Flowserve (FLS) 10-Q 25 Oct 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 19, 2023
Cover [Abstract]
Entity Central Index Key	0000030625
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		131,208,631

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Sales	$ 1,094,718	$ 872,881	$ 3,155,399	$ 2,576,161
Cost of sales	(777,024)	(633,304)	(2,218,114)	(1,877,108)
Gross profit	317,694	239,577	937,285	699,053
Selling, general and administrative expense	(252,065)	(221,142)	(726,424)	(621,956)
Net earnings from affiliates	4,627	5,782	13,229	14,821
Operating income	70,256	24,217	224,090	91,918
Interest expense	(17,273)	(11,582)	(50,039)	(33,337)
Interest income	2,134	1,141	5,535	2,938
Other income (expense), net	(13,710)	28,676	(27,271)	28,152
Earnings before income taxes	41,407	42,452	152,315	89,671
Benefit from (provision for) income taxes	11,186	(1,817)	(14,571)	(16,618)
Net earnings, including noncontrolling interests	52,593	40,635	137,744	73,053
Less: Net earnings attributable to noncontrolling interests	(6,437)	(2,235)	(13,618)	(5,694)
Net earnings attributable to Flowserve Corporation	$ 46,156	$ 38,400	$ 124,126	$ 67,359
Net earnings per share attributable to Flowserve Corporation common shareholders:
Basic (in dollars per share)	$ 0.35	$ 0.29	$ 0.95	$ 0.52
Diluted (in dollars per share)	$ 0.35	$ 0.29	$ 0.94	$ 0.51
Weighted average shares - basic (in shares)	131,183,000	130,703,000	131,095,000	130,604,000
Weighted average shares - diluted (in shares)	132,026,000	131,402,000	131,864,000	131,233,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net earnings, including noncontrolling interests	$ 52,593	$ 40,635	$ 137,744	$ 73,053
Other comprehensive income (loss):
Foreign currency translation adjustments, net of taxes	(43,012)	(89,282)	(20,605)	(170,187)
Pension and other postretirement effects, net of taxes	2,205	6,161	923	16,318
Cash flow hedging activity, net of taxes	30	29	90	87
Other comprehensive income (loss)	(40,777)	(83,092)	(19,592)	(153,782)
Comprehensive income (loss), including noncontrolling interests	11,816	(42,457)	118,152	(80,729)
Comprehensive (income) loss attributable to noncontrolling interests	(1,626)	(2,144)	(5,891)	(6,941)
Comprehensive income (loss) attributable to Flowserve Corporation	$ 10,190	$ (44,601)	$ 112,261	$ (87,670)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation, taxes	$ 904	$ (3,183)	$ 1,458	$ (23,788)
Pension and other postretirement effects, taxes	(20)	(213)	(62)	(925)
Cash flow hedging activity, taxes	$ (7)	$ 0	$ (21)	$ 0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 480,458	$ 434,971
Accounts receivable, net of allowance for expected credit losses of $83,513 and $83,062, respectively	868,855	868,632
Contract assets, net of allowance for expected credit losses of $4,867 and $5,819, respectively	245,133	233,457
Inventories, net	916,107	803,198
Prepaid expenses and other	127,972	110,714
Total current assets	2,638,525	2,450,972
Property, plant and equipment, net of accumulated depreciation of $1,133,913 and $1,172,957, respectively	492,323	500,945
Operating lease right-of-use assets, net	156,784	174,980
Goodwill	1,164,388	1,168,124
Deferred taxes	171,387	149,290
Other intangible assets, net	122,549	134,503
Other assets, net of allowance for expected credit losses of $66,879 and $66,377, respectively	219,257	211,820
Total assets	4,965,213	4,790,634
Current liabilities:
Accounts payable	481,337	476,747
Accrued liabilities	461,841	427,578
Contract liabilities	270,725	256,963
Debt due within one year	61,213	49,335
Operating lease liabilities	31,699	32,528
Total current liabilities	1,306,815	1,243,151
Long-term debt due after one year	1,266,423	1,224,151
Operating lease liabilities	138,907	155,196
Retirement obligations and other liabilities	339,777	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	501,378	507,484
Retained earnings	3,818,392	3,774,209
Treasury shares, at cost – 45,893 and 46,359 shares, respectively	(2,014,879)	(2,036,882)
Deferred compensation obligation	7,878	6,979
Accumulated other comprehensive loss	(659,653)	(647,788)
Total Flowserve Corporation shareholders’ equity	1,874,107	1,824,993
Noncontrolling interests	39,184	33,614
Total equity	1,913,291	1,858,607
Total liabilities and equity	$ 4,965,213	$ 4,790,634

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Allowance for doubtful accounts	$ 83,513	$ 83,062
Contract asset, allowance for doubtful accounts	4,867	5,819
Accumulated depreciation on property, plant and equipment	1,133,913	1,172,957
Other assets, allowance for credit loss	$ 66,879	$ 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 (in shares)	45,893	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)					418
Stock activity under stock plans	(3,715)		(23,399)		$ 19,948	(264)
Stock-based compensation	23,757		23,757
Net earnings	73,053			67,359				5,694
Cash dividends declared ($0.20 per share)	(79,565)			(79,565)
Other comprehensive income (loss), net of tax	(153,782)						(155,030)	1,248
Other, net	(5,334)							(5,334)
Balance — (in shares) at Sep. 30, 2022		176,793			46,376
Balance — at Sep. 30, 2022	$ 1,691,759	$ 220,991	506,744	3,678,817	$ (2,037,758)	6,950	(718,619)	34,634
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share (in dollars per share)	$ 0.60
Balance — (in shares) at Jun. 30, 2022		176,793			46,377
Balance — at Jun. 30, 2022	$ 1,753,893	$ 220,991	500,013	3,666,935	$ (2,037,839)	6,921	(635,618)	32,490
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock activity under stock plans (in shares)					1
Stock activity under stock plans	(19)		(129)		$ 81	29
Stock-based compensation	6,860		6,860
Net earnings	40,635			38,400				2,235
Cash dividends declared ($0.20 per share)	(26,518)			(26,518)
Other comprehensive income (loss), net of tax	(83,092)						(83,001)	(91)
Balance — (in shares) at Sep. 30, 2022		176,793			46,376
Balance — at Sep. 30, 2022	$ 1,691,759	$ 220,991	506,744	3,678,817	$ (2,037,758)	6,950	(718,619)	34,634
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share (in dollars per share)	$ 0.2
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)					466
Stock activity under stock plans	(5,331)		(28,233)		$ 22,003	899
Stock-based compensation	22,127		22,127
Net earnings	137,744			124,126				13,618
Cash dividends declared ($0.20 per share)	(79,943)			(79,943)
Other comprehensive income (loss), net of tax	(19,592)						(11,865)	(7,727)
Other, net	$ (321)							(321)
Balance — (in shares) at Sep. 30, 2023	176,793	176,793			45,893
Balance — at Sep. 30, 2023	$ 1,913,291	$ 220,991	501,378	3,818,392	$ (2,014,879)	7,878	(659,653)	39,184
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share (in dollars per share)	$ 0.60
Balance — (in shares) at Jun. 30, 2023		176,793			45,894
Balance — at Jun. 30, 2023	$ 1,922,010	$ 220,991	495,281	3,798,984	$ (2,014,932)	7,815	(623,687)	37,558
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock activity under stock plans (in shares)					1
Stock activity under stock plans	(37)		(153)		$ 53	63
Stock-based compensation	6,250		6,250
Net earnings	52,593			46,156				6,437
Cash dividends declared ($0.20 per share)	(26,748)			(26,748)
Other comprehensive income (loss), net of tax	$ (40,777)						(35,966)	(4,811)
Balance — (in shares) at Sep. 30, 2023	176,793	176,793			45,893
Balance — at Sep. 30, 2023	$ 1,913,291	$ 220,991	$ 501,378	$ 3,818,392	$ (2,014,879)	$ 7,878	$ (659,653)	$ 39,184
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share (in dollars per share)	$ 0.2

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows – Operating activities:
Net earnings, including noncontrolling interests	$ 137,744	$ 73,053
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation	55,292	59,207
Amortization of intangible and other assets	7,782	10,051
Stock-based compensation	22,127	23,757
Foreign currency, asset write downs and other non-cash adjustments	(11,827)	(24,085)
Change in assets and liabilities:
Accounts receivable, net	1,524	(78,376)
Inventories, net	(114,596)	(151,938)
Contract assets, net	(10,239)	(21,912)
Prepaid expenses and other, net	(6,727)	(14,881)
Accounts payable	1,910	29,307
Contract liabilities	15,879	27,237
Accrued liabilities and income taxes payable	21,429	(32,735)
Retirement obligations and other liabilities	38,838	24,123
Net deferred taxes	(27,996)	(32,293)
Net cash flows provided (used) by operating activities	131,140	(109,485)
Cash flows – Investing activities:
Capital expenditures	(47,544)	(45,831)
Other	(833)	184
Net cash flows provided (used) by investing activities	(48,377)	(45,647)
Cash flows – Financing activities:
Payments on term loan	(30,000)	(24,239)
Proceeds under revolving credit facility	230,000	0
Payments under revolving credit facility	(145,000)	0
Proceeds under other financing arrangements	242	1,135
Payments under other financing arrangements	(2,098)	(356)
Payments related to tax withholding for stock-based compensation	(6,203)	(4,578)
Payments of dividends	(78,712)	(78,406)
Other	(320)	(5,334)
Net cash flows provided (used) by financing activities	(32,091)	(111,778)
Effect of exchange rate changes on cash	(5,185)	(39,672)
Net change in cash and cash equivalents	45,487	(306,582)
Cash and cash equivalents at beginning of period	434,971	658,452
Cash and cash equivalents at end of period	$ 480,458	$ 351,870

