December 31, 2013 | |||||||||||||||||||
Parent (Issuer) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated Total | |||||||||||||||
(Amounts in thousands) | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 29,086 | $ | — | $ | 334,718 | $ | — | $ | 363,804 | |||||||||
Accounts receivable, net | — | 263,594 | 891,733 | — | 1,155,327 | ||||||||||||||
Intercompany receivables | — | 155,422 | 74,089 | (229,511 | ) | — | |||||||||||||
Inventories, net | — | 371,172 | 689,498 | — | 1,060,670 | ||||||||||||||
Other current assets | 1,879 | 144,551 | 121,151 | — | 267,581 | ||||||||||||||
Total current assets | 30,965 | 934,739 | 2,111,189 | (229,511 | ) | 2,847,382 | |||||||||||||
Property, plant and equipment, net | — | 220,072 | 496,217 | — | 716,289 | ||||||||||||||
Goodwill | — | 715,722 | 391,829 | — | 1,107,551 | ||||||||||||||
Intercompany receivables | 432,500 | 9,520 | 186,789 | (628,809 | ) | — | |||||||||||||
Investment in consolidated subsidiaries | 2,579,701 | 1,850,998 | — | (4,430,699 | ) | — | |||||||||||||
Other assets, net | 15,486 | 211,755 | 138,270 | — | 365,511 | ||||||||||||||
Total assets | $ | 3,058,652 | $ | 3,942,806 | $ | 3,324,294 | $ | (5,289,019 | ) | $ | 5,036,733 | ||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | — | $ | 163,254 | $ | 448,838 | $ | — | $ | 612,092 | |||||||||
Intercompany payables | 81 | 74,008 | 155,422 | (229,511 | ) | — | |||||||||||||
Accrued liabilities | 12,874 | 293,012 | 555,124 | — | 861,010 | ||||||||||||||
Debt due within one year | 40,000 | 5 | 32,673 | — | 72,678 | ||||||||||||||
Deferred taxes | — | — | 12,319 | — | 12,319 | ||||||||||||||
Total current liabilities | 52,955 | 530,279 | 1,204,376 | (229,511 | ) | 1,558,099 | |||||||||||||
Long-term debt due after one year | 1,126,904 | — | 715 | — | 1,127,619 | ||||||||||||||
Intercompany payables | 1,144 | 618,145 | 9,520 | (628,809 | ) | — | |||||||||||||
Retirement obligations and other liabilities | 7,270 | 214,681 | 251,943 | — | 473,894 | ||||||||||||||
Total liabilities | 1,188,273 | 1,363,105 | 1,466,554 | (858,320 | ) | 3,159,612 | |||||||||||||
Total Flowserve Corporation shareholders’ equity | 1,870,379 | 2,579,701 | 1,850,998 | (4,430,699 | ) | 1,870,379 | |||||||||||||
Noncontrolling interests | — | — | 6,742 | — | 6,742 | ||||||||||||||
Total equity | 1,870,379 | 2,579,701 | 1,857,740 | (4,430,699 | ) | 1,877,121 | |||||||||||||
Total liabilities and equity | $ | 3,058,652 | $ | 3,942,806 | $ | 3,324,294 | $ | (5,289,019 | ) | $ | 5,036,733 | ||||||||
December 31, 2012 | |||||||||||||||||||
Parent (Issuer) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated Total | |||||||||||||||
(Amounts in thousands) | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 2,609 | $ | — | $ | 301,643 | $ | — | $ | 304,252 | |||||||||
Accounts receivable, net | — | 255,164 | 848,560 | — | 1,103,724 | ||||||||||||||
Intercompany receivables | — | 157,447 | 42,836 | (200,283 | ) | — | |||||||||||||
Inventories, net | — | 382,360 | 704,303 | — | 1,086,663 | ||||||||||||||
Other current assets, net | 1,967 | 123,152 | 120,458 | — | 245,577 | ||||||||||||||
Total current assets | 4,576 | 918,123 | 2,017,800 | (200,283 | ) | 2,740,216 | |||||||||||||
Property, plant and equipment, net | — | 204,032 | 450,147 | — | 654,179 | ||||||||||||||
Goodwill | — | 671,858 | 381,994 | — | 1,053,852 | ||||||||||||||
Intercompany receivables | 462,500 | 10,363 | 85,316 | (558,179 | ) | — | |||||||||||||
Investment in consolidated subsidiaries | 2,321,597 | 1,604,462 | — | (3,926,059 | ) | — | |||||||||||||
