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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Flowserve Corp | NYSE:FLS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.25 | 0.53% | 47.52 | 47.87 | 47.20 | 47.54 | 964,846 | 01:00:00 |
|
|
|
þ
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2016
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
New York
|
|
31-0267900
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
5215 N. O’Connor Boulevard
|
|
75039
|
Suite 2300, Irving, Texas
(Address of principal executive offices)
|
|
(Zip Code)
|
Title of Each Class
|
|
Name of Each Exchange on Which Registered
|
Common Stock, $1.25 Par Value
|
|
New York Stock Exchange
|
Large accelerated filer
þ
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|
Accelerated filer
o
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Non-accelerated filer
o
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Smaller Reporting company
o
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(Do not check if a smaller reporting company)
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Page
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||
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||
EX-31.1
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||
EX-31.2
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||
EX-32.1
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||
EX-32.2
|
||
EX-101 INSTANCE DOCUMENT
|
||
EX-101 SCHEMA DOCUMENT
|
||
EX-101 CALCULATION LINKBASE DOCUMENT
|
||
EX-101 LABELS LINKBASE DOCUMENT
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||
EX-101 PRESENTATION LINKBASE DOCUMENT
|
||
EX-101 DEFINITION LINKBASE DOCUMENT
|
•
|
To amend Item 1A. Risk Factors to add an additional risk factor regarding the potential adverse impact the material weaknesses could have on our timely and accurate reporting of financial results.
|
•
|
To amend Item 8. Financial Statements and Supplementary Data for the change in the Report of Independent Registered Public Accounting Firm, in relation to the independent registered public accounting firm's report on our internal control over financial reporting.
|
•
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To make revisions for immaterial errors in the consolidated financial statements previously issued in the original filing in Item 1. Business, Item 6. Selected Financial Data, Item 7. Management's Discussion and Analysis, Item 7A. Qualitative and Quantitative Disclosures About Market Risk and Item 8. Financial Statements and Supplementary Data.
|
•
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To amend Item 9A. Controls and Procedures related to the effectiveness of our disclosure controls and procedures and internal control over financial reporting.
|
ITEM 1.
|
BUSINESS
|
|
2016
|
|
2015
|
||
• oil and gas
|
36
|
%
|
|
36
|
%
|
• general industries(1)
|
25
|
%
|
|
24
|
%
|
• chemical
|
21
|
%
|
|
22
|
%
|
• power generation
|
14
|
%
|
|
14
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%
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• water management
|
4
|
%
|
|
4
|
%
|
(1)
|
General industries includes mining and ore processing, pharmaceuticals, pulp and paper, food and beverage and other smaller applications, as well as sales to distributors whose end customers typically operate in the industries we primarily serve.
|
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2016
|
|
2015
|
||
• North America
|
40
|
%
|
|
39
|
%
|
• Europe
|
22
|
%
|
|
22
|
%
|
• Asia Pacific
|
18
|
%
|
|
18
|
%
|
• Middle East and Africa
|
13
|
%
|
|
12
|
%
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• Latin America
|
7
|
%
|
|
9
|
%
|
•
|
Engineered Product Division ("EPD")
for long lead time, custom and other highly-engineered pumps and pump systems, mechanical seals, auxiliary systems and replacement parts and related services;
|
•
|
Industrial Product Division ("IPD")
for pre-configured engineered pumps and pump systems and related products and services; and
|
•
|
Flow Control Division ("FCD")
for engineered and industrial valves, control valves, actuators and controls and related services.
|
•
|
expanding our global presence to capture business in developing geographic market areas;
|
•
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expanding our low-cost manufacturing capabilities in Southeast Asia and Latin America for local markets and exports;
|
•
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utilizing low-cost sourcing opportunities to remain competitive in the global economy; and
|
•
|
attracting and retaining the global intellectual capital required to support our growth plans in new geographical areas.
|
•
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driving improved customer fulfillment through metrics such as on-time delivery, cost reduction, quality, cycle time reduction and warranty cost reduction as a percentage of sales;
|
•
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continuing to develop a culture of continuous improvement that delivers maximum productivity and cost efficiencies; and
|
•
|
implementing global functional competencies to drive standardized processes.
|
•
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institutionalizing our succession planning along with our core competencies and performance management capabilities, with a focus on key positions and critical talent pools;
|
•
|
utilizing these capabilities to drive employee engagement through our training initiatives and leadership development programs and facilitate our cross-business segment and functional development assignments;
|
•
|
developing talent acquisition programs to address current and future critical talent needs to support our emerging markets and global growth;
|
•
|
capturing the intellectual capital in the current workforce, disseminating it throughout our company and sharing it with customers as a competitive advantage;
|
•
|
creating a total compensation program that provides our associates with equitable opportunities that are competitive and linked to business and individual performance while promoting employee behavior consistent with our code of business conduct and risk tolerance; and
|
•
|
building a diverse and globally inclusive organization with a strong ethical and compliance culture based on transparency and trust.
|
Between Bearings Pumps
|
|
Overhung Pumps
|
• Single Case — Axially Split
|
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• API Process
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• Single Case — Radially Split
|
|
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• Double Case
|
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Positive Displacement Pumps
|
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Mechanical Seals and Seal Support Systems
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• Multiphase
|
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• Gas Barrier Seals
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• Screw
|
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• Dry-Running Seals
|
Specialty Products
|
|
|
• Nuclear Pumps
|
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• Power Recovery — DWEER
|
• Nuclear Seals
|
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• Power Recovery — Hydroturbine
|
• Cryogenic Pumps
|
|
• Energy Recovery Devices
|
• CVP Concrete Volute Pumps
|
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• Hydraulic Decoking Systems
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• Wireless Transmitters
|
|
• API Slurry Pumps
|
• BW Seals
|
|
• LifeCycle Advantage
|
• Byron Jackson
|
|
• Niigata Worthington
|
• Calder Energy Recovery Devices
|
|
• QRC™
|
• Cameron
|
|
• Pacific
|
• Durametallic
|
|
• Pacific Weitz
|
• FEDD Wireless
|
|
• Pac-Seal
|
• Five Star Seal
|
|
• ReadySeal
|
• Flowserve
|
|
• United Centrifugal
|
• GASPAC
™
|
|
• Western Land Roller
|
• IDP
|
|
• Wilson-Snyder
|
• Interseal
|
|
• Worthington
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• Lawrence
|
|
• Worthington-Simpson
|
|
|
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Overhung
|
|
Between Bearings
|
• Chemical Process ASME and ISO
|
|
• Side Channel Multistage
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• Industrial Process
|
|
• Segmental Channel Multistage
|
• Slurry and Solids Handling
|
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• Single Case — Axially Split
|
|
|
• Single Case — Radially Split
|
Specialty Products
|
|
Vertical
|
• Ag Chem
|
|
• Wet Pit and Suction Case API
|
• Molten Salt VTP Pump
|
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• Deep Well Submersible Motor
|
• Submersible Pump
|
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• Slurry and Solids Handling
|
• Thruster
|
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• Sump
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• Geothermal Deepwell
|
|
• Vacuum Systems
|
• Barge Pump
|
|
|
• Sewage Submersible
|
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Vacuum Systems
|
|
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• Liquid Ring
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Positive Displacement
|
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• LR Systems
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• Gear
|
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• Dry Systems
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• Aldrich
|
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• Sier Bath
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• Durco
|
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• SIHI
|
• Halberg
|
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• TKL
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• IDP
|
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• Western Land Roller
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• Innomag
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• Worthington
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• Labour
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• Worthington-Simpson
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• Meregalli
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• Pacific
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|
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• Pleuger & Byron Jackson
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|
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• Scienco
|
|
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• Valve Automation Systems
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• Digital Positioners
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• Control Valves
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• Pneumatic Positioners
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• Ball Valves
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• Intelligent Positioners
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• Gate Valves
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• Electric/Electronic Actuators
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• Globe Valves
|
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• Pneumatic Actuators
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• Check Valves
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• Hydraulic Actuators
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• Butterfly Valves
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• Diaphragm Actuators
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• Lined Plug Valves
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• Direct Gas and Gas-over-Oil Actuators
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• Lined Ball Valves
|
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• Limit Switches
|
• Lubricated Plug Valves
|
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• Steam Traps
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• Non-Lubricated Plug Valves
|
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• Condensate and Energy Recovery Systems
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• Integrated Valve Controllers
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• Boiler Controls
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• Diagnostic Software
|
|
• Digital Communications
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• Electro Pneumatic Positioners
|
|
• Valve and Automation Repair Services
|
• Accord
|
|
• NAF
|
• Anchor/Darling
|
|
• Noble Alloy
|
• Argus
|
|
• Norbro
|
• Atomac
|
|
• Nordstrom
|
• Automax
|
|
• PMV
|
• Durco
|
|
• Serck Audco
|
• Edward
|
|
• Schmidt Armaturen
|
• Flowserve
|
|
• Valbart
|
• Gestra
|
|
• Valtek
|
• Kammer
|
|
• Vogt
|
• Limitorque
|
|
• Worcester Controls
|
• McCANNA/MARPAC
|
|
|
ITEM 1A.
|
RISK FACTORS
|
•
|
instability in a specific country's or region's political or economic conditions, particularly economic conditions in Europe, and political conditions in Russia, the Middle East, North Africa, Latin America and other emerging markets;
|
•
|
uncertainties related to any geopolitical, economic and regulatory effects or changes due to the 2016 U.S. presidential election;
|
•
|
difficulty in administering and enforcing corporate policies, which may be different than the customary business practices of local cultures.
|
•
|
loss of key employees or customers of the acquired company;
|
•
|
conforming the acquired company's standards, processes, procedures and controls, including accounting systems and controls, with our operations, which could cause deficiencies related to our internal control over financial reporting;
|
•
|
coordinating operations that are increased in scope, geographic diversity and complexity;
|
•
|
retooling and reprogramming of equipment;
|
•
|
hiring additional management and other critical personnel; and
|
•
|
the diversion of management's attention from our day-to-day operations.
|
ITEM 6.
|
SELECTED FINANCIAL DATA
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2016(a)(h)
|
|
2015(b)(g)(h)
|
|
2014(g)(h)
|
|
2013(c)(g)(h)
|
|
2012(g)(h)
|
||||||||||
|
(Amounts in thousands, except per share data and ratios)
|
||||||||||||||||||
RESULTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Sales
|
$
|
3,990,487
|
|
|
$
|
4,557,791
|
|
|
$
|
4,877,885
|
|
|
$
|
4,954,619
|
|
|
$
|
4,751,339
|
|
Gross profit
|
1,231,233
|
|
|
1,477,537
|
|
|
1,710,171
|
|
|
1,686,379
|
|
|
1,580,951
|
|
|||||
Selling, general and administrative expense
|
(976,194
|
)
|
|
(972,733
|
)
|
|
(936,900
|
)
|
|
(966,830
|
)
|
|
(922,125
|
)
|
|||||
Operating income
|
267,965
|
|
|
514,665
|
|
|
785,386
|
|
|
758,566
|
|
|
675,778
|
|
|||||
Interest expense
|
(60,137
|
)
|
|
(65,270
|
)
|
|
(60,322
|
)
|
|
(54,413
|
)
|
|
(43,520
|
)
|
|||||
Provision for income taxes
|
(77,380
|
)
|
|
(148,351
|
)
|
|
(209,311
|
)
|
|
(204,862
|
)
|
|
(160,766
|
)
|
|||||
Net earnings attributable to Flowserve Corporation
|
132,455
|
|
|
258,411
|
|
|
513,372
|
|
|
483,652
|
|
|
448,339
|
|
|||||
Net earnings per share of Flowserve Corporation common shareholders (basic)(d)
|
1.02
|
|
|
1.94
|
|
|
3.75
|
|
|
3.42
|
|
|
2.86
|
|
|||||
Net earnings per share of Flowserve Corporation common shareholders (diluted)(d)
|
1.01
|
|
|
1.93
|
|
|
3.72
|
|
|
3.40
|
|
|
2.84
|
|
|||||
Cash flows from operating activities (i)
|
240,476
|
|
|
440,759
|
|
|
594,481
|
|
|
515,724
|
|
|
546,029
|
|
|||||
Cash dividends declared per share(d)
|
0.76
|
|
|
0.72
|
|
|
0.64
|
|
|
0.56
|
|
|
0.48
|
|
|||||
FINANCIAL CONDITION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Working capital
|
$
|
1,119,251
|
|
|
$
|
1,106,946
|
|
|
$
|
1,164,381
|
|
|
$
|
1,136,317
|
|
|
$
|
1,006,152
|
|
Total assets
|
4,708,923
|
|
|
4,963,106
|
|
|
4,844,667
|
|
|
4,921,829
|
|
|
4,737,477
|
|
|||||
Total debt
|
1,570,623
|
|
|
1,620,996
|
|
|
1,145,658
|
|
|
1,190,231
|
|
|
919,398
|
|
|||||
Retirement obligations and other liabilities
|
407,839
|
|
|
387,786
|
|
|
362,970
|
|
|
387,823
|
|
|
406,231
|
|
|||||
Total equity
|
1,637,388
|
|
|
1,664,382
|
|
|
1,930,246
|
|
|
1,870,669
|
|
|
1,889,905
|
|
|||||
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Return on average net assets(e)
|
5.2
|
%
|
|
9.4
|
%
|
|
17.9
|
%
|
|
16.9
|
%
|
|
16.5
|
%
|
|||||
Net debt to net capital ratio(f)
|
42.4
|
%
|
|
43.0
|
%
|
|
26.4
|
%
|
|
30.6
|
%
|
|
24.5
|
%
|
(a)
|
Results of operations in 2016 include costs of
$94.8 million
resulting from realignment initiatives, resulting in a reduction of after tax net earnings of
$75.8 million
.
|
(b)
|
Results of operations in 2015 include costs of $108.1 million resulting from realignment initiatives, resulting in a reduction of after tax net earnings of $85.0 million.
|
(c)
|
Results of operations in 2014 include costs of $10.7 million resulting from realignment initiatives, resulting in a reduction of after tax net earnings of $7.6 million.
|
(d)
|
Periods prior to 2013 have been retrospectively adjusted for a three-for-one stock split.
|
(e)
|
Calculated as adjusted net income divided by adjusted net assets, where adjusted net income is the sum of earnings before income taxes plus interest expense multiplied by one minus our effective tax rate and adjusted net assets is the average of beginning of year and end of year net assets, excluding cash and cash equivalents and debt due in one year.
|
(f)
|
Calculated as total debt minus cash and cash equivalents divided by the sum of total debt and shareholders' equity minus cash and cash equivalents.
|
(g)
|
Financial condition and financial ratios have been retrospectively adjusted to reflect the adoption of ASU No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30) and ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes." These adjustments are more fully described in Note 1 to our consolidated financial statements included in Item 8 of this Annual Report.
|
(h)
|
All periods have been revised for the errors described in Note 2 to our consolidated financial statements included in Item 8 of this Annual Report.
|
(i)
|
Other information for cash flows from operating activities have been retrospectively adjusted to reflect the adoption of ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment
|
ITEM 7.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
Engineered Product Division
for long lead time, custom and other highly-engineered pumps and pump systems, mechanical seals, auxiliary systems and replacement parts and related services;
|
•
|
Industrial Product Division
for pre-configured engineered pumps and pump systems and related products and services; and
|
•
|
Flow Control Division
for engineered and industrial valves, control valves, actuators and controls and related services.
