Flowserve (FLS) 10-Q 29 Apr 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 19, 2024
Cover [Abstract]
Entity Central Index Key	0000030625
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		131,654,386

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Sales	$ 1,087,479	$ 980,305
Cost of sales	(748,511)	(683,475)
Gross profit	338,968	296,830
Selling, general and administrative expense	(228,418)	(244,268)
Net earnings from affiliates	2,529	4,624
Operating income	113,079	57,186
Interest expense	(15,317)	(16,211)
Interest income	1,169	1,494
Other income (expense), net	(874)	(8,020)
Earnings before income taxes	98,057	34,449
Provision for income taxes	(20,142)	(4,453)
Net earnings (loss), including noncontrolling interests	77,915	29,996
Less: Net earnings attributable to noncontrolling interests	(3,695)	(3,230)
Net earnings (loss) attributable to Flowserve Corporation	$ 74,220	$ 26,766
Net earnings per share attributable to Flowserve Corporation common shareholders:
Basic (in dollars per share)	$ 0.56	$ 0.20
Diluted (in dollars per share)	$ 0.56	$ 0.20
Weighted average shares - basic (in shares)	131,510,000	130,930,000
Weighted average shares - diluted (in shares)	132,368,000	131,754,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net earnings, including noncontrolling interests	$ 77,915	$ 29,996
Other comprehensive income (loss):
Foreign currency translation adjustments, net of taxes	(28,244)	13,506
Pension and other postretirement effects, net of taxes	1,376	(443)
Cash flow hedging activity, net of taxes	(5)	30
Other comprehensive income (loss)	(26,873)	13,093
Comprehensive income (loss), including noncontrolling interests	51,042	43,089
Comprehensive (income) loss attributable to noncontrolling interests	(3,482)	(68)
Comprehensive income (loss) attributable to Flowserve Corporation	$ 47,560	$ 43,021

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation, taxes	$ 828	$ 717
Pension and other postretirement effects, taxes	76	(12)
Cash flow hedging activity, taxes	$ (35)	$ (9)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 531,981	$ 545,678
Accounts receivable, net of allowance for expected credit losses of $78,305 and $80,013, respectively	914,357	881,869
Contract assets, net of allowance for expected credit losses of $4,986 and $4,993, respectively	287,058	280,228
Inventories	883,341	879,937
Prepaid expenses and other	149,840	116,065
Total current assets	2,766,577	2,703,777
Property, plant and equipment, net of accumulated depreciation of $1,162,548 and $1,158,451, respectively	499,499	506,158
Operating lease right-of-use assets, net	163,183	156,430
Goodwill	1,173,368	1,182,225
Deferred taxes	215,216	218,358
Other intangible assets, net	119,355	122,248
Other assets, net of allowance for expected credit losses of $66,357 and $66,864, respectively	212,727	219,523
Total assets	5,149,925	5,108,719
Current liabilities:
Accounts payable	549,515	547,824
Accrued liabilities	547,382	504,430
Contract liabilities	279,216	287,697
Debt due within one year	66,428	66,243
Operating lease liabilities	31,635	32,382
Total current liabilities	1,474,176	1,438,576
Long-term debt due after one year	1,152,336	1,167,307
Operating lease liabilities	144,740	138,665
Retirement obligations and other liabilities	382,461	389,120
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	483,963	506,525
Retained earnings	3,900,922	3,854,717
Treasury shares, at cost – 45,372 and 45,885 shares, respectively	(1,992,404)	(2,014,474)
Deferred compensation obligation	6,767	7,942
Accumulated other comprehensive loss	(666,259)	(639,601)
Total Flowserve Corporation shareholders’ equity	1,953,980	1,936,100
Noncontrolling interests	42,232	38,951
Total equity	1,996,212	1,975,051
Total liabilities and equity	$ 5,149,925	$ 5,108,719
Common shares, shares issued (in shares)	176,793	176,793

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Allowance for doubtful accounts	$ 78,305	$ 80,013
Contract asset, allowance for doubtful accounts	4,986	4,993
Accumulated depreciation on property, plant and equipment	1,162,548	1,158,451
Other assets, allowance for credit loss	$ 66,357	$ 66,864
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)	45,372	45,885

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, 2022		176,793			46,359
Balance — at Dec. 31, 2022	$ 1,858,607	$ 220,991	$ 507,484	$ 3,774,209	$ (2,036,882)	$ 6,979	$ (647,788)	$ 33,614
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock activity under stock plans (in shares)					437
Stock activity under stock plans	(5,052)		(25,290)		$ 20,365	(127)
Stock-based compensation	9,953		9,953
Net earnings	29,996			26,766				3,230
Cash dividends declared ($0.21 per share)	(26,596)			(26,596)
Other comprehensive income (loss), net of tax	13,093						16,254	(3,161)
Other, net	(304)							(304)
Balance — (in shares) at Mar. 31, 2023		176,793			45,922
Balance — at Mar. 31, 2023	$ 1,879,697	$ 220,991	492,147	3,774,379	$ (2,016,517)	6,852	(631,534)	33,379
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share (in dollars per share)	$ 0.20
Balance — (in shares) at Dec. 31, 2023	176,793	176,793			45,885
Balance — at Dec. 31, 2023	$ 1,975,051	$ 220,991	506,525	3,854,717	$ (2,014,474)	7,942	(639,601)	38,951
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock activity under stock plans (in shares)					570
Stock activity under stock plans	(7,775)		(31,219)		$ 24,619	(1,175)
Stock-based compensation	8,657		8,657
Net earnings	77,915			74,220				3,695
Cash dividends declared ($0.21 per share)	(28,015)			(28,015)
Repurchases of common shares (in shares)					(57)
Repurchases of common shares	(2,549)				$ (2,549)
Other comprehensive income (loss), net of tax	(26,873)						(26,659)	(214)
Other, net	$ (199)						1	(200)
Balance — (in shares) at Mar. 31, 2024	176,793	176,793			45,372
Balance — at Mar. 31, 2024	$ 1,996,212	$ 220,991	$ 483,963	$ 3,900,922	$ (1,992,404)	$ 6,767	$ (666,259)	$ 42,232
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share (in dollars per share)	$ 0.21

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows – Operating activities:
Net earnings, including noncontrolling interests	$ 77,915	$ 29,996
Adjustments to reconcile net earnings (loss) to net cash provided (used) by operating activities:
Depreciation	19,326	18,928
Amortization of intangible and other assets	2,254	2,663
Stock-based compensation	8,657	9,953
Foreign currency, asset write downs and other non-cash adjustments	1,189	(2,728)
Change in assets and liabilities:
Accounts receivable, net	(39,687)	(26,249)
Inventories	(11,452)	(70,721)
Contract assets, net	(8,051)	4,325
Prepaid expenses and other, net	(16,001)	(16,019)
Accounts payable	5,053	7,008
Contract liabilities	(6,372)	32,676
Accrued liabilities	30,917	35,374
Retirement obligations and other liabilities	(2,426)	9,477
Net deferred taxes	935	(8,095)
Net cash flows provided (used) by operating activities	62,257	26,588
Cash flows – Investing activities:
Capital expenditures	(13,610)	(15,318)
Other	24	(1,138)
Net cash flows provided (used) by investing activities	(13,586)	(16,456)
Cash flows – Financing activities:
Payments on term loan	(15,000)	(10,000)
Proceeds under other financing arrangements	72	78
Payments under other financing arrangements	(25)	(1,515)
Repurchases of common shares	(2,549)	0
Payments related to tax withholding for stock-based compensation	(8,857)	(5,850)
Payments of dividends	(27,654)	(26,229)
Other	(201)	(303)
Net cash flows provided (used) by financing activities	(54,214)	(43,819)
Effect of exchange rate changes on cash and cash equivalents	(8,154)	3,442
Net change in cash and cash equivalents	(13,697)	(30,245)
Cash and cash equivalents at beginning of period	545,678	434,971
Cash and cash equivalents at end of period	$ 531,981	$ 404,726