Other assets, net | 14,879 | 175,771 | 172,061 | — | 362,711 | ||||||||||||||
Total assets | $ | 2,803,552 | $ | 3,584,609 | $ | 3,107,318 | $ | (4,684,521 | ) | $ | 4,810,958 | ||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | — | $ | 158,028 | $ | 458,872 | $ | — | $ | 616,900 | |||||||||
Intercompany payables | 35 | 42,801 | 157,447 | (200,283 | ) | — | |||||||||||||
Accrued liabilities | 11,610 | 314,162 | 580,821 | — | 906,593 | ||||||||||||||
Debt due within one year | 25,000 | 5 | 34,473 | — | 59,478 | ||||||||||||||
Deferred taxes | — | — | 7,654 | — | 7,654 | ||||||||||||||
Total current liabilities | 36,645 | 514,996 | 1,239,267 | (200,283 | ) | 1,590,625 | |||||||||||||
Long-term debt due after one year | 868,124 | 20 | 972 | — | 869,116 | ||||||||||||||
Intercompany payables | 1,144 | 546,672 | 10,363 | (558,179 | ) | — | |||||||||||||
Retirement obligations and other liabilities | 7,420 | 201,324 | 247,998 | — | 456,742 | ||||||||||||||
Total liabilities | 913,333 | 1,263,012 | 1,498,600 | (758,462 | ) | 2,916,483 | |||||||||||||
Total Flowserve Corporation shareholders’ equity | 1,890,219 | 2,321,597 | 1,604,462 | (3,926,059 | ) | 1,890,219 | |||||||||||||
Noncontrolling interests | — | — | 4,256 | — | 4,256 | ||||||||||||||
Total equity | 1,890,219 | 2,321,597 | 1,608,718 | (3,926,059 | ) | 1,894,475 | |||||||||||||
Total liabilities and equity | $ | 2,803,552 | $ | 3,584,609 | $ | 3,107,318 | $ | (4,684,521 | ) | $ | 4,810,958 | ||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
Parent (Issuer) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated Total | |||||||||||||||
(Amounts in thousands) | |||||||||||||||||||
Sales | $ | — | $ | 1,952,235 | $ | 3,388,258 | $ | (385,874 | ) | $ | 4,954,619 | ||||||||
Cost of sales | — | (1,281,035 | ) | (2,371,363 | ) | 385,874 | (3,266,524 | ) | |||||||||||
Gross profit | — | 671,200 | 1,016,895 | — | 1,688,095 | ||||||||||||||
Selling, general and administrative expense | (3,079 | ) | (400,609 | ) | (563,141 | ) | — | (966,829 | ) | ||||||||||
Net earnings from affiliates | — | 1,175 | 37,842 | — | 39,017 | ||||||||||||||
Net earnings from consolidated subsidiaries, net of tax | 505,764 | 345,465 | — | (851,229 | ) | — | |||||||||||||
Operating income | 502,685 | 617,231 | 491,596 | (851,229 | ) | 760,283 | |||||||||||||
Interest expense, net | (29,729 | ) | (11,685 | ) | (11,568 | ) | — | (52,982 | ) | ||||||||||
Other expense, net | — | (767 | ) | (13,513 | ) | — | (14,280 | ) | |||||||||||
Earnings before income taxes | 472,956 | 604,779 | 466,515 | (851,229 | ) | 693,021 | |||||||||||||
Provision for income taxes | 12,574 | (99,015 | ) | (118,260 | ) | — | (204,701 | ) | |||||||||||
Net earnings, including noncontrolling interests | 485,530 | 505,764 | 348,255 | (851,229 | ) | 488,320 | |||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | (2,790 | ) | — | (2,790 | ) | ||||||||||||
Net earnings attributable to Flowserve Corporation | $ | 485,530 | $ | 505,764 | $ | 345,465 | $ | (851,229 | ) | $ | 485,530 | ||||||||
Comprehensive income attributable to Flowserve Corporation | $ | 488,363 | $ | 508,929 | $ | 316,484 | $ | (825,413 | ) | $ | 488,363 | ||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
Parent (Issuer) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated Total | |||||||||||||||
(Amounts in thousands) | |||||||||||||||||||
Sales | $ | — | $ | 1,833,613 | $ | 3,272,519 | $ | (354,793 | ) | $ | 4,751,339 | ||||||||
Cost of sales | — | (1,190,206 | ) | (2,334,975 | ) | 354,793 | (3,170,388 | ) | |||||||||||
Gross profit | — | 643,407 | 937,544 | — | 1,580,951 | ||||||||||||||