|
|
December 31, 2016
|
||||||||||||||||||||||
(Amounts in thousands)
|
Engineered Product Division
|
|
Industrial Product Division
|
|
Flow Control Division
|
|
Subtotal–Reportable Segments
|
|
Eliminations and All Other
|
|
Consolidated Total
|
||||||||||||
Total Realignment Program Charges
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
COS
|
$
|
30,642
|
|
|
$
|
26,224
|
|
|
$
|
8,038
|
|
|
$
|
64,904
|
|
|
$
|
8
|
|
|
$
|
64,912
|
|
SG&A
|
13,804
|
|
|
8,400
|
|
|
3,367
|
|
|
25,571
|
|
|
4,450
|
|
|
30,021
|
|
||||||
Income tax expense
|
6,000
|
|
|
2,800
|
|
|
600
|
|
|
9,400
|
|
|
—
|
|
|
9,400
|
|
||||||
Total
|
$
|
50,446
|
|
|
$
|
37,424
|
|
|
$
|
12,005
|
|
|
$
|
99,875
|
|
|
$
|
4,458
|
|
|
$
|
104,333
|
|
|
December 31, 2015
|
||||||||||||||||||||||
(Amounts in thousands)
|
Engineered Product Division
|
|
Industrial Product Division
|
|
Flow Control Division
|
|
Subtotal–Reportable Segments
|
|
Eliminations and All Other
|
|
Consolidated Total
|
||||||||||||
Total Realignment Program Charges
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
COS
|
$
|
20,229
|
|
|
$
|
28,607
|
|
|
$
|
17,884
|
|
|
$
|
66,720
|
|
|
$
|
—
|
|
|
$
|
66,720
|
|
SG&A
|
14,006
|
|
|
15,407
|
|
|
11,024
|
|
|
40,437
|
|
|
—
|
|
|
40,437
|
|
||||||
Income tax expense
|
3,400
|
|
|
6,500
|
|
|
1,200
|
|
|
11,100
|
|
|
—
|
|
|
11,100
|
|
||||||
Total
|
$
|
37,635
|
|
|
$
|
50,514
|
|
|
$
|
30,108
|
|
|
$
|
118,257
|
|
|
$
|
—
|
|
|
$
|
118,257
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in millions)
|
||||||||||
Bookings
|
$
|
3,760.4
|
|
|
$
|
4,176.8
|
|
|
$
|
5,161.0
|
|
Backlog (at period end)
|
1,901.8
|
|
|
2,176.4
|
|
|
2,704.2
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in millions)
|
||||||||||
Sales
|
$
|
3,990.5
|
|
|
$
|
4,557.8
|
|
|
$
|
4,877.9
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in millions, except percentages)
|
||||||||||
Gross profit
|
$
|
1,231.2
|
|
|
$
|
1,477.5
|
|
|
$
|
1,710.2
|
|
Gross profit margin
|
30.9
|
%
|
|
32.4
|
%
|
|
35.1
|
%
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in millions, except percentages)
|
||||||||||
SG&A
|
$
|
976.2
|
|
|
$
|
972.7
|
|
|
$
|
936.9
|
|
SG&A as a percentage of sales
|
24.5
|
%
|
|
21.3
|
%
|
|
19.2
|
%
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in millions)
|
||||||||||
Net earnings from affiliates
|
$
|
12.9
|
|
|
$
|
9.9
|
|
|
$
|
12.1
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in millions, except percentages)
|
||||||||||
Operating income
|
$
|
268.0
|
|
|
$
|
514.7
|
|
|
$
|
785.4
|
|
Operating income as a percentage of sales
|
6.7
|
%
|
|
11.3
|
%
|
|
16.1
|
%
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in millions)
|
||||||||||
Interest expense
|
$
|
(60.1
|
)
|
|
$
|
(65.3
|
)
|
|
$
|
(60.3
|
)
|
Interest income
|
2.8
|
|
|
2.1
|
|
|
1.7
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in millions)
|
||||||||||
Other income (expense), net
|
$
|
2.3
|
|
|
$
|
(39.1
|
)
|
|
$
|
2.0
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in millions, except percentages)
|
||||||||||
Provision for income taxes
|
$
|
77.4
|
|
|
$
|
148.4
|
|
|
$
|
209.3
|
|
Effective tax rate
|
36.3
|
%
|
|
36.0
|
%
|
|
28.7
|
%
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in millions, except per share amounts)
|
||||||||||
Net earnings attributable to Flowserve Corporation
|
$
|
132.5
|
|
|
$
|
258.4
|
|
|
$
|
513.4
|
|
Net earnings per share — diluted
|
$
|
1.01
|
|
|
$
|
1.93
|
|
|
$
|
3.72
|
|
Average diluted shares
|
131.0
|
|
|
133.8
|
|
|
137.8
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in millions)
|
||||||||||
Other comprehensive loss
|
$
|
(85.8
|
)
|
|
$
|
(156.7
|
)
|
|
$
|
(158.5
|
)
|
|
EPD
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in millions, except percentages)
|
||||||||||
Bookings
|
$
|
1,823.8
|
|
|
$
|
2,065.6
|
|
|
$
|
2,832.8
|
|
Sales
|
1,996.0
|
|
|
2,256.8
|
|
|
2,564.6
|
|
|||
Gross profit
|
621.6
|
|
|
738.3
|
|
|
891.5
|
|
|||
Gross profit margin
|
31.1
|
%
|
|
32.7
|
%
|
|
34.8
|
%
|
|||
Segment operating income
|
167.4
|
|
|
320.0
|
|
|
446.2
|
|
|||
Segment operating income as a percentage of sales
|
8.4
|
%
|
|
14.2
|
%
|
|
17.4
|
%
|
|||
Backlog (at period end)
|
968.8
|
|
|
1,160.5
|
|
|
1,573.3
|
|
|
IPD
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in millions, except percentages)
|
||||||||||
Bookings
|
$
|
797.7
|
|
|
$
|
887.2
|
|
|
$
|
781.0
|
|
Sales
|
835.1
|
|
|
981.9
|
|
|
805.9
|
|
|||
Gross profit
|
182.5
|
|
|
238.7
|
|
|
217.6
|
|
|||
Gross profit margin
|
21.9
|
%
|
|
24.3
|
%
|
|
27.0
|
%
|
|||
Segment operating (loss) income
|
(6.4
|
)
|
|
29.1
|
|
|
103.6
|
|
|||
Segment operating (loss) income as a percentage of sales
|
(0.8
|
)%
|
|
3.0
|
%
|
|
12.9
|
%
|
|||
Backlog (at period end)
|
375.6
|
|
|
424.6
|
|
|
393.9
|
|
|
FCD
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in millions, except percentages)
|
||||||||||
Bookings
|
$
|
1,216.8
|
|
|
$
|
1,318.5
|
|
|
$
|
1,665.2
|
|
Sales
|
1,233.7
|
|
|
1,415.5
|
|
|
1,615.7
|
|
|||
Gross profit
|
427.4
|
|
|
496.8
|
|
|
603.0
|
|
|||
Gross profit margin
|
34.6
|
%
|
|
35.1
|
%
|
|
37.3
|
%
|
|||
Segment operating income
|
198.6
|
|
|
233.6
|
|
|
322.8
|
|
|||
Segment operating income as a percentage of sales
|
16.1
|
%
|
|
16.5
|
%
|
|
20.0
|
%
|
|||
Backlog (at period end)
|
584.5
|
|
|
622.0
|
|
|
774.8
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in millions)
|
||||||||||
Net cash flows provided by operating activities
|
$
|
240.5
|
|
|
$
|
440.8
|
|
|
$
|
594.5
|
|
Net cash flows used by investing activities
|
(91.5
|
)
|
|
(525.3
|
)
|
|
(84.1
|
)
|
|||
Net cash flows (used) provided by financing activities
|
(143.7
|
)
|
|
37.7
|
|
|
(391.2
|
)
|
|
Payments Due By Period
|
||||||||||||||||||
|
Within 1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
Beyond 5
Years
|
|
Total
|
||||||||||
|
(Amounts in millions)
|
||||||||||||||||||
Term Loan Facility and Senior Notes
|
$
|
60.0
|
|
|
$
|
119.3
|
|
|
$
|
45.0
|
|
|
$
|
1,313.1
|
|
|
$
|
1,537.4
|
|
Fixed interest payments(1)
|
36.1
|
|
|
72.2
|
|
|
72.2
|
|
|
36.3
|
|
|
216.8
|
|
|||||
Variable interest payments(2)
|
4.9
|
|
|
7.0
|
|
|
0.8
|
|
|
—
|
|
|
12.7
|
|
|||||
Other debt and capital lease obligations
|
25.4
|
|
|
7.9
|
|
|
—
|
|
|
—
|
|
|
33.3
|
|
|||||
Operating leases
|
48.6
|
|
|
67.4
|
|
|
42.9
|
|
|
65.3
|
|
|
224.2
|
|
|||||
Purchase obligations:(3)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Inventory
|
320.1
|
|
|
13.9
|
|
|
—
|
|
|
—
|
|
|
334.0
|
|
|||||
Non-inventory
|
45.4
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
45.9
|
|
|||||
Pension and postretirement benefits(4)
|
58.6
|
|
|
115.7
|
|
|
121.8
|
|
|
299.6
|
|
|
595.7
|
|
|||||
Total
|
$
|
599.1
|
|
|
$
|
403.9
|
|
|
$
|
282.7
|
|
|
$
|
1,714.3
|
|
|
$
|
3,000.0
|
|
(1)
|
Fixed interest payments represent interest payments on the Senior Notes and Term Loan Facility as defined in Note 10 to our consolidated financial statements included in Item 8 of this Annual Report.
|
(2)
|
Variable interest payments under our Term Loan Facility were estimated using a base rate of three-month LIBOR as of
December 31, 2016
.
|
(3)
|
Purchase obligations are presented at the face value of the purchase order, excluding the effects of early termination provisions. Actual payments could be less than amounts presented herein.
|
(4)
|
Retirement and postretirement benefits represent estimated benefit payments for our U.S. and non-U.S. defined benefit plans and our postretirement medical plans, as more fully described below and in Note 11 to our consolidated financial statements included in Item 8 of this Annual Report.
|
|
Commitment Expiration By Period
|
||||||||||||||||||
|
Within 1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
Beyond 5
Years
|
|
Total
|
||||||||||
|
(Amounts in millions)
|
||||||||||||||||||
Letters of credit
|
$
|
287.2
|
|
|
$
|
162.2
|
|
|
$
|
43.6
|
|
|
$
|
30.4
|
|
|
$
|
523.4
|
|
Surety bonds
|
71.9
|
|
|
4.1
|
|
|
0.2
|
|
|
—
|
|
|
76.2
|
|
|||||
Total
|
$
|
359.1
|
|
|
$
|
166.3
|
|
|
$
|
43.8
|
|
|
$
|
30.4
|
|
|
$
|
599.6
|
|
|
|
U.S. Plan
|
||||
Asset category
|
|
2016
|
|
2015
|
||
U.S. Large Cap
|
|
20
|
%
|
|
19
|
%
|
U.S. Small Cap
|
|
4
|
%
|
|
4
|
%
|
International Large Cap
|
|
14
|
%
|
|
14
|
%
|
Emerging Markets
|
|
5
|
%
|
|
5
|
%
|
World Equity
|
|
8
|
%
|
|
8
|
%
|
Equity securities
|
|
51
|
%
|
|
50
|
%
|
Liability Driven Investment
|
|
39
|
%
|
|
39
|
%
|
Long-Term Government/Credit
|
|
10
|
%
|
|
11
|
%
|
Fixed income
|
|
49
|
%
|
|
50
|
%
|
|
|
Non-U.S. Plans
|
||||
Asset category
|
|
2016
|
|
2015
|
||
North American Companies
|
|
7
|
%
|
|
6
|
%
|
U.K. Companies
|
|
—
|
%
|
|
8
|
%
|
European Companies
|
|
—
|
%
|
|
3
|
%
|
Asian Pacific Companies
|
|
—
|
%
|
|
2
|
%
|
Global Equity
|
|
8
|
%
|
|
8
|
%
|
Equity securities
|
|
15
|
%
|
|
27
|
%
|
U.K. Government Gilt Index
|
|
31
|
%
|
|
27
|
%
|
U.K. Corporate Bond Index
|
|
1
|
%
|
|
19
|
%
|
Global Fixed Income Bond
|
|
2
|
%
|
|
18
|
%
|
Liability Driven Investment
|
|
11
|
%
|
|
—
|
%
|
Fixed income
|
|
45
|
%
|
|
64
|
%
|
Multi-asset
|
|
25
|
%
|
|
—
|
%
|
Buy-in Contract
|
|
9
|
%
|
|
—
|
%
|
Other
|
|
6
|
%
|
|
9
|
%
|
Other Types
|
|
40
|
%
|
|
9
|
%
|
|
U.S. Plan
|
|
Non-U.S. Plans
|
||
Weighted average assumptions used to determine Benefit Obligation:
|
|
|
|
|
|
Discount rate
|
4.00
|
%
|
|
2.34
|
%
|
Rate of increase in compensation levels
|
4.00
|
|
|
3.22
|
|
Weighted average assumptions used to determine 2016 net pension expense:
|
|
|
|
||
Long-term rate of return on assets
|
6.00
|
%
|
|
4.68
|
%
|
Discount rate
|
4.75
|
|
|
3.13
|
|
Rate of increase in compensation levels
|
4.00
|
|
|
3.61
|
|
|
0.5% Increase
|
|
0.5% Decrease
|
||||
|
(Amounts in millions)
|
||||||
U.S. defined benefit pension plan:
|
|
|
|
|
|
||
Effect on net pension expense
|
$
|
(1.3
|
)
|
|
$
|
1.3
|
|
Effect on Benefit Obligation
|
(16.8
|
)
|
|
18.2
|
|
||
Non-U.S. defined benefit pension plans:
|
|
|
|
||||
Effect on net pension expense
|
(2.5
|
)
|
|
2.6
|
|
||
Effect on Benefit Obligation
|
(26.9
|
)
|
|
30.6
|
|
||
U.S. Postretirement medical plans:
|
|
|
|
||||
Effect on postretirement medical expense
|
(0.1
|
)
|
|
—
|
|
||
Effect on Benefit Obligation
|
(0.9
|
)
|
|
0.9
|
|
|
0.5% Increase
|
|
0.5% Decrease
|
||||
|
(Amounts in millions)
|
||||||
U.S. defined benefit pension plan:
|
|
|
|
|
|
||
Effect on net pension expense
|
$
|
(2.0
|
)
|
|
$
|
2.0
|
|
Non-U.S. defined benefit pension plans:
|
|
|
|
|
|
||
Effect on net pension expense
|
(1.1
|
)
|
|
1.1
|
|
•
|
Discount rates are estimated using high quality debt securities based on corporate or government bond yields with a duration matching the expected benefit payments. For the U.S. the discount rate is obtained from an analysis of publicly-traded investment-grade corporate bonds to establish a weighted average discount rate. For plans in the U.K. and the Eurozone we use the discount rate obtained from an analysis of AA-graded corporate bonds used to generate a yield curve. For other countries or regions without a corporate AA bond market, government bond rates are used. Our discount rate assumptions are impacted by changes in general economic and market conditions that affect interest rates on long-term high-quality debt securities, as well as the duration of our plans’ liabilities.
|
•
|
The expected rates of return on plan assets are derived from reviews of asset allocation strategies, expected long-term performance of asset classes, risks and other factors adjusted for our specific investment strategy. These rates are impacted by changes in general market conditions, but because they are long-term in nature, short-term market changes do not significantly impact the rates. Changes to our target asset allocation also impact these rates.
|
•
|
The expected rates of compensation increase reflect estimates of the change in future compensation levels due to general price levels, seniority, age and other factors.
