Flowserve (FLS) 10-Q 1 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 25, 2023
Cover [Abstract]
Entity Central Index Key	0000030625
Amendment Flag	false
Document Fiscal Year Focus	2023
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, 2023
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 700,
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
Title of 12(b) Security	Common Stock, $1.25 Par Value
Trading Symbol	FLS
Security Exchange Name	NYSE
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		131,149,159

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Sales	$ 980,305	$ 821,058
Cost of sales	(683,475)	(611,411)
Gross profit	296,830	209,647
Selling, general and administrative expense	(244,268)	(206,138)
Net earnings from affiliates	4,624	3,858
Operating income	57,186	7,367
Interest expense	(16,211)	(10,693)
Interest income	1,494	943
Other income (expense), net	(8,020)	(8,114)
Earnings before income taxes	34,449	(10,497)
Provision for income taxes	(4,453)	(3,182)
Net earnings (loss), including noncontrolling interests	29,996	(13,679)
Less: Net earnings attributable to noncontrolling interests	(3,230)	(2,141)
Net earnings (loss) attributable to Flowserve Corporation	$ 26,766	$ (15,820)
Net earnings per share attributable to Flowserve Corporation common shareholders:
Basic (in dollars per share)	$ 0.20	$ (0.12)
Diluted (in dollars per share)	$ 0.20	$ (0.12)
Weighted average shares - basic (in shares)	130,930,000	130,410,000
Weighted average shares - diluted (in shares)	131,754,000	130,410,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net earnings, including noncontrolling interests	$ 29,996	$ (13,679)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of taxes	13,506	(16,744)
Pension and other postretirement effects, net of taxes	(443)	3,587
Cash flow hedging activity, net of taxes	30	29
Other comprehensive income (loss)	13,093	(13,128)
Comprehensive income (loss), including noncontrolling interests	43,089	(26,807)
Comprehensive (income) loss attributable to noncontrolling interests	(68)	(3,476)
Comprehensive income (loss) attributable to Flowserve Corporation	$ 43,021	$ (30,283)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation, taxes	$ 717	$ (13,306)
Pension and other postretirement effects, taxes	(12)	(254)
Cash flow hedging activity, taxes	$ (9)	$ 0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 404,726	$ 434,971
Accounts receivable, net of allowance for expected credit losses of $82,517 and $83,062, respectively	904,184	868,632
Contract assets, net of allowance for expected credit losses of $5,589 and $5,819, respectively	231,864	233,457
Inventories, net	882,252	803,198
Prepaid expenses and other	119,209	110,714
Total current assets	2,542,235	2,450,972
Property, plant and equipment, net of accumulated depreciation of $1,183,972 and $1,172,957, respectively	496,434	500,945
Operating lease right-of-use assets, net	168,682	174,980
Goodwill	1,173,718	1,168,124
Deferred taxes	151,852	149,290
Other intangible assets, net	128,258	134,503
Other assets, net of allowance for expected credit losses of $65,575 and $66,377, respectively	214,570	211,820
Total assets	4,875,749	4,790,634
Current liabilities:
Accounts payable	488,761	476,747
Accrued liabilities	455,309	427,578
Contract liabilities	291,638	256,963
Debt due within one year	53,387	49,335
Operating lease liabilities	32,626	32,528
Total current liabilities	1,321,721	1,243,151
Long-term debt due after one year	1,209,169	1,224,151
Operating lease liabilities	150,536	155,196
Retirement obligations and other liabilities	314,626	309,529
Contingencies (See Note 10)
Shareholders’ equity:
Common shares, $1.25 par value, Shares authorized - 305,000, Shares issued - 176,793	220,991	220,991
Capital in excess of par value	492,147	507,484
Retained earnings	3,774,379	3,774,209
Treasury shares, at cost – 45,922 and 46,359 shares, respectively	(2,016,517)	(2,036,882)
Deferred compensation obligation	6,852	6,979
Accumulated other comprehensive loss	(631,534)	(647,788)
Total Flowserve Corporation shareholders’ equity	1,846,318	1,824,993
Noncontrolling interests	33,379	33,614
Total equity	1,879,697	1,858,607
Total liabilities and equity	$ 4,875,749	$ 4,790,634
Common shares, shares issued (in shares)	176,793	176,793

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Allowance for doubtful accounts	$ 82,517	$ 83,062
Contract asset, allowance for doubtful accounts	5,589	5,819
Accumulated depreciation on property, plant and equipment	1,183,972	1,172,957
Other assets, allowance for credit loss	$ 65,575	$ 66,377
Shareholders’ equity:
Common shares, par value (in dollars per share)	$ 1.25	$ 1.25
Common shares, shares authorized (in shares)	305,000	305,000
Common shares, shares issued (in shares)	176,793	176,793
Treasury shares, shares (in shares)	45,922	46,359

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Treasury Stock	Deferred Compensation Obligation	Accumulated Other Comprehensive Income (Loss)	Non- controlling Interests
Balance — (in shares) at Dec. 31, 2021		176,793			46,794
Balance — at Dec. 31, 2021	$ 1,837,345	$ 220,991	$ 506,386	$ 3,691,023	$ (2,057,706)	$ 7,214	$ (563,589)	$ 33,026
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock activity under stock plans (in shares)					370
Stock activity under stock plans	(3,532)		(21,246)		$ 17,806	(92)
Stock-based compensation	11,011		11,011
Net earnings	(13,679)			(15,820)				2,141
Cash dividends declared ($0.20 per share)	(26,525)			(26,525)
Other comprehensive income (loss), net of tax	(13,128)						(14,464)	1,336
Other, net	(437)						0	(437)
Balance — (in shares) at Mar. 31, 2022		176,793			46,424
Balance — at Mar. 31, 2022	$ 1,791,055	$ 220,991	496,151	3,648,678	$ (2,039,900)	7,122	(578,053)	36,066
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share (in dollars per share)	$ 0.20
Balance — (in shares) at Dec. 31, 2022	176,793	176,793			46,359
Balance — at Dec. 31, 2022	$ 1,858,607	$ 220,991	507,484	3,774,209	$ (2,036,882)	6,979	(647,788)	33,614
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock activity under stock plans (in shares)					437
Stock activity under stock plans	(5,052)		(25,290)		$ 20,365	(127)
Stock-based compensation	9,953		9,953
Net earnings	29,996			26,766				3,230
Cash dividends declared ($0.20 per share)	(26,596)			(26,596)
Other comprehensive income (loss), net of tax	13,093						16,254	(3,161)
Other, net	$ (304)							(304)
Balance — (in shares) at Mar. 31, 2023	176,793	176,793			45,922
Balance — at Mar. 31, 2023	$ 1,879,697	$ 220,991	$ 492,147	$ 3,774,379	$ (2,016,517)	$ 6,852	$ (631,534)	$ 33,379
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share (in dollars per share)	$ 0.20

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows – Operating activities:
Net earnings, including noncontrolling interests	$ 29,996	$ (13,679)
Adjustments to reconcile net earnings (loss) to net cash provided (used) by operating activities:
Depreciation	18,928	20,148
Amortization of intangible and other assets	2,663	3,396
Stock-based compensation	9,953	11,011
Foreign currency, asset write downs and other non-cash adjustments	(2,728)	6,893
Change in assets and liabilities:
Accounts receivable, net	(26,249)	5,039
Inventories, net	(70,721)	(48,715)
Contract assets, net	4,325	(5,655)
Prepaid expenses and other, net	(16,019)	(33,197)
Accounts payable	7,008	8,204
Contract liabilities	32,676	2,600
Accrued liabilities and income taxes payable	35,374	7,302
Retirement obligations and other liabilities	9,477	10,912
Net deferred taxes	(8,095)	(1,032)
Net cash flows provided (used) by operating activities	26,588	(26,773)
Cash flows – Investing activities:
Capital expenditures	(15,318)	(14,052)
Other	(1,138)	1,834
Net cash flows provided (used) by investing activities	(16,456)	(12,218)
Cash flows – Financing activities:
Payments on term loan	(10,000)	(7,593)
Proceeds under other financing arrangements	78	555
Payments under other financing arrangements	(1,515)	(484)
Payments related to tax withholding for stock-based compensation	(5,850)	(4,304)
Payments of dividends	(26,229)	(26,128)
Other	(303)	(437)
Net cash flows provided (used) by financing activities	(43,819)	(38,391)
Effect of exchange rate changes on cash	3,442	(5,275)
Net change in cash and cash equivalents	(30,245)	(82,657)
Cash and cash equivalents at beginning of period	434,971	658,452
Cash and cash equivalents at end of period	$ 404,726	$ 575,795

