View Filing Data

Write off of debt issuance costs

(56)

(282)

Other expense:

Interest expense

(31)

(35)

(48)

(8)

(1)

(3)

Other, net

(9)

Income (loss) before income taxes

(91)

(342)

Income tax benefit

(43)

(8)

(11)

Net income (loss)

(83)

(331)

Series A preferred stock dividends

Net income (loss) attributable to common stockholders

$ 26

$ (107)

$ (344)

Basic earnings (loss) per common share

$ 0.28

$ (1.10)

^[1]

$ (3.38)

Diluted earnings (loss) per common share

$ 0.27

$ (1.10)

^[1]

$ (3.38)

Weighted-average common shares, basic

94.3

97.3

102.1

Weighted-average common shares, diluted

95.6

97.3

102.1

[1]	Earnings per share does not add across due to rounding and transactions resulting in differing weighted average shares outstanding on a quarterly basis.

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Consolidated Statements of Comprehensive Income [Abstract]
Net income (loss)	$ 50	$ (83)	$ (331)
Other comprehensive income (loss):
Foreign currency translation adjustments	24	(2)	(95)
Pension related adjustments
Total other comprehensive income (loss)	24	(2)	(95)
Comprehensive income (loss)	$ 74	$ (85)	$ (426)

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained (Deficit) [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive (Loss) [Member]	Total
Balance at Dec. 31, 2014	$ 1	$ 1,656	$ (123)		$ (137)	$ 1,397
Balance (shares) at Dec. 31, 2014	102,000,000
Net income (loss)			(331)			(331)
Foreign currency translation					(95)	(95)
Net comprehensive loss						(95)
Pension related adjustments
Equity-based compensation expense		10				10
Dividends declared on preferred stock			(13)			(13)
Purchase of common stock				$ (12)		(12)
Purchase of common stock, shares				(1,000,000)
Balance at Dec. 31, 2015	$ 1	1,666	(467)	$ (12)	(232)	956
Balance (shares) at Dec. 31, 2015	102,000,000			1,000,000
Net income (loss)			(83)			(83)
Foreign currency translation					(2)	(2)
Net comprehensive loss						(2)
Pension related adjustments
Shares withheld for taxes		(1)				(1)
Equity-based compensation expense		12				12
Exercise and vesting of stock awards		1				1
Tax expense on equity-based compensation		(1)				(1)
Dividends declared on preferred stock			(24)			(24)
Purchase of common stock				$ (95)		(95)
Purchase of common stock, shares				(7,000,000)
Balance at Dec. 31, 2016	$ 1	1,677	(574)	$ (107)	(234)	763
Balance (shares) at Dec. 31, 2016	102,000,000			8,000,000
Net income (loss)			50			50
Foreign currency translation					24	24
Net comprehensive loss						24
Pension related adjustments
Shares withheld for taxes		(3)				(3)
Equity-based compensation expense		16				16
Exercise and vesting of stock awards		1				1
Exercise and vesting of stock awards (shares)	1,000,000
Dividends declared on preferred stock			(24)			(24)
Purchase of common stock				$ (68)		(68)
Purchase of common stock, shares				(4,000,000)
Balance at Dec. 31, 2017	$ 1	$ 1,691	$ (548)	$ (175)	$ (210)	$ 759
Balance (shares) at Dec. 31, 2017	103,000,000			12,000,000		91,347,966

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities
Net income (loss)	$ 50	$ (83)	$ (331)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operations:
Depreciation and amortization	22	22	21
Amortization of intangibles	45	47	60
Equity-based compensation expense	16	12	10
Deferred income tax benefit	(78)	(23)	(87)
Amortization of debt issuance costs	3	4	4
Inventory-related charges	6	45
Write off of debt issuance costs	8	1	3
Goodwill and intangible asset impairment			462
Increase (decrease) in LIFO reserve	28	(14)	(53)
Change in fair value of derivative instruments	1	(1)	1
Provision for uncollectible accounts	1	4	2
Foreign currency (gains) losses	(2)	4	3
Other non-cash items	4	4	9
Changes in operating assets and liabilities:
Accounts receivable	(118)	128	412
Inventories	(168)	141	419
Other current assets	10	(23)	6
Income taxes payable		6	(13)
Accounts payable	93	(13)	(198)
Accrued expenses and other current liabilities	31	(8)	(40)
Net cash (used in) provided by operations	(48)	253	690
Investing activities
Purchases of property, plant and equipment	(30)	(33)	(39)
Proceeds from the disposition of property, plant and equipment	3	1	1
Proceeds from the disposition of non-core product lines		48
Other investing activities			(3)
Net cash (used in) provided by investing activities	(27)	16	(41)
Financing activities
Payments on revolving credit facilities	(696)	(41)	(1,343)
Proceeds from revolving credit facilities	825	41	670
Payments on long term obligations	(18)	(108)	(258)
Debt issuance costs paid	(8)		(1)
Purchases of common stock	(68)	(95)	(12)
Proceeds from issuance of preferred stock, net of issuance costs			355
Dividends paid on preferred stock	(24)	(24)	(10)
Proceeds from exercise of stock options	1	1
Repurchases of shares to satisfy tax withholdings	(3)
Net cash provided by (used in) financing activities	9	(226)	(599)
(Decrease) increase in cash	(66)	43	50
Effect of foreign exchange rate on cash	5	(3)	(6)
Cash beginning of year	109	69	25
Cash end of year	48	109	69
Supplemental disclosures of cash flow information:
Cash paid for interest	27	30	43
Cash paid for income taxes	$ 35	$ 11	$ 90

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2017
Significant Accounting Policies [Abstract]
Significant Accounting Policies	NOTE 1—SIGNIFICANT ACCOUNTING POLICIES Business Operations: MRC Global Inc. is a holding company headquartered in Houston, Texas. Our wholly owned subsidiaries are global distributors of pipe, valves, fittings and related products and services across each of the upstream (exploration, production and extraction of underground oil and gas), midstream (gathering and transmission of oil and gas, gas utilities, and the storage and distribution of oil and gas) and downstream (crude oil refining and petrochemical processing) sectors. We have branches in principal industrial, hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia, Australasia, the Middle East and Caspian. Our products are obtained from a broad range of suppliers. Basis of Presentation: The accompanying consolidated financial statements include the accounts of MRC Global Inc. and its wholly owned and majority owned subsidiaries (collectively referred to as the Company” or by such terms as “we,” “our” or “us”). All material intercompany balances and transactions have been eliminated in consolidation. Use of Estimates: The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. We believe that our most significant estimates and assumptions are related to estimated losses on accounts receivable, the last-in, first-out (“LIFO”) inventory costing methodology, estimated realizable value on excess and obsolete inventories, goodwill, intangible assets, deferred taxes and self-insurance programs. Actual results could differ materially from those estimates. Cash Equivalents: We consider all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Allowance for Doubtful Accounts: We evaluate the adequacy of the allowance for losses on receivables based upon periodic evaluation of accounts that may have a higher credit risk using information available about the customer and other relevant data. This formal analysis is inherently subjective and requires us to make significant estimates of factors affecting doubtful accounts including customer specific information, current economic conditions, volume, growth and composition of the account, and other factors such as financial statements, news reports and published credit ratings. The amount of the allowance for the remainder of the trade balance is not evaluated individually but is based upon historical loss experience. Because this process is subjective and based on estimates, ultimate losses may differ from those estimates. Receivable balances are written off when we determine that the balance is uncollectible. Subsequent recoveries, if any, are credited to the allowance when received. The provision for losses on receivables is included in selling, general and administrative expenses in the accompanying consolidated statements of operations. Inventories: Our inventories are valued at the lower of cost, principally LIFO, or market. We believe that the use of LIFO results in a better matching of costs and revenue. This practice excludes certain inventories, which are held outside of the United States, approximating $168 million and $164 million at December 31, 2017 and 2016, respectively, which are valued at the lower of weighted-average cost or market. Our inventory is substantially comprised of finished goods. Reserves for excess and obsolete inventories are determined based on analyses comparing inventories on hand to sales activity over time. The reserve, which totaled $34 million at December 31, 2017 and 2016, is the amount deemed necessary to reduce the cost of the inventory to its estimated realizable value. Debt Issuance Costs: We defer costs directly related to obtaining financing and amortize them over the term of the indebtedness on a straight-line basis. The use of the straight-line method does not produce results that are materially different from those which would result from the use of the effective interest method. These amounts are reflected in the consolidated statement of operations as a component of interest expense. Debt issuance costs associated with our Global ABL Facility are presented in other assets and totaled $3 million and $6 million at December 31, 2017 and 2016, respectively. Debt issuance costs associated with our Term Loan are presented as a reduction of the carrying amount of the debt liability and totaled $2 million and $3 million at December 31, 2017 and 2016, respectively. Fixed Assets: Land, buildings and equipment are stated on the basis of cost. For financial statement purposes, depreciation is computed over the estimated useful lives of such assets principally by the straight-line method; accelerated depreciation and cost recovery methods are used for income tax purposes. Leasehold improvements are amortized using the straight-line method over the shorter of the remaining lease term or the estimated useful life of the improvements. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income for the period. Maintenance and repairs are charged to expense as incurred. Certain systems development costs related to the purchase, development and installation of computer software are capitalized and amortized over the estimated useful life of the related asset. Costs incurred prior to the development stage, as well as maintenance, training costs, and general and administrative expenses are expensed as incurred. Goodwill and Other Intangible Assets: Goodwill represents the excess of cost over the fair value of net assets acquired. Goodwill and intangible assets with indefinite useful lives are tested for impairment annually, or more frequently if circumstances indicate that impairment may exist. We evaluate goodwill for impairment at four reporting units (U.S. Eastern Region and Gulf Coast, U.S. Western Region, Canada and International). Within each reporting unit, we have elected to aggregate the component countries and regions into a single reporting unit based on their similar economic characteristics, products, customers, suppliers, methods of distribution and the manner in which we operate each reporting unit. We perform our annual tests for indications of goodwill impairment as of October 1st of each year, updating on an interim basis should indications of impairment exist. The goodwill impairment test compares the carrying value of the reporting unit that has the goodwill with the estimated fair value of that reporting unit. If the carrying value is more than the estimated fair value, a second step is performed, whereby we calculate the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets of the reporting unit from the estimated fair value of the reporting unit. Impairment losses are recognized to the extent that recorded goodwill exceeds implied goodwill. Our impairment methodology uses discounted cash flow and multiples of cash earnings valuation techniques, acquisition control premium and valuation comparisons to similar businesses. Each of these methods involves Level 3 unobservable market inputs and require us to make certain assumptions and estimates regarding future operating results, the extent and timing of future cash flows, working capital, sales prices, profitability, discount rates and growth trends. While we believe that such assumptions and estimates are reasonable, the actual results may differ materially from the projected results. Intangible assets with indefinite useful lives are tested for impairment annually or more frequently if circumstances indicate that impairment may exist. This test compares the carrying value of the indefinite-lived intangible assets with their estimated fair value. If the carrying value is more than the estimated fair value, impairment losses are recognized in an amount equal to the excess of the carrying value over the estimated fair value. Our impairment methodology uses discounted cash flow and estimated royalty rate valuation techniques. Each of these methods involves Level 3 unobservable market inputs and requires us to make certain assumptions and estimates regarding future operating results, sales prices, discount rates and growth trends. While we believe that such assumptions and estimates are reasonable, the actual results may differ materially from the projected results. Other intangible assets primarily include trade names, customer bases and noncompetition agreements resulting from business acquisitions. Other intangible assets are recorded at fair value at the date of acquisition. Amortization is provided using the straight-line method over their estimated useful lives, ranging from two to twenty years. The carrying value of amortizable intangible assets is subject to an impairment test when events or circumstances indicate a possible impairment. When events or circumstances indicate a possible impairment, we assess recoverability from future operations using undiscounted cash flows derived from the lowest appropriate asset group. If the carrying value exceeds the undiscounted cash flows, an impairment charge would be recognized to the extent that the carrying value exceeds the fair value, which is determined based on a discounted cash flow analysis. While we believe that assumptions and estimates utilized in the impairment analysis are reasonable, the actual results may differ materially from the projected results. These impairments are determined prior to performing our goodwill impairment test. Derivatives and Hedging: From time to time, we utilize interest rate swaps to reduce our exposure to potential interest rate increases. Changes in the fair values of our derivative instruments are based upon independent market quotes. We utilize foreign exchange forward contracts (exchange contracts) and options to manage our foreign exchange rate risks resulting from purchase commitments and sales orders. Changes in the fair values of our exchange contracts are based upon independent market quotes. We do not designate our exchange contracts as hedging instruments; therefore, we record our exchange contracts on the consolidated balance sheets at fair value, with the gains and losses recognized in earnings in the period of change. Fair Value: We measure certain of our assets and liabilities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions for inputs used in the valuation methodologies to measuring fair value: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Level 2: Significant observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs for the asset or liability. Unobservable inputs reflect our own assumptions about the assumptions that market participants would use in pricing an asset or liability (including all assumptions about risk). Certain assets and liabilities are measured at fair value on a nonrecurring basis. Our assets and liabilities measured at fair value on a nonrecurring basis include property, plant and equipment, goodwill and other intangible assets. We do not measure these assets at fair value on an ongoing basis; however, these assets are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. Our impairment methodology for goodwill and other intangible assets uses both (i) a discounted cash flow analysis requiring certain assumptions and estimates to be made regarding the extent and timing of future cash flows, discount rates and growth trends and (ii) valuation based on our publicly traded common stock. As all of the assumptions employed to measure these assets and liabilities on a nonrecurring basis are based on management’s judgment using internal and external data, these fair value determinations are classified as Level 3. We have not elected to apply the fair value option to any of our eligible financial assets and liabilities. Insurance: We are self-insured for employee healthcare as well as physical damage to automobiles that we own, lease or rent, and product warranty and recall liabilities. In addition, we maintain a deductible/retention program as it relates to insurance for property, inventory, workers’ compensation, automobile liability, asbestos claims, general liability claims (including, among others, certain product liability claims for property damage, death or injury) and cybersecurity claims. These programs have deductibles and self-insured retentions ranging from $0 million to $5 million and are secured by various letters of credit totaling $6 million. Our estimated liability and related expenses for claims are based in part upon estimates that insurance carriers, third-party administrators and actuaries provide. We believe that insurance reserves are sufficient to cover outstanding claims, including those incurred but not reported as of the estimation date. Further, we maintain commercially reasonable umbrella/excess policy coverage in excess of the primary limits. We do not have excess coverage for physical damage to automobiles that we own, lease or rent, and product warranty and recall liabilities. Our accrued liabilities related to deductibles/retentions under insurance programs (other than employee healthcare) were $8 million as of December 31, 2017 and 2016. In the area of employee healthcare, we have a commercially reasonable excess stop loss protection on a per person per year basis. Reserves for self-insurance accrued liabilities for employee healthcare were $3 million as of December 31, 2017 and 2016. Income Taxes: We use the liability method for determining our income taxes, under which current and deferred tax liabilities and assets are recorded in accordance with enacted tax laws and rates. Under this method, the amounts of deferred tax liabilities and assets at the end of each period are determined using the tax rate expected to be in effect when taxes are actually paid or recovered. Deferred tax assets and liabilities are recorded for differences between the financial reporting and tax bases of assets and liabilities using the tax rate expected to be in effect when the taxes will actually be paid or refunds received. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. A valuation allowance to reduce deferred tax assets is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining the need for valuation allowances and our ability to utilize our deferred tax assets, we consider and make judgments regarding all the available positive and negative evidence, including the timing of the reversal of deferred tax liabilities, estimated future taxable income, ongoing, prudent and feasible tax planning strategies and recent financial results of operations. The amount of the deferred tax assets considered realizable, however, could be adjusted in the future if objective negative evidence in the form of cumulative losses is no longer present in certain jurisdictions and additional weight may be given to subjective evidence such as our projections for growth. Our tax provision is based upon our expected taxable income and statutory rates in effect in each country in which we operate. We are subject to the jurisdiction of numerous domestic and foreign tax authorities, as well as to tax agreements and treaties among these governments. Determination of taxable income in any jurisdiction requires the interpretation of the related tax laws and regulations and the use of estimates and assumptions regarding significant future events such as the amount, timing and character of deductions, permissible revenue recognition methods under the tax law and the sources and character of income and tax credits. Changes in tax laws, regulations, agreements and treaties, foreign currency exchange restrictions or our level of operations or profitability in each taxing jurisdiction could have an impact on the amount of income taxes we provide during any given year. A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including any related appeals or litigation processes, on the basis of the technical merits. We adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which the new information is available. We classify interest and penalties related to unrecognized tax positions as income taxes in our financial statements. We currently have the intent and ability to indefinitely reinvest the cash held by our non-Canadian foreign subsidiaries and, pending further analysis of the impact of the Tax Cuts and Jobs Act of 2017, there are currently no plans for the repatriation of those amounts. As such, no deferred income taxes have been provided for differences between the financial reporting and income tax basis inherent in these foreign subsidiaries. In the first quarter of 2017, we adopted ASU 2016-09, Compensation - Stock Compensation, which simplified the accounting for taxes related to stock based compensation. Under the standard, excess tax benefits and certain tax deficiencies are no longer recorded in additional paid-in capital (“APIC”), and APIC pools are eliminated. Instead, all excess tax benefits and tax deficiencies are recorded as income tax expense or benefit in the income statement. In addition, excess tax benefits are presented as operating activities rather than financing activities in the statement of cash flows. For the year ended December 31, 2017, we recorded a tax benefit of $2 million related to the vesting of stock awards. The impacts of this standard are reflected in the consolidated financial statements on a prospective basis. Foreign Currency Translation and Transactions: The functional currency of our foreign operations is the applicable local currency. The cumulative effects of translating the balance sheet accounts from the functional currency into the U.S. dollar at current exchange rates are included in accumulated other comprehensive income. The balance sheet accounts (with the exception of stockholders’ equity) are translated using current exchange rates as of the balance sheet date. Stockholders’ equity is translated at historical exchange rates and revenue and expense accounts are translated using a weighted-average exchange rate during the year. Gains or losses resulting from foreign currency transactions are recognized in the consolidated statements of operations. Equity-Based Compensation: Our equity-based compensation consisted and consists of restricted stock, restricted unit awards, performance share unit awards and nonqualified stock options of our Company. The cost of employee services received in exchange for an award of an equity instrument is measured based on the grant-date fair value of the award. Our policy is to expense equity-based compensation using the fair-value of awards granted, modified or settled. Restricted units and restricted stock are credited to equity as they are expensed over their vesting periods based on the grant date value of the shares vested. The fair value of nonqualified stock options is measured on the grant date of the related equity instrument using the Black-Scholes option-pricing model. A Monte Carlo simulation is completed to estimate the fair value of performance share unit awards with a stock price performance component. We expense the fair value of all equity grants, including performance share unit awards, on a straight line basis over the vesting period. Revenue Recognition: Sales to our principal customers are made pursuant to agreements that normally provide for transfer of legal title and risk upon shipment. We recognize revenue as products are shipped, title has transferred to the customer and the customer assumes the risks and rewards of ownership, and collectability is reasonably assured. Freight charges billed to customers are reflected in revenue. Return allowances are estimated using historical experience. Amounts received in advance of shipment are deferred and recognized as revenue when the products are shipped and title is transferred. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales in the accompanying consolidated statements of operations. Cost of Sales: Cost of sales includes the cost of inventory sold and related items, such as vendor rebates, inventory allowances and reserves, and shipping and handling costs associated with inbound and outbound freight, as well as depreciation and amortization and amortization of intangible assets. Certain purchasing costs and warehousing activities (including receiving, inspection and stocking costs), as well as general warehousing expenses, are included in selling, general and administrative expenses and not in cost of sales. As such, our gross profit may not be comparable to others that may include these expenses as a component of cost of sales. Purchasing and warehousing costs approximated $29 million, $30 million, and $37 million for the years ended December 31, 2017, 2016 and 2015. Earnings per Share: Basic earnings per share are computed based on the weighted-average number of common shares outstanding, excluding any dilutive effects of unexercised stock options, unvested restricted stock awards, unvested restricted stock unit awards, unvested performance share unit awards, and shares of preferred stock. Diluted earnings per share are computed based on the weighted-average number of common shares outstanding including any dilutive effect of unexercised stock options, unvested restricted stock awards, unvested restricted stock unit awards, unvested performance share unit awards, and shares of preferred stock. The dilutive effect of unexercised stock options and unvested restricted stock is calculated under the treasury stock method. Equity awards and shares of preferred stock are disregarded in the calculations of diluted earnings per share if they are determined to be anti-dilutive. Concentration of Credit Risk: Most of our business activity is with customers in the energy sector. In the normal course of business, we grant credit to these customers in the form of trade accounts receivable. These receivables could potentially subject us to concentrations of credit risk; however, we minimize this risk by closely monitoring extensions of trade credit. We generally do not require collateral on trade receivables. We have a broad customer base doing business in many regions of the world. During 2017, 2016 and 2015, we did not have sales to any one customer in excess of 10% of sales. At those respective year-ends, no individual customer balances exceeded 10% of accounts receivable. We have a broad supplier base, sourcing our products in most regions of the world. During 2017, 2016 and 2015, we did not have purchases from any one vendor in excess of 10% of our inventory purchases. At those respective year-ends no individual vendor balance exceeded 10% of accounts payable. We maintain the majority of our cash and cash equivalents with several financial institutions. These financial institutions are located in many different geographical regions with varying economic characteristics and risks. Deposits held with banks may exceed insurance limits. We believe the risk of loss associated with our cash equivalents to be remote. Segment Reporting: Our business is comprised of four operating segments: U.S. Eastern Region and Gulf Coast, U.S. Western Region, Canada and International. Our International segment consists of our operations outside of the U.S. and Canada. These segments represent our business of selling PVF to the energy sector across each of the upstream (exploration, production and extraction of underground oil and gas), midstream (gathering and transmission of oil and gas, gas utilities, and the storage and distribution of oil and gas) and downstream (crude oil refining, petrochemical and chemical processing and general industrials) markets. Our two U.S. operating segments have been aggregated into a single reportable segment based on their economic similarities. As a result, we report segment information for the U.S., Canada and International. Recently Issued Accounting Standards: In May 2014, the Financial Accounting Standards Board (“FASB”) issued a comprehensive new revenue recognition standard, which will supersede previous existing revenue recognition guidance. The Accounting Standards Update (“ASU”) also provides guidance on accounting for certain contract costs and requires new disclosures. During 2016, the FASB issued additional clarification guidance on the new revenue recognition standard, which also included certain scope improvements and practical expedients. The standard (including clarification guidance issued) is effective for fiscal periods beginning after December 15, 2017 and allows for either full retrospective or modified retrospective adoption. We have completed a formal review of contracts with nearly 100 of our largest customers, based on revenue, which represented approximately 76% of 2017 revenue. This review encompassed customers from a wide variety of end markets and geographies and involved inquiry of sales and operations personnel responsible for servicing these accounts in addition to review of the contracts. The balance of our revenue is derived from thousands of smaller customers with which we generally interact in a transactional relationship where goods are purchased from our branch locations. Based on our analysis to date, we do not expect the guidance to have a material impact on the timing of our revenue recognition; however, our disclosures will be expanded to address the qualitative and quantitative requirements of the new standard. We expect to finalize our analysis and related documentation and to adopt the standard in the first quarter of 2018 and have determined that we will utilize the modified retrospective transition method. We have enhanced our internal control processes to address both the implementation and ongoing application of the standard. No significant modifications of our systems have been required. In February 2016, the FASB issued ASU 2016-02, Leases, which will replace the existing guidance in ASC 870, Leases. This ASU requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2018. We are in the process of evaluating the effect of the adoption of ASU 2016-02 on our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. The amendments in ASU 2017-04 eliminate the current two-step approach used to test goodwill for impairment and require an entity to apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. ASU 2017-04 is effective for fiscal years, including interim periods within, beginning after December 15, 2019 (upon the first goodwill impairment test performed during that fiscal year). Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. A reporting entity must apply the amendments in ASU 2017-04 using a prospective approach. We do not expect the adoption of ASU 2017-04 to have a material impact on our consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718) Scope of Modification Accounting which clarifies modification accounting for share-based payment awards should not be applied if the fair value, vesting conditions, and the classification of the modified award as an equity instrument or as a liability instrument are the same before and immediately after the modification. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Adoption will be applied prospectively to awards modified on or after the adoption date. We do not expect the adoption of ASU 2017-09 to have a material impact on our consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) Targeted Improvements to Accounting for Hedging Activities which amends the hedge accounting model to better portray an organization’s risk management activities in the financial statements. In addition, the ASU simplifies the application of certain hedge accounting guidance. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. We do not expect the adoption of ASU 2017-12 to have a material impact on our consolidated financial statements.