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	9 Months Ended
	Sep. 30, 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 September 30, 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 and nine months ended September 30, 2023 and 2022 and condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022 of Flowserve Corporation are unaudited. In management’s opinion, all adjustments comprising normal recurring adjustments necessary for the 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 September 30, 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 remaining 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 nine months of 2023, COVID-related supply chain, logistics and labor availability impacts decreased when compared to 2022. 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 chain issues 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 been or are anticipated to be canceled. 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. We reevaluated our financial exposure as of September 30, 2023 and concluded that the reserve recorded as of December 31, 2022 is sufficient and no changes to material reserves were needed. To date, 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. The following table presents the above impacts of the Russia pre-tax charge in the first nine months of 2022: Nine Months Ended September 30, 2022 (Amounts in thousands) Flowserve Pump Division Flow Control Division Consolidated Total Sales $ (5,429) $ (2) $ (5,431) Cost of sales ("COS") 3,510 1,112 4,622 Gross loss (8,939) (1,114) (10,053) Selling, general and administrative expense ("SG&A") 9,111 1,082 10,193 Operating loss $ (18,050) $ (2,196) $ (20,246) Acquisition — On February 9, 2023 the Company entered into a definitive agreement to 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. In October 2023, the Company received notice that the required French foreign investment screening approval would not be obtained. As a result, the agreement and transaction were terminated. According to the terms of the agreement, no termination fee will be payable by either party. Cumulative acquisition related expenses in 2023 associated with the transaction were $8.5 million. Prior Period Noncontrolling Interest Accounting Correction — The Company identified immaterial prior period errors in the allocation of certain taxes for several of our less than wholly-owned consolidated joint ventures in a foreign jurisdiction. In the third quarter of 2023, the Company recorded an adjustment of $3.6 million in net earnings attributable to noncontrolling interests to correct the cumulative impact of the errors, resulting in a reduction of reported net income in the current period. Prior Period Lease Accounting Correction - In conjunction with our close process for the third quarter of 2022, the Company identified an accounting error related to certain operating real estate leases that have escalating rent payments which were not correctly recorded on a straight-line basis in the amount of $6.4 million. Approximately $5.8 million of the error impacted the Company’s condensed consolidated statements of income prior to adoption of ASU No. 2016-02, Leases (Topic 842) in 2019 and the remaining immaterial amount impacted each period subsequent to adoption. To correct the cumulative impact of the error the Company recorded an adjustment of $6.4 million of incremental operating lease expense in the third quarter of 2022 ( $5.5 million classified as SG&A and $0.9 million classified as COS), with the offsetting adjustment to reduce operating lease right-of-use assets, net on our condensed consolidated balance sheet for the period ended September 30, 2022. There was no impact to our condensed statements of cash flows as a result of the correction of the error. 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 September 30, 2023, $9.1 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. In August 2023, the FASB issued ASU No. 2023-05, "Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement." The amendments requires that newly formed joint ventures measure the net assets and liabilities contributed at fair value. Subsequent measurement is in accordance with the requirements for acquirers of a business in Sections 805-10-35, 805-20-35, and 805-30-35, and other generally accepted accounting principles. The amendments are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025, but companies may elect to apply the amendments retrospectively to joint ventures formed prior to January 1, 2025, if it has sufficient information. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued (or made available for issuance), either prospectively or retrospectively. We do not expect the impact of this ASU to be material.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 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. Revenue from products and services transferred to customers over time accounted for approximatel y 16% and 12% of total revenue for the three month period ended September 30, 2023 and 2022, respectively, and 15% and 12% for the nine month period ended September 30, 2023 and 2022, respectively. Our primary method for recognizing revenue over time is the POC method. 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 84% and 88% of total revenue for the three month period ended September 30, 2023 and 2022, respectively, and 85% and 88% for the nine month period ended September 30, 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 and services. Our revenue sources are derived from our original equipment manufacturing and our aftermarket sales and services. Our original equipment revenues are generally related to originally designed, manufactured, distributed and installed equipment that can range from pre-configured, short-cycle products to more customized, highly-engineered equipment ("Original Equipment"). Our aftermarket sales and services are derived from sales of replacement equipment, as well as maintenance, advanced diagnostic, repair and retrofitting services ("Aftermarket"). Each of our two business segments generate Original Equipment and Aftermarket revenues. The following tables present our customer revenues disaggregated by revenue source: Three Months Ended September 30, 2023 (Amounts in thousands) FPD FCD Total Original Equipment $ 284,323 $ 244,862 $ 529,185 Aftermarket 480,990 84,543 565,533 $ 765,313 $ 329,405 $ 1,094,718 Three Months Ended September 30, 2022 FPD FCD Total Original Equipment $ 196,539 $ 215,550 $ 412,089 Aftermarket 394,807 65,985 460,792 $ 591,346 $ 281,535 $ 872,881 Nine Months Ended September 30, 2023 (Amounts in thousands) FPD FCD Total Original Equipment $ 821,107 $ 689,384 $ 1,510,491 Aftermarket 1,408,536 236,372 1,644,908 $ 2,229,643 $ 925,756 $ 3,155,399 Nine Months Ended September 30, 2022 FPD FCD Total Original Equipment $ 609,640 $ 596,989 $ 1,206,629 Aftermarket 1,170,117 199,415 1,369,532 $ 1,779,757 $ 796,404 $ 2,576,161 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 September 30, 2023 (Amounts in thousands) FPD FCD Total North America(1) $ 320,182 $ 134,246 $ 454,428 Latin America(2) 72,637 7,329 79,966 Middle East and Africa 129,370 43,134 172,504 Asia Pacific 106,455 87,265 193,720 Europe 136,669 57,431 194,100 $ 765,313 $ 329,405 $ 1,094,718 Three Months Ended September 30, 2022 FPD FCD Total North America(1) $ 249,968 $ 117,262 $ 367,230 Latin America(2) 49,063 6,959 56,022 Middle East and Africa 90,598 23,994 114,592 Asia Pacific 89,794 80,770 170,564 Europe 111,923 52,550 164,473 $ 591,346 $ 281,535 $ 872,881 Nine Months Ended September 30, 2023 (Amounts in thousands) FPD FCD Total North America(1) $ 920,433 $ 403,368 $ 1,323,801 Latin America(2) 199,730 22,385 222,115 Middle East and Africa 373,891 108,066 481,957 Asia Pacific 330,243 227,608 557,851 Europe 405,346 164,329 569,675 $ 2,229,643 $ 925,756 $ 3,155,399 Nine Months Ended September 30, 2022 FPD FCD Total North America(1) $ 754,337 $ 344,690 $ 1,099,027 Latin America(2) 144,974 17,463 162,437 Middle East and Africa 247,205 67,392 314,597 Asia Pacific 288,971 220,980 509,951 Europe 344,270 145,879 490,149 $ 1,779,757 $ 796,404 $ 2,576,161 __________________________________ (1) North America represents the United States and Canada. (2) Latin America includes Mexico. On September 30, 2023, the aggregate transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations was approximately $807 million. We estimate recognition of approximately $195 million of this amount as revenue in the remainder of 2023 and an additional $612 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 nine months ended September 30, 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 — — (191,728) — Revenue recognized in the period in excess of billings 562,582 899 — — Billings arising during the period in excess of revenue recognized — — 203,692 562 Amounts transferred from contract assets to receivables (546,247) (424) — — Currency effects and other, net (4,659) 221 1,798 (573) Ending balance, September 30, 2023 $ 245,133 $ 993 $ 270,725 $ 1,048 (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 — — (133,730) — Revenue recognized in the period in excess of billings 417,430 — — — Billings arising during the period in excess of revenue recognized — — 155,584 7 Amounts transferred from contract assets to receivables (392,199) (1,406) — — Currency effects and other, net (15,593) 987 (8,725) (38) Ending balance, September 30, 2022 $ 205,236 $ 7 $ 216,094 $ 433 _____________________________________ (1) Included in other assets, net.

Allowance for Expected Credit L

Allowance for Expected Credit Losses	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 8,070 — Write-offs (7,709) (1,406) Currency effects and other, net 90 454 Ending balance, September 30, 2023 $ 83,513 $ 4,867 Beginning balance, January 1, 2022 $ 74,336 $ 2,393 Charges to cost and expenses, net of recoveries 12,652 1,243 Write-offs (792) — Currency effects and other, net (4,095) 363 Ending balance, September 30, 2022 $ 82,101 $ 3,999 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 nine months ended September 30, 2023 and 2022: (Amounts in thousands) 2023 2022 Balance at January 1 $ 66,377 $ 67,696 Currency effects and other, net 502 (1,486) Balance at September 30 $ 66,879 $ 66,210

Stock-Based Compensation Plans

Stock-Based Compensation Plans	9 Months Ended
	Sep. 30, 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, 8,289,876 were available for issuance as of September 30, 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 September 30, 2023, 114,943 stock options were outstanding. No stock options have been granted or vested since 2020. 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 $24.3 million and $18.0 million at September 30, 2023 and December 31, 2022, respectively, which is expected to be recognized over a remaining weighted-average period of approximately one year. These amounts will be recognized into net earnings in prospective periods as the awards vest. The total fair value of Restricted Shares vested during both the three months ended September 30, 2023 and 2022 was $0.1 million. The total fair value of Restricted Shares vested during the nine months ended September 30, 2023 and 2022 was $23.8 million and $22.6 million , respectively. We recorded stock-based compensation expense of $4.8 million ($6.2 million pre-tax) and $5.3 million ($6.9 million pre-tax) for the three months ended September 30, 2023 and 2022, respectively. We recorded stock-based compensation expense of $17.1 million ($22.1 million pre-tax) and $18.4 million ($23.8 million pre-tax) for the nine months ended September 30, 2023 and 2022, respec tively. The following table summarizes information regarding Restricted Shares: Nine Months Ended September 30, 2023 Shares Weighted Average Number of unvested shares: Outstanding as of January 1, 2023 1,697,779 $ 37.17 Granted 918,610 36.67 Vested (633,982) 37.57 Forfeited (222,232) 43.23 Outstanding as of September 30, 2023 1,760,175 $ 36.00 Unvested Restricted Shares outstanding as of September 30, 2023 included approxim ately 473,000 units with pe rformance-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 th e expected achievement of the performance targets for all performance-based units granted. Vesting provisions range from 0 to approximately 1,087,000 shares based on performance targets. As of September 30, 2023, we estimate vesting of approximately 370,000 shares based on expe

Derivative Instruments and Hedg

Derivative Instruments and Hedges	9 Months Ended
	Sep. 30, 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 $678.6 million and $459.2 million at September 30, 2023 and December 31, 2022, respectively. At September 30, 2023, the length of foreign exchange forward contracts currently in place ranged from 3 days to 19 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: September 30, December 31, (Amounts in thousands) 2023 2022 Current derivative assets $ 3,449 $ 2,207 Noncurrent derivative assets — 66 Current derivative liabilities 4,699 4,422 Noncurrent derivative liabilities 66 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 September 30, Nine Months Ended September 30, (Amounts in thousands) 2023 2022 2023 2022 Gains (losses) recognized in income $ (2,035) $ 1,245 $ (3,760) $ 1,478 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 two 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 Swaps with a termination date of October 1, 2030 and an early termination date of September 22, 2025. The Swaps were designated as net investment hedges and classified as Level II under the fair value hierarchy. On December 20, 2022 all outstanding Swaps 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 recognized 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 and nine months ending September 30, 2022 an interest accrual of $2.3 million and $6.4 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 September 30, Nine Months Ended September 30, (Amounts in thousands) 2023 2022 2023 2022 (Gain) loss-included component (1) $ — $ (22,107) $ — $ (66,363) (Gain) loss-excluded component (2) — 839 — (7,669) (Gain) loss recognized in AOCL $ — $ (21,268) $ — $ (74,032) _____________________________________________ (1) Change in the fair value of the swaps attributable to changes in spot rates.