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	3 Months Ended
	Mar. 31, 2023
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, 2023 and December 31, 2022, and the related condensed consolidated statements of income, condensed consolidated statements of comprehensive income (loss), condensed consolidated statements of shareholders' equity for the three months ended March 31, 2023 and 2022 and condensed consolidated statements of cash flows for the three months ended March 31, 2023 and 2022 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. 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, 2023 ("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, 2022 ("2022 Annual Report"). Coronavirus ("COVID-19") - We continue to assess and proactively respond to the impacts of COVID-19 on all aspects of our business and geographies, including with respect to our associates, customers and communities, supply chain impacts and labor availability issues, and to take appropriate actions in an effort to mitigate adverse effects of the pandemic. During the first quarter of 2023, COVID-related impacts subsided when compared to 2022; however, we still expect the combined effects of the supply chain, logistics and labor availability headwinds to continue in 2023. The Company's condensed consolidated financial statements presented reflect management's estimates and assumptions regarding the effects of COVID-19 as of the date of the condensed consolidated financial statements. Russia and Ukraine Conflict - In response to the ongoing military conflict in Ukraine, several countries, including the United States, have imposed economic sanctions and export controls on certain industry sectors and parties in Russia. As a result of this conflict, including the aforementioned sanctions and overall instability in the region, in February 2022 we stopped accepting new orders in Russia and temporarily suspended fulfillment of existing orders. In March 2022, we made the decision to permanently cease all Company operations in Russia. We have substantially completed the necessary actions to cease operations of our Russian subsidiary, including taking steps to cancel existing contracts with customers and terminate our approximately 50 Russia-based employees and terminate other related contractual commitments. As a result of the conflict and the resulting macroeconomic impacts we have also experienced supply shortages and inflationary pressures. In the first quarter of 2022, we recorded a $20.2 million pre-tax charge ($21.0 million after-tax) to reserve the asset positions of our Russian subsidiary (excluding cash) as of March 31, 2022, to record contra-revenue for previously recognized revenue and estimated cancellation fees on open contracts that were previously accounted for under POC and subsequently canceled, to establish a reserve for the estimated cost to exit the operations of our Russian subsidiary and to record a reserve for our estimated financial exposure on contracts that have or anticipated to be canceled. The following table presents the above impacts of the Russia pre-tax charge in the first quarter of 2022: Three Months Ended March 31, 2022 (Amounts in thousands) Flowserve Pump Division Flow Control Division Consolidated Total Sales $ (5,429) $ (2) $ (5,431) Cost of sales ("COS") 3,510 1,112 4,622 Gross loss (8,939) (1,114) (10,053) Selling, general and administrative expense ("SG&A") 9,111 1,082 10,193 Operating loss $ (18,050) $ (2,196) $ (20,246) In addition, we reevaluated our financial exposure as of December 31, 2022 and recorded an incremental $13.6 million pre-tax charge ($9.8 million after-tax) in the fourth quarter of 2022 for additional contract cancellation fees, to reserve our residual financial exposure due to increased Russia sanctions imposed during the latter part of 2022 and our decision to cancel backlog as a result of the additional sanctions. We continue to monitor the situation involving Russia and Ukraine and its impact on the rest of our global business. This includes the macroeconomic impact, including with respect to global supply chain issues and inflationary pressures. To date, these impacts have not been material to our business and we do not currently expect that any incremental impact in future quarters, including any financial impacts caused by our cancellation of customer contracts and ceasing of operations in Russia, will be material to the Company. Acquisition — On February 9, 2023 the Company entered into a definitive agreement under which it will acquire all of the outstanding equity of Velan Inc., a manufacturer of highly engineered industrial valves, in an all cash transaction valued at approximately $245 million. The transaction is subject to customary closing conditions, including applicable regulatory approvals and target shareholder approval, and is currently expected to close in the third quarter of 2023. Accounting Developments Pronouncements Implemented In October 2021, the FASB issued ASU No. 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." The amendments in this ASU improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The adoption of this ASU did not have a material impact on our condensed consolidated balance sheets, condensed consolidated statements of income or condensed consolidated statements of cash flows. In September 2022, the FASB issued ASU No. 2022-04, "Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations." The amendments require a buyer that uses supplier finance programs to make annual disclosures about the program’s key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period and associated roll-forward information. Only the amount outstanding at the end of the period must be disclosed in interim periods following the year of adoption. The amendments are effective for all entities for fiscal years beginning after December 15, 2022 on a retrospective basis, including interim periods within those fiscal years, except for the requirement to disclose roll-forward information, which is effective prospectively for fiscal years beginning after December 15, 2023. We adopted ASU No. 2022-04 effective January 1, 2023. Flowserve partners with two banks to offer our suppliers the option of participating in a supplier financing program and receive payment early. Under the program agreement, Flowserve must reimburse each bank for approved and valid invoices in accordance with the originally agreed upon terms with the supplier. Flowserve has no obligation for fees; subscription, service, commissions or otherwise with either bank. Flowserve also has no obligation for pledged assets or other forms of guarantee and may terminate either program agreement with appropriate notice. As of March 31, 2023, $9.2 million remained outstanding with the supply chain financing partner banks and recorded within accounts payable on our condensed consolidated balance sheet. Pronouncements Not Yet Implemented In March 2023, the FASB issued ASU No. 2023-01, "Leases (Topic 842): Common Control Arrangements." The amendments permits leasehold improvements to be amortized over the useful life of the asset when the lessee controls the use of the underlying asset and the lease is between common control entities. The amendments further allow entities to account for leasehold improvements as a transfer of assets between entities under common control through an equity adjustment when the lessee is no longer in control of the underlying asset. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. We do not expect the impact of this ASU to be material. In March 2023, the FASB issued ASU No. 2023-02, "Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method." The amendments allow companies to account for all of their tax equity investments using the proportional amortization method if certain conditions are met. Companies can elect to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program rather than unilaterally or on an individual investment basis. The amendments are effective on either a modified retrospective or retrospective basis for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, depending on whether the company elects to evaluate its investments for which it still expects to receive income tax credits or other income tax benefits as of the beginning of the period of adoption or at the beginning of the earliest period presented. We do not expect the impact of this ASU to be material.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2023
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. Service-related revenues do not typically represent a significant portion of contracts with our customers and do not meet the thresholds requiring separate disclosure. Our primary method for recognizing revenue over time is the POC method. Revenue from products and services transferred to customers over time accounted for approximatel y 14% and 12% of total revenue for the three month period ended March 31, 2023 and 2022, respectively. 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 86% and 88% of total revenue for the three month period ended March 31, 2023 and 2022, respectively. Refer to Note 2 to our consolidated financial statements included in our 2022 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") designs and manufactures 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") designs, manufactures and distributes a broad portfolio of engineered-to-order and configured-to-order isolation valves, control valves, valve automation products and related equipment. 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 tables present our customer revenues disaggregated by revenue source: Three Months Ended March 31, 2023 (Amounts in thousands) FPD FCD Total Original Equipment $ 252,732 $ 210,753 $ 463,485 Aftermarket 446,746 70,074 516,820 $ 699,478 $ 280,827 $ 980,305 Three Months Ended March 31, 2022 FPD FCD Total Original Equipment $ 200,340 $ 182,842 $ 383,182 Aftermarket 373,646 64,230 437,876 $ 573,986 $ 247,072 $ 821,058 Our customer sales are diversified geographically. The following tables present our revenues disaggregated by geography, based on the shipping addresses of our customers: Three Months Ended March 31, 2023 (Amounts in thousands) FPD FCD Total North America(1) $ 282,272 $ 125,681 $ 407,953 Latin America(2) 63,989 7,863 71,852 Middle East and Africa 114,370 28,401 142,771 Asia Pacific 113,371 67,828 181,199 Europe 125,476 51,054 176,530 $ 699,478 $ 280,827 $ 980,305 Three Months Ended March 31, 2022 FPD FCD Total North America(1) $ 238,710 $ 107,634 $ 346,344 Latin America(2) 47,619 5,550 53,169 Middle East and Africa 71,701 21,351 93,052 Asia Pacific 101,599 67,793 169,392 Europe 114,357 44,744 159,101 $ 573,986 $ 247,072 $ 821,058 __________________________________ (1) North America represents the United States and Canada. (2) Latin America includes Mexico. On March 31, 2023, the aggregate transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations was approximately $733 million. We estimate recognition of approximately $358 million of this amount as revenue in the remainder of 2023 and an additional $375 million in 2024 and thereaft er. 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, 2023 and 2022: (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, 2023 $ 233,457 $ 297 $ 256,963 $ 1,059 Revenue recognized that was included in contract liabilities at the beginning of the period — — (117,035) — Revenue recognized in the period in excess of billings 136,965 4 — — Billings arising during the period in excess of revenue recognized — — 146,262 164 Amounts transferred from contract assets to receivables (137,865) — — — Currency effects and other, net (693) 4 5,448 2,983 Ending balance, March 31, 2023 $ 231,864 $ 305 $ 291,638 $ 4,206 (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, 2022 $ 195,598 $ 426 $ 202,965 $ 464 Revenue recognized that was included in contract liabilities at the beginning of the period — — (79,792) — Revenue recognized in the period in excess of billings 116,140 1,757 — — Billings arising during the period in excess of revenue recognized — — 78,156 — Amounts transferred from contract assets to receivables (109,358) — — — Currency effects and other, net (2,326) (1,750) 2,829 (2) Ending balance, March 31, 2022 $ 200,054 $ 433 $ 204,158 $ 462 _____________________________________ (1) Included in other assets, net.

Allowance for Expected Credit L

Allowance for Expected Credit Losses	3 Months Ended
	Mar. 31, 2023
Credit Loss [Abstract]
Allowance for Expected Credit Losses	Allowance for Expected Credit Losses The allowance for credit losses is an estimate of the credit losses expected over the life of our financial assets and instruments. We assess and measure expected credit losses on a collective basis when similar risk characteristics exist, including market, geography, credit risk and remaining duration. Financial assets and instruments that do not share risk characteristics are evaluated on an individual basis. Our estimate of the allowance is assessed and quantified using internal and external valuation information relating to past events, current conditions and reasonable and supportable forecasts over the contractual terms of an asset. Our primary exposure to expected credit losses is through our trade receivables and contract assets. For these financial assets, we record an allowance for expected credit losses that, when deducted from the gross asset balance, presents the net amount expected to be collected. Primarily, our experience of historical credit losses provides the basis for our estimation of the allowance. We estimate the allowance based on an aging schedule and according to historical losses as determined from our history of billings and collections. 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 geopolitical risks. We also consider both the current and forecasted macroeconomic conditions as of the reporting date. As identified and needed, 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 previously written off amounts are reflected as a reduction to credit impairment losses in the condensed consolidated statements of income. Contract assets represent a conditional right to consideration for satisfied performance obligations that become a receivable when the conditions are satisfied. Generally, contract assets are recorded when contractual billing schedules differ from revenue recognition based on timing and are managed through the revenue recognition process. Based on our historical credit loss experience, the current expected credit loss for contract assets is estimated to be approximately 1% of the asset balance. The following table presents the changes in the allowance for expected credit losses for our accounts receivable and short-term contract assets for the three months ended March 31, 2023 and 2022: (Amounts in thousands) Trade receivables Contract assets Beginning balance, January 1, 2023 $ 83,062 $ 5,819 Charges to cost and expenses, net of recoveries 2,440 — Write-offs (4,325) — Currency effects and other, net 1,340 (230) Ending balance, March 31, 2023 $ 82,517 $ 5,589 Beginning balance, January 1, 2022 $ 74,336 $ 2,393 Charges to cost and expenses, net of recoveries 5,225 896 Currency effects and other, net (235) 49 Ending balance, March 31, 2022 $ 79,326 $ 3,338 Our allowance on long-term receivables, included in other assets, net, represent receivables with collection periods longer than 12 months and the balance primarily consists of reserved receivables associated with the national oil company in Venezuela. The following table presents the changes in the allowance for long-term receivables for the three months ended March 31, 2023 and 2022: (Amounts in thousands) 2023 2022 Balance at January 1 $ 66,377 $ 67,696 Currency effects and other, net (802) 488 Balance at March 31 $ 65,575 $ 68,184

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans We maintain the Flowserve Corporation 2020 Long-Term Incentive Plan (“2020 Plan”), which is a shareholder approved plan authorizing the issuance of 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. Of the shares of common stock authorized under the 2020 Plan, 8,224,898 were available for issuance as of March 31, 2023. Restricted Shares primarily vest over a three year period. Restricted Shares granted to employees who retire and have achieved at least 55 years of age and 10 years of service continue to vest over the original vesting period ("55/10 Provision"). As of March 31, 2023, 114,943 stock options were outstanding. No stock options were granted or vested during the three months ended March 31, 2023 and 2022 . 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 compensat ion of $36.0 million and $18.0 million at March 31, 2023 and December 31, 2022, 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, 2023 and 2022 was $21.8 million and $20.7 million, respectively. We recorded stock-based compensation expense of $7.7 million ($10.0 million pr e-tax) and $8.5 million ($11.0 million pre-tax) for the three months ended March 31, 2023 and 2022, respectively. The following table summarizes information regarding Restricted Shares: Three Months Ended March 31, 2023 Shares Weighted Average Number of unvested shares: Outstanding as of January 1, 2023 1,697,779 $ 37.17 Granted 843,291 36.36 Vested (567,183) 38.40 Forfeited (150,525) 47.06 Outstanding as of March 31, 2023 1,823,362 $ 35.59 Unvested Restricted Shares outstanding as of March 31, 2023 included approximately 479,000 units with performance-based vesting provisions issuable in common stock and vest upon the achievement of pre-defined performance metrics. Targets for outstanding performance awards are based on our average return on invested capital and free cash flow as a percent of net income over a three-year period. Performa nce units issued in 2023, 2022 and 2021 include a secondary measure, relative total shareholder return, which can increase or decrease the number of vesting units by 15% depending on the Company's performance versus peers. Performance units issued have a vesting percentage up to 230%. Com pensation expense is recognized ratably over a cliff-vesting period of 36 months, based on the fair value of our common stock on the date of grant, adjusted for actual forfeitures. During the performance period, earned and unearned compensation expense is adjusted based on changes in the expected achievement of the performance targets for all performance-based units granted. Vesting provisions range fro m 0 to approximately 1,101,000 shares based on performance targets. As of March 31, 2023, we estimate vesting of approximately 376,000