Transactions	12 Months Ended
Transactions	Dec. 31, 2017
Transactions [Abstract]
Transactions	NOTE 2—TRANSACTIONS In February 2016, we completed the disposition of our U.S. oil country tubular goods (“OCTG”) product line for $48 million. As a result of this transaction, we incurred a loss of $5 million that was reflected in our fourth quarter 2015 results. Net of reserves, including LIFO and an adjustment to write the inventory down to its net realizable value, the carrying value of the U.S. OCTG inventories as of December 31, 2015 was $50 million.

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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Accounts Receivable

12 Months Ended

Dec. 31, 2017

Accounts Receivable [Abstract]

Accounts Receivable

NOTE 3—ACCOUNTS RECEIVABLE

The rollforward of our allowance for doubtful accounts is as follows (in millions):


	December 31,
	2017		2016		2015
Beginning balance	$	3	$	3	$	4
Net charge-offs		-		(4)		(3)
Provision		1		4		2
Ending balance	$	4	$	3	$	3

Our accounts receivable is also presented net of sales returns and allowances. Those allowances approximated $1 million at December 31, 2017 and 2016.

Property, Plant and Equipment [Abstract]

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Inventories

12 Months Ended

Dec. 31, 2017

Inventories [Abstract]

Inventories

NOTE 4—INVENTORIES

The composition of our inventory is as follows (in millions):


	December 31,
	2017		2016
Finished goods inventory at average cost:
Valves, automation, measurement and instrumentation	$	292	$	225
Carbon steel pipe, fittings and flanges		268		202
All other products		270		235
		830		662
Less: Excess of average cost over LIFO cost (LIFO reserve)		(95)		(67)
Less: Other inventory reserves		(34)		(34)
	$	701	$	561

Our inventory quantities were reduced during 2016, resulting in a liquidation of a last-in, first out (“LIFO”) inventory layer that was carried at a lower cost prevailing from a prior year, as compared with current costs in the current year (a “LIFO decrement”). A LIFO decrement results in the erosion of layers created in earlier years, and, therefore, a LIFO layer is not created for years that have decrements. For the year ended December 31, 2016, the effect of this LIFO decreased cost of sales by $14 million.

In the fourth quarter of 2017, we incurred an inventory charge of $6 million in our International segment associated with a decision to reduce our local presence in Iraq. In the third quarter of 2016, we incurred inventory-related charges totaling $45 million. These charges reflect adjustments necessary to reduce the carrying value of certain products determined to be excess or obsolete to their estimated net realizable value based on our then current market outlook for those products. This amount included $24 million in the International segment primarily related to a restructuring of our Australian business and market conditions in Iraq. In addition, reserves for excess and obsolete inventory were increased in the U.S. and Canada by $16 million and $5 million, respectively.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment

NOTE 5—PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following (in millions):


			December 31,
	Depreciable Life		2017		2016
Land and improvements	-	$	15	$	15
Building and building improvements	40 years		61		63
Machinery and equipment	3 to 10 years		146		140
Enterprise resource planning software	10 years		56		32
Software in progress	-		1		14
			279		264
Allowances for depreciation and amortization			(132)		(129)
		$	147	$	135

Building and building improvements include $8 million of non-cash leasehold improvements representing lease incentives as of December 31, 2017.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2017

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

NOTE 6—GOODWILL AND OTHER INTANGIBLE ASSETS

The changes in the carrying amount of goodwill by segment for the years ended December 31, 2017, 2016 and 2015 are as follows (in millions):


	US		Canada		International		Total
Goodwill at December 31, 2014 (1)	$	552	$	-	$	254	$	806
Goodwill impairment		(109)		-		(183)		(292)
Other		(2)		-		-		(2)
Effect of foreign currency translation		-		-		(28)		(28)

Goodwill at December 31, 2015	$	441	$	-	$	43	$	484
Effect of foreign currency translation		-		-		(2)		(2)

Goodwill at December 31, 2016	$	441	$	-	$	41	$	482
Effect of foreign currency translation		-		-		4		4
Goodwill at December 31, 2017	$	441	$	-	$	45	$	486

(1)

Net of prior years’ accumulated impairment losses of $241 million and $69 million U.S. and Canadian segments, respectively.

Other intangible assets by major classification consist of the following (in millions):


	Weighted-
	Average
	Amortization			Accumulated		Net Book
	Period (in years)	Gross		Amortization		Value
December 31, 2017
Customer base (1)	16.2	$	665	$	(429)	$	236
Indefinite lived trade names (2)	N/A		132		-		132
		$	797	$	(429)	$	368

December 31, 2016
Customer base (1)	16.4	$	669	$	(390)	$	279
Amortizable trade names	N/A		12		(12)		-
Indefinite lived trade names (2)	N/A		132		-		132
		$	813	$	(402)	$	411

(1)

Net of accumulated impairment losses of $42 million as of December 31, 2017 and 2016.

(2)

Net of accumulated impairment losses of $204 million as of December 31, 2017 and 2016.

Impairment of Goodwill and Other Intangible Assets

With the continued decline in commodity prices and activity levels in late 2015, we performed an assessment of current market conditions and our future long-term expectations of oil and gas markets as of December 31, 2015 and concluded it was more likely than not that the fair values of our reporting units were lower than their carrying values. Our assessment took into consideration, among other things, significant further reductions in projected spending by our customers in 2016 and a more pessimistic long-term outlook for the price of oil and natural gas, and the resulting impact on our 2016 budget and long-term financial forecast. As a result of this assessment, we completed an interim impairment test as of December 31, 2015. This test resulted in an impairment charge of $292 million comprised of $109 million in our U.S. reporting unit and $183 million in our International reporting unit. No impairment charges were recognized during the years ended December 31, 2017 and 2016. In these years, the estimated fair value of each of our reporting units substantially exceeded their carrying values.

As a result of the same factors that necessitated an interim impairment test for goodwill, we completed an interim impairment test for indefinite-lived intangible assets as of December 31, 2015. This test resulted in an impairment charge of $128 million associated with our trade name. No impairment charges were recognized during the years ended December 31, 2017 and 2016. In these years, the estimated fair value of our indefinite-lived intangible assets substantially exceeded their carrying value.

As of December 31, 2015, the reduction in our long-term financial forecast was also an indication that our amortizable intangible assets may be impaired. We performed impairment tests as of that date and determined that certain of our customer base intangible assets within our International segment were impaired. An impairment charge of $42 million was recognized in December 2015 to reduce the carrying value of these assets to their fair value.

Amortization of Intangible Assets

Total amortization of intangible assets for each of the years ending December 31, 2018 to 2022 is currently estimated as follows (in millions):


2018	$	44
2019		41
2020		26
2021		23
2022		20

Derivative Financial Instruments [Abstract]

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Long-Term Debt

12 Months Ended

Dec. 31, 2017

Long-Term Debt [Abstract]

Long-Term Debt

NOTE 7—LONG-TERM DEBT

The significant components of our long-term debt are as follows (in millions):


		December 31,
	2017		2016
Senior Secured Term Loan B, net of discount and issuance costs of $3 and $4, respectively	$	397	$	414
Global ABL Facility		129		-
		526		414
Less: current portion		4		8
	$	522	$	406

Senior Secured Term Loan B: In September 2017, the Company entered into a Refinancing Amendment and Successor Administrative Agent Agreement relating to the Term Loan Credit Agreement, dated as of November 9, 2012, by and among the Company, MRC Global (US) Inc., as the borrower, the other subsidiaries of the Company from time to time party thereto as guarantors, the several lenders from time to time party thereto, Bank of America, N.A., as administrative agent, and U.S. Bank National Association, as collateral trustee. Pursuant to the amendment, the parties thereto agreed to appoint JPMorgan Chase Bank, N.A. as the new administrative agent for the lenders. As amended, the Term Loan Agreement provides for a $400 million seven-year Term Loan B (the “Term Loan”) which matures in September 2024. As a result of this amendment, we recorded a charge of $5 million for the write off of debt issuance costs for the year ended December 31, 2017.

Accordion. The Term Loan allows for incremental increases up to an aggregate of $200 million, plus an additional amount such that the Company’s first lien leverage ratio (the ratio of the Company’s Consolidated EBITDA (as defined under the Term Loan Agreement) to senior secured debt) (net of up to $75.0 million of unrestricted cash) would not exceed 4.00 to 1.00.

Maturity. The scheduled maturity date of the Term Loan is September 22, 2024. The Term Loan will amortize in equal quarterly installments at 1% a year with the payment of the balance at maturity.

Guarantees. The Company and all of the U.S. borrower’s current and future wholly owned material U.S. subsidiaries guaranteed the Term Loan subject to certain exceptions.

Security. The Term Loan is secured by a first lien on all of the Company’s assets and the assets of its domestic subsidiaries, subject to certain exceptions and other than the collateral securing the Global ABL Facility (which includes accounts receivable, inventory and related assets, collectively, the “ABL collateral”), and by a second lien on the ABL collateral. In addition, a pledge secures the Term Loan of all the capital stock of the Company’s domestic subsidiaries and 65% of the capital stock of its first tier foreign subsidiaries, subject to certain exceptions.