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Accounting Policies	Basis of Presentation and Accounting Policies Basis of Presentation The accompanying condensed consolidated balance sheet as of March 31, 2024 and December 31, 2023, and the related condensed consolidated statements of income, condensed consolidated statements of comprehensive income (loss), condensed consolidated statements of shareholders' equity for the three months ended March 31, 2024 and 2023 and condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 of Flowserve Corporation are unaudited. In management’s opinion, all adjustments comprising normal recurring adjustments necessary for fair statement of such condensed consolidated financial statements have been made. The accompanying condensed consolidated financial statements and notes in this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024 ("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, 2023 ("2023 Annual Report"). Coronavirus ("COVID-19") and Related Impacts - We continue to assess any 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. COVID-related supply chain, logistics and labor availability impacts decreased when compared to 2023 and 2022 and have generally stabilized. 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 Russia-Ukraine conflict, 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 March 2022 we permanently ceased all Company operations in Russia and are currently taking the necessary steps to wind down in the country. 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 March 31, 2024 and made a $2 million adjustment during the period ended March 31, 2024 to reduce the existing reserves. 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. Terminated 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 October 2023, the Company received notice that the required French foreign investment screening approval was not obtained. As a result, the transaction was terminated. Acquisition related expenses incurred during 2023 associated with the transaction were $7.3 million. Accounting Developments Pronouncements Implemented 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. We partner with two banks to offer our suppliers the option of participating in a supplier financing program and receive payment early. Under the program agreement, we must reimburse each bank for approved and valid invoices in accordance with the originally agreed upon terms with the supplier. We have no obligation for fees, subscription, service, commissions or otherwise with either bank. We also have no obligation for pledged assets or other forms of guarantee and may terminate either program agreement with appropriate notice. As of March 31, 2024, and December 31, 2023, $7.8 million and $13.5 million, respectively, remained outstanding with the supply chain financing partner banks and recorded within accounts payable on our condensed consolidated balance sheet. 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. 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 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 basis 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. 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. Pronouncements Not Yet Implemented In August 2023, the FASB issued ASU No. 2023-05, "Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement." The amendments require 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. In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures." The amendments enhance the disclosure requirements of significant segment expenses and other segment items. The amendments are effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments are to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. Early adoption is permitted. We are evaluating the impact of this ASU on our disclosures. In December 2023, the FASB issued ASU No. 2023-08, "Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60)." The amendments require that assets that qualify as a crypto asset, in accordance with the new guidance, must be recorded and subsequently valued at fair value at each reporting period, recognizing changes within net income of the same period. The amendments also require that companies present crypto assets measured at fair value separately from other intangible assets on the balance sheet with changes related to the remeasurement of crypto assets reported separately from changes in carrying amounts of other intangible assets in the income statement. Specific disclosure is required around the activity of crypto assets during the reporting period. The amendments are effective for all entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted. We do not own crypto assets, and therefore, do not expect the impact of this ASU to be material. In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740)." The amendments require that entities on an annual basis disclose specific categories in the rate reconciliation, provide additional information for reconciling items that meet a quantitative threshold, and disclose specific information about income taxes paid. The amendments eliminate previously required disclosures around changes in unrecognized tax benefits and cumulative amounts of certain temporary difference. The amendments are effective prospectively for annual periods beginning after December 15, 2024. Early adoption is permitted. We are evaluating the impact of this ASU on our disclosures.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
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 and 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 appro ximately 17% and 14% of total revenue for the three-month period ended March 31, 2024 and 2023, respectively. Our primary method for recognizing revenue over time is the percentage of completion ("POC") m ethod. 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 83% and 86% of total revenue for the three-month period ended March 31, 2024 and 2023, respectively. Refer to Note 2 to our consolidated financial statements included in our 2023 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 Pumps Division ("FPD") designs and manufactures custom, highly engineered pumps, pre-configured industrial pumps, pump systems, mechanical seals, auxiliary systems and replacement parts and related services; and • Flow Control Division ("FCD") designs, manufactures and distributes a broad portfolio of engineered-to-order and configured-to-order isolation valves, control valves, valve automation products and related equipment. Our revenue sources are derived from our original equipment manufacturing and our aftermarket sales and services. Our original equipment revenues are generally related to originally designed, manufactured, distributed and installed equipment that can range from pre-configured, short-cycle products to more customized, highly engineered equipment ("Original Equipment"). Our aftermarket sales and services are derived from sales of replacement equipment, as well as maintenance, advanced diagnostic, repair and retrofitting services ("Aftermarket"). Each of our two business segments generate Original Equipment and Aftermarket revenues. The following tables present our customer revenues disaggregated by revenue source: Three Months Ended March 31, 2024 (Amounts in thousands) FPD FCD Total Original Equipment $ 285,038 $ 243,562 $ 528,600 Aftermarket 483,725 75,154 558,879 $ 768,763 $ 318,716 $ 1,087,479 Three Months Ended March 31, 2023 FPD FCD Total Original Equipment $ 252,732 $ 210,753 $ 463,485 Aftermarket 446,746 70,074 516,820 $ 699,478 $ 280,827 $ 980,305 Our customer sales are diversified geographically. The following tables present our revenues disaggregated by geography, based on the shipping addresses of our customers: Three Months Ended March 31, 2024 (Amounts in thousands) FPD FCD Total North America(1) $ 310,469 $ 129,002 $ 439,471 Latin America(2) 70,385 5,034 75,419 Middle East and Africa 136,261 46,227 182,488 Asia Pacific 106,294 76,447 182,741 Europe 145,354 62,006 207,360 $ 768,763 $ 318,716 $ 1,087,479 Three Months Ended March 31, 2023 FPD FCD Total North America(1) $ 282,272 $ 125,681 $ 407,953 Latin America(2) 63,989 7,863 71,852 Middle East and Africa 114,370 28,401 142,771 Asia Pacific 113,371 67,828 181,199 Europe 125,476 51,054 176,530 $ 699,478 $ 280,827 $ 980,305 _________________________________ (1) North America represents the United States and Canada. (2) Latin America includes Mexico. On March 31, 2024, the aggregate transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations related to contracts having an original expected duration in excess of one year was approximately $637 million. We estimate recognition of approximately $427 million of this amount as revenue in the remainder of 2024 and an additional $210 million in 2025 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 bill the customer under the terms of a contract. A contract liability represents our contractual billings in advance of revenue recognized for a contract. The following tables present beginning and ending balances of contract assets and contract liabilities, current and long-term, for the three months ended March 31, 2024 and 2023: (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, 2024 $ 280,228 $ 1,034 $ 287,697 $ 1,543 Revenue recognized that was included in contract liabilities at the beginning of the period — — (101,602) (295) Revenue recognized in the period in excess of billings 166,318 — — — Billings arising during the period in excess of revenue recognized — — 90,523 — Amounts transferred from contract assets to receivables (156,948) (713) — — Currency effects and other, net (2,540) 342 2,598 (16) Ending balance, March 31, 2024 $ 287,058 $ 663 $ 279,216 $ 1,232 (Amounts in thousands) Contract Assets, net (Current) Long-term Contract Assets, net(1) Contract Liabilities (Current) Long-term Contract Liabilities(2) Beginning balance, January 1, 2023 $ 233,457 $ 297 $ 256,963 $ 1,059 Revenue recognized that was included in contract liabilities at the beginning of the period — — (117,035) — Revenue recognized in the period in excess of billings 136,965 4 — — Billings arising during the period in excess of revenue recognized — — 146,262 164 Amounts transferred from contract assets to receivables (137,865) — — — Currency effects and other, net (693) 4 5,448 2,983 Ending balance, March 31, 2023 $ 231,864 $ 305 $ 291,638 $ 4,206 ___________________________________ (1) Included in other assets, net.

Allowance for Expected Credit L

Allowance for Expected Credit Losses	3 Months Ended
	Mar. 31, 2024
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 accounts 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. Accounts receivable are written off against the allowance in the period when the receivable is deemed to be uncollectible and further collection efforts have ceased. 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 approxima tely 1% of the asset balance. The following table presents the changes in the allowance for expected credit losses for our accounts receivable and short-term contract assets for the three months ended March 31, 2024 and 2023: (Amounts in thousands) Accounts receivables Short-term contract assets Beginning balance, January 1, 2024 $ 80,013 $ 4,993 Charges to cost and expenses, net of recoveries 4,316 — Write-offs (4,642) (10) Currency effects and other, net (1,382) 3 Ending balance, March 31, 2024 $ 78,305 $ 4,986 Beginning balance, January 1, 2023 $ 83,062 $ 5,819 Charges to cost and expenses, net of recoveries 2,440 — Write-offs (4,325) — Currency effects and other, net 1,340 (230) Ending balance, March 31, 2023 $ 82,517 $ 5,589 Our allowance on long-term receivables, included in other assets, net, represents receivables with collection periods longer than 12 months and the balance primarily consists of reserved receivables associated with the national oil company in Venezuela. The following table presents the changes in the allowance for long-term receivables for the three months ended March 31, 2024 and 2023: (Amounts in thousands) 2024 2023 Balance at January 1, $ 66,864 $ 66,377 Currency effects and other, net (507) (802) Balance at March 31, $ 66,357 $ 65,575

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
	Mar. 31, 2024
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, 7,100,632 were available for issuance as of March 31, 2024 . 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"). A s of March 31, 2024, 114,943 stock options with a weighted average exercise price of $48.63 and a weighted average remaining contractual life of 3 years were outstanding and exercisable. 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 for awards issued prior to 2024. For awards of Restricted Shares granted beginning in 2024 and subject to the 55/10 Provision, compensation expense is recognized over a required six-month service period. We had unearned compensat ion of $39.2 million at March 31, 2024, which is expected to be recognized over a remaining weighted-average period of approximately two years. This amount will be recognized into net earnings in prospective periods as the awards vest. The total fair value of Restricted Shares vested during the three months ended March 31, 2024 and 2023 was $25.7 million and $21.8 million, respectively. We recorded stock-based compensation expense of $8.7 million ($6.7 million after -tax) and $10.0 million ($7.7 million after-tax) for the three months ended March 31, 2024 and 2023, respectively. The following table summarizes information regarding Restricted Shares: Three Months Ended March 31, 2024 Shares Weighted Average Number of unvested shares: Outstanding as of January 1, 2024 1,741,486 $ 36.06 Granted 730,434 41.81 Vested (702,095) 36.63 Forfeited (34,982) 32.76 Outstanding as of March 31, 2024 1,734,843 $ 38.32 Unvested Restricted Shares outstanding as of March 31, 2024 included approximately 512,000 units with performance-based vesting provisions issuable in common stock and vest upon the achievement of pre-defined performance metrics. Targets for outstanding performance awards are based on our average return on invested capital and free cash flow as a percent of net income over a three-year period. Performa nce units issued in 2024, 2023 and 2022 include a secondary measure, relative total shareholder return, which can increase or decrease the number of vesting units by 15% depending on the Company's performance versus peers. Performance units issued have a vesting percentage up to 230%. Com pensation expense is recognized ratably over a cliff-vesting period of 36 months, based on the fair value of our common stock on the date of grant, adjusted for actual forfeitures. During the performance period, earned and unearned compensation expense is adjusted based on changes in the expected achievement of the performance targets for all performance-based units granted. Vesting provisions range fro m 0 to approximately 1,177,000 shares based on performance targets. As of March 31, 2024, we estimate vesting of approximately 512,000

Derivative Instruments and Hedg

Derivative Instruments and Hedges	3 Months Ended
	Mar. 31, 2024
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 Note 7 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 $640.2 million and $656.6 million at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024, the length of foreign exchange forward contracts currently in place ranged from 2 days to 20 months. We are exposed to risk from credit-related losses resulting from non performance by counterparties to our financial instruments. We perform credit evaluations of our counterparties under foreign exchange forward contracts agreements and expect all counterparties to meet their obligations. We have not experienced credit losses from our counterparties. The fair values of foreign exchange forward contracts are summarized below: March 31, December 31, (Amounts in thousands) 2024 2023 Current derivative assets $ 2,387 $ 1,915 Noncurrent derivative assets — 17 Current derivative liabilities 2,223 3,855 Noncurrent derivative liabilities 37 5 Current and noncurrent derivative assets are reported in our condensed consolidated balance sheets in prepaid expenses and other and other assets, net, respectively. Current and noncurrent derivative liabilities are reported in our condensed consolidated balance sheets in accrued liabilities and retirement obligations and other liabilities, respectively. The impact of net changes in the fair values of foreign exchange forward contracts are summarized below: Three Months Ended March 31, (Amounts in thousands) 2024 2023 Gains (losses) recognized in income $ 5,288 $ (1,983)