Selling, general and administrative expense | (3,571 | ) | (390,713 | ) | (527,841 | ) | — | (922,125 | ) | ||||||||||
Net earnings from affiliates | — | 3,855 | 13,097 | — | 16,952 | ||||||||||||||
Net earnings from consolidated subsidiaries, net of tax | 456,740 | 309,223 | — | (765,963 | ) | — | |||||||||||||
Operating income | 453,169 | 565,772 | 422,800 | (765,963 | ) | 675,778 | |||||||||||||
Interest expense, net | (9,881 | ) | (19,347 | ) | (13,338 | ) | — | (42,566 | ) | ||||||||||
Other expense, net | — | (683 | ) | (20,964 | ) | — | (21,647 | ) | |||||||||||
Earnings before income taxes | 443,288 | 545,742 | 388,498 | (765,963 | ) | 611,565 | |||||||||||||
Provision for income taxes | 5,051 | (89,002 | ) | (76,815 | ) | — | (160,766 | ) | |||||||||||
Net earnings, including noncontrolling interests | 448,339 | 456,740 | 311,683 | (765,963 | ) | 450,799 | |||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | (2,460 | ) | — | (2,460 | ) | ||||||||||||
Net earnings attributable to Flowserve Corporation | $ | 448,339 | $ | 456,740 | $ | 309,223 | $ | (765,963 | ) | $ | 448,339 | ||||||||
Comprehensive income attributable to Flowserve Corporation | $ | 440,127 | $ | 446,536 | $ | 292,167 | $ | (738,703 | ) | $ | 440,127 | ||||||||
Year Ended December 31, 2011 | |||||||||||||||||||
Parent (Issuer) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated Total | |||||||||||||||
(Amounts in thousands) | |||||||||||||||||||
Sales | $ | — | $ | 1,735,809 | $ | 3,120,802 | $ | (346,410 | ) | $ | 4,510,201 | ||||||||
Cost of sales | — | (1,104,642 | ) | (2,238,323 | ) | 346,410 | (2,996,555 | ) | |||||||||||
Gross profit | — | 631,167 | 882,479 | — | 1,513,646 | ||||||||||||||
Selling, general and administrative expense | (7,236 | ) | (368,818 | ) | (538,026 | ) | — | (914,080 | ) | ||||||||||
Net earnings from affiliates | — | 3,819 | 15,292 | — | 19,111 | ||||||||||||||
Net earnings from consolidated subsidiaries, net of tax | 434,436 | 272,111 | — | (706,547 | ) | — | |||||||||||||
Operating income | 427,200 | 538,279 | 359,745 | (706,547 | ) | 618,677 | |||||||||||||
Interest expense, net | (1,088 | ) | (18,615 | ) | (14,897 | ) | — | (34,600 | ) | ||||||||||
Other (expense) income, net | — | (2,858 | ) | 6,536 | — | 3,678 | |||||||||||||
Earnings before income taxes | 426,112 | 516,806 | 351,384 | (706,547 | ) | 587,755 | |||||||||||||
Provision for income taxes | 2,470 | (82,370 | ) | (78,624 | ) | — | (158,524 | ) | |||||||||||
Net earnings, including noncontrolling interests | 428,582 | 434,436 | 272,760 | (706,547 | ) | 429,231 | |||||||||||||
Less: Net earnings attributable to noncontrolling interests | — | — | (649 | ) | — | (649 | ) | ||||||||||||
Net earnings attributable to Flowserve Corporation | $ | 428,582 | $ | 434,436 | $ | 272,111 | $ | (706,547 | ) | $ | 428,582 | ||||||||
Comprehensive income attributable to Flowserve Corporation | $ | 362,991 | $ | 369,193 | $ | 216,653 | $ | (585,846 | ) | $ | 362,991 | ||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
Parent (Issuer) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated Total | |||||||||||||||
(Amounts in thousands) | |||||||||||||||||||
Net cash flows provided by operating activities | $ | 261,741 | $ | 279,594 | $ | 214,066 | $ | (267,642 | ) | $ | 487,759 | ||||||||
Cash flows — Investing activities: | |||||||||||||||||||
Capital expenditures | — | (44,380 | ) | (94,710 | ) | — | (139,090 | ) | |||||||||||
Payments for acquisitions, net of cash acquired | — | (66,658 | ) | (10,143 | ) | — | (76,801 | ) | |||||||||||