Derivative Instruments and Hedg

Derivative Instruments and Hedges	3 Months Ended
	Mar. 31, 2023
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 2022 Annual Report and Note 7 o f this Quarterly Report for additional information on our derivatives. We enter into foreign exchange forward contracts to hedge our cash flow risks associated with transactions denominated in currencies other than the local currency of the operation engaging in the transaction. We have not elected hedge accounting for our foreign exchange forward contracts and the changes in the fair values are recognized immediately in our condensed consolidated statements of income. Forei gn exchange forward contr acts with third parties had a notional value of $544.0 million and $459.2 million at March 31, 2023 and December 31, 2022, respectively. At March 31, 2023, the length of foreign exchange forward contracts currently in place ranged from 17 days to 23 months. We are exposed to risk from credit-related losses resulting from non performance by counterparties to our financial instruments. We perform credit evaluations of our counterparties under foreign exchange forward 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 forward contracts are summarized below: March 31, December 31, (Amounts in thousands) 2023 2022 Current derivative assets $ 3,297 $ 2,207 Noncurrent derivative assets 53 66 Current derivative liabilities 5,633 4,422 Noncurrent derivative liabilities 73 63 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 forward contracts are summarized below: Three Months Ended March 31, (Amounts in thousands) 2023 2022 Gains (losses) recognized in income $ (1,983) $ (2,359) Gains and losses recognized in our condensed consolidated statements of income for foreign exchange forward contracts are classified as other income (expense), net. As a means of managing the volatility of foreign currency exposure with the Euro/U.S. dollar exchange rate, we entered into cross-currency swap agreements ("Swaps") as a hedge of our Euro investment in certain of our international subsidiaries. Accordingly, on April 14, 2021 and March 9, 2021, we entered into Swaps, with both having termination dates of October 1, 2030 and the March 9, 2021 cross currency swap having an early termination date of March 11, 2025 . Also, d uring the third quarter of 2020 we entered into a cross currency swap agreement with a termination date of October 1, 2030 and an early termination date of September 22, 2025. The swap agreements were designated as net investment hedges and classified as Level II under the fair value hierarchy. On December 20, 2022 all outstanding swap agreements were early terminated resulting in net cash proceeds received of $66.0 million. Prior to the early termination the cross-currency swaps had a combined notional value of €423.2 million and a fair value of $68.2 million. Prior to early termination we excluded the interest accruals on the swaps from the assessment of hedge effectiveness and recognize the interest accruals in earnings within interest expense. For each reporting period, the change in the fair value of the swaps attributable to changes in the spot rate and differences between the change in the fair value of the excluded components and the amounts recognized in earnings under the swap accrual process are reported in accumulate d other comprehensive loss ("AOCL") on our consolidated balance sheet. For the three months ending March 31, 2022 an interest accrual of $2.0 million was recognized within interest expense in our condensed consolidated statements of income. The cumulative net investment hedge (gains) losses, net of deferred taxes, under cross-currency swaps recorded in AOCL on our condensed consolidated balance sheet are summarized below: Three Months Ended March 31, (Amounts in thousands) 2023 2022 (Gain) loss-included component (1) $ — $ (25,385) (Gain) loss-excluded component (2) — (874) (Gain) loss recognized in AOCL $ — $ (26,259) _____________________________________________ (1) Change in the fair value of the swaps attributable to changes in spot rates.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Debt, including finance lease obligations, net of discounts and debt issuance costs, consisted of: March 31, December 31, (Amounts in thousands, except percentages) 2023 2022 3.50% USD Senior Notes due October 1, 2030, net of unamortized discount and debt issuance costs of $4,913 and $5,055, respectively $ 495,087 $ 494,945 2.80% USD Senior Notes due January 15, 2032, net of unamortized discount and debt issuance costs of $5,588 and $5,727, respectively 494,412 494,273 Term Loan Facility, interest rate of 6.25% at March 31, 2023 and 5.98% at December 31, 2022, net of debt issuance costs of $400 and $444, respectively 249,600 259,556 Finance lease obligations and other borrowings 23,457 24,712 Debt and finance lease obligations 1,262,556 1,273,486 Less amounts due within one year 53,387 49,335 Total debt due after one year $ 1,209,169 $ 1,224,151 Senior Credit Facility As discussed in Note 12 to our consolidated financial statements included in our 2022 Annual Report, our credit agreement (the "Senior Credit Agreement") provides a $800.0 million unsecured revolving credit facility (the "Revolving Credit Facility"), which includes a $750.0 million sublimit for the issuance of letters of credit and a $30.0 million sublimit for swing line loans, and a $300 million unsecured term loan facility (the "Term Loan Facility") with a maturity date of September 13, 2026. The interest rates per annum applicable to the Revolving Credit Facility, other than with respect to swing line loans, are Term Secured Overnight Financing Rate ("Term SOFR") plus between 1.000% to 1.750%, depending on our debt rating by either Moody’s Investors Service, Inc. ("Moody's") or Standard & Poor’s Financial Services LLC ("S&P"), or, at our option, the Base Rate (as defined in the Senior Credit Agreement) plus between 0.000% to 0.750% depending on our debt rating by either Moo dy’s or S&P. At March 31, 2023, the interest rate on the Revolving Credit Facility was Term SOFR plus 1.375% in the case of Term SOFR 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 Revolving Credit Facility . The commitment fee will be betw een 0.080% and 0.250% of unused amounts under the Revolving Credit Facility depending on our debt rating by either Moody’s or S&P. The commitment f ee was 0.175% (per annum) during the period ended March 31, 2023. Under the terms and conditions of Senior Credit Agreement, interest rates per annum applicable to the Term Loan Facility are stated as Term SOFR plus between 0.875% to 1.625%, depending on the Company’s debt rating by either Moody’s or S&P, or, at the option of the Company, the Base Rate plus between 0.000% to 0.625% depending on the Company’s debt rating by either Moody’s or S&P. As of March 31, 2023 and December 31, 2022, we had no revolving loans outstanding and we had outstanding letters of credit of $85.9 million and $71.7 million at March 31, 2023 and December 31, 2022, respectively. In April 2023 the Company borrowed $115.0 million on the Revolving Credit Facility for general corporate purposes and as of May 1, 2023 has $75.0 million outstanding. After consideration of the financial covenants under our Senior Credit Facility and outstanding letters of credit, as of March 31, 2023, the amount available for borrowings was limited to $464.5 million. As of December 31, 2022, the amount available for borrowings under our Revolving Credit Facility was $293.9 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, 2023. We have scheduled repayments of $10.0 million due in each of the next three quarters and $15.0 million due on March 31, 2024 on our Term Loan .

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2023
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. The carrying value of our financial instruments as reflected in our condensed consolidated balance sheets approximates fair value, with the exception of our long-term debt. The estimated fair value of our long-term debt, excluding the Senior Notes, approximat es the carrying value and is determined using Level II inputs under the fair value hier archy. The carrying value of our debt is included in Note 6. The estimated fair value of our Senior Notes at March 31, 2023 was $831.7 million c ompared to the carrying value of $989.5 million . The estimated fair value of the Senior Notes is based on Level I quoted market rates. The carrying amounts of our other financial instruments (e.g., cash and cash equivalents, accounts receivable, net, accounts payable and short-term debt) appr oximated fair value due to their short-term nature at March 31, 2023 and December 31, 2022.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, net consisted of the following: March 31, December 31, (Amounts in thousands) 2023 2022 Raw materials $ 404,945 $ 360,039 Work in process 329,170 295,678 Finished goods 253,031 245,494 Less: Excess and obsolete reserve (104,894) (98,013) Inventories, net $ 882,252 $ 803,198

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2023
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) 2023 2022 Net earnings of Flowserve Corporation $ 26,766 $ (15,820) Dividends on restricted shares not expected to vest — — Earnings attributable to common and participating shareholders $ 26,766 $ (15,820) Weighted average shares: Common stock 130,886 130,410 Participating securities 44 — Denominator for basic earnings per common share 130,930 130,410 Effect of potentially dilutive securities 824 — Denominator for diluted earnings per common share 131,754 130,410 Earnings per common share: Basic $ 0.20 $ (0.12) Diluted 0.20 (0.12) 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

Legal Matters and Contingencies

Legal Matters and Contingencies	3 Months Ended
	Mar. 31, 2023
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. Typically, these lawsuits have been brought against multiple defendants in state and federal courts. While the overall number of asbestos-related claims in which we or our predecessors have been named has generally declined in recent years, there can be no assurance that this trend will continue, or that the average cost per claim to us 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 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, other than legal fees. Activity related to asbestos claims during the periods indicated was as follows: Three Months Ended March 31, 2023 2022 Beginning claims(1) 8,139 8,712 New claims 577 673 Resolved claims (640) (585) Other(2) (5) — Ending claims(1) 8,071 8,800 ____________________ (1) Beginning and ending claims data in each period excludes inactive claims, as the Company considers it unlikely that inactive cases will be pursued further by the respective plaintiffs. A claim is classified as inactive either due to inactivity over a period of three years or if designated as inactive by the applicable court. (2) Represents the net change in claims as a result of the reclassification of active cases as inactive and inactive cases as active during the period indicated. Cases moved from active to inactive status are removed from the claims count without being accounted for as a "Resolved claim", and cases moved from inactive status to active status are added back to the claims count without being accounted for as a “New claim”. The following table presents the changes in the estimated asbestos liability: (Amounts in thousands) 2023 2022 Beginning balance, January 1, $ 98,652 $ 94,423 Asbestos liability adjustments, net (106) — Cash payment activity (3,766) (1,204) Other, net (1,495) (967) Ending balance, March 31, $ 93,285 $ 92,252 During both of the three months ended March 31, 2023 and 2022 the Company incurred expenses (net of insurance) of approximately $1.8 million to defend, resolve or otherwise dispose of outstanding claims, including legal and other related expenses. These expenses are included within SG&A in our condensed consolidated statements of income. The Company had cash inflows (outflows) (net of insurance and/or indemnity) to defend, resolve or otherwise dispose of outstanding claims, including legal and other related expenses of approximately $(5.6) million and $5.8 million, respectively, during the three months ended March 31, 2023 and 2022, respectively. 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. We believe that our reserve for asbestos claims and the receivable for recoveries from insurance carriers that we have recorded for these claims reflects reasonable and probable estimates of these amounts. Our estimate of our ultimate exposure for asbestos claims, however, is subject to significant uncertainties, including the timing and number and types of new claims, unfavorable court rulings, judgments or settlement terms and ultimate costs to settle. Additionally, the continued viability of carriers may also impact the amount of probable insurance recoveries. We believe that these uncertainties could have a material adverse impact on our business, financial condition, results of operations and cash flows, though 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. 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.

Pension and Postretirement Bene

Pension and Postretirement Benefits	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Pension and Postretirement Benefits	Pension and Postretirement Benefits Components of the net periodic cost for pension and postretirement benefits for the three months ended March 31, 2023 and 2022 were as follows: U.S. Non-U.S. Postretirement (Amounts in millions) 2023 2022 2023 2022 2023 2022 Service cost $ 5.0 $ 6.3 $ 1.1 $ 1.6 $ — $ — Interest cost 5.2 3.4 2.9 1.7 0.2 0.1 Expected return on plan assets (6.3) (6.5) (1.6) (1.6) — — Amortization of unrecognized prior service cost and other costs — 0.1 0.1 0.1 — 0.1 Amortization of unrecognized net loss — 1.0 0.3 0.7 — — Net periodic cost recognized $ 3.9 $ 4.3 $ 2.8 $ 2.5 $ 0.2 $ 0.2 The components of net periodic cost for pension and postretirement benefits other than service costs are included in other income (expense), net in our condensed consolidated statements of income.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 Dividends declared per share $ 0.20 $ 0.20 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 had no repurchases of shares of our outstanding common stock for both of the three months ended March 31, 2023 and 2022. As of March 31, 2023, we had $96.1 million of remaining capacity under our current share repurchase program.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2023, we earned $34.4 million before taxes and recorded a provision for income taxes of $4.5 million resulting in an effective tax rate of 12.9%. The effective tax rate varied from the U.S. federal statutory rate for the three months ended March 31, 2023 primarily due to the benefits of a tax planning strategy partially offset by the net impact of foreign operations and state income taxes. For the three months ended March 31, 2022 , we had losses of $10.5 million before taxes and recorded a provision for income taxes of $3.2 million resulting in an effective tax rate of (30.5)%. The effective tax rate varied from the U.S. federal statutory rate for the three months ended March 31, 2022 primarily due to the current and anticipated tax impact of the Russia-Ukraine conflict on our business, partially offset by the net impact of foreign operations . As of March 31, 2023, the amount of unrecognized tax benefits increased by $5.4 million from December 31, 2022. With limited exception, we are no longer subject to U.S. federal income tax audits for years through 2017, state and local income tax audits for years through 2016 or non-U.S. income tax audits for years through 2015. We are currently under examination for various years in Canada, Germany, India, Indonesia, Italy, Kenya, Madagascar, Malaysia, Mexico, Morocco, the 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 $8 million within the next 12 months. The Company maintains a full valuation allowance against the net deferred tax assets in certain foreign tax jurisdictions as of March 31, 2023. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of net deferred tax assets. It is possible that within the next 12 months there may be sufficient positive evidence to release a portion or all of the remaining valuation allowance in those foreign jurisdictions. Release of the valuation allowance would result in a benefit to income tax expense for the period the release is recorded, which could have a material impact on net earnings. The timing and amount of the potential valuation allowance release are subject to significant management judgment and the level of profitability achieved.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
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, 2023 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 699,478 $ 280,827 $ 980,305 $ — $ 980,305 Intersegment sales 638 790 1,428 (1,428) — Segment operating income 79,072 18,534 97,606 (40,420) 57,186 Three Months Ended March 31, 2022 FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 573,986 $ 247,072 $ 821,058 $ — $ 821,058 Intersegment sales 1,598 784 2,382 (2,382) — Segment operating income 21,001 15,237 36,238 (28,871) 7,367

