstanding. We had outstanding letters of credit of $79.0 million and $88.5 million at March 31, 2020 and December 31, 2019, respectively. The amount available for borrowings under our Senior Credit Facility was $721.0 million at March 31, 2020 and as of December 31, 2019, the amount available for borrowings was $711.5 million. Our compliance with applicable financial covenants under the Senior Notes and Senior Credit Facility are tested quarterly. We were in compliance with all applicable covenants as of March 31, 2020.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2020
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 associa ted 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 5. 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 6. The estimated fair value of our Senior Notes at March 31, 2020 was $1,342.7 million compared to the carrying value of $1,345.7 million. The estimated fair value of the Senior Notes is based on Level I quoted market rates. The carrying amounts of our other fin ancial 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, 2020 and December 31, 2019.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, net consisted of the following: March 31, December 31, (Amounts in thousands) 2020 2019 Raw materials $ 336,874 $ 328,080 Work in process 225,542 192,993 Finished goods 199,922 218,408 Less: Excess and obsolete reserve (78,225) (78,644) Inventories, net $ 684,113 $ 660,837

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
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) 2020 2019 Net earnings (loss) of Flowserve Corporation $ (610) $ 57,261 Dividends on restricted shares not expected to vest — — Earnings (loss) attributable to common and participating shareholders $ (610) $ 57,261 Weighted average shares: Common stock 130,731 130,962 Participating securities — 20 Denominator for basic earnings per common share 130,731 130,982 Effect of potentially dilutive securities — 550 Denominator for diluted earnings per common share 130,731 131,532 Earnings (loss) per common share: Basic $ — $ 0.44 Diluted — 0.44 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. As a result of the net loss for the three months ended March 31, 2020, we excluded 842,506 of unvested Restricted Shares from the calculation of diluted EPS due to their anti-dilutive effect.

Legal Matters and Contingencies

Legal Matters and Contingencies	3 Months Ended
	Mar. 31, 2020
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, in whole or in part. 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. 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 we expect that future claims would also be subject to then existing indemnities and insurance coverage. Other Claims 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 or adjusted 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, 2020
Retirement Benefits [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, 2020 and 2019 were as follows: U.S. Non-U.S. Postretirement (Amounts in millions) 2020 2019 2020 2019 2020 2019 Service cost $ 6.3 $ 5.6 $ 1.7 $ 1.5 $ — $ — Interest cost 3.8 4.5 1.6 2.2 0.1 0.2 Expected return on plan assets (6.7) (6.5) (1.2) (1.9) — — Amortization of prior service cost — — 0.1 0.1 — — Amortization of unrecognized net loss (gain) 1.7 0.9 1.0 0.7 — (0.1) Net periodic cost recognized $ 5.1 $ 4.5 $ 3.2 $ 2.6 $ 0.1 $ 0.1 The components of net periodic cost for retirement and postretirement benefits other than service costs are included in other income (expense), net in our condensed consolidated statement of income.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2020
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. Dividends declared per share were as follows: Three Months Ended March 31, 2020 2019 Dividends declared per share $ 0.20 $ 0.19 Share Repurchase Program – In 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 any time without notice. We repurchase d 1,057,115 shares of our outstanding common stock for $32.1 million du ring the three months ended March 31, 2020, compared to no repurchases of shares for the same period in 2019. As of March 31, 2020, we had $113.6 million of remaining capacity under our current share repurchase program.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2020, we earned $37.8 million before taxes and provided for income taxes of $36.3 million resulting in an effective tax rate of 96.1%. The effective tax rate varied from the U.S. federal statutory rate for the three months ended March 31, 2020 primarily due to the establishment of a valuation allowance against certain deferred tax assets given the current and anticipated impact to the Company's operations resulting from the COVID-19 pandemic and the distressed oil prices, and the net impact of foreign operations. For the three months ended March 31, 2019, we earned $76.1 million before taxes and provided for income taxes of $16.6 million resulting in an effective tax rate of 21.8% The effective tax rate varied from the U.S. federal statutory rate for the three months ended March 31, 2019 primarily due to the base-erosion and anti-abuse tax (“BEAT”) provision and state tax, partially offset by the net impact of foreign operations. In response to the COVID-19 pandemic, many governments have enacted or are contemplating measures to provide aid and economic stimulus. These measures may include deferring the due dates of tax payments or other changes to their income and non-income-based tax laws. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which was enacted on March 27, 2020 in the U.S., includes measures to assist companies, including temporary changes to income and non-income-based tax laws. For the three months ended March 31, 2020, there were no material tax impacts to our condensed consolidated financial statements as they relate to the CARES Act or any other global COVID-19 measures. We continue to monitor additional guidance issued by the U.S. Treasury Department, the Internal Revenue Service and others. As of March 31, 2020, the amount of unrecognized tax benefits decreased by $0.9 million from December 31, 2019. With limited exception, we are no longer subject to U.S. federal income tax audits for years through 2016, state and local income tax audits for years through 2013 or non-U.S. income tax audits for years through 2012. We are currently under examination for various years in Canada, China, France, Germany, India, Indonesia, Italy, Mexico, the Netherlands, Philippines, Saudi Arabia, 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 $6 million within the next 12 months.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
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, 2020 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 635,126 $ 259,331 $ 894,457 $ — $ 894,457 Intersegment sales 528 997 1,525 (1,525) — Segment operating income 39,725 16,699 56,424 (30,872) 25,552 Three Months Ended March 31, 2019 FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 608,759 $ 281,292 $ 890,051 $ — $ 890,051 Intersegment sales 650 828 1,478 (1,478) — Segment operating income 80,463 44,421 124,884 (33,653) 91,231

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Accumulated Other Comprehensive Loss	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, 2020 and 2019: 2020 2019 (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 $ (441,364) $ (137,161) $ (671) $ (579,196) $ (447,925) $ (120,647) $ (858) $ (569,430) Other comprehensive income (loss) before reclassifications (81,353) 3,909 54 (77,390) 6,945 (269) 62 6,738 Amounts reclassified from AOCL — 2,400 — 2,400 — 1,486 — 1,486 Net current-period other comprehensive income (loss) (81,353) 6,309 54 (74,990) 6,945 1,217 62 8,224 Balance - March 31 $ (522,717) $ (130,852) $ (617) $ (654,186) $ (440,980) $ (119,430) $ (796) $ (561,206) _______________________________________ (1) Includes foreign currency translation adjustments attributable to noncontrolling interests of $5.1 million and $4.5 million at January 1, 2020 and 2019, respectively, and $5.9 million and $5.2 million at March 31, 2020 and 2019, respectively. Includes net investment hedge losses of $8.5 million and $12.2 million, net of deferred taxes, at March 31, 2020 and 2019, 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 2020(1) 2019(1) Pension and other postretirement effects Amortization of actuarial losses(2) Other income (expense), net $ (2,657) $ (1,555) Prior service costs(2) Other income (expense), net (141) (138) Tax benefit 398 207 Net of tax $ (2,400) $ (1,486) _______________________________________ (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 11 for additional details.