|
ITEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
/s/ PricewaterhouseCoopers LLP
|
PricewaterhouseCoopers LLP
|
Dallas, Texas
|
February 16, 2017, except for the effects of the revision discussed in Note 2 to the consolidated financial statements and the matters discussed in the penultimate paragraph of Management’s Report on Internal Control Over Financial Reporting, as to which the date is August 11, 2017
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Amounts in thousands, except per share data)
|
||||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
367,162
|
|
|
$
|
366,444
|
|
Accounts receivable, net
|
882,638
|
|
|
985,772
|
|
||
Inventories, net
|
897,690
|
|
|
978,641
|
|
||
Prepaid expenses and other
|
150,199
|
|
|
126,465
|
|
||
Total current assets
|
2,297,689
|
|
|
2,457,322
|
|
||
Property, plant and equipment, net
|
724,805
|
|
|
758,427
|
|
||
Goodwill
|
1,205,054
|
|
|
1,223,986
|
|
||
Deferred taxes
|
83,722
|
|
|
70,264
|
|
||
Other intangible assets, net
|
214,527
|
|
|
228,777
|
|
||
Other assets, net
|
183,126
|
|
|
224,330
|
|
||
Total assets
|
$
|
4,708,923
|
|
|
$
|
4,963,106
|
|
LIABILITIES AND EQUITY
|
|||||||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
412,087
|
|
|
$
|
491,378
|
|
Accrued liabilities
|
680,986
|
|
|
798,564
|
|
||
Debt due within one year
|
85,365
|
|
|
60,434
|
|
||
Total current liabilities
|
1,178,438
|
|
|
1,350,376
|
|
||
Long-term debt due after one year
|
1,485,258
|
|
|
1,560,562
|
|
||
Retirement obligations and other liabilities
|
407,839
|
|
|
387,786
|
|
||
Commitments and contingencies (See Note 13)
|
|
|
|
|
|
||
Shareholders’ equity:
|
|
|
|
|
|
||
Common shares, $1.25 par value
|
220,991
|
|
|
220,991
|
|
||
Shares authorized — 305,000
|
|
|
|
|
|
||
Shares issued — 176,793 and 176,793, respectively
|
|
|
|
|
|
||
Capital in excess of par value
|
491,848
|
|
|
494,961
|
|
||
Retained earnings
|
3,598,396
|
|
|
3,565,958
|
|
||
Treasury shares, at cost — 46,980 and 47,703 shares, respectively
|
(2,078,527
|
)
|
|
(2,106,785
|
)
|
||
Deferred compensation obligation
|
8,507
|
|
|
10,233
|
|
||
Accumulated other comprehensive loss
|
(624,788
|
)
|
|
(538,232
|
)
|
||
Total Flowserve Corporation shareholders’ equity
|
1,616,427
|
|
|
1,647,126
|
|
||
Noncontrolling interests
|
20,961
|
|
|
17,256
|
|
||
Total equity
|
1,637,388
|
|
|
1,664,382
|
|
||
Total liabilities and equity
|
$
|
4,708,923
|
|
|
$
|
4,963,106
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in thousands, except per share data)
|
||||||||||
Sales
|
$
|
3,990,487
|
|
|
$
|
4,557,791
|
|
|
$
|
4,877,885
|
|
Cost of sales
|
(2,759,254
|
)
|
|
(3,080,254
|
)
|
|
(3,167,714
|
)
|
|||
Gross profit
|
1,231,233
|
|
|
1,477,537
|
|
|
1,710,171
|
|
|||
Selling, general and administrative expense
|
(976,194
|
)
|
|
(972,733
|
)
|
|
(936,900
|
)
|
|||
Net earnings from affiliates
|
12,926
|
|
|
9,861
|
|
|
12,115
|
|
|||
Operating income
|
267,965
|
|
|
514,665
|
|
|
785,386
|
|
|||
Interest expense
|
(60,137
|
)
|
|
(65,270
|
)
|
|
(60,322
|
)
|
|||
Interest income
|
2,804
|
|
|
2,065
|
|
|
1,680
|
|
|||
Other income (expense), net
|
2,280
|
|
|
(39,093
|
)
|
|
2,000
|
|
|||
Earnings before income taxes
|
212,912
|
|
|
412,367
|
|
|
728,744
|
|
|||
Provision for income taxes
|
(77,380
|
)
|
|
(148,351
|
)
|
|
(209,311
|
)
|
|||
Net earnings, including noncontrolling interests
|
135,532
|
|
|
264,016
|
|
|
519,433
|
|
|||
Less: Net earnings attributable to noncontrolling interests
|
(3,077
|
)
|
|
(5,605
|
)
|
|
(6,061
|
)
|
|||
Net earnings attributable to Flowserve Corporation
|
$
|
132,455
|
|
|
$
|
258,411
|
|
|
$
|
513,372
|
|
Net earnings per share attributable to Flowserve Corporation common shareholders:
|
|
|
|
|
|
|
|
|
|||
Basic
|
$
|
1.02
|
|
|
$
|
1.94
|
|
|
$
|
3.75
|
|
Diluted
|
1.01
|
|
|
1.93
|
|
|
3.72
|
|
|||
Cash dividends declared per share
|
$
|
0.76
|
|
|
$
|
0.72
|
|
|
$
|
0.64
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in thousands)
|
||||||||||
Net earnings, including noncontrolling interests
|
$
|
135,532
|
|
|
$
|
264,016
|
|
|
$
|
519,433
|
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|||
Foreign currency translation adjustments, net of taxes of $42,776, $103,279 and $88,547 in 2016, 2015 and 2014, respectively
|
(71,994
|
)
|
|
(173,385
|
)
|
|
(148,273
|
)
|
|||
Pension and other postretirement effects, net of taxes of $7,281, $(6,843) and $8,698 in 2016, 2015 and 2014, respectively
|
(16,069
|
)
|
|
14,937
|
|
|
(5,870
|
)
|
|||
Cash flow hedging activity, net of taxes of $(734), $(862) and $1,937 in 2016, 2015 and 2014, respectively
|
2,220
|
|
|
1,752
|
|
|
(4,396
|
)
|
|||
Other comprehensive loss
|
(85,843
|
)
|
|
(156,696
|
)
|
|
(158,539
|
)
|
|||
Comprehensive income, including noncontrolling interests
|
49,689
|
|
|
107,320
|
|
|
360,894
|
|
|||
Comprehensive income attributable to noncontrolling interests
|
(3,787
|
)
|
|
(7,036
|
)
|
|
(6,144
|
)
|
|||
Comprehensive income attributable to Flowserve Corporation
|
$
|
45,902
|
|
|
$
|
100,284
|
|
|
$
|
354,750
|
|
|
Total Flowserve Corporation Shareholders’ Equity
|
|
|
|
|
||||||||||||||||||||||||||||||||
|
|
|
|
|
Capital
in Excess of Par Value
|
|
Retained Earnings
|
|
|
|
|
|
Deferred Compensation Obligation
|
|
Accumulated
Other Comprehensive Loss
|
|
|
|
Total Equity
|
||||||||||||||||||
|
Common Stock
|
|
|
|
Treasury Stock
|
|
|
|
Noncontrolling Interests
|
|
|||||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
Shares
|
|
Amount
|
|
|
|
|
||||||||||||||||||||||||
|
(Amounts in thousands)
|
||||||||||||||||||||||||||||||||||||
Balance, as reported — January 1, 2014
|
176,793
|
|
|
$
|
220,991
|
|
|
$
|
476,218
|
|
|
$
|
2,985,391
|
|
|
(39,630
|
)
|
|
$
|
(1,600,266
|
)
|
|
$
|
9,522
|
|
|
$
|
(221,477
|
)
|
|
$
|
6,742
|
|
|
$
|
1,877,121
|
|
Adjustment, revision to previously reported financial information (Note 2)
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,452
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,452
|
)
|
||||||||
Revised Balance — January 1, 2014
|
176,793
|
|
|
220,991
|
|
|
476,218
|
|
|
2,978,939
|
|
|
(39,630
|
)
|
|
(1,600,266
|
)
|
|
9,522
|
|
|
(221,477
|
)
|
|
6,742
|
|
|
1,870,669
|
|
||||||||
Stock activity under stock plans
|
—
|
|
|
—
|
|
|
(31,860
|
)
|
|
—
|
|
|
607
|
|
|
15,851
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,009
|
)
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
42,655
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,675
|
|
||||||||
Tax benefit associated with stock-based compensation
|
—
|
|
|
—
|
|
|
8,587
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,587
|
|
||||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
513,372
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,061
|
|
|
519,433
|
|
||||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(88,497
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(88,497
|
)
|
||||||||
Repurchases of common shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,421
|
)
|
|
(246,504
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(246,504
|
)
|
||||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(158,622
|
)
|
|
83
|
|
|
(158,539
|
)
|
||||||||
Purchase of shares from and dividends paid to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,605
|
)
|
|
(2,605
|
)
|
||||||||
Other, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,036
|
|
|
—
|
|
|
—
|
|
|
1,036
|
|
||||||||
Balance — December 31, 2014
|
176,793
|
|
|
220,991
|
|
|
495,600
|
|
|
3,403,834
|
|
|
(42,444
|
)
|
|
(1,830,919
|
)
|
|
10,558
|
|
|
(380,099
|
)
|
|
10,281
|
|
|
1,930,246
|
|
||||||||
Stock activity under stock plans
|
—
|
|
|
—
|
|
|
(41,860
|
)
|
|
—
|
|
|
789
|
|
|
27,785
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,075
|
)
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
34,797
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,816
|
|
||||||||
Tax benefit associated with stock-based compensation
|
—
|
|
|
—
|
|
|
6,424
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,424
|
|
||||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
258,411
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,605
|
|
|
264,016
|
|
||||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(96,306
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(96,306
|
)
|
||||||||
Repurchases of common shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,048
|
)
|
|
(303,651
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(303,651
|
)
|
||||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(158,133
|
)
|
|
1,437
|
|
|
(156,696
|
)
|
||||||||
Purchase of shares from and dividends paid to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(67
|
)
|
|
(67
|
)
|
||||||||
Other, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(325
|
)
|
|
—
|
|
|
—
|
|
|
(325
|
)
|
||||||||
Balance — December 31, 2015
|
176,793
|
|
|
$
|
220,991
|
|
|
$
|
494,961
|
|
|
$
|
3,565,958
|
|
|
(47,703
|
)
|
|
$
|
(2,106,785
|
)
|
|
$
|
10,233
|
|
|
$
|
(538,232
|
)
|
|
$
|
17,256
|
|
|
$
|
1,664,382
|
|
Stock activity under stock plans
|
—
|
|
|
—
|
|
|
(33,571
|
)
|
|
—
|
|
|
723
|
|
|
28,258
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,313
|
)
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
30,203
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,213
|
|
||||||||
Tax benefit associated with stock-based compensation
|
—
|
|
|
—
|
|
|
255
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
255
|
|
||||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
132,455
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,077
|
|
|
135,532
|
|
||||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(100,027
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(100,027
|
)
|
||||||||
Repurchases of common shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(86,556
|
)
|
|
713
|
|
|
(85,843
|
)
|
||||||||
Purchase of shares from and dividends paid to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(85
|
)
|
|
(85
|
)
|
||||||||
Other, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,726
|
)
|
|
—
|
|
|
—
|
|
|
(1,726
|
)
|
||||||||
Balance — December 31, 2016
|
176,793
|
|
|
$
|
220,991
|
|
|
$
|
491,848
|
|
|
$
|
3,598,396
|
|
|
(46,980
|
)
|
|
$
|
(2,078,527
|
)
|
|
$
|
8,507
|
|
|
$
|
(624,788
|
)
|
|
$
|
20,961
|
|
|
$
|
1,637,388
|
|
See accompanying notes to consolidated financial statements.
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in thousands)
|
||||||||||
Cash flows — Operating activities:
|
|
|
|
|
|
|
|
|
|||
Net earnings, including noncontrolling interests
|
$
|
135,532
|
|
|
$
|
264,016
|
|
|
$
|
519,433
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation
|
99,897
|
|
|
99,501
|
|
|
93,307
|
|
|||
Amortization of intangible and other assets
|
16,855
|
|
|
27,586
|
|
|
16,970
|
|
|||
Loss (gain) on divestitures of businesses
|
7,664
|
|
|
—
|
|
|
(13,403
|
)
|
|||
Stock-based compensation
|
30,213
|
|
|
34,816
|
|
|
42,675
|
|
|||
Latin America accounts receivable reserve
|
73,452
|
|
|
—
|
|
|
—
|
|
|||
Foreign currency and other non-cash adjustments
|
(8,127
|
)
|
|
74,382
|
|
|
39,942
|
|
|||
Change in assets and liabilities, net of acquisitions:
|
|
|
|
|
|
|
|
|
|||
Accounts receivable, net
|
36,927
|
|
|
53,060
|
|
|
(79,655
|
)
|
|||
Inventories, net
|
52,892
|
|
|
(21,260
|
)
|
|
(31,404
|
)
|
|||
Prepaid expenses and other
|
(25,165
|
)
|
|
(13,882
|
)
|
|
(4,479
|
)
|
|||
Other assets, net
|
(20,310
|
)
|
|
6,646
|
|
|
(25,311
|
)
|
|||
Accounts payable
|
(71,008
|
)
|
|
(113,639
|
)
|
|
50,752
|
|
|||
Accrued liabilities and income taxes payable
|
(88,770
|
)
|
|
51,073
|
|
|
(11,827
|
)
|
|||
Retirement obligations and other liabilities
|
16,372
|
|
|
(21,456
|
)
|
|
(7,905
|
)
|
|||
Net deferred taxes
|
(15,948
|
)
|
|
(84
|
)
|
|
5,386
|
|
|||
Net cash flows provided by operating activities
|
240,476
|
|
|
440,759
|
|
|
594,481
|
|
|||
Cash flows — Investing activities:
|
|
|
|
|
|
|
|
|
|||
Capital expenditures
|
(89,699
|
)
|
|
(181,861
|
)
|
|
(132,619
|
)
|
|||
Payments for acquisition, net of cash acquired
|
—
|
|
|
(353,654
|
)
|
|
—
|
|
|||
Proceeds from disposal of assets
|
3,294
|
|
|
10,220
|
|
|
1,731
|
|
|||
(Payments) proceeds for divestitures of businesses
|
(5,064
|
)
|
|
—
|
|
|
46,805
|
|
|||
Net cash flows used by investing activities
|
(91,469
|
)
|
|
(525,295
|
)
|
|
(84,083
|
)
|
|||
Cash flows — Financing activities:
|
|
|
|
|
|
|
|
|
|||
Payments on long-term debt
|
(60,000
|
)
|
|
(45,000
|
)
|
|
(40,000
|
)
|
|||
Proceeds from issuance of senior notes
|
—
|
|
|
526,332
|
|
|
—
|
|
|||
Payments of deferred loan costs
|
—
|
|
|
(5,108
|
)
|
|
—
|
|
|||
Proceeds under other financing arrangements
|
35,680
|
|
|
9,426
|
|
|
19,285
|
|
|||
Payments under other financing arrangements
|
(12,636
|
)
|
|
(34,949
|
)
|
|
(20,502
|
)
|
|||
Payments related to tax withholding for stock-based compensation
|
(10,405
|
)
|
|
(15,844
|
)
|
|
(15,734
|
)
|
|||
Repurchases of common shares
|
—
|
|
|
(303,651
|
)
|
|
(246,504
|
)
|
|||
Payments of dividends
|
(97,746
|
)
|
|
(93,650
|
)
|
|
(85,118
|
)
|
|||
Other
|
1,386
|
|
|
99
|
|
|
(2,604
|
)
|
|||
Net cash flows (used) provided by financing activities
|
(143,721
|
)
|
|
37,655
|
|
|
(391,177
|
)
|
|||
Effect of exchange rate changes on cash
|
(4,568
|
)
|
|
(37,025
|
)
|
|
(32,675
|
)
|
|||
Net change in cash and cash equivalents
|
718
|
|
|
(83,906
|
)
|
|
86,546
|
|
|||
Cash and cash equivalents at beginning of year
|
366,444
|
|
|
450,350
|
|
|
363,804
|
|
|||
Cash and cash equivalents at end of year
|
$
|
367,162
|
|
|
$
|
366,444
|
|
|
$
|
450,350
|
|
Income taxes paid (net of refunds)
|
$
|
151,191
|
|
|
$
|
152,536
|
|
|
$
|
159,520
|
|
Interest paid
|
57,393
|
|
|
57,030
|
|
|
58,269
|
|
|||
See accompanying notes to consolidated financial statements.
|
1.
|
SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING DEVELOPMENTS
|
•
|
Timing and amount of revenue recognition;
|
•
|
Deferred taxes, tax valuation allowances and tax reserves;
|
•
|
Reserves for contingent loss;
|
•
|
Pension and postretirement benefits; and
|
•
|
Valuation of goodwill, indefinite-lived intangible assets and other long-lived assets.
|
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
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in thousands, except per share data)
|
||||||||||
Net earnings of Flowserve Corporation
|
$
|
132,455
|
|
|
$
|
258,411
|
|
|
$
|
513,372
|
|
Dividends on restricted shares not expected to vest
|
6
|
|
|
12
|
|
|
12
|
|
|||
Earnings attributable to common and participating shareholders
|
$
|
132,461
|
|
|
$
|
258,423
|
|
|
$
|
513,384
|
|
Weighted average shares:
|
|
|
|
|
|
|
|
|
|||
Common stock
|
130,147
|
|
|
132,567
|
|
|
136,334
|
|
|||
Participating securities
|
285
|
|
|
507
|
|
|
578
|
|
|||
Denominator for basic earnings per common share
|
130,432
|
|
|
133,074
|
|
|
136,912
|
|
|||
Effect of potentially dilutive securities
|
543
|
|
|
737
|
|
|
931
|
|
|||
Denominator for diluted earnings per common share
|
130,975
|
|
|
133,811
|
|
|
137,843
|
|
|||
Net earnings per share attributable to Flowserve Corporation common shareholders:
|
|
|
|
|
|
|
|
|
|||
Basic
|
$
|
1.02
|
|
|
$
|
1.94
|
|
|
$
|
3.75
|
|
Diluted
|
1.01
|
|
|
1.93
|
|
|
3.72
|
|
2.
