Company Quick10K Filing
Flowserve
Price46.84 EPS2
Shares132 P/E24
MCap6,176 P/FCF43
Net Debt803 EBIT360
TEV6,979 TEV/EBIT19
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-30
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-18
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-20
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-14
10-Q 2017-03-31 Filed 2017-05-01
10-K 2016-12-31 Filed 2017-02-16
10-Q 2016-09-30 Filed 2016-10-27
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-18
10-Q 2015-09-30 Filed 2015-10-29
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-17
10-Q 2014-09-30 Filed 2014-10-23
10-Q 2014-06-30 Filed 2014-07-23
10-Q 2014-03-31 Filed 2014-04-23
10-K 2013-12-31 Filed 2014-02-18
10-Q 2013-09-30 Filed 2013-10-24
10-Q 2013-06-30 Filed 2013-07-24
10-Q 2013-03-31 Filed 2013-04-24
10-K 2012-12-31 Filed 2013-02-21
10-Q 2012-09-30 Filed 2012-10-29
10-Q 2012-06-30 Filed 2012-07-30
10-Q 2012-03-31 Filed 2012-04-30
10-K 2011-12-31 Filed 2012-02-22
10-Q 2011-09-30 Filed 2011-10-27
10-Q 2011-06-30 Filed 2011-07-27
10-Q 2011-03-31 Filed 2011-04-27
10-K 2010-12-31 Filed 2011-02-23
10-Q 2010-09-30 Filed 2010-10-27
10-Q 2010-06-30 Filed 2010-07-28
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-02-24
8-K 2020-09-04 Other Events, Exhibits
8-K 2020-08-12 Officers, Amend Bylaw, Exhibits
8-K 2020-07-31 Regulation FD, Exhibits
8-K 2020-07-30 Earnings, Regulation FD, Exhibits
8-K 2020-06-02
8-K 2020-05-20
8-K 2020-05-11
8-K 2020-05-07
8-K 2020-04-06
8-K 2020-02-17
8-K 2020-02-06
8-K 2020-01-06
8-K 2019-12-12
8-K 2019-12-03
8-K 2019-10-30
8-K 2019-08-14
8-K 2019-07-31
8-K 2019-07-16
8-K 2019-05-23
8-K 2019-05-02
8-K 2019-04-22
8-K 2019-02-20
8-K 2018-11-13
8-K 2018-11-07
8-K 2018-10-02
8-K 2018-08-08
8-K 2018-05-24
8-K 2018-02-15
8-K 2018-01-09

FLS 10Q Quarterly Report

Part I - Financial Information
Item 1.Financial Statements.
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3.Quantitative and Qualitative Disclosures About Market Risk.
Item 4.Controls and Procedures.
Part II - Other Information
Item 1.Legal Proceedings.
Item 1A.Risk Factors.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3.Defaults Upon Senior Securities.
Item 4.Mine Safety Disclosures.
Item 5.Other Information.
Item 6.Exhibits
EX-10.1 a06302020exhibit101.htm
EX-10.2 a06302020exhibit102.htm
EX-10.3 a06302020exhibit103.htm
EX-10.4 a06302020exhibit104.htm
EX-31.1 a06302020exhibit311.htm
EX-31.2 a06302020exhibit312.htm
EX-32.1 a06302020exhibit321.htm
EX-32.2 a06302020exhibit322.htm

Flowserve Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
1.41.10.80.40.1-0.22012201420172020
Rev, G Profit, Net Income
0.50.30.1-0.1-0.3-0.52012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM           to          .
Commission File No. 1-13179
FLOWSERVE CORPORATION
(Exact name of registrant as specified in its charter)
fls-20200630_g1.gif
New York 31-0267900
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
5215 N. O’Connor Blvd., Suite 2300,Irving, Texas75039
(Address of principal executive offices) 
 
 (Zip Code)
( 972 ) 443-6500
(Registrant’s telephone number, including area code)
Former name, former address and former fiscal year, if changed since last report: N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of Each Exchange on Which Registered
Common Stock, $1.25 Par ValueFLSNew York Stock Exchange
1.25% Senior Notes due 2022FLS22ANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ¨ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ¨ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of July 23, 2020 there were 130,159,720 shares of the issuer’s common stock outstanding.





FLOWSERVE CORPORATION
FORM 10-Q
TABLE OF CONTENTS

 Page
 No.
 