Realignment and Transformation

Realignment and Transformation Programs	3 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Realignment and Transformation Programs	Realignment and Transformation Programs In the second quarter of 2018, we launched and committed resources to our Flowserve 2.0 Transformation ("Flowserve 2.0 Transformation"), a program designed to transform our business model to drive operational excellence, reduce complexity, accelerate growth, improve organizational health and better leverage our existing global platform. For the three months ended March 31, 2020 and 2019, we incurred Flowserve 2.0 Transformation related expenses of $5.6 million and $8.4 million, respectively. The Flowserve 2.0 Transformation expenses incurred primarily consist of professional services, project management and related travel costs recorded in selling, general and administrative ("SG&A") expenses. In 2015, we initiated realignment programs to better align costs and improve long-term efficiency, including manufacturing optimization through the consolidation of facilities, reduction in our workforce and divestiture of certain non-strategic assets (“Realignment Programs”). The Realignment Programs consist of both restructuring and non-restructuring charges. Restructuring charges represent costs associated with the relocation or reorganization of certain business activities and facility closures and include related severance costs. Non-restructuring charges are primarily employee severance associated with workforce reductions to reduce redundancies. Expenses are primarily reported in cost of sales ("COS") or SG&A, as applicable, in our condensed consolidated statements of income. These Realignment Programs have been substantially completed as of March 31, 2020 and we have incurred charges of $362.4 million to date. 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 and Flowserve 2.0 Transformation program charges: Three Months Ended March 31, 2020 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 1,680 $ (105) $ 1,575 $ — $ 1,575 SG&A 104 10 114 (16) 98 $ 1,784 $ (95) $ 1,689 $ (16) $ 1,673 Non-Restructuring Charges COS $ 126 $ 7,759 $ 7,885 $ — $ 7,885 SG&A 485 50 535 645 1,180 $ 611 $ 7,809 $ 8,420 $ 645 $ 9,065 Total Realignment Charges COS $ 1,806 $ 7,654 $ 9,460 $ — $ 9,460 SG&A 589 60 649 629 $ 1,278 Total $ 2,395 $ 7,714 $ 10,109 $ 629 $ 10,738 Transformation Charges SG&A $ — $ — $ — $ 5,643 $ 5,643 $ — $ — $ — $ 5,643 $ 5,643 Total Realignment and Transformation Charges COS $ 1,806 $ 7,654 $ 9,460 $ — $ 9,460 SG&A 589 60 649 6,272 6,921 Total $ 2,395 $ 7,714 $ 10,109 $ 6,272 $ 16,381 Three Months Ended March 31, 2019 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 2,622 $ 456 $ 3,078 $ — $ 3,078 SG&A(1) (18,471) 338 (18,133) — (18,133) $ (15,849) $ 794 $ (15,055) $ — $ (15,055) Non-Restructuring Charges COS $ 2,396 $ 26 $ 2,422 $ — $ 2,422 SG&A 174 — 174 529 703 $ 2,570 $ 26 $ 2,596 $ 529 $ 3,125 Total Realignment Charges COS $ 5,018 $ 482 $ 5,500 $ — $ 5,500 SG&A (18,297) 338 (17,959) 529 $ (17,430) Total $ (13,279) $ 820 $ (12,459) $ 529 $ (11,930) Transformation Charges SG&A $ — $ — $ — $ 8,413 $ 8,413 $ — $ — $ — $ 8,413 $ 8,413 Total Realignment and Transformation Charges COS $ 5,018 $ 482 $ 5,500 $ — $ 5,500 SG&A (18,297) $ 338 (17,959) 8,942 (9,017) Total $ (13,279) $ 820 $ (12,459) $ 8,942 $ (3,517) _______________________________ (1) Primarily consists of gains from the sales of non-strategic manufacturing facilities that are included in our Realignment Programs. 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) FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 111,871 $ 29,573 $ 141,444 $ — $ 141,444 SG&A 20,404 10,021 30,425 301 30,726 Income tax expense(1) 14,700 1,800 16,500 — 16,500 $ 146,975 $ 41,394 $ 188,369 $ 301 $ 188,670 Non-Restructuring Charges COS $ 80,048 $ 23,219 $ 103,267 $ 263 $ 103,530 SG&A(2) 41,893 7,780 49,673 20,575 70,248 $ 121,941 $ 30,999 $ 152,940 $ 20,838 $ 173,778 Total Realignment Charges COS $ 191,919 $ 52,792 $ 244,711 $ 263 $ 244,974 SG&A(2) 62,297 17,801 80,098 20,876 100,974 Income tax expense(1) 14,700 1,800 16,500 — 16,500 Total $ 268,916 $ 72,393 $ 341,309 $ 21,139 $ 362,448 ____________________________ (1) Income tax expense includes exit taxes as well as non-deductible costs. (2) Includes gains from the sales of non-strategic manufacturing facilities that are included in our Realignment Programs. 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 the 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, 2020 (Amounts in thousands) Severance Contract Termination Asset Write-Downs/ (Gains) Other Total COS $ 1,683 $ — $ (3) $ (105) $ 1,575 SG&A 139 — (3) (38) 98 Total $ 1,822 $ — $ (6) $ (143) $ 1,673 Three Months Ended March 31, 2019 (Amounts in thousands) Severance Contract Termination Asset Write-Downs Other Total COS $ 1,679 $ 39 $ 233 $ 1,127 $ 3,078 SG&A(1) 316 — (18,502) 53 (18,133) Total $ 1,995 $ 39 $ (18,269) $ 1,180 $ (15,055) _______________________ (1) Primarily consists of gains from the sales of non-strategic manufacturing facilities that are included in our Realignment Programs. 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 COS $ 89,026 $ 965 $ 22,550 $ 28,903 $ 141,444 SG&A 34,095 43 (16,743) 13,331 30,726 Income tax expense(1) — — — 16,500 16,500 Total $ 123,121 $ 1,008 $ 5,807 $ 58,734 $ 188,670 _______________________________ (1) 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, 2020 and 2019: (Amounts in thousands) 2020 2019 Balance at January 1 $ 6,703 $ 11,927 Charges, net of adjustments 1,658 3,213 Cash expenditures (1,827) (3,221) Other non-cash adjustments, including currency (216) (314) Balance at March 31 $ 6,318 $ 11,605