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Debt, including finance lease obligations, net of discounts and debt issuance costs, consisted of: September 30, 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 $4,625 and $5,055, respectively $ 495,375 $ 494,945 2.80% USD Senior Notes due January 15, 2032, net of unamortized discount and debt issuance costs of $5,306 and $5,727, respectively 494,694 494,273 Term Loan Facility, interest rate of 6.74% at September 30, 2023 and 5.98% at December 31, 2022, net of debt issuance costs of $315 and $444, respectively 229,685 259,556 Revolving Credit Facility, interest rate of 6.80% at September 30, 2023 85,000 — Finance lease obligations and other borrowings 22,882 24,712 Debt and finance lease obligations 1,327,636 1,273,486 Less amounts due within one year 61,213 49,335 Total debt due after one year $ 1,266,423 $ 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 Moody’s or S&P. At September 30, 2023, the interest rate on the Revolving Credit Facility was the Term Secured Overnight Financing Rate ("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 between 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 fee was 0.175% (per annum) during the period ended September 30, 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 September 30, 2023 and December 31, 2022, we had outstanding letters of credit of $107.3 million and $71.7 million, respectively. During the third quarter of 2023 the Company borrowed on the Revolving Credit Facility for general corporate purposes and as of September 30, 2023 had $85.0 million outstanding. As of October 25, 2023, the outstanding balance was $105 million after incremental borrowing of $20 million during the fourth quarter of 2023. After consideration of the financial covenants under our Senior Credit Facility, outstanding short-term borrowings and outstanding letters of credit as of September 30, 2023, the amount available for borrowings was limited to $651.3 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 September 30, 2023. We have scheduled repayments of $10.0 million due next quarter and $15.0 million due in each of the subsequent three quarters through September 30, 2024 on our Term Loan.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 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 September 30, 2023 was $798.2 million c ompared to the carrying value of $990.1 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 September 30, 2023 and December 31, 2022.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, net consisted of the following: September 30, December 31, (Amounts in thousands) 2023 2022 Raw materials $ 429,056 $ 360,039 Work in process 326,608 295,678 Finished goods 269,635 245,494 Less: Excess and obsolete reserve (109,192) (98,013) Inventories, net $ 916,107 $ 803,198

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 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 September 30, (Amounts in thousands, except per share data) 2023 2022 Net earnings of Flowserve Corporation $ 46,156 $ 38,400 Earnings attributable to common and participating shareholders $ 46,156 $ 38,400 Weighted average shares: Common stock 131,138 130,662 Participating securities 45 41 Denominator for basic earnings per common share 131,183 130,703 Effect of potentially dilutive securities 843 699 Denominator for diluted earnings per common share 132,026 131,402 Earnings per common share: Basic $ 0.35 $ 0.29 Diluted 0.35 0.29 Nine Months Ended September 30, (Amounts in thousands, except per share data) 2023 2022 Net earnings of Flowserve Corporation $ 124,126 $ 67,359 Earnings attributable to common and participating shareholders $ 124,126 $ 67,359 Weighted average shares: Common stock 131,053 130,566 Participating securities 42 38 Denominator for basic earnings per common share 131,095 130,604 Effect of potentially dilutive securities 769 629 Denominator for diluted earnings per common share 131,864 131,233 Earnings per common share: Basic $ 0.95 $ 0.52 Diluted 0.94 0.51 Diluted earnings per share above is based upon the weighted average number of shares as determined for basic earnings per share plus shares potentially issuable in conjunction with stock options and Restricted Shares.

Legal Matters and Contingencies

Legal Matters and Contingencies	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Beginning claims(1) 8,050 8,917 8,139 8,712 New claims 582 568 1,749 1,863 Resolved claims (531) (624) (1,868) (1,714) Other(2) 6 (4) 87 (4) Ending claims(1) 8,107 8,857 8,107 8,857 ____________________ (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 20,537 14,782 Cash payment activity (9,149) (4,231) Other, net (3,783) (3,350) Ending balance, September 30, $ 106,257 $ 101,624 During both the three and nine months ended September 30, 2023 the Company incurred expenses (net of insurance) of approximately $12.6 million and $18.7 million, respectively, compared to $9.4 million and $13.0 million, respectively, for the same periods in 2022 to defend, resolve or otherwise dispose of outstanding claims, including legal and other related expenses. During the three months ended September 30, 2023 and 2022, the Company updated its annual actuarial study to estimate the liability for pending and future claims not yet asserted, and which are probable and estimable and recorded the expenses associated with the true-up to the actuarial study. 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 $(14.7) million and $(0.7) million, respectively, during the nine months ended September 30, 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 portion 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	9 Months Ended
	Sep. 30, 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 September 30, 2023 and 2022 were as follows: U.S. Non-U.S. Postretirement (Amounts in millions) 2023 2022 2023 2022 2023 2022 Service cost $ 5.4 $ 6.1 $ 1.2 $ 1.3 $ — $ — Interest cost 5.1 3.3 2.9 1.3 0.2 0.1 Expected return on plan assets (6.0) (6.3) (1.6) (1.2) — — Amortization of unrecognized prior service cost and other costs — — (0.1) (0.1) — — Amortization of unrecognized net loss — 0.9 0.4 0.5 — 0.1 Net periodic cost recognized $ 4.5 $ 4.0 $ 2.8 $ 1.8 $ 0.2 $ 0.2 Components of the net periodic cost for pension and postretirement benefits for the nine months ended September 30, 2023 and 2022 were as follows: U.S. Non-U.S. Postretirement (Amounts in millions) 2023 2022 2023 2022 2023 2022 Service cost $ 16.1 $ 18.5 $ 3.5 $ 4.3 $ — $ — Interest cost 15.3 9.9 8.9 4.6 0.6 0.3 Expected return on plan assets (18.0) (19.0) (5.0) (4.1) — — Amortization of unrecognized prior service cost and other costs 0.1 0.1 0.1 0.2 0.1 0.1 Amortization of unrecognized net loss — 2.6 1.0 1.9 — 0.2 Net periodic cost recognized $ 13.5 $ 12.1 $ 8.5 $ 6.9 $ 0.7 $ 0.6 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Dividends declared per share $ 0.20 $ 0.20 $ 0.60 $ 0.60 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 and nine months ended September 30, 2023 and 2022. As of September 30, 2023, we had $96.1 million of remaining capacity under our current share repurchase program.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended September 30, 2023, we earned $41.4 million before taxes and recorded a benefit from income taxes of $11.2 million resulting in an effective tax rate of (27.0)%. For the nine months ended September 30, 2023, we earned $152.3 million before taxes and recorded a provision for income taxes of $14.6 million resulting in an effective tax rate of 9.6%. The effective tax rate varied from the U.S. federal statutory rate for the three months ended September 30, 2023 primarily due to the release of the valuation allowance on the net deferred tax assets in Brazil. The effective tax rate varied from the U.S. federal statutory rate for the nine months ended September 30, 2023 primarily due to the benefits of a tax planning strategy, the release of valuation allowance on the net deferred tax assets in Brazil, and the release of valuation allowance on a Section 163(j) carryforward partially offset by the net impact of foreign operations. For the three months ended September 30, 2022 , we earned $42.5 million before taxes and recorded a provision for income taxes of $1.8 million resulting in an effective tax rate of 4.2%. For the nine months ended September 30, 2022, we earned $89.7 million before taxes and recorded a provided for income taxes of $16.6 million resulting in an effective tax rate of 18.5%. The effective tax rate varied from the U.S. federal statutory rate for the three months ended September 30, 2022 primarily due to the mitigation of previously recorded Base Erosion and Anti-Abuse Tax ("BEAT") liability and the net impact of foreign operations. The effective tax rate varied from the U.S. federal statutory rate for the nine months ended September 30, 2022 primarily due to the mitigation of previously recorded BEAT liability, the current and anticipated tax impact of the Russia-Ukraine conflict on our business, and the net impact of foreign operations . As of September 30, 2023, the amount of unrecognized tax benefits decreased by $7.3 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, China, Germany, India, Indonesia, Italy, Kenya, Madagascar, Malaysia, Mexico, Morocco, Philippines, Saudi Arabia, Switzerland, 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 $7 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 September 30, 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 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	9 Months Ended
	Sep. 30, 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 September 30, 2023 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 765,313 $ 329,405 $ 1,094,718 $ — $ 1,094,718 Intersegment sales 861 1,263 2,124 (2,124) — Segment operating income 78,270 43,547 121,817 (51,561) 70,256 Three Months Ended September 30, 2022 FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 591,346 $ 281,535 $ 872,881 $ — $ 872,881 Intersegment sales 1,264 1,033 2,297 (2,297) — Segment operating income 38,912 29,718 68,630 (44,413) 24,217 Nine Months Ended September 30, 2023 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 2,229,643 $ 925,756 $ 3,155,399 $ — $ 3,155,399 Intersegment sales 2,029 4,238 6,267 (6,267) — Segment operating income 255,345 98,196 353,541 (129,451) 224,090 Nine Months Ended September 30, 2022 FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 1,779,758 $ 796,403 $ 2,576,161 $ — $ 2,576,161 Intersegment sales 3,307 2,426 5,733 (5,733) — Segment operating income 117,260 75,324 192,584 (100,666) 91,918

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 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 September 30, 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 - July 1 $ (532,276) $ (87,638) $ (873) $ (620,787) $ (536,929) $ (91,508) $ (1,278) $ (629,715) Other comprehensive income (loss) before reclassifications (3) (43,012) 2,697 — (40,315) (89,282) 7,961 — (81,321) Amounts reclassified from AOCL — (492) 30 (462) — (1,800) 29 (1,771) Net current-period other comprehensive income (loss) (3) (43,012) 2,205 30 (40,777) (89,282) 6,161 29 (83,092) Balance - September 30 $ (575,288) $ (85,433) $ (843) $ (661,564) $ (626,211) $ (85,347) $ (1,249) $ (712,807) ________________________________ (1) Includes foreign currency translation adjustments attributable to noncontrolling interests of $2.9 million and $5.9 million at July 1, 2023 and 2022, respectively, and $1.9 million and $5.8 million at September 30, 2023 and 2022, respectively. Also includes the impacts from the changes in fair value of our cross-currency swaps, which were $21.3 million for the three months ended September 30, 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 September 30, (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 $ 321 $ 1,453 Prior service costs(2) Other income (expense), net 151 134 Tax expense (benefit) 20 213 Net of tax $ 492 $ 1,800 Cash flow hedging activity Amortization of Treasury rate lock Interest income (expense) $ (37) $ (29) Tax expense (benefit) 7 — Net of tax $ (30) $ (29) __________________________________ (1) Amounts in parentheses indicate decreases to income. None of the reclassified amounts have a noncontrolling interest component. (2) These AOCL components are included in the computation of net periodic pension cost. See Note 11 for additional details. The following table presents the changes in AOCL, net of tax for the nine months ended September 30, 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) (20,605) 2,425 — (18,180) (170,187) 22,325 — (147,862) Amounts reclassified from AOCL — (1,502) 90 (1,412) — (6,007) 87 (5,920) Net current-period other comprehensive income (loss) (3) (20,605) 923 90 (19,592) (170,187) 16,318 87 (153,782) Balance - September 30 $ (575,288) $ (85,433) $ (843) $ (661,564) $ (626,212) $ (85,347) $ (1,249) $ (712,808) ________________________________ (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 $1.9 million and $5.8 million at September 30, 2023 and 2022, respectively. Also includes the impacts from the changes in fair value of our cross-currency swaps, which were $56.3 million for the nine months ended September 30, 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: Nine Months Ended September 30, (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 $ 985 $ 4,653 Prior service costs(2) Other income (expense), net 455 429 Tax expense (benefit) 62 925 Net of tax $ 1,502 $ 6,007 Cash flow hedging activity Amortization of Treasury rate lock Interest income (expense) $ (111) $ (87) Tax expense (benefit) 21 — Net of tax $ (90) $ (87) __________________________________ (1) Amounts in parentheses indicate decreases to income. None of the reclassified amounts have a noncontrolling interest component. (2) These AOCL components are included in the computation of net periodic pension cost. See Note 11 for additional details.