Intercompany loan proceeds | 30,000 | 911 | 72,037 | (102,948 | ) | — | |||||||||||||
Intercompany loan payments | — | (68 | ) | (173,510 | ) | 173,578 | — | ||||||||||||
Proceeds from disposal of assets | — | 110 | 1,543 | — | 1,653 | ||||||||||||||
Proceeds from equity investments in affiliates | — | — | 46,240 | — | 46,240 | ||||||||||||||
Net cash flows provided (used) by investing activities | 30,000 | (110,085 | ) | (158,543 | ) | 70,630 | (167,998 | ) | |||||||||||
Cash flows — Financing activities: | |||||||||||||||||||
Excess tax benefits from stock-based payment arrangements | — | 8,266 | 1,845 | — | 10,111 | ||||||||||||||
Payments on long-term debt | (25,000 | ) | — | — | — | (25,000 | ) | ||||||||||||
Proceeds from issuance of senior notes | 298,596 | — | — | — | 298,596 | ||||||||||||||
Borrowings under other financing arrangements, net | — | (20 | ) | (381 | ) | — | (401 | ) | |||||||||||
Repurchases of common shares | (458,310 | ) | — | — | — | (458,310 | ) | ||||||||||||
Payments of dividends | (76,897 | ) | — | — | — | (76,897 | ) | ||||||||||||
Payments of deferred loan costs | (3,744 | ) | — | — | — | (3,744 | ) | ||||||||||||
Intercompany loan proceeds | — | 173,510 | 68 | (173,578 | ) | — | |||||||||||||
Intercompany loan payments | — | (102,037 | ) | (911 | ) | 102,948 | — | ||||||||||||
Intercompany dividends | — | (249,228 | ) | (18,414 | ) | 267,642 | — | ||||||||||||
All other financing, net | 91 | — | (270 | ) | — | (179 | ) | ||||||||||||
Net cash flows used by financing activities | (265,264 | ) | (169,509 | ) | (18,063 | ) | 197,012 | (255,824 | ) | ||||||||||
Effect of exchange rate changes on cash | — | — | (4,385 | ) | — | (4,385 | ) | ||||||||||||
Net change in cash and cash equivalents | 26,477 | — | 33,075 | — | 59,552 | ||||||||||||||
Cash and cash equivalents at beginning of year | 2,609 | — | 301,643 | — | 304,252 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 29,086 | $ | — | $ | 334,718 | $ | — | $ | 363,804 | |||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
Parent (Issuer) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated Total | |||||||||||||||
(Amounts in thousands) | |||||||||||||||||||
Net cash flows provided by operating activities | $ | 277,076 | $ | 193,819 | $ | 298,616 | $ | (252,381 | ) | $ | 517,130 | ||||||||
Cash flows — Investing activities: | |||||||||||||||||||
Capital expenditures | — | (43,600 | ) | (91,939 | ) | — | (135,539 | ) | |||||||||||
Payments for acquisitions, net of cash acquired | — | — | (3,996 | ) | — | (3,996 | ) | ||||||||||||
Intercompany loan proceeds | 12,499 | 32,705 | 54,746 | (99,950 | ) | — | |||||||||||||
Intercompany loan payments | — | (28,372 | ) | (138,918 | ) | 167,290 | — | ||||||||||||
Intercompany capital contribution | — | (483 | ) | — | 483 | — | |||||||||||||
Proceeds from disposal of assets | — | 2,268 | 14,665 | — | 16,933 | ||||||||||||||
Affiliate investment activity, net | — | — | (3,825 | ) | — | (3,825 | ) | ||||||||||||
Net cash flows provided (used) by investing activities | 12,499 | (37,482 | ) | (169,267 | ) | 67,823 | (126,427 | ) | |||||||||||
Cash flows — Financing activities: | |||||||||||||||||||
Excess tax benefits from stock-based payment arrangements | — | 8,985 | 2,222 | — | 11,207 | ||||||||||||||
Payments on long-term debt | (480,000 | ) | — | — | — | (480,000 | ) | ||||||||||||
Proceeds from issuance of senior notes | 498,075 | — | — | — | 498,075 | ||||||||||||||
Proceeds from issuance of long-term debt | 400,000 | — | — | — | 400,000 | ||||||||||||||
