Revision to Previously Reported Financial Information

12 Months Ended

Dec. 31, 2021

Accounting Changes and Error Corrections [Abstract]

Revision to Previously Reported Financial Information

REVISION TO PREVIOUSLY REPORTED FINANCIAL INFORMATION

During the first quarter of 2021, we identified an accounting error involving foreign currency transactions beginning with the first quarter of 2020 though the year ended December 31, 2020. These adjustments increased retirement obligations and other liabilities by $1.5 million, retained earnings by $14.1 million and accumulated other comprehensive loss by $15.6 million as of December 31, 2020.

The following tables present the impact to affected line items on our consolidated financial statements for the periods indicated for the correction of the accounting error involving foreign currency transactions identified in the first quarter of 2021:

	December 31, 2020
(Amounts in thousands)	As Reported	Adjustments	As Revised
Retirement obligations and other liabilities	516,087	1,479	517,566
Retained earnings	3,656,449	14,094	3,670,543
Total Flowserve Corporation shareholders’ equity	1,732,470	(1,479)	1,730,991
Total equity	1,762,800	(1,479)	1,761,321

	Three Months Ended December 31, 2020
(Amounts in thousands)	As Reported		Adjustments		As Revised
Other income (expense), net	(17,811)		(931)		(18,742)
Earnings before income taxes	61,314		(931)		60,383
Provision for income taxes	(856)		89		(767)
Net earnings, including noncontrolling interests	60,458		(842)		59,616
Net earnings attributable to Flowserve Corporation	$	56,893	$	(842)	$	56,051
Basic	$	0.44	$	(0.01)	$	0.43
Diluted	0.43		—		0.43

	Three Months Ended December 31, 2020
(Amounts in thousands)	As Reported		Adjustments		As Revised
Net earnings, including noncontrolling interests	$	60,458	$	(842)	$	59,616
Other comprehensive income (loss):
Foreign currency translation adjustments, net of taxes	41,411		862		42,273
Other comprehensive income (loss)	24,803		862		25,665
Comprehensive income (loss), including noncontrolling interests	85,261		20		85,281
Comprehensive income (loss) attributable to Flowserve Corporation	$	81,698	$	20	$	81,718

	Year Ended December 31, 2020
(Amounts in thousands)	As Reported		Adjustments		As Revised
Other income (expense), net	(10,254)		15,480		5,226
Earnings before income taxes	186,812		15,480		202,292
Provision for income taxes	(60,031)		(1,386)		(61,417)
Net earnings, including noncontrolling interests	126,781		14,094		140,875
Net earnings attributable to Flowserve Corporation	$	116,326	$	14,094	$	130,420
Net earnings per share attributable to Flowserve Corporation common shareholders:
Basic	$	0.89	$	0.11	$	1.00
Diluted	0.89		0.11		1.00

	Year Ended December 31, 2020
(Amounts in thousands)	As Reported		Adjustments		As Revised
Net earnings, including noncontrolling interests	$	126,781	$	14,094	$	140,875
Other comprehensive income (loss):
Foreign currency translation adjustments, net of taxes	388		(15,573)		(15,185)
Other comprehensive income (loss)	(8,991)		(15,573)		(24,564)
Comprehensive income (loss), including noncontrolling interests	117,790		(1,479)		116,311
Comprehensive income (loss) attributable to Flowserve Corporation	$	106,565	$	(1,479)	$	105,086

The consolidated statements of cash flows and shareholders' equity for the year ended December 31, 2020 have been revised to reflect the impacts of the above described error.