Realignment Programs

Realignment Programs	9 Months Ended
	Sep. 30, 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 ("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 workforce reductions and professional service fees. 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 $62 million of which $13 million is estimated to be non-cash. 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 September 30, 2023 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 173 $ — $ 173 $ — $ 173 SG&A — 1 1 (1) — $ 173 $ 1 $ 174 $ (1) $ 173 Non-Restructuring Charges COS $ 5,968 $ 1,099 $ 7,067 $ — $ 7,067 SG&A 9,929 1,571 11,500 3,454 14,954 $ 15,897 $ 2,670 $ 18,567 $ 3,454 $ 22,021 Total Realignment Charges COS $ 6,141 $ 1,099 $ 7,240 $ — $ 7,240 SG&A 9,929 1,572 11,501 3,453 14,954 Total $ 16,070 $ 2,671 $ 18,741 $ 3,453 $ 22,194 Three Months Ended September 30, 2022 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ (456) $ 26 $ (430) $ — $ (430) SG&A — 2 2 — 2 $ (456) $ 28 $ (428) $ — $ (428) Non-Restructuring Charges COS $ 39 $ (4) $ 35 $ — $ 35 SG&A 74 5 79 18 97 $ 113 $ 1 $ 114 $ 18 $ 132 Total Realignment Charges COS $ (417) $ 22 $ (395) $ — $ (395) SG&A 74 7 81 18 99 Total $ (343) $ 29 $ (314) $ 18 $ (296) Nine Months Ended September 30, 2023 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 571 $ — $ 571 $ 66 $ 637 SG&A — 8,877 8,877 — 8,877 $ 571 $ 8,877 $ 9,448 $ 66 $ 9,514 Non-Restructuring Charges COS $ 6,913 $ 4,263 $ 11,176 $ (265) $ 10,911 SG&A 11,996 1,601 13,597 16,602 30,199 $ 18,909 $ 5,864 $ 24,773 $ 16,337 $ 41,110 Total Realignment Charges COS $ 7,484 $ 4,263 $ 11,747 $ (199) $ 11,548 SG&A 11,996 10,478 22,474 16,602 39,076 Total $ 19,480 $ 14,741 $ 34,221 $ 16,403 $ 50,624 Nine Months Ended September 30, 2022 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 430 $ 97 $ 527 $ — $ 527 SG&A — 2 2 — 2 $ 430 $ 99 $ 529 $ — $ 529 Non-Restructuring Charges COS $ (550) $ (41) $ (591) $ (61) $ (652) SG&A 150 55 205 (248) (43) $ (400) $ 14 $ (386) $ (309) $ (695) Total Realignment Charges COS $ (120) $ 56 $ (64) $ (61) $ (125) SG&A 150 57 207 (248) (41) Total $ 30 $ 113 $ 143 $ (309) $ (166) The following is a summary of total inception to date charges, net of adjustments, related to the 2023 Realignment Programs: Inception to Date (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 571 $ — $ 571 $ 66 $ 637 SG&A — 8,877 8,877 — 8,877 $ 571 $ 8,877 $ 9,448 $ 66 $ 9,514 Non-Restructuring Charges COS $ 6,913 $ 4,263 $ 11,176 $ (265) $ 10,911 SG&A 11,996 1,601 13,597 16,602 30,199 $ 18,909 $ 5,864 $ 24,773 $ 16,337 $ 41,110 Total Realignment Charges COS $ 7,484 $ 4,263 $ 11,747 $ (199) $ 11,548 SG&A 11,996 10,478 22,474 16,602 39,076 Total $ 19,480 $ 14,741 $ 34,221 $ 16,403 $ 50,624 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 September 30, 2023 (Amounts in thousands) Severance Contract Termination Asset Write-Downs (Gains) Other Total COS $ 2 $ — $ — $ 171 $ 173 SG&A — — — — — Total $ 2 $ — $ — $ 171 $ 173 Three Months Ended September 30, 2022 (Amounts in thousands) Severance Contract Termination Asset Write-Downs (Gains) Other Total COS $ (309) $ — $ (89) $ (32) $ (430) SG&A 12 — — (10) 2 Total $ (297) $ — $ (89) $ (42) $ (428) Nine Months Ended September 30, 2023 (Amounts in thousands) Severance Contract Termination Asset Write-Downs (Gains) Other Total COS $ 443 $ 294 $ (1,270) $ 1,170 $ 637 SG&A — — 8,871 6 8,877 Total $ 443 $ 294 $ 7,601 $ 1,176 $ 9,514 Nine Months Ended September 30, 2022 (Amounts in thousands) Severance Contract Termination Asset Write-Downs (Gains) Other Total COS $ 260 $ — $ 170 $ 97 $ 527 SG&A 12 — — (10) 2 Total $ 272 $ — $ 170 $ 87 $ 529 The following is a summary of total inception to date restructuring charges, net of adjustments, related to our 2023 Realignment Programs: Inception to Date (Amounts in thousands) Severance Contract Termination Asset Write-Downs (Gains) Other Total COS $ 443 $ 294 $ (1,270) $ 1,170 $ 637 SG&A — — 8,871 6 8,877 Total $ 443 $ 294 $ 7,601 $ 1,176 $ 9,514 The following represents the activity, primarily severance charges from reductions in force, related to the restructuring reserves for the nine months ended September 30, 2023 and 2022: (Amounts in thousands) 2023 2022 Balance at January 1 $ 965 $ 4,868 Charges, net of adjustments 1,912 359 Cash expenditures (1,747) (2,311) Other non-cash adjustments, including currency (266) (1,431) Balance at September 30 $ 864 $ 1,485

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 46,156	$ 38,400	$ 124,126	$ 67,359

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated balance sheet as of September 30, 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 and nine months ended September 30, 2023 and 2022 and condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022 of Flowserve Corporation are unaudited. In management’s opinion, all adjustments comprising normal recurring adjustments necessary for the 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 September 30, 2023, $9.1 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. In August 2023, the FASB issued ASU No. 2023-05, "Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement." The amendments requires that newly formed joint ventures measure the net assets and liabilities contributed at fair value. Subsequent measurement is in accordance with the requirements for acquirers of a business in Sections 805-10-35, 805-20-35, and 805-30-35, and other generally accepted accounting principles. The amendments are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025, but companies may elect to apply the amendments retrospectively to joint ventures formed prior to January 1, 2025, if it has sufficient information. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued (or made available for issuance), either prospectively or retrospectively. 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 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 September 30, 2023 was $798.2 million c ompared to the carrying value of $990.1 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 September 30, 2023 and December 31, 2022.

Basis of Presentation and Acc_3

Basis of Presentation and Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Restructuring and Related Costs	The following table presents the above impacts of the Russia pre-tax charge in the first nine months of 2022: Nine Months Ended September 30, 2022 (Amounts in thousands) Flowserve Pump Division Flow Control Division Consolidated Total Sales $ (5,429) $ (2) $ (5,431) Cost of sales ("COS") 3,510 1,112 4,622 Gross loss (8,939) (1,114) (10,053) Selling, general and administrative expense ("SG&A") 9,111 1,082 10,193 Operating loss $ (18,050) $ (2,196) $ (20,246) Three Months Ended September 30, 2023 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 173 $ — $ 173 $ — $ 173 SG&A — 1 1 (1) — $ 173 $ 1 $ 174 $ (1) $ 173 Non-Restructuring Charges COS $ 5,968 $ 1,099 $ 7,067 $ — $ 7,067 SG&A 9,929 1,571 11,500 3,454 14,954 $ 15,897 $ 2,670 $ 18,567 $ 3,454 $ 22,021 Total Realignment Charges COS $ 6,141 $ 1,099 $ 7,240 $ — $ 7,240 SG&A 9,929 1,572 11,501 3,453 14,954 Total $ 16,070 $ 2,671 $ 18,741 $ 3,453 $ 22,194 Three Months Ended September 30, 2022 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ (456) $ 26 $ (430) $ — $ (430) SG&A — 2 2 — 2 $ (456) $ 28 $ (428) $ — $ (428) Non-Restructuring Charges COS $ 39 $ (4) $ 35 $ — $ 35 SG&A 74 5 79 18 97 $ 113 $ 1 $ 114 $ 18 $ 132 Total Realignment Charges COS $ (417) $ 22 $ (395) $ — $ (395) SG&A 74 7 81 18 99 Total $ (343) $ 29 $ (314) $ 18 $ (296) Nine Months Ended September 30, 2023 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 571 $ — $ 571 $ 66 $ 637 SG&A — 8,877 8,877 — 8,877 $ 571 $ 8,877 $ 9,448 $ 66 $ 9,514 Non-Restructuring Charges COS $ 6,913 $ 4,263 $ 11,176 $ (265) $ 10,911 SG&A 11,996 1,601 13,597 16,602 30,199 $ 18,909 $ 5,864 $ 24,773 $ 16,337 $ 41,110 Total Realignment Charges COS $ 7,484 $ 4,263 $ 11,747 $ (199) $ 11,548 SG&A 11,996 10,478 22,474 16,602 39,076 Total $ 19,480 $ 14,741 $ 34,221 $ 16,403 $ 50,624 Nine Months Ended September 30, 2022 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 430 $ 97 $ 527 $ — $ 527 SG&A — 2 2 — 2 $ 430 $ 99 $ 529 $ — $ 529 Non-Restructuring Charges COS $ (550) $ (41) $ (591) $ (61) $ (652) SG&A 150 55 205 (248) (43) $ (400) $ 14 $ (386) $ (309) $ (695) Total Realignment Charges COS $ (120) $ 56 $ (64) $ (61) $ (125) SG&A 150 57 207 (248) (41) Total $ 30 $ 113 $ 143 $ (309) $ (166) The following is a summary of total inception to date charges, net of adjustments, related to the 2023 Realignment Programs: Inception to Date (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 571 $ — $ 571 $ 66 $ 637 SG&A — 8,877 8,877 — 8,877 $ 571 $ 8,877 $ 9,448 $ 66 $ 9,514 Non-Restructuring Charges COS $ 6,913 $ 4,263 $ 11,176 $ (265) $ 10,911 SG&A 11,996 1,601 13,597 16,602 30,199 $ 18,909 $ 5,864 $ 24,773 $ 16,337 $ 41,110 Total Realignment Charges COS $ 7,484 $ 4,263 $ 11,747 $ (199) $ 11,548 SG&A 11,996 10,478 22,474 16,602 39,076 Total $ 19,480 $ 14,741 $ 34,221 $ 16,403 $ 50,624

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our customer revenues disaggregated by revenue source: Three Months Ended September 30, 2023 (Amounts in thousands) FPD FCD Total Original Equipment $ 284,323 $ 244,862 $ 529,185 Aftermarket 480,990 84,543 565,533 $ 765,313 $ 329,405 $ 1,094,718 Three Months Ended September 30, 2022 FPD FCD Total Original Equipment $ 196,539 $ 215,550 $ 412,089 Aftermarket 394,807 65,985 460,792 $ 591,346 $ 281,535 $ 872,881 Nine Months Ended September 30, 2023 (Amounts in thousands) FPD FCD Total Original Equipment $ 821,107 $ 689,384 $ 1,510,491 Aftermarket 1,408,536 236,372 1,644,908 $ 2,229,643 $ 925,756 $ 3,155,399 Nine Months Ended September 30, 2022 FPD FCD Total Original Equipment $ 609,640 $ 596,989 $ 1,206,629 Aftermarket 1,170,117 199,415 1,369,532 $ 1,779,757 $ 796,404 $ 2,576,161 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 September 30, 2023 (Amounts in thousands) FPD FCD Total North America(1) $ 320,182 $ 134,246 $ 454,428 Latin America(2) 72,637 7,329 79,966 Middle East and Africa 129,370 43,134 172,504 Asia Pacific 106,455 87,265 193,720 Europe 136,669 57,431 194,100 $ 765,313 $ 329,405 $ 1,094,718 Three Months Ended September 30, 2022 FPD FCD Total North America(1) $ 249,968 $ 117,262 $ 367,230 Latin America(2) 49,063 6,959 56,022 Middle East and Africa 90,598 23,994 114,592 Asia Pacific 89,794 80,770 170,564 Europe 111,923 52,550 164,473 $ 591,346 $ 281,535 $ 872,881 Nine Months Ended September 30, 2023 (Amounts in thousands) FPD FCD Total North America(1) $ 920,433 $ 403,368 $ 1,323,801 Latin America(2) 199,730 22,385 222,115 Middle East and Africa 373,891 108,066 481,957 Asia Pacific 330,243 227,608 557,851 Europe 405,346 164,329 569,675 $ 2,229,643 $ 925,756 $ 3,155,399 Nine Months Ended September 30, 2022 FPD FCD Total North America(1) $ 754,337 $ 344,690 $ 1,099,027 Latin America(2) 144,974 17,463 162,437 Middle East and Africa 247,205 67,392 314,597 Asia Pacific 288,971 220,980 509,951 Europe 344,270 145,879 490,149 $ 1,779,757 $ 796,404 $ 2,576,161 __________________________________ (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 nine months ended September 30, 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 — — (191,728) — Revenue recognized in the period in excess of billings 562,582 899 — — Billings arising during the period in excess of revenue recognized — — 203,692 562 Amounts transferred from contract assets to receivables (546,247) (424) — — Currency effects and other, net (4,659) 221 1,798 (573) Ending balance, September 30, 2023 $ 245,133 $ 993 $ 270,725 $ 1,048 (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 — — (133,730) — Revenue recognized in the period in excess of billings 417,430 — — — Billings arising during the period in excess of revenue recognized — — 155,584 7 Amounts transferred from contract assets to receivables (392,199) (1,406) — — Currency effects and other, net (15,593) 987 (8,725) (38) Ending balance, September 30, 2022 $ 205,236 $ 7 $ 216,094 $ 433 _____________________________________ (1) Included in other assets, net.