Net borrowings (payments) under other financing arrangements | 9 | (20 | ) | 5,818 | — | 5,807 | |||||||||||||
Repurchases of common shares | (771,942 | ) | — | — | — | (771,942 | ) | ||||||||||||
Payments of dividends | (73,765 | ) | — | — | — | (73,765 | ) | ||||||||||||
Payment of deferred loan costs | (9,901 | ) | — | — | — | (9,901 | ) | ||||||||||||
Intercompany loan proceeds | — | 138,918 | 28,372 | (167,290 | ) | — | |||||||||||||
Intercompany loan payments | — | (67,245 | ) | (32,705 | ) | 99,950 | — | ||||||||||||
Intercompany capital contribution | — | — | 483 | (483 | ) | — | |||||||||||||
Intercompany dividends | — | (236,975 | ) | (15,406 | ) | 252,381 | — | ||||||||||||
All other financing, net | 250 | — | (8,653 | ) | — | (8,403 | ) | ||||||||||||
Net cash flows used by financing activities | (437,274 | ) | (156,337 | ) | (19,869 | ) | 184,558 | (428,922 | ) | ||||||||||
Effect of exchange rate changes on cash | — | — | 5,115 | — | 5,115 | ||||||||||||||
Net change in cash and cash equivalents | (147,699 | ) | — | 114,595 | — | (33,104 | ) | ||||||||||||
Cash and cash equivalents at beginning of year | 150,308 | — | 187,048 | — | 337,356 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 2,609 | $ | — | $ | 301,643 | $ | — | $ | 304,252 | |||||||||
Year Ended December 31, 2011 | |||||||||||||||||||
Parent (Issuer) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated Total | |||||||||||||||
(Amounts in thousands) | |||||||||||||||||||
Net cash flows provided by operating activities | $ | 157,811 | $ | 135,303 | $ | 77,557 | $ | (152,458 | ) | $ | 218,213 | ||||||||
Cash flows — Investing activities: | |||||||||||||||||||
Capital expenditures | — | (30,138 | ) | (77,829 | ) | — | (107,967 | ) | |||||||||||
Payments for acquisitions, net of cash acquired | — | (90,505 | ) | — | — | (90,505 | ) | ||||||||||||
Intercompany return of capital | — | 109,432 | — | (109,432 | ) | — | |||||||||||||
Intercompany loan proceeds | 25,000 | 28,267 | — | (53,267 | ) | — | |||||||||||||
Proceeds from disposal of assets | — | 130 | 4,139 | — | 4,269 | ||||||||||||||
Net cash flows provided (used) by investing activities | 25,000 | 17,186 | (73,690 | ) | (162,699 | ) | (194,203 | ) | |||||||||||
Cash flows — Financing activities: | |||||||||||||||||||
Excess tax benefits from stock-based payment arrangements | — | 3,963 | 1,705 | — | 5,668 | ||||||||||||||
Payments on long-term debt | (25,000 | ) | — | — | — | (25,000 | ) | ||||||||||||
Net (payments) proceeds under other financing arrangements | — | (20 | ) | 1,601 | — | 1,581 | |||||||||||||
Repurchase of common shares | (150,000 | ) | — | — | — | (150,000 | ) | ||||||||||||
Payment of dividends | (69,557 | ) | — | — | — | (69,557 | ) | ||||||||||||
Intercompany loan payments | — | (25,000 | ) | (28,267 | ) | 53,267 | — | ||||||||||||
Intercompany distributions of capital | — | — | (109,432 | ) | 109,432 | — | |||||||||||||
Intercompany dividends | — | (131,432 | ) | (21,026 | ) | 152,458 | — | ||||||||||||
All other financing, net | 547 | — | (2,195 | ) | — | (1,648 | ) | ||||||||||||
Net cash flows used by financing activities | (244,010 | ) | (152,489 | ) | (157,614 | ) | 315,157 | (238,956 | ) | ||||||||||
Effect of exchange rate changes on cash | — | — | (5,277 | ) | — | (5,277 | ) | ||||||||||||
Net change in cash and cash equivalents | (61,199 | ) | — | (159,024 | ) | — | (220,223 | ) | |||||||||||
Cash and cash equivalents at beginning of year | 211,507 | — | 346,072 | — | 557,579 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 150,308 | $ | — | $ | 187,048 | $ | — | $ | 337,356 | |||||||||