Flowserve(FLS) - 2023 Q4 - Annual Report

Financial Performance - Bookings in 2023 decreased by $273.5 million, or 8.5$2,941.2 million, with 40% from oil and gas, 27% from general industries, 18% from chemical, 10% from power generation, and 5% from water management[148] - FPD segment gross profit margin improved to 29.6% in 2023, up from 28.9% in 2022[148] - Foreign currency translation adjustments resulted in a net loss of $30.8 million in 2023, primarily due to exchange rate movements of the Euro, British pound, Colombian peso, and Mexican peso[231] - A 10$1 million[232] Global Operations and Manufacturing - The company operates 35 manufacturing facilities worldwide, with 10 in Europe, 11 in North America, 8 in Asia Pacific, and 6 in Latin America[147] - The company has five unconsolidated joint ventures in Chile, India, Saudi Arabia, South Korea, and the United Arab Emirates, supporting market access and manufacturing capacity[575] Decarbonization and Sustainability - The company's decarbonization strategy focuses on energy efficiency, carbon reduction, and operational cost mitigation, leveraging technologies in nuclear, LNG, hydrogen, carbon capture, and renewables[551] Digital Transformation - The company's digitization efforts include the implementation of RedRaven, an IIoT solution for equipment monitoring, to optimize flow loop operations and predict downtime[553] Financial Agreements and Adjustments - The company amended its Credit Agreement on February 3, 2023, replacing LIBOR references with SOFR as the benchmark reference rate[233]