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt, including finance lease obligations, net of discounts and debt issuance costs, consisted of: March 31, December 31, (Amounts in thousands, except percentages) 2024 2023 3.50% USD Senior Notes due October 1, 2030, net of unamortized discount and debt issuance costs of $4,332 and $4,479, respectively $ 495,668 $ 495,521 2.80% USD Senior Notes due January 15, 2032, net of unamortized discount and debt issuance costs of $5,021 and $5,164, respectively 494,979 494,836 Term Loan, interest rate of 6.70% at March 31, 2024 and 6.70% at December 31, 2023, net of debt issuance costs of $236 and $274, respectively 204,764 219,726 Finance lease obligations and other borrowings 23,353 23,467 Debt and finance lease obligations 1,218,764 1,233,550 Less amounts due within one year 66,428 66,243 Total debt due after one year $ 1,152,336 $ 1,167,307 Senior Credit Facility As discussed in Note 12 to our consolidated financial statements included in our 2023 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") with a maturity date of September 13, 2026. On February 3, 2023, we amended and restated our credit agreement (the “Amendment”) which (i) replaced LIBOR with Secured Overnight Financing Rate (“SOFR”) as the benchmark reference rate, (ii) lowered the Material Acquisition (as defined in the Senior Credit Facility) threshold from $250.0 million to $200.0 million and (iii) extended compliance dates for certain financial covenants. We believe this Amendment will provide greater flexibility and additional liquidity under our Senior Credit Facility as we continue to pursue our business goals and strategy. Most other terms and conditions under the previous Senior Credit Facility remained unchanged. The interest rates per annum applicable to the Revolving Credit Facility, other than with respect to swing line loans, are adjusted Term Secured Overnight Financing Rate ("Adjusted 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. An additional credit spread adjustment of 0.100% is included within Adjusted Term SOFR to account for the transition from LIBOR to SOFR. At March 31, 2024, the interest rate on the Revolving Credit Facility was the Adjusted Term SOFR plu s 1.375% in the case of Adjusted 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 f ee was 0.175% (per annum) during the period ended March 31, 2024. Under the terms and conditions of the Senior Credit Agreement, interest rates per annum applicable to the Term Loan are stated as Adjusted 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. At March 31, 2024, the interest rate on the Term Loan was Adjusted Term SOFR plus 1.250% in the case of Adjusted Term SOFR loans and the Base Rate plus 0.250% in the case of Base Rate loans. As of March 31, 2024 and December 31, 2023, we had no revolving loans outstanding under the Senior Credit Facility and we had outstanding letters of credit of $127.8 million and $127.1 million, respectively. In April 2024 the Company borrowed $100.0 million on the Revolving Credit Facility for general corporate purposes and, as of April 29, 2024, the Company has $100 million outstanding. After consideration of the outstanding letters of credit as of March 31, 2024, the amount available for borrowings under the Senior Credit Facility was limited to $672.2 million. As of December 31, 2023, the amount available for borrowings under our Revolving Credit Facility was $672.9 million. We have scheduled repayments of $15.0 million due in each of the next four quarters on our Term Loan. Our compliance with applicable financial covenants under the Senior Notes and Senior Credit Facility are test ed quarterly. We were in compliance with all applicable covenants as of March 31, 2024.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models may be applied. Assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized by hierarchical levels based upon the level of judgment associa ted with the inputs used to measure their fair values. Recurring fair value measurements are limited to investments in derivative instruments. The fair value measurements of our derivative instruments are determined using models that maximize the use of the observable market inputs including interest rate curves and both forward and spot prices for currencies, and are classified as Level II under the fair value hierarchy. The fair values of our derivatives are included in Note 5. The carrying value of our financial instruments as reflected in our condensed consolidated balance sheets approximates fair value, with the exception of our long-term debt. The estimated fair value of our long-term debt, excluding the Senior Notes, approximat es the carrying value and is determined using Level II inputs under the fair value hier archy. The carrying value of our debt is included in Note 6. The estimated fair value of our Senior Notes at March 31, 2024 was $858.5 million c ompared to the carrying value of $990.6 million . The estimated fair value of the Senior Notes is based on Level I quoted market rates. The carrying amounts of our other financial instruments (e.g., cash and cash equivalents, accounts receivable, net, accounts payable and short-term debt) appr oximated fair value due to their short-term nature at March 31, 2024 and December 31, 2023.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: March 31, December 31, (Amounts in thousands) 2024 2023 Raw materials $ 420,515 $ 407,979 Work in process 309,443 302,655 Finished goods 263,080 278,787 Less: Excess and obsolete reserve (109,697) (109,484) Inventories $ 883,341 $ 879,937

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following is a reconciliation of net earnings of Flowserve Corporation and weighted average shares for calculating net earnings per common share. Earnings per weighted average common share outstanding was calculated as follows: Three Months Ended March 31, (Amounts in thousands, except per share data) 2024 2023 Net earnings of Flowserve Corporation $ 74,220 $ 26,766 Earnings attributable to common and participating shareholders $ 74,220 $ 26,766 Weighted average shares: Common stock 131,464 130,886 Participating securities 46 44 Denominator for basic earnings per common share 131,510 130,930 Effect of potentially dilutive securities 858 824 Denominator for diluted earnings per common share 132,368 131,754 Earnings per common share: Basic $ 0.56 $ 0.20 Diluted 0.56 0.20 Diluted earnings per share above is based upon the weighted average number of shares as determined for basic earnings per share plus shares potentially issuable in conjunction with stock options and Restricted Shares.

Legal Matters and Contingencies

Legal Matters and Contingencies	3 Months Ended
	Mar. 31, 2024
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, the number of such claims may fluctuate or increase between periods, and there can be no assurance that this trend will continue, or that the average cost per claim to us will not further increase. Asbestos-containing materials incorporated into any such products were encapsulated and used as internal components of process equipment, and we do not believe that significant emission of asbestos fibers occurred during the use of this equipment. Our practice is to vigorously contest and resolve these claims, and we have been successful in resolving a majority of claims with little or no payment, other than legal fees. Activity related to asbestos claims during the periods indicated was as follows: Three Months Ended March 31, 2024 2023 Beginning claims(1) 8,236 8,139 New claims 617 577 Resolved claims (847) (640) Other(2) 219 (5) Ending claims(1) 8,225 8,071 ____________________ (1) Beginning and ending claims data in each period excludes inactive claims, as the Company assumes that inactive cases will not 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) 2024 2023 Beginning balance, January 1, $ 102,903 $ 98,652 Asbestos liability adjustments, net — (106) Cash payment activity (1,919) (3,766) Other, net (1,592) (1,495) Ending balance, March 31, $ 99,392 $ 93,285 During both of the three months ended March 31, 2024 and 2023 the Company incurred expenses (net of insurance) of approximately $1.8 million to defend, resolve or otherwise dispose of outstanding claims, including legal and other related expenses. These expenses are included within selling, general and administrative ("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 $(3.7) million and $(5.6) million, respectively, during the three months ended March 31, 2024 and 2023, 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 reflect 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 in future periods are resolved more favorably than reflected in the recorded receivables, would result in discrete gains in the applicable quarter. Other We are also a defendant in a number of other lawsuits, including product liability claims, that are insured, subject to the applicable deductibles, arising in the ordinary course of business, and we are also involved in other uninsured routine litigation incidental to our business. We currently believe none of such litigation, either individually or in the aggregate, is material to our business, operations or overall financial condition. However, litigation is inherently unpredictable, and resolutions or dispositions of claims or lawsuits by settlement or otherwise could have an adverse impact on our financial position, results of operations or cash flows for the reporting period in which any such resolution or disposition occurs. Although none of the aforementioned potential liabilities can be quantified with absolute certainty except as otherwise indicated above, we have established or adjusted reserves covering exposures relating to contingencies, to the extent believed to be reasonably estimable and probable based on past experience and available facts. While additional exposures beyond these reserves could exist, they currently cannot be estimated. We will continue to evaluate and update the reserves as necessary and appropriate.

Pension and Postretirement Bene

Pension and Postretirement Benefits	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Pension and Postretirement Benefits	Pension and Postretirement Benefits Components of the net periodic cost for pension and postretirement benefits for the three months ended March 31, 2024 and 2023 were as follows: U.S. Non-U.S. Postretirement (Amounts in millions) 2024 2023 2024 2023 2024 2023 Service cost $ 5.7 $ 5.0 $ 1.3 $ 1.1 $ — $ — Interest cost 5.4 5.2 3.0 2.9 0.2 0.2 Expected return on plan assets (6.0) (6.3) (1.9) (1.6) — — Amortization of unrecognized prior service cost and other costs — — 0.1 0.1 — — Amortization of unrecognized net loss — — 0.6 0.3 — — Net periodic cost recognized $ 5.1 $ 3.9 $ 3.1 $ 2.8 $ 0.2 $ 0.2 The components of net periodic cost for pension and postretirement benefits other than service costs are included in other income (expense), net in our condensed consolidated statements of income. In August 2023, we amended the Company-sponsored qualified defined benefit pension plan in the United States (the "Qualified Plan") for non-union employees to discontinue future benefit accruals under the Qualified Plan and freeze existing accrued benefits effective January 1, 2025. Benefits earned by participants under the Qualified Plan prior to January 1, 2025, are not affected. We also amended the Company-sponsored non-qualified defined benefit pension plan in the United States (the "Non-Qualified Plan") that provides enhanced retirement benefits to select members of management. The Qualified Plan and the Non-Qualified Plan were closed to new entrants effective January 1, 2024, and September 1, 2023, respectively. The amendments resulted in a curtailment of both plans during the year ended December 31, 2023. The curtailment loss incurred and the change in projected benefit obligation was immaterial.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Dividends – Generally, our dividend date-of-record is in the last month of the quarter, and the dividend is paid the following month. Any subsequent dividends will be reviewed by our Board of Directors and declared in its discretion. Dividends declared per share were as follows: Three Months Ended March 31, 2024 2023 Dividends declared per share $ 0.21 $ 0.20 Share Repurchase Program – In 2014, our Board of Directors approved a $500.0 million share repurchase authorization. As of December 31, 2023, we had $96.1 million of remaining capacity under the prior share repurchase authorization. Effective February 19, 2024, the Board of Directors approved an increase in our total remaining capacity under the share repurchase program to $300.0 million. 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 repurchased 57,000 shares of our outstanding common stock for $2.5 million during the three months ended March 31, 2024, compared to no repurchases of shares for the same period in 2023. As of March 31, 2024, we had $297.5 million of remaining capacity under our current share repurchase program.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2024, we earned $98.1 million before taxes and recorded a provision for income taxes of $20.1 million resulting in an effective tax rate of 20.5%. The effective tax rate varied from the U.S. federal statutory rate for the three months ended March 31, 2024 primarily due to the net impact of foreign operations and state income taxes. For the three months ended March 31, 2023 , we earned $34.4 million before taxes and recorded a provision for income taxes of $4.5 million resulting in an effective tax rate of 12.9%. The effective tax rate varied from the U.S. federal statutory rate for the three months ended March 31, 2023 primarily due to the benefits of a tax planning strategy, partially offset by the net impact of foreign operations and state income taxes. As of March 31, 2024, the amount of unrecognized tax benefits increased by $1.1 million from December 31, 2023. 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 2017 or non-U.S. income tax audits for years through 2016. We are currently under examination for various years in Austria, Canada, China, Germany, India, Indonesia, Italy, Kenya, Madagascar, Malaysia, Mexico, Morocco, the Philippines, Saudi Arabia, Singapore, Switzerland, the United States 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 $5 million within the next 12 months. The Company maintains a full valuation allowance against the net deferred tax assets in certain foreign tax jurisdictions as of March 31, 2024. 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. We assess our forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets in determining the sufficiency of our valuation allowance. Failure to achieve forecasted taxable income in the applicable tax jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in our effective tax rate on future earnings. It is possible that 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. On December 20, 2021 the Organisation for Economic Co-operation and Development (“OECD”) released the Model GloBE Rules for Pillar Two defining a 15% global minimum tax rate for large multinational corporations. Many countries continue to consider changes in their tax laws and regulations based on the Pillar Two proposals. We are continuing to evaluate the impact of these proposed and enacted legislative changes as new guidance becomes available. Some of these legislative changes could result in double taxation of our non-U.S. earnings, a reduction in the tax benefit received from our tax incentives, or other impacts to our effective tax rate and tax liabilities. As of March 31, 2024, the company is not expecting material impacts under currently enacted legislation.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information The following is a summary of the financial information of the reportable segments reconciled to the amounts reported in the condensed consolidated financial statements: Three Months Ended March 31, 2024 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 768,763 $ 318,716 $ 1,087,479 $ — $ 1,087,479 Intersegment sales 637 1,802 2,439 (2,439) — Segment operating income 110,894 34,708 145,602 (32,523) 113,079 Three Months Ended March 31, 2023 FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 699,478 $ 280,827 $ 980,305 $ — $ 980,305 Intersegment sales 638 790 1,428 (1,428) — Segment operating income 79,072 18,534 97,606 (40,420) 57,186