Interest Rates and Fees. The Company has the option to pay interest at a base rate, subject to a floor of 2.00%, plus an applicable margin, or at a rate based on LIBOR, subject to a floor of 1.00%, plus an applicable margin. The applicable margin for base rate loans is 250 basis points, and the applicable margin for LIBOR loans is 350 basis points.

Mandatory Prepayment. The Company is required to repay the Term Loan with certain asset sale and insurance proceeds, certain debt proceeds and 50% of excess cash flow (reducing to 25% if the Company’s senior secured leverage ratio is no more than 2.75 to 1.00 and 0% if the Company’s senior secured leverage ratio is no more than 2.50 to 1.00).

Restrictive Covenants. The Term Loan does not include any financial maintenance covenants.

The Term Loan contains restrictive covenants (in each case, subject to exclusions) that limit, among other things, the ability of the Company and its restricted subsidiaries to:

make investments, including acquisitions;

prepay certain indebtedness;

grant liens;

incur additional indebtedness;

sell assets;

make fundamental changes to our business;

enter into transactions with affiliates; and

pay dividends.

The Term Loan also contains other customary restrictive covenants. The covenants are subject to various baskets and materiality thresholds, with certain of the baskets permitted by the restrictions on the repayment of subordinated indebtedness, restricted payments and investments being available only when the senior secured leverage ratio of the Company and its restricted subsidiaries is less than 3.75:1.00.

The Term Loan provides that the Company and its restricted subsidiaries may incur any first lien indebtedness that is pari passu to the Term Loan so long as the pro forma senior secured leverage ratio of the Company and its restricted subsidiaries is less than or equal to 4.00:1.00. The Company and its restricted subsidiaries may incur any second lien indebtedness so long as the pro forma junior secured leverage ratio of the Company and its restricted subsidiaries is less than or equal to 4.75:1.00. The Company and its restricted subsidiaries may incur any unsecured indebtedness so long as the total leverage ratio of the Company and its restricted subsidiaries is less than or equal to 5.00:1.00 or the pro forma consolidated interest coverage ratio of the Company and its restricted subsidiaries is greater than or equal to 2.00 to 1.00. Additionally, under the Term Loan, the Company and its restricted subsidiaries may incur indebtedness under the Global ABL Facility (or any replacement facility) in an amount not to exceed the greater of $1.3 billion and a borrowing base (equal to, subject to certain exceptions, 85% of all accounts receivable and 65% of the book value of all inventory owned by the Company and its restricted subsidiaries).

The Term Loan contains certain customary representations and warranties, affirmative covenants and events of default, including, among other things, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to certain indebtedness, certain events of bankruptcy, certain events under ERISA, judgment defaults, actual or asserted failure of any material guaranty or security documents supporting the Term Loan to be in full force and effect and change of control. If such an event of default occurs, the Agent under the Term Loan is entitled to take various actions, including the acceleration of amounts due under the Term Loan and all other actions that a secured creditor is permitted to take following a default.

Global ABL Credit Facility: : In September 2017, the Company entered into a Third Amended and Restated Loan, Security and Guarantee Agreement (the “Global ABL Facility”) by and among the Company, the subsidiaries of the Company from time to time party thereto as borrowers and guarantors, the several lenders from time to time party thereto and Bank of America, N.A. as administrative agent, security trustee and collateral agent. As part of the amendment, the multi-currency global asset-based revolving credit facility was re-sized to $800 million from $1.05 billion and the maturity was extended to September 2022 from July 2019. This facility is comprised of $675 million in revolver commitments in the United States, $65 million in Canada, $18 million in Norway, $15 million in Australia, $13 million in the Netherlands, $7 million in the United Kingdom and $7 million in Belgium. It contains an accordion feature that allows us to increase the principal amount of the facility by up to $200 million, subject to securing additional lender commitments. As a result of the amendment, we recorded a charge of $3 million for the write-off of debt issuance costs for the year ended December 31, 2017.

Guarantees. Each of our current and future wholly owned material U.S. subsidiaries and MRC Global Inc. guarantees the obligations of our borrower subsidiaries under the Global ABL Facility. Additionally, each of our non-U.S. borrower subsidiaries guarantees the obligations of our other non-U.S. borrower subsidiaries under the Global ABL Facility. No non-U.S. subsidiary guarantees the U.S. tranche, and no property of our non-U.S. subsidiaries secures the U.S. tranche.

Security. Obligations under the U.S. tranche are primarily secured, subject to certain exceptions, by a first-priority security interest in the accounts receivable, inventory and related assets of our wholly owned, material U.S. subsidiaries. The security interest in accounts receivable, inventory and related assets of the U.S. borrower subsidiaries ranks prior to the security interest in this collateral which secures the Term Loan. The obligations of any of our non-U.S. borrower subsidiaries are primarily secured, subject to certain exceptions, by a first-priority security interest in the accounts receivable, inventory and related assets of the non-U.S. subsidiary and our wholly owned material U.S. subsidiaries.

Borrowing Bases. Each of our non-U.S. borrower subsidiaries has a separate standalone borrowing base that limits the non-U.S. subsidiary’s ability to borrow under its respective tranche, provided that the non-U.S. subsidiaries may utilize excess availability under the U.S. tranche to borrow amounts in excess of their respective borrowing bases (but not to exceed the applicable commitment amount for the foreign subsidiary’s jurisdiction), which utilization will reduce availability under the U.S. tranche dollar for dollar.

Subject to the foregoing, our ability to borrow in each jurisdiction, other than Belgium, under the Global ABL Facility is limited by a borrowing base in that jurisdiction equal to 85% of eligible receivables, plus the lesser of 70% of eligible inventory and 85% of appraised net orderly liquidation value of the inventory. In Belgium, our borrowing is limited by a borrowing base determined under Belgian law.

Interest Rates. U.S. borrowings under the facility bear interest at LIBOR plus a margin varying between 1.25% and 1.75% based on our fixed charge coverage ratio. Canadian borrowings under the facility bear interest at the Canadian Dollar Bankers’ Acceptances Rate (“BA Rate”) plus a margin varying between 1.25% and 1.75% based on our fixed charge coverage ratio. Borrowings by our foreign borrower subsidiaries bear interest at a benchmark rate, which varies based on the currency in which such borrowings are made, plus a margin varying between 1.25% and 1.75% based on our fixed charge coverage ratio.

Excess Availability. At December 31, 2017, availability under our revolving credit facilities was $437 million.

Interest on Borrowings: The interest rates on our borrowings outstanding at December 31, 2017 and 2016, including the amortization of original issue discount, were as follows:


	December 31,
	2017	2016
Senior Secured Term Loan B	5.18%	5.51%
Global ABL Facility	3.19%	-

There was no outstanding balance on the Global ABL Facility at December 31, 2016.

Maturities of Long-Term Debt: At December 31, 2017, annual maturities of long-term debt during the next five years are as follows (in millions):


2018		$ 4
2019		4
2020		4
2021		4
2022		133
Thereafter		377

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2017

Derivative Financial Instruments

NOTE 8—DERIVATIVE FINANCIAL INSTRUMENTS

We use derivative financial instruments to help manage our exposure to fluctuations in foreign currencies. All of our derivative instruments are freestanding and, accordingly, changes in their fair market value are recorded in earnings. The fair value of derivative instruments recorded in our consolidated balance sheets was $0 million at December 31, 2017 and 2016. The total notional amount of forward foreign exchange contracts was approximately $60 million and $36 million at December 31, 2017 and 2016, respectively.

The table below provides data about the amount of gains and (losses) recognized in our consolidated statements of operations related to our derivative instruments (in millions):


	Year Ended December 31,
Derivatives not designated as hedging instruments:	2017		2016		2015
Foreign exchange forward contracts	$	(1)	$	1	$	(1)

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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-Paragraph 1
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
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Income Taxes

12 Months Ended

Dec. 31, 2017

Income Taxes [Abstract]

Income Taxes

NOTE 9—INCOME TAXES

On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was enacted. Among the significant changes to the U.S. Internal Revenue Code, the Tax Act reduced the U.S. federal corporate income tax rate from 35% to 21% effective January 1, 2018 and created a new dividend-exemption territorial system with a one-time transition tax on foreign earnings which were previously not taxed in the U.S.

In December 2017, the Securities and Exchange Commission staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which addresses how a company recognizes provisional amounts when a company does not have all the necessary information available in reasonable detail to complete its accounting for the effect of the changes in the Tax Act. Under SAB 118, a company recognizes provisional amounts for income tax effects of the Tax Act for which the accounting is incomplete but a reasonable estimate can be determined. The measurement period for adjusting provisional amounts ends when a company has analyzed the information necessary to finalize its accounting, but cannot extend beyond one year.

We have determined a reasonable estimate for the re-measurement of our deferred tax assets and liabilities as of December 31, 2017 due to the reduction in the corporate tax rate. The provisional amount recorded for this re-measurement is a $57 million tax benefit. We have also recorded a reasonable estimate of the transition tax on undistributed foreign earnings of $7 million. These provisional estimates are subject to change as additional necessary information becomes available and the final analysis is prepared and analyzed in reasonable detail to complete the accounting. The additional information that needs to be gathered, analyzed and used to complete the accounting for the provisional $7 million transition tax includes the historical earnings and profit information of each foreign subsidiary. In addition, the finalization of the 2017 federal income tax return will impact the underlying temporary differences existing at the end of 2017 used to determine the provisional tax benefit of $57 million.

The components of our income (loss) before income taxes were (in millions):


	Year Ended December 31,
	2017		2016		2015
United States	$	49	$	(7)	$	(79)
Foreign		(42)		(84)		(263)
	$	7	$	(91)	$	(342)

Income taxes included in the consolidated statements of operations consist of (in millions):


	Year Ended December 31,
	2017		2016		2015
Current:
Federal	$	26	$	13	$	64
State		5		1		5
Foreign		4		1		7
		35		15		76

Deferred:
Federal		(73)		(21)		(70)
State		(4)		(2)		(6)
Foreign		(1)		-		(11)
		(78)		(23)		(87)
Income tax benefit	$	(43)	$	(8)	$	(11)

Our effective tax rate varied from the statutory federal income tax rate for the following reasons (in millions):


	Year Ended December 31,
	2017		2016		2015
Federal income tax expense (benefit) at statutory rates	$	2	$	(32)	$	(120)
State income taxes, net of federal benefit		2		1		(1)
Effects of tax rate changes on existing temporary differences		(59)		-		-
Transition tax		7		-		-
Nondeductible expenses		1		1		1
Foreign operations taxed at different rates		(5)		6		(5)
Goodwill and intangible asset impairment		-		-		99
Change in valuation allowance related to foreign losses		10		16		15
Other		(1)		-		-
Income tax benefit	$	(43)	$	(8)	$	(11)
Effective tax rate		(614)%		9%		3%

Significant components of our deferred tax assets and liabilities are as follows (in millions):


	December 31,
	2017		2016
Deferred tax assets:
Allowance for doubtful accounts	$	1	$	1
Accruals and reserves		20		27
Net operating loss and tax credit carryforwards		57		44
Other		3		2
Subtotal		81		74
Valuation allowance		(63)		(50)
Total		18		24

Deferred tax liabilities:
Inventory valuation		(29)		(47)
Property, plant and equipment		(14)		(19)
Intangible assets		(78)		(138)
Other		(2)		(3)
Total		(123)		(207)
Net deferred tax liability	$	(105)	$	(183)

We record a valuation allowance when it is more likely than not that some portion or all of our deferred tax assets will not be realized. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character in the future and in the appropriate taxing jurisdictions. If we were to determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the valuation allowance, which would reduce the provision for income taxes.

In the United States, we had approximately $21 million of state net operating loss (“NOL”) carryforwards as of December 31, 2017, which will expire in future years through 2032 and foreign tax credit (“FTC”) carryforwards of $7 million, which will expire in future years through 2028. In certain non-U.S. jurisdictions, we had $172 million of NOL carryforwards, of which $159 million have no expiration and $13 million will expire in future years through 2027. We believe that it is more likely than not that the benefit from U.S. state NOL and FTC carryforwards and non-U.S. jurisdiction NOL carryforwards will not be realized. As such, we have recorded full valuation allowance on the deferred tax assets related to these NOL and FTC carryforwards.

Our tax filings for various periods are subject to audit by the tax authorities in most jurisdictions where we conduct business. We are no longer subject to U.S. federal income tax examination for all years through 2013 and the statute of limitations at our international locations is generally six or seven years.

As a result of the Tax Act, we intend to repatriate to the U.S. all available unremitted earnings of our foreign subsidiaries that were subject to the transition tax or will otherwise not result in additional income tax expense. Based on analysis completed to date, this includes the unremitted earnings of our Canadian subsidiaries. We currently have the intent and ability to indefinitely reinvest the cash held by our non-Canadian foreign subsidiaries and, pending further analysis of the impact of the Tax Act, there are currently no plans for the repatriation of those amounts. As such, no deferred income taxes have been provided for differences between the financial reporting and income tax basis inherent in these foreign subsidiaries. Determining the amount associated with these outside basis differences is not practicable at this time.

At December 31, 2017 and 2016, our unrecognized tax benefits were immaterial to our consolidated financial statements.

Redeemable Preferred Stock	12 Months Ended
Redeemable Preferred Stock	Dec. 31, 2017
Redeemable Preferred Stock [Abstract]
Redeemable Preferred Stock	NOTE 10—REDEEMABLE PREFERRED STOCK Preferred Stock Issuance In June 2015, we issued 363,000 shares of Series A Convertible Perpetual Preferred Stock (the “Preferred Stock”) and received gross proceeds of $363 million. The Preferred Stock ranks senior to our common stock with respect to dividend rights and rights on liquidation, winding-up and dissolution. The Preferred Stock has a stated value of $1,000 per share, and holders of Preferred Stock are entitled to cumulative dividends payable quarterly in cash at a rate of 6.50% per annum. In the event we fail to declare and pay the quarterly dividend for an amount equal to six or more dividend periods, the holders of the Preferred Stock would be entitled to designate two members to our Board of Directors. They are also permitted to designate one member to our Board of Directors after a period of three years. Holders of Preferred Stock are entitled to vote together with the holders of the common stock as a single class, in each case, on an as-converted basis, except where a separate class vote of the common stockholders is required by law. Holders of Preferred Stock have certain limited special approval rights, including with respect to the issuance of pari passu or senior equity securities of the Company. The Preferred Stock is convertible at the option of the holders into shares of common stock at an initial conversion rate of 55.9284 shares of common stock for each share of Preferred Stock, which represents an initial conversion price of approximately $17.88 per share of common stock, subject to adjustment. On or after the fifth anniversary of the initial issuance of the Preferred Stock, the Company will have the option to redeem, in whole but not in part, all the outstanding shares of Preferred Stock, subject to certain redemption price adjustments on the basis of the date of the conversion. We may elect to convert the Preferred Stock, in whole but not in part, into the relevant number of shares of common stock on or after the 54th month after the initial issuance of the Preferred Stock if the last reported sale price of the common stock has been at least 150% of the conversion price then in effect for a specified period. The conversion rate is subject to customary anti-dilution and other adjustments. Holders of the Preferred Stock may, at their option, require the Company to repurchase their shares in the event of a fundamental change, as defined in the shareholder agreement and related documents. The repurchase price is based on the original $1,000 per share purchase price except in the case of a liquidation in which case they would receive the greater of $1,000 per share and the amount that would be received if they held common stock converted at the conversion rate in effect at the time of the fundamental change. Because this feature could require redemption as a result of the occurrence of an event not solely within the control of the Company, the Preferred Stock is classified as temporary equity on our balance sheet.

Stockholders' Equity

12 Months Ended

Dec. 31, 2017

Stockholders' Equity [Abstract]

Stockholders' Equity

NOTE 11—STOCKHOLDERS’ EQUITY

Preferred Stock

We have authorized 100,000,000 shares of preferred stock. Our Board of Directors has the authority to issue shares of the preferred stock. As of December 31, 2017 and 2016, the 363,000 shares of preferred stock described in Note 10 were issued and outstanding.

Share Repurchase Programs

In November 2015, the Company’s board of directors authorized a share repurchase program for common stock up to $100 million, which was increased to $125 million in November 2016. During the first quarter of 2017, we purchased 859,830 shares of common stock at a total of $18 million which completed the repurchase of all shares authorized under this program.

In October 2017, the Company’s board of directors authorized a new share repurchase program for common stock of up to $100 million. The program is scheduled to expire December 31, 2018. The shares may be repurchased at management’s discretion in the open market. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice. During the fourth quarter of 2017, we purchased 3,214,316 shares at a total cost of $50 million.

In total, we have acquired 11,751,726 shares under these programs at an average price per share of $14.89 for a total cost of $175 million. There were 91,347,966 shares of common stock outstanding as of December 31, 2017.