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Accounting developments	Accounting Developments Pronouncements Implemented In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, "Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments" ("CECL"). The ASU requires, among other things, the use of a new current expected credit loss model in order to determine an allowance for credit losses with respect to financial assets and instruments held. The CECL model requires that we estimate the lifetime of an expected credit loss for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. On January 1, 2020 we adopted the ASU on a prospective basis to determine our allowance for credit losses in accordance with the requirements of Topic 326, and we modified our accounting policy and processes to facilitate this approach. As a result of the adoption of the ASU we recorded a noncash cumulative effect after-tax adjustment to retained earnings of $7.3 million on ou r opening condensed consolidated balance shee t. Our primary exposure to financial assets that are within the scope of CECL are trade receivables and contract assets. For these financial assets, we record an allowance for credit losses that, when deducted from the gross asset balance, presents the net amount expected to be collected. We estimate the allowance based on an aging schedule and according to historical losses as determined from our billings and collections history. Additionally, we adjust the allowance for factors that are specific to our customers’ credit risk such as financial difficulties, liquidity issues, insolvency, and country and political risk. We also consider both the current and forecasted direction of macroeconomic conditions at the reporting date. The CECL model requires consideration of reasonable and supportable forecasts of future economic conditions in the estimate of expected credit losses. We adjust the allowance and recognize adjustments in the income statement each period. Trade receivables are written off against the allowance in the period when the receivable is deemed to be uncollectible. Subsequent recoveries of amounts previously written off are reflected as a reduction to credit impairment losses in the income statement. Our allowance for expected credit losses for short-term receivables as of March 31, 2020, wa s $66.3 million, compared to $53.4 million as of December 31, 2019. The three months activity included $6.9 million for the adoption of the CECL model at January 1, 2020 and $6.0 million for current period adjustments. Our long-term receivables, included in other assets, net, represent receivables with collection periods longer than 12 months and the balance primarily consists of amounts to be collected from insurance companies and fully-reserved receivables associated with the national oil company in Venezuela. As of March 31, 2020, we had $114.0 million of long-term receivables, compared to $118.5 million as of December 31, 2019. Our allowance for expected credit losses for long-term receivables as of March 31, 2020 w as $100.9 million, compared to $101.4 million as of December 31, 2019. We have exposure to credit losses from off-balance sheet exposures, such as financial guarantees and standby letters of credit, where the risk of loss is immaterial to our financial statements. 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. Our adoption of ASU No. 2017-04 effective January 1, 2020 did not have an impact on our condensed consolidated financial condition and results of operations. In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement." The amendments of the ASU modify the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosure requirements for assets and liabilities measured at fair value in the statement of financial position or disclosed in the notes to the financial statements. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted for the removed disclosures and delayed adoption until fiscal year 2020 permitted for the new disclosures. The removed and modified disclosures were adopted on a retrospective basis and the new disclosures were adopted on a prospective basis. Our adoption of ASU No. 2018-13 effective January 1, 2020 did not have an impact on our disclosures. In August 2018, the FASB issued ASU No. 2018-15, "Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." The ASU addresses how entities should account for costs associated with implementing a cloud computing arrangement that is considered a service contract. Per the amendments of the ASU, implementation costs incurred in a cloud computing arrangement that is a service contract should be accounted for in the same manner as implementation costs incurred to develop or obtain software for internal use as prescribed by guidance in ASC 350-40. The ASU requires that implementation costs incurred in a cloud computing arrangement be capitalized rather than expensed. Further, the ASU specifies the method for the amortization of costs incurred during implementation, and the manner in which the unamortized portion of these capitalized implementation costs should be evaluated for impairment. The ASU also provides guidance on how to present such implementation costs in the financial statements and also creates additional disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2019. The amendments in this ASU can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Our adoption of ASU No. 2018-15 effective January 1, 2020 did not have a material impact on our condensed consolidated financial condition and results of operations. In October 2018, the FASB issued ASU No. 2018-17, "Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities ("VIEs")." The standard reduces the cost and complexity of financial reporting associated with VIEs. The new standard amends the guidance for determining whether a decision-making fee is a VIE. The amendments require organizations to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety as currently required in U.S. Generally Accepted Accounting Principles ("GAAP"). The amendments of this ASU are effective for fiscal years beginning after December 15, 2019. Our adoption of ASU No. 2018-17 effective January 1, 2020 did not have an impact on our condensed consolidated financial condition and results of operations. In November 2018, the FASB issued ASU No. 2018-18, "Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606." The ASU clarifies the interaction between the guidance for certain collaborative arrangements and ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)," which we adopted January 1, 2018. The amendments of the ASU provide guidance on how to assess whether certain transactions between collaborative arrangement participants should be accounted for within ASU No. 2014-09. The ASU also provides more comparability in the presentation of revenue for certain transactions between collaborative arrangement participants. Parts of the collaborative arrangement that are not in the purview of the revenue recognition standard should be presented separately. The amendments are effective for fiscal years beginning after December 15, 2019. Our adoption of ASU No. 2018-18 effective January 1, 2020 did not have an impact on our condensed consolidated financial condition and results of operations. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The ASU intends to simplify various aspects related to accounting for income taxes and removes certain exceptions to the general principles in the standard. Additionally, the ASU clarifies and amends existing guidance to improve consistent application of its requirements. We early adopted ASU No. 2019-12 effective January 1, 2020 on a prospective basis and the adoption did not have an impact on our condensed consolidated financial condition and results of operations. Pronouncements Not Yet Implemented In August 2018, the FASB issued ASU No. 2018-14, "Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans." The ASU amends the disclosure requirements by adding, clarifying, or removing certain disclosures for sponsor defined benefit pension or other postretirement plans. The amendments are effective for fiscal years ending after December 15, 2020 and the amendments should be applied retrospectively to all periods presented. We are currently evaluating the impact of ASU No. 2018-14 and we anticipate that our adoption of this ASU will not have an impact on our disclosures. In March of 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of The Effects of Reference Rate Reform on Financial Reporting." The ASU provides guidance designed to enable the process for migrating away from reference rates such as the London Interbank Offered Rate ("LIBOR") and others to new reference rates. Further, the amendments of the ASU provides optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The amendments are effective as of March 12, 2020 through December 31, 2022 and should be applied prospectively to all periods presented. We are currently evaluating the impact of ASU No. 2020-04 and we anticipate that our adoption of this ASU will not have an impact on our condensed 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 associa

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents our customer revenues disaggregated by revenue source: Three Months Ended March 31, 2020 (Amounts in thousands) FPD FCD Total Original Equipment $ 252,732 $ 199,563 $ 452,295 Aftermarket 382,394 59,768 442,162 $ 635,126 $ 259,331 $ 894,457 Three Months Ended March 31, 2019 FPD FCD Total Original Equipment $ 205,803 $ 214,047 $ 419,850 Aftermarket 402,956 67,245 470,201 $ 608,759 $ 281,292 $ 890,051 Our customer sales are diversified geographically. The following table presents our revenues disaggregated by geography, based on the shipping addresses of our customers: : Three Months Ended March 31, 2020 (Amounts in thousands) FPD FCD Total North America(1) $ 267,524 $ 123,118 $ 390,642 Latin America(1) 42,187 5,511 47,698 Middle East and Africa 97,168 26,663 123,831 Asia Pacific 112,455 55,507 167,962 Europe 115,792 48,532 164,324 $ 635,126 $ 259,331 $ 894,457 Three Months Ended March 31, 2019 FPD FCD Total North America(1) $ 247,769 $ 135,177 $ 382,946 Latin America(1) 37,601 5,796 43,397 Middle East and Africa 74,366 22,891 97,257 Asia Pacific 113,948 57,192 171,140 Europe 135,075 60,236 195,311 $ 608,759 $ 281,292 $ 890,051 __________________________________ (1) North America represents United States and Canada; Latin America includes Mexico.
Contract liabilities	The following tables present beginning and ending balances of contract assets and contract liabilities, current and long-term, for the three months ended March 31, 2020 and 2019: (Amounts in thousands) Contract Assets, net (Current) Long-term Contract Assets, net(1) Contract Liabilities (Current) Long-term Contract Liabilities(2) Beginning balance, January 1, 2020 $ 272,914 9,280 $ 216,541 $ 1,652 Revenue recognized that was included in contract liabilities at the beginning of the period — — (85,636) (634) Revenue recognized in the period in excess of billings 203,856 504 — — Billings arising during the period in excess of revenue recognized — — 100,121 — Amounts transferred from contract assets to receivables (185,456) (93) — — Currency effects and other, net (15,387) (7,229) (7,394) (53) Ending balance, March 31, 2020 $ 275,927 $ 2,462 $ 223,632 $ 965 (Amounts in thousands) Contract Assets, net (Current) Long-term Contract Assets, net(1) Contract Liabilities (Current) Long-term Contract Liabilities(2) Beginning balance, January 1, 2019 $ 228,579 $ 10,967 $ 202,458 $ 1,370 Revenue recognized that was included in contract liabilities at the beginning of the period — — (73,417) — Revenue recognized in the period in excess of billings 155,444 — — — Billings arising during the period in excess of revenue recognized — — 78,078 — Amounts transferred from contract assets to receivables (154,817) (2,202) — — Currency effects and other, net (4,356) (19) 623 (12) Ending balance, March 31, 2019 $ 224,850 $ 8,746 $ 207,742 $ 1,358 _____________________________________ (1) Included in other assets, net.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Summary of Other Lease Information	Other information related to our leases is as follows: March 31, December 31, (Amounts in thousands) 2020 2019 Operating Leases: ROU assets recorded under operating leases $ 224,627 $ 220,865 Accumulated amortization associated with operating leases (42,163) (34,647) Total operating leases ROU assets, net $ 182,464 $ 186,218 Liabilities recorded under operating leases (current) $ 36,841 $ 36,108 Liabilities recorded under operating leases (non-current) 147,031 151,523 Total operating leases liabilities $ 183,872 $ 187,631 Finance Leases: ROU assets recorded under finance leases $ 19,761 $ 19,606 Accumulated depreciation associated with finance leases (7,952) (7,551) Total finance leases ROU assets, net(1) $ 11,809 $ 12,055 Total finance leases liabilities(2) $ 11,700 $ 11,788 The costs components of operating and finance leases are as follows: March 31, (Amounts in thousands) 2020 2019 Operating Lease Costs: Fixed lease expense(3) $ 14,470 $ 15,209 Variable lease expense(3) 2,172 1,575 Total operating lease expense $ 16,642 $ 16,784 Finance Lease Costs: Depreciation of finance lease ROU assets(3) $ 1,305 $ 1,157 Interest on lease liabilities(4) 233 78 Total finance lease expense $ 1,538 $ 1,235 _____________________ (1) Included in property plant and equipment, net. (2) Included in debt due within one year and long-term debt due after one year, accordingly. (3) Included in cost of sales and selling, general and administrative expense, accordingly. (4) Included in interest expense.
Schedule of Supplemental Cash Flows Information	Supplemental cash flows information as of and for the three months ended : March 31, (Amounts in thousands, except lease term and discount rate) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases(1) $ 17,493 $ 16,736 Financing cash flows from finance leases(2) 724 1,124 ROU assets obtained in exchange for lease obligations: Operating leases $ 802 $ 2,922 Finance leases 1,411 3,580 Weighted average remaining lease term (in years) Operating leases 9 years 9 years Finance leases 3 years 3 years Weighted average discount rate (percent) Operating leases 4.5 % 4.5 % Finance leases 3.5 % 3.6 % _____________________ (1) Included in our condensed consolidated statement of cash flows, operating activities, prepaid expenses and other assets, net and retirement obligations and other. (2) Included in our condensed consolidated statement of cash flows, financing activities, payments under other financing arrangements.
Schedule of Future Finance Lease Payments	Future undiscounted lease payments under operating and finance leases as of March 31, 2020 were as follows (amounts in thousands): Year ending December 31, Operating Finance Leases 2020 (excluding the three months ended March 31, 2020) $ 31,199 $ 3,899 2021 34,324 4,056 2022 28,631 2,741 2023 23,441 1,384 2024 18,316 335 Thereafter 85,691 55 Total future minimum lease payments $ 221,602 $ 12,470 Less: Imputed interest (37,730) (770) Total $ 183,872 $ 11,700 Other current liabilities $ 36,841 $ — Operating lease liabilities 147,031 — Debt due within one year — 4,653 Long-term debt due after one year — 7,047 Total $ 183,872 $ 11,700
Schedule of Future Operating Lease Payments	Future undiscounted lease payments under operating and finance leases as of March 31, 2020 were as follows (amounts in thousands): Year ending December 31, Operating Finance Leases 2020 (excluding the three months ended March 31, 2020) $ 31,199 $ 3,899 2021 34,324 4,056 2022 28,631 2,741 2023 23,441 1,384 2024 18,316 335 Thereafter 85,691 55 Total future minimum lease payments $ 221,602 $ 12,470 Less: Imputed interest (37,730) (770) Total $ 183,872 $ 11,700 Other current liabilities $ 36,841 $ — Operating lease liabilities 147,031 — Debt due within one year — 4,653 Long-term debt due after one year — 7,047 Total $ 183,872 $ 11,700