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following table presents the changes in AOCL, net of tax for the three months ended March 31, 2024 and 2023: 2024 2023 (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, $ (523,873) $ (121,882) $ (813) $ (646,568) $ (554,683) $ (86,356) $ (933) $ (641,972) Other comprehensive income (loss) before reclassifications (3) (28,244) 517 — (27,727) 13,506 (865) — 12,641 Amounts reclassified from AOCL — 859 (5) 854 — 422 30 452 Net current-period other comprehensive income (loss) (3) (28,244) 1,376 (5) (26,873) 13,506 (443) 30 13,093 Balance - March 31, $ (552,117) $ (120,506) $ (818) $ (673,441) $ (541,177) $ (86,799) $ (903) $ (628,879) ________________________________ (1) Includes foreign currency translation adjustments attributable to noncontrolling interests of $(7.0) million and $5.8 million at January 1, 2024 and 2023, respectively, and $7.2 million and $2.7 million at March 31, 2024 and 2023, respectively. (2) Other comprehensive loss before reclassifications and amounts reclassified from AOCL to interest expense related to designated cash flow hedges. (3) Amounts in parentheses indicate an increase to AOCL. The following table presents the reclassifications out of AOCL: Three Months Ended March 31, (Amounts in thousands) Affected line item in the statement of income 2024(1) 2023(1) Pension and other postretirement effects Amortization of actuarial losses(2) Other income (expense), net $ (630) $ (283) Prior service costs(2) Other income (expense), net (153) (151) Tax benefit (expense) (76) 12 Net of tax $ (859) $ (422) Cash flow hedging activity Amortization of Treasury rate lock Interest income (expense) $ (30) $ (39) Tax benefit (expense) 35 9 Net of tax $ 5 $ (30) __________________________________ (1) Amounts in parentheses indicate decreases to income. None of the reclassified amounts have a noncontrolling interest component.

Realignment Programs

Realignment Programs	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Realignment Programs	Realignment Programs In the first quarter of 2023, we identified and initiated certain realignment activities concurrent with the consolidation of our FPD 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. During 2023 we also initiated certain product and portfolio optimization activities. 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 Programs." The activities of the 2023 Realignment Programs were identified and implemented in phases throughout 2023 and are continuing into 2024. The realignment activities consist of restructuring and non-restructuring charges. Restructuring charges represent costs associated with the relocation of certain business activities and facility closures and include related severance costs. Non-restructuring charges are primarily employee severance associated with the workforce reductions and professional service fees. Expenses are primarily reported in cost of sales ("COS") or SG&A, as applicable, in our condensed consolidated statements of income. We currently anticipate a total investment in realignment activities that have been evaluated and initiated of approximately $100 million of which $18 million is estimated to be non-cash. There are certain remaining realignment activities that are currently being evaluated, but have not yet been approved 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 2023 Realignment Programs: Three Months Ended March 31, 2024 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 4,414 $ 15 $ 4,429 $ — $ 4,429 SG&A 701 — 701 — 701 $ 5,115 $ 15 $ 5,130 $ — $ 5,130 Non-Restructuring Charges COS $ 630 $ 752 $ 1,382 $ (138) $ 1,244 SG&A 340 114 454 339 793 $ 970 $ 866 $ 1,836 $ 201 $ 2,037 Total Realignment Charges COS $ 5,044 $ 767 $ 5,811 $ (138) $ 5,673 SG&A 1,041 114 1,155 339 1,494 Total $ 6,085 $ 881 $ 6,966 $ 201 $ 7,167 Three Months Ended March 31, 2023 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ (1,012) $ — $ (1,012) $ 66 $ (946) SG&A — 8,905 8,905 — 8,905 $ (1,012) $ 8,905 $ 7,893 $ 66 $ 7,959 Non-Restructuring Charges COS $ 1,402 $ 11 $ 1,413 $ (265) $ 1,148 SG&A 2,050 1 2,051 5,721 7,772 $ 3,452 $ 12 $ 3,464 $ 5,456 $ 8,920 Total Realignment Charges COS $ 390 $ 11 $ 401 $ (199) $ 202 SG&A 2,050 8,906 10,956 5,721 16,677 Total $ 2,440 $ 8,917 $ 11,357 $ 5,522 $ 16,879 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 $ 7,376 $ 6,420 $ 13,796 $ 66 $ 13,862 SG&A 751 9,777 10,528 — 10,528 $ 8,127 $ 16,197 $ 24,324 $ 66 $ 24,390 Non-Restructuring Charges COS $ 8,465 $ 4,923 $ 13,388 $ (565) $ 12,823 SG&A 14,823 1,730 16,553 19,438 35,991 $ 23,288 $ 6,653 $ 29,941 $ 18,873 $ 48,814 Total Realignment Charges COS $ 15,841 $ 11,343 $ 27,184 $ (499) $ 26,685 SG&A 15,574 11,507 27,081 19,438 46,519 Total $ 31,415 $ 22,850 $ 54,265 $ 18,939 $ 73,204 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. Restructuring charges include charges related to approved, but not yet announced, facility closures. The following is a summary of restructuring charges, net of adjustments, for our restructuring activities related to our 2023 Realignment Programs: Three Months Ended March 31, 2024 (Amounts in thousands) Severance Contract Termination Asset Write-Downs (Gains) Other Total COS $ 3,985 $ — $ — $ 444 $ 4,429 SG&A 701 — — — 701 Total $ 4,686 $ — $ — $ 444 $ 5,130 Three Months Ended March 31, 2023 (Amounts in thousands) Severance Contract Termination Asset Write-Downs (Gains) Other Total COS $ 186 $ 66 $ (1,303) $ 105 $ (946) SG&A 5 — 8,900 — 8,905 Total $ 191 $ 66 $ 7,597 $ 105 $ 7,959 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 $ 11,070 $ 301 $ 794 $ 1,697 $ 13,862 SG&A 1,651 — 8,871 6 10,528 Total $ 12,721 $ 301 $ 9,665 $ 1,703 $ 24,390 The following represents the activity, primarily severance charges from reductions in force, related to the restructuring reserves for the three months ended March 31, 2024 and 2023: (Amounts in thousands) 2024 2023 Balance at January 1, $ 8,184 $ 965 Charges, net of adjustments 5,130 362 Cash expenditures (387) (234) Other non-cash adjustments, including currency (849) (55) Balance at March 31, $ 12,078 $ 1,038

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated balance sheet as of March 31, 2024 and December 31, 2023, and the related condensed consolidated statements of income, condensed consolidated statements of comprehensive income (loss), condensed consolidated statements of shareholders' equity for the three months ended March 31, 2024 and 2023 and condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 of Flowserve Corporation are unaudited. In management’s opinion, all adjustments comprising normal recurring adjustments necessary for fair statement of such condensed consolidated financial statements have been made.
Terminated Acquisition	Terminated Acquisition
Accounting developments	Accounting Developments Pronouncements Implemented 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. We partner with two banks to offer our suppliers the option of participating in a supplier financing program and receive payment early. Under the program agreement, we must reimburse each bank for approved and valid invoices in accordance with the originally agreed upon terms with the supplier. We have no obligation for fees, subscription, service, commissions or otherwise with either bank. We also have no obligation for pledged assets or other forms of guarantee and may terminate either program agreement with appropriate notice. As of March 31, 2024, and December 31, 2023, $7.8 million and $13.5 million, respectively, remained outstanding with the supply chain financing partner banks and recorded within accounts payable on our condensed consolidated balance sheet. 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. 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 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 basis 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. 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. Pronouncements Not Yet Implemented In August 2023, the FASB issued ASU No. 2023-05, "Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement." The amendments require 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. In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures." The amendments enhance the disclosure requirements of significant segment expenses and other segment items. The amendments are effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments are to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. Early adoption is permitted. We are evaluating the impact of this ASU on our disclosures. In December 2023, the FASB issued ASU No. 2023-08, "Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60)." The amendments require that assets that qualify as a crypto asset, in accordance with the new guidance, must be recorded and subsequently valued at fair value at each reporting period, recognizing changes within net income of the same period. The amendments also require that companies present crypto assets measured at fair value separately from other intangible assets on the balance sheet with changes related to the remeasurement of crypto assets reported separately from changes in carrying amounts of other intangible assets in the income statement. Specific disclosure is required around the activity of crypto assets during the reporting period. The amendments are effective for all entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted. We do not own crypto assets, and therefore, do not expect the impact of this ASU to be material. In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740)." The amendments require that entities on an annual basis disclose specific categories in the rate reconciliation, provide additional information for reconciling items that meet a quantitative threshold, and disclose specific information about income taxes paid. The amendments eliminate previously required disclosures around changes in unrecognized tax benefits and cumulative amounts of certain temporary difference. The amendments are effective prospectively for annual periods beginning after December 15, 2024. Early adoption is permitted. We are evaluating the impact of this ASU on our disclosures.
Fair Value	Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models may be applied. Assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized by hierarchical levels based upon the level of judgment associa