Summary of share repurchase activity under the repurchase program:
	2017		2016
Number of shares acquired on the open market		4,074,146		6,861,191
Average price per share	$	16.62	$	13.96
Total cost of acquired shares (in millions)	$	68	$	95

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss in the accompanying consolidated balance sheets consists of the following (in millions):



	December 31,
	2017		2016
Currency translation adjustments	$	(209)	$	(233)
Pension related adjustments		(1)		(1)
Accumulated other comprehensive loss	$	(210)	$	(234)

Earnings per Share

Earnings per share are calculated in the table below (in millions, except per share amounts):


	Year Ended December 31,
	2017		2016		2015
Net income (loss) attributable to common stockholders	$	26	$	(107)	$	(344)

Average basic shares outstanding		94.3		97.3		102.1
Effect of dilutive securities		1.3		-		-
Average diluted shares outstanding		95.6		97.3		102.1

Net income per share:
Basic	$	0.28	$	(1.10)	$	(3.38)
Diluted	$	0.27	$	(1.10)	$	(3.38)

Equity awards and shares of Preferred Stock are disregarded in this calculation if they are determined to be anti-dilutive. For the years ended December 31, 2017, 2016 and 2015, our anti-dilutive stock options approximated 3.6 million, 3.6 million and 3.8 million, respectively. There were 0.9 million and 0.3 million anti-dilutive restricted stock, restricted units or performance stock unit awards for years ended December 31, 2016 and 2015, respectively.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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Segment, Geographic and Product Line Information [Abstract]

Employee Benefit Plans

12 Months Ended

Dec. 31, 2017

Employee Benefit Plans [Abstract]

Employee Benefit Plans

NOTE 12—EMPLOYEE BENEFIT PLANS

Equity Compensation Plans: Our 2007 Stock Option Plan (prior to its replacement) permitted the grant of stock options to our employees, directors and consultants for up to 3,750,000 shares of common stock. The options were not to be granted with an exercise price less than the fair market value of the Company’s common stock on the date of the grant, nor for a term exceeding ten years. Vesting generally occurred over a five year period on the anniversaries of the date specified in the employees’ respective option agreements, subject to accelerated vesting under certain circumstances set forth in the option agreements. During 2017, 88,966 stock options were exercised, and no stock options were granted under this plan.

Under the terms of our 2007 Restricted Stock Plan, up to 500,000 shares of restricted stock could have been granted (prior to its replacement) at the direction of the Board of Directors and vesting generally occurred in one-fourth increments on the second, third, fourth and fifth anniversaries of the date specified in the employees’ respective restricted stock agreements, subject to accelerated vesting under certain circumstances set forth in the restricted stock agreements. Fair value was based on the fair market value of our stock on the date of issuance. We expense the fair value of the restricted stock grants on a straight-line basis over the vesting period.

In April 2012, we replaced the 2007 Stock Option Plan and the 2007 Restricted Stock Plan with the 2011 Omnibus Incentive Plan. No additional shares or other equity interests will be awarded under the prior plans. The 2011 Omnibus Incentive Plan originally had 3,250,000 shares reserved for issuance pursuant to the plan. In April 2015, our shareholders approved an additional 4,250,000 shares for reservation for issuance under the plan. The plan permits the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units and other stock-based and cash-based awards. Since the adoption of the 2011 Omnibus Incentive Plan, the Company’s Board of Directors has periodically granted stock options, restricted stock awards, restricted stock units and performance share units to directors and employees, but no other types of awards have been granted under the plan. Options and stock appreciation rights may not be granted at prices less than their fair market value on the date of the grant, nor for a term exceeding ten years. For employees, vesting generally occurs over a three to five year period on the anniversaries of the date specified in the employees’ respective agreements, subject to accelerated vesting under certain circumstances set forth in the option agreements. Vesting for directors generally occurs on the one-year anniversary of the grant date. In 2017, 66,809 shares of restricted stock, 164,098 performance share units and 551,714 restricted units were granted to executive management, members of our Board of Directors and employees under this plan. During 2016, 103,701 shares of restricted stock, 344,922 performance share units and 1,152,614 restricted units were granted to executive management, members of our Board of Directors and employees under this plan. To date, 5,870,930 shares have been granted under this plan. A Black-Scholes option pricing model is used to estimate the fair value of the stock options. A Monte Carlo simulation is completed to estimate the fair value of performance share unit awards with a stock price performance component. We expense the fair value of all equity grants, including performance share unit awards, on a straight line basis over the vesting period.

Stock Options

The following tables summarize award activity for stock options:


				Weighted
		Weighted		Average
		Average		Remaining		Aggregate
		Exercise		Contractual		Intrinsic
	Options	Price		Term		Value
Stock Options					(years)		(millions)
Balance at December 31, 2016	3,784,504	$	21.71		4.5	$	4
Exercised	(88,966)		10.37
Forfeited	(2,138)		28.67
Expired	(43,155)		23.81
Balance at December 31, 2017	3,650,245	$	21.96		3.5	$	-


At December 31, 2017
Options outstanding, vested and exercisable	3,650,245	$	21.96		3.5	$	-
Options outstanding, vested and expected to vest	3,650,245		21.96		3.5		-


	Year Ended December 31,
	2017		2016		2015
Stock Options
Weighted-average, grant-date fair value of awards granted	$	-	$	-	$	-
Total intrinsic value of stock options exercised		633,244		457,834		72,495
Total fair value of stock options vested		10,738,309		3,351,797		3,494,879

Restricted Stock Awards

The following tables summarizes award activity for restricted stock awards:



		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Restricted Stock Awards
Nonvested at December 31, 2016	553,488	$	16.01
Granted	66,809		18.31
Vested	(328,999)		15.61
Forfeited	(4,768)		17.38
Nonvested at December 31, 2017	286,530	$	16.97


	Year Ended December 31,
	2017		2016		2015
Restricted Stock Awards
Weighted-average, grant-date fair value of awards granted	$	18.31	$	13.24	$	13.51
Total fair value of restricted stock vested		6,473,330		3,692,961		1,279,628

Restricted Stock Unit Awards

The following table summarizes award activity for restricted unit awards:


		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Restricted Stock Unit Awards
Nonvested at December 31, 2016	1,163,832	$	9.73
Granted	551,714		20.55
Vested	(326,510)		9.88
Forfeited	(73,910)		13.22
Nonvested at December 31, 2017	1,315,126	$	14.08


	Year Ended December 31,
	2017		2016		2015
Restricted Stock Unit Awards
Weighted-average, grant-date fair value of awards granted	$	20.55	$	9.56	$	13.44
Total fair value of restricted stock units vested		6,672,405		298,773		8,258

Performance Share Unit Awards

Performance share units were granted to certain executive officers during 2017, 2016 and 2015 based on total shareholder performance as well as a return on average net capital employed calculation (“RANCE”). The performance unit awards will be earned only to the extent that MRC Global attains specified performance goals over a three-year period relating to MRC Global’s total shareholder return compared to companies within the Oil Service Index and specified RANCE goals set forth on the date in which the award was granted. The number of shares awarded at the end of the three-year period could vary from zero, if performance goals are not met, to as much as 200% of target, if performance goals are exceeded.

The following tables summarizes award activity for performance unit awards:


		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Performance Share Unit Awards
Nonvested at December 31, 2016	540,004	$	10.73
Granted	164,098		24.18
Vested	-		-
Forfeited	-		-
Nonvested at December 31, 2017	704,102	$	13.90


	Year Ended December 31,
	2017		2016		2015
Performance Share Unit Awards
Weighted-average, grant-date fair value of awards granted	$	24.18	$	10.02	$	11.98
Total fair value of performance share units vested		-		-		-

Recognized compensation expense and related income tax benefits under our equity-based compensation plans are set forth in the table below (in millions):


	Year Ended December 31,
	2017		2016		2015
Equity-based compensation expense:
Stock options	$	2	$	3	$	3
Restricted stock awards		4		4		6
Restricted stock unit awards		8		4		-
Performance share unit awards		2		1		1
Total equity-based compensation expense	$	16	$	12	$	10
Income tax benefits related to equity-based compensation	$	6	$	5	$	4

Unrecognized compensation expense under our equity-based compensation plans is set forth in the table below (in millions):


	Weighted-
	Average Vesting	December 31,
	Period (in years)	2017
Unrecognized equity-based compensation expense:
Stock options	-	$	-
Restricted stock awards	0.3		1
Restricted stock unit awards	1.8		9
Performance share unit awards	1.9		4
Total unrecognized equity-based compensation expense		$	14

Defined Contribution Employee Benefit Plans: We maintain defined contribution employee benefit plans in a number of countries in which we operate including the U.S., Canada, the United Kingdom, Australia, France, Belgium, Norway, the Netherlands, and New Zealand. These plans generally allow employees the option to defer a percentage of their compensation in accordance with local tax laws. In addition, we make contributions under these plans ranging from 1% to 10% of eligible compensation.

Expense under defined contribution plans were $9 million, $9 million and $11 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 13—RELATED PARTY TRANSACTIONS Leases We lease land and buildings at various locations from Hansford Associates Limited Partnership (“Hansford Associates”) and Prideco LLC (“Prideco”). Certain of our directors participate in ownership of Hansford Associates and Prideco. Most of these leases are renewable for various periods through 2022 and are renewable at our option. The renewal options are subject to escalation clauses. These leases contain clauses for payment of real estate taxes, maintenance, insurance and certain other operating expenses of the properties. Rent expense attributable to related parties was $2 million for the years ended December 31, 2017, 2016 and 2015, respectively. Future minimum rental payments required under operating leases with related parties that have initial or remaining non-cancelable lease terms in excess of one year are $2 million for 2018, $1 million for 2019 and $0 million thereafter. Customers Certain members of our Board of Directors are also on the board of directors of certain of our customers with which we do business in the ordinary course. We recognized revenue of $5 million, $7 million and $26 million from these customers for the years ended December 31, 2017, 2016 and 2015, respectively. There was $1 million of accounts receivable with these customers outstanding as of December 31, 2017 and 2016.

Segment, Geographic and Product Line Information

12 Months Ended

Dec. 31, 2017

Segment , Geographic and Product Line Information

NOTE 14—SEGMENT, GEOGRAPHIC AND PRODUCT LINE INFORMATION

Our business is comprised of four operating segments: U.S. Eastern Region and Gulf Coast, U.S. Western Region, Canada and International. Our International segment consists of our operations outside of the U.S. and Canada. These segments represent our business of selling PVF to the energy sector across each of the upstream (exploration, production and extraction of underground oil and gas), midstream (gathering and transmission of oil and gas, gas utilities, and the storage and distribution of oil and gas) and downstream (crude oil refining, petrochemical and chemical processing and general industrials) markets. Our two U.S. operating segments have been aggregated into a single reportable segment based on their economic similarities. As a result, we report segment information for the U.S., Canada and International.

The following table presents financial information for each segment (in millions):


	Year Ended December 31,
	2017		2016		2015
Sales
U.S.	$	2,860	$	2,297	$	3,572
Canada		294		243		333
International		492		501		624
Consolidated sales	$	3,646	$	3,041	$	4,529

Depreciation and amortization
U.S.	$	15	$	13	$	12
Canada		1		1		2
International		6		8		7
Total depreciation and amortization expense	$	22	$	22	$	21

Amortization of intangibles
U.S.	$	41	$	41	$	41
Canada		2		2		2
International		2		4		17
Total amortization of intangibles expense	$	45	$	47	$	60

Operating income (loss)
U.S. (1)	$	67	$	6	$	(47)
Canada		11		(5)		9
International (1)		(32)		(57)		(244)
Total operating income (loss)		46		(56)		(282)

Interest expense		31		35		48
Other expense		8		-		12
Income (loss) before income taxes	$	7	$	(91)	$	(342)

_________________________________

(1)Includes goodwill and other intangibles impairment of $237 million and $225 million in 2015 for the U.S. and International segments, respectively.

Total assets by segment are as follows (in millions):


	December 31,
	2017		2016
Total assets
United States	$	1,970	$	1,862
Canada		162		139
International		208		163
Total assets	$	2,340	$	2,164

The percentages of our fixed assets relating to the following geographic areas are as follows:


	December 31,
	2017		2016
Fixed assets
United States		74%		68%
Canada		10%		15%
International		16%		17%
Total fixed assets		100%		100%

Our net sales and percentage of total sales by product line are as follows (in millions):


	Year Ended December 31,
	2017			2016			2015
Line pipe	$	685	19%	$	444	15%	$	864	19%
Carbon steel fittings and flanges		548	15%		460	15%		665	15%
Total carbon steel pipe, fittings and flanges		1,233	34%		904	30%		1,529	34%
Valves, automation, measurement and instrumentation		1,319	36%		1,161	38%		1,507	33%
Gas products		554	15%		443	14%		475	10%
Stainless steel alloy pipe and fittings		183	5%		206	7%		267	6%
Other		357	10%		327	11%		440	10%
Oil country tubular goods ("OCTG")		-	-		-	-		311	7%
	$	3,646		$	3,041		$	4,529

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Fair Value Measurements	12 Months Ended
Fair Value Measurements	Dec. 31, 2017
Fair Value Measurements [Abstract]
Fair Value Measurements	NOTE 15—FAIR VALUE MEASUREMENTS We used the following methods and significant assumptions to estimate fair value for assets and liabilities recorded at fair value. Foreign Exchange Forward and Option Contracts: Foreign exchange forward contracts are reported at fair value utilizing Level 2 inputs, as the fair value is based on broker quotes for the same or similar derivative instruments. The fair value of foreign exchange forward contracts recorded in our balance sheets was $0 million at December 31, 2017 and 2016. Goodwill and Other Intangible Assets: Goodwill and other intangible assets are subject to annual impairment testing, which requires a significant degree of management judgment. If the testing results in impairment, we would measure goodwill and other intangible assets using level 3 non-recurring inputs. For the year ended December 31, 2015, we recorded impairment charges to both goodwill and other intangible assets; therefore, these assets were classified as level 3 non-recurring fair value measurements. With the exception of long-term debt, the fair values of our financial instruments, including cash and cash equivalents, accounts receivable, trade accounts payable and accrued liabilities approximate carrying value. The carrying value of our debt was $526 million and $414 million at December 31, 2017 and 2016, respectively. The fair value of our debt was $533 million and $417 million at December 31, 2017 and 2016, respectively. The carrying values of our Global ABL Facility approximates its fair value. We estimate the fair value of the Term Loan using Level 2 inputs, or quoted market prices as of December 31, 2017 and 2016, respectively.

Commitments and Contingencies [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies

NOTE 16—COMMITMENTS AND CONTINGENCIES

Leases

We regularly enter into operating and capital lease arrangements for certain of our facilities and equipment. Our leases are renewable at our option for various periods through 2033. Certain renewal options are subject to escalation clauses and contain clauses for payment of real estate taxes, maintenance, insurance and certain other operating expenses of the properties. Leases with escalation clauses based on an index, such as the consumer price index, are expensed based on current rates. Leases with specified escalation steps are expensed and projected based on the total lease obligation ratably over the life of the lease. We amortize leasehold improvements over the remaining life of the lease. Rental expense under our operating lease arrangements was $45 million, $48 million, and $51 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Future minimum lease payments under noncancelable operating lease arrangements having initial terms of one year or more are as follows (in millions):


2018	$	41
2019		36
2020		29
2021		24
2022		18
Thereafter		89

Legal Proceedings

Asbestos Claims. We are one of many defendants in lawsuits that plaintiffs have brought seeking damages for personal injuries that exposure to asbestos allegedly caused. Plaintiffs and their family members have brought these lawsuits against a large volume of defendant entities as a result of the various defendants’ manufacture, distribution, supply or other involvement with asbestos, asbestos-containing products or equipment or activities that allegedly caused plaintiffs to be exposed to asbestos. These plaintiffs typically assert exposure to asbestos as a consequence of third-party manufactured products that the Company’s subsidiary, MRC Global (US) Inc., purportedly distributed. As of December 31, 2017, we are a named defendant in approximately 537 lawsuits involving approximately 1,153 claims. No asbestos lawsuit has resulted in a judgment against us to date, with the majority being settled, dismissed or otherwise resolved. Applicable third-party insurance has substantially covered these claims, and insurance should continue to cover a substantial majority of existing and anticipated future claims. Accordingly, we have recorded a liability for our estimate of the most likely settlement of asserted claims and a related receivable from insurers for our estimated recovery, to the extent we believe that the amounts of recovery are probable.