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Information Regarding Restricted Shares	The following table summarizes information regarding Restricted Shares: Three Months Ended March 31, 2020 Shares Weighted Average Number of unvested shares: Outstanding - January 1, 2020 1,690,600 $ 46.71 Granted 657,765 48.21 Vested (398,102) 45.41 Forfeited (159,134) 53.86 Outstanding as of March 31, 2020 1,791,129 $ 46.92

Derivative Instruments and He_2

Derivative Instruments and Hedges (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Fair Value of Forward Exchange Contracts not Designated as Hedging Instruments	The fair values of foreign exchange contracts are summarized below: March 31, December 31, (Amounts in thousands) 2020 2019 Current derivative assets $ 1,556 $ 892 Noncurrent derivative assets — 15 Current derivative liabilities 6,659 3,418 Noncurrent derivative liabilities 392 8
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) 2020 2019 Gains (losses) recognized in income $ 3,459 $ (1,281)

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt Including Capital Lease Obligations	Debt, including finance lease obligations, consisted of: March 31, December 31, (Amounts in thousands, except percentages) 2020 2019 1.25% EUR Senior Notes due March 17, 2022, net of unamortized discount and debt issuance costs of $2,319 and $2,653 $ 549,131 $ 557,847 3.50% USD Senior Notes due September 15, 2022, net of unamortized discount and debt issuance costs of $1,754 a nd $1,924 498,246 498,076 4.00% USD Senior Notes due November 15, 2023, net of unamortized discount and debt issuance costs of $1,671 and $1,777 298,329 298,223 Finance lease obligations and other borrowings 20,382 23,103 Debt and finance lease obligations 1,366,088 1,377,249 Less amounts due within one year 8,980 11,272 Total debt due after one year $ 1,357,108 $ 1,365,977

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Net Components of Inventory	Inventories, net consisted of the following: March 31, December 31, (Amounts in thousands) 2020 2019 Raw materials $ 336,874 $ 328,080 Work in process 225,542 192,993 Finished goods 199,922 218,408 Less: Excess and obsolete reserve (78,225) (78,644) Inventories, net $ 684,113 $ 660,837

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
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) 2020 2019 Net earnings (loss) of Flowserve Corporation $ (610) $ 57,261 Dividends on restricted shares not expected to vest — — Earnings (loss) attributable to common and participating shareholders $ (610) $ 57,261 Weighted average shares: Common stock 130,731 130,962 Participating securities — 20 Denominator for basic earnings per common share 130,731 130,982 Effect of potentially dilutive securities — 550 Denominator for diluted earnings per common share 130,731 131,532 Earnings (loss) per common share: Basic $ — $ 0.44 Diluted — 0.44

Retirement and Postretirement_2

Retirement and Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [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, 2020 and 2019 were as follows: U.S. Non-U.S. Postretirement (Amounts in millions) 2020 2019 2020 2019 2020 2019 Service cost $ 6.3 $ 5.6 $ 1.7 $ 1.5 $ — $ — Interest cost 3.8 4.5 1.6 2.2 0.1 0.2 Expected return on plan assets (6.7) (6.5) (1.2) (1.9) — — Amortization of prior service cost — — 0.1 0.1 — — Amortization of unrecognized net loss (gain) 1.7 0.9 1.0 0.7 — (0.1) Net periodic cost recognized $ 5.1 $ 4.5 $ 3.2 $ 2.6 $ 0.1 $ 0.1

Statement of Shareholders' Equi

Statement of Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Summary of Dividends Declared	Dividends declared per share were as follows: Three Months Ended March 31, 2020 2019 Dividends declared per share $ 0.20 $ 0.19

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 635,126 $ 259,331 $ 894,457 $ — $ 894,457 Intersegment sales 528 997 1,525 (1,525) — Segment operating income 39,725 16,699 56,424 (30,872) 25,552 Three Months Ended March 31, 2019 FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 608,759 $ 281,292 $ 890,051 $ — $ 890,051 Intersegment sales 650 828 1,478 (1,478) — Segment operating income 80,463 44,421 124,884 (33,653) 91,231

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 and 2019: 2020 2019 (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 $ (441,364) $ (137,161) $ (671) $ (579,196) $ (447,925) $ (120,647) $ (858) $ (569,430) Other comprehensive income (loss) before reclassifications (81,353) 3,909 54 (77,390) 6,945 (269) 62 6,738 Amounts reclassified from AOCL — 2,400 — 2,400 — 1,486 — 1,486 Net current-period other comprehensive income (loss) (81,353) 6,309 54 (74,990) 6,945 1,217 62 8,224 Balance - March 31 $ (522,717) $ (130,852) $ (617) $ (654,186) $ (440,980) $ (119,430) $ (796) $ (561,206) _______________________________________ (1) Includes foreign currency translation adjustments attributable to noncontrolling interests of $5.1 million and $4.5 million at January 1, 2020 and 2019, respectively, and $5.9 million and $5.2 million at March 31, 2020 and 2019, respectively. Includes net investment hedge losses of
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 2020(1) 2019(1) Pension and other postretirement effects Amortization of actuarial losses(2) Other income (expense), net $ (2,657) $ (1,555) Prior service costs(2) Other income (expense), net (141) (138) Tax benefit 398 207 Net of tax $ (2,400) $ (1,486) _______________________________________ (1) Amounts in parentheses indicate decreases to income. None of the reclass amounts have a noncontrolling interest component.