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following table presents the changes in AOCL, net of tax for the three months ended March 31, 2023 and 2022: 2023 2022 (Amounts in thousands) Foreign currency translation items(1) Pension and other post-retirement effects Cash flow hedging activity (2) Total Foreign currency translation items(1) Pension and other post-retirement effects Cash flow hedging activity (2) Total Balance - January 1 $ (554,683) $ (86,356) $ (933) $ (641,972) $ (456,025) $ (101,665) $ (1,336) $ (559,026) Other comprehensive income (loss) before reclassifications (3) 13,506 (865) — 12,641 (16,744) 1,957 — (14,787) Amounts reclassified from AOCL — 422 30 452 — 1,630 29 1,659 Net current-period other comprehensive income (loss) (3) 13,506 (443) 30 13,093 (16,744) 3,587 29 (13,128) Balance - March 31 $ (541,177) $ (86,799) $ (903) $ (628,879) $ (472,769) $ (98,078) $ (1,307) $ (572,154) ________________________________ (1) Includes foreign currency translation adjustments attributable to noncontrolling interests of $5.8 million and $4.6 million at January 1, 2023 and 2022, respectively, and $2.7 million and $5.9 million at March 31, 2023 and 2022, respectively. Also includes the impacts from the changes in fair value of our cross-currency swaps, which were $8.6 million for the three months ended March 31, 2022. (2) Other comprehensive loss before reclassifications and amounts reclassified from AOCL to interest expense related to designated cash flow hedges. (3) Amounts in parentheses indicate an increase to AOCL. 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 2023(1) 2022(1) Pension and other postretirement effects Amortization of actuarial losses(2) Other income (expense), net $ (283) $ (1,732) Prior service costs(2) Other income (expense), net (151) (152) Tax benefit 12 254 Net of tax $ (422) $ (1,630) Cash flow hedging activity Amortization of Treasury rate lock Interest income (expense) $ (39) $ (29) Tax benefit (expense) 9 — Net of tax $ (30) $ (29) __________________________________ (1) Amounts in parentheses indicate decreases to income. None of the reclassified amounts have a noncontrolling interest component.

Realignment Programs

Realignment Programs	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Realignment Programs	Realignment Programs In the second quarter of 2020, we identified and initiated certain realignment activities to right-size our organizational operations based on the current business environment, with the overall objective to reduce our workforce costs, including manufacturing optimization through the consolidation of certain facilities ("2020 Realignment Program"). As of December 31, 2022 the 2020 Realignment Program was substantially complete with a minimal amount of residual charges to be incurred prospectively. In the first quarter of 2023, we identified and initiated certain realignment activities concurrent with the consolidation of our aftermarket and pump operations into a single operating model. This consolidated operating model is designed to better align our go to market strategy with our product offerings, enable end-to-end lifecycle responsibility and accountability, and to facilitate more efficient operations. Additionally, we committed to an estimated $50 million in cost reduction efforts to begin in 2023. Collectively, the above realignment activities are referred to as the 2023 Realignment Program. The 2023 Realignment Program activities will be identified and implemented in phases throughout 2023. The realignment activities consist of restructuring and non-restructuring charges. Restructuring charges represent costs associated with the relocation of certain business activities and facility closures and include related severance costs. Non-restructuring charges are primarily employee severance associated with the workforce reductions. Expenses are primarily reported in cost of sales ("COS") or selling, general and administrative ("SG&A"), as applicable, in our consolidated statements of income. We currently anticipate a total investment in realignment activities that have been evaluated and initiated of approximately $25 million. There are certain other realignment activities that are currently being evaluated, but have not yet been initiated and therefore are not included in the above anticipated total investment. 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, incurred related to our Realignment Programs: Three Months Ended March 31, 2023 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ (1,012) $ — $ (1,012) $ 66 $ (946) SG&A — 8,905 8,905 — 8,905 $ (1,012) $ 8,905 $ 7,893 $ 66 $ 7,959 Non-Restructuring Charges COS $ 1,402 $ 11 $ 1,413 $ (265) $ 1,148 SG&A 2,050 1 2,051 5,721 7,772 $ 3,452 $ 12 $ 3,464 $ 5,456 $ 8,920 Total Realignment Charges COS $ 390 $ 11 $ 401 $ (199) $ 202 SG&A 2,050 8,906 10,956 5,721 16,677 Total $ 2,440 $ 8,917 $ 11,357 $ 5,522 $ 16,879 Three Months Ended March 31, 2022 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 281 $ (5) $ 276 $ — $ 276 SG&A — — — — — $ 281 $ (5) $ 276 $ — $ 276 Non-Restructuring Charges COS $ (364) $ (49) $ (413) $ (61) $ (474) SG&A 75 17 92 (293) (201) $ (289) $ (32) $ (321) $ (354) $ (675) Total Realignment Charges COS $ (83) $ (54) $ (137) $ (61) $ (198) SG&A 75 17 92 (293) (201) Total $ (8) $ (37) $ (45) $ (354) $ (399) The following is a summary of total inception to date charges, net of adjustments, related to the 2023 Realignment Programs: Inception to Date (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ (1,012) $ — $ (1,012) $ 66 $ (946) SG&A — 8,905 8,905 — 8,905 $ (1,012) $ 8,905 $ 7,893 $ 66 $ 7,959 Non-Restructuring Charges COS $ 1,402 $ 11 $ 1,413 $ (265) $ 1,148 SG&A 2,050 1 2,051 5,721 7,772 $ 3,452 $ 12 $ 3,464 $ 5,456 $ 8,920 Total Realignment Charges COS $ 390 $ 11 $ 401 $ (199) $ 202 SG&A 2,050 8,906 10,956 5,721 16,677 Total $ 2,440 $ 8,917 $ 11,357 $ 5,522 $ 16,879 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 our restructuring activities related to our Realignment Programs: Three Months Ended March 31, 2023 (Amounts in thousands) Severance Contract Termination Asset Write-Downs (Gains) Other Total COS $ 186 $ 66 $ (1,303) $ 105 $ (946) SG&A 5 — 8,900 — 8,905 Total $ 191 $ 66 $ 7,597 $ 105 $ 7,959 Three Months Ended March 31, 2022 (Amounts in thousands) Severance Contract Termination Asset Write-Downs (Gains) Other Total COS $ — $ — $ 240 $ 36 $ 276 SG&A — — — — — Total $ — $ — $ 240 $ 36 $ 276 The following is a summary of total inception to date restructuring charges, net of adjustments, related to our 2023 Realignment Programs: Inception to Date (Amounts in thousands) Severance Contract Termination Asset Write-Downs (Gains) Other Total COS $ 186 $ 66 $ (1,303) $ 105 $ (946) SG&A 5 — 8,900 — 8,905 Total $ 191 $ 66 $ 7,597 $ 105 $ 7,959 The following represents the activity, primarily severance charges from reductions in force, related to the restructuring reserves for the three months ended March 31, 2023 and 2022: (Amounts in thousands) 2023 2022 Balance at January 1 $ 965 $ 4,868 Charges, net of adjustments 362 37 Cash expenditures (234) (1,260) Other non-cash adjustments, including currency (55) (64) Balance at March 31 $ 1,038 $ 3,581

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated balance sheet as of March 31, 2023 and December 31, 2022, and the related condensed consolidated statements of income, condensed consolidated statements of comprehensive income (loss), condensed consolidated statements of shareholders' equity for the three months ended March 31, 2023 and 2022 and condensed consolidated statements of cash flows for the three months ended March 31, 2023 and 2022 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. Prior period information has been updated to conform to current year presentation.
Accounting developments	Accounting Developments Pronouncements Implemented In October 2021, the FASB issued ASU No. 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." The amendments in this ASU improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The adoption of this ASU did not have a material impact on our condensed consolidated balance sheets, condensed consolidated statements of income or condensed consolidated statements of cash flows. In September 2022, the FASB issued ASU No. 2022-04, "Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations." The amendments require a buyer that uses supplier finance programs to make annual disclosures about the program’s key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period and associated roll-forward information. Only the amount outstanding at the end of the period must be disclosed in interim periods following the year of adoption. The amendments are effective for all entities for fiscal years beginning after December 15, 2022 on a retrospective basis, including interim periods within those fiscal years, except for the requirement to disclose roll-forward information, which is effective prospectively for fiscal years beginning after December 15, 2023. We adopted ASU No. 2022-04 effective January 1, 2023. Flowserve partners with two banks to offer our suppliers the option of participating in a supplier financing program and receive payment early. Under the program agreement, Flowserve must reimburse each bank for approved and valid invoices in accordance with the originally agreed upon terms with the supplier. Flowserve has no obligation for fees; subscription, service, commissions or otherwise with either bank. Flowserve also has no obligation for pledged assets or other forms of guarantee and may terminate either program agreement with appropriate notice. As of March 31, 2023, $9.2 million remained outstanding with the supply chain financing partner banks and recorded within accounts payable on our condensed consolidated balance sheet. Pronouncements Not Yet Implemented In March 2023, the FASB issued ASU No. 2023-01, "Leases (Topic 842): Common Control Arrangements." The amendments permits leasehold improvements to be amortized over the useful life of the asset when the lessee controls the use of the underlying asset and the lease is between common control entities. The amendments further allow entities to account for leasehold improvements as a transfer of assets between entities under common control through an equity adjustment when the lessee is no longer in control of the underlying asset. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. We do not expect the impact of this ASU to be material. In March 2023, the FASB issued ASU No. 2023-02, "Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method." The amendments allow companies to account for all of their tax equity investments using the proportional amortization method if certain conditions are met. Companies can elect to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program rather than unilaterally or on an individual investment basis. The amendments are effective on either a modified retrospective or retrospective basis for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, depending on whether the company elects to evaluate its investments for which it still expects to receive income tax credits or other income tax benefits as of the beginning of the period of adoption or at the beginning of the earliest period presented. We do not expect the impact of this ASU to be material.
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