|
REVISION TO PREVIOUSLY REPORTED FINANCIAL INFORMATION
|
|
December 31, 2016
|
||||||||||
(Amounts in thousands)
|
As Reported
|
|
Adjustments
|
|
As Revised
|
||||||
Accounts receivable, net (1)
|
894,749
|
|
|
(12,111
|
)
|
|
882,638
|
|
|||
Inventories, net (2)
|
919,251
|
|
|
(21,561
|
)
|
|
897,690
|
|
|||
Total current assets
|
2,331,361
|
|
|
(33,672
|
)
|
|
2,297,689
|
|
|||
Property, plant and equipment, net
|
723,628
|
|
|
1,177
|
|
|
724,805
|
|
|||
Deferred taxes (3)
|
87,178
|
|
|
(3,456
|
)
|
|
83,722
|
|
|||
Other assets, net
|
181,014
|
|
|
2,112
|
|
|
183,126
|
|
|||
Total assets
|
$
|
4,742,762
|
|
|
$
|
(33,839
|
)
|
|
$
|
4,708,923
|
|
Accrued liabilities
|
680,689
|
|
|
297
|
|
|
680,986
|
|
|||
Total current liabilities
|
1,178,141
|
|
|
297
|
|
|
1,178,438
|
|
|||
Retirement obligations and other liabilities
|
410,168
|
|
|
(2,329
|
)
|
|
407,839
|
|
|||
Retained earnings (4)
|
3,632,163
|
|
|
(33,767
|
)
|
|
3,598,396
|
|
|||
Accumulated other comprehensive loss
|
(626,748
|
)
|
|
1,960
|
|
|
(624,788
|
)
|
|||
Total Flowserve Corporation shareholders’ equity
|
1,648,234
|
|
|
(31,807
|
)
|
|
1,616,427
|
|
|||
Total equity
|
1,669,195
|
|
|
(31,807
|
)
|
|
1,637,388
|
|
|||
Total liabilities and equity
|
$
|
4,742,762
|
|
|
$
|
(33,839
|
)
|
|
$
|
4,708,923
|
|
|
December 31, 2015
|
||||||||||
(Amounts in thousands)
|
As Reported
|
|
Adjustments
|
|
As Revised
|
||||||
Accounts receivable, net
|
988,391
|
|
|
(2,619
|
)
|
|
985,772
|
|
|||
Inventories, net (1)
|
995,565
|
|
|
(16,924
|
)
|
|
978,641
|
|
|||
Prepaid expenses and other
|
125,410
|
|
|
1,055
|
|
|
126,465
|
|
|||
Total current assets
|
2,475,810
|
|
|
(18,488
|
)
|
|
2,457,322
|
|
|||
Deferred taxes
|
69,327
|
|
|
937
|
|
|
70,264
|
|
|||
Total assets
|
$
|
4,980,657
|
|
|
$
|
(17,551
|
)
|
|
$
|
4,963,106
|
|
Accrued liabilities
|
796,764
|
|
|
1,800
|
|
|
798,564
|
|
|||
Total current liabilities
|
1,348,576
|
|
|
1,800
|
|
|
1,350,376
|
|
|||
Retained earnings (2)
|
3,587,120
|
|
|
(21,162
|
)
|
|
3,565,958
|
|
|||
Accumulated other comprehensive loss
|
(540,043
|
)
|
|
1,811
|
|
|
(538,232
|
)
|
|||
Total Flowserve Corporation shareholders’ equity
|
1,666,477
|
|
|
(19,351
|
)
|
|
1,647,126
|
|
|||
Total equity
|
1,683,733
|
|
|
(19,351
|
)
|
|
1,664,382
|
|
|||
Total liabilities and equity
|
$
|
4,980,657
|
|
|
$
|
(17,551
|
)
|
|
$
|
4,963,106
|
|
(Amounts in thousands, except per share data)
|
Year Ended December 31, 2016
|
||||||||||
|
As Reported
|
|
Adjustments
|
|
As Revised
|
||||||
Sales
|
$
|
3,991,462
|
|
|
$
|
(975
|
)
|
|
$
|
3,990,487
|
|
Cost of sales
|
(2,759,908
|
)
|
|
654
|
|
|
(2,759,254
|
)
|
|||
Gross profit
|
1,231,554
|
|
|
(321
|
)
|
|
1,231,233
|
|
|||
Selling, general and administrative expense (1)
|
(965,322
|
)
|
|
(10,872
|
)
|
|
(976,194
|
)
|
|||
Net earnings from affiliates
|
11,223
|
|
|
1,703
|
|
|
12,926
|
|
|||
Operating income
|
277,455
|
|
|
(9,490
|
)
|
|
267,965
|
|
|||
Other (expense) income, net
|
3,301
|
|
|
(1,021
|
)
|
|
2,280
|
|
|||
Earnings before income taxes
|
223,423
|
|
|
(10,511
|
)
|
|
212,912
|
|
|||
Provision for income taxes (2)
|
(75,286
|
)
|
|
(2,094
|
)
|
|
(77,380
|
)
|
|||
Net earnings, including noncontrolling interests
|
148,137
|
|
|
(12,605
|
)
|
|
135,532
|
|
|||
Net earnings attributable to Flowserve Corporation
|
$
|
145,060
|
|
|
$
|
(12,605
|
)
|
|
$
|
132,455
|
|
Net earnings per share attributable to Flowserve Corporation common shareholders:
|
|
|
|
|
|
||||||
Basic
|
$
|
1.11
|
|
|
$
|
(0.09
|
)
|
|
$
|
1.02
|
|
Diluted
|
1.11
|
|
|
(0.1
|
)
|
|
1.01
|
|
(Amounts in thousands, except per share data)
|
Year Ended December 31, 2015
|
||||||||||
|
As Reported
|
|
Adjustments
|
|
As Revised
|
||||||
Sales (1)
|
$
|
4,561,030
|
|
|
$
|
(3,239
|
)
|
|
$
|
4,557,791
|
|
Cost of sales (1)
|
(3,073,712
|
)
|
|
(6,542
|
)
|
|
(3,080,254
|
)
|
|||
Gross profit
|
1,487,318
|
|
|
(9,781
|
)
|
|
1,477,537
|
|
|||
Selling, general and administrative expense
|
(971,611
|
)
|
|
(1,122
|
)
|
|
(972,733
|
)
|
|||
Operating income
|
525,568
|
|
|
(10,903
|
)
|
|
514,665
|
|
|||
Other expense, net
|
(40,167
|
)
|
|
1,074
|
|
|
(39,093
|
)
|
|||
Earnings before income taxes
|
422,196
|
|
|
(9,829
|
)
|
|
412,367
|
|
|||
Provision for income taxes
|
(148,922
|
)
|
|
571
|
|
|
(148,351
|
)
|
|||
Net earnings, including noncontrolling interests
|
273,274
|
|
|
(9,258
|
)
|
|
264,016
|
|
|||
Net earnings attributable to Flowserve Corporation
|
$
|
267,669
|
|
|
$
|
(9,258
|
)
|
|
$
|
258,411
|
|
Net earnings per share attributable to Flowserve Corporation common shareholders:
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
2.01
|
|
|
$
|
(0.07
|
)
|
|
$
|
1.94
|
|
Diluted
|
2.00
|
|
|
(0.07
|
)
|
|
1.93
|
|
(Amounts in thousands, except per share data)
|
Year Ended December 31, 2014
|
||||||||||
|
As Reported
|
|
Adjustments
|
|
As Revised
|
||||||
Cost of sales (1)
|
(3,163,268
|
)
|
|
(4,446
|
)
|
|
(3,167,714
|
)
|
|||
Gross profit
|
1,714,617
|
|
|
(4,446
|
)
|
|
1,710,171
|
|
|||
Operating income
|
789,832
|
|
|
(4,446
|
)
|
|
785,386
|
|
|||
Earnings before income taxes
|
733,190
|
|
|
(4,446
|
)
|
|
728,744
|
|
|||
Provision for income taxes
|
(208,305
|
)
|
|
(1,006
|
)
|
|
(209,311
|
)
|
|||
Net earnings, including noncontrolling interests
|
524,885
|
|
|
(5,452
|
)
|
|
519,433
|
|
|||
Net earnings attributable to Flowserve Corporation
|
$
|
518,824
|
|
|
$
|
(5,452
|
)
|
|
$
|
513,372
|
|
Net earnings per share attributable to Flowserve Corporation common shareholders:
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
3.79
|
|
|
$
|
(0.04
|
)
|
|
$
|
3.75
|
|
Diluted
|
3.76
|
|
|
(0.04
|
)
|
|
3.72
|
|
3.
|
ACQUISITION AND DISPOSITION
|
(Amounts in millions)
|
January 7, 2015
|
||
Current assets
|
$
|
151.0
|
|
Intangible assets
|
78.6
|
|
|
Property, plant and equipment
|
94.5
|
|
|
Long-term deferred tax asset
|
11.7
|
|
|
Investments in affiliates
|
7.3
|
|
|
Current liabilities
|
(88.0
|
)
|
|
Noncurrent liabilities
|
(114.7
|
)
|
|
Net tangible and intangible assets
|
140.4
|
|
|
Goodwill
|
201.1
|
|
|
Purchase price, net of cash acquired of $23.4
|
$
|
341.5
|
|
4.
|
GOODWILL AND OTHER INTANGIBLE ASSETS
|
|
EPD
|
|
IPD
|
|
FCD
|
|
Total
|
||||||||
|
(Amounts in thousands)
|
||||||||||||||
Balance as of January 1, 2015
|
$
|
439,740
|
|
|
$
|
164,742
|
|
|
$
|
462,773
|
|
|
$
|
1,067,255
|
|
Acquisition(1)
|
5,253
|
|
|
201,149
|
|
|
—
|
|
|
206,402
|
|
||||
Segment composition change(2)
|
41,072
|
|
|
(41,072
|
)
|
|
—
|
|
|
—
|
|
||||
Currency translation
|
(8,006
|
)
|
|
(23,703
|
)
|
|
(17,962
|
)
|
|
(49,671
|
)
|
||||
Balance as of December 31, 2015
|
$
|
478,059
|
|
|
$
|
301,116
|
|
|
$
|
444,811
|
|
|
$
|
1,223,986
|
|
Currency translation and other
|
(4,228
|
)
|
|
(1,351
|
)
|
|
(13,353
|
)
|
|
(18,932
|
)
|
||||
Balance as of December 31, 2016
|
$
|
473,831
|
|
|
$
|
299,765
|
|
|
$
|
431,458
|
|
|
$
|
1,205,054
|
|
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||
|
Useful
Life
(Years)
|
|
Ending
Gross
Amount
|
|
Accumulated
Amortization
|
|
Ending
Gross
Amount
|
|
Accumulated
Amortization
|
||||||||
|
(Amounts in thousands, except years)
|
||||||||||||||||
Finite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Engineering drawings(1)
|
10-22
|
|
$
|
92,135
|
|
|
$
|
(69,881
|
)
|
|
$
|
92,694
|
|
|
$
|
(66,345
|
)
|
Existing customer relationships(2)
|
5-10
|
|
78,610
|
|
|
(31,671
|
)
|
|
80,270
|
|
|
(25,747
|
)
|
||||
Patents
|
9-16
|
|
26,529
|
|
|
(25,318
|
)
|
|
27,277
|
|
|
(25,242
|
)
|
||||
Other
|
4-40
|
|
83,171
|
|
|
(30,949
|
)
|
|
80,305
|
|
|
(28,092
|
)
|
||||
|
|
|
$
|
280,445
|
|
|
$
|
(157,819
|
)
|
|
$
|
280,546
|
|
|
$
|
(145,426
|
)
|
Indefinite-lived intangible assets(3)
|
|
|
$
|
93,475
|
|
|
$
|
(1,573
|
)
|
|
$
|
95,220
|
|
|
$
|
(1,563
|
)
|
(1)
|
Engineering drawings represent the estimated fair value associated with specific acquired product and component schematics.
|
(2)
|
Existing customer relationships acquired prior to 2011 had a useful life of
five
years.
|
(3)
|
Accumulated amortization for indefinite-lived intangible assets relates to amounts recorded prior to the implementation date of guidance issued in ASC 350.
|
|
Amortization
Expense
|
||
|
(Amounts in thousands)
|
||
Actual for year ended December 31, 2016
|
$
|
13,888
|
|
Estimated for year ending December 31, 2017
|
14,562
|
|
|
Estimated for year ending December 31, 2018
|
14,372
|
|
|
Estimated for year ending December 31, 2019
|
13,914
|
|
|
Estimated for year ending December 31, 2020
|
13,679
|
|
|
Estimated for year ending December 31, 2021
|
14,712
|
|
|
Thereafter
|
51,386
|
|
5.
|
INVENTORIES
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Raw materials
|
$
|
348,012
|
|
|
$
|
390,998
|
|
Work in process
|
629,766
|
|
|
738,688
|
|
||
Finished goods
|
206,086
|
|
|
221,335
|
|
||
Less: Progress billings
|
(216,783
|
)
|
|
(285,582
|
)
|
||
Less: Excess and obsolete reserve
|
(69,391
|
)
|
|
(86,798
|
)
|
||
Inventories, net
|
$
|
897,690
|
|
|
$
|
978,641
|
|
6.
|
STOCK-BASED COMPENSATION PLANS
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||
|
Shares
|
|
Weighted
Average
Exercise
Price
|
|
Shares
|
|
Weighted
Average
Exercise
Price
|
|
Shares
|
|
Weighted
Average
Exercise
Price
|
|||||||||
Number of shares under option:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Outstanding — beginning of year
|
84,261
|
|
|
$
|
17.42
|
|
|
97,962
|
|
|
$
|
16.61
|
|
|
97,962
|
|
|
$
|
16.61
|
|
Exercised
|
(84,261
|
)
|
|
17.42
|
|
|
(13,701
|
)
|
|
11.66
|
|
|
—
|
|
|
—
|
|
|||
Canceled
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Outstanding — end of year
|
—
|
|
|
$
|
—
|
|
|
84,261
|
|
|
$
|
17.42
|
|
|
97,962
|
|
|
$
|
16.61
|
|
Exercisable — end of year
|
—
|
|
|
$
|
—
|
|
|
84,261
|
|
|
$
|
17.42
|
|
|
97,962
|
|
|
$
|
16.61
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
2014
|
|||||||
|
(Amounts in millions)
|
||||||||||
Stock-based compensation expense
|
$
|
30.2
|
|
|
$
|
34.8
|
|
|
$
|
42.7
|
|
Related income tax benefit
|
(10.4
|
)
|
|
(11.8)
|
|
(14.6)
|
|||||
Net stock-based compensation expense
|
$
|
19.8
|
|
|
$
|
23.0
|
|
|
$
|
28.1
|
|
|
Year Ended December 31, 2016
|
|||||
|
Shares
|
|
Weighted Average
Grant-Date Fair Value
|
|||
Number of unvested Restricted Shares:
|
|
|
|
|
|
|
Outstanding — beginning of year
|
1,540,843
|
|
|
$
|
58.14
|
|
Granted
|
634,019
|
|
|
37.27
|
|
|
Vested
|
(708,831
|
)
|
|
54.72
|
|
|
Canceled
|
(206,756
|
)
|
|
50.75
|
|
|
Outstanding — ending of year
|
1,259,275
|
|
|
$
|
50.77
|
|
7.
|
DERIVATIVES AND HEDGING ACTIVITIES
|
|
Year Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Current derivative assets
|
$
|
682
|
|
|
$
|
2,364
|
|
Current derivative liabilities
|
6,878
|
|
|
3,196
|
|
||
Noncurrent derivative liabilities
|
355
|
|
|
441
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in thousands)
|
||||||||||
Gain recognized in income
|
$
|
5,693
|
|
|
$
|
23,900
|
|
|
$
|
8,464
|
|
8.
|
FAIR VALUE OF FINANCIAL INSTRUMENTS
|
9.