Realignment and Transformatio_2

Realignment and Transformation Programs (Tables)	3 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following is a summary of total charges, net of adjustments, related to the Realignment and Flowserve 2.0 Transformation program charges: Three Months Ended March 31, 2020 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 1,680 $ (105) $ 1,575 $ — $ 1,575 SG&A 104 10 114 (16) 98 $ 1,784 $ (95) $ 1,689 $ (16) $ 1,673 Non-Restructuring Charges COS $ 126 $ 7,759 $ 7,885 $ — $ 7,885 SG&A 485 50 535 645 1,180 $ 611 $ 7,809 $ 8,420 $ 645 $ 9,065 Total Realignment Charges COS $ 1,806 $ 7,654 $ 9,460 $ — $ 9,460 SG&A 589 60 649 629 $ 1,278 Total $ 2,395 $ 7,714 $ 10,109 $ 629 $ 10,738 Transformation Charges SG&A $ — $ — $ — $ 5,643 $ 5,643 $ — $ — $ — $ 5,643 $ 5,643 Total Realignment and Transformation Charges COS $ 1,806 $ 7,654 $ 9,460 $ — $ 9,460 SG&A 589 60 649 6,272 6,921 Total $ 2,395 $ 7,714 $ 10,109 $ 6,272 $ 16,381 Three Months Ended March 31, 2019 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 2,622 $ 456 $ 3,078 $ — $ 3,078 SG&A(1) (18,471) 338 (18,133) — (18,133) $ (15,849) $ 794 $ (15,055) $ — $ (15,055) Non-Restructuring Charges COS $ 2,396 $ 26 $ 2,422 $ — $ 2,422 SG&A 174 — 174 529 703 $ 2,570 $ 26 $ 2,596 $ 529 $ 3,125 Total Realignment Charges COS $ 5,018 $ 482 $ 5,500 $ — $ 5,500 SG&A (18,297) 338 (17,959) 529 $ (17,430) Total $ (13,279) $ 820 $ (12,459) $ 529 $ (11,930) Transformation Charges SG&A $ — $ — $ — $ 8,413 $ 8,413 $ — $ — $ — $ 8,413 $ 8,413 Total Realignment and Transformation Charges COS $ 5,018 $ 482 $ 5,500 $ — $ 5,500 SG&A (18,297) $ 338 (17,959) 8,942 (9,017) Total $ (13,279) $ 820 $ (12,459) $ 8,942 $ (3,517) _______________________________ (1) Primarily consists of gains from the sales of non-strategic manufacturing facilities that are included in our Realignment Programs. 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) FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 111,871 $ 29,573 $ 141,444 $ — $ 141,444 SG&A 20,404 10,021 30,425 301 30,726 Income tax expense(1) 14,700 1,800 16,500 — 16,500 $ 146,975 $ 41,394 $ 188,369 $ 301 $ 188,670 Non-Restructuring Charges COS $ 80,048 $ 23,219 $ 103,267 $ 263 $ 103,530 SG&A(2) 41,893 7,780 49,673 20,575 70,248 $ 121,941 $ 30,999 $ 152,940 $ 20,838 $ 173,778 Total Realignment Charges COS $ 191,919 $ 52,792 $ 244,711 $ 263 $ 244,974 SG&A(2) 62,297 17,801 80,098 20,876 100,974 Income tax expense(1) 14,700 1,800 16,500 — 16,500 Total $ 268,916 $ 72,393 $ 341,309 $ 21,139 $ 362,448 ____________________________ (1) Income tax expense includes exit taxes as well as non-deductible costs. (2) Includes gains from the sales of non-strategic manufacturing facilities that are included in our Realignment Programs. Three Months Ended March 31, 2020 (Amounts in thousands) Severance Contract Termination Asset Write-Downs/ (Gains) Other Total COS $ 1,683 $ — $ (3) $ (105) $ 1,575 SG&A 139 — (3) (38) 98 Total $ 1,822 $ — $ (6) $ (143) $ 1,673 Three Months Ended March 31, 2019 (Amounts in thousands) Severance Contract Termination Asset Write-Downs Other Total COS $ 1,679 $ 39 $ 233 $ 1,127 $ 3,078 SG&A(1) 316 — (18,502) 53 (18,133) Total $ 1,995 $ 39 $ (18,269) $ 1,180 $ (15,055) _______________________ (1) Primarily consists of gains from the sales of non-strategic manufacturing facilities that are included in our Realignment Programs. 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 COS $ 89,026 $ 965 $ 22,550 $ 28,903 $ 141,444 SG&A 34,095 43 (16,743) 13,331 30,726 Income tax expense(1) — — — 16,500 16,500 Total $ 123,121 $ 1,008 $ 5,807 $ 58,734 $ 188,670 _______________________________ (1) Income tax expense includes exit taxes as well as non-deductible costs.
Schedule of Restructuring Reserve by Type of Cost	The following represents the activity, primarily severance, related to the restructuring reserve for the Realignment Programs for the three months ended March 31, 2020 and 2019: (Amounts in thousands) 2020 2019 Balance at January 1 $ 6,703 $ 11,927 Charges, net of adjustments 1,658 3,213 Cash expenditures (1,827) (3,221) Other non-cash adjustments, including currency (216) (314) Balance at March 31 $ 6,318 $ 11,605

Basis of Presentation and Acc_3

Basis of Presentation and Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ 3,661,579		$ 3,695,862
Short-term receivable, allowance for credit loss	66,300		53,400
Allowance for doubtful accounts	66,252		53,412
Increase to allowance for credit loss	6,000
Accounts receivable, noncurrent	114,000		118,500
Allowance for credit loss, noncurrent	100,900		$ 101,400
Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings		$ 7,300
Allowance for doubtful accounts	$ 6,900

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - segments	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Number of operating segments	2
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from products and services	23.00%	17.00%
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from products and services	77.00%	83.00%

Revenue Recognition (Disaggrega

Revenue Recognition (Disaggregation of revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Sales	$ 894,457	$ 890,051
Original Equipment
Disaggregation of Revenue [Line Items]
Sales	452,295	419,850
Aftermarket
Disaggregation of Revenue [Line Items]
Sales	442,162	470,201
FPD
Disaggregation of Revenue [Line Items]
Sales	635,126	608,759
FPD | Original Equipment
Disaggregation of Revenue [Line Items]
Sales	252,732	205,803
FPD | Aftermarket
Disaggregation of Revenue [Line Items]
Sales	382,394	402,956
FCD
Disaggregation of Revenue [Line Items]
Sales	259,331	281,292
FCD | Original Equipment
Disaggregation of Revenue [Line Items]
Sales	199,563	214,047
FCD | Aftermarket
Disaggregation of Revenue [Line Items]
Sales	59,768	67,245
North America
Disaggregation of Revenue [Line Items]
Sales	390,642	382,946
North America | FPD
Disaggregation of Revenue [Line Items]
Sales	267,524	247,769
North America | FCD
Disaggregation of Revenue [Line Items]
Sales	123,118	135,177
Latin America
Disaggregation of Revenue [Line Items]
Sales	47,698	43,397
Latin America | FPD
Disaggregation of Revenue [Line Items]
Sales	42,187	37,601
Latin America | FCD
Disaggregation of Revenue [Line Items]
Sales	5,511	5,796
Middle East And Africa
Disaggregation of Revenue [Line Items]
Sales	123,831	97,257
Middle East And Africa | FPD
Disaggregation of Revenue [Line Items]
Sales	97,168	74,366
Middle East And Africa | FCD
Disaggregation of Revenue [Line Items]
Sales	26,663	22,891
Asia Pacific
Disaggregation of Revenue [Line Items]
Sales	167,962	171,140
Asia Pacific | FPD
Disaggregation of Revenue [Line Items]
Sales	112,455	113,948
Asia Pacific | FCD
Disaggregation of Revenue [Line Items]
Sales	55,507	57,192
Europe
Disaggregation of Revenue [Line Items]
Sales	164,324	195,311
Europe | FPD
Disaggregation of Revenue [Line Items]
Sales	115,792	135,075
Europe | FCD
Disaggregation of Revenue [Line Items]
Sales	$ 48,532	$ 60,236