Basis of Presentation and Acc_3

Basis of Presentation and Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Restructuring and Related Costs	The following table presents the above impacts of the Russia pre-tax charge in the first quarter of 2022: Three Months Ended March 31, 2022 (Amounts in thousands) Flowserve Pump Division Flow Control Division Consolidated Total Sales $ (5,429) $ (2) $ (5,431) Cost of sales ("COS") 3,510 1,112 4,622 Gross loss (8,939) (1,114) (10,053) Selling, general and administrative expense ("SG&A") 9,111 1,082 10,193 Operating loss $ (18,050) $ (2,196) $ (20,246) Three Months Ended March 31, 2023 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ (1,012) $ — $ (1,012) $ 66 $ (946) SG&A — 8,905 8,905 — 8,905 $ (1,012) $ 8,905 $ 7,893 $ 66 $ 7,959 Non-Restructuring Charges COS $ 1,402 $ 11 $ 1,413 $ (265) $ 1,148 SG&A 2,050 1 2,051 5,721 7,772 $ 3,452 $ 12 $ 3,464 $ 5,456 $ 8,920 Total Realignment Charges COS $ 390 $ 11 $ 401 $ (199) $ 202 SG&A 2,050 8,906 10,956 5,721 16,677 Total $ 2,440 $ 8,917 $ 11,357 $ 5,522 $ 16,879 Three Months Ended March 31, 2022 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 281 $ (5) $ 276 $ — $ 276 SG&A — — — — — $ 281 $ (5) $ 276 $ — $ 276 Non-Restructuring Charges COS $ (364) $ (49) $ (413) $ (61) $ (474) SG&A 75 17 92 (293) (201) $ (289) $ (32) $ (321) $ (354) $ (675) Total Realignment Charges COS $ (83) $ (54) $ (137) $ (61) $ (198) SG&A 75 17 92 (293) (201) Total $ (8) $ (37) $ (45) $ (354) $ (399) The following is a summary of total inception to date charges, net of adjustments, related to the 2023 Realignment Programs: Inception to Date (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ (1,012) $ — $ (1,012) $ 66 $ (946) SG&A — 8,905 8,905 — 8,905 $ (1,012) $ 8,905 $ 7,893 $ 66 $ 7,959 Non-Restructuring Charges COS $ 1,402 $ 11 $ 1,413 $ (265) $ 1,148 SG&A 2,050 1 2,051 5,721 7,772 $ 3,452 $ 12 $ 3,464 $ 5,456 $ 8,920 Total Realignment Charges COS $ 390 $ 11 $ 401 $ (199) $ 202 SG&A 2,050 8,906 10,956 5,721 16,677 Total $ 2,440 $ 8,917 $ 11,357 $ 5,522 $ 16,879

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our customer revenues disaggregated by revenue source: Three Months Ended March 31, 2023 (Amounts in thousands) FPD FCD Total Original Equipment $ 252,732 $ 210,753 $ 463,485 Aftermarket 446,746 70,074 516,820 $ 699,478 $ 280,827 $ 980,305 Three Months Ended March 31, 2022 FPD FCD Total Original Equipment $ 200,340 $ 182,842 $ 383,182 Aftermarket 373,646 64,230 437,876 $ 573,986 $ 247,072 $ 821,058 Our customer sales are diversified geographically. The following tables present our revenues disaggregated by geography, based on the shipping addresses of our customers: Three Months Ended March 31, 2023 (Amounts in thousands) FPD FCD Total North America(1) $ 282,272 $ 125,681 $ 407,953 Latin America(2) 63,989 7,863 71,852 Middle East and Africa 114,370 28,401 142,771 Asia Pacific 113,371 67,828 181,199 Europe 125,476 51,054 176,530 $ 699,478 $ 280,827 $ 980,305 Three Months Ended March 31, 2022 FPD FCD Total North America(1) $ 238,710 $ 107,634 $ 346,344 Latin America(2) 47,619 5,550 53,169 Middle East and Africa 71,701 21,351 93,052 Asia Pacific 101,599 67,793 169,392 Europe 114,357 44,744 159,101 $ 573,986 $ 247,072 $ 821,058 __________________________________ (1) North America represents the United States and Canada. (2) 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, 2023 and 2022: (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, 2023 $ 233,457 $ 297 $ 256,963 $ 1,059 Revenue recognized that was included in contract liabilities at the beginning of the period — — (117,035) — Revenue recognized in the period in excess of billings 136,965 4 — — Billings arising during the period in excess of revenue recognized — — 146,262 164 Amounts transferred from contract assets to receivables (137,865) — — — Currency effects and other, net (693) 4 5,448 2,983 Ending balance, March 31, 2023 $ 231,864 $ 305 $ 291,638 $ 4,206 (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, 2022 $ 195,598 $ 426 $ 202,965 $ 464 Revenue recognized that was included in contract liabilities at the beginning of the period — — (79,792) — Revenue recognized in the period in excess of billings 116,140 1,757 — — Billings arising during the period in excess of revenue recognized — — 78,156 — Amounts transferred from contract assets to receivables (109,358) — — — Currency effects and other, net (2,326) (1,750) 2,829 (2) Ending balance, March 31, 2022 $ 200,054 $ 433 $ 204,158 $ 462 _____________________________________ (1) Included in other assets, net.

Allowance for Expected Credit_2

Allowance for Expected Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2023
Credit Loss [Abstract]
Summary of Changes in Allowance for Expected Credit Losses for Trade Receivables	The following table presents the changes in the allowance for expected credit losses for our accounts receivable and short-term contract assets for the three months ended March 31, 2023 and 2022: (Amounts in thousands) Trade receivables Contract assets Beginning balance, January 1, 2023 $ 83,062 $ 5,819 Charges to cost and expenses, net of recoveries 2,440 — Write-offs (4,325) — Currency effects and other, net 1,340 (230) Ending balance, March 31, 2023 $ 82,517 $ 5,589 Beginning balance, January 1, 2022 $ 74,336 $ 2,393 Charges to cost and expenses, net of recoveries 5,225 896 Currency effects and other, net (235) 49 Ending balance, March 31, 2022 $ 79,326 $ 3,338
Summary of Changes in Allowance for Expected Credit Losses for Contract Assets	The following table presents the changes in the allowance for expected credit losses for our accounts receivable and short-term contract assets for the three months ended March 31, 2023 and 2022: (Amounts in thousands) Trade receivables Contract assets Beginning balance, January 1, 2023 $ 83,062 $ 5,819 Charges to cost and expenses, net of recoveries 2,440 — Write-offs (4,325) — Currency effects and other, net 1,340 (230) Ending balance, March 31, 2023 $ 82,517 $ 5,589 Beginning balance, January 1, 2022 $ 74,336 $ 2,393 Charges to cost and expenses, net of recoveries 5,225 896 Currency effects and other, net (235) 49 Ending balance, March 31, 2022 $ 79,326 $ 3,338
Summary of Changes in Allowance for Expected Credit Losses for Long-term Receivables	The following table presents the changes in the allowance for long-term receivables for the three months ended March 31, 2023 and 2022: (Amounts in thousands) 2023 2022 Balance at January 1 $ 66,377 $ 67,696 Currency effects and other, net (802) 488 Balance at March 31 $ 65,575 $ 68,184

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Information Regarding Restricted Shares	The following table summarizes information regarding Restricted Shares: Three Months Ended March 31, 2023 Shares Weighted Average Number of unvested shares: Outstanding as of January 1, 2023 1,697,779 $ 37.17 Granted 843,291 36.36 Vested (567,183) 38.40 Forfeited (150,525) 47.06 Outstanding as of March 31, 2023 1,823,362 $ 35.59

Derivative Instruments and He_2

Derivative Instruments and Hedges (Tables)	3 Months Ended
	Mar. 31, 2023
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 forward contracts are summarized below: March 31, December 31, (Amounts in thousands) 2023 2022 Current derivative assets $ 3,297 $ 2,207 Noncurrent derivative assets 53 66 Current derivative liabilities 5,633 4,422 Noncurrent derivative liabilities 73 63
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 forward contracts are summarized below: Three Months Ended March 31, (Amounts in thousands) 2023 2022 Gains (losses) recognized in income $ (1,983) $ (2,359) The cumulative net investment hedge (gains) losses, net of deferred taxes, under cross-currency swaps recorded in AOCL on our condensed consolidated balance sheet are summarized below: Three Months Ended March 31, (Amounts in thousands) 2023 2022 (Gain) loss-included component (1) $ — $ (25,385) (Gain) loss-excluded component (2) — (874) (Gain) loss recognized in AOCL $ — $ (26,259) _____________________________________________ (1) Change in the fair value of the swaps attributable to changes in spot rates.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt Including Capital Lease Obligations	Debt, including finance lease obligations, net of discounts and debt issuance costs, consisted of: March 31, December 31, (Amounts in thousands, except percentages) 2023 2022 3.50% USD Senior Notes due October 1, 2030, net of unamortized discount and debt issuance costs of $4,913 and $5,055, respectively $ 495,087 $ 494,945 2.80% USD Senior Notes due January 15, 2032, net of unamortized discount and debt issuance costs of $5,588 and $5,727, respectively 494,412 494,273 Term Loan Facility, interest rate of 6.25% at March 31, 2023 and 5.98% at December 31, 2022, net of debt issuance costs of $400 and $444, respectively 249,600 259,556 Finance lease obligations and other borrowings 23,457 24,712 Debt and finance lease obligations 1,262,556 1,273,486 Less amounts due within one year 53,387 49,335 Total debt due after one year $ 1,209,169 $ 1,224,151

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Net Components of Inventory	Inventories, net consisted of the following: March 31, December 31, (Amounts in thousands) 2023 2022 Raw materials $ 404,945 $ 360,039 Work in process 329,170 295,678 Finished goods 253,031 245,494 Less: Excess and obsolete reserve (104,894) (98,013) Inventories, net $ 882,252 $ 803,198

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
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) 2023 2022 Net earnings of Flowserve Corporation $ 26,766 $ (15,820) Dividends on restricted shares not expected to vest — — Earnings attributable to common and participating shareholders $ 26,766 $ (15,820) Weighted average shares: Common stock 130,886 130,410 Participating securities 44 — Denominator for basic earnings per common share 130,930 130,410 Effect of potentially dilutive securities 824 — Denominator for diluted earnings per common share 131,754 130,410 Earnings per common share: Basic $ 0.20 $ (0.12) Diluted 0.20 (0.12)

Legal Matters and Contingenci_2

Legal Matters and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Loss Contingencies by Contingency	Activity related to asbestos claims during the periods indicated was as follows: Three Months Ended March 31, 2023 2022 Beginning claims(1) 8,139 8,712 New claims 577 673 Resolved claims (640) (585) Other(2) (5) — Ending claims(1) 8,071 8,800 ____________________ (1) Beginning and ending claims data in each period excludes inactive claims, as the Company considers it unlikely that inactive cases will be pursued further by the respective plaintiffs. A claim is classified as inactive either due to inactivity over a period of three years or if designated as inactive by the applicable court. (2) Represents the net change in claims as a result of the reclassification of active cases as inactive and inactive cases as active during the period indicated.
Reconciliation Of Liability For Asbestos And Environmental Claims	The following table presents the changes in the estimated asbestos liability: (Amounts in thousands) 2023 2022 Beginning balance, January 1, $ 98,652 $ 94,423 Asbestos liability adjustments, net (106) — Cash payment activity (3,766) (1,204) Other, net (1,495) (967) Ending balance, March 31, $ 93,285 $ 92,252

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Components of Net Periodic Cost for Pension and Postretirement Benefits	Components of the net periodic cost for pension and postretirement benefits for the three months ended March 31, 2023 and 2022 were as follows: U.S. Non-U.S. Postretirement (Amounts in millions) 2023 2022 2023 2022 2023 2022 Service cost $ 5.0 $ 6.3 $ 1.1 $ 1.6 $ — $ — Interest cost 5.2 3.4 2.9 1.7 0.2 0.1 Expected return on plan assets (6.3) (6.5) (1.6) (1.6) — — Amortization of unrecognized prior service cost and other costs — 0.1 0.1 0.1 — 0.1 Amortization of unrecognized net loss — 1.0 0.3 0.7 — — Net periodic cost recognized $ 3.9 $ 4.3 $ 2.8 $ 2.5 $ 0.2 $ 0.2

Statement of Shareholders' Equi

Statement of Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Summary of Dividends Declared	Dividends declared per share were as follows: Three Months Ended March 31, 2023 2022 Dividends declared per share $ 0.20 $ 0.20