Allowance for Expected Credit_2

Allowance for Expected Credit Losses (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 8,070 — Write-offs (7,709) (1,406) Currency effects and other, net 90 454 Ending balance, September 30, 2023 $ 83,513 $ 4,867 Beginning balance, January 1, 2022 $ 74,336 $ 2,393 Charges to cost and expenses, net of recoveries 12,652 1,243 Write-offs (792) — Currency effects and other, net (4,095) 363 Ending balance, September 30, 2022 $ 82,101 $ 3,999
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 nine months ended September 30, 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 8,070 — Write-offs (7,709) (1,406) Currency effects and other, net 90 454 Ending balance, September 30, 2023 $ 83,513 $ 4,867 Beginning balance, January 1, 2022 $ 74,336 $ 2,393 Charges to cost and expenses, net of recoveries 12,652 1,243 Write-offs (792) — Currency effects and other, net (4,095) 363 Ending balance, September 30, 2022 $ 82,101 $ 3,999
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 nine months ended September 30, 2023 and 2022: (Amounts in thousands) 2023 2022 Balance at January 1 $ 66,377 $ 67,696 Currency effects and other, net 502 (1,486) Balance at September 30 $ 66,879 $ 66,210

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Information Regarding Restricted Shares	The following table summarizes information regarding Restricted Shares: Nine Months Ended September 30, 2023 Shares Weighted Average Number of unvested shares: Outstanding as of January 1, 2023 1,697,779 $ 37.17 Granted 918,610 36.67 Vested (633,982) 37.57 Forfeited (222,232) 43.23 Outstanding as of September 30, 2023 1,760,175 $ 36.00

Derivative Instruments and He_2

Derivative Instruments and Hedges (Tables)	9 Months Ended
	Sep. 30, 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: September 30, December 31, (Amounts in thousands) 2023 2022 Current derivative assets $ 3,449 $ 2,207 Noncurrent derivative assets — 66 Current derivative liabilities 4,699 4,422 Noncurrent derivative liabilities 66 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 September 30, Nine Months Ended September 30, (Amounts in thousands) 2023 2022 2023 2022 Gains (losses) recognized in income $ (2,035) $ 1,245 $ (3,760) $ 1,478 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 September 30, Nine Months Ended September 30, (Amounts in thousands) 2023 2022 2023 2022 (Gain) loss-included component (1) $ — $ (22,107) $ — $ (66,363) (Gain) loss-excluded component (2) — 839 — (7,669) (Gain) loss recognized in AOCL $ — $ (21,268) $ — $ (74,032) _____________________________________________ (1) Change in the fair value of the swaps attributable to changes in spot rates.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt Including Capital Lease Obligations	Debt, including finance lease obligations, net of discounts and debt issuance costs, consisted of: September 30, 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 $4,625 and $5,055, respectively $ 495,375 $ 494,945 2.80% USD Senior Notes due January 15, 2032, net of unamortized discount and debt issuance costs of $5,306 and $5,727, respectively 494,694 494,273 Term Loan Facility, interest rate of 6.74% at September 30, 2023 and 5.98% at December 31, 2022, net of debt issuance costs of $315 and $444, respectively 229,685 259,556 Revolving Credit Facility, interest rate of 6.80% at September 30, 2023 85,000 — Finance lease obligations and other borrowings 22,882 24,712 Debt and finance lease obligations 1,327,636 1,273,486 Less amounts due within one year 61,213 49,335 Total debt due after one year $ 1,266,423 $ 1,224,151

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Net Components of Inventory	Inventories, net consisted of the following: September 30, December 31, (Amounts in thousands) 2023 2022 Raw materials $ 429,056 $ 360,039 Work in process 326,608 295,678 Finished goods 269,635 245,494 Less: Excess and obsolete reserve (109,192) (98,013) Inventories, net $ 916,107 $ 803,198

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, (Amounts in thousands, except per share data) 2023 2022 Net earnings of Flowserve Corporation $ 46,156 $ 38,400 Earnings attributable to common and participating shareholders $ 46,156 $ 38,400 Weighted average shares: Common stock 131,138 130,662 Participating securities 45 41 Denominator for basic earnings per common share 131,183 130,703 Effect of potentially dilutive securities 843 699 Denominator for diluted earnings per common share 132,026 131,402 Earnings per common share: Basic $ 0.35 $ 0.29 Diluted 0.35 0.29 Nine Months Ended September 30, (Amounts in thousands, except per share data) 2023 2022 Net earnings of Flowserve Corporation $ 124,126 $ 67,359 Earnings attributable to common and participating shareholders $ 124,126 $ 67,359 Weighted average shares: Common stock 131,053 130,566 Participating securities 42 38 Denominator for basic earnings per common share 131,095 130,604 Effect of potentially dilutive securities 769 629 Denominator for diluted earnings per common share 131,864 131,233 Earnings per common share: Basic $ 0.95 $ 0.52 Diluted 0.94 0.51

Legal Matters and Contingenci_2

Legal Matters and Contingencies (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Beginning claims(1) 8,050 8,917 8,139 8,712 New claims 582 568 1,749 1,863 Resolved claims (531) (624) (1,868) (1,714) Other(2) 6 (4) 87 (4) Ending claims(1) 8,107 8,857 8,107 8,857 ____________________ (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 20,537 14,782 Cash payment activity (9,149) (4,231) Other, net (3,783) (3,350) Ending balance, September 30, $ 106,257 $ 101,624

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023 and 2022 were as follows: U.S. Non-U.S. Postretirement (Amounts in millions) 2023 2022 2023 2022 2023 2022 Service cost $ 5.4 $ 6.1 $ 1.2 $ 1.3 $ — $ — Interest cost 5.1 3.3 2.9 1.3 0.2 0.1 Expected return on plan assets (6.0) (6.3) (1.6) (1.2) — — Amortization of unrecognized prior service cost and other costs — — (0.1) (0.1) — — Amortization of unrecognized net loss — 0.9 0.4 0.5 — 0.1 Net periodic cost recognized $ 4.5 $ 4.0 $ 2.8 $ 1.8 $ 0.2 $ 0.2 Components of the net periodic cost for pension and postretirement benefits for the nine months ended September 30, 2023 and 2022 were as follows: U.S. Non-U.S. Postretirement (Amounts in millions) 2023 2022 2023 2022 2023 2022 Service cost $ 16.1 $ 18.5 $ 3.5 $ 4.3 $ — $ — Interest cost 15.3 9.9 8.9 4.6 0.6 0.3 Expected return on plan assets (18.0) (19.0) (5.0) (4.1) — — Amortization of unrecognized prior service cost and other costs 0.1 0.1 0.1 0.2 0.1 0.1 Amortization of unrecognized net loss — 2.6 1.0 1.9 — 0.2 Net periodic cost recognized $ 13.5 $ 12.1 $ 8.5 $ 6.9 $ 0.7 $ 0.6

Statement of Shareholders' Equi

Statement of Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Summary of Dividends Declared	Dividends declared per share were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Dividends declared per share $ 0.20 $ 0.20 $ 0.60 $ 0.60

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 765,313 $ 329,405 $ 1,094,718 $ — $ 1,094,718 Intersegment sales 861 1,263 2,124 (2,124) — Segment operating income 78,270 43,547 121,817 (51,561) 70,256 Three Months Ended September 30, 2022 FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 591,346 $ 281,535 $ 872,881 $ — $ 872,881 Intersegment sales 1,264 1,033 2,297 (2,297) — Segment operating income 38,912 29,718 68,630 (44,413) 24,217 Nine Months Ended September 30, 2023 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 2,229,643 $ 925,756 $ 3,155,399 $ — $ 3,155,399 Intersegment sales 2,029 4,238 6,267 (6,267) — Segment operating income 255,345 98,196 353,541 (129,451) 224,090 Nine Months Ended September 30, 2022 FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 1,779,758 $ 796,403 $ 2,576,161 $ — $ 2,576,161 Intersegment sales 3,307 2,426 5,733 (5,733) — Segment operating income 117,260 75,324 192,584 (100,666) 91,918

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 - July 1 $ (532,276) $ (87,638) $ (873) $ (620,787) $ (536,929) $ (91,508) $ (1,278) $ (629,715) Other comprehensive income (loss) before reclassifications (3) (43,012) 2,697 — (40,315) (89,282) 7,961 — (81,321) Amounts reclassified from AOCL — (492) 30 (462) — (1,800) 29 (1,771) Net current-period other comprehensive income (loss) (3) (43,012) 2,205 30 (40,777) (89,282) 6,161 29 (83,092) Balance - September 30 $ (575,288) $ (85,433) $ (843) $ (661,564) $ (626,211) $ (85,347) $ (1,249) $ (712,807) ________________________________ (1) Includes foreign currency translation adjustments attributable to noncontrolling interests of $2.9 million and $5.9 million at July 1, 2023 and 2022, respectively, and $1.9 million and $5.8 million at September 30, 2023 and 2022, respectively. Also includes the impacts from the changes in fair value of our cross-currency swaps, which were $21.3 million for the three months ended September 30, 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 September 30, (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 $ 321 $ 1,453 Prior service costs(2) Other income (expense), net 151 134 Tax expense (benefit) 20 213 Net of tax $ 492 $ 1,800 Cash flow hedging activity Amortization of Treasury rate lock Interest income (expense) $ (37) $ (29) Tax expense (benefit) 7 — Net of tax $ (30) $ (29) __________________________________ (1) Amounts in parentheses indicate decreases to income. None of the reclassified amounts have a noncontrolling interest component. (2) These AOCL components are included in the computation of net periodic pension cost. See Note 11 for additional details. The following table presents the changes in AOCL, net of tax for the nine months ended September 30, 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) (20,605) 2,425 — (18,180) (170,187) 22,325 — (147,862) Amounts reclassified from AOCL — (1,502) 90 (1,412) — (6,007) 87 (5,920) Net current-period other comprehensive income (loss) (3) (20,605) 923 90 (19,592) (170,187) 16,318 87 (153,782) Balance - September 30 $ (575,288) $ (85,433) $ (843) $ (661,564) $ (626,212) $ (85,347) $ (1,249) $ (712,808) ________________________________ (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 $1.9 million and $5.8 million at September 30, 2023 and 2022, respectively. Also includes the impacts from the changes in fair value of our cross-currency swaps, which were $56.3 million for the nine months ended September 30, 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: Nine Months Ended September 30, (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 $ 985 $ 4,653 Prior service costs(2) Other income (expense), net 455 429 Tax expense (benefit) 62 925 Net of tax $ 1,502 $ 6,007 Cash flow hedging activity Amortization of Treasury rate lock Interest income (expense) $ (111) $ (87) Tax expense (benefit) 21 — Net of tax $ (90) $ (87) __________________________________ (1) Amounts in parentheses indicate decreases to income. None of the reclassified amounts have a noncontrolling interest component. (2) These AOCL components are included in the computation of net periodic pension cost. See Note 11 for additional details.