  
 
i


Table of Contents
PART I — FINANCIAL INFORMATION
Item 1.Financial Statements.
FLOWSERVE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Amounts in thousands, except per share data)Three Months Ended June 30,
 20202019
Sales$924,965  $990,084  
Cost of sales(657,805) (672,051) 
Gross profit267,160  318,033  
Selling, general and administrative expense(227,358) (223,676) 
Net earnings from affiliates 3,086  3,661  
Operating income42,888  98,018  
Interest expense(12,900) (14,013) 
Interest income1,149  2,218  
Other income (expense), net(14,941) (3,336) 
Earnings before income taxes16,196  82,887  
Provision for income taxes(5,409) (22,413) 
Net earnings, including noncontrolling interests10,787  60,474  
Less: Net earnings attributable to noncontrolling interests(2,142) (2,302) 
Net earnings attributable to Flowserve Corporation$8,645  $58,172  
Net earnings per share attributable to Flowserve Corporation common shareholders:  
Basic$0.07  $0.44  
Diluted0.07  0.44  

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(Amounts in thousands)Three Months Ended June 30,
 20202019
Net earnings, including noncontrolling interests$10,787  $60,474  
Other comprehensive income (loss):  
Foreign currency translation adjustments, net of taxes of $(1,188) and $(1,492), respectively
15,084  (2,848) 
Pension and other postretirement effects, net of taxes of $(444) and $(222), respectively
1,758  2,186  
Cash flow hedging activity44  43  
Other comprehensive income (loss)16,886  (619) 
Comprehensive income (loss), including noncontrolling interests27,673  59,855  
Comprehensive income (loss) attributable to noncontrolling interests(2,079) (2,290) 
Comprehensive income (loss) attributable to Flowserve Corporation$25,594  $57,565  

See accompanying notes to condensed consolidated financial statements.
1


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FLOWSERVE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Amounts in thousands, except per share data)Six Months Ended June 30,
 20202019
Sales$1,819,422  $1,880,135  
Cost of sales(1,286,285) (1,268,026) 
Gross profit533,137  612,109  
Selling, general and administrative expense(470,980) (428,830) 
Net earnings from affiliates 6,283  5,970  
Operating income68,440  189,249  
Interest expense(25,863) (28,044) 
Interest income2,898  4,241  
Other income (expense), net8,521  (6,476) 
Earnings before income taxes53,996  158,970  
Provision for income taxes(41,719) (38,999) 
Net earnings, including noncontrolling interests12,277  119,971  
Less: Net earnings attributable to noncontrolling interests(4,242) (4,538) 
Net earnings attributable to Flowserve Corporation$8,035  $115,433  
Net earnings per share attributable to Flowserve Corporation common shareholders:  
Basic$0.06  $0.88  
Diluted0.06  0.88  

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(Amounts in thousands)Six Months Ended June 30,
 20202019
Net earnings, including noncontrolling interests$12,277  $119,971  
Other comprehensive income (loss):  
Foreign currency translation adjustments, net of taxes of $5,974 and $1,190, respectively
(66,269) 4,097  
Pension and other postretirement effects, net of taxes of $(842) and $(429), respectively
8,067  3,403  
Cash flow hedging activity98  105  
Other comprehensive income (loss) (58,104) 7,605  
Comprehensive income (loss), including noncontrolling interests(45,827) 127,576  
Comprehensive income (loss) attributable to noncontrolling interests(5,018) (5,203) 
Comprehensive income (loss) attributable to Flowserve Corporation$(50,845) $122,373  

See accompanying notes to condensed consolidated financial statements.

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FLOWSERVE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in thousands, except par value)June 30,December 31,
20202019
ASSETS
Current assets:  
Cash and cash equivalents$561,705  $670,980  
Accounts receivable, net of allowance for expected credit losses of $72,084 and $53,412, respectively
759,381  795,538  
Contract assets, net of allowance for expected credit losses of $3,010 at June 30, 2020
309,149  272,914  
Inventories, net684,431  660,837  
Prepaid expenses and other115,889  105,101  
Total current assets2,430,555  2,505,370  
Property, plant and equipment, net of accumulated depreciation of $1,034,893 and $1,013,207, respectively
541,768  572,175  
Operating lease right-of-use assets, net173,212  186,218  
Goodwill1,187,735  1,193,010  
Deferred taxes31,119  54,879  
Other intangible assets, net172,709  180,805  
Other assets, net of allowance for expected credit losses of $98,971 and $101,439, respectively
218,604  227,185  
Total assets$4,755,702  $4,919,642  
LIABILITIES AND EQUITY
Current liabilities:  
Accounts payable$428,856  $447,582  
Accrued liabilities401,041  401,385  
Contract liabilities214,135  216,541  
Debt due within one year9,058  11,272  
Operating lease liabilities35,648  36,108  
Total current liabilities1,088,738  1,112,888  
Long-term debt due after one year1,367,478  1,365,977  
Operating lease liabilities138,735  151,523  
Retirement obligations and other liabilities470,400  473,295  
Shareholders’ equity:  
Common shares, $1.25 par value
220,991  220,991  
Shares authorized – 305,000
  