Revenue Recognition (Performanc

Revenue Recognition (Performance obligations) (Details) $ in Millions	Mar. 31, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 660
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 412
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 248
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year

Revenue Recognition (Contract L

Revenue Recognition (Contract Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Change In Contract With Customer, Asset And Liability [Roll Forward]
Contract Assets, Beginning balance	$ 272,914
Contract Liabilities, Current, Beginning balance	216,541
Revenue recognized that was included in contract liabilities at the beginning of the period	(15,705)	$ (5,567)
Amounts transferred from contract assets to receivables	(14,462)	1,631
Contract Assets, Ending balance	275,927	224,850
Contract Liabilities, Current, Ending balance	223,632	207,742
Short-term Contract with Customer
Change In Contract With Customer, Asset And Liability [Roll Forward]
Contract Assets, Beginning balance	272,914	228,579
Revenue recognized that was included in contract liabilities at the beginning of the period	0	0
Revenue recognized in the period in excess of billings	203,856	155,444
Billings arising during the period in excess of revenue recognized	0	0
Amounts transferred from contract assets to receivables	(185,456)	(154,817)
Other contract asset, net	(15,387)	(4,356)
Long-term Contract with Customer
Change In Contract With Customer, Asset And Liability [Roll Forward]
Contract Assets, Beginning balance	9,280	10,967
Revenue recognized that was included in contract liabilities at the beginning of the period	0	0
Revenue recognized in the period in excess of billings	504	0
Billings arising during the period in excess of revenue recognized	0	0
Amounts transferred from contract assets to receivables	(93)	(2,202)
Other contract asset, net	(7,229)	(19)
Contract Assets, Ending balance	2,462	8,746
Short-term Contract with Customer, Liability
Change In Contract With Customer, Asset And Liability [Roll Forward]
Contract Liabilities, Current, Beginning balance	216,541	202,458
Revenue recognized that was included in contract liabilities at the beginning of the period	(85,636)	(73,417)
Revenue recognized in the period in excess of billings	0	0
Billings arising during the period in excess of revenue recognized	100,121	78,078
Amounts transferred from contract assets to receivables	0	0
Other contract liability, net	(7,394)	623
Long-term Contract With Customer, Liability
Change In Contract With Customer, Asset And Liability [Roll Forward]
Contract Liabilities, Noncurrent, Beginning balance	1,652	1,370
Revenue recognized that was included in contract liabilities at the beginning of the period	(634)	0
Revenue recognized in the period in excess of billings	0	0
Billings arising during the period in excess of revenue recognized	0	0
Amounts transferred from contract assets to receivables	0	0
Other contract liability, net	(53)	(12)
Contract Liabilities, Noncurrent, Ending balance	$ 965	$ 1,358

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lessee, Lease, Description [Line Items]
Lease payments, leases not yet commenced	$ 42.3	$ 34.7
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	33 years

Leases (Other Information) (Det

Leases (Other Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Operating Leases:
ROU assets recorded under operating leases	$ 224,627		$ 220,865
Accumulated amortization associated with operating leases	(42,163)		(34,647)
Total operating leases ROU assets, net	182,464		186,218
Operating lease liabilities	36,841		36,108
Liabilities recorded under operating leases (non-current)	147,031		151,523
Total operating leases liabilities	183,872		187,631
Operating lease expense	14,470	$ 15,209
Variable lease expense	2,172	1,575
Total operating lease expense	16,642	16,784
Finance Leases:
ROU assets recorded under finance leases	19,761		19,606
Accumulated depreciation associated with finance leases	(7,952)		(7,551)
Total finance leases ROU assets, net	11,809		12,055
Total finance lease liabilities	11,700		$ 11,788
Amortization of finance lease ROU assets	1,305	1,157
Interest on lease liabilities	233	78
Total finance lease expense	$ 1,538	$ 1,235

Leases (Supplemental Cash Flows

Leases (Supplemental Cash Flows Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 17,493	$ 16,736
Financing cash flows from finance leases	724	1,124
ROU assets obtained in exchange for lease obligations:
Operating leases	802	2,922
Finance leases	$ 1,411	$ 3,580
Weighted average remaining lease term (in years)
Operating leases	9 years	9 years
Finance leases	3 years	3 years
Weighted average discount rate (percent)
Operating leases	4.50%	4.50%
Finance leases	3.50%	3.60%

Leases (Future Lease Payments)

Leases (Future Lease Payments) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Operating Leases
2020 (excluding the three months ended March 31, 2020)	$ 31,199
2021	34,324
2022	28,631
2023	23,441
2024	18,316
Thereafter	85,691
Total future minimum lease payments	221,602
Less: Imputed interest	(37,730)
Total	183,872	$ 187,631
Other current liabilities	36,841	36,108
Operating lease liabilities	147,031	151,523
Total operating leases liabilities	183,872	187,631
Finance Lease, Liability, Payment, Due [Abstract]
2020 (excluding the three months ended March 31, 2020)	3,899
2021	4,056
2022	2,741
2023	1,384
2024	335
Thereafter	55
Total future minimum lease payments	12,470
Less: Imputed interest	(770)
Total	11,700	11,788
Debt due within one year	4,653
Long-term debt due after one year	7,047
Total	$ 11,700	$ 11,788

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Options, outstanding, number (in shares)	114,943
Options, grants in period, weighted average grant date fair value	$ 2
Nonvested awards, compensation cost not yet recognized, period for recognition	3 years
Options, grants in period, gross (in shares)	0	0
Vested (in shares)	0	0
Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to issue under share based compensation plans (in shares)	12,500,000
Common stock available under stock option plan (in shares)	12,948,153
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement age requirement to vest over original vesting period	55 years
Time in service requirement to vest over original vesting period	10 years
Nonvested awards, compensation cost not yet recognized, period for recognition	2 years
Nonvested awards, compensation cost not yet recognized	$ 43		$ 23.4
Equity instruments other than options, vested in period, fair value	18.1	$ 13.8
Allocated share-based compensation expense, net of tax	11.1	6
Allocated share-based compensation expense	$ 14.3	$ 7.6
Equity instruments other than options, nonvested, number (in shares)	1,791,129		1,690,600
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	36 months
Shares forfeited (in shares)		115,302
Decrease in stock-based compensation expense		$ 4.5
Equity instruments other than options, nonvested, number (in shares)	605,000
Award requisite service period (in years)	3 years
Estimated vesting of shares based on performance shares (in shares)	663,000
Minimum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	0.00%
Options, vested and expected to vest, exercisable, number (in shares)	0
Maximum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	200.00%
Options, vested and expected to vest, exercisable, number (in shares)	1,209,000

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans (Information Regarding Restricted Shares) (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Shares
Outstanding, Shares, Beginning balance (in shares) | shares	1,690,600
Granted, Shares (in shares) | shares	657,765
Vested, Shares (in shares) | shares	(398,102)
Forfeited, Shares (in shares) | shares	(159,134)
Outstanding, Shares, Ending balance (in shares) | shares	1,791,129
Weighted Average Grant-Date Fair Value
Outstanding, Weighted Average Grant-Date Fair Value, Beginning balance (in dollars per share) | $ / shares	$ 46.71
Granted, Weighted Average Grant-Date Fair Value (in dollars per share) | $ / shares	48.21
Vested, Weighted Average Grant-Date Fair Value (in dollars per share) | $ / shares	45.41
Forfeited, Weighted Average Grant-Date Fair Value (in dollars per share) | $ / shares	53.86
Outstanding, Weighted Average Grant-Date Fair Value, Ending balance (in dollars per share) | $ / shares	$ 46.92