Realignment Programs (Tables)

Realignment Programs (Tables)	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following table presents the above impacts of the Russia pre-tax charge in the first nine months of 2022: Nine Months Ended September 30, 2022 (Amounts in thousands) Flowserve Pump Division Flow Control Division Consolidated Total Sales $ (5,429) $ (2) $ (5,431) Cost of sales ("COS") 3,510 1,112 4,622 Gross loss (8,939) (1,114) (10,053) Selling, general and administrative expense ("SG&A") 9,111 1,082 10,193 Operating loss $ (18,050) $ (2,196) $ (20,246) Three Months Ended September 30, 2023 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 173 $ — $ 173 $ — $ 173 SG&A — 1 1 (1) — $ 173 $ 1 $ 174 $ (1) $ 173 Non-Restructuring Charges COS $ 5,968 $ 1,099 $ 7,067 $ — $ 7,067 SG&A 9,929 1,571 11,500 3,454 14,954 $ 15,897 $ 2,670 $ 18,567 $ 3,454 $ 22,021 Total Realignment Charges COS $ 6,141 $ 1,099 $ 7,240 $ — $ 7,240 SG&A 9,929 1,572 11,501 3,453 14,954 Total $ 16,070 $ 2,671 $ 18,741 $ 3,453 $ 22,194 Three Months Ended September 30, 2022 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ (456) $ 26 $ (430) $ — $ (430) SG&A — 2 2 — 2 $ (456) $ 28 $ (428) $ — $ (428) Non-Restructuring Charges COS $ 39 $ (4) $ 35 $ — $ 35 SG&A 74 5 79 18 97 $ 113 $ 1 $ 114 $ 18 $ 132 Total Realignment Charges COS $ (417) $ 22 $ (395) $ — $ (395) SG&A 74 7 81 18 99 Total $ (343) $ 29 $ (314) $ 18 $ (296) Nine Months Ended September 30, 2023 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 571 $ — $ 571 $ 66 $ 637 SG&A — 8,877 8,877 — 8,877 $ 571 $ 8,877 $ 9,448 $ 66 $ 9,514 Non-Restructuring Charges COS $ 6,913 $ 4,263 $ 11,176 $ (265) $ 10,911 SG&A 11,996 1,601 13,597 16,602 30,199 $ 18,909 $ 5,864 $ 24,773 $ 16,337 $ 41,110 Total Realignment Charges COS $ 7,484 $ 4,263 $ 11,747 $ (199) $ 11,548 SG&A 11,996 10,478 22,474 16,602 39,076 Total $ 19,480 $ 14,741 $ 34,221 $ 16,403 $ 50,624 Nine Months Ended September 30, 2022 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 430 $ 97 $ 527 $ — $ 527 SG&A — 2 2 — 2 $ 430 $ 99 $ 529 $ — $ 529 Non-Restructuring Charges COS $ (550) $ (41) $ (591) $ (61) $ (652) SG&A 150 55 205 (248) (43) $ (400) $ 14 $ (386) $ (309) $ (695) Total Realignment Charges COS $ (120) $ 56 $ (64) $ (61) $ (125) SG&A 150 57 207 (248) (41) Total $ 30 $ 113 $ 143 $ (309) $ (166) The following is a summary of total inception to date charges, net of adjustments, related to the 2023 Realignment Programs: Inception to Date (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 571 $ — $ 571 $ 66 $ 637 SG&A — 8,877 8,877 — 8,877 $ 571 $ 8,877 $ 9,448 $ 66 $ 9,514 Non-Restructuring Charges COS $ 6,913 $ 4,263 $ 11,176 $ (265) $ 10,911 SG&A 11,996 1,601 13,597 16,602 30,199 $ 18,909 $ 5,864 $ 24,773 $ 16,337 $ 41,110 Total Realignment Charges COS $ 7,484 $ 4,263 $ 11,747 $ (199) $ 11,548 SG&A 11,996 10,478 22,474 16,602 39,076 Total $ 19,480 $ 14,741 $ 34,221 $ 16,403 $ 50,624
Schedule of Restructuring Reserve by Type of Cost	The following is a summary of restructuring charges, net of adjustments, for our restructuring activities related to our Realignment Programs: Three Months Ended September 30, 2023 (Amounts in thousands) Severance Contract Termination Asset Write-Downs (Gains) Other Total COS $ 2 $ — $ — $ 171 $ 173 SG&A — — — — — Total $ 2 $ — $ — $ 171 $ 173 Three Months Ended September 30, 2022 (Amounts in thousands) Severance Contract Termination Asset Write-Downs (Gains) Other Total COS $ (309) $ — $ (89) $ (32) $ (430) SG&A 12 — — (10) 2 Total $ (297) $ — $ (89) $ (42) $ (428) Nine Months Ended September 30, 2023 (Amounts in thousands) Severance Contract Termination Asset Write-Downs (Gains) Other Total COS $ 443 $ 294 $ (1,270) $ 1,170 $ 637 SG&A — — 8,871 6 8,877 Total $ 443 $ 294 $ 7,601 $ 1,176 $ 9,514 Nine Months Ended September 30, 2022 (Amounts in thousands) Severance Contract Termination Asset Write-Downs (Gains) Other Total COS $ 260 $ — $ 170 $ 97 $ 527 SG&A 12 — — (10) 2 Total $ 272 $ — $ 170 $ 87 $ 529 The following is a summary of total inception to date restructuring charges, net of adjustments, related to our 2023 Realignment Programs: Inception to Date (Amounts in thousands) Severance Contract Termination Asset Write-Downs (Gains) Other Total COS $ 443 $ 294 $ (1,270) $ 1,170 $ 637 SG&A — — 8,871 6 8,877 Total $ 443 $ 294 $ 7,601 $ 1,176 $ 9,514 The following represents the activity, primarily severance charges from reductions in force, related to the restructuring reserves for the nine months ended September 30, 2023 and 2022: (Amounts in thousands) 2023 2022 Balance at January 1 $ 965 $ 4,868 Charges, net of adjustments 1,912 359 Cash expenditures (1,747) (2,311) Other non-cash adjustments, including currency (266) (1,431) Balance at September 30 $ 864 $ 1,485

Basis of Presentation and Acc_4

Basis of Presentation and Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended				9 Months Ended
	Feb. 09, 2023	Oct. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sales			$ 1,094,718		$ 872,881		$ 3,155,399	$ 2,576,161
Cash and cash equivalents			480,458	$ 434,971	351,870		480,458	351,870	$ 658,452
Accounts receivable, net			868,855	868,632			868,855
Supplier finance program payable			9,100				9,100
Net Income (Loss) Attributable to Noncontrolling Interest			6,437		2,235		13,618	5,694
Operating Real Estate Leases With Escalating Rent Payments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease expense					6,400
Operating Real Estate Leases With Escalating Rent Payments, Portion Prior To Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease expense					5,800
Allocation for Taxes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest			3,600
Velan Inc
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Acquisition cash transaction	$ 245,000
Velan Inc | Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Acquisition related costs		$ 8,500
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
Cost of sales ("COS") | Operating Real Estate Leases With Escalating Rent Payments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease expense					900
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
Selling, general and administrative expense ("SG&A") | Operating Real Estate Leases With Escalating Rent Payments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease expense					5,500
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			1,094,718		872,881		3,155,399	2,576,161
FPD
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sales			765,313		591,346		2,229,643	1,779,757
FPD | Operating Segments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sales			$ 765,313		$ 591,346		2,229,643	$ 1,779,758
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	9 Months Ended
	Sep. 30, 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) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022	Sep. 30, 2023 USD ($) segments	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Number of operating segments | segments			2
Revenue, remaining performance obligation, amount	$ 807		$ 807
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	195		195
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 612		$ 612
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from products and services	16%	12%	15%	12%
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from products and services	84%	88%	85%	88%

Revenue Recognition (Disaggrega

Revenue Recognition (Disaggregation of revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Sales	$ 1,094,718	$ 872,881	$ 3,155,399	$ 2,576,161
Original Equipment
Disaggregation of Revenue [Line Items]
Sales	529,185	412,089	1,510,491	1,206,629
Aftermarket
Disaggregation of Revenue [Line Items]
Sales	565,533	460,792	1,644,908	1,369,532
FPD
Disaggregation of Revenue [Line Items]
Sales	765,313	591,346	2,229,643	1,779,757
FPD | Original Equipment
Disaggregation of Revenue [Line Items]
Sales	284,323	196,539	821,107	609,640
FPD | Aftermarket
Disaggregation of Revenue [Line Items]
Sales	480,990	394,807	1,408,536	1,170,117
FCD
Disaggregation of Revenue [Line Items]
Sales	329,405	281,535	925,756	796,404
FCD | Original Equipment
Disaggregation of Revenue [Line Items]
Sales	244,862	215,550	689,384	596,989
FCD | Aftermarket
Disaggregation of Revenue [Line Items]
Sales	84,543	65,985	236,372	199,415
North America
Disaggregation of Revenue [Line Items]
Sales	454,428	367,230	1,323,801	1,099,027
North America | FPD
Disaggregation of Revenue [Line Items]
Sales	320,182	249,968	920,433	754,337
North America | FCD
Disaggregation of Revenue [Line Items]
Sales	134,246	117,262	403,368	344,690
Latin America
Disaggregation of Revenue [Line Items]
Sales	79,966	56,022	222,115	162,437
Latin America | FPD
Disaggregation of Revenue [Line Items]
Sales	72,637	49,063	199,730	144,974
Latin America | FCD
Disaggregation of Revenue [Line Items]
Sales	7,329	6,959	22,385	17,463
Middle East And Africa
Disaggregation of Revenue [Line Items]
Sales	172,504	114,592	481,957	314,597
Middle East And Africa | FPD
Disaggregation of Revenue [Line Items]
Sales	129,370	90,598	373,891	247,205
Middle East And Africa | FCD
Disaggregation of Revenue [Line Items]
Sales	43,134	23,994	108,066	67,392
Asia Pacific
Disaggregation of Revenue [Line Items]
Sales	193,720	170,564	557,851	509,951
Asia Pacific | FPD
Disaggregation of Revenue [Line Items]
Sales	106,455	89,794	330,243	288,971
Asia Pacific | FCD
Disaggregation of Revenue [Line Items]
Sales	87,265	80,770	227,608	220,980
Europe
Disaggregation of Revenue [Line Items]
Sales	194,100	164,473	569,675	490,149
Europe | FPD
Disaggregation of Revenue [Line Items]
Sales	136,669	111,923	405,346	344,270
Europe | FCD
Disaggregation of Revenue [Line Items]
Sales	$ 57,431	$ 52,550	$ 164,329	$ 145,879