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 699,478 $ 280,827 $ 980,305 $ — $ 980,305 Intersegment sales 638 790 1,428 (1,428) — Segment operating income 79,072 18,534 97,606 (40,420) 57,186 Three Months Ended March 31, 2022 FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 573,986 $ 247,072 $ 821,058 $ — $ 821,058 Intersegment sales 1,598 784 2,382 (2,382) — Segment operating income 21,001 15,237 36,238 (28,871) 7,367

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table presents the changes in AOCL, net of tax for the three months ended March 31, 2023 and 2022: 2023 2022 (Amounts in thousands) Foreign currency translation items(1) Pension and other post-retirement effects Cash flow hedging activity (2) Total Foreign currency translation items(1) Pension and other post-retirement effects Cash flow hedging activity (2) Total Balance - January 1 $ (554,683) $ (86,356) $ (933) $ (641,972) $ (456,025) $ (101,665) $ (1,336) $ (559,026) Other comprehensive income (loss) before reclassifications (3) 13,506 (865) — 12,641 (16,744) 1,957 — (14,787) Amounts reclassified from AOCL — 422 30 452 — 1,630 29 1,659 Net current-period other comprehensive income (loss) (3) 13,506 (443) 30 13,093 (16,744) 3,587 29 (13,128) Balance - March 31 $ (541,177) $ (86,799) $ (903) $ (628,879) $ (472,769) $ (98,078) $ (1,307) $ (572,154) ________________________________ (1) Includes foreign currency translation adjustments attributable to noncontrolling interests of $5.8 million and $4.6 million at January 1, 2023 and 2022, respectively, and $2.7 million and $5.9 million at March 31, 2023 and 2022, respectively. Also includes the impacts from the changes in fair value of our cross-currency swaps, which were $8.6 million for the three months ended March 31, 2022. (2) Other comprehensive loss before reclassifications and amounts reclassified from AOCL to interest expense related to designated cash flow hedges.
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 2023(1) 2022(1) Pension and other postretirement effects Amortization of actuarial losses(2) Other income (expense), net $ (283) $ (1,732) Prior service costs(2) Other income (expense), net (151) (152) Tax benefit 12 254 Net of tax $ (422) $ (1,630) Cash flow hedging activity Amortization of Treasury rate lock Interest income (expense) $ (39) $ (29) Tax benefit (expense) 9 — Net of tax $ (30) $ (29) __________________________________ (1) Amounts in parentheses indicate decreases to income. None of the reclassified amounts have a noncontrolling interest component.

Realignment Programs (Tables)

Realignment Programs (Tables)	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following table presents the above impacts of the Russia pre-tax charge in the first quarter of 2022: Three Months Ended March 31, 2022 (Amounts in thousands) Flowserve Pump Division Flow Control Division Consolidated Total Sales $ (5,429) $ (2) $ (5,431) Cost of sales ("COS") 3,510 1,112 4,622 Gross loss (8,939) (1,114) (10,053) Selling, general and administrative expense ("SG&A") 9,111 1,082 10,193 Operating loss $ (18,050) $ (2,196) $ (20,246) Three Months Ended March 31, 2023 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ (1,012) $ — $ (1,012) $ 66 $ (946) SG&A — 8,905 8,905 — 8,905 $ (1,012) $ 8,905 $ 7,893 $ 66 $ 7,959 Non-Restructuring Charges COS $ 1,402 $ 11 $ 1,413 $ (265) $ 1,148 SG&A 2,050 1 2,051 5,721 7,772 $ 3,452 $ 12 $ 3,464 $ 5,456 $ 8,920 Total Realignment Charges COS $ 390 $ 11 $ 401 $ (199) $ 202 SG&A 2,050 8,906 10,956 5,721 16,677 Total $ 2,440 $ 8,917 $ 11,357 $ 5,522 $ 16,879 Three Months Ended March 31, 2022 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 281 $ (5) $ 276 $ — $ 276 SG&A — — — — — $ 281 $ (5) $ 276 $ — $ 276 Non-Restructuring Charges COS $ (364) $ (49) $ (413) $ (61) $ (474) SG&A 75 17 92 (293) (201) $ (289) $ (32) $ (321) $ (354) $ (675) Total Realignment Charges COS $ (83) $ (54) $ (137) $ (61) $ (198) SG&A 75 17 92 (293) (201) Total $ (8) $ (37) $ (45) $ (354) $ (399) The following is a summary of total inception to date charges, net of adjustments, related to the 2023 Realignment Programs: Inception to Date (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ (1,012) $ — $ (1,012) $ 66 $ (946) SG&A — 8,905 8,905 — 8,905 $ (1,012) $ 8,905 $ 7,893 $ 66 $ 7,959 Non-Restructuring Charges COS $ 1,402 $ 11 $ 1,413 $ (265) $ 1,148 SG&A 2,050 1 2,051 5,721 7,772 $ 3,452 $ 12 $ 3,464 $ 5,456 $ 8,920 Total Realignment Charges COS $ 390 $ 11 $ 401 $ (199) $ 202 SG&A 2,050 8,906 10,956 5,721 16,677 Total $ 2,440 $ 8,917 $ 11,357 $ 5,522 $ 16,879
Schedule of Restructuring Reserve by Type of Cost	The following is a summary of restructuring charges, net of adjustments, for our restructuring activities related to our Realignment Programs: Three Months Ended March 31, 2023 (Amounts in thousands) Severance Contract Termination Asset Write-Downs (Gains) Other Total COS $ 186 $ 66 $ (1,303) $ 105 $ (946) SG&A 5 — 8,900 — 8,905 Total $ 191 $ 66 $ 7,597 $ 105 $ 7,959 Three Months Ended March 31, 2022 (Amounts in thousands) Severance Contract Termination Asset Write-Downs (Gains) Other Total COS $ — $ — $ 240 $ 36 $ 276 SG&A — — — — — Total $ — $ — $ 240 $ 36 $ 276 The following is a summary of total inception to date restructuring charges, net of adjustments, related to our 2023 Realignment Programs: Inception to Date (Amounts in thousands) Severance Contract Termination Asset Write-Downs (Gains) Other Total COS $ 186 $ 66 $ (1,303) $ 105 $ (946) SG&A 5 — 8,900 — 8,905 Total $ 191 $ 66 $ 7,597 $ 105 $ 7,959 The following represents the activity, primarily severance charges from reductions in force, related to the restructuring reserves for the three months ended March 31, 2023 and 2022: (Amounts in thousands) 2023 2022 Balance at January 1 $ 965 $ 4,868 Charges, net of adjustments 362 37 Cash expenditures (234) (1,260) Other non-cash adjustments, including currency (55) (64) Balance at March 31 $ 1,038 $ 3,581

Basis of Presentation and Acc_4

Basis of Presentation and Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 09, 2023	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sales		$ 980,305		$ 821,058
Cash and cash equivalents		404,726	$ 434,971	575,795	$ 658,452
Accounts receivable, net		904,184	868,632
Supplier finance program payable		9,200
Velan Inc
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Acquisition cash transaction	$ 245,000
Sales
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserve for estimated exit costs, before tax		(5,431)
Cost of sales ("COS")
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserve for estimated exit costs, before tax		4,622
Gross loss
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserve for estimated exit costs, before tax		(10,053)
Selling, general and administrative expense ("SG&A")
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserve for estimated exit costs, before tax		10,193
Operating loss
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserve for estimated exit costs, before tax		(20,246)
Operating Segments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sales		980,305		821,058
FPD
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sales		699,478		573,986
FPD | Operating Segments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sales		699,478		573,986
FPD | Operating Segments | Sales
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserve for estimated exit costs, before tax		(5,429)
FPD | Operating Segments | Cost of sales ("COS")
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserve for estimated exit costs, before tax		3,510
FPD | Operating Segments | Gross loss
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserve for estimated exit costs, before tax		(8,939)
FPD | Operating Segments | Selling, general and administrative expense ("SG&A")
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserve for estimated exit costs, before tax		9,111
FPD | Operating Segments | Operating loss
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserve for estimated exit costs, before tax		(18,050)
FCD | Operating Segments | Sales
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserve for estimated exit costs, before tax		(2)
FCD | Operating Segments | Cost of sales ("COS")
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserve for estimated exit costs, before tax		1,112
FCD | Operating Segments | Gross loss
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserve for estimated exit costs, before tax		(1,114)
FCD | Operating Segments | Selling, general and administrative expense ("SG&A")
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserve for estimated exit costs, before tax		1,082
FCD | Operating Segments | Operating loss
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserve for estimated exit costs, before tax		$ (2,196)
Subsidiaries | Russian Subsidiary
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserve for estimated exit costs, before tax			13,600	20,200
Reserve for estimated exit costs, after tax			$ 9,800	$ 21,000

Basis of Presentation and Acc_5

Basis of Presentation and Accounting Policies - Pre-Tax Charge Impacts (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Sales
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Asset write-off, excluding cash, pre-tax	$ 5,431
Cost of sales ("COS")
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Asset write-off, excluding cash, pre-tax	(4,622)
Gross loss
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Asset write-off, excluding cash, pre-tax	10,053
Selling, general and administrative expense ("SG&A")
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Asset write-off, excluding cash, pre-tax	(10,193)
Operating loss
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Asset write-off, excluding cash, pre-tax	20,246
Subtotal–Reportable Segments | Sales | FPD
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Asset write-off, excluding cash, pre-tax	5,429
Subtotal–Reportable Segments | Sales | FCD
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Asset write-off, excluding cash, pre-tax	2
Subtotal–Reportable Segments | Cost of sales ("COS") | FPD
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Asset write-off, excluding cash, pre-tax	(3,510)
Subtotal–Reportable Segments | Cost of sales ("COS") | FCD
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Asset write-off, excluding cash, pre-tax	(1,112)
Subtotal–Reportable Segments | Gross loss | FPD
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Asset write-off, excluding cash, pre-tax	8,939
Subtotal–Reportable Segments | Gross loss | FCD
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Asset write-off, excluding cash, pre-tax	1,114
Subtotal–Reportable Segments | Selling, general and administrative expense ("SG&A") | FPD
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Asset write-off, excluding cash, pre-tax	(9,111)
Subtotal–Reportable Segments | Selling, general and administrative expense ("SG&A") | FCD
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Asset write-off, excluding cash, pre-tax	(1,082)
Subtotal–Reportable Segments | Operating loss | FPD
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Asset write-off, excluding cash, pre-tax	18,050
Subtotal–Reportable Segments | Operating loss | FCD
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Asset write-off, excluding cash, pre-tax	$ 2,196

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - segments	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Number of operating segments	2
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from products and services	14%	12%
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from products and services	86%	88%

Revenue Recognition (Disaggrega

Revenue Recognition (Disaggregation of revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Sales	$ 980,305	$ 821,058
Original Equipment
Disaggregation of Revenue [Line Items]
Sales	463,485	383,182
Aftermarket
Disaggregation of Revenue [Line Items]
Sales	516,820	437,876
FPD
Disaggregation of Revenue [Line Items]
Sales	699,478	573,986
FPD | Original Equipment
Disaggregation of Revenue [Line Items]
Sales	252,732	200,340
FPD | Aftermarket
Disaggregation of Revenue [Line Items]
Sales	446,746	373,646
FCD
Disaggregation of Revenue [Line Items]
Sales	280,827	247,072
FCD | Original Equipment
Disaggregation of Revenue [Line Items]
Sales	210,753	182,842
FCD | Aftermarket
Disaggregation of Revenue [Line Items]
Sales	70,074	64,230
North America
Disaggregation of Revenue [Line Items]
Sales	407,953	346,344
North America | FPD
Disaggregation of Revenue [Line Items]
Sales	282,272	238,710
North America | FCD
Disaggregation of Revenue [Line Items]
Sales	125,681	107,634
Latin America
Disaggregation of Revenue [Line Items]
Sales	71,852	53,169
Latin America | FPD
Disaggregation of Revenue [Line Items]
Sales	63,989	47,619
Latin America | FCD
Disaggregation of Revenue [Line Items]
Sales	7,863	5,550
Middle East And Africa
Disaggregation of Revenue [Line Items]
Sales	142,771	93,052
Middle East And Africa | FPD
Disaggregation of Revenue [Line Items]
Sales	114,370	71,701
Middle East And Africa | FCD
Disaggregation of Revenue [Line Items]
Sales	28,401	21,351
Asia Pacific
Disaggregation of Revenue [Line Items]
Sales	181,199	169,392
Asia Pacific | FPD
Disaggregation of Revenue [Line Items]
Sales	113,371	101,599
Asia Pacific | FCD
Disaggregation of Revenue [Line Items]
Sales	67,828	67,793
Europe
Disaggregation of Revenue [Line Items]
Sales	176,530	159,101
Europe | FPD
Disaggregation of Revenue [Line Items]
Sales	125,476	114,357
Europe | FCD
Disaggregation of Revenue [Line Items]
Sales	$ 51,054	$ 44,744

