Significant Accounting Policies and Accounting Developments (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Assets

Generally, the estimated useful lives of the assets are:

Buildings and improvements	10 to 40 years
Machinery, equipment and tooling	3 to 14 years
Software, furniture and fixtures and other	3 to 7 years

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:

	Year Ended December 31,
	2019		2018		2017
	(Amounts in thousands, except per share data)
Net earnings of Flowserve Corporation	$	253,668	$	119,671	$	2,652
Dividends on restricted shares not expected to vest	—		—		—
Earnings attributable to common and participating shareholders	$	253,668	$	119,671	$	2,652
Weighted average shares:
Common stock	131,012		130,794		130,600
Participating securities	22		29		103
Denominator for basic earnings per common share	131,034		130,823		130,703
Effect of potentially dilutive securities	685		448		655
Denominator for diluted earnings per common share	131,719		131,271		131,358
Net earnings per share attributable to Flowserve Corporation common shareholders:
Basic	$	1.94	$	0.91	$	0.02
Diluted	1.93		0.91		0.02