|
DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Accounts receivable
|
$
|
934,558
|
|
|
$
|
1,029,707
|
|
Less: allowance for doubtful accounts
|
(51,920
|
)
|
|
(43,935
|
)
|
||
Accounts receivable, net
|
$
|
882,638
|
|
|
$
|
985,772
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Land
|
$
|
81,022
|
|
|
$
|
83,475
|
|
Buildings and improvements
|
442,756
|
|
|
430,267
|
|
||
Machinery, equipment and tooling
|
669,639
|
|
|
690,566
|
|
||
Software, furniture and fixtures and other
|
413,540
|
|
|
409,333
|
|
||
Gross property, plant and equipment
|
1,606,957
|
|
|
1,613,641
|
|
||
Less: accumulated depreciation
|
(882,152
|
)
|
|
(855,214
|
)
|
||
Property, plant and equipment, net
|
$
|
724,805
|
|
|
$
|
758,427
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Wages, compensation and other benefits
|
$
|
148,481
|
|
|
$
|
161,800
|
|
Commissions and royalties
|
27,767
|
|
|
30,574
|
|
||
Customer advance payments
|
253,325
|
|
|
315,510
|
|
||
Progress billings in excess of accumulated costs
|
7,052
|
|
|
8,085
|
|
||
Warranty costs and late delivery penalties
|
48,946
|
|
|
51,894
|
|
||
Sales and use tax
|
14,969
|
|
|
18,110
|
|
||
Income tax
|
15,755
|
|
|
38,747
|
|
||
Other
|
164,691
|
|
|
173,844
|
|
||
Accrued liabilities
|
$
|
680,986
|
|
|
$
|
798,564
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Pension and postretirement benefits
|
$
|
216,772
|
|
|
$
|
203,150
|
|
Deferred taxes(1)
|
20,086
|
|
|
39,081
|
|
||
Legal and environmental
|
32,546
|
|
|
26,538
|
|
||
Uncertain tax positions and other tax liabilities
|
93,524
|
|
|
73,459
|
|
||
Other
|
44,911
|
|
|
45,558
|
|
||
Retirement obligations and other liabilities
|
$
|
407,839
|
|
|
$
|
387,786
|
|
10.
|
EQUITY METHOD INVESTMENTS
|
11.
|
DEBT AND LEASE OBLIGATIONS
|
|
December 31,
|
||||||
|
2016
|
|
2015(1)
|
||||
|
(Amounts in thousands)
|
||||||
1.25% EUR Senior Notes due March 17, 2022, net of unamortized discount and debt issuance costs of $5,748 and $7,034 at December 31, 2016 and 2015, respectively
|
$
|
519,902
|
|
|
$
|
535,966
|
|
4.00% USD Senior Notes due November 15, 2023, net of unamortized discount and debt issuance costs of $2,972 and $3,339 at December 31, 2016 and 2015, respectively
|
297,028
|
|
|
296,661
|
|
||
3.50% USD Senior Notes due September 15, 2022, net of unamortized discount and debt issuance costs of $3,848 and $4,445 at December 31, 2016 and 2015, respectively
|
496,152
|
|
|
495,555
|
|
||
Term Loan Facility, interest rate of 2.25% and 1.86% at December 31, 2016 and 2015, net of debt issuance costs of $745 and $1,181, respectively
|
224,255
|
|
|
283,819
|
|
||
Capital lease obligations and other borrowings
|
33,286
|
|
|
8,995
|
|
||
Debt and capital lease obligations
|
1,570,623
|
|
|
1,620,996
|
|
||
Less amounts due within one year
|
85,365
|
|
|
60,434
|
|
||
Total debt due after one year
|
$
|
1,485,258
|
|
|
$
|
1,560,562
|
|
|
Term
Loan
|
|
Senior Notes and other debt
|
|
Total
|
||||||
|
(Amounts in thousands)
|
||||||||||
2017
|
$
|
60,000
|
|
|
$
|
25,365
|
|
|
$
|
85,365
|
|
2018
|
59,430
|
|
|
7,921
|
|
|
67,351
|
|
|||
2019
|
59,864
|
|
|
—
|
|
|
59,864
|
|
|||
2020
|
44,961
|
|
|
—
|
|
|
44,961
|
|
|||
2021
|
—
|
|
|
—
|
|
|
—
|
|
|||
Thereafter
|
—
|
|
|
1,313,082
|
|
|
1,313,082
|
|
|||
Total
|
$
|
224,255
|
|
|
$
|
1,346,368
|
|
|
$
|
1,570,623
|
|
Year Ended December 31,
|
|||
2017
|
$
|
48,640
|
|
2018
|
38,028
|
|
|
2019
|
29,368
|
|
|
2020
|
23,385
|
|
|
2021
|
19,476
|
|
|
Thereafter
|
65,271
|
|
|
Total minimum lease payments
|
$
|
224,168
|
|
12.
|
PENSION AND POSTRETIREMENT BENEFITS
|
|
Year Ended December 31,
|
|||||||
|
2016
|
|
2015
|
|
2014
|
|||
Weighted average assumptions used to determine Benefit Obligations:
|
|
|
|
|
|
|
|
|
Discount rate
|
4.00
|
%
|
|
4.75
|
%
|
|
4.00
|
%
|
Rate of increase in compensation levels
|
4.00
|
|
|
4.00
|
|
|
4.25
|
|
Weighted average assumptions used to determine net pension expense:
|
|
|
|
|
|
|||
Long-term rate of return on assets
|
6.00
|
%
|
|
6.25
|
%
|
|
6.00
|
%
|
Discount rate
|
4.75
|
|
|
4.00
|
|
|
4.50
|
|
Rate of increase in compensation levels
|
4.00
|
|
|
4.25
|
|
|
4.25
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in thousands)
|
||||||||||
Service cost
|
$
|
22,583
|
|
|
$
|
24,113
|
|
|
$
|
22,981
|
|
Interest cost
|
19,072
|
|
|
17,072
|
|
|
17,429
|
|
|||
Expected return on plan assets
|
(23,997
|
)
|
|
(24,185
|
)
|
|
(21,985
|
)
|
|||
Settlement cost
|
91
|
|
|
—
|
|
|
—
|
|
|||
Amortization of unrecognized prior service cost
|
488
|
|
|
509
|
|
|
475
|
|
|||
Amortization of unrecognized net loss
|
4,999
|
|
|
9,178
|
|
|
8,428
|
|
|||
U.S. net pension expense
|
$
|
23,236
|
|
|
$
|
26,687
|
|
|
$
|
27,328
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Plan assets, at fair value
|
$
|
418,854
|
|
|
$
|
408,218
|
|
Benefit Obligation
|
(449,601
|
)
|
|
(426,248
|
)
|
||
Funded status
|
$
|
(30,747
|
)
|
|
$
|
(18,030
|
)
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Current liabilities
|
(273
|
)
|
|
(248
|
)
|
||
Noncurrent liabilities
|
(30,474
|
)
|
|
(17,782
|
)
|
||
Funded status
|
$
|
(30,747
|
)
|
|
$
|
(18,030
|
)
|
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Balance — January 1
|
$
|
426,248
|
|
|
$
|
447,552
|
|
Service cost
|
22,583
|
|
|
24,113
|
|
||
Interest cost
|
19,072
|
|
|
17,072
|
|
||
Plan amendments and settlements
|
(3,221
|
)
|
|
—
|
|
||
Actuarial loss (gain)(1)
|
22,706
|
|
|
(28,052
|
)
|
||
Benefits paid
|
(37,787
|
)
|
|
(34,437
|
)
|
||
Balance — December 31
|
$
|
449,601
|
|
|
$
|
426,248
|
|
Accumulated benefit obligations at December 31
|
$
|
449,601
|
|
|
$
|
426,248
|
|
(1)
|
The actuarial loss in 2016 and gain in 2015 primarily reflect the impact of changes in the discount rate.
|
2017
|
$
|
38.6
|
|
2018
|
40.1
|
|
|
2019
|
40.4
|
|
|
2020
|
40.9
|
|
|
2021
|
45.4
|
|
|
2022-2026
|
206.0
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in thousands)
|
||||||||||
Balance — January 1
|
$
|
(61,647
|
)
|
|
$
|
(66,903
|
)
|
|
$
|
(55,110
|
)
|
Amortization of net loss
|
3,136
|
|
|
5,750
|
|
|
5,277
|
|
|||
Amortization of prior service cost
|
306
|
|
|
318
|
|
|
297
|
|
|||
Net loss arising during the year
|
(11,618
|
)
|
|
(812
|
)
|
|
(17,367
|
)
|
|||
Settlement gain
|
57
|
|
|
—
|
|
|
—
|
|
|||
Prior service cost
|
634
|
|
|
—
|
|
|
—
|
|
|||
Balance — December 31
|
$
|
(69,132
|
)
|
|
$
|
(61,647
|
)
|
|
$
|
(66,903
|
)
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Unrecognized net loss
|
$
|
(68,476
|
)
|
|
$
|
(60,034
|
)
|
Unrecognized prior service cost
|
(656
|
)
|
|
(1,613
|
)
|
||
Accumulated other comprehensive loss, net of tax
|
$
|
(69,132
|
)
|
|
$
|
(61,647
|
)
|
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Balance — January 1
|
$
|
408,218
|
|
|
$
|
426,784
|
|
Return on plan assets
|
28,182
|
|
|
(5,160
|
)
|
||
Company contributions
|
22,450
|
|
|
21,031
|
|
||
Benefits paid
|
(37,787
|
)
|
|
(34,437
|
)
|
||
Settlements
|
(2,209
|
)
|
|
—
|
|
||
Balance — December 31
|
$
|
418,854
|
|
|
$
|
408,218
|
|
|
Target Allocation
at December 31,
|
|
Percentage of Actual Plan Assets at December 31,
|
||||||||
Asset category
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
U.S. Large Cap
|
19
|
%
|
|
19
|
%
|
|
20
|
%
|
|
19
|
%
|
U.S. Small Cap
|
4
|
%
|
|
4
|
%
|
|
4
|
%
|
|
4
|
%
|
International Large Cap
|
14
|
%
|
|
14
|
%
|
|
14
|
%
|
|
14
|
%
|
Emerging Markets
|
5
|
%
|
|
5
|
%
|
|
5
|
%
|
|
5
|
%
|
World Equity
|
8
|
%
|
|
8
|
%
|
|
8
|
%
|
|
8
|
%
|
Equity securities
|
50
|
%
|
|
50
|
%
|
|
51
|
%
|
|
50
|
%
|
Liability Driven Investment
|
40
|
%
|
|
39
|
%
|
|
39
|
%
|
|
39
|
%
|
Long-Term Government / Credit
|
10
|
%
|
|
11
|
%
|
|
10
|
%
|
|
11
|
%
|
Fixed income
|
50
|
%
|
|
50
|
%
|
|
49
|
%
|
|
50
|
%
|
|
At December 31, 2016
|
|
At December 31, 2015
|
||||||||||||||||||||||||||||
|
|
|
Hierarchical Levels
|
|
|
|
Hierarchical Levels
|
||||||||||||||||||||||||
|
Total
|
|
I
|
|
II
|
|
III
|
|
Total
|
|
I
|
|
II
|
|
III
|
||||||||||||||||
|
(Amounts in thousands)
|
|
(Amounts in thousands)
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
848
|
|
|
$
|
848
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commingled Funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. Large Cap(a)
|
81,953
|
|
|
—
|
|
|
81,953
|
|
|
—
|
|
|
77,765
|
|
|
—
|
|
|
77,765
|
|
|
—
|
|
||||||||
U.S. Small Cap(b)
|
17,738
|
|
|
—
|
|
|
17,738
|
|
|
—
|
|
|
16,160
|
|
|
—
|
|
|
16,160
|
|
|
—
|
|
||||||||
International Large Cap(c)
|
59,435
|
|
|
—
|
|
|
59,435
|
|
|
—
|
|
|
57,174
|
|
|
—
|
|
|
57,174
|
|
|
—
|
|
||||||||
Emerging Markets(d)
|
20,014
|
|
|
—
|
|
|
20,014
|
|
|
—
|
|
|
19,888
|
|
|
—
|
|
|
19,888
|
|
|
—
|
|
||||||||
World Equity(e)
|
34,261
|
|
|
—
|
|
|
34,261
|
|
|
—
|
|
|
32,680
|
|
|
—
|
|
|
32,680
|
|
|
—
|
|
||||||||
Fixed income securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Liability Driven Investment (f)
|
164,384
|
|
|
—
|
|
|
164,384
|
|
|
—
|
|
|
159,900
|
|
|
—
|
|
|
159,900
|
|
|
—
|
|
||||||||
Long-Term Government/Credit(g)
|
40,221
|
|
|
—
|
|
|
40,221
|
|
|
—
|
|
|
44,620
|
|
|
—
|
|
|
44,620
|
|
|
—
|
|
||||||||
|
$
|
418,854
|
|
|
$
|
848
|
|
|
$
|
418,006
|
|
|
$
|
—
|
|
|
$
|
408,218
|
|
|
$
|
31
|
|
|
$
|
408,187
|
|
|
$
|
—
|
|
(a)
|
U.S. Large Cap funds seek to outperform the Russell 1000 (R) Index with investments in large and medium capitalization U.S. companies represented in the Russell 1000 (R) Index, which is composed of the largest 1,000 U.S. equities as determined by market capitalization.
|
(b)
|
U.S. Small Cap funds seek to outperform the Russell 2000 (R) Index with investments in medium and small capitalization U.S.
companies represented in the Russell 2000 (R) Index, which is composed of the smallest 2,000 U.S. equities as determined by market capitalization.
|
(c)
|
International Large Cap funds seek to outperform the MSCI Europe, Australia, and Far East Index with investments in most of the developed nations of the world so as to maintain a high degree of diversification among countries and currencies.
|
(d)
|
Emerging Markets funds represent a diversified portfolio that seeks high, long-term returns comparable to investments in emerging markets by investing in stocks from newly developed emerging market economies.
|
(e)
|
World Equity funds seek to outperform the Russell Developed Large Cap Index Net over a full market cycle. The fund's goal is to provide a favorable total return relative to the benchmark, primarily through long-term capital appreciation.
|
(f)
|
LDI funds seek to outperform the Barclays-Russell LDI Index by investing in high quality, mostly corporate bonds and fixed income securities that closely match those found in discount curves used to value the plan's liabilities.
|
(g)
|
Long-Term Government/Credit funds seek to outperform the Barclays Capital U.S. Long-Term Government/Credit Index by generating excess return through a variety of diversified strategies in securities with longer durations, such as sector rotation, security selection and tactical use of high-yield bonds.
|
|
Year Ended December 31,
|
|||||||
|
2016
|
|
2015
|
|
2014
|
|||
Weighted average assumptions used to determine Benefit Obligations:
|
|
|
|
|
|
|
|
|
Discount rate
|
2.34
|
%
|
|
3.13
|
%
|
|
3.40
|
%
|
Rate of increase in compensation levels
|
3.22
|
|
|
3.61
|
|
|
3.95
|
|
Weighted average assumptions used to determine net pension expense:
|
|
|
|
|
|
|||
Long-term rate of return on assets
|
4.68
|
%
|
|
5.03
|
%
|
|
5.51
|
%
|
Discount rate
|
3.13
|
|
|
3.40
|
|
|
4.22
|
|
Rate of increase in compensation levels
|
3.61
|
|
|
3.95
|
|
|
3.83
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in thousands)
|
||||||||||
Service cost
|
$
|
7,131
|
|
|
$
|
7,832
|
|
|
$
|
6,857
|
|
Interest cost
|
11,623
|
|
|
11,770
|
|
|
14,576
|
|
|||
Expected return on plan assets
|
(10,013
|
)
|
|
(11,693
|
)
|
|
(10,581
|
)
|
|||
Amortization of unrecognized net loss
|
4,751
|
|
|
4,949
|
|
|
6,962
|
|
|||
Amortization of unrecognized prior service cost (benefit)
|
4
|
|
|
(12
|
)
|
|
—
|
|
|||
Settlement and other
|
780
|
|
|
570
|
|
|
314
|
|
|||
Non-U.S. net pension expense
|
$
|
14,276
|
|
|
$
|
13,416
|
|
|
$
|
18,128
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Plan assets, at fair value
|
$
|
223,491
|
|
|
$
|
230,827
|
|
Benefit Obligation
|
(383,947
|
)
|
|
(386,175
|
)
|
||
Funded status
|
$
|
(160,456
|
)
|
|
$
|
(155,348
|
)
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Noncurrent assets
|
$
|
4,905
|
|
|
$
|
9,570
|
|
Current liabilities
|
(7,932
|
)
|
|
(9,950
|
)
|
||
Noncurrent liabilities
|
(157,429
|
)
|
|
(154,968
|
)
|
||
Funded status
|
$
|
(160,456
|
)
|
|
$
|
(155,348
|
)
|
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Balance — January 1
|
$
|
386,175
|
|
|
$
|
361,351
|
|
Acquisition
|
—
|
|
|
65,920
|
|
||
Service cost
|
7,131
|
|
|
7,832
|
|
||
Interest cost
|
11,623
|
|
|
11,770
|
|
||
Employee contributions
|
219
|
|
|
312
|
|
||
Plan amendments and other
|
(10,347
|
)
|
|
(1,254
|
)
|
||
Actuarial loss (gain) (1)
|
49,826
|
|
|
(6,407
|
)
|
||
Net benefits and expenses paid
|
(21,735
|
)
|
|
(16,476
|
)
|
||
Currency translation impact(2)
|
(38,945
|
)
|
|
(36,873
|
)
|
||
Balance — December 31
|
$
|
383,947
|
|
|
$
|
386,175
|
|
Accumulated benefit obligations at December 31
|
$
|
362,618
|
|
|
$
|
363,918
|
|
(1)
|
The 2016 actuarial loss primarily reflects the decrease in the discount rates for U.K. and the Euro-zone.