Revenue Recognition (Performanc

Revenue Recognition (Performance obligations) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 733
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 358
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 375
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, 2023	Mar. 31, 2022
Change In Contract With Customer, Asset And Liability [Roll Forward]
Contract Assets, Beginning balance	$ 233,457
Contract Liabilities, Current, Beginning balance	256,963
Revenue recognized that was included in contract liabilities at the beginning of the period	(32,676)	$ (2,600)
Amounts transferred from contract assets to receivables	4,325	(5,655)
Contract Assets, Ending balance	231,864	200,054
Contract Liabilities, Current, Ending balance	291,638	204,158
Short-term Contract with Customer
Change In Contract With Customer, Asset And Liability [Roll Forward]
Contract Assets, Beginning balance	233,457	195,598
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	136,965	116,140
Billings arising during the period in excess of revenue recognized	0	0
Amounts transferred from contract assets to receivables	(137,865)	(109,358)
Other contract asset, net	(693)	(2,326)
Long-term Contract with Customer
Change In Contract With Customer, Asset And Liability [Roll Forward]
Contract Assets, Beginning balance	297	426
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	4	1,757
Billings arising during the period in excess of revenue recognized	0	0
Amounts transferred from contract assets to receivables	0	0
Other contract asset, net	4	(1,750)
Contract Assets, Ending balance	305	433
Short-term Contract with Customer, Liability
Change In Contract With Customer, Asset And Liability [Roll Forward]
Contract Liabilities, Current, Beginning balance	256,963	202,965
Revenue recognized that was included in contract liabilities at the beginning of the period	(117,035)	(79,792)
Revenue recognized in the period in excess of billings	0	0
Billings arising during the period in excess of revenue recognized	146,262	78,156
Amounts transferred from contract assets to receivables	0	0
Other contract liability, net	5,448	2,829
Long-term Contract With Customer, Liability
Change In Contract With Customer, Asset And Liability [Roll Forward]
Contract Liabilities, Noncurrent, Beginning balance	1,059	464
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	0	0
Billings arising during the period in excess of revenue recognized	164	0
Amounts transferred from contract assets to receivables	0	0
Other contract liability, net	2,983	(2)
Contract Liabilities, Noncurrent, Ending balance	$ 4,206	$ 462

Allowance for Expected Credit_3

Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Credit Loss [Abstract]
Contract assets, allowance for credit loss as a percentage of assets	1%
Trade receivables
Beginning balance	$ 83,062	$ 74,336
Charges to cost and expenses, net of recoveries	2,440	5,225
Currency effects and other, net	1,340	(235)
Ending balance	82,517	79,326
Contract assets
Beginning balance	5,819	2,393
Charges to cost and expenses, net of recoveries	0	896
Currency effects and other, net	(230)	49
Ending balance	5,589	3,338
Long-term Receivables
Beginning balance	66,377	67,696
Currency effects and other, net	(802)	488
Ending balance	65,575	$ 68,184
Write-offs	(4,325)
Write-offs	$ 0

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jan. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available under stock option plan (in shares)	8,224,898
Vesting period	3 years
Options, outstanding, number (in shares)	114,943
Options, grants in period, gross (in shares)	0	0
Plan 2020
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
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	$ 36		$ 18
Nonvested awards, compensation cost not yet recognized, period for recognition	2 years
Equity instruments other than options, vested in period, fair value	$ 21.8	$ 20.7
Allocated share-based compensation expense, net of tax	7.7	8.5
Allocated share-based compensation expense	$ 10	$ 11
Equity instruments other than options, nonvested, number (in shares)	1,823,362		1,697,779
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested awards, compensation cost not yet recognized, period for recognition	36 months
Equity instruments other than options, nonvested, number (in shares)	479,000
Total shareholder return performance measure, as a percentage	15%
Estimated vesting of shares based on performance shares (in shares)	376,000
Minimum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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]
Options, vested and expected to vest, exercisable, number (in shares)	1,101,000
Maximum | Performance Shares | Issue Date 2022 And 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	230%

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans (Information Regarding Restricted Shares) (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Shares
Outstanding, Shares, Beginning balance (in shares) | shares	1,697,779
Granted, Shares (in shares) | shares	843,291
Vested, Shares (in shares) | shares	(567,183)
Forfeited, Shares (in shares) | shares	(150,525)
Outstanding, Shares, Ending balance (in shares) | shares	1,823,362
Weighted Average Grant-Date Fair Value
Outstanding, Weighted Average Grant-Date Fair Value, Beginning balance (in dollars per share) | $ / shares	$ 37.17
Granted, Weighted Average Grant-Date Fair Value (in dollars per share) | $ / shares	36.36
Vested, Weighted Average Grant-Date Fair Value (in dollars per share) | $ / shares	38.40
Forfeited, Weighted Average Grant-Date Fair Value (in dollars per share) | $ / shares	47.06
Outstanding, Weighted Average Grant-Date Fair Value, Ending balance (in dollars per share) | $ / shares	$ 35.59

Derivative Instruments and He_3

Derivative Instruments and Hedges (Textual) (Details) € in Millions, $ in Millions		3 Months Ended
	Dec. 20, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 20, 2022 EUR (€)
Derivative [Line Items]
Derivative, notional amount | €					€ 423.2
Payments for (Proceeds from) Divestiture of Business	$ 66
Noncurrent derivative assets	$ 68.2
Currency Swap
Derivative [Line Items]
Derivative, Interest Payable			$ 2
Not Designated as Hedging Instrument | Forward Exchange Contract
Derivative [Line Items]
Derivative, notional amount		$ 544		$ 459.2
Minimum remaining maturity of foreign currency derivatives		17 days
Maximum remaining maturity of foreign currency derivatives		23 months

Derivative Instruments and He_4

Derivative Instruments and Hedges (Fair Value Balance Sheet Disclosures) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Dec. 20, 2022
Derivative [Line Items]
Noncurrent derivative assets			$ 68,200
Not Designated as Hedging Instrument | Foreign Exchange Contract
Derivative [Line Items]
Current derivative assets	$ 3,297	$ 2,207
Noncurrent derivative assets	53	66
Current derivative liabilities	5,633	4,422
Noncurrent derivative liabilities	$ 73	$ 63

Derivative Instruments and He_5

Derivative Instruments and Hedges (Fair Value of Forward Exchange Contracts) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Forward Contracts
Derivative [Line Items]
Gains (losses) recognized in income	$ (1,983)	$ (2,359)

Derivative Instruments and He_6

Derivative Instruments and Hedges (Cross Currency Swap) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 20, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Noncurrent derivative assets			$ 68,200
Currency Swap | Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Loss (gain) - included component	$ 0	$ (25,385)
(Gain) loss - excluded component	0	(874)
(Gain) loss recognized in AOCL	$ 0	$ (26,259)

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt issuance costs, net		$ 5,727
Finance lease obligations and other borrowings	$ 23,457	24,712
Debt and finance lease obligations	1,262,556	1,273,486
Less amounts due within one year	53,387	49,335
Total debt due after one year	$ 1,209,169	1,224,151
2030 USD Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.50%
Debt Instrument, Unamortized Discount	$ 4,913
Debt issuance costs, net		5,055
Long-term debt	$ 495,087	494,945
2032 USD Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.028%
Debt Instrument, Unamortized Discount	$ 5,588
Long-term debt	494,412	494,273
Term Loan Facility
Debt Instrument [Line Items]
Debt issuance costs, net	$ 400	$ 444
Effective interest rate (as a percent)	6.25%	5.98%
Long-term debt	$ 249,600	$ 259,556

Debt (Details Textual)

Debt (Details Textual) - USD ($)			3 Months Ended
	Mar. 31, 2024	Sep. 13, 2021	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	May 01, 2023	Apr. 30, 2023	Dec. 31, 2022
Term Loan Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 300,000,000
Term Loan Facility | Forecast
Line of Credit Facility [Line Items]
Periodic payment	$ 15,000,000		$ 10,000,000	$ 10,000,000	$ 10,000,000
Revolving Credit Facility | Senior Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		800,000,000
Line of credit, commitment fee (as a percentage)						0.175%
Amount drawn						$ 0			$ 0
Line of credit facility, current borrowing capacity						464,500,000			293,900,000
Letter of Credit | Senior Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		750,000,000
Letters of credit outstanding						$ 85,900,000			$ 71,700,000
Letter of Credit | Senior Credit Facility | Subsequent Event
Line of Credit Facility [Line Items]
Letters of credit outstanding							$ 75,000,000	$ 115,000,000
Swing Line Loans | Senior Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 30,000,000
LIBOR | Revolving Credit Facility | Senior Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate						1.375%
Base Rate | Revolving Credit Facility | Senior Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate						0.375%
Minimum | Revolving Credit Facility | Senior Credit Facility
Line of Credit Facility [Line Items]
Line of credit, commitment fee (as a percentage)		0.08%
Minimum | LIBOR | Term Loan Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.875%
Minimum | LIBOR | Revolving Credit Facility | Senior Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate		1%
Minimum | Base Rate | Term Loan Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate		0%
Minimum | Base Rate | Revolving Credit Facility | Senior Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate		0%
Maximum | Revolving Credit Facility | Senior Credit Facility
Line of Credit Facility [Line Items]
Line of credit, commitment fee (as a percentage)		0.25%
Maximum | LIBOR | Term Loan Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.625%
Maximum | LIBOR | Revolving Credit Facility | Senior Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.75%
Maximum | Base Rate | Term Loan Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.625%
Maximum | Base Rate | Revolving Credit Facility | 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, 2023 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 989.5
Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 831.7

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Net Components of Inventory
Raw materials	$ 404,945	$ 360,039
Work in process	329,170	295,678
Finished goods	253,031	245,494
Less: Excess and obsolete reserve	(104,894)	(98,013)
Inventories, net	$ 882,252	$ 803,198

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net earnings of Flowserve Corporation	$ 26,766	$ (15,820)
Dividends on restricted shares not expected to vest	0	0
Earnings attributable to common and participating shareholders	$ 26,766	$ (15,820)
Weighted average shares:
Common stock (in shares)	130,886,000	130,410,000
Participating securities (in shares)	44,000	0
Denominator for basic earnings per common share (in shares)	130,930,000	130,410,000
Effect of potentially dilutive securities (in shares)	824,000	0
Denominator for diluted earnings per common share (in shares)	131,754,000	130,410,000
Earnings per common share:
Basic (in dollars per share)	$ 0.20	$ (0.12)
Diluted (in dollars per share)	$ 0.20	$ (0.12)
Antidilutive shares (in shares)		641,188

Legal Matters and Contingenci_3

Legal Matters and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) claim	Mar. 31, 2022 USD ($) claim
Liability for Asbestos and Environmental Claims, Net [Roll Forward]
Beginning claims	8,139	8,712
New claims	577	673
Resolved claims	(640)	(585)
Other	(5)	0
Ending claims	8,071	8,800
Loss contingency expense | $	$ 1.8
Payments For (Proceeds From) Insurance Settlements | $	$ (5.6)	$ 5.8