Revenue Recognition (Performanc

Revenue Recognition (Performance obligations) (Details) $ in Millions	Sep. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 807
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	$ 195
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	$ 612
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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 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	(15,879)	$ (27,237)
Amounts transferred from contract assets to receivables	(10,239)	(21,912)
Contract Assets, Ending balance	245,133	205,236
Contract Liabilities, Current, Ending balance	270,725	216,094
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	562,582	417,430
Billings arising during the period in excess of revenue recognized	0	0
Amounts transferred from contract assets to receivables	(546,247)	(392,199)
Other contract asset, net	(4,659)	(15,593)
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	899	0
Billings arising during the period in excess of revenue recognized	0	0
Amounts transferred from contract assets to receivables	(424)	(1,406)
Other contract asset, net	221	987
Contract Assets, Ending balance	993	7
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	(191,728)	(133,730)
Revenue recognized in the period in excess of billings	0	0
Billings arising during the period in excess of revenue recognized	203,692	155,584
Amounts transferred from contract assets to receivables	0	0
Other contract liability, net	1,798	(8,725)
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	562	7
Amounts transferred from contract assets to receivables	0	0
Other contract liability, net	(573)	(38)
Contract Liabilities, Noncurrent, Ending balance	$ 1,048	$ 433

Allowance for Expected Credit_3

Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 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	8,070	12,652
Currency effects and other, net	90	(4,095)
Ending balance	83,513	82,101
Contract assets
Beginning balance	5,819	2,393
Charges to cost and expenses, net of recoveries	0	1,243
Currency effects and other, net	454	363
Ending balance	4,867	3,999
Long-term Receivables
Beginning balance	66,377	67,696
Currency effects and other, net	502	(1,486)
Ending balance	66,879	66,210
Write-offs	(7,709)	(792)
Write-offs	$ (1,406)	$ 0

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 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)	8,289,876		8,289,876
Vesting period			3 years
Options, outstanding, number (in shares)	114,943		114,943
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	$ 24.3		$ 24.3		$ 18
Nonvested awards, compensation cost not yet recognized, period for recognition			1 year
Equity instruments other than options, vested in period, fair value	0.1	$ 0.1	$ 23.8	$ 22.6
Allocated share-based compensation expense, net of tax	4.8	5.3	17.1	18.4
Allocated share-based compensation expense	$ 6.2	$ 6.9	$ 22.1	$ 23.8
Equity instruments other than options, nonvested, number (in shares)	1,760,175		1,760,175		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)	473,000		473,000
Total shareholder return performance measure, as a percentage	15%		15%
Estimated vesting of shares based on performance shares (in shares)	370,000		370,000
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		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)	1,087,000		1,087,000
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	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Shares
Outstanding, Shares, Beginning balance (in shares) | shares	1,697,779
Granted, Shares (in shares) | shares	918,610
Vested, Shares (in shares) | shares	(633,982)
Forfeited, Shares (in shares) | shares	(222,232)
Outstanding, Shares, Ending balance (in shares) | shares	1,760,175
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	36.67
Vested, Weighted Average Grant-Date Fair Value (in dollars per share) | $ / shares	37.57
Forfeited, Weighted Average Grant-Date Fair Value (in dollars per share) | $ / shares	43.23
Outstanding, Weighted Average Grant-Date Fair Value, Ending balance (in dollars per share) | $ / shares	$ 36

Derivative Instruments and He_3

Derivative Instruments and Hedges (Textual) (Details) € in Millions, $ in Millions		3 Months Ended	9 Months Ended
	Dec. 20, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	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		$ (2.3)		$ (6.4)
Not Designated as Hedging Instrument | Forward Exchange Contract
Derivative [Line Items]
Derivative, notional amount			$ 678.6		$ 459.2
Minimum remaining maturity of foreign currency derivatives			3 days
Maximum remaining maturity of foreign currency derivatives			19 months

Derivative Instruments and He_4

Derivative Instruments and Hedges (Fair Value Balance Sheet Disclosures) (Details) - USD ($) $ in Thousands	Sep. 30, 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	$ 3,449	$ 2,207
Noncurrent derivative assets	0	66
Current derivative liabilities	4,699	4,422
Noncurrent derivative liabilities	$ 66	$ 63

Derivative Instruments and He_5

Derivative Instruments and Hedges (Fair Value of Forward Exchange Contracts) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Forward Contracts
Derivative [Line Items]
Gains (losses) recognized in income	$ (2,035)	$ 1,245	$ (3,760)	$ 1,478

Derivative Instruments and He_6

Derivative Instruments and Hedges (Cross Currency Swap) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 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	$ (22,107)	$ 0	$ (66,363)
(Gain) loss - excluded component	0	839	0	(7,669)
(Gain) loss recognized in AOCL	$ 0	$ (21,268)	$ 0	$ (74,032)

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt issuance costs, net		$ 5,727
Finance lease obligations and other borrowings	$ 22,882	24,712
Debt and finance lease obligations	1,327,636	1,273,486
Less amounts due within one year	61,213	49,335
Total debt due after one year	$ 1,266,423	1,224,151
2030 USD Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.50%
Debt Instrument, Unamortized Discount	$ 4,625
Debt issuance costs, net		5,055
Long-term debt	$ 495,375	494,945
2032 USD Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.028%
Debt Instrument, Unamortized Discount	$ 5,306
Long-term debt	494,694	494,273
Term Loan Facility
Debt Instrument [Line Items]
Debt issuance costs, net	315	444
Long-term debt	$ 229,685	$ 259,556
Effective interest rate (as a percent)	6.74%	5.98%
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 85,000	$ 0
Effective interest rate (as a percent)	0.068%

Debt (Details Textual)

Debt (Details Textual) - USD ($)		3 Months Ended				9 Months Ended
	Sep. 13, 2021	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Oct. 25, 2023	May 01, 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	$ 15,000,000	$ 15,000,000	$ 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%
Line of credit facility, current borrowing capacity						$ 651,300,000			$ 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						$ 107,300,000		$ 85,000,000	$ 71,700,000
Letter of Credit | Senior Credit Facility | Subsequent Event
Line of Credit Facility [Line Items]
Letters of credit outstanding							$ 105,000,000
Amount drawn							$ 20,000,000
Swing Line Loans | Senior Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 30,000,000
Secured Overnight Financing Rate (SOFR) | 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 | Secured Overnight Financing Rate (SOFR) | Term Loan Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.875%
Minimum | Secured Overnight Financing Rate (SOFR) | 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 | Secured Overnight Financing Rate (SOFR) | Term Loan Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.625%
Maximum | Secured Overnight Financing Rate (SOFR) | 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	Sep. 30, 2023 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 990.1
Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 798.2

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Net Components of Inventory
Raw materials	$ 429,056	$ 360,039
Work in process	326,608	295,678
Finished goods	269,635	245,494
Less: Excess and obsolete reserve	(109,192)	(98,013)
Inventories, net	$ 916,107	$ 803,198

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net earnings of Flowserve Corporation	$ 46,156	$ 38,400	$ 124,126	$ 67,359
Earnings attributable to common and participating shareholders	$ 46,156	$ 38,400	$ 124,126	$ 67,359
Weighted average shares:
Common stock (in shares)	131,138,000	130,662,000	131,053,000	130,566,000
Participating securities (in shares)	45,000	41,000	42,000	38,000
Denominator for basic earnings per common share (in shares)	131,183,000	130,703,000	131,095,000	130,604,000
Effect of potentially dilutive securities (in shares)	843,000	699,000	769,000	629,000
Denominator for diluted earnings per common share (in shares)	132,026,000	131,402,000	131,864,000	131,233,000
Earnings per common share:
Basic (in dollars per share)	$ 0.35	$ 0.29	$ 0.95	$ 0.52
Diluted (in dollars per share)	$ 0.35	$ 0.29	$ 0.94	$ 0.51

Legal Matters and Contingenci_3

Legal Matters and Contingencies (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) claim	Sep. 30, 2022 USD ($) claim	Sep. 30, 2023 USD ($) claim	Sep. 30, 2022 USD ($) claim
Liability for Asbestos and Environmental Claims, Net [Roll Forward]
Beginning claims	8,050	8,917	8,139	8,712
New claims	582	568	1,749	1,863
Resolved claims	(531)	(624)	(1,868)	(1,714)
Other	6	(4)	87	(4)
Ending claims	8,107	8,857	8,107	8,857
Loss contingency expense | $	$ 12.6	$ 9.4	$ 18.7	$ 13
Payments For (Proceeds From) Insurance Settlements | $			$ (14.7)	$ (0.7)

Legal Matters and Contingenci_4

Legal Matters and Contingencies - Estimated Asbestos Liability (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Liability for Asbestos and Environmental Claims, Net [Roll Forward]
Beginning balance, January 1,	$ 98,652	$ 94,423
Asbestos liability adjustments, net	20,537	14,782
Cash payment activity	(9,149)	(4,231)
Other, net	(3,783)	(3,350)
Ending balance, September 30,	$ 106,257	$ 101,624

Pension and Postretirement Be_3

Pension and Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Domestic Plan
Components of the net periodic cost for retirement and postretirement benefits
Service cost	$ 5.4	$ 6.1	$ 16.1	$ 18.5
Interest cost	5.1	3.3	15.3	9.9
Expected return on plan assets	(6)	(6.3)	(18)	(19)
Amortization of unrecognized prior service cost and other costs	0	0	0.1	0.1
Amortization of unrecognized net loss	0	0.9	0	2.6
Net periodic cost recognized	4.5	4	13.5	12.1
Foreign Plan
Components of the net periodic cost for retirement and postretirement benefits
Service cost	1.2	1.3	3.5	4.3
Interest cost	2.9	1.3	8.9	4.6
Expected return on plan assets	(1.6)	(1.2)	(5)	(4.1)
Amortization of unrecognized prior service cost and other costs	(0.1)	(0.1)	0.1	0.2
Amortization of unrecognized net loss	0.4	0.5	1	1.9
Net periodic cost recognized	2.8	1.8	8.5	6.9
Postretirement Medical Benefits
Components of the net periodic cost for retirement and postretirement benefits
Service cost	0	0	0	0
Interest cost	0.2	0.1	0.6	0.3
Expected return on plan assets	0	0	0	0
Amortization of unrecognized prior service cost and other costs	0	0	0.1	0.1
Amortization of unrecognized net loss	0	0.1	0	0.2
Net periodic cost recognized	$ 0.2	$ 0.2	$ 0.7	$ 0.6

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2015
Equity, Class of Treasury Stock [Line Items]
Cash dividends declared per share (in dollars per share)	$ 0.2	$ 0.2	$ 0.60	$ 0.60
Repurchase of shares (in shares)	0		0
Remaining authorized repurchase capacity	$ 96,100,000		$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income before income tax	$ 41,407	$ 42,452	$ 152,315	$ 89,671
Income tax expense	$ 11,186	$ (1,817)	$ (14,571)	$ (16,618)
Effective tax rate (as a percent)	(27.00%)	4.20%	9.60%	18.50%
Unrecognized tax benefits, period decrease			$ (7,300)
Unrecognized tax benefits approximate amount of estimated reduction within the next twelve months	$ 7,000		$ 7,000