Shares issued – 176,793
  
Capital in excess of par value499,152  501,045  
Retained earnings3,643,868  3,695,862  
Treasury shares, at cost – 46,873 and 46,262 shares, respectively
(2,064,302) (2,051,583) 
Deferred compensation obligation6,036  8,334  
Accumulated other comprehensive loss(643,173) (584,292) 
Total Flowserve Corporation shareholders’ equity1,662,572  1,790,357  
Noncontrolling interests27,779  25,602  
Total equity1,690,351  1,815,959  
Total liabilities and equity$4,755,702  $4,919,642  

See accompanying notes to condensed consolidated financial statements.
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FLOWSERVE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
 Total Flowserve Corporation Shareholders’ Equity  
Capital
in Excess of Par Value
Retained EarningsDeferred Compensation ObligationAccumulated
Other Comprehensive Income (Loss)
Total Equity
 Common StockTreasury StockNon-
controlling Interests
 SharesAmountSharesAmount
 (Amounts in thousands)
Balance — April 1, 2020176,793  $220,991  $497,721  $3,661,579  (47,002) $(2,069,063) $8,324  $(660,122) $25,995  $1,685,425  
Stock activity under stock plans—  —  (2,733) —  129  4,761  (2,288) —  —  (260) 
Stock-based compensation—  —  4,164  —  —  —  —  —  —  4,164  
Net earnings—  —  —  8,645  —  —  —  —  2,142  10,787  
Cash dividends declared—  —  —  (26,356) —  —  —  —  —  (26,356) 
Repurchases of common shares—  —  —  —      —  —  —    
Other comprehensive income (loss), net of tax—  —  —  —  —  —  —  16,949  (63) 16,886  
Other, net—  —  —  —  —  —    —  (295) (295) 
Balance — June 30, 2020176,793  $220,991  $499,152  $3,643,868  (46,873) $(2,064,302) $6,036  $(643,173) $27,779  $1,690,351  
Balance — April 1, 2019$176,793  $220,991  $487,673  $3,575,014  (45,969) $(2,037,586) $7,107  $(566,400) $21,187  $1,707,986  
Stock activity under stock plans—  —  (2,382) —  26  729  —  —  —  (1,653) 
Stock-based compensation—  —  7,746  —  —  —  —  —  —  7,746  
Net earnings—  —  —  58,172  —  —  —  —  2,302  60,474  
Cash dividends declared—  —  —  (25,258) —  —  —  —  —  (25,258) 
Other comprehensive income (loss), net of tax—  —  —  —  —  —  —  (607) (12) (619) 
Other, net—  —  —  —  —  —  1,112  —    1,112  
Balance —June 30, 2019176,793  $220,991  $493,037  $3,607,928  (45,943) $(2,036,857) $8,219  $(567,007) $23,477  $1,749,788  
See accompanying notes to condensed consolidated financial statements.

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FLOWSERVE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
 Total Flowserve Corporation Shareholders’ Equity  
Capital
in Excess of Par Value
Retained EarningsDeferred Compensation ObligationAccumulated
Other Comprehensive Income (Loss)
Total Equity
 Common StockTreasury StockNon-
controlling Interests
 SharesAmountSharesAmount
 (Amounts in thousands)
Balance — January 1, 2020176,793  $220,991  $501,045  $3,695,862  (46,262) $(2,051,583) $8,334  $(584,292) $25,602  $1,815,959  
ASU No. 2016-13 - Measurement of Credit Losses on Financial Instruments (Topic 326)
—  —  —  (7,291) —  —  —  —  —  (7,291) 
Stock activity under stock plans—  —  (20,368) —  446  19,393  (2,298) —  —  (3,273) 
Stock-based compensation—  —  18,475  —  —  —  —  —  —  18,475