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our customer revenues disaggregated by revenue source: Three Months Ended March 31, 2024 (Amounts in thousands) FPD FCD Total Original Equipment $ 285,038 $ 243,562 $ 528,600 Aftermarket 483,725 75,154 558,879 $ 768,763 $ 318,716 $ 1,087,479 Three Months Ended March 31, 2023 FPD FCD Total Original Equipment $ 252,732 $ 210,753 $ 463,485 Aftermarket 446,746 70,074 516,820 $ 699,478 $ 280,827 $ 980,305 Our customer sales are diversified geographically. The following tables present our revenues disaggregated by geography, based on the shipping addresses of our customers: Three Months Ended March 31, 2024 (Amounts in thousands) FPD FCD Total North America(1) $ 310,469 $ 129,002 $ 439,471 Latin America(2) 70,385 5,034 75,419 Middle East and Africa 136,261 46,227 182,488 Asia Pacific 106,294 76,447 182,741 Europe 145,354 62,006 207,360 $ 768,763 $ 318,716 $ 1,087,479 Three Months Ended March 31, 2023 FPD FCD Total North America(1) $ 282,272 $ 125,681 $ 407,953 Latin America(2) 63,989 7,863 71,852 Middle East and Africa 114,370 28,401 142,771 Asia Pacific 113,371 67,828 181,199 Europe 125,476 51,054 176,530 $ 699,478 $ 280,827 $ 980,305 _________________________________ (1) North America represents the United States and Canada. (2) Latin America includes Mexico.
Contract liabilities	The following tables present beginning and ending balances of contract assets and contract liabilities, current and long-term, for the three months ended March 31, 2024 and 2023: (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, 2024 $ 280,228 $ 1,034 $ 287,697 $ 1,543 Revenue recognized that was included in contract liabilities at the beginning of the period — — (101,602) (295) Revenue recognized in the period in excess of billings 166,318 — — — Billings arising during the period in excess of revenue recognized — — 90,523 — Amounts transferred from contract assets to receivables (156,948) (713) — — Currency effects and other, net (2,540) 342 2,598 (16) Ending balance, March 31, 2024 $ 287,058 $ 663 $ 279,216 $ 1,232 (Amounts in thousands) Contract Assets, net (Current) Long-term Contract Assets, net(1) Contract Liabilities (Current) Long-term Contract Liabilities(2) Beginning balance, January 1, 2023 $ 233,457 $ 297 $ 256,963 $ 1,059 Revenue recognized that was included in contract liabilities at the beginning of the period — — (117,035) — Revenue recognized in the period in excess of billings 136,965 4 — — Billings arising during the period in excess of revenue recognized — — 146,262 164 Amounts transferred from contract assets to receivables (137,865) — — — Currency effects and other, net (693) 4 5,448 2,983 Ending balance, March 31, 2023 $ 231,864 $ 305 $ 291,638 $ 4,206 ___________________________________ (1) Included in other assets, net.

Allowance for Expected Credit_2

Allowance for Expected Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2024
Credit Loss [Abstract]
Summary of Changes in Allowance for Expected Credit Losses for Trade Receivables	The following table presents the changes in the allowance for expected credit losses for our accounts receivable and short-term contract assets for the three months ended March 31, 2024 and 2023: (Amounts in thousands) Accounts receivables Short-term contract assets Beginning balance, January 1, 2024 $ 80,013 $ 4,993 Charges to cost and expenses, net of recoveries 4,316 — Write-offs (4,642) (10) Currency effects and other, net (1,382) 3 Ending balance, March 31, 2024 $ 78,305 $ 4,986 Beginning balance, January 1, 2023 $ 83,062 $ 5,819 Charges to cost and expenses, net of recoveries 2,440 — Write-offs (4,325) — Currency effects and other, net 1,340 (230) Ending balance, March 31, 2023 $ 82,517 $ 5,589
Summary of Changes in Allowance for Expected Credit Losses for Contract Assets	The following table presents the changes in the allowance for expected credit losses for our accounts receivable and short-term contract assets for the three months ended March 31, 2024 and 2023: (Amounts in thousands) Accounts receivables Short-term contract assets Beginning balance, January 1, 2024 $ 80,013 $ 4,993 Charges to cost and expenses, net of recoveries 4,316 — Write-offs (4,642) (10) Currency effects and other, net (1,382) 3 Ending balance, March 31, 2024 $ 78,305 $ 4,986 Beginning balance, January 1, 2023 $ 83,062 $ 5,819 Charges to cost and expenses, net of recoveries 2,440 — Write-offs (4,325) — Currency effects and other, net 1,340 (230) Ending balance, March 31, 2023 $ 82,517 $ 5,589
Summary of Changes in Allowance for Expected Credit Losses for Long-term Receivables	The following table presents the changes in the allowance for long-term receivables for the three months ended March 31, 2024 and 2023: (Amounts in thousands) 2024 2023 Balance at January 1, $ 66,864 $ 66,377 Currency effects and other, net (507) (802) Balance at March 31, $ 66,357 $ 65,575

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Information Regarding Restricted Shares	The following table summarizes information regarding Restricted Shares: Three Months Ended March 31, 2024 Shares Weighted Average Number of unvested shares: Outstanding as of January 1, 2024 1,741,486 $ 36.06 Granted 730,434 41.81 Vested (702,095) 36.63 Forfeited (34,982) 32.76 Outstanding as of March 31, 2024 1,734,843 $ 38.32

Derivative Instruments and He_2

Derivative Instruments and Hedges (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Fair Value of Forward Exchange Contracts not Designated as Hedging Instruments	The fair values of foreign exchange forward contracts are summarized below: March 31, December 31, (Amounts in thousands) 2024 2023 Current derivative assets $ 2,387 $ 1,915 Noncurrent derivative assets — 17 Current derivative liabilities 2,223 3,855 Noncurrent derivative liabilities 37 5
Impact of Net Changes in Fair Values of Forward Exchange Contracts Not Designated as Hedging Instruments	The impact of net changes in the fair values of foreign exchange forward contracts are summarized below: Three Months Ended March 31, (Amounts in thousands) 2024 2023 Gains (losses) recognized in income $ 5,288 $ (1,983)

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt Including Capital Lease Obligations	Debt, including finance lease obligations, net of discounts and debt issuance costs, consisted of: March 31, December 31, (Amounts in thousands, except percentages) 2024 2023 3.50% USD Senior Notes due October 1, 2030, net of unamortized discount and debt issuance costs of $4,332 and $4,479, respectively $ 495,668 $ 495,521 2.80% USD Senior Notes due January 15, 2032, net of unamortized discount and debt issuance costs of $5,021 and $5,164, respectively 494,979 494,836 Term Loan, interest rate of 6.70% at March 31, 2024 and 6.70% at December 31, 2023, net of debt issuance costs of $236 and $274, respectively 204,764 219,726 Finance lease obligations and other borrowings 23,353 23,467 Debt and finance lease obligations 1,218,764 1,233,550 Less amounts due within one year 66,428 66,243 Total debt due after one year $ 1,152,336 $ 1,167,307

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Net Components of Inventory	Inventories consisted of the following: March 31, December 31, (Amounts in thousands) 2024 2023 Raw materials $ 420,515 $ 407,979 Work in process 309,443 302,655 Finished goods 263,080 278,787 Less: Excess and obsolete reserve (109,697) (109,484) Inventories $ 883,341 $ 879,937

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Calculation of Net Earnings Per Common Share and Weighted Average Common Share Outstanding	The following is a reconciliation of net earnings of Flowserve Corporation and weighted average shares for calculating net earnings per common share. Earnings per weighted average common share outstanding was calculated as follows: Three Months Ended March 31, (Amounts in thousands, except per share data) 2024 2023 Net earnings of Flowserve Corporation $ 74,220 $ 26,766 Earnings attributable to common and participating shareholders $ 74,220 $ 26,766 Weighted average shares: Common stock 131,464 130,886 Participating securities 46 44 Denominator for basic earnings per common share 131,510 130,930 Effect of potentially dilutive securities 858 824 Denominator for diluted earnings per common share 132,368 131,754 Earnings per common share: Basic $ 0.56 $ 0.20 Diluted 0.56 0.20

Legal Matters and Contingenci_2

Legal Matters and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Loss Contingencies by Contingency	Activity related to asbestos claims during the periods indicated was as follows: Three Months Ended March 31, 2024 2023 Beginning claims(1) 8,236 8,139 New claims 617 577 Resolved claims (847) (640) Other(2) 219 (5) Ending claims(1) 8,225 8,071 ____________________ (1) Beginning and ending claims data in each period excludes inactive claims, as the Company assumes that inactive cases will not 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
Reconciliation Of Liability For Asbestos And Environmental Claims	The following table presents the changes in the estimated asbestos liability: (Amounts in thousands) 2024 2023 Beginning balance, January 1, $ 102,903 $ 98,652 Asbestos liability adjustments, net — (106) Cash payment activity (1,919) (3,766) Other, net (1,592) (1,495) Ending balance, March 31, $ 99,392 $ 93,285