We annually conduct analyses of our asbestos-related litigation to estimate the adequacy of the reserve for pending and probable asbestos-related claims. Given these estimated reserves and existing insurance coverage that has been available to cover substantial portions of these claims, we believe that our current accruals and associated estimates relating to pending and probable asbestos-related litigation likely to be asserted over the next 15 years are currently adequate. This belief, however, relies on a number of assumptions, including:

That our future settlement payments, disease mix and dismissal rates will be materially consistent with historic experience;

That future incidences of asbestos-related diseases in the U.S. will be materially consistent with current public health estimates;

That the rates at which future asbestos-related mesothelioma incidences result in compensable claims filings against us will be materially consistent with its historic experience;

That insurance recoveries for settlement payments and defense costs will be materially consistent with historic experience;

That legal standards (and the interpretation of these standards) applicable to asbestos litigation will not change in material respects;

That there are no materially negative developments in the claims pending against us; and

That key co-defendants in current and future claims remain solvent.

If any of these assumptions prove to be materially different in light of future developments, liabilities related to asbestos-related litigation may be materially different than amounts accrued or estimated. Further, while we anticipate that additional claims will be filed in the future, we are unable to predict with any certainty the number, timing and magnitude of such future claims. In our opinion, there are no pending legal proceedings that are likely to have a material adverse effect on our consolidated financial statements.

Other Legal Claims and Proceedings. From time to time, we have been subject to various claims and involved in legal proceedings incidental to the nature of our businesses. We maintain insurance coverage to reduce financial risk associated with certain of these claims and proceedings. It is not possible to predict the outcome of these claims and proceedings. However, in our opinion, there are no pending legal proceedings that are likely to have a material adverse effect on our consolidated financial statements.

Product Claims. From time to time, in the ordinary course of our business, our customers may claim that the products we distribute are either defective or require repair or replacement under warranties that either we or the manufacturer may provide to the customer. These proceedings are, in the opinion of management, ordinary and routine matters incidental to our normal business. Our purchase orders with our suppliers generally require the manufacturer to indemnify us against any product liability claims, leaving the manufacturer ultimately responsible for these claims. In many cases, state, provincial or foreign law provides protection to distributors for these sorts of claims, shifting the responsibility to the manufacturer. In some cases, we could be required to repair or replace the products for the benefit of our customer and seek our recovery from the manufacturer for our expense. In our opinion, the likelihood that the ultimate disposition of any of these claims and legal proceedings would have a material adverse effect on our consolidated financial statements is remote.

Weatherford Claim. In addition to PVF, our Canadian subsidiary, Midfield Supply (“Midfield”), now known as MRC Global (Canada) ULC, also distributed progressive cavity pumps and related equipment (“PCPs”) under a distribution agreement with Weatherford Canada Partnership (“Weatherford”) within a certain geographical area located in southern Alberta, Canada. In late 2005 and early 2006, Midfield hired new employees, including former Weatherford employees, as part of Midfield’s desire to expand its PVF business into northern Alberta. Shortly thereafter, many of these employees left Midfield and formed a PCP manufacturing, distribution and service company named Europump Systems Inc. (“Europump”) in 2006. The distribution agreement with Weatherford expired in 2006. Midfield supplied Europump with PVF products that Europump distributed along with PCP pumps. In April 2007, Midfield purchased Europump’s distribution branches and began distributing and servicing Europump PCPs.

Pursuant to a complaint that Weatherford filed on April 11, 2006 in the Court of Queen’s Bench of Alberta, Judicial Bench of Edmonton (Action No. 060304628), Weatherford sued Europump, three of Europump’s part suppliers, Midfield, certain current and former employees of Midfield, and other related entities, asserting a host of claims including breach of contract, breach of fiduciary duty, misappropriation of confidential information related to the PCPs, unlawful interference with economic relations and conspiracy. The Company denies these allegations and contends that Midfield’s expansion and subsequent growth was the result of fair competition.

In June 2017, Midfield and Europump and certain individual defendants and related entities settled the case. As part of the settlement, MRC Global (Canada) ULC agreed to pay $6 million in exchange for a release from Weatherford and agreement to dismiss the case. The Company had previously recorded a reserve of $3 million. As a result of the settlement, an additional charge of $3 million was recorded in the second quarter of 2017.

Customer Contracts

We have contracts and agreements with many of our customers that dictate certain terms of our sales arrangements (pricing, deliverables, etc.). While we make every effort to abide by the terms of these contracts, certain provisions are complex and often subject to varying interpretations. Under the terms of these contracts, our customers have the right to audit our adherence to the contract terms. Historically, any settlements that have resulted from these customer audits have been immaterial to our consolidated financial statements.

Letters of Credit

Our letters of credit outstanding at December 31, 2017 approximated $47 million.

Bank Guarantees

Certain of our international subsidiaries have trade guarantees that banks have issued on their behalf. The amount of these guarantees at December 31, 2017 was approximately $8 million.

Purchase Commitments

We have purchase obligations consisting primarily of inventory purchases made in the normal course of business to meet operating needs. While our vendors often allow us to cancel these purchase orders without penalty, in certain cases, cancellations may subject us to cancellation fees or penalties depending on the terms of the contract.

Warranty Claims

We are involved from time to time in various warranty claims, which arise in the ordinary course of business. Historically, any settlements that have resulted from these warranty claims have been immaterial to our consolidated financial statements.

Restructuring	12 Months Ended
Restructuring	Dec. 31, 2017
Restructuring [Abstract]
Restructuring	NOTE 17—RESTRUCTURING In the fourth quarter of 2017, we took action to reduce headcount and the cost structure within our international segment, particularly in Norway. As a result of these actions, we recorded $20 million of charges. These charges included $14 million of severance and restructuring costs and a $6 million write-down of inventory associated with a decision to reduce our local presence in Iraq. In August 2016, we announced a plan to restructure and downsize our Australian operations in response to the continued downturn in the oil and gas and mining industries in the region. As a result of this plan, for the year ending December 31, 2016, we incurred $17 million of charges, including $10 million of inventory-related charges, $4 million of lease termination and property costs, $2 million of employee severance, and $1 million of other relocation costs. These charges included $7 million of cash costs. In the statement of operations, inventory-related charges are reflected in cost of sales while all other costs are reflected in selling, general and administrative expenses. The restructuring plan was substantially completed in the fourth quarter of 2016.

Quarterly Information (Unaudited)

12 Months Ended

Dec. 31, 2017

Quarterly Information (Unaudited) [Abstract]

Quarterly Information (Unaudited)

NOTE 18—QUARTERLY INFORMATION (UNAUDITED)

Our quarterly financial information is presented in the table below (in millions, except per share amounts):


	First		Second		Third		Fourth		Year
2017
Revenue	$	862	$	922	$	959	$	903	$	3,646
Gross profit		140		149		152		141		582
Net income (loss) attributable to common stockholders		-		-		(3)		29		26
Earnings per share:
Basic	$	-	$	-	$	(0.03)	$	0.31	$	0.28
Diluted	$	-	$	-	$	(0.03)	$	0.30	$	0.27

2016
Revenue	$	783	$	746	$	793	$	719	$	3,041
Gross profit		133		125		88		122		468
Net loss attributable to common stockholders		(14)		(23)		(46)		(24)		(107)
Earnings per share:
Basic (1)	$	(0.14)	$	(0.24)	$	(0.48)	$	(0.25)	$	(1.10)
Diluted (1)	$	(0.14)	$	(0.24)	$	(0.48)	$	(0.25)	$	(1.10)

_______________

(1)Earnings per share does not add across due to rounding and transactions resulting in differing weighted average shares outstanding on a quarterly basis.