|
(2)
|
The currency translation impact reflects the strengthening of the U.S. dollar against our significant currencies, primarily the Euro and British pound.
|
2017
|
$
|
16.5
|
|
2018
|
14.3
|
|
|
2019
|
14.7
|
|
|
2020
|
15.0
|
|
|
2021
|
15.4
|
|
|
2022-2026
|
84.3
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in thousands)
|
||||||||||
Balance — January 1
|
$
|
(59,993
|
)
|
|
$
|
(69,598
|
)
|
|
$
|
(78,863
|
)
|
Amortization of net loss
|
3,673
|
|
|
3,776
|
|
|
5,262
|
|
|||
Net loss arising during the year
|
(20,071
|
)
|
|
(2,673
|
)
|
|
(3,709
|
)
|
|||
Settlement loss
|
610
|
|
|
390
|
|
|
216
|
|
|||
Prior service (cost) benefit arising during the year
|
—
|
|
|
(14
|
)
|
|
141
|
|
|||
Currency translation impact and other
|
7,521
|
|
|
8,126
|
|
|
7,355
|
|
|||
Balance — December 31
|
$
|
(68,260
|
)
|
|
$
|
(59,993
|
)
|
|
$
|
(69,598
|
)
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Unrecognized net loss
|
$
|
(68,194
|
)
|
|
$
|
(59,878
|
)
|
Unrecognized prior service cost
|
(66
|
)
|
|
(115
|
)
|
||
Accumulated other comprehensive loss, net of tax
|
$
|
(68,260
|
)
|
|
$
|
(59,993
|
)
|
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Balance — January 1
|
$
|
230,827
|
|
|
$
|
215,360
|
|
Acquisition
|
—
|
|
|
23,333
|
|
||
Return on plan assets
|
33,073
|
|
|
3,017
|
|
||
Employee contributions
|
219
|
|
|
312
|
|
||
Company contributions
|
20,004
|
|
|
22,785
|
|
||
Settlements
|
(4,511
|
)
|
|
(1,485
|
)
|
||
Currency translation impact and other
|
(34,386
|
)
|
|
(16,019
|
)
|
||
Net benefits and expenses paid
|
(21,735
|
)
|
|
(16,476
|
)
|
||
Balance — December 31
|
$
|
223,491
|
|
|
$
|
230,827
|
|
|
|
Target Allocation at
December 31,
|
|
Percentage of Actual Plan
Assets at December 31,
|
||||||||
Asset category
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
North American Companies
|
|
7
|
%
|
|
6
|
%
|
|
7
|
%
|
|
6
|
%
|
U.K. Companies
|
|
—
|
%
|
|
8
|
%
|
|
—
|
%
|
|
8
|
%
|
European Companies
|
|
—
|
%
|
|
4
|
%
|
|
—
|
%
|
|
3
|
%
|
Asian Pacific Companies
|
|
—
|
%
|
|
2
|
%
|
|
—
|
%
|
|
2
|
%
|
Global Equity
|
|
8
|
%
|
|
9
|
%
|
|
8
|
%
|
|
8
|
%
|
Equity securities
|
|
15
|
%
|
|
29
|
%
|
|
15
|
%
|
|
27
|
%
|
U.K. Government Gilt Index
|
|
31
|
%
|
|
27
|
%
|
|
31
|
%
|
|
27
|
%
|
U.K. Corporate Bond Index
|
|
1
|
%
|
|
20
|
%
|
|
1
|
%
|
|
19
|
%
|
Global Fixed Income Bond
|
|
2
|
%
|
|
18
|
%
|
|
2
|
%
|
|
18
|
%
|
Liability Driven Investment
|
|
11
|
%
|
|
—
|
%
|
|
11
|
%
|
|
—
|
%
|
Fixed income
|
|
45
|
%
|
|
65
|
%
|
|
45
|
%
|
|
64
|
%
|
Multi-asset
|
|
25
|
%
|
|
—
|
%
|
|
25
|
%
|
|
—
|
%
|
Buy-in Contract
|
|
9
|
%
|
|
—
|
%
|
|
9
|
%
|
|
—
|
%
|
Other
|
|
6
|
%
|
|
6
|
%
|
|
6
|
%
|
|
9
|
%
|
Other Types
|
|
40
|
%
|
|
6
|
%
|
|
40
|
%
|
|
9
|
%
|
|
At December 31, 2016
|
|
At December 31, 2015
|
||||||||||||||||||||||||||||
|
|
|
Hierarchical Levels
|
|
|
|
Hierarchical Levels
|
||||||||||||||||||||||||
|
Total
|
|
I
|
|
II
|
|
III
|
|
Total
|
|
I
|
|
II
|
|
III
|
||||||||||||||||
|
(Amounts in thousands)
|
|
(Amounts in thousands)
|
||||||||||||||||||||||||||||
Cash
|
$
|
10,396
|
|
|
$
|
10,396
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,641
|
|
|
$
|
5,641
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commingled Funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
North American Companies(a)
|
5,945
|
|
|
—
|
|
|
5,945
|
|
|
—
|
|
|
13,737
|
|
|
—
|
|
|
13,737
|
|
|
—
|
|
||||||||
U.K. Companies(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,003
|
|
|
—
|
|
|
18,003
|
|
|
—
|
|
||||||||
European Companies (c)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,035
|
|
|
—
|
|
|
8,035
|
|
|
—
|
|
||||||||
Asian Pacific Companies(d)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,378
|
|
|
—
|
|
|
5,378
|
|
|
—
|
|
||||||||
Global Equity(e)
|
16,774
|
|
|
—
|
|
|
16,774
|
|
|
—
|
|
|
19,581
|
|
|
—
|
|
|
19,581
|
|
|
—
|
|
||||||||
Fixed income securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.K. Government Gilt Index(f)
|
68,227
|
|
|
—
|
|
|
68,227
|
|
|
—
|
|
|
60,478
|
|
|
—
|
|
|
60,478
|
|
|
—
|
|
||||||||
U.K. Corporate Bond Index(g)
|
2,785
|
|
|
—
|
|
|
2,785
|
|
|
—
|
|
|
44,318
|
|
|
—
|
|
|
44,318
|
|
|
—
|
|
||||||||
Global Fixed Income Bond(h)
|
5,259
|
|
|
—
|
|
|
5,259
|
|
|
—
|
|
|
41,325
|
|
|
—
|
|
|
41,325
|
|
|
—
|
|
||||||||
Liability Driven Investment (i)
|
25,348
|
|
|
—
|
|
|
25,348
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other Types of Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Multi-asset (j)
|
54,880
|
|
|
—
|
|
|
54,880
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Buy-in Contract (k)
|
20,931
|
|
|
—
|
|
|
—
|
|
|
20,931
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other(I)
|
12,946
|
|
|
—
|
|
|
—
|
|
|
12,946
|
|
|
14,331
|
|
|
—
|
|
|
—
|
|
|
14,331
|
|
||||||||
|
$
|
223,491
|
|
|
$
|
10,396
|
|
|
$
|
179,218
|
|
|
$
|
33,877
|
|
|
$
|
230,827
|
|
|
$
|
5,641
|
|
|
$
|
210,855
|
|
|
$
|
14,331
|
|
(a)
|
North American Companies represents U.S. and Canadian large cap equity funds, which are managed and track their respective benchmarks (FTSE All-World USA Index and FTSE All-World Canada Index).
|
(b)
|
U.K. Companies represents a U.K. equity index fund, which is passively managed and tracks the FTSE All-Share Index.
|
(c)
|
European companies represents a European equity index fund, which is passively managed and tracks the FTSE All-World Developed Europe Ex-U.K. Index.
|
(d)
|
Asian Pacific Companies represents Japanese and Pacific Rim equity index funds, which are passively managed and track their respective benchmarks (FTSE All-World Japan Index and FTSE All-World Developed Asia Pacific Ex-Japan Index).
|
(e)
|
Global Equity represents actively managed, global equity funds taking a top-down strategic view on the different regions by analyzing companies based on fundamentals, market-driven, thematic and quantitative factors to generate alpha.
|
(f)
|
U.K. Government Gilt Index represents U.K. government issued fixed income investments which are passively managed and track the respective benchmarks (FTSE U.K. Gilt Index-Linked Over 5 Years Index, FTSE U.K. Gilt Over 15 Years Index and FTSE UK Gilt Index-Linked Over 25 Years Index).
|
(g)
|
U.K. Corporate Bond Index represents U.K. corporate bond investments, which are passively managed and track the iBoxx Over 15 years £ Non-Gilt Index.
|
(h)
|
Global Fixed Income Bond represents investment funds that are actively managed, diversified and invested in traditional government bonds, high-quality corporate bonds, asset backed securities and emerging market debt.
|
(i)
|
Liability Driven Investment seeks to invest in fixed income securities that closely match those found in discount curves used to value the plan's liabilities.
|
(j)
|
Multi-asset seeks an attractive risk-adjusted return by investing in a diversified portfolio of strategies, including equities and fixed income.
|
(k)
|
Buy-in contract represents an asset held by the Netherlands plan, whereby the cost of providing benefits is funded by the contract. The initial investment in this contract of
$19.7 million
was made on January 1, 2016 and fair value and currency adjustments resulted in a fair value of
$20.9 million
at
December 31, 2016
. The fair value of this asset is based on the current present value of accrued benefits and will fluctuate based on changes in the obligations associated with covered plan members as well as the assumptions used in the present value calculation.
|
(l)
|
Includes assets held by plans outside the United Kingdom and the Netherlands. Details, including Level III rollforward details are not material.
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Benefit Obligation
|
$
|
802,456
|
|
|
$
|
629,402
|
|
Accumulated benefit obligation
|
784,337
|
|
|
614,172
|
|
||
Fair value of plan assets
|
607,705
|
|
|
449,818
|
|
|
Year Ended December 31,
|
|||||||
|
2016
|
|
2015
|
|
2014
|
|||
Weighted average assumptions used to determine Benefit Obligation:
|
|
|
|
|
|
|
|
|
Discount rate
|
3.75
|
%
|
|
4.25
|
%
|
|
3.75
|
%
|
Weighted average assumptions used to determine net expense:
|
|
|
|
|
|
|||
Discount rate
|
4.25
|
%
|
|
3.75
|
%
|
|
4.00
|
%
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in thousands)
|
||||||||||
Service cost
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
3
|
|
Interest cost
|
1,154
|
|
|
1,155
|
|
|
1,200
|
|
|||
Amortization of unrecognized prior service cost
|
122
|
|
|
122
|
|
|
—
|
|
|||
Amortization of unrecognized net gain
|
(355
|
)
|
|
(539
|
)
|
|
(1,220
|
)
|
|||
Net postretirement benefit expense (income)
|
$
|
922
|
|
|
$
|
740
|
|
|
$
|
(17
|
)
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Postretirement Benefit Obligation
|
$
|
27,317
|
|
|
$
|
28,614
|
|
Funded status
|
$
|
(27,317
|
)
|
|
$
|
(28,614
|
)
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Current liabilities
|
$
|
(3,442
|
)
|
|
$
|
(3,582
|
)
|
Noncurrent liabilities
|
(23,875
|
)
|
|
(25,032
|
)
|
||
Funded status
|
$
|
(27,317
|
)
|
|
$
|
(28,614
|
)
|
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Balance — January 1
|
$
|
28,614
|
|
|
$
|
33,019
|
|
Service cost
|
1
|
|
|
2
|
|
||
Interest cost
|
1,154
|
|
|
1,155
|
|
||
Employee contributions
|
856
|
|
|
789
|
|
||
Medicare subsidies receivable
|
117
|
|
|
71
|
|
||
Actuarial loss
|
1,907
|
|
|
127
|
|
||
Plan Amendments
|
—
|
|
|
(625
|
)
|
||
Net benefits and expenses paid
|
(5,332
|
)
|
|
(5,924
|
)
|
||
Balance — December 31
|
$
|
27,317
|
|
|
$
|
28,614
|
|
|
Expected
Payments
|
|
Medicare
Subsidy
|
||||
2017
|
$
|
3.5
|
|
|
$
|
0.1
|
|
2018
|
3.2
|
|
|
0.1
|
|
||
2019
|
3.0
|
|
|
0.1
|
|
||
2020
|
2.7
|
|
|
0.1
|
|
||
2021
|
2.4
|
|
|
0.1
|
|
||
2022-2026
|
9.3
|
|
|
0.3
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in thousands)
|
||||||||||
Balance — January 1
|
$
|
1,179
|
|
|
$
|
1,103
|
|
|
$
|
4,445
|
|
Amortization of net gain
|
(223
|
)
|
|
(338
|
)
|
|
(764
|
)
|
|||
Amortization of prior service cost
|
77
|
|
|
76
|
|
|
(1,464
|
)
|
|||
Net (loss) gain arising during the year
|
(1,196
|
)
|
|
338
|
|
|
(1,114
|
)
|
|||
Balance — December 31
|
$
|
(163
|
)
|
|
$
|
1,179
|
|
|
$
|
1,103
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Unrecognized net (loss) gain
|
$
|
(455
|
)
|
|
$
|
2,344
|
|
Unrecognized prior service gain (cost)
|
292
|
|
|
(1,165
|
)
|
||
Accumulated other comprehensive (loss) income, net of tax
|
$
|
(163
|
)
|
|
$
|
1,179
|
|
|
1% Increase
|
|
1% Decrease
|
||||
Effect on postretirement Benefit Obligation
|
$
|
149
|
|
|
$
|
(142
|
)
|
Effect on service cost plus interest cost
|
4
|
|
|
(4
|
)
|
13.
|
LEGAL MATTERS AND CONTINGENCIES
|
14.
|
WARRANTY RESERVE
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in thousands)
|
||||||||||
Balance — January 1
|
$
|
34,574
|
|
|
$
|
31,095
|
|
|
$
|
37,828
|
|
Accruals for warranty expense, net of adjustments
|
28,364
|
|
|
33,113
|
|
|
24,909
|
|
|||
Settlements made
|
(32,479
|
)
|
|
(29,634
|
)
|
|
(31,642
|
)
|
|||
Balance — December 31
|
$
|
30,459
|
|
|
$
|
34,574
|
|
|
$
|
31,095
|
|
15.
|
SHAREHOLDERS’ EQUITY
|
16.
|
INCOME TAXES
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in thousands)
|
||||||||||
Current:
|
|
|
|
|
|
|
|
|
|||
U.S. federal
|
$
|
20,569
|
|
|
$
|
62,032
|
|
|
$
|
62,301
|
|
Non-U.S.
|
75,227
|
|
|
78,489
|
|
|
123,052
|
|
|||
State and local
|
2,612
|
|
|
4,947
|
|
|
7,422
|
|
|||
Total current
|
98,408
|
|
|
145,468
|
|
|
192,775
|
|
|||
Deferred:
|
|
|
|
|
|
|
|
|
|||
U.S. federal
|
22,249
|
|
|
(3,509
|
)
|
|
1,270
|
|
|||
Non-U.S.