Pension and Postretirement Be_2

Pension and Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Components of Net Periodic Cost for Pension and Postretirement Benefits	Components of the net periodic cost for pension and postretirement benefits for the three months ended March 31, 2024 and 2023 were as follows: U.S. Non-U.S. Postretirement (Amounts in millions) 2024 2023 2024 2023 2024 2023 Service cost $ 5.7 $ 5.0 $ 1.3 $ 1.1 $ — $ — Interest cost 5.4 5.2 3.0 2.9 0.2 0.2 Expected return on plan assets (6.0) (6.3) (1.9) (1.6) — — Amortization of unrecognized prior service cost and other costs — — 0.1 0.1 — — Amortization of unrecognized net loss — — 0.6 0.3 — — Net periodic cost recognized $ 5.1 $ 3.9 $ 3.1 $ 2.8 $ 0.2 $ 0.2

Statement of Shareholders' Equi

Statement of Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Summary of Dividends Declared	Dividends declared per share were as follows: Three Months Ended March 31, 2024 2023 Dividends declared per share $ 0.21 $ 0.20

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Summarized Financial Information of Reportable Segments	The following is a summary of the financial information of the reportable segments reconciled to the amounts reported in the condensed consolidated financial statements: Three Months Ended March 31, 2024 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 768,763 $ 318,716 $ 1,087,479 $ — $ 1,087,479 Intersegment sales 637 1,802 2,439 (2,439) — Segment operating income 110,894 34,708 145,602 (32,523) 113,079 Three Months Ended March 31, 2023 FPD FCD Subtotal–Reportable Segments Eliminations and All Other Consolidated Total Sales to external customers $ 699,478 $ 280,827 $ 980,305 $ — $ 980,305 Intersegment sales 638 790 1,428 (1,428) — Segment operating income 79,072 18,534 97,606 (40,420) 57,186

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table presents the changes in AOCL, net of tax for the three months ended March 31, 2024 and 2023: 2024 2023 (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, $ (523,873) $ (121,882) $ (813) $ (646,568) $ (554,683) $ (86,356) $ (933) $ (641,972) Other comprehensive income (loss) before reclassifications (3) (28,244) 517 — (27,727) 13,506 (865) — 12,641 Amounts reclassified from AOCL — 859 (5) 854 — 422 30 452 Net current-period other comprehensive income (loss) (3) (28,244) 1,376 (5) (26,873) 13,506 (443) 30 13,093 Balance - March 31, $ (552,117) $ (120,506) $ (818) $ (673,441) $ (541,177) $ (86,799) $ (903) $ (628,879) ________________________________ (1) Includes foreign currency translation adjustments attributable to noncontrolling interests of $(7.0) million and $5.8 million at January 1, 2024 and 2023, respectively, and $7.2 million and $2.7 million at March 31, 2024 and 2023, respectively. (2) Other comprehensive loss before reclassifications and amounts reclassified from AOCL to interest expense related to designated cash flow hedges.
Reclassifications out of Accumulated Other Comprehensive Income (Loss)	The following table presents the reclassifications out of AOCL: Three Months Ended March 31, (Amounts in thousands) Affected line item in the statement of income 2024(1) 2023(1) Pension and other postretirement effects Amortization of actuarial losses(2) Other income (expense), net $ (630) $ (283) Prior service costs(2) Other income (expense), net (153) (151) Tax benefit (expense) (76) 12 Net of tax $ (859) $ (422) Cash flow hedging activity Amortization of Treasury rate lock Interest income (expense) $ (30) $ (39) Tax benefit (expense) 35 9 Net of tax $ 5 $ (30) __________________________________ (1) Amounts in parentheses indicate decreases to income. None of the reclassified amounts have a noncontrolling interest component.

Realignment Programs (Tables)

Realignment Programs (Tables)	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following is a summary of total charges, net of adjustments, incurred related to our 2023 Realignment Programs: Three Months Ended March 31, 2024 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ 4,414 $ 15 $ 4,429 $ — $ 4,429 SG&A 701 — 701 — 701 $ 5,115 $ 15 $ 5,130 $ — $ 5,130 Non-Restructuring Charges COS $ 630 $ 752 $ 1,382 $ (138) $ 1,244 SG&A 340 114 454 339 793 $ 970 $ 866 $ 1,836 $ 201 $ 2,037 Total Realignment Charges COS $ 5,044 $ 767 $ 5,811 $ (138) $ 5,673 SG&A 1,041 114 1,155 339 1,494 Total $ 6,085 $ 881 $ 6,966 $ 201 $ 7,167 Three Months Ended March 31, 2023 (Amounts in thousands) FPD FCD Subtotal–Reportable Segments All Other Consolidated Total Realignment Charges Restructuring Charges COS $ (1,012) $ — $ (1,012) $ 66 $ (946) SG&A — 8,905 8,905 — 8,905 $ (1,012) $ 8,905 $ 7,893 $ 66 $ 7,959 Non-Restructuring Charges COS $ 1,402 $ 11 $ 1,413 $ (265) $ 1,148 SG&A 2,050 1 2,051 5,721 7,772 $ 3,452 $ 12 $ 3,464 $ 5,456 $ 8,920 Total Realignment Charges COS $ 390 $ 11 $ 401 $ (199) $ 202 SG&A 2,050 8,906 10,956 5,721 16,677 Total $ 2,440 $ 8,917 $ 11,357 $ 5,522 $ 16,879 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 $ 7,376 $ 6,420 $ 13,796 $ 66 $ 13,862 SG&A 751 9,777 10,528 — 10,528 $ 8,127 $ 16,197 $ 24,324 $ 66 $ 24,390 Non-Restructuring Charges COS $ 8,465 $ 4,923 $ 13,388 $ (565) $ 12,823 SG&A 14,823 1,730 16,553 19,438 35,991 $ 23,288 $ 6,653 $ 29,941 $ 18,873 $ 48,814 Total Realignment Charges COS $ 15,841 $ 11,343 $ 27,184 $ (499) $ 26,685 SG&A 15,574 11,507 27,081 19,438 46,519 Total $ 31,415 $ 22,850 $ 54,265 $ 18,939 $ 73,204
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 2023 Realignment Programs: Three Months Ended March 31, 2024 (Amounts in thousands) Severance Contract Termination Asset Write-Downs (Gains) Other Total COS $ 3,985 $ — $ — $ 444 $ 4,429 SG&A 701 — — — 701 Total $ 4,686 $ — $ — $ 444 $ 5,130 Three Months Ended March 31, 2023 (Amounts in thousands) Severance Contract Termination Asset Write-Downs (Gains) Other Total COS $ 186 $ 66 $ (1,303) $ 105 $ (946) SG&A 5 — 8,900 — 8,905 Total $ 191 $ 66 $ 7,597 $ 105 $ 7,959 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 $ 11,070 $ 301 $ 794 $ 1,697 $ 13,862 SG&A 1,651 — 8,871 6 10,528 Total $ 12,721 $ 301 $ 9,665 $ 1,703 $ 24,390 The following represents the activity, primarily severance charges from reductions in force, related to the restructuring reserves for the three months ended March 31, 2024 and 2023: (Amounts in thousands) 2024 2023 Balance at January 1, $ 8,184 $ 965 Charges, net of adjustments 5,130 362 Cash expenditures (387) (234) Other non-cash adjustments, including currency (849) (55) Balance at March 31, $ 12,078 $ 1,038

Basis of Presentation and Acc_3

Basis of Presentation and Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to existing reserves	$ 2,000
Sales	1,087,479	$ 980,305
Cash and cash equivalents	531,981	404,726	$ 545,678	$ 434,971
Accounts receivable, net	914,357		881,869
Supplier finance program payable	7,800		13,500
Velan Inc
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Business Combination, Acquisition Related Costs			$ 7,300
Operating Segments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sales	1,087,479	980,305
FPD
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sales	768,763	699,478
FPD | Operating Segments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sales	$ 768,763	$ 699,478

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) segments	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Number of operating segments | segments	2
Revenue, remaining performance obligation, amount	$ 637
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	427
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 210
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from products and services	17%	14%
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from products and services	83%	86%

Revenue Recognition (Disaggrega

Revenue Recognition (Disaggregation of revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Sales	$ 1,087,479	$ 980,305
Original Equipment
Disaggregation of Revenue [Line Items]
Sales	528,600	463,485
Aftermarket
Disaggregation of Revenue [Line Items]
Sales	558,879	516,820
FPD
Disaggregation of Revenue [Line Items]
Sales	768,763	699,478
FPD | Original Equipment
Disaggregation of Revenue [Line Items]
Sales	285,038	252,732
FPD | Aftermarket
Disaggregation of Revenue [Line Items]
Sales	483,725	446,746
FCD
Disaggregation of Revenue [Line Items]
Sales	318,716	280,827
FCD | Original Equipment
Disaggregation of Revenue [Line Items]
Sales	243,562	210,753
FCD | Aftermarket
Disaggregation of Revenue [Line Items]
Sales	75,154	70,074
North America
Disaggregation of Revenue [Line Items]
Sales	439,471	407,953
North America | FPD
Disaggregation of Revenue [Line Items]
Sales	310,469	282,272
North America | FCD
Disaggregation of Revenue [Line Items]
Sales	129,002	125,681
Latin America
Disaggregation of Revenue [Line Items]
Sales	75,419	71,852
Latin America | FPD
Disaggregation of Revenue [Line Items]
Sales	70,385	63,989
Latin America | FCD
Disaggregation of Revenue [Line Items]
Sales	5,034	7,863
Middle East And Africa
Disaggregation of Revenue [Line Items]
Sales	182,488	142,771
Middle East And Africa | FPD
Disaggregation of Revenue [Line Items]
Sales	136,261	114,370
Middle East And Africa | FCD
Disaggregation of Revenue [Line Items]
Sales	46,227	28,401
Asia Pacific
Disaggregation of Revenue [Line Items]
Sales	182,741	181,199
Asia Pacific | FPD
Disaggregation of Revenue [Line Items]
Sales	106,294	113,371
Asia Pacific | FCD
Disaggregation of Revenue [Line Items]
Sales	76,447	67,828
Europe
Disaggregation of Revenue [Line Items]
Sales	207,360	176,530
Europe | FPD
Disaggregation of Revenue [Line Items]
Sales	145,354	125,476
Europe | FCD
Disaggregation of Revenue [Line Items]
Sales	$ 62,006	$ 51,054

Revenue Recognition (Performanc

Revenue Recognition (Performance obligations) (Details) $ in Millions	Mar. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 637
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 427
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 210
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year