Significant Accounting Policies (Policy)	12 Months Ended
Significant Accounting Policies (Policy)	Dec. 31, 2017
Significant Accounting Policies [Abstract]
Business Operations	Business Operations: MRC Global Inc. is a holding company headquartered in Houston, Texas. Our wholly owned subsidiaries are global distributors of pipe, valves, fittings and related products and services across each of the upstream (exploration, production and extraction of underground oil and gas), midstream (gathering and transmission of oil and gas, gas utilities, and the storage and distribution of oil and gas) and downstream (crude oil refining and petrochemical processing) sectors. We have branches in principal industrial, hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia, Australasia, the Middle East and Caspian. Our products are obtained from a broad range of suppliers.
Basis of Presentation	Basis of Presentation: The accompanying consolidated financial statements include the accounts of MRC Global Inc. and its wholly owned and majority owned subsidiaries (collectively referred to as the Company” or by such terms as “we,” “our” or “us”). All material intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates: The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. We believe that our most significant estimates and assumptions are related to estimated losses on accounts receivable, the last-in, first-out (“LIFO”) inventory costing methodology, estimated realizable value on excess and obsolete inventories, goodwill, intangible assets, deferred taxes and self-insurance programs. Actual results could differ materially from those estimates.
Cash Equivalents	Cash Equivalents: We consider all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts: We evaluate the adequacy of the allowance for losses on receivables based upon periodic evaluation of accounts that may have a higher credit risk using information available about the customer and other relevant data. This formal analysis is inherently subjective and requires us to make significant estimates of factors affecting doubtful accounts including customer specific information, current economic conditions, volume, growth and composition of the account, and other factors such as financial statements, news reports and published credit ratings. The amount of the allowance for the remainder of the trade balance is not evaluated individually but is based upon historical loss experience. Because this process is subjective and based on estimates, ultimate losses may differ from those estimates. Receivable balances are written off when we determine that the balance is uncollectible. Subsequent recoveries, if any, are credited to the allowance when received. The provision for losses on receivables is included in selling, general and administrative expenses in the accompanying consolidated statements of operations.
Inventories	Inventories: Our inventories are valued at the lower of cost, principally LIFO, or market. We believe that the use of LIFO results in a better matching of costs and revenue. This practice excludes certain inventories, which are held outside of the United States, approximating $168 million and $164 million at December 31, 2017 and 2016, respectively, which are valued at the lower of weighted-average cost or market. Our inventory is substantially comprised of finished goods. Reserves for excess and obsolete inventories are determined based on analyses comparing inventories on hand to sales activity over time. The reserve, which totaled $34 million at December 31, 2017 and 2016, is the amount deemed necessary to reduce the cost of the inventory to its estimated realizable value.
Debt Issuance Costs	Debt Issuance Costs: We defer costs directly related to obtaining financing and amortize them over the term of the indebtedness on a straight-line basis. The use of the straight-line method does not produce results that are materially different from those which would result from the use of the effective interest method. These amounts are reflected in the consolidated statement of operations as a component of interest expense. Debt issuance costs associated with our Global ABL Facility are presented in other assets and totaled $3 million and $6 million at December 31, 2017 and 2016, respectively. Debt issuance costs associated with our Term Loan are presented as a reduction of the carrying amount of the debt liability and totaled $2 million and $3 million at December 31, 2017 and 2016, respectively.
Fixed Assets	Fixed Assets: Land, buildings and equipment are stated on the basis of cost. For financial statement purposes, depreciation is computed over the estimated useful lives of such assets principally by the straight-line method; accelerated depreciation and cost recovery methods are used for income tax purposes. Leasehold improvements are amortized using the straight-line method over the shorter of the remaining lease term or the estimated useful life of the improvements. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income for the period. Maintenance and repairs are charged to expense as incurred. Certain systems development costs related to the purchase, development and installation of computer software are capitalized and amortized over the estimated useful life of the related asset. Costs incurred prior to the development stage, as well as maintenance, training costs, and general and administrative expenses are expensed as incurred.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets: Goodwill represents the excess of cost over the fair value of net assets acquired. Goodwill and intangible assets with indefinite useful lives are tested for impairment annually, or more frequently if circumstances indicate that impairment may exist. We evaluate goodwill for impairment at four reporting units (U.S. Eastern Region and Gulf Coast, U.S. Western Region, Canada and International). Within each reporting unit, we have elected to aggregate the component countries and regions into a single reporting unit based on their similar economic characteristics, products, customers, suppliers, methods of distribution and the manner in which we operate each reporting unit. We perform our annual tests for indications of goodwill impairment as of October 1st of each year, updating on an interim basis should indications of impairment exist. The goodwill impairment test compares the carrying value of the reporting unit that has the goodwill with the estimated fair value of that reporting unit. If the carrying value is more than the estimated fair value, a second step is performed, whereby we calculate the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets of the reporting unit from the estimated fair value of the reporting unit. Impairment losses are recognized to the extent that recorded goodwill exceeds implied goodwill. Our impairment methodology uses discounted cash flow and multiples of cash earnings valuation techniques, acquisition control premium and valuation comparisons to similar businesses. Each of these methods involves Level 3 unobservable market inputs and require us to make certain assumptions and estimates regarding future operating results, the extent and timing of future cash flows, working capital, sales prices, profitability, discount rates and growth trends. While we believe that such assumptions and estimates are reasonable, the actual results may differ materially from the projected results. Intangible assets with indefinite useful lives are tested for impairment annually or more frequently if circumstances indicate that impairment may exist. This test compares the carrying value of the indefinite-lived intangible assets with their estimated fair value. If the carrying value is more than the estimated fair value, impairment losses are recognized in an amount equal to the excess of the carrying value over the estimated fair value. Our impairment methodology uses discounted cash flow and estimated royalty rate valuation techniques. Each of these methods involves Level 3 unobservable market inputs and requires us to make certain assumptions and estimates regarding future operating results, sales prices, discount rates and growth trends. While we believe that such assumptions and estimates are reasonable, the actual results may differ materially from the projected results. Other intangible assets primarily include trade names, customer bases and noncompetition agreements resulting from business acquisitions. Other intangible assets are recorded at fair value at the date of acquisition. Amortization is provided using the straight-line method over their estimated useful lives, ranging from two to twenty years. The carrying value of amortizable intangible assets is subject to an impairment test when events or circumstances indicate a possible impairment. When events or circumstances indicate a possible impairment, we assess recoverability from future operations using undiscounted cash flows derived from the lowest appropriate asset group. If the carrying value exceeds the undiscounted cash flows, an impairment charge would be recognized to the extent that the carrying value exceeds the fair value, which is determined based on a discounted cash flow analysis. While we believe that assumptions and estimates utilized in the impairment analysis are reasonable, the actual results may differ materially from the projected results. These impairments are determined prior to performing our goodwill impairment test.
Derivatives and Hedging	Derivatives and Hedging: From time to time, we utilize interest rate swaps to reduce our exposure to potential interest rate increases. Changes in the fair values of our derivative instruments are based upon independent market quotes. We utilize foreign exchange forward contracts (exchange contracts) and options to manage our foreign exchange rate risks resulting from purchase commitments and sales orders. Changes in the fair values of our exchange contracts are based upon independent market quotes. We do not designate our exchange contracts as hedging instruments; therefore, we record our exchange contracts on the consolidated balance sheets at fair value, with the gains and losses recognized in earnings in the period of change.
Fair Value	Fair Value: We measure certain of our assets and liabilities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions for inputs used in the valuation methodologies to measuring fair value: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Level 2: Significant observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs for the asset or liability. Unobservable inputs reflect our own assumptions about the assumptions that market participants would use in pricing an asset or liability (including all assumptions about risk). Certain assets and liabilities are measured at fair value on a nonrecurring basis. Our assets and liabilities measured at fair value on a nonrecurring basis include property, plant and equipment, goodwill and other intangible assets. We do not measure these assets at fair value on an ongoing basis; however, these assets are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. Our impairment methodology for goodwill and other intangible assets uses both (i) a discounted cash flow analysis requiring certain assumptions and estimates to be made regarding the extent and timing of future cash flows, discount rates and growth trends and (ii) valuation based on our publicly traded common stock. As all of the assumptions employed to measure these assets and liabilities on a nonrecurring basis are based on management’s judgment using internal and external data, these fair value determinations are classified as Level 3. We have not elected to apply the fair value option to any of our eligible financial assets and liabilities.
Insurance	Insurance: We are self-insured for employee healthcare as well as physical damage to automobiles that we own, lease or rent, and product warranty and recall liabilities. In addition, we maintain a deductible/retention program as it relates to insurance for property, inventory, workers’ compensation, automobile liability, asbestos claims, general liability claims (including, among others, certain product liability claims for property damage, death or injury) and cybersecurity claims. These programs have deductibles and self-insured retentions ranging from $0 million to $5 million and are secured by various letters of credit totaling $6 million. Our estimated liability and related expenses for claims are based in part upon estimates that insurance carriers, third-party administrators and actuaries provide. We believe that insurance reserves are sufficient to cover outstanding claims, including those incurred but not reported as of the estimation date. Further, we maintain commercially reasonable umbrella/excess policy coverage in excess of the primary limits. We do not have excess coverage for physical damage to automobiles that we own, lease or rent, and product warranty and recall liabilities. Our accrued liabilities related to deductibles/retentions under insurance programs (other than employee healthcare) were $8 million as of December 31, 2017 and 2016. In the area of employee healthcare, we have a commercially reasonable excess stop loss protection on a per person per year basis. Reserves for self-insurance accrued liabilities for employee healthcare were $3 million as of December 31, 2017 and 2016.
Income Taxes	Income Taxes: We use the liability method for determining our income taxes, under which current and deferred tax liabilities and assets are recorded in accordance with enacted tax laws and rates. Under this method, the amounts of deferred tax liabilities and assets at the end of each period are determined using the tax rate expected to be in effect when taxes are actually paid or recovered. Deferred tax assets and liabilities are recorded for differences between the financial reporting and tax bases of assets and liabilities using the tax rate expected to be in effect when the taxes will actually be paid or refunds received. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. A valuation allowance to reduce deferred tax assets is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining the need for valuation allowances and our ability to utilize our deferred tax assets, we consider and make judgments regarding all the available positive and negative evidence, including the timing of the reversal of deferred tax liabilities, estimated future taxable income, ongoing, prudent and feasible tax planning strategies and recent financial results of operations. The amount of the deferred tax assets considered realizable, however, could be adjusted in the future if objective negative evidence in the form of cumulative losses is no longer present in certain jurisdictions and additional weight may be given to subjective evidence such as our projections for growth. Our tax provision is based upon our expected taxable income and statutory rates in effect in each country in which we operate. We are subject to the jurisdiction of numerous domestic and foreign tax authorities, as well as to tax agreements and treaties among these governments. Determination of taxable income in any jurisdiction requires the interpretation of the related tax laws and regulations and the use of estimates and assumptions regarding significant future events such as the amount, timing and character of deductions, permissible revenue recognition methods under the tax law and the sources and character of income and tax credits. Changes in tax laws, regulations, agreements and treaties, foreign currency exchange restrictions or our level of operations or profitability in each taxing jurisdiction could have an impact on the amount of income taxes we provide during any given year. A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including any related appeals or litigation processes, on the basis of the technical merits. We adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which the new information is available. We classify interest and penalties related to unrecognized tax positions as income taxes in our financial statements. We currently have the intent and ability to indefinitely reinvest the cash held by our non-Canadian foreign subsidiaries and, pending further analysis of the impact of the Tax Cuts and Jobs Act of 2017, there are currently no plans for the repatriation of those amounts. As such, no deferred income taxes have been provided for differences between the financial reporting and income tax basis inherent in these foreign subsidiaries. In the first quarter of 2017, we adopted ASU 2016-09, Compensation - Stock Compensation, which simplified the accounting for taxes related to stock based compensation. Under the standard, excess tax benefits and certain tax deficiencies are no longer recorded in additional paid-in capital (“APIC”), and APIC pools are eliminated. Instead, all excess tax benefits and tax deficiencies are recorded as income tax expense or benefit in the income statement. In addition, excess tax benefits are presented as operating activities rather than financing activities in the statement of cash flows. For the year ended December 31, 2017, we recorded a tax benefit of $2 million related to the vesting of stock awards. The impacts of this standard are reflected in the consolidated financial statements on a prospective basis.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions: The functional currency of our foreign operations is the applicable local currency. The cumulative effects of translating the balance sheet accounts from the functional currency into the U.S. dollar at current exchange rates are included in accumulated other comprehensive income. The balance sheet accounts (with the exception of stockholders’ equity) are translated using current exchange rates as of the balance sheet date. Stockholders’ equity is translated at historical exchange rates and revenue and expense accounts are translated using a weighted-average exchange rate during the year. Gains or losses resulting from foreign currency transactions are recognized in the consolidated statements of operations.
Equity-Based Compensation	Equity-Based Compensation: Our equity-based compensation consisted and consists of restricted stock, restricted unit awards, performance share unit awards and nonqualified stock options of our Company. The cost of employee services received in exchange for an award of an equity instrument is measured based on the grant-date fair value of the award. Our policy is to expense equity-based compensation using the fair-value of awards granted, modified or settled. Restricted units and restricted stock are credited to equity as they are expensed over their vesting periods based on the grant date value of the shares vested. The fair value of nonqualified stock options is measured on the grant date of the related equity instrument using the Black-Scholes option-pricing model. A Monte Carlo simulation is completed to estimate the fair value of performance share unit awards with a stock price performance component. We expense the fair value of all equity grants, including performance share unit awards, on a straight line basis over the vesting period.
Revenue Recognition	Revenue Recognition: Sales to our principal customers are made pursuant to agreements that normally provide for transfer of legal title and risk upon shipment. We recognize revenue as products are shipped, title has transferred to the customer and the customer assumes the risks and rewards of ownership, and collectability is reasonably assured. Freight charges billed to customers are reflected in revenue. Return allowances are estimated using historical experience. Amounts received in advance of shipment are deferred and recognized as revenue when the products are shipped and title is transferred. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales in the accompanying consolidated statements of operations.
Cost of Sales	Cost of Sales: Cost of sales includes the cost of inventory sold and related items, such as vendor rebates, inventory allowances and reserves, and shipping and handling costs associated with inbound and outbound freight, as well as depreciation and amortization and amortization of intangible assets. Certain purchasing costs and warehousing activities (including receiving, inspection and stocking costs), as well as general warehousing expenses, are included in selling, general and administrative expenses and not in cost of sales. As such, our gross profit may not be comparable to others that may include these expenses as a component of cost of sales. Purchasing and warehousing costs approximated $29 million, $30 million, and $37 million for the years ended December 31, 2017, 2016 and 2015.
Earnings Per Share	Earnings per Share: Basic earnings per share are computed based on the weighted-average number of common shares outstanding, excluding any dilutive effects of unexercised stock options, unvested restricted stock awards, unvested restricted stock unit awards, unvested performance share unit awards, and shares of preferred stock. Diluted earnings per share are computed based on the weighted-average number of common shares outstanding including any dilutive effect of unexercised stock options, unvested restricted stock awards, unvested restricted stock unit awards, unvested performance share unit awards, and shares of preferred stock. The dilutive effect of unexercised stock options and unvested restricted stock is calculated under the treasury stock method. Equity awards and shares of preferred stock are disregarded in the calculations of diluted earnings per share if they are determined to be anti-dilutive.
Concentration of Credit Risk	Concentration of Credit Risk: Most of our business activity is with customers in the energy sector. In the normal course of business, we grant credit to these customers in the form of trade accounts receivable. These receivables could potentially subject us to concentrations of credit risk; however, we minimize this risk by closely monitoring extensions of trade credit. We generally do not require collateral on trade receivables. We have a broad customer base doing business in many regions of the world. During 2017, 2016 and 2015, we did not have sales to any one customer in excess of 10% of sales. At those respective year-ends, no individual customer balances exceeded 10% of accounts receivable. We have a broad supplier base, sourcing our products in most regions of the world. During 2017, 2016 and 2015, we did not have purchases from any one vendor in excess of 10% of our inventory purchases. At those respective year-ends no individual vendor balance exceeded 10% of accounts payable. We maintain the majority of our cash and cash equivalents with several financial institutions. These financial institutions are located in many different geographical regions with varying economic characteristics and risks. Deposits held with banks may exceed insurance limits. We believe the risk of loss associated with our cash equivalents to be remote.
Segment Reporting	Segment Reporting: Our business is comprised of four operating segments: U.S. Eastern Region and Gulf Coast, U.S. Western Region, Canada and International. Our International segment consists of our operations outside of the U.S. and Canada. These segments represent our business of selling PVF to the energy sector across each of the upstream (exploration, production and extraction of underground oil and gas), midstream (gathering and transmission of oil and gas, gas utilities, and the storage and distribution of oil and gas) and downstream (crude oil refining, petrochemical and chemical processing and general industrials) markets. Our two U.S. operating segments have been aggregated into a single reportable segment based on their economic similarities. As a result, we report segment information for the U.S., Canada and International.
Recently Issued Accounting Standards	Recently Issued Accounting Standards: In May 2014, the Financial Accounting Standards Board (“FASB”) issued a comprehensive new revenue recognition standard, which will supersede previous existing revenue recognition guidance. The Accounting Standards Update (“ASU”) also provides guidance on accounting for certain contract costs and requires new disclosures. During 2016, the FASB issued additional clarification guidance on the new revenue recognition standard, which also included certain scope improvements and practical expedients. The standard (including clarification guidance issued) is effective for fiscal periods beginning after December 15, 2017 and allows for either full retrospective or modified retrospective adoption. We have completed a formal review of contracts with nearly 100 of our largest customers, based on revenue, which represented approximately 76% of 2017 revenue. This review encompassed customers from a wide variety of end markets and geographies and involved inquiry of sales and operations personnel responsible for servicing these accounts in addition to review of the contracts. The balance of our revenue is derived from thousands of smaller customers with which we generally interact in a transactional relationship where goods are purchased from our branch locations. Based on our analysis to date, we do not expect the guidance to have a material impact on the timing of our revenue recognition; however, our disclosures will be expanded to address the qualitative and quantitative requirements of the new standard. We expect to finalize our analysis and related documentation and to adopt the standard in the first quarter of 2018 and have determined that we will utilize the modified retrospective transition method. We have enhanced our internal control processes to address both the implementation and ongoing application of the standard. No significant modifications of our systems have been required. In February 2016, the FASB issued ASU 2016-02, Leases, which will replace the existing guidance in ASC 870, Leases. This ASU requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2018. We are in the process of evaluating the effect of the adoption of ASU 2016-02 on our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. The amendments in ASU 2017-04 eliminate the current two-step approach used to test goodwill for impairment and require an entity to apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. ASU 2017-04 is effective for fiscal years, including interim periods within, beginning after December 15, 2019 (upon the first goodwill impairment test performed during that fiscal year). Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. A reporting entity must apply the amendments in ASU 2017-04 using a prospective approach. We do not expect the adoption of ASU 2017-04 to have a material impact on our consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718) Scope of Modification Accounting which clarifies modification accounting for share-based payment awards should not be applied if the fair value, vesting conditions, and the classification of the modified award as an equity instrument or as a liability instrument are the same before and immediately after the modification. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Adoption will be applied prospectively to awards modified on or after the adoption date. We do not expect the adoption of ASU 2017-09 to have a material impact on our consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) Targeted Improvements to Accounting for Hedging Activities which amends the hedge accounting model to better portray an organization’s risk management activities in the financial statements. In addition, the ASU simplifies the application of certain hedge accounting guidance. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. We do not expect the adoption of ASU 2017-12 to have a material impact on our consolidated financial statements

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2017

Accounts Receivable [Abstract]

Summary of Allowance for Doubtful Accounts


	December 31,
	2017		2016		2015
Beginning balance	$	3	$	3	$	4
Net charge-offs		-		(4)		(3)
Provision		1		4		2
Ending balance	$	4	$	3	$	3

Inventories (Tables)

12 Months Ended

Dec. 31, 2017

Inventories [Abstract]

Composition of Inventory


	December 31,
	2017		2016
Finished goods inventory at average cost:
Valves, automation, measurement and instrumentation	$	292	$	225
Carbon steel pipe, fittings and flanges		268		202
All other products		270		235
		830		662
Less: Excess of average cost over LIFO cost (LIFO reserve)		(95)		(67)
Less: Other inventory reserves		(34)		(34)
	$	701	$	561

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment


			December 31,
	Depreciable Life		2017		2016
Land and improvements	-	$	15	$	15
Building and building improvements	40 years		61		63
Machinery and equipment	3 to 10 years		146		140
Enterprise resource planning software	10 years		56		32
Software in progress	-		1		14
			279		264
Allowances for depreciation and amortization			(132)		(129)
		$	147	$	135

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Other Intangible Assets [Abstract]

Changes in Carrying Amount of Goodwill by Segment


	US		Canada		International		Total
Goodwill at December 31, 2014 (1)	$	552	$	-	$	254	$	806
Goodwill impairment		(109)		-		(183)		(292)
Other		(2)		-		-		(2)
Effect of foreign currency translation		-		-		(28)		(28)

Goodwill at December 31, 2015	$	441	$	-	$	43	$	484
Effect of foreign currency translation		-		-		(2)		(2)

Goodwill at December 31, 2016	$	441	$	-	$	41	$	482
Effect of foreign currency translation		-		-		4		4
Goodwill at December 31, 2017	$	441	$	-	$	45	$	486

(1)

Net of prior years’ accumulated impairment losses of $241 million and $69 million U.S. and Canadian segments, respectively.

Schedule of Other Intangible Assets by Major Classification


	Weighted-
	Average
	Amortization			Accumulated		Net Book
	Period (in years)	Gross		Amortization		Value
December 31, 2017
Customer base (1)	16.2	$	665	$	(429)	$	236
Indefinite lived trade names (2)	N/A		132		-		132
		$	797	$	(429)	$	368

December 31, 2016
Customer base (1)	16.4	$	669	$	(390)	$	279
Amortizable trade names	N/A		12		(12)		-
Indefinite lived trade names (2)	N/A		132		-		132
		$	813	$	(402)	$	411

(1)

Net of accumulated impairment losses of $42 million as of December 31, 2017 and 2016.

(2)

Net of accumulated impairment losses of $204 million as of December 31, 2017 and 2016.

Schedule of Amortization of Intangible Assets


2018	$	44
2019		41
2020		26
2021		23
2022		20

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2017

Long-Term Debt [Abstract]

Components of Long-Term Debt


		December 31,
	2017		2016
Senior Secured Term Loan B, net of discount and issuance costs of $3 and $4, respectively	$	397	$	414
Global ABL Facility		129		-
		526		414
Less: current portion		4		8
	$	522	$	406

Interest on Borrowings


	December 31,
	2017	2016
Senior Secured Term Loan B	5.18%	5.51%
Global ABL Facility	3.19%	-

Schedule of Maturities of Long-Term Debt


2018		$ 4
2019		4
2020		4
2021		4
2022		133
Thereafter		377

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 6
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
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-Paragraph 1A
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Derivative Financial Instruments [Abstract]

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Amount of Gains and (Losses) Recognized in Consolidated Statements of Operations Related to Derivative Instruments


	Year Ended December 31,
Derivatives not designated as hedging instruments:	2017		2016		2015
Foreign exchange forward contracts	$	(1)	$	1	$	(1)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes [Abstract]

Components of (Loss) Income Before Income Taxes


	Year Ended December 31,
	2017		2016		2015
United States	$	49	$	(7)	$	(79)
Foreign		(42)		(84)		(263)
	$	7	$	(91)	$	(342)

Summary of Income Taxes Included in Consolidated Statements of Income


	Year Ended December 31,
	2017		2016		2015
Current:
Federal	$	26	$	13	$	64
State		5		1		5
Foreign		4		1		7
		35		15		76

Deferred:
Federal		(73)		(21)		(70)
State		(4)		(2)		(6)
Foreign		(1)		-		(11)
		(78)		(23)		(87)
Income tax benefit	$	(43)	$	(8)	$	(11)

Reconcilation of Statutory Federal Income Tax Rate


	Year Ended December 31,
	2017		2016		2015
Federal income tax expense (benefit) at statutory rates	$	2	$	(32)	$	(120)
State income taxes, net of federal benefit		2		1		(1)
Effects of tax rate changes on existing temporary differences		(59)		-		-
Transition tax		7		-		-
Nondeductible expenses		1		1		1
Foreign operations taxed at different rates		(5)		6		(5)
Goodwill and intangible asset impairment		-		-		99
Change in valuation allowance related to foreign losses		10		16		15
Other		(1)		-		-
Income tax benefit	$	(43)	$	(8)	$	(11)
Effective tax rate		(614)%		9%		3%

Components of Current Deferred Tax Assets and Liabilities


	December 31,
	2017		2016
Deferred tax assets:
Allowance for doubtful accounts	$	1	$	1
Accruals and reserves		20		27
Net operating loss and tax credit carryforwards		57		44
Other		3		2
Subtotal		81		74
Valuation allowance		(63)		(50)
Total		18		24

Deferred tax liabilities:
Inventory valuation		(29)		(47)
Property, plant and equipment		(14)		(19)
Intangible assets		(78)		(138)
Other		(2)		(3)
Total		(123)		(207)
Net deferred tax liability	$	(105)	$	(183)

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2017

Stockholders' Equity [Abstract]

Summary of Share Repurchase Activity


Summary of share repurchase activity under the repurchase program:
	2017		2016
Number of shares acquired on the open market		4,074,146		6,861,191
Average price per share	$	16.62	$	13.96
Total cost of acquired shares (in millions)	$	68	$	95

Accumulated Other Comprehensive Loss in Accompanying Consolidated Balance Sheets



	December 31,
	2017		2016
Currency translation adjustments	$	(209)	$	(233)
Pension related adjustments		(1)		(1)
Accumulated other comprehensive loss	$	(210)	$	(234)

Earnings Per Share


	Year Ended December 31,
	2017		2016		2015
Net income (loss) attributable to common stockholders	$	26	$	(107)	$	(344)

Average basic shares outstanding		94.3		97.3		102.1
Effect of dilutive securities		1.3		-		-
Average diluted shares outstanding		95.6		97.3		102.1

Net income per share:
Basic	$	0.28	$	(1.10)	$	(3.38)
Diluted	$	0.27	$	(1.10)	$	(3.38)

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]