Legal Matters and Contingenci_4

Legal Matters and Contingencies - Estimated Asbestos Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Liability for Asbestos and Environmental Claims, Net [Roll Forward]
Beginning balance, January 1,	$ 98,652	$ 94,423
Asbestos liability adjustments, net	(106)	0
Cash payment activity	(3,766)	(1,204)
Other, net	(1,495)	(967)
Ending balance, March 31,	$ 93,285	$ 92,252

Pension and Postretirement Be_3

Pension and Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Domestic Plan
Components of the net periodic cost for retirement and postretirement benefits
Service cost	$ 5	$ 6.3
Interest cost	5.2	3.4
Expected return on plan assets	(6.3)	(6.5)
Amortization of unrecognized prior service cost and other costs	0	0.1
Amortization of unrecognized net loss	0	1
Net periodic cost recognized	3.9	4.3
Foreign Plan
Components of the net periodic cost for retirement and postretirement benefits
Service cost	1.1	1.6
Interest cost	2.9	1.7
Expected return on plan assets	(1.6)	(1.6)
Amortization of unrecognized prior service cost and other costs	0.1	0.1
Amortization of unrecognized net loss	0.3	0.7
Net periodic cost recognized	2.8	2.5
Postretirement Medical Benefits
Components of the net periodic cost for retirement and postretirement benefits
Service cost	0	0
Interest cost	0.2	0.1
Expected return on plan assets	0	0
Amortization of unrecognized prior service cost and other costs	0	0.1
Amortization of unrecognized net loss	0	0
Net periodic cost recognized	$ 0.2	$ 0.2

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2015
Equity, Class of Treasury Stock [Line Items]
Cash dividends declared per share (in dollars per share)	$ 0.20	$ 0.20
Repurchase of shares (in shares)	0
Remaining authorized repurchase capacity	$ 96,100,000
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, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income before income tax	$ 34,449	$ (10,497)
Income tax expense	$ 4,453	$ 3,182
Effective tax rate (as a percent)	12.90%	(30.50%)
Unrecognized tax benefits, period decrease	$ 5,400
Unrecognized tax benefits approximate amount of estimated reduction within the next twelve months	$ 8,000

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Summarized financial information of the reportable segments
Sales	$ 980,305	$ 821,058
Segment operating income	57,186	7,367
Operating Segments
Summarized financial information of the reportable segments
Sales	980,305	821,058
Intersegment sales	1,428	2,382
Segment operating income	97,606	36,238
Intersegment sales
Summarized financial information of the reportable segments
Intersegment sales	(1,428)	(2,382)
Segment operating income	(40,420)	(28,871)
FPD
Summarized financial information of the reportable segments
Sales	699,478	573,986
FPD | Operating Segments
Summarized financial information of the reportable segments
Sales	699,478	573,986
Intersegment sales	638	1,598
Segment operating income	79,072	21,001
FCD
Summarized financial information of the reportable segments
Sales	280,827	247,072
FCD | Operating Segments
Summarized financial information of the reportable segments
Sales	280,827	247,072
Intersegment sales	790	784
Segment operating income	$ 18,534	$ 15,237

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Components of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (641,972)	$ (559,026)
Other comprehensive income (loss) before reclassifications (3)	12,641	(14,787)
Amounts reclassified from AOCL	452	1,659
Other comprehensive income (loss)	13,093	(13,128)
Ending balance	(628,879)	(572,154)
Foreign currency translation, taxes	717	(13,306)
Foreign currency translation items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(554,683)	(456,025)
Other comprehensive income (loss) before reclassifications (3)	13,506	(16,744)
Amounts reclassified from AOCL	0	0
Other comprehensive income (loss)	13,506	(16,744)
Ending balance	(541,177)	(472,769)
Pension and other post-retirement effects
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(86,356)	(101,665)
Other comprehensive income (loss) before reclassifications (3)	(865)	1,957
Amounts reclassified from AOCL	422	1,630
Other comprehensive income (loss)	(443)	3,587
Ending balance	(86,799)	(98,078)
Cash flow hedging activity
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(933)	(1,336)
Other comprehensive income (loss) before reclassifications (3)	0	0
Amounts reclassified from AOCL	30	29
Other comprehensive income (loss)	30	29
Ending balance	(903)	(1,307)
Non- controlling Interests
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other comprehensive income (loss)	(3,161)	1,336
Accumulated other comprehensive income (loss), foreign currency translation adjustment, net of tax	$ 2,700	5,900	$ 5,800	$ 4,600
Non- controlling Interests | Currency Swap
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Foreign currency translation, taxes		$ 8,600

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net of tax	$ (452)	$ (1,659)
Amortization of actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification	(283)	(1,732)
Prior service costs
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification	(151)	(152)
Pension and other post-retirement effects
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax benefit	12	254
Net of tax	(422)	(1,630)
Cash flow hedging activity
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification	(39)	(29)
Tax benefit	9	0
Net of tax	$ (30)	$ (29)

Realignment Programs (Details)

Realignment Programs (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		24 Months Ended
	May 01, 2023	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		$ 7,959	$ 276
Non-Restructuring Charges		8,920	(675)
Total Realignment Charges		16,879
Total Realignment Program Charges			(399)
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 1,038	965	4,868
Charges, net of adjustments		7,959	276
Cash expenditures		(234)	(1,260)
Other non-cash adjustments, including currency		(55)	(64)
Ending Balance		1,038	3,581	$ 3,581
Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		7,893	276
Non-Restructuring Charges		3,464	(321)
Total Realignment Charges		11,357
Total Realignment Program Charges			(45)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		7,893	276
Eliminations and All Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		66	0
Non-Restructuring Charges		5,456	(354)
Total Realignment Charges		5,522
Total Realignment Program Charges			(354)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		66	0
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		191	0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		191	0
Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		66	0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		66	0
Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		7,597	240
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		7,597	240
Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		105	36
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		105	36
Charges Expected to be Settled in Cash
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		362	37
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		362	37
Cost of sales ("COS")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		(946)	276
Non-Restructuring Charges		1,148	(474)
Total Realignment Charges		202
Total Realignment Program Charges			(198)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		(946)	276
Cost of sales ("COS") | Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		(1,012)	276
Non-Restructuring Charges		1,413	(413)
Total Realignment Charges		401
Total Realignment Program Charges			(137)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		(1,012)	276
Cost of sales ("COS") | Eliminations and All Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		66	0
Non-Restructuring Charges		(265)	(61)
Total Realignment Charges		(199)
Total Realignment Program Charges			(61)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		66	0
Cost of sales ("COS") | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		186	0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		186	0
Cost of sales ("COS") | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		66	0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		66	0
Cost of sales ("COS") | Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		(1,303)	240
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		(1,303)	240
Cost of sales ("COS") | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		105	36
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		105	36
Selling, general and administrative expense ("SG&A")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		8,905	0
Non-Restructuring Charges		7,772	(201)
Total Realignment Charges		16,677
Total Realignment Program Charges			(201)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		8,905	0
Selling, general and administrative expense ("SG&A") | Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		8,905	0
Non-Restructuring Charges		2,051	92
Total Realignment Charges		10,956
Total Realignment Program Charges			92
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		8,905	0
Selling, general and administrative expense ("SG&A") | Eliminations and All Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	0
Non-Restructuring Charges		5,721	(293)
Total Realignment Charges		5,721
Total Realignment Program Charges			(293)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	0
Selling, general and administrative expense ("SG&A") | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		5	0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		5	0
Selling, general and administrative expense ("SG&A") | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	0
Selling, general and administrative expense ("SG&A") | Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		8,900	0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		8,900	0
Selling, general and administrative expense ("SG&A") | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	0
FPD
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		(1,012)	281
Non-Restructuring Charges		3,452	(289)
Total Realignment Charges		2,440
Total Realignment Program Charges			(8)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		(1,012)	281
FPD | Cost of sales ("COS")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		(1,012)	281
Non-Restructuring Charges		1,402	(364)
Total Realignment Charges		390
Total Realignment Program Charges			(83)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		(1,012)	281
FPD | Selling, general and administrative expense ("SG&A")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	0
Non-Restructuring Charges		2,050	75
Total Realignment Charges		2,050
Total Realignment Program Charges			75
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	0
FCD
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		8,905	(5)
Non-Restructuring Charges		12	(32)
Total Realignment Charges		8,917
Total Realignment Program Charges			(37)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		8,905	(5)
FCD | Cost of sales ("COS")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	(5)
Non-Restructuring Charges		11	(49)
Total Realignment Charges		11
Total Realignment Program Charges			(54)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	(5)
FCD | Selling, general and administrative expense ("SG&A")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		8,905	0
Non-Restructuring Charges		1	17
Total Realignment Charges		8,906
Total Realignment Program Charges			17
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		$ 8,905	$ 0
2020 Realignment Program
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				7,959
Non-Restructuring Charges				8,920
Total Realignment Charges				16,879
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				7,959
2020 Realignment Program | Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				7,893
Non-Restructuring Charges				3,464
Total Realignment Charges				11,357
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				7,893
2020 Realignment Program | Eliminations and All Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				66
Non-Restructuring Charges				5,456
Total Realignment Charges				5,522
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				66
2020 Realignment Program | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				191
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				191
2020 Realignment Program | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				66
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				66
2020 Realignment Program | Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				7,597
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				7,597
2020 Realignment Program | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				105
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				105
2020 Realignment Program | Cost of sales ("COS")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				(946)
Non-Restructuring Charges				1,148
Total Realignment Charges				202
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				(946)
2020 Realignment Program | Cost of sales ("COS") | Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				(1,012)
Non-Restructuring Charges				1,413
Total Realignment Charges				401
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				(1,012)
2020 Realignment Program | Cost of sales ("COS") | Eliminations and All Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				66
Non-Restructuring Charges				(265)
Total Realignment Charges				(199)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				66
2020 Realignment Program | Cost of sales ("COS") | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				186
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				186
2020 Realignment Program | Cost of sales ("COS") | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				66
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				66
2020 Realignment Program | Cost of sales ("COS") | Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				(1,303)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				(1,303)
2020 Realignment Program | Cost of sales ("COS") | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				105
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				105
2020 Realignment Program | Selling, general and administrative expense ("SG&A")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				8,905
Non-Restructuring Charges				7,772
Total Realignment Charges				16,677
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				8,905
2020 Realignment Program | Selling, general and administrative expense ("SG&A") | Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				8,905
Non-Restructuring Charges				2,051
Total Realignment Charges				10,956
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				8,905
2020 Realignment Program | Selling, general and administrative expense ("SG&A") | Eliminations and All Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				0
Non-Restructuring Charges				5,721
Total Realignment Charges				5,721
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				0
2020 Realignment Program | Selling, general and administrative expense ("SG&A") | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				5
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				5
2020 Realignment Program | Selling, general and administrative expense ("SG&A") | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				0
2020 Realignment Program | Selling, general and administrative expense ("SG&A") | Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				8,900
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				8,900
2020 Realignment Program | Selling, general and administrative expense ("SG&A") | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				0
2020 Realignment Program | FPD
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				(1,012)
Non-Restructuring Charges				3,452
Total Realignment Charges				2,440
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				(1,012)
2020 Realignment Program | FPD | Cost of sales ("COS")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				(1,012)
Non-Restructuring Charges				1,402
Total Realignment Charges				390
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				(1,012)
2020 Realignment Program | FPD | Selling, general and administrative expense ("SG&A")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				0
Non-Restructuring Charges				2,050
Total Realignment Charges				2,050
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				0
2020 Realignment Program | FCD
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				8,905
Non-Restructuring Charges				12
Total Realignment Charges				8,917
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				8,905
2020 Realignment Program | FCD | Cost of sales ("COS")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				0
Non-Restructuring Charges				11
Total Realignment Charges				11
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				0
2020 Realignment Program | FCD | Selling, general and administrative expense ("SG&A")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				8,905
Non-Restructuring Charges				1
Total Realignment Charges				8,906
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				$ 8,905
2023 Realignment Program | Forecast
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges	25,000
Restructuring Reserve [Roll Forward]
Cost reduction amount	$ 50,000