Derivative Instruments and He_3

Derivative Instruments and Hedges (Textual) (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2015EUR (€)
2022 EUR Senior Notes
Derivative [Line Items]
Designated amount, net investment hedge			€ 255.7
Debt Instrument, face amount			€ 500
Not Designated as Hedging Instrument | Forward Exchange Contract
Derivative [Line Items]
Derivative, notional amount | $	$ 375.1	$ 398.5
Minimum remaining maturity of foreign currency derivatives	14 days
Maximum remaining maturity of foreign currency derivatives	29 months

Derivative Instruments and He_4

Derivative Instruments and Hedges (Fair Value Balance Sheet Disclosures) (Details) - Not Designated as Hedging Instrument - Foreign Exchange Contract - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Current derivative assets	$ 1,556	$ 892
Noncurrent derivative assets	0	15
Current derivative liabilities	6,659	3,418
Noncurrent derivative liabilities	$ 392	$ 8

Derivative Instruments and He_5

Derivative Instruments and Hedges (Fair Value of Forward Exchange Contracts) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Forward Contracts
Derivative [Line Items]
Gains (losses) recognized in income	$ 3,459	$ (1,281)

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Finance lease obligations and other borrowings	$ 20,382	$ 23,103
Debt and finance lease obligations	1,366,088	1,377,249
Less amounts due within one year	8,980	11,272
Total debt due after one year	$ 1,357,108	$ 1,365,977
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	$ 2,319	$ 2,653
Long-term debt	$ 549,131	$ 557,847
2023 Senior notes [Member]
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.00%	4.00%
Debt instrument, unamortized discount (premium) and debt issuance costs, net	$ 1,671	$ 1,777
Long-term debt	$ 298,329	$ 298,223
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	$ 1,754	$ 1,924
Long-term debt	$ 498,246	$ 498,076

Debt (Details Textual)

Debt (Details Textual) - USD ($)	Jul. 16, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Line of Credit Facility [Line Items]
Payments on long-term debt		$ 0	$ 15,000,000
Senior Credit Facility
Line of Credit Facility [Line Items]
Letters of credit outstanding		79,000,000		$ 88,500,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving credit facility		0		0
Line of credit facility, current borrowing capacity		$ 721,000,000		$ 711,500,000
Revolving Credit Facility | New Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 800,000,000
Revolving Credit Facility | New Senior Credit Facility
Line of Credit Facility [Line Items]
Maximum increase in borrowing capacity	400,000,000
Line of credit, commitment fee (as a percentage)		0.20%
Letter of Credit | New Senior Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	750,000,000
Swing Line Loans | New Senior Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 30,000,000
LIBOR | Revolving Credit Facility | New Senior Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.375%
Base Rate | Revolving Credit Facility | New Senior Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.375%
Minimum | Revolving Credit Facility | New Senior Credit Facility
Line of Credit Facility [Line Items]
Commitment fee percentage for unused capacity	0.09%
Minimum | LIBOR | Revolving Credit Facility | New Senior Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Minimum | Base Rate | Revolving Credit Facility | New Senior Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.00%
Maximum | Revolving Credit Facility | New Senior Credit Facility
Line of Credit Facility [Line Items]
Commitment fee percentage for unused capacity	0.30%
Maximum | LIBOR | Revolving Credit Facility | New Senior Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.75%
Maximum | Base Rate | Revolving Credit Facility | New Senior Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.75%

Fair Value (Details)

Fair Value (Details) $ in Millions	Mar. 31, 2020USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 1,345.7
Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 1,342.7

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Net Components of Inventory
Raw materials	$ 336,874	$ 328,080
Work in process	225,542	192,993
Finished goods	199,922	218,408
Less: Excess and obsolete reserve	(78,225)	(78,644)
Inventories, net	$ 684,113	$ 660,837

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net earnings (loss) of Flowserve Corporation	$ (610)	$ 57,261
Dividends on restricted shares not expected to vest	0	0
Earnings (loss) attributable to common and participating shareholders	$ (610)	$ 57,261
Weighted average shares:
Common stock (in shares)	130,731,000	130,962,000
Participating securities (in shares)	0	20,000
Denominator for basic earnings per common share (in shares)	130,731,000	130,982,000
Effect of potentially dilutive securities (in shares)	0	550,000
Denominator for diluted earnings per common share (in shares)	130,731,000	131,532,000
Earnings (loss) per common share:
Basic (in dollars per share)	$ 0	$ 0.44
Diluted (in dollars per share)	$ 0	$ 0.44
Antidilutive shares (in shares)	842,506

Retirement and Postretirement_3

Retirement and Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Domestic Plan
Components of the net periodic cost for retirement and postretirement benefits
Service cost	$ 6.3	$ 5.6
Interest cost	3.8	4.5
Expected return on plan assets	(6.7)	(6.5)
Amortization of prior service cost	0	0
Amortization of unrecognized net loss (gain)	1.7	0.9
Net periodic cost recognized	5.1	4.5
Foreign Plan
Components of the net periodic cost for retirement and postretirement benefits
Service cost	1.7	1.5
Interest cost	1.6	2.2
Expected return on plan assets	(1.2)	(1.9)
Amortization of prior service cost	0.1	0.1
Amortization of unrecognized net loss (gain)	1	0.7
Net periodic cost recognized	3.2	2.6
Postretirement Medical Benefits
Components of the net periodic cost for retirement and postretirement benefits
Service cost	0	0
Interest cost	0.1	0.2
Expected return on plan assets	0	0
Amortization of prior service cost	0	0
Amortization of unrecognized net loss (gain)	0	(0.1)
Net periodic cost recognized	$ 0.1	$ 0.1

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Nov. 13, 2014
Equity, Class of Treasury Stock [Line Items]
Cash dividends declared per share (in dollars per share)	$ 0.20	$ 0.19
Repurchase of shares (in shares)	1,057,115	0
Treasury Stock, Value, Acquired, Cost Method	$ 32,100,000
Remaining authorized repurchase capacity	$ 113,600,000
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, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income before income tax	$ 37,800	$ 76,083
Provision for income taxes	$ (36,310)	$ (16,587)
Effective tax rate (as a percent)	96.10%	21.80%
Unrecognized tax benefits, period decrease	$ 900
Unrecognized tax benefits approximate amount of estimated reduction within the next twelve months	$ 6,000

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Summarized financial information of the reportable segments
Sales	$ 894,457	$ 890,051
Segment operating income	25,552	91,231
Operating Segments
Summarized financial information of the reportable segments
Sales	894,457	890,051
Segment operating income	56,424	124,884
Intersegment sales
Summarized financial information of the reportable segments
Sales	(1,525)	(1,478)
Segment operating income	(30,872)	(33,653)
FPD
Summarized financial information of the reportable segments
Sales	635,126	608,759
FPD | Operating Segments
Summarized financial information of the reportable segments
Sales	635,126	608,759
Segment operating income	39,725	80,463
FPD | Intersegment sales
Summarized financial information of the reportable segments
Sales	528	650
FCD
Summarized financial information of the reportable segments
Sales	259,331	281,292
FCD | Operating Segments
Summarized financial information of the reportable segments
Sales	259,331	281,292
Segment operating income	16,699	44,421
FCD | Intersegment sales
Summarized financial information of the reportable segments
Sales	997	828
Flowserve Pump Division and Flowserve Control Division | Intersegment sales
Summarized financial information of the reportable segments
Sales	$ 1,525	$ 1,478

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Components of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (579,196)	$ (569,430)
Other comprehensive income (loss) before reclassifications	(77,390)	6,738
Amounts reclassified from AOCL	2,400	1,486
Other comprehensive income (loss)	(74,990)	8,224
Ending balance	(654,186)	(561,206)
Accumulated other comprehensive loss, accumulated net loss from net investment hedge	8,500	12,200
Foreign currency translation items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(441,364)	(447,925)
Other comprehensive income (loss) before reclassifications	(81,353)	6,945
Amounts reclassified from AOCL	0	0
Other comprehensive income (loss)	(81,353)	6,945
Ending balance	(522,717)	(440,980)
Pension and other post-retirement effects
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(137,161)	(120,647)
Other comprehensive income (loss) before reclassifications	3,909	(269)
Amounts reclassified from AOCL	2,400	1,486
Other comprehensive income (loss)	6,309	1,217
Ending balance	(130,852)	(119,430)
Cash flow hedging activity
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(671)	(858)
Other comprehensive income (loss) before reclassifications	54	62
Amounts reclassified from AOCL	0	0
Other comprehensive income (loss)	54	62
Ending balance	(617)	(796)
Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other comprehensive income (loss)	840	677
Accumulated other comprehensive income (loss), foreign currency translation adjustment, net of tax	$ 5,900	$ 5,200	$ 5,100	$ 4,500