|
(45,577
|
)
|
|
4,972
|
|
|
14,022
|
|
|||
State and local
|
2,300
|
|
|
1,420
|
|
|
1,244
|
|
|||
Total deferred
|
(21,028
|
)
|
|
2,883
|
|
|
16,536
|
|
|||
Total provision
|
$
|
77,380
|
|
|
$
|
148,351
|
|
|
$
|
209,311
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Amounts in millions)
|
||||||||||
Statutory federal income tax at 35%
|
$
|
74.5
|
|
|
$
|
144.3
|
|
|
$
|
255.1
|
|
Foreign impact, net
|
(13.9
|
)
|
|
(22.1
|
)
|
|
(54.6
|
)
|
|||
Change in valuation allowance
|
14.2
|
|
|
11.6
|
|
|
(1.6
|
)
|
|||
State and local income taxes, net
|
4.9
|
|
|
6.4
|
|
|
8.7
|
|
|||
Other
|
(2.3
|
)
|
|
8.2
|
|
|
1.7
|
|
|||
Total
|
$
|
77.4
|
|
|
$
|
148.4
|
|
|
$
|
209.3
|
|
Effective tax rate
|
36.3
|
%
|
|
36.0
|
%
|
|
28.7
|
%
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Amounts in thousands)
|
||||||
Deferred tax assets related to:
|
|
|
|
|
|
||
Retirement benefits
|
$
|
39,644
|
|
|
$
|
36,845
|
|
Net operating loss carryforwards
|
48,180
|
|
|
29,473
|
|
||
Compensation accruals
|
30,299
|
|
|
36,695
|
|
||
Inventories
|
43,445
|
|
|
50,142
|
|
||
Credit carryforwards
|
64,251
|
|
|
50,380
|
|
||
Warranty and accrued liabilities
|
35,039
|
|
|
30,897
|
|
||
Other
|
64,236
|
|
|
41,544
|
|
||
Total deferred tax assets
|
325,094
|
|
|
275,976
|
|
||
Valuation allowances
|
(36,191
|
)
|
|
(24,725
|
)
|
||
Net deferred tax assets
|
288,903
|
|
|
251,251
|
|
||
Deferred tax liabilities related to:
|
|
|
|
|
|
||
Property, plant and equipment
|
(47,616
|
)
|
|
(43,348
|
)
|
||
Goodwill and intangibles
|
(176,935
|
)
|
|
(175,748
|
)
|
||
Other
|
(716
|
)
|
|
(972
|
)
|
||
Total deferred tax liabilities
|
(225,267
|
)
|
|
(220,068
|
)
|
||
Deferred tax assets, net
|
$
|
63,636
|
|
|
$
|
31,183
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Balance — January 1
|
$
|
56.1
|
|
|
$
|
51.5
|
|
|
$
|
59.3
|
|
Gross amount of increases in unrecognized tax benefits resulting from tax positions taken:
|
|
|
|
|
|
|
|
||||
During a prior year
|
1.9
|
|
|
9.8
|
|
|
2.7
|
|
|||
During the current period
|
14.3
|
|
|
8.6
|
|
|
7.2
|
|
|||
Decreases in unrecognized tax benefits relating to:
|
|
|
|
|
|
|
|||||
Settlements with taxing authorities
|
(4.0
|
)
|
|
(1.1
|
)
|
|
(3.9
|
)
|
|||
Lapse of the applicable statute of limitations
|
(7.3
|
)
|
|
(7.4
|
)
|
|
(10.0
|
)
|
|||
Decreases in unrecognized tax benefits relating to foreign currency translation adjustments
|
(1.7
|
)
|
|
(5.3
|
)
|
|
(3.8
|
)
|
|||
Balance — December 31
|
$
|
59.3
|
|
|
$
|
56.1
|
|
|
$
|
51.5
|
|
17.
|
BUSINESS SEGMENT INFORMATION
|
•
|
EPD for long lead time, custom and other highly-engineered pumps and pump systems, mechanical seals, auxiliary systems and replacement parts and related services;
|
•
|
IPD for engineered and pre-configured industrial pumps and pump systems and related products and services; and
|
•
|
FCD for engineered and industrial valves, control valves, actuators and controls and related services.
|
|
|
|
|
|
Subtotal—Reportable Segments
|
|
Eliminations and All Other
|
|
Consolidated Total
|
||||||||||||||
|
EPD
|
|
IPD
|
|
FCD
|
|
|
|
|||||||||||||||
|
(Amounts in thousands)
|
||||||||||||||||||||||
Year Ended December 31, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Sales to external customers
|
|
$1,963,086
|
|
|
$
|
799,923
|
|
|
$
|
1,227,478
|
|
|
$
|
3,990,487
|
|
|
$
|
—
|
|
|
$
|
3,990,487
|
|
Intersegment sales
|
32,873
|
|
|
35,156
|
|
|
6,234
|
|
|
74,263
|
|
|
(74,263
|
)
|
|
—
|
|
||||||
Segment operating income (loss)
|
167,420
|
|
|
(6,370
|
)
|
|
198,620
|
|
|
359,670
|
|
|
(91,705
|
)
|
|
267,965
|
|
||||||
Depreciation and amortization
|
48,957
|
|
|
28,824
|
|
|
28,189
|
|
|
105,970
|
|
|
10,782
|
|
|
116,752
|
|
||||||
Identifiable assets
|
2,082,729
|
|
|
1,010,107
|
|
|
1,310,273
|
|
|
4,403,109
|
|
|
305,814
|
|
|
4,708,923
|
|
||||||
Capital expenditures
|
29,426
|
|
|
17,336
|
|
|
26,467
|
|
|
73,229
|
|
|
16,470
|
|
|
89,699
|
|
|
|
|
|
|
Subtotal—Reportable Segments
|
|
Eliminations and All Other
|
|
Consolidated Total
|
||||||||||||||
|
EPD
|
|
IPD
|
|
FCD
|
|
|
|
|||||||||||||||
|
(Amounts in thousands)
|
||||||||||||||||||||||
Year Ended December 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Sales to external customers
|
|
$2,209,809
|
|
|
$
|
937,756
|
|
|
$
|
1,410,226
|
|
|
$
|
4,557,791
|
|
|
$
|
—
|
|
|
$
|
4,557,791
|
|
Intersegment sales
|
46,821
|
|
|
44,137
|
|
|
5,276
|
|
|
96,234
|
|
|
(96,234
|
)
|
|
—
|
|
||||||
Segment operating income
|
319,980
|
|
|
29,128
|
|
|
233,616
|
|
|
582,724
|
|
|
(68,059
|
)
|
|
514,665
|
|
||||||
Depreciation and amortization
|
50,289
|
|
|
36,826
|
|
|
30,404
|
|
|
117,519
|
|
|
9,568
|
|
|
127,087
|
|
||||||
Identifiable assets(1)
|
2,230,134
|
|
|
1,056,400
|
|
|
1,323,758
|
|
|
4,610,292
|
|
|
352,814
|
|
|
4,963,106
|
|
||||||
Capital expenditures
|
88,496
|
|
|
19,446
|
|
|
63,569
|
|
|
171,511
|
|
|
10,350
|
|
|
181,861
|
|
|
|
|
|
|
Subtotal—Reportable Segments
|
|
Eliminations and All Other
|
|
Consolidated Total
|
||||||||||||||
|
EPD
|
|
IPD
|
|
FCD
|
|
|
|
|||||||||||||||
|
(Amounts in thousands)
|
||||||||||||||||||||||
Year Ended December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Sales to external customers
|
$
|
2,507,708
|
|
|
$
|
760,923
|
|
|
$
|
1,609,254
|
|
|
$
|
4,877,885
|
|
|
$
|
—
|
|
|
$
|
4,877,885
|
|
Intersegment sales
|
56,902
|
|
|
44,958
|
|
|
6,474
|
|
|
108,334
|
|
|
(108,334
|
)
|
|
—
|
|
||||||
Segment operating income
|
446,170
|
|
|
103,574
|
|
|
322,845
|
|
|
872,589
|
|
|
(87,203
|
)
|
|
785,386
|
|
||||||
Depreciation and amortization
|
51,047
|
|
|
14,718
|
|
|
35,458
|
|
|
101,223
|
|
|
9,054
|
|
|
110,277
|
|
||||||
Identifiable assets(1)
|
2,333,895
|
|
|
620,038
|
|
|
1,425,555
|
|
|
4,379,488
|
|
|
465,179
|
|
|
4,844,667
|
|
||||||
Capital expenditures
|
69,107
|
|
|
15,165
|
|
|
37,496
|
|
|
121,768
|
|
|
10,851
|
|
|
132,619
|
|
|
Year Ended December 31, 2016
|
||||||||||||
|
Sales
|
|
Percentage
|
|
Long-Lived
Assets
|
|
Percentage
|
||||||
|
(Amounts in thousands, except percentages)
|
||||||||||||
United States(5)
|
$
|
1,537,779
|
|
|
38.5
|
%
|
|
$
|
338,038
|
|
|
31.5
|
%
|
EMA(1)
|
1,541,984
|
|
|
38.6
|
%
|
|
288,903
|
|
|
31.8
|
%
|
||
Asia(2)
|
500,424
|
|
|
12.5
|
%
|
|
144,599
|
|
|
15.9
|
%
|
||
Other(3)(5)
|
410,300
|
|
|
10.4
|
%
|
|
136,391
|
|
|
20.8
|
%
|
||
Consolidated total
|
$
|
3,990,487
|
|
|
100.0
|
%
|
|
$
|
907,931
|
|
|
100.0
|
%
|
|
Year Ended December 31, 2015
|
||||||||||||
|
Sales
|
|
Percentage
|
|
Long-Lived
Assets
|
|
Percentage
|
||||||
|
(Amounts in thousands, except percentages)
|
||||||||||||
United States(4)(5)
|
$
|
1,679,075
|
|
|
36.9
|
%
|
|
$
|
338,556
|
|
|
33.6
|
%
|
EMA(1)
|
1,773,281
|
|
|
38.9
|
%
|
|
326,728
|
|
|
33.2
|
%
|
||
Asia(2)
|
562,792
|
|
|
12.3
|
%
|
|
143,767
|
|
|
14.6
|
%
|
||
Other(3)(5)
|
542,643
|
|
|
11.9
|
%
|
|
173,706
|
|
|
18.6
|
%
|
||
Consolidated total
|
$
|
4,557,791
|
|
|
100.0
|
%
|
|
$
|
982,757
|
|
|
100.0
|
%
|
|
Year Ended December 31, 2014
|
||||||||||||
|
Sales
|
|
Percentage
|
|
Long-Lived
Assets
|
|
Percentage
|
||||||
|
(Amounts in thousands, except percentages)
|
||||||||||||
United States(4)(5)
|
$
|
1,724,392
|
|
|
35.4
|
%
|
|
$
|
330,217
|
|
|
36.0
|
%
|
EMA(1)
|
1,991,638
|
|
|
40.8
|
%
|
|
263,411
|
|
|
28.6
|
%
|
||
Asia(2)
|
571,195
|
|
|
11.7
|
%
|
|
126,878
|
|
|
13.8
|
%
|
||
Other(3)(5)
|
590,660
|
|
|
12.1
|
%
|
|
199,072
|
|
|
21.6
|
%
|
||
Consolidated total
|
$
|
4,877,885
|
|
|
100.0
|
%
|
|
$
|
919,578
|
|
|
100.0
|
%
|
(1)
|
"EMA" includes Europe, the Middle East and Africa. In 2016, 2015 and 2014, Germany accounted for approximately
10%
,
11%
and
7%
, respectively, of consolidated long-lived assets. No other individual country within this group represents
10%
or more of consolidated totals for any period presented.
|
(2)
|
"Asia" includes Asia and Australia. No individual country within this group represents
10%
or more of consolidated totals for any period presented.
|
(3)
|
"Other" includes Canada and Latin America. No individual country within this group represents
10%
or more of consolidated totals for any period presented.
|
(4)
|
Prior period Long-Lived Assets information has been updated to conform to presentation requirements as prescribed by ASU No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30)."
|
(5)
|
The Company corrected the classification between the United States and Other for Sales of
$77.3 million
and
$111.0 million
for the years ended
December 31, 2016
and
2015
, respectively, and Long-Lived Assets of
$51.9 million
,
$8.9 million
and
$47.0 million
for the years ended
December 31, 2016
,
2015
and
2014
, respectively.
|
18.
|
ACCUMULATED OTHER COMPREHENSIVE LOSS
|
|
2016
|
|
2015
|
||||||||||||||||||||||||||||
(Amounts in thousands)
|
Foreign currency translation items(1)
|
|
Pension and other post-retirement effects
|
|
Cash flow hedging activity
|
|
Total(1)
|
|
Foreign currency translation items(1)
|
|
Pension and other post-retirement effects
|
|
Cash flow hedging activity
|
|
Total(1)
|
||||||||||||||||
Balance - January 1
|
$
|
(411,615
|
)
|
|
$
|
(120,461
|
)
|
|
$
|
(3,458
|
)
|
|
$
|
(535,534
|
)
|
|
$
|
(238,230
|
)
|
|
$
|
(135,398
|
)
|
|
$
|
(5,210
|
)
|
|
$
|
(378,838
|
)
|
Other comprehensive (loss) income before reclassifications
|
(71,994
|
)
|
|
(23,939
|
)
|
|
1,064
|
|
|
(94,869
|
)
|
|
(173,385
|
)
|
|
4,977
|
|
|
(6,382
|
)
|
|
(174,790
|
)
|
||||||||
Amounts
reclassified
from AOCL
|
—
|
|
|
7,870
|
|
|
1,156
|
|
|
9,026
|
|
|
—
|
|
|
9,960
|
|
|
8,134
|
|
|
18,094
|
|
||||||||
Net current-period other comprehensive (loss) income
|
(71,994
|
)
|
|
(16,069
|
)
|
|
2,220
|
|
|
(85,843
|
)
|
|
(173,385
|
)
|
|
14,937
|
|
|
1,752
|
|
|
(156,696
|
)
|
||||||||
Balance - December 31
|
$
|
(483,609
|
)
|
|
$
|
(136,530
|
)
|
|
$
|
(1,238
|
)
|
|
$
|
(621,377
|
)
|
|
$
|
(411,615
|
)
|
|
$
|
(120,461
|
)
|
|
$
|
(3,458
|
)
|
|
$
|
(535,534
|
)
|
(1)
|
Includes foreign currency translation adjustments attributable to noncontrolling interests of
$3.4 million
,
$2.7 million
and
$1.3 million
for
December 31, 2016
,
2015
and
2014
, respectively. Foreign currency translation impact primarily represents the weakening of the British pound, Euro, and Mexican peso exchange rates versus the U.S. dollar for the period. Includes net investment hedge gain of
$1.4 million
and loss of
$4.2 million
(2)
, net of deferred taxes, for the year ended
December 31, 2016
and
2015
, respectively. Amounts in parentheses indicate debits.
|
(Amounts in thousands)
|
|
Affected line item in the statement of income
|
2016(1)
|
|
2015(1)
|
||||
Cash flow hedging activity
|
|
|
|
|
|
||||
Foreign exchange contracts
|
|
Other income (expense), net
|
$
|
—
|
|
|
$
|
(3,327
|
)
|
|
|
Sales
|
(1,531
|
)
|
|
(7,920
|
)
|
||
|
|
Tax benefit
|
375
|
|
|
3,113
|
|
||
|
|
Net of tax
|
$
|
(1,156
|
)
|
|
$
|
(8,134
|
)
|
|
|
|
|
|
|
||||
Pension and other postretirement effects
|
|
|
|
|
|
||||
Amortization of actuarial losses(2)
|
|
|
$
|
(9,750
|
)
|
|
$
|
(13,587
|
)
|
Prior service costs(2)
|
|
|
(492
|
)
|
|
(619
|
)
|
||
Settlement(2)
|
|
|
(871
|
)
|
|
(570
|
)
|
||
|
|
Tax benefit
|
3,243
|
|
|
4,816
|
|
||
|
|
Net of tax
|
$
|
(7,870
|
)
|
|
$
|
(9,960
|
)
|
19.