Schedule of Stock Options Activity


				Weighted
		Weighted		Average
		Average		Remaining		Aggregate
		Exercise		Contractual		Intrinsic
	Options	Price		Term		Value
Stock Options					(years)		(millions)
Balance at December 31, 2016	3,784,504	$	21.71		4.5	$	4
Exercised	(88,966)		10.37
Forfeited	(2,138)		28.67
Expired	(43,155)		23.81
Balance at December 31, 2017	3,650,245	$	21.96		3.5	$	-


At December 31, 2017
Options outstanding, vested and exercisable	3,650,245	$	21.96		3.5	$	-
Options outstanding, vested and expected to vest	3,650,245		21.96		3.5		-

Schedule of Restricted Stock Activity



		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Restricted Stock Awards
Nonvested at December 31, 2016	553,488	$	16.01
Granted	66,809		18.31
Vested	(328,999)		15.61
Forfeited	(4,768)		17.38
Nonvested at December 31, 2017	286,530	$	16.97

Recognized Compensation Expense and Related Income Tax Benefits Under Equity-Based Compensation Plans


	Year Ended December 31,
	2017		2016		2015
Equity-based compensation expense:
Stock options	$	2	$	3	$	3
Restricted stock awards		4		4		6
Restricted stock unit awards		8		4		-
Performance share unit awards		2		1		1
Total equity-based compensation expense	$	16	$	12	$	10
Income tax benefits related to equity-based compensation	$	6	$	5	$	4

Unrecognized Compensation Expense Under Equity-Based Compensation Plans


	Weighted-
	Average Vesting	December 31,
	Period (in years)	2017
Unrecognized equity-based compensation expense:
Stock options	-	$	-
Restricted stock awards	0.3		1
Restricted stock unit awards	1.8		9
Performance share unit awards	1.9		4
Total unrecognized equity-based compensation expense		$	14

Stock Options [Member]

Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]

Summary of Assumptions for Options Activity


	Year Ended December 31,
	2017		2016		2015
Stock Options
Weighted-average, grant-date fair value of awards granted	$	-	$	-	$	-
Total intrinsic value of stock options exercised		633,244		457,834		72,495
Total fair value of stock options vested		10,738,309		3,351,797		3,494,879

Restricted Stock [Member]

Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]

Summary of Assumptions for Award Activity


	Year Ended December 31,
	2017		2016		2015
Restricted Stock Awards
Weighted-average, grant-date fair value of awards granted	$	18.31	$	13.24	$	13.51
Total fair value of restricted stock vested		6,473,330		3,692,961		1,279,628

Restricted Units [Member]

Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]

Summary of Assumptions for Award Activity


	Year Ended December 31,
	2017		2016		2015
Restricted Stock Unit Awards
Weighted-average, grant-date fair value of awards granted	$	20.55	$	9.56	$	13.44
Total fair value of restricted stock units vested		6,672,405		298,773		8,258

Schedule of Restricted Stock Unit Activity


		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Restricted Stock Unit Awards
Nonvested at December 31, 2016	1,163,832	$	9.73
Granted	551,714		20.55
Vested	(326,510)		9.88
Forfeited	(73,910)		13.22
Nonvested at December 31, 2017	1,315,126	$	14.08

Performance Shares [Member]

Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]

Summary of Assumptions for Award Activity


	Year Ended December 31,
	2017		2016		2015
Performance Share Unit Awards
Weighted-average, grant-date fair value of awards granted	$	24.18	$	10.02	$	11.98
Total fair value of performance share units vested		-		-		-

Schedule of Performance Share Unit Activity


		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Performance Share Unit Awards
Nonvested at December 31, 2016	540,004	$	10.73
Granted	164,098		24.18
Vested	-		-
Forfeited	-		-
Nonvested at December 31, 2017	704,102	$	13.90

Segment, Geographic and Product Line Information (Tables)

12 Months Ended

Dec. 31, 2017

Segment, Geographic and Product Line Information [Abstract]

Schedule of Financial Information for Each Segment


	Year Ended December 31,
	2017		2016		2015
Sales
U.S.	$	2,860	$	2,297	$	3,572
Canada		294		243		333
International		492		501		624
Consolidated sales	$	3,646	$	3,041	$	4,529

Depreciation and amortization
U.S.	$	15	$	13	$	12
Canada		1		1		2
International		6		8		7
Total depreciation and amortization expense	$	22	$	22	$	21

Amortization of intangibles
U.S.	$	41	$	41	$	41
Canada		2		2		2
International		2		4		17
Total amortization of intangibles expense	$	45	$	47	$	60

Operating income (loss)
U.S. (1)	$	67	$	6	$	(47)
Canada		11		(5)		9
International (1)		(32)		(57)		(244)
Total operating income (loss)		46		(56)		(282)

Interest expense		31		35		48
Other expense		8		-		12
Income (loss) before income taxes	$	7	$	(91)	$	(342)

_________________________________

(1)Includes goodwill and other intangibles impairment of $237 million and $225 million in 2015 for the U.S. and International segments, respectively.

Total assets by segment are as follows (in millions):


	December 31,
	2017		2016
Total assets
United States	$	1,970	$	1,862
Canada		162		139
International		208		163
Total assets	$	2,340	$	2,164

Schedule of Percentages of Fixed Assets by Geographical Areas


	December 31,
	2017		2016
Fixed assets
United States		74%		68%
Canada		10%		15%
International		16%		17%
Total fixed assets		100%		100%

Schedule of Net Sales by Product Line


	Year Ended December 31,
	2017			2016			2015
Line pipe	$	685	19%	$	444	15%	$	864	19%
Carbon steel fittings and flanges		548	15%		460	15%		665	15%
Total carbon steel pipe, fittings and flanges		1,233	34%		904	30%		1,529	34%
Valves, automation, measurement and instrumentation		1,319	36%		1,161	38%		1,507	33%
Gas products		554	15%		443	14%		475	10%
Stainless steel alloy pipe and fittings		183	5%		206	7%		267	6%
Other		357	10%		327	11%		440	10%
Oil country tubular goods ("OCTG")		-	-		-	-		311	7%
	$	3,646		$	3,041		$	4,529

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies [Abstract]

Future Minimum Lease Payment under Noncancelable Operating Lease Arrangements


2018	$	41
2019		36
2020		29
2021		24
2022		18
Thereafter		89

Quarterly Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Information (Unaudited) [Abstract]

Schedule of Quarterly Financial Information


	First		Second		Third		Fourth		Year
2017
Revenue	$	862	$	922	$	959	$	903	$	3,646
Gross profit		140		149		152		141		582
Net income (loss) attributable to common stockholders		-		-		(3)		29		26
Earnings per share:
Basic	$	-	$	-	$	(0.03)	$	0.31	$	0.28
Diluted	$	-	$	-	$	(0.03)	$	0.30	$	0.27

2016
Revenue	$	783	$	746	$	793	$	719	$	3,041
Gross profit		133		125		88		122		468
Net loss attributable to common stockholders		(14)		(23)		(46)		(24)		(107)
Earnings per share:
Basic (1)	$	(0.14)	$	(0.24)	$	(0.48)	$	(0.25)	$	(1.10)
Diluted (1)	$	(0.14)	$	(0.24)	$	(0.48)	$	(0.25)	$	(1.10)

_______________

(1)Earnings per share does not add across due to rounding and transactions resulting in differing weighted average shares outstanding on a quarterly basis.

Significant Accounting Policies (Details)	12 Months Ended
Significant Accounting Policies (Details)	Dec. 31, 2017 USD ($) segment customer	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Significant Accounting Policies [Line Items]
Inventory not valued at LIFO	$ 168,000,000	$ 164,000,000
Allowances for excess and obsolete inventories	34,000,000	34,000,000
Long-term debt	526,000,000	414,000,000
Letters of credit securing non-material deductible program	6,000,000
Accrued liabilities related to deductibles/retentions under insurance programs	8,000,000	8,000,000
Self-insurance reserves	3,000,000	3,000,000
Income tax benefit	(43,000,000)	(8,000,000)	$ (11,000,000)
Purchasing and warehousing costs not included in cost of sales	$ 29,000,000	30,000,000	$ 37,000,000
Number of operating segments \| segment	4
Accounting Standards Update 2014-09 [Member]
Significant Accounting Policies [Line Items]
Number of customers \| customer	100
Percentage of revenue	76.00%
Accounting Standards Update 2016-09 [Member]
Significant Accounting Policies [Line Items]
Income tax benefit	$ (2,000,000)
Senior Secured Term Loan B [member]
Significant Accounting Policies [Line Items]
Debt issuance costs	2,000,000	3,000,000
Long-term debt	$ 397,000,000	414,000,000
Minimum [Member]
Significant Accounting Policies [Line Items]
Amortization based on straight-line method, years	2 years
Deductible	$ 0
Maximum [Member]
Significant Accounting Policies [Line Items]
Amortization based on straight-line method, years	20 years
Deductible	$ 5,000,000
Global ABL Facility [Member]
Significant Accounting Policies [Line Items]
Debt issuance costs	3,000,000	$ 6,000,000
Long-term debt	$ 129,000,000

Transactions (Details) - Disposal Group, Not Discontinued Operations [Member] - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2015	Feb. 29, 2016
Business Acquisition [Line Items]
Disposition of product line		$ 48
Loss on disposition of product line	$ 5
OCTG U.S. inventories	$ 50

Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Accounts Receivable [Abstract]
Other allowances for accounts receivable	$ 1.0	$ 1.0

Accounts Receivable (Summary of Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowance for doubtful accounts
Beginning balance	$ 3	$ 3	$ 4
Net charge-offs		(4)	(3)
Provision	1	4	2
Ending balance	$ 4	$ 3	$ 3

Inventories (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Inventories (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Sep. 30, 2016	Dec. 31, 2017	Dec. 31, 2016
Public Utilities Inventory [Line Items]
Effect of LIFO decrement on cost of sales				$ 14
Inventory-related charges		$ 45	$ 6	$ 45
United States Segment [Member]
Public Utilities Inventory [Line Items]
Inventory-related charges		16
Canada Segment [Member]
Public Utilities Inventory [Line Items]
Inventory-related charges		5
International Segment [Member]
Public Utilities Inventory [Line Items]
Inventory-related charges	$ 6	$ 24

Inventories (Composition of Inventory) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Finished goods inventory at average cost:
Finished goods inventory at average cost	$ 830	$ 662
Less: Excess of average cost over LIFO cost (LIFO reserve)	(95)	(67)
Less: Other inventory reserves	(34)	(34)
Inventories, net	701	561
Valves, Automation, Measurement And Instrumentation [Member]
Finished goods inventory at average cost:
Finished goods inventory at average cost	292	225
Carbon Steel Pipe, Fittings And Flanges [Member]
Finished goods inventory at average cost:
Finished goods inventory at average cost	268	202
All other products [Member]
Finished goods inventory at average cost:
Finished goods inventory at average cost	$ 270	$ 235

Property, Plant and Equipment (Narrative) (Details) $ in Millions	Dec. 31, 2017 USD ($)
Property, Plant and Equipment [Abstract]
Leasehold improvements	$ 8

Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 279	$ 264
Allowances for depreciation and amortization	(132)	(129)
Property, plant and equipment, net	147	135
Land and improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 15	15
Building and building improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Depreciable Life	40 years
Property, plant and equipment, gross	$ 61	63
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 146	140
Machinery and equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Depreciable Life	3 years
Machinery and equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Depreciable Life	10 years
Enterprise Resource Planning Software [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Depreciable Life	10 years
Property, plant and equipment, gross	$ 56	32
Software in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1	$ 14

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)

1 Months Ended

12 Months Ended

Dec. 31, 2015

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

^[1]

Schedule Of Intangible Assets By Segment [Line Items]

$ 484,000,000

$ 486,000,000

$ 482,000,000

$ 484,000,000

$ 806,000,000

Schedule Of Intangible Assets By Segment [Line Items]

292,000,000

Impairment charges

Customer Lists [Member]

Finite-lived intangible assets impairment charge

42,000,000

U.S. [Member]

Schedule Of Intangible Assets By Segment [Line Items]

441,000,000

552,000,000

Schedule Of Intangible Assets By Segment [Line Items]

109,000,000

Canada [Member]

Schedule Of Intangible Assets By Segment [Line Items]

International [Member]

$ 43,000,000

45,000,000

41,000,000

43,000,000

$ 254,000,000

Indefinite lived trade names [Member]

183,000,000

Schedule Of Intangible Assets By Segment [Line Items]

Indefinite-lived intangible assets impairment charge

$ 0

$ 128,000,000

[1]	Net of prior years' accumulated impairment losses of $241 million and $69 million U.S. and Canadian segments, respectively.

Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill by Segment) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Schedule Of Intangible Assets By Segment [Line Items]

$ 482.0

$ 484.0

$ 806.0

^[1]

(292.0)

(2.0)

4.0

(2.0)

(28.0)

Schedule Of Intangible Assets By Segment [Line Items]

486.0

482.0

484.0

U.S. [Member]

441.0

552.0

^[1]

(109.0)

(2.0)

441.0

Schedule Of Intangible Assets By Segment [Line Items]

241.0

Canada [Member]

^[1]

Schedule Of Intangible Assets By Segment [Line Items]

69.0

International [Member]

41.0

43.0

254.0

^[1]

(183.0)

4.0

(2.0)

(28.0)

$ 45.0

$ 41.0

$ 43.0

[1]	Net of prior years' accumulated impairment losses of $241 million and $69 million U.S. and Canadian segments, respectively.

Goodwill and Other Intangible Assets (Schedule of Other Intangible Assets by Major Classification) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Intangible assets, Accumulated Amortization

Intangible assets, Gross

$ 797.0

$ 813.0

(429.0)

(402.0)

Intangible assets, Net Book Value

$ 368.0

$ 411.0

Customer base [Member]

Weighted- Average Amortization Period (in years)

^[1]

16 years 2 months 12 days

16 years 4 months 24 days

Finite-lived, Gross

^[1]

$ 665.0

$ 669.0

Finite-lived, Accumulated Amortization

^[1]

(429.0)

(390.0)

Finite-lived, Net Book Value

^[1]

236.0

279.0

Amortizable trade names [Member]

204.0

Finite-lived, Accumulated Amortization

Finite-lived, Gross

12.0

(12.0)

Finite-lived, Net Book Value

Indefinite lived trade names [Member]

Indefinite-lived assets, Gross

^[2]

132.0

Indefinite-lived assets, Net Book Value

^[2]

132.0

Net income (loss) attributable to common stockholders

$ 42.0

[1]	Net of accumulated impairment losses of $42 million as of December 31, 2017 and 2016.
[2]	Net of accumulated impairment losses of $204 million as of December 31, 2017 and 2016.

