Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 921,178	$ 670,980
Accounts receivable, net of allowance for expected credit losses of $76,061 and $53,412, respectively	750,897	795,538
Contract assets, net of allowance for expected credit losses of $3,043 at September 30, 2020	310,130	272,914
Inventories, net	714,489	660,837
Prepaid expenses and other	109,451	106,478
Total current assets	2,806,145	2,506,747
Property, plant and equipment, net of accumulated depreciation of $1,068,613 and $1,013,207, respectively	551,011	563,564
Operating lease right-of-use assets, net	166,850	186,218
Goodwill	1,204,609	1,193,010
Deferred taxes	32,206	54,879
Other intangible assets, net	171,246	180,805
Other assets, net of allowance for expected credit losses of $97,897 and $101,439, respectively	241,509	253,054
Total assets	5,173,576	4,938,277
Current liabilities:
Accounts payable	428,870	447,582
Accrued liabilities	423,117	401,385
Contract liabilities	198,380	221,095
Debt due within one year	8,581	11,272
Operating lease liabilities	34,634	36,108
Total current liabilities	1,093,582	1,117,442
Long-term debt due after one year	1,701,082	1,365,977
Operating lease liabilities	133,348	151,523
Retirement obligations and other liabilities	541,721	530,994
Shareholders’ equity:
Commitments and contingencies (See Note 11)
Common shares, $1.25 par value, Shares authorized - 305,000, Shares issued - 176,793	220,991	220,991
Capital in excess of par value	499,561	501,045
Retained earnings	3,625,291	3,652,244
Treasury shares, at cost – 46,775 and 46,262 shares, respectively	(2,059,666)	(2,051,583)
Deferred compensation obligation	6,100	8,334
Accumulated other comprehensive loss	(618,856)	(584,292)
Total Flowserve Corporation shareholders’ equity	1,673,421	1,746,739
Noncontrolling interests	30,422	25,602
Total equity	1,703,843	1,772,341
Total liabilities and equity	$ 5,173,576	$ 4,938,277