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss (Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net of tax	$ (2,400)	$ (1,486)
Amortization of actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification	(2,657)	(1,555)
Prior service costs
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification	(141)	(138)
Pension and other post-retirement effects
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax benefit	398	207
Net of tax	$ (2,400)	$ (1,486)

Realignment Programs (Details)

Realignment Programs (Details) - USD ($) $ in Thousands	3 Months Ended		63 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Transformation Charges	$ 5,643	$ 8,413
Total Realignment Program Charges	10,738	(11,930)	$ 362,448
Restructuring Charges	1,673	(15,055)	188,670
Non-Restructuring Charges	9,065	3,125	173,778
Total Realignment and Transformation Charges	16,381	(3,517)
Restructuring Reserve [Roll Forward]
Beginning Balance	6,703	11,927
Charges, net of adjustments	1,673	(15,055)	188,670
Ending Balance	6,318	11,605	6,318
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	1,822	1,995	123,121
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	1,822	1,995	123,121
Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0	39	1,008
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	0	39	1,008
Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(6)	(18,269)	5,807
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(6)	(18,269)	5,807
Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(143)	1,180	58,734
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(143)	1,180	58,734
Charges, net of adjustments
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	1,658	3,213
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	1,658	3,213
Cash expenditures
Restructuring Reserve [Roll Forward]
Cash expenditures	(1,827)	(3,221)
Other non-cash adjustments, including currency
Restructuring Reserve [Roll Forward]
Other non-cash adjustments, including currency	(216)	(314)
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Total Realignment Program Charges	9,460	5,500	244,974
Restructuring Charges	1,575	3,078	141,444
Non-Restructuring Charges	7,885	2,422	103,530
Total Realignment and Transformation Charges	9,460	5,500
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	1,575	3,078	141,444
Cost of Sales | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	1,683	1,679	89,026
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	1,683	1,679	89,026
Cost of Sales | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0	39	965
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	0	39	965
Cost of Sales | Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(3)	233	22,550
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(3)	233	22,550
Cost of Sales | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(105)	1,127	28,903
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(105)	1,127	28,903
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Transformation Charges	5,643	8,413
Total Realignment Program Charges	1,278	(17,430)	100,974
Restructuring Charges	98	(18,133)	30,726
Non-Restructuring Charges	1,180	703	70,248
Total Realignment and Transformation Charges	6,921	(9,017)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	98	(18,133)	30,726
Selling, General and Administrative Expenses | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	139	316	34,095
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	139	316	34,095
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	(3)	(18,502)	(16,743)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(3)	(18,502)	(16,743)
Selling, General and Administrative Expenses | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(38)	53	13,331
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(38)	53	13,331
Income tax expense
Restructuring Cost and Reserve [Line Items]
Total Realignment Program Charges			16,500
Restructuring Charges			16,500
Restructuring Reserve [Roll Forward]
Charges, net of adjustments			16,500
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			16,500
Restructuring Reserve [Roll Forward]
Charges, net of adjustments			16,500
FPD
Restructuring Cost and Reserve [Line Items]
Total Realignment Program Charges	2,395	(13,279)	268,916
Restructuring Charges	1,784	(15,849)	146,975
Non-Restructuring Charges	611	2,570	121,941
Total Realignment and Transformation Charges	2,395	(13,279)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	1,784	(15,849)	146,975
FPD | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Total Realignment Program Charges	1,806	5,018	191,919
Restructuring Charges	1,680	2,622	111,871
Non-Restructuring Charges	126	2,396	80,048
Total Realignment and Transformation Charges	1,806	5,018
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	1,680	2,622	111,871
FPD | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Total Realignment Program Charges	589	(18,297)	62,297
Restructuring Charges	104	(18,471)	20,404
Non-Restructuring Charges	485	174	41,893
Total Realignment and Transformation Charges	589	(18,297)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	104	(18,471)	20,404
FPD | Income tax expense
Restructuring Cost and Reserve [Line Items]
Total Realignment Program Charges			14,700
Restructuring Charges			14,700
Restructuring Reserve [Roll Forward]
Charges, net of adjustments			14,700
FCD
Restructuring Cost and Reserve [Line Items]
Total Realignment Program Charges	7,714	820	72,393
Restructuring Charges	(95)	794	41,394
Non-Restructuring Charges	7,809	26	30,999
Total Realignment and Transformation Charges	7,714	820
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(95)	794	41,394
FCD | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Total Realignment Program Charges	7,654	482	52,792
Restructuring Charges	(105)	456	29,573
Non-Restructuring Charges	7,759	26	23,219
Total Realignment and Transformation Charges	7,654	482
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(105)	456	29,573
FCD | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Total Realignment Program Charges	60	338	17,801
Restructuring Charges	10	338	10,021
Non-Restructuring Charges	50	0	7,780
Total Realignment and Transformation Charges	60	338
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	10	338	10,021
FCD | Income tax expense
Restructuring Cost and Reserve [Line Items]
Total Realignment Program Charges			1,800
Restructuring Charges			1,800
Restructuring Reserve [Roll Forward]
Charges, net of adjustments			1,800
Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Total Realignment Program Charges	10,109	(12,459)	341,309
Restructuring Charges	1,689	(15,055)	188,369
Non-Restructuring Charges	8,420	2,596	152,940
Total Realignment and Transformation Charges	10,109	(12,459)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	1,689	(15,055)	188,369
Subtotal–Reportable Segments | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Total Realignment Program Charges	9,460	5,500	244,711
Restructuring Charges	1,575	3,078	141,444
Non-Restructuring Charges	7,885	2,422	103,267
Total Realignment and Transformation Charges	9,460	5,500
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	1,575	3,078	141,444
Subtotal–Reportable Segments | Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Total Realignment Program Charges	649	(17,959)	80,098
Restructuring Charges	114	(18,133)	30,425
Non-Restructuring Charges	535	174	49,673
Total Realignment and Transformation Charges	649	(17,959)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	114	(18,133)	30,425
Subtotal–Reportable Segments | Income tax expense
Restructuring Cost and Reserve [Line Items]
Total Realignment Program Charges			16,500
Restructuring Charges			16,500
Restructuring Reserve [Roll Forward]
Charges, net of adjustments			16,500
Eliminations and All Other
Restructuring Cost and Reserve [Line Items]
Transformation Charges	5,643	8,413
Total Realignment Program Charges	629	529	21,139
Restructuring Charges	(16)	0	301
Non-Restructuring Charges	645	529	20,838
Total Realignment and Transformation Charges	6,272	8,942
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(16)	0	301
Eliminations and All Other | Cost of Sales
Restructuring Cost and Reserve [Line Items]
Total Realignment Program Charges	0	0	263
Restructuring Charges	0	0	0
Non-Restructuring Charges	0	0	263
Total Realignment and Transformation Charges	0	0
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]
Transformation Charges	5,643	8,413
Total Realignment Program Charges	629	529	20,876
Restructuring Charges	(16)	0	301
Non-Restructuring Charges	645	529	20,575
Total Realignment and Transformation Charges	6,272	8,942
Restructuring Reserve [Roll Forward]
Charges, net of adjustments	(16)	$ 0	301
Eliminations and All Other | Income tax expense
Restructuring Cost and Reserve [Line Items]
Total Realignment Program Charges			0
Restructuring Charges			0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments			$ 0
Realignment Programs
Restructuring Cost and Reserve [Line Items]
Total Realignment Program Charges	$ 362,400

Uncategorized Items - fls-20200

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (7,291,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (7,291,000)