Goodwill and Other Intangible Assets (Schedule of Amortization of Intangible Assets) (Details) $ in Millions	Dec. 31, 2017 USD ($)
Goodwill and Other Intangible Assets [Abstract]
2018	$ 44
2019	41
2020	26
2021	23
2022	$ 20

Long-Term Debt (Narrative) (Details) - USD ($)		12 Months Ended
Long-Term Debt (Narrative) (Details) - USD ($)	Sep. 16, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term debt		$ 526,000,000	$ 414,000,000
Unrestricted cash of Term Loan		$ 75,000,000
Senior secured leverage ratio		400.00%
Write off of debt issuance costs		$ 8,000,000	1,000,000	$ 3,000,000
Long-term debt, net		522,000,000	406,000,000
Other assets		21,000,000	19,000,000
Senior Secured Term Loan B [member]
Debt Instrument [Line Items]
Face value of secured note		$ 400,000,000
Debt term period		7 years
Debt instrument, maturity date		Sep. 30, 2024
Write off of debt issuance costs		$ 5,000,000
Senior Secured Term Loan B [member]
Debt Instrument [Line Items]
Debt instrument, maturity date		Sep. 22, 2024
Long-term debt		$ 397,000,000	$ 414,000,000
Term Loan accordion feature		$ 200,000,000
Term loan annual amortization percentage		1.00%
Percentage of capital stock in foreign subsidiaries securing Term Loan B		65.00%
Interest at base rate		2.00%
Reduction in cash flow		50.00%
Senior Secured Term Loan B [member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		3.50%
Senior Secured Term Loan B [member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		2.50%
Senior Secured Term Loan B [member] \| Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		1.00%
Global ABL Facility [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Jul. 31, 2019	Sep. 30, 2022
Long-term debt		$ 129,000,000
Write off of debt issuance costs		3,000,000
Credit facility, maximum borrowing capacity	$ 1,050,000,000	800,000,000
Credit Facility, accordion feature		200,000,000
Credit facility, availability		$ 437,000,000
Global ABL Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		1.25%
Maximum Borrowing Base of inventory		70.00%
Global ABL Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		1.75%
Maximum Borrowing Base of accounts receivable		85.00%
Maximum Borrowing Base of inventory		85.00%
Senior Secured Leverage Ratio Is No More Than 2.75 to 1.00 [Member] \| Senior Secured Term Loan B [member]
Debt Instrument [Line Items]
Reduction in cash flow		25.00%
Senior Secured Leverage Ratio Is No More Than 2.75 to 1.00 [Member] \| Senior Secured Term Loan B [member] \| Maximum [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio		2.75%
Senior Secured Leverage Ratio Is Less Than 2.50 to 1.00 [Member] \| Senior Secured Term Loan B [member]
Debt Instrument [Line Items]
Reduction in cash flow		0.00%
Senior Secured Leverage Ratio Is Less Than 2.50 to 1.00 [Member] \| Senior Secured Term Loan B [member] \| Maximum [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio		2.50%
Other Customary Restrictive Covenants [Member] \| Senior Secured Term Loan B [member] \| Maximum [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio		3.75%
Company May Incur First Lien Indebtedness Pari Passu to the Term Loan [Member] \| Senior Secured Term Loan B [member] \| Maximum [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio		4.00%
Company May Incur Second Lien Indebtedness [Member] \| Senior Secured Term Loan B [member] \| Maximum [Member]
Debt Instrument [Line Items]
Junior secured leverage ratio		4.75%
Company May Incur Unsecured Indebtedness [Member] \| Senior Secured Term Loan B [member] \| Maximum [Member]
Debt Instrument [Line Items]
Total leverage ratio		5.00%
Company May Incur Indebtedness [Member] \| Senior Secured Term Loan B [member] \| Minimum [Member]
Debt Instrument [Line Items]
Consolidated interest coverage ratio		2.00%
Company May Incur Indebtedness [Member] \| Global ABL Facility [Member] \| Senior Secured Term Loan B [member] \| Maximum [Member]
Debt Instrument [Line Items]
Indebtedness under Global ABL Facility		$ 1,300,000,000
Maximum Borrowing Base of accounts receivable		85.00%
Maximum Borrowing Base of inventory		65.00%
United States [Member] \| Global ABL Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 675,000,000
United States [Member] \| Global ABL Facility [Member] \| Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		1.25%
United States [Member] \| Global ABL Facility [Member] \| Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		1.75%
Canada [Member] \| Global ABL Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 65,000,000
Canada [Member] \| Global ABL Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		1.25%
Canada [Member] \| Global ABL Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		1.75%
Norway [Member] \| Global ABL Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 18,000,000
Australia [Member] \| Global ABL Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		15,000,000
Netherlands [Member] \| Global ABL Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		13,000,000
United Kingdom [Member] \| Global ABL Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		7,000,000
Belgium [Member] \| Global ABL Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 7,000,000

Long-Term Debt (Components of Long-Term Debt) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt	$ 526	$ 414
Less current portion	4	8
Long-term debt, net	522	406
Senior Secured Term Loan B [member]
Debt Instrument [Line Items]
Long-term debt	397	414
Original issue discount on senior secured notes	3	$ 4
Global ABL Facility [Member]
Debt Instrument [Line Items]
Long-term debt	$ 129

Long-Term Debt (Interest on Borrowings) (Details)	Dec. 31, 2017	Dec. 31, 2016
Global ABL Facility [Member]
Debt Instrument [Line Items]
Weighted-average interest rate	3.19%
Senior Secured Term Loan B [member]
Debt Instrument [Line Items]
Weighted-average interest rate	5.18%	5.51%

Long-Term Debt (Schedule of Maturities of Long-Term Debt) (Details) $ in Millions	Dec. 31, 2017 USD ($)
Long-Term Debt [Abstract]
2018	$ 4
2019	4
2020	4
2021	4
2022	133
Thereafter	$ 377

Derivative Financial Instruments (Narrative) (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Derivative Financial Instruments [Abstract]
Fair value of derivative instruments	$ 0	$ 0
Notional amount of forward foreign exchange contracts	$ 60,000,000	$ 36,000,000

Derivative Financial Instruments (Amount of Gains and (Losses) Recognized in Consolidated Statements of Operations Related to Derivative Instruments) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative Financial Instruments [Abstract]
Derivatives not designated as hedging instruments, Foreign exchange forward contracts	$ (1)	$ 1	$ (1)

Income Taxes (Narrative) (Details) - USD ($) $ in Millions		12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jan. 01, 2018	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Federal corporate income tax rate		35.00%
Deferred income tax benefit		$ 57.0
Undistributed foreign earnings		7.0
Foreign tax credit carryforwards		7.0
U.S. [Member]
Operating Loss Carryforwards [Line Items]
State net operating loss carryforwards		$ 21.0
State net operating loss carryforwards future expiration date		Dec. 31, 2032
Income tax examination, description		We are no longer subject to U.S. federal income tax examination for all years through 2013 and the statute of limitations at our international locations is generally six or seven years.
Non-U.S. [Member]
Operating Loss Carryforwards [Line Items]
State net operating loss carryforwards future expiration date		Dec. 31, 2027
State net operating loss carryforwards		$ 172.0
State net operating loss carryforwards with no expiration		159.0
State net operating loss carryforwards with expiration		$ 13.0
Minimum [Member] \| Non-U.S. [Member]
Operating Loss Carryforwards [Line Items]
Income tax examination, statute of limitations		6 years
Maximum [Member] \| Non-U.S. [Member]
Operating Loss Carryforwards [Line Items]
Income tax examination, statute of limitations		7 years
Subsequent Event [Member]
Operating Loss Carryforwards [Line Items]
Federal corporate income tax rate	21.00%

Income Taxes (Components of (Loss) Income Before Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Taxes [Abstract]
United States	$ 49	$ (7)	$ (79)
Foreign	(42)	(84)	(263)
Income before income taxes	$ 7	$ (91)	$ (342)

Income Taxes (Summary of Income Taxes Included in Consolidated Statements of Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current:
Federal	$ 26	$ 13	$ 64
State	5	1	5
Foreign	4	1	7
Current income tax expense	35	15	76
Deferred:
Federal	(73)	(21)	(70)
State	(4)	(2)	(6)
Foreign	(1)		(11)
Deferred income tax expense (benefit)	(78)	(23)	(87)
Income tax benefit	$ (43)	$ (8)	$ (11)

Income Taxes (Reconciliation of Statutory Federal Income Tax Rate) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Taxes [Abstract]
Federal income tax expense (benefit) at statutory rates	$ 2	$ (32)	$ (120)
State income taxes, net of federal benefit	2	1	(1)
Effects of tax rate changes on existing temporary differences	(59)
Transition tax	7
Nondeductible expenses	1	1	1
Foreign operations taxed at different rates	(5)	6	(5)
Goodwill and intangible asset impairment			99
Change in valuation allowance related to foreign losses	10	16	15
Other	(1)
Income tax benefit	$ (43)	$ (8)	$ (11)
Effective tax rate	(614.00%)	9.00%	3.00%

Income Taxes (Components of Current Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Allowance for doubtful accounts	$ 1	$ 1
Accruals and reserves	20	27
Net operating loss and tax credit carryforwards	57	44
Other	3	2
Subtotal	81	74
Valuation allowance	(63)	(50)
Total	18	24
Deferred tax liabilities:
Inventory valuation	(29)	(47)
Property, plant and equipment	(14)	(19)
Intangible assets	(78)	(138)
Other	(2)	(3)
Total	(123)	(207)
Net deferred tax liability	$ (105)	$ (183)

Redeemable Preferred Stock (Details) $ / shares in Units, $ in Millions	1 Months Ended
	Jun. 30, 2015 USD ($) item $ / shares shares	Dec. 31, 2017 shares	Dec. 31, 2016 shares
Stockholders' Equity [Line Items]
Preferred stock, authorized \| shares		363,000	363,000
Preferred stock, issued \| shares	363,000	363,000	363,000
Gross proceeds from issuance of Series A Preferred Stock \| $	$ 363
Preferred stock, stated value \| $ / shares	$ 1,000
Preferred stock, dividend rate	6.50%	6.50%	6.50%
Number of board of directors \| item	2
Number of board of directors after three years \| item	1
Preferred stock, initial conversion rate \| $ / shares	$ 55.9284
Preferred stock, initial conversion price \| $ / shares	$ 17.88
Preferred stock, common stock as percentage of conversion price	150.00%
Minimum [Member]
Stockholders' Equity [Line Items]
Number of dividend periods \| item	6

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended			36 Months Ended
	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017	Oct. 31, 2017	Nov. 30, 2016	Nov. 30, 2015
Stockholders' Equity [Line Items]
Preferred stock, shares authorized	100,000,000		100,000,000	100,000,000		100,000,000
Preferred stock, shares issued	363,000		363,000	363,000		363,000
Preferred stock, shares outstanding	363,000		363,000	363,000		363,000
Cost of shares acquired on the open market			$ 68	$ 95	$ 12
Shares repurchased (shares)	11,751,726		11,751,726	7,677,580		11,751,726
Shares repurchased, average price per share						$ 14.89
Shares repurchased	$ 175		$ 175	$ 107		$ 175
Common stock outstanding	91,347,966		91,347,966			91,347,966
Stock Options [Member]
Stockholders' Equity [Line Items]
Anti-dilutive securities			3,600,000	3,600,000	3,800,000
Restricted Stock [Member]
Stockholders' Equity [Line Items]
Anti-dilutive securities				900,000	300,000
2015 Share Repurchase Program [Member]
Stockholders' Equity [Line Items]
Share repurchased, authorized amount								$ 125	$ 100
Number of shares acquired on the open market		859,830	4,074,146	6,861,191
Cost of shares acquired on the open market		$ 18
Shares repurchased, average price per share			$ 16.62	$ 13.96
2017 Share Repurchase Program [Member]
Stockholders' Equity [Line Items]
Share repurchased, authorized amount							$ 100
Number of shares acquired on the open market	3,214,316
Cost of shares acquired on the open market	$ 50

Stockholders' Equity (Summary of Share Repurchase Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended			36 Months Ended
	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
Equity, Class of Treasury Stock [Line Items]
Average price per share					$ 14.89
Total cost of acquired shares		$ 68	$ 95	$ 12
2015 Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares acquired on the open market	859,830	4,074,146	6,861,191
Average price per share		$ 16.62	$ 13.96
Total cost of acquired shares		$ 68	$ 95

Stockholders' Equity (Accumulated Other Comprehensive Loss in Accompanying Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Loss	$ (209)	$ (233)
Pension Related Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Loss	(1)	(1)
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Loss	$ (210)	$ (234)

Stockholders' Equity (Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2017

Sep. 30, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Stockholders' Equity [Abstract]

$ 29

$ (3)

$ (24)

$ (46)

$ (23)

$ (14)

$ 26

$ (107)

$ (344)

Average basic shares outstanding

94.3

97.3

102.1

Effect of dilutive securities

1.3

Average diluted shares outstanding

95.6

97.3

102.1

Net income per share:

Basic

$ 0.31

$ (0.03)

$ (0.25)

^[1]

$ (0.48)

^[1]

$ (0.24)

^[1]

$ (0.14)

^[1]

$ 0.28

$ (1.10)

^[1]

$ (3.38)

Diluted

$ 0.30

$ (0.03)

$ (0.25)

^[1]

$ (0.48)

^[1]

$ (0.24)

^[1]

$ (0.14)

^[1]

$ 0.27

$ (1.10)

^[1]

$ (3.38)

[1]	Earnings per share does not add across due to rounding and transactions resulting in differing weighted average shares outstanding on a quarterly basis.

Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended			69 Months Ended
	Apr. 30, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017	Apr. 30, 2012
Defined Benefit Plan Disclosure [Line Items]
Stock based compensation		$ 16.0	$ 12.0	$ 10.0
Defined contribution plans		$ 9.0	9.0	11.0
2007 Stock Option Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Shares available for grant		3,750,000			3,750,000
Maximum term for stock option plan grant		10 years
Vesting period		5 years
Stock options exercised		88,966
Grant of stock options		0
2007 Restricted Stock Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Shares available for grant		500,000			500,000
2011 Omnibus Incentive Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Shares reserved for issuance		3,250,000			3,250,000
Additional shares reserved for issuance	4,250,000
Maximum term for stock option plan grant		10 years
Shares granted					5,870,930
2007 Stock Option Plan And 2007 Restricted Stock Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Shares available for grant						0
Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution		1.00%
Minimum [Member] \| 2011 Omnibus Incentive Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Vesting period		3 years
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution		10.00%
Maximum [Member] \| 2011 Omnibus Incentive Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Vesting period		5 years
Stock Options [Member]
Defined Benefit Plan Disclosure [Line Items]
Stock options exercised		88,966
Stock based compensation		$ 2.0	3.0	3.0
Restricted Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Shares vested		328,999
Shares granted		66,809
Stock based compensation		$ 4.0	$ 4.0	6.0
Restricted Stock [Member] \| 2011 Omnibus Incentive Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Shares granted		66,809	103,701
Performance Shares [Member]
Defined Benefit Plan Disclosure [Line Items]
Shares vested
Shares granted		164,098
Stock based compensation		$ 2.0	$ 1.0	$ 1.0
Performance goal period		3 years
Performance Shares [Member] \| 2011 Omnibus Incentive Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Shares granted		164,098	344,922
Performance Shares [Member] \| Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Performance goal target		0.00%
Performance Shares [Member] \| Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Performance goal target		200.00%
Restricted Units [Member]
Defined Benefit Plan Disclosure [Line Items]
Shares vested		326,510
Shares granted		551,714
Stock based compensation		$ 8.0	$ 4.0
Restricted Units [Member] \| 2011 Omnibus Incentive Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Shares granted		551,714	1,152,614
Director [Member]
Defined Benefit Plan Disclosure [Line Items]
Vesting period		1 year

Employee Benefit Plans (Schedule of Stock Option Activity Plans) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Beginning Balance, Options	3,784,504
Exercised, Options	(88,966)
Forfeited, Options	(2,138)
Expired, Options	(43,155)
Ending Balance, Options	3,650,245	3,784,504
Options outstanding, vested and exercisable, Options	3,650,245
Options outstanding, vested and expected to vest, Options	3,650,245
Beginning Balance, Weighted Average Exercise Price	$ 21.71
Exercised, Weighted Average Exercise Price	10.37
Forfeited, Weighted Average Exercise Price	28.67
Expired, Weighted Average Exercise Price	23.81
Ending Balance, Weighted Average Exercise Price	21.96	$ 21.71
Options outstanding, vested and exercisable, Weighted Average Exercise Price	21.96
Options outstanding, vested and expected to vest, Weighted Average Exercise Price	$ 21.96
Weighted Average Remaining Contractual Term	3 years 6 months	4 years 6 months
Options outstanding, vested and exercisable, Weighted Average Remaining Contractual Term	3 years 6 months
Options outstanding, vested and expected to vest, Weighted Average Remaining Contractual Term	3 years 6 months
Beginning Balance, Aggregate Intrinsic Value	$ 4
Ending Balance, Aggregate Intrinsic Value		$ 4

Employee Benefit Plans (Summary of Assumptions for Options Activity) (Details) - Stock Options [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Total intrinsic value of stock options exercised	$ 633,244	$ 457,834	$ 72,495
Total fair value of stock options vested	$ 10,738,309	$ 3,351,797	$ 3,494,879

Employee Benefit Plans (Schedule of Restricted Stock Option Activity Plans) (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, Beginning Balance, Shares	553,488
Granted, Shares	66,809
Vested, Shares	(328,999)
Forfeited, Shares	(4,768)
Nonvested, Ending Balance, Shares	286,530	553,488
Nonvested, Beginning Balance, Weighted Average Grant-Date Fair Value	$ 16.01
Granted, Weighted Average Grant-Date Fair Value	18.31	$ 13.24	$ 13.51
Vested, Weighted Average Grant-Date Fair Value	15.61
Forfeited, Weighted Average Grant-Date Fair Value	17.38
Nonvested, Ending Balance, Weighted Average Grant-Date Fair Value	$ 16.97	$ 16.01

Employee Benefit Plans (Restricted Stock Unit Activity) (Details) - Restricted Units [Member] - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, Beginning Balance, Shares	1,163,832
Granted, Shares	551,714
Vested, Shares	(326,510)
Forfeited, Shares	(73,910)
Nonvested, Ending Balance, Shares	1,315,126	1,163,832
Nonvested, Beginning Balance, Weighted Average Grant-Date Fair Value	$ 9.73
Granted, Weighted Average Grant-Date Fair Value	20.55	$ 9.56	$ 13.44
Vested, Weighted Average Grant-Date Fair Value	9.88
Forfeited, Weighted Average Grant-Date Fair Value	13.22
Nonvested, Ending Balance, Weighted Average Grant-Date Fair Value	$ 14.08	$ 9.73

Employee Benefit Plans (Schedule of Performance Share Unit Activity) (Details) - Performance Shares [Member] - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, Beginning Balance, Shares	540,004
Granted, Shares	164,098
Vested, Shares
Forfeited, Shares
Nonvested, Ending Balance, Shares	704,102	540,004
Nonvested, Beginning Balance, Weighted Average Grant-Date Fair Value	$ 10.73
Granted, Weighted Average Grant-Date Fair Value	24.18	$ 10.02	$ 11.98
Vested, Weighted Average Grant-Date Fair Value
Forfeited, Weighted Average Grant-Date Fair Value