|
REALIGNMENT PROGRAMS
|
|
December 31, 2016
|
||||||||||||||||||||||
(Amounts in thousands)
|
Engineered Product Division
|
|
Industrial Product Division
|
|
Flow Control Division
|
|
Subtotal–Reportable Segments
|
|
Eliminations and All Other
|
|
Consolidated Total
|
||||||||||||
Restructuring Charges
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
COS
|
$
|
24,748
|
|
|
$
|
20,202
|
|
|
$
|
4,688
|
|
|
$
|
49,638
|
|
|
$
|
—
|
|
|
$
|
49,638
|
|
SG&A
|
10,342
|
|
|
6,338
|
|
|
1,941
|
|
|
18,621
|
|
|
18
|
|
|
18,639
|
|
||||||
Income tax expense
|
6,000
|
|
|
2,800
|
|
|
600
|
|
|
9,400
|
|
|
—
|
|
|
9,400
|
|
||||||
|
$
|
41,090
|
|
|
$
|
29,340
|
|
|
$
|
7,229
|
|
|
$
|
77,659
|
|
|
$
|
18
|
|
|
$
|
77,677
|
|
Non-Restructuring Charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
COS
|
$
|
5,894
|
|
|
$
|
6,022
|
|
|
$
|
3,350
|
|
|
$
|
15,266
|
|
|
$
|
8
|
|
|
$
|
15,274
|
|
SG&A
|
3,462
|
|
|
2,062
|
|
|
1,426
|
|
|
6,950
|
|
|
4,432
|
|
|
11,382
|
|
||||||
|
$
|
9,356
|
|
|
$
|
8,084
|
|
|
$
|
4,776
|
|
|
$
|
22,216
|
|
|
$
|
4,440
|
|
|
$
|
26,656
|
|
Total Realignment Charges
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
COS
|
$
|
30,642
|
|
|
$
|
26,224
|
|
|
$
|
8,038
|
|
|
$
|
64,904
|
|
|
$
|
8
|
|
|
$
|
64,912
|
|
SG&A
|
13,804
|
|
|
8,400
|
|
|
3,367
|
|
|
25,571
|
|
|
4,450
|
|
|
30,021
|
|
||||||
Income tax expense
|
6,000
|
|
|
2,800
|
|
|
600
|
|
|
9,400
|
|
|
—
|
|
|
9,400
|
|
||||||
Total
|
$
|
50,446
|
|
|
$
|
37,424
|
|
|
$
|
12,005
|
|
|
$
|
99,875
|
|
|
$
|
4,458
|
|
|
$
|
104,333
|
|
|
December 31, 2015
|
||||||||||||||||||||||
(Amounts in thousands)
|
Engineered Product Division
|
|
Industrial Product Division
|
|
Flow Control Division
|
|
Subtotal–Reportable Segments
|
|
Eliminations and All Other
|
|
Consolidated Total
|
||||||||||||
Restructuring Charges
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
COS
|
$
|
9,963
|
|
|
$
|
20,446
|
|
|
$
|
9,301
|
|
|
$
|
39,710
|
|
|
$
|
—
|
|
|
$
|
39,710
|
|
SG&A
|
7,475
|
|
|
9,259
|
|
|
7,611
|
|
|
24,345
|
|
|
—
|
|
|
24,345
|
|
||||||
Income tax expense(1)
|
3,400
|
|
|
6,500
|
|
|
1,200
|
|
|
11,100
|
|
|
—
|
|
|
11,100
|
|
||||||
|
$
|
20,838
|
|
|
$
|
36,205
|
|
|
$
|
18,112
|
|
|
$
|
75,155
|
|
|
$
|
—
|
|
|
$
|
75,155
|
|
Non-Restructuring Charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
COS
|
10,266
|
|
|
8,161
|
|
|
$
|
8,583
|
|
|
$
|
27,010
|
|
|
$
|
—
|
|
|
$
|
27,010
|
|
||
SG&A
|
6,531
|
|
|
6,148
|
|
|
3,413
|
|
|
16,092
|
|
|
—
|
|
|
16,092
|
|
||||||
|
$
|
16,797
|
|
|
$
|
14,309
|
|
|
$
|
11,996
|
|
|
$
|
43,102
|
|
|
$
|
—
|
|
|
$
|
43,102
|
|
Total Realignment Charges
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
COS
|
$
|
20,229
|
|
|
$
|
28,607
|
|
|
$
|
17,884
|
|
|
$
|
66,720
|
|
|
$
|
—
|
|
|
$
|
66,720
|
|
SG&A
|
14,006
|
|
|
15,407
|
|
|
11,024
|
|
|
40,437
|
|
|
—
|
|
|
40,437
|
|
||||||
Income tax expense(1)
|
3,400
|
|
|
6,500
|
|
|
1,200
|
|
|
11,100
|
|
|
—
|
|
|
11,100
|
|
||||||
Total
|
$
|
37,635
|
|
|
$
|
50,514
|
|
|
$
|
30,108
|
|
|
$
|
118,257
|
|
|
$
|
—
|
|
|
$
|
118,257
|
|
|
Inception to Date
|
||||||||||||||||||||||
(Amounts in thousands)
|
Engineered Product Division
|
|
Industrial Product Division (1)
|
|
Flow Control Division
|
|
Subtotal–Reportable Segments
|
|
Eliminations and All Other
|
|
Consolidated Total
|
||||||||||||
Restructuring Charges
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
COS
|
$
|
34,711
|
|
|
$
|
40,648
|
|
|
$
|
13,989
|
|
|
$
|
89,348
|
|
|
$
|
—
|
|
|
$
|
89,348
|
|
SG&A
|
17,817
|
|
|
15,597
|
|
|
9,552
|
|
|
42,966
|
|
|
18
|
|
|
42,984
|
|
||||||
Income tax expense(2)
|
9,400
|
|
|
9,300
|
|
|
1,800
|
|
|
20,500
|
|
|
—
|
|
|
20,500
|
|
||||||
|
$
|
61,928
|
|
|
$
|
65,545
|
|
|
$
|
25,341
|
|
|
$
|
152,814
|
|
|
$
|
18
|
|
|
$
|
152,832
|
|
Non-Restructuring Charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
COS
|
$
|
16,160
|
|
|
$
|
14,183
|
|
|
$
|
11,933
|
|
|
$
|
42,276
|
|
|
$
|
8
|
|
|
$
|
42,284
|
|
SG&A
|
9,993
|
|
|
8,210
|
|
|
4,839
|
|
|
23,042
|
|
|
4,432
|
|
|
27,474
|
|
||||||
|
$
|
26,153
|
|
|
$
|
22,393
|
|
|
$
|
16,772
|
|
|
$
|
65,318
|
|
|
$
|
4,440
|
|
|
$
|
69,758
|
|
Total Realignment Charges
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
COS
|
$
|
50,871
|
|
|
$
|
54,831
|
|
|
$
|
25,922
|
|
|
$
|
131,624
|
|
|
$
|
8
|
|
|
$
|
131,632
|
|
SG&A
|
27,810
|
|
|
23,807
|
|
|
14,391
|
|
|
66,008
|
|
|
4,450
|
|
|
70,458
|
|
||||||
Income tax expense(2)
|
9,400
|
|
|
9,300
|
|
|
1,800
|
|
|
20,500
|
|
|
—
|
|
|
20,500
|
|
||||||
Total
|
$
|
88,081
|
|
|
$
|
87,938
|
|
|
$
|
42,113
|
|
|
$
|
218,132
|
|
|
$
|
4,458
|
|
|
$
|
222,590
|
|
|
December 31, 2016
|
||||||||||||||||||
(Amounts in thousands)
|
Severance
|
|
Contract Termination
|
|
Asset Write-Downs
|
|
Other
|
|
Total
|
||||||||||
COS
|
$
|
37,972
|
|
|
$
|
—
|
|
|
$
|
5,429
|
|
|
$
|
6,237
|
|
|
$
|
49,638
|
|
SG&A
|
7,247
|
|
|
—
|
|
|
1,384
|
|
|
10,008
|
|
|
18,639
|
|
|||||
Income tax expense(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
9,400
|
|
|
9,400
|
|
|||||
Total
|
$
|
45,219
|
|
|
$
|
—
|
|
|
$
|
6,813
|
|
|
$
|
25,645
|
|
|
$
|
77,677
|
|
|
December 31, 2015
|
||||||||||||||||||
(Amounts in thousands)
|
Severance
|
|
Contract Termination
|
|
Asset Write-Downs
|
|
Other
|
|
Total
|
||||||||||
COS
|
$
|
33,972
|
|
|
$
|
609
|
|
|
$
|
3,488
|
|
|
$
|
1,641
|
|
|
$
|
39,710
|
|
SG&A
|
23,520
|
|
|
43
|
|
|
44
|
|
|
738
|
|
|
24,345
|
|
|||||
Income tax expense(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
11,100
|
|
|
11,100
|
|
|||||
Total
|
$
|
57,492
|
|
|
$
|
652
|
|
|
$
|
3,532
|
|
|
$
|
13,479
|
|
|
$
|
75,155
|
|
|
Inception to Date
|
||||||||||||||||||
(Amounts in thousands)
|
Severance
|
|
Contract Termination
|
|
Asset Write-Downs
|
|
Other
|
|
Total (1)
|
||||||||||
COS(1)
|
$
|
71,944
|
|
|
$
|
609
|
|
|
$
|
8,917
|
|
|
$
|
7,878
|
|
|
$
|
89,348
|
|
SG&A
|
30,767
|
|
|
43
|
|
|
1,428
|
|
|
10,746
|
|
|
42,984
|
|
|||||
Income tax expense(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
20,500
|
|
|
20,500
|
|
|||||
Total
|
$
|
102,711
|
|
|
$
|
652
|
|
|
$
|
10,345
|
|
|
$
|
39,124
|
|
|
$
|
152,832
|
|
(Amounts in thousands)
|
R1 Realignment Program
|
|
R2 Realignment Program
|
|
Total
|
||||||
Balance at December 31, 2014
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Charges
|
29,705
|
|
|
34,350
|
|
|
64,055
|
|
|||
Cash expenditures
|
(383
|
)
|
|
(1,791
|
)
|
|
(2,174
|
)
|
|||
Other non-cash adjustments, including currency
|
(4,166
|
)
|
|
589
|
|
|
(3,577
|
)
|
|||
Balance at December 31,2015
|
$
|
25,156
|
|
|
$
|
33,148
|
|
|
$
|
58,304
|
|
Charges
|
11,066
|
|
|
46,805
|
|
|
57,871
|
|
|||
Cash expenditures
|
(24,087
|
)
|
|
(38,869
|
)
|
|
(62,956
|
)
|
|||
Other non-cash adjustments, including currency
|
459
|
|
|
6,649
|
|
|
7,108
|
|
|||
Balance at December 31, 2016
|
$
|
12,594
|
|
|
$
|
47,733
|
|
|
$
|
60,327
|
|
20.
|
QUARTERLY FINANCIAL DATA (UNAUDITED)
|
|
|
2016
|
||||||||||||||
Quarter
|
|
4th
|
|
3rd (2)
|
|
2nd
|
|
1st
|
||||||||
Sales
|
|
$
|
1,071.0
|
|
|
$
|
945.9
|
|
|
$
|
1,027.4
|
|
|
$
|
946.2
|
|
Gross profit
|
|
327.3
|
|
|
278.0
|
|
|
320.7
|
|
|
305.2
|
|
||||
Earnings (loss) before income taxes
|
|
89.7
|
|
|
(12.2
|
)
|
|
83.9
|
|
|
51.5
|
|
||||
Net earnings (loss) attributable to Flowserve Corporation
|
|
60.0
|
|
|
(15.8
|
)
|
|
54.4
|
|
|
33.9
|
|
||||
Earnings (loss) per share (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
$
|
0.46
|
|
|
$
|
(0.12
|
)
|
|
$
|
0.42
|
|
|
$
|
0.26
|
|
Diluted
|
|
0.46
|
|
|
(0.12
|
)
|
|
0.42
|
|
|
0.26
|
|
|
|
2015
|
||||||||||||||
Quarter
|
|
4th (3)
|
|
3rd
|
|
2nd
|
|
1st
|
||||||||
Sales
|
|
$
|
1,287.7
|
|
|
$
|
1,094.2
|
|
|
$
|
1,161.4
|
|
|
$
|
1,014.5
|
|
Gross profit
|
|
389.8
|
|
|
386.5
|
|
|
368.5
|
|
|
332.7
|
|
||||
Earnings before income taxes
|
|
102.6
|
|
|
144.2
|
|
|
106.7
|
|
|
58.9
|
|
||||
Net earnings attributable to Flowserve Corporation
|
|
64.7
|
|
|
91.2
|
|
|
74.2
|
|
|
28.4
|
|
||||
Earnings per share (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
$
|
0.49
|
|
|
$
|
0.69
|
|
|
$
|
0.55
|
|
|
$
|
0.21
|
|
Diluted
|
|
0.49
|
|
|
0.68
|
|
|
0.55
|
|
|
0.21
|
|
(1)
|
Earnings per share is computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in weighted average quarterly shares outstanding.
|
(2)
|
The increase in gross profit and decrease in net loss from the revision primarily relate to errors previously recorded out of period of
$12.5 million
in the aggregate, partially offset by the receivables from our primary Venezuelan customer which should have been included in the reserve.
|
(3)
|
The gross profit and net earnings include a decrease from the revision adjustment primarily related to amounts previously recorded out of period of
$6.7 million
in the aggregate.
|
ITEM 9A.
|
CONTROLS AND PROCEDURES
|
•
|
We did not maintain an effective control environment at one of our non-U.S. sites. Specifically, certain employees at one of our non-U.S. sites engaged in conduct that circumvented controls and resulted in the creation of unsupported analyses in various accounts, primarily in inventory or recording of manual journal entries without appropriate support or business rationale.
|
•
|
We did not design and maintain effective business performance controls used to monitor the completeness and accuracy of the financial results of our subsidiaries and to identify potential breakdowns in lower level controls. Specifically, these controls did not detect errors on a timely basis that, when aggregated, could have been material to the interim or annual financial statements. The controls did not require that consistent criteria be applied when identifying items for further investigation and did not require verification of appropriate resolution.
|
•
|
enhance the current business process review control procedures to include additional prior period comparisons and additional key ratios, metrics and risk based criteria as determined by management;
|
•
|
enhance the detailed site and/or process balance sheet reviews based on criteria determined by management’s risk assessment including manual journal entries;
|
•
|
conduct enhanced ethics, controls and policy training for employees at the one non-U.S. site where certain employees engaged in conduct that circumvented controls.
|
ITEM 15.
|
EXHIBITS, FINANCIAL STATEMENT SCHEDULES
|
Schedule II — Valuation and Qualifying Accounts...........................................................................................................
|
Description
|
|
Balance at
Beginning of Year
|
|
Additions
Charged to
Cost and Expenses
|
|
Additions
Charged to
Other
Accounts—
Acquisitions
and Related Adjustments
|
|
Deductions From Reserve
|
|
Balance at End of Year
|
||||||||||
|
|
(Amounts in thousands)
|
||||||||||||||||||
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Allowance for doubtful accounts(a) (c):
|
|
$
|
43,935
|
|
|
$
|
12,045
|
|
|
$
|
—
|
|
|
$
|
(4,060
|
)
|
|
$
|
51,920
|
|
Deferred tax asset valuation allowance(b):
|
|
24,725
|
|
|
12,883
|
|
|
(67
|
)
|
|
(1,350
|
)
|
|
36,191
|
|
|||||
Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Allowance for doubtful accounts(a):
|
|
25,469
|
|
|
19,624
|
|
|
151
|
|
|
(1,309
|
)
|
|
43,935
|
|
|||||
Deferred tax asset valuation allowance(b):
|
|
15,378
|
|
|
18,548
|
|
|
(3,596
|
)
|
|
(5,605
|
)
|
|
24,725
|
|
|||||
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Allowance for doubtful accounts(a):
|
|
24,073
|
|
|
17,817
|
|
|
(443
|
)
|
|
(15,978
|
)
|
|
25,469
|
|
|||||
Deferred tax asset valuation allowance(b):
|
|
18,058
|
|
|
1,366
|
|
|
(996
|
)
|
|
(3,050
|
)
|
|
15,378
|
|
(a)
|
Deductions from reserve represent accounts written off and recoveries.
|
(b)
|
Deductions from reserve result from the expiration or utilization of net operating losses and foreign tax credits previously reserved.
|
(c)
|
Excludes
$73.5 million
charge to fully reserve for accounts receivables with our primary Venezuelan customer that are classified as long-term within other assets, net on our consolidated balance sheet as disclosed in Note 1 of this Annual Report on Form 10-K/A for the year ended December 31, 2016.
|
Exhibit
No.
|
|
Description
|
|
|
|
23.1+
|
|
Consent of PricewaterhouseCoopers LLP.
|
31.1+
|
|
Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2+
|
|
Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1++
|
|
Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2++
|
|
Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
+
|
|
Filed herewith.
|
++
|
|
Furnished herewith.
|
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