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Summarized financial information of the reportable segments
Sales	$ 1,094,718	$ 872,881	$ 3,155,399	$ 2,576,161
Segment operating income	70,256	24,217	224,090	91,918
Operating Segments
Summarized financial information of the reportable segments
Sales	1,094,718	872,881	3,155,399	2,576,161
Intersegment sales	2,124	2,297	6,267	5,733
Segment operating income	121,817	68,630	353,541	192,584
Intersegment sales
Summarized financial information of the reportable segments
Intersegment sales	(2,124)	(2,297)	(6,267)	(5,733)
Segment operating income	(51,561)	(44,413)	(129,451)	(100,666)
FPD
Summarized financial information of the reportable segments
Sales	765,313	591,346	2,229,643	1,779,757
FPD | Operating Segments
Summarized financial information of the reportable segments
Sales	765,313	591,346	2,229,643	1,779,758
Intersegment sales	861	1,264	2,029	3,307
Segment operating income	78,270	38,912	255,345	117,260
FCD
Summarized financial information of the reportable segments
Sales	329,405	281,535	925,756	796,404
FCD | Operating Segments
Summarized financial information of the reportable segments
Sales	329,405	281,535	925,756	796,403
Intersegment sales	1,263	1,033	4,238	2,426
Segment operating income	$ 43,547	$ 29,718	$ 98,196	$ 75,324

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Components of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (620,787)	$ (629,715)	$ (641,972)	$ (559,026)
Other comprehensive income (loss) before reclassifications (3)	(40,315)	(81,321)	(18,180)	(147,862)
Amounts reclassified from AOCL	(462)	(1,771)	(1,412)	(5,920)
Other comprehensive income (loss)	(40,777)	(83,092)	(19,592)	(153,782)
Ending balance	(661,564)	(712,808)	(661,564)	(712,808)
Foreign currency translation, taxes	904	(3,183)	1,458	(23,788)
As Reported
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance		(712,807)		(712,807)
Foreign currency translation items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(532,276)	(536,929)	(554,683)	(456,025)
Other comprehensive income (loss) before reclassifications (3)	(43,012)	(89,282)	(20,605)	(170,187)
Amounts reclassified from AOCL	0	0	0	0
Other comprehensive income (loss)	(43,012)	(89,282)	(20,605)	(170,187)
Ending balance	(575,288)	(626,212)	(575,288)	(626,212)
Foreign currency translation items | As Reported
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance		(626,211)		(626,211)
Pension and other post-retirement effects
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(87,638)	(91,508)	(86,356)	(101,665)
Other comprehensive income (loss) before reclassifications (3)	2,697	7,961	2,425	22,325
Amounts reclassified from AOCL	(492)	(1,800)	(1,502)	(6,007)
Other comprehensive income (loss)	2,205	6,161	923	16,318
Ending balance	(85,433)	(85,347)	(85,433)	(85,347)
Pension and other post-retirement effects | As Reported
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance		(85,347)		(85,347)
Cash flow hedging activity
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(873)	(1,278)	(933)	(1,336)
Other comprehensive income (loss) before reclassifications (3)	0	0	0	0
Amounts reclassified from AOCL	30	29	90	87
Other comprehensive income (loss)	30	29	90	87
Ending balance	(843)	(1,249)	(843)	(1,249)
Cash flow hedging activity | As Reported
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Ending balance		(1,249)		(1,249)
Non- controlling Interests
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other comprehensive income (loss)	(4,811)	(91)	(7,727)	1,248
Accumulated other comprehensive income (loss), foreign currency translation adjustment, net of tax	$ (1,900)	5,800	$ (1,900)	5,800	$ 2,900	$ 5,800	$ 5,900	$ 4,600
Non- controlling Interests | Currency Swap
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Foreign currency translation, taxes		$ 21,300		$ 56,300

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net of tax	$ 462	$ 1,771	$ 1,412	$ 5,920
Amortization of actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification	321	1,453	985	4,653
Prior service costs
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification	151	134	455	429
Pension and other post-retirement effects
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax expense (benefit)	20	213	62	925
Net of tax	492	1,800	1,502	6,007
Cash flow hedging activity
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification	(37)	(29)	(111)	(87)
Tax expense (benefit)	7	0	21	0
Net of tax	$ (30)	$ (29)	$ (90)	$ (87)

Realignment Programs (Details)

Realignment Programs (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		24 Months Ended
	May 01, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		$ 173	$ (428)	$ 9,514	$ 529
Non-Restructuring Charges		22,021	132	41,110	(695)
Total Realignment Charges		22,194
Total Realignment Program Charges			(296)	50,624	(166)
Restructuring Reserve [Roll Forward]
Beginning Balance				965	4,868
Charges, net of adjustments		173	(428)	9,514	529
Cash expenditures				(1,747)	(2,311)
Other non-cash adjustments, including currency				(266)	(1,431)
Ending Balance		864	1,485	864	1,485
Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		174	(428)	9,448	529
Non-Restructuring Charges		18,567	114	24,773	(386)
Total Realignment Charges		18,741
Total Realignment Program Charges			(314)	34,221	143
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		174	(428)	9,448	529
Eliminations and All Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		(1)	0	66	0
Non-Restructuring Charges		3,454	18	16,337	(309)
Total Realignment Charges		3,453
Total Realignment Program Charges			18	16,403	(309)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		(1)	0	66	0
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		2	(297)	443	272
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		2	(297)	443	272
Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	0	294	0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	0	294	0
Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	(89)	7,601	170
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	(89)	7,601	170
Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		171	(42)	1,176	87
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		171	(42)	1,176	87
Charges Expected to be Settled in Cash
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				1,912	359
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				1,912	359
Cost of sales ("COS")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		173	(430)	637	527
Non-Restructuring Charges		7,067	35	10,911	(652)
Total Realignment Charges		7,240
Total Realignment Program Charges			(395)	11,548	(125)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		173	(430)	637	527
Cost of sales ("COS") | Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		173	(430)	571	527
Non-Restructuring Charges		7,067	35	11,176	(591)
Total Realignment Charges		7,240
Total Realignment Program Charges			(395)	11,747	(64)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		173	(430)	571	527
Cost of sales ("COS") | Eliminations and All Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	0	66	0
Non-Restructuring Charges		0	0	(265)	(61)
Total Realignment Charges		0
Total Realignment Program Charges			0	(199)	(61)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	0	66	0
Cost of sales ("COS") | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		2	(309)	443	260
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		2	(309)	443	260
Cost of sales ("COS") | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	0	294	0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	0	294	0
Cost of sales ("COS") | Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	(89)	(1,270)	170
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	(89)	(1,270)	170
Cost of sales ("COS") | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		171	(32)	1,170	97
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		171	(32)	1,170	97
Selling, general and administrative expense ("SG&A")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	2	8,877	2
Non-Restructuring Charges		14,954	97	30,199	(43)
Total Realignment Charges		14,954
Total Realignment Program Charges			99	39,076	(41)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	2	8,877	2
Selling, general and administrative expense ("SG&A") | Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		1	2	8,877	2
Non-Restructuring Charges		11,500	79	13,597	205
Total Realignment Charges		11,501
Total Realignment Program Charges			81	22,474	207
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		1	2	8,877	2
Selling, general and administrative expense ("SG&A") | Eliminations and All Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		(1)	0	0	0
Non-Restructuring Charges		3,454	18	16,602	(248)
Total Realignment Charges		3,453
Total Realignment Program Charges			18	16,602	(248)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		(1)	0	0	0
Selling, general and administrative expense ("SG&A") | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	12	0	12
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	12	0	12
Selling, general and administrative expense ("SG&A") | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	0	0	0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	0	0	0
Selling, general and administrative expense ("SG&A") | Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	0	8,871	0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	0	8,871	0
Selling, general and administrative expense ("SG&A") | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	(10)	6	(10)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	(10)	6	(10)
FPD
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		173	(456)	571	430
Non-Restructuring Charges		15,897	113	18,909	(400)
Total Realignment Charges		16,070
Total Realignment Program Charges			(343)	19,480	30
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		173	(456)	571	430
FPD | Cost of sales ("COS")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		173	(456)	571	430
Non-Restructuring Charges		5,968	39	6,913	(550)
Total Realignment Charges		6,141
Total Realignment Program Charges			(417)	7,484	(120)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		173	(456)	571	430
FPD | Selling, general and administrative expense ("SG&A")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	0	0	0
Non-Restructuring Charges		9,929	74	11,996	150
Total Realignment Charges		9,929
Total Realignment Program Charges			74	11,996	150
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	0	0	0
FCD
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		1	28	8,877	99
Non-Restructuring Charges		2,670	1	5,864	14
Total Realignment Charges		2,671
Total Realignment Program Charges			29	14,741	113
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		1	28	8,877	99
FCD | Cost of sales ("COS")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	26	0	97
Non-Restructuring Charges		1,099	(4)	4,263	(41)
Total Realignment Charges		1,099
Total Realignment Program Charges			22	4,263	56
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	26	0	97
FCD | Selling, general and administrative expense ("SG&A")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		1	2	8,877	2
Non-Restructuring Charges		1,571	5	1,601	55
Total Realignment Charges		1,572
Total Realignment Program Charges			7	10,478	57
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		$ 1	$ 2	$ 8,877	$ 2
2020 Realignment Program
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						$ 9,514
Non-Restructuring Charges						41,110
Total Realignment Charges						50,624
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						9,514
2020 Realignment Program | Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						9,448
Non-Restructuring Charges						24,773
Total Realignment Charges						34,221
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						9,448
2020 Realignment Program | Eliminations and All Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						66
Non-Restructuring Charges						16,337
Total Realignment Charges						16,403
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						66
2020 Realignment Program | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						443
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						443
2020 Realignment Program | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						294
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						294
2020 Realignment Program | Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						7,601
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						7,601
2020 Realignment Program | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						1,176
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						1,176
2020 Realignment Program | Cost of sales ("COS")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						637
Non-Restructuring Charges						10,911
Total Realignment Charges						11,548
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						637
2020 Realignment Program | Cost of sales ("COS") | Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						571
Non-Restructuring Charges						11,176
Total Realignment Charges						11,747
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						571
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						443
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						443
2020 Realignment Program | Cost of sales ("COS") | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						294
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						294
2020 Realignment Program | Cost of sales ("COS") | Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						(1,270)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						(1,270)
2020 Realignment Program | Cost of sales ("COS") | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						1,170
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						1,170
2020 Realignment Program | Selling, general and administrative expense ("SG&A")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						8,877
Non-Restructuring Charges						30,199
Total Realignment Charges						39,076
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						8,877
2020 Realignment Program | Selling, general and administrative expense ("SG&A") | Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						8,877
Non-Restructuring Charges						13,597
Total Realignment Charges						22,474
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						8,877
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						16,602
Total Realignment Charges						16,602
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						0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						0
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						8,871
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						8,871
2020 Realignment Program | Selling, general and administrative expense ("SG&A") | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						6
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						6
2020 Realignment Program | FPD
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						571
Non-Restructuring Charges						18,909
Total Realignment Charges						19,480
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						571
2020 Realignment Program | FPD | Cost of sales ("COS")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						571
Non-Restructuring Charges						6,913
Total Realignment Charges						7,484
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						571
2020 Realignment Program | FPD | Selling, general and administrative expense ("SG&A")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						0
Non-Restructuring Charges						11,996
Total Realignment Charges						11,996
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						0
2020 Realignment Program | FCD
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						8,877
Non-Restructuring Charges						5,864
Total Realignment Charges						14,741
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						8,877
2020 Realignment Program | FCD | Cost of sales ("COS")
Restructuring Cost and Reserve [Line Items]
Restructuring Charges						0
Non-Restructuring Charges						4,263
Total Realignment Charges						4,263
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						8,877
Non-Restructuring Charges						1,601
Total Realignment Charges						10,478
Restructuring Reserve [Roll Forward]
Charges, net of adjustments						$ 8,877
2023 Realignment Program
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges	$ 62,000
Total realignment charges, noncash	13,000
Restructuring Reserve [Roll Forward]
Cost reduction amount	$ 50,000