Revenue Recognition (Contract L

Revenue Recognition (Contract Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Change In Contract With Customer, Asset And Liability [Roll Forward]
Contract Assets, Beginning balance	$ 280,228
Contract Liabilities, Current, Beginning balance	287,697
Revenue recognized that was included in contract liabilities at the beginning of the period	6,372	$ (32,676)
Amounts transferred from contract assets to receivables	(8,051)	4,325
Contract Assets, Ending balance	287,058	231,864
Contract Liabilities, Current, Ending balance	279,216	291,638
Short-term Contract with Customer
Change In Contract With Customer, Asset And Liability [Roll Forward]
Contract Assets, Beginning balance	280,228	233,457
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	166,318	136,965
Billings arising during the period in excess of revenue recognized	0	0
Amounts transferred from contract assets to receivables	(156,948)	(137,865)
Other contract asset, net	(2,540)	(693)
Long-term Contract with Customer
Change In Contract With Customer, Asset And Liability [Roll Forward]
Contract Assets, Beginning balance	1,034	297
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	4
Billings arising during the period in excess of revenue recognized	0	0
Amounts transferred from contract assets to receivables	(713)	0
Other contract asset, net	342	4
Contract Assets, Ending balance	663	305
Short-term Contract with Customer, Liability
Change In Contract With Customer, Asset And Liability [Roll Forward]
Contract Liabilities, Current, Beginning balance	287,697	256,963
Revenue recognized that was included in contract liabilities at the beginning of the period	(101,602)	(117,035)
Revenue recognized in the period in excess of billings	0	0
Billings arising during the period in excess of revenue recognized	90,523	146,262
Amounts transferred from contract assets to receivables	0	0
Other contract liability, net	2,598	5,448
Long-term Contract With Customer, Liability
Change In Contract With Customer, Asset And Liability [Roll Forward]
Contract Liabilities, Noncurrent, Beginning balance	1,543	1,059
Revenue recognized that was included in contract liabilities at the beginning of the period	(295)	0
Revenue recognized in the period in excess of billings	0	0
Billings arising during the period in excess of revenue recognized	0	164
Amounts transferred from contract assets to receivables	0	0
Other contract liability, net	(16)	2,983
Contract Liabilities, Noncurrent, Ending balance	$ 1,232	$ 4,206

Allowance for Expected Credit_3

Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Credit Loss [Abstract]
Contract assets, allowance for credit loss as a percentage of assets	1%
Accounts receivables
Beginning balance	$ 80,013	$ 83,062
Charges to cost and expenses, net of recoveries	4,316	2,440
Currency effects and other, net	(1,382)	1,340
Ending balance	78,305	82,517
Short-term contract assets
Beginning balance	4,993	5,819
Charges to cost and expenses, net of recoveries	0	0
Currency effects and other, net	3	(230)
Ending balance	4,986	5,589
Long-term Receivables
Beginning balance	66,864	66,377
Currency effects and other, net	(507)	(802)
Ending balance	66,357	65,575
Write-offs	(4,642)	(4,325)
Write-offs	$ (10)	$ 0

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jan. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available under stock option plan (in shares)	7,100,632
Vesting period	3 years
Options, outstanding, number (in shares)	114,943
Weighted average exercise price (in USD per share)	$ 48.63
Remaining contractual life	3 years
Options, grants in period, gross (in shares)	0	0
Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to issue under share based compensation plans (in shares)				12,500,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement age requirement to vest over original vesting period	55 years
Time in service requirement to vest over original vesting period	10 years
Nonvested awards, compensation cost not yet recognized	$ 39.2
Nonvested awards, compensation cost not yet recognized, period for recognition	2 years
Equity instruments other than options, vested in period, fair value	$ 25.7	$ 21.8
Allocated share-based compensation expense, net of tax	6.7	7.7
Allocated share-based compensation expense	$ 8.7	$ 10
Equity instruments other than options, nonvested, number (in shares)	1,734,843		1,741,486
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)	512,000
Total shareholder return performance measure, as a percentage	15%
Estimated vesting of shares based on performance shares (in shares)	512,000
Minimum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, vested and expected to vest, exercisable, number (in shares)	0
Maximum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, vested and expected to vest, exercisable, number (in shares)	1,177,000
Maximum | Performance Shares | Issue Date 2022 And 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	230%

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans (Information Regarding Restricted Shares) (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Shares
Outstanding, Shares, Beginning balance (in shares) | shares	1,741,486
Granted, Shares (in shares) | shares	730,434
Vested, Shares (in shares) | shares	(702,095)
Forfeited, Shares (in shares) | shares	(34,982)
Outstanding, Shares, Ending balance (in shares) | shares	1,734,843
Weighted Average Grant-Date Fair Value
Outstanding, Weighted Average Grant-Date Fair Value, Beginning balance (in dollars per share) | $ / shares	$ 36.06
Granted, Weighted Average Grant-Date Fair Value (in dollars per share) | $ / shares	41.81
Vested, Weighted Average Grant-Date Fair Value (in dollars per share) | $ / shares	36.63
Forfeited, Weighted Average Grant-Date Fair Value (in dollars per share) | $ / shares	32.76
Outstanding, Weighted Average Grant-Date Fair Value, Ending balance (in dollars per share) | $ / shares	$ 38.32

Derivative Instruments and He_3

Derivative Instruments and Hedges (Textual) (Details) - Not Designated as Hedging Instrument - Forward Exchange Contract - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative, notional amount	$ 640.2	$ 656.6
Minimum remaining maturity of foreign currency derivatives	2 days
Maximum remaining maturity of foreign currency derivatives	20 months

Derivative Instruments and He_4

Derivative Instruments and Hedges (Fair Value Balance Sheet Disclosures) (Details) - Not Designated as Hedging Instrument - Foreign Exchange Contract - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Current derivative assets	$ 2,387	$ 1,915
Noncurrent derivative assets	0	17
Current derivative liabilities	2,223	3,855
Noncurrent derivative liabilities	$ 37	$ 5

Derivative Instruments and He_5

Derivative Instruments and Hedges (Fair Value of Forward Exchange Contracts) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Forward Contracts
Derivative [Line Items]
Gains (losses) recognized in income	$ 5,288	$ (1,983)

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt issuance costs, net		$ 5,164
Finance lease obligations and other borrowings	$ 23,353	23,467
Debt and finance lease obligations	1,218,764	1,233,550
Less amounts due within one year	66,428	66,243
Total debt due after one year	$ 1,152,336	1,167,307
2030 USD Senior notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.50%
Debt Instrument, Unamortized Discount	$ 4,332
Debt issuance costs, net		4,479
Long-term debt	$ 495,668	495,521
2032 USD Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.80%
Debt Instrument, Unamortized Discount	$ 5,021
Long-term debt	494,979	494,836
Term Loan Facility
Debt Instrument [Line Items]
Debt issuance costs, net	$ 236	$ 274
Effective interest rate (as a percent)	6.70%	6.70%
Long-term debt	$ 204,764	$ 219,726

Debt (Details Textual)

Debt (Details Textual) - USD ($)			3 Months Ended
	Apr. 29, 2024	Sep. 13, 2021	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Feb. 03, 2023
Senior Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 250,000,000							$ 200,000,000
Term Loan Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		300,000,000
Long-term debt							$ 204,764,000	$ 219,726,000
Term Loan Facility | Forecast
Line of Credit Facility [Line Items]
Periodic payment			$ 15,000,000	$ 15,000,000	$ 15,000,000	$ 15,000,000
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							$ 672,200,000	672,900,000
Revolving Credit Facility | Senior Credit Facility | Subsequent Event
Line of Credit Facility [Line Items]
Proceeds from issuance of senior notes	$ 100,000,000
Long-term debt	$ 100,000,000
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							$ 127,800,000	$ 127,100,000
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%
Secured Overnight Financing Rate (SOFR) | Revolving Credit Facility | New Senior Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate							1.25%
Base Rate | Revolving Credit Facility | Senior Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate							0.375%
Base Rate | Revolving Credit Facility | New Senior Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate							0.25%
Adjusted Term SOFR | Revolving Credit Facility | New Senior Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.10%
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	Mar. 31, 2024 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 990.6
Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 858.5

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Net Components of Inventory
Raw materials	$ 420,515	$ 407,979
Work in process	309,443	302,655
Finished goods	263,080	278,787
Less: Excess and obsolete reserve	(109,697)	(109,484)
Inventories	$ 883,341	$ 879,937

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net earnings of Flowserve Corporation	$ 74,220	$ 26,766
Earnings attributable to common and participating shareholders	$ 74,220	$ 26,766
Weighted average shares:
Common stock (in shares)	131,464,000	130,886,000
Participating securities (in shares)	46,000	44,000
Denominator for basic earnings per common share (in shares)	131,510,000	130,930,000
Effect of potentially dilutive securities (in shares)	858,000	824,000
Denominator for diluted earnings per common share (in shares)	132,368,000	131,754,000
Earnings per common share:
Basic (in dollars per share)	$ 0.56	$ 0.20
Diluted (in dollars per share)	$ 0.56	$ 0.20

Legal Matters and Contingenci_3

Legal Matters and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) claim	Mar. 31, 2023 USD ($) claim
Liability for Asbestos and Environmental Claims, Net [Roll Forward]
Beginning claims	8,236	8,139
New claims	617	577
Resolved claims	(847)	(640)
Other	219	(5)
Ending claims	8,225	8,071
Loss contingency expense | $	$ 1.8
Payments For (Proceeds From) Insurance Settlements | $	$ (3.7)	$ (5.6)

Legal Matters and Contingenci_4

Legal Matters and Contingencies - Estimated Asbestos Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Liability for Asbestos and Environmental Claims, Net [Roll Forward]
Beginning balance, January 1,	$ 102,903	$ 98,652
Asbestos liability adjustments, net	0	(106)
Cash payment activity	(1,919)	(3,766)
Other, net	(1,592)	(1,495)
Ending balance, March 31,	$ 99,392	$ 93,285

Pension and Postretirement Be_3

Pension and Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Domestic Plan
Components of the net periodic cost for retirement and postretirement benefits
Service cost	$ 5.7	$ 5
Interest cost	5.4	5.2
Expected return on plan assets	(6)	(6.3)
Amortization of unrecognized prior service cost and other costs	0	0
Amortization of unrecognized net loss	0	0
Net periodic cost recognized	5.1	3.9
Foreign Plan
Components of the net periodic cost for retirement and postretirement benefits
Service cost	1.3	1.1
Interest cost	3	2.9
Expected return on plan assets	(1.9)	(1.6)
Amortization of unrecognized prior service cost and other costs	0.1	0.1
Amortization of unrecognized net loss	0.6	0.3
Net periodic cost recognized	3.1	2.8
Postretirement Medical Benefits
Components of the net periodic cost for retirement and postretirement benefits
Service cost	0	0
Interest cost	0.2	0.2
Expected return on plan assets	0	0
Amortization of unrecognized prior service cost and other costs	0	0
Amortization of unrecognized net loss	0	0
Net periodic cost recognized	$ 0.2	$ 0.2

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Feb. 19, 2024	Dec. 31, 2023	Dec. 31, 2016
Equity, Class of Treasury Stock [Line Items]
Cash dividends declared per share (in dollars per share)	$ 0.21	$ 0.20
Authorized amount to be repurchased			$ 300,000,000
Repurchase of shares (in shares)	57,000	0
Treasury stock acquired	$ 2,500,000
Remaining authorized repurchase capacity	$ 297,500,000			$ 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
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income before income tax	$ 98,057	$ 34,449
Income tax expense	$ 20,142	$ 4,453
Effective tax rate (as a percent)	20.50%	12.90%
Unrecognized tax benefits, period decrease	$ 1,100
Unrecognized tax benefits approximate amount of estimated reduction within the next twelve months	$ 5,000

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Summarized financial information of the reportable segments
Sales	$ 1,087,479	$ 980,305
Segment operating income	113,079	57,186
Operating Segments
Summarized financial information of the reportable segments
Sales	1,087,479	980,305
Intersegment sales	2,439	1,428
Segment operating income	145,602	97,606
Intersegment sales
Summarized financial information of the reportable segments
Intersegment sales	(2,439)	(1,428)
Segment operating income	(32,523)	(40,420)
FPD
Summarized financial information of the reportable segments
Sales	768,763	699,478
FPD | Operating Segments
Summarized financial information of the reportable segments
Sales	768,763	699,478
Intersegment sales	637	638
Segment operating income	110,894	79,072
FCD
Summarized financial information of the reportable segments
Sales	318,716	280,827
FCD | Operating Segments
Summarized financial information of the reportable segments
Sales	318,716	280,827
Intersegment sales	1,802	790
Segment operating income	$ 34,708	$ 18,534

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Components of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (646,568)	$ (641,972)
Other comprehensive income (loss) before reclassifications (3)	(27,727)	12,641
Amounts reclassified from AOCL	854	452
Other comprehensive income (loss)	(26,873)	13,093
Ending balance	(673,441)	(628,879)
Foreign currency translation items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(523,873)	(554,683)
Other comprehensive income (loss) before reclassifications (3)	(28,244)	13,506
Amounts reclassified from AOCL	0	0
Other comprehensive income (loss)	(28,244)	13,506
Ending balance	(552,117)	(541,177)
Pension and other post-retirement effects
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(121,882)	(86,356)
Other comprehensive income (loss) before reclassifications (3)	517	(865)
Amounts reclassified from AOCL	859	422
Other comprehensive income (loss)	1,376	(443)
Ending balance	(120,506)	(86,799)
Cash flow hedging activity
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(813)	(933)
Other comprehensive income (loss) before reclassifications (3)	0	0
Amounts reclassified from AOCL	(5)	30
Other comprehensive income (loss)	(5)	30
Ending balance	(818)	(903)
Non- controlling Interests
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other comprehensive income (loss)	(214)	(3,161)
Accumulated other comprehensive income (loss), foreign currency translation adjustment, net of tax	$ (7,200)	$ 2,700	$ (7,000)	$ 5,800

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net of tax	$ (854)	$ (452)
Amortization of actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification	(630)	(283)
Prior service costs
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification	(153)	(151)
Pension and other post-retirement effects
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax benefit (expense)	(76)	12
Net of tax	(859)	(422)
Cash flow hedging activity
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification	(30)	(39)
Tax benefit (expense)	35	9
Net of tax	$ 5	$ (30)

Realignment Programs (Details)

Realignment Programs (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		24 Months Ended
	May 01, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges		$ 7,167
Restructuring Charges		5,130	$ 7,959
Non-Restructuring Charges		2,037	8,920
Total Realignment Program Charges			16,879
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 1,038	8,184	965
Charges, net of adjustments		5,130	7,959
Cash expenditures		(387)	(234)
Other non-cash adjustments, including currency		(849)	(55)
Ending Balance		12,078	1,038
Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges		6,966
Restructuring Charges		5,130	7,893
Non-Restructuring Charges		1,836	3,464
Total Realignment Program Charges			11,357
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		5,130	7,893
Eliminations and All Other
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges		201
Restructuring Charges		0	66
Non-Restructuring Charges		201	5,456
Total Realignment Program Charges			5,522
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	66
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		4,686	191
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		4,686	191
Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	66
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	66
Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	7,597
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	7,597
Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		444	105
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		444	105
Charges Expected to be Settled in Cash
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		5,130	362
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		5,130	362
COS
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges		5,673
Restructuring Charges		4,429	(946)
Non-Restructuring Charges		1,244	1,148
Total Realignment Program Charges			202
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		4,429	(946)
COS | Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges		5,811
Restructuring Charges		4,429	(1,012)
Non-Restructuring Charges		1,382	1,413
Total Realignment Program Charges			401
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		4,429	(1,012)
COS | Eliminations and All Other
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges		(138)
Restructuring Charges		0	66
Non-Restructuring Charges		(138)	(265)
Total Realignment Program Charges			(199)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	66
COS | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		3,985	186
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		3,985	186
COS | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	66
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	66
COS | Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	(1,303)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	(1,303)
COS | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		444	105
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		444	105
SG&A
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges		1,494
Restructuring Charges		701	8,905
Non-Restructuring Charges		793	7,772
Total Realignment Program Charges			16,677
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		701	8,905
SG&A | Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges		1,155
Restructuring Charges		701	8,905
Non-Restructuring Charges		454	2,051
Total Realignment Program Charges			10,956
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		701	8,905
SG&A | Eliminations and All Other
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges		339
Restructuring Charges		0	0
Non-Restructuring Charges		339	5,721
Total Realignment Program Charges			5,721
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	0
SG&A | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		701	5
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		701	5
SG&A | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	0
SG&A | Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	8,900
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	8,900
SG&A | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0	0
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		0	0
FPD
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges		6,085
Restructuring Charges		5,115	(1,012)
Non-Restructuring Charges		970	3,452
Total Realignment Program Charges			2,440
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		5,115	(1,012)
FPD | COS
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges		5,044
Restructuring Charges		4,414	(1,012)
Non-Restructuring Charges		630	1,402
Total Realignment Program Charges			390
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		4,414	(1,012)
FPD | SG&A
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges		1,041
Restructuring Charges		701	0
Non-Restructuring Charges		340	2,050
Total Realignment Program Charges			2,050
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		701	0
FCD
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges		881
Restructuring Charges		15	8,905
Non-Restructuring Charges		866	12
Total Realignment Program Charges			8,917
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		15	8,905
FCD | COS
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges		767
Restructuring Charges		15	0
Non-Restructuring Charges		752	11
Total Realignment Program Charges			11
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		15	0
FCD | SG&A
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges		114
Restructuring Charges		0	8,905
Non-Restructuring Charges		114	1
Total Realignment Program Charges			8,906
Restructuring Reserve [Roll Forward]
Charges, net of adjustments		$ 0	$ 8,905
2020 Realignment Program
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges				$ 73,204
Restructuring Charges				24,390
Non-Restructuring Charges				48,814
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				24,390
2020 Realignment Program | Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges				54,265
Restructuring Charges				24,324
Non-Restructuring Charges				29,941
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				24,324
2020 Realignment Program | Eliminations and All Other
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges				18,939
Restructuring Charges				66
Non-Restructuring Charges				18,873
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				66
2020 Realignment Program | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				12,721
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				12,721
2020 Realignment Program | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				301
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				301
2020 Realignment Program | Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				9,665
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				9,665
2020 Realignment Program | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				1,703
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				1,703
2020 Realignment Program | COS
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges				26,685
Restructuring Charges				13,862
Non-Restructuring Charges				12,823
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				13,862
2020 Realignment Program | COS | Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges				27,184
Restructuring Charges				13,796
Non-Restructuring Charges				13,388
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				13,796
2020 Realignment Program | COS | Eliminations and All Other
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges				(499)
Restructuring Charges				66
Non-Restructuring Charges				(565)
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				66
2020 Realignment Program | COS | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				11,070
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				11,070
2020 Realignment Program | COS | Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				301
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				301
2020 Realignment Program | COS | Asset Write-Downs
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				794
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				794
2020 Realignment Program | COS | Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				1,697
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				1,697
2020 Realignment Program | SG&A
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges				46,519
Restructuring Charges				10,528
Non-Restructuring Charges				35,991
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				10,528
2020 Realignment Program | SG&A | Subtotal–Reportable Segments
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges				27,081
Restructuring Charges				10,528
Non-Restructuring Charges				16,553
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				10,528
2020 Realignment Program | SG&A | Eliminations and All Other
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges				19,438
Restructuring Charges				0
Non-Restructuring Charges				19,438
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				0
2020 Realignment Program | SG&A | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				1,651
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				1,651
2020 Realignment Program | 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 | 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 | 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]
Total Realignment Charges				31,415
Restructuring Charges				8,127
Non-Restructuring Charges				23,288
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				8,127
2020 Realignment Program | FPD | COS
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges				15,841
Restructuring Charges				7,376
Non-Restructuring Charges				8,465
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				7,376
2020 Realignment Program | FPD | SG&A
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges				15,574
Restructuring Charges				751
Non-Restructuring Charges				14,823
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				751
2020 Realignment Program | FCD
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges				22,850
Restructuring Charges				16,197
Non-Restructuring Charges				6,653
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				16,197
2020 Realignment Program | FCD | COS
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges				11,343
Restructuring Charges				6,420
Non-Restructuring Charges				4,923
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				6,420
2020 Realignment Program | FCD | SG&A
Restructuring Cost and Reserve [Line Items]
Total Realignment Charges				11,507
Restructuring Charges				9,777
Non-Restructuring Charges				1,730
Restructuring Reserve [Roll Forward]
Charges, net of adjustments				$ 9,777
2023 Realignment Program
Restructuring Cost and Reserve [Line Items]
Cost reduction amount	50,000
Total Realignment Charges	100,000
Non-cash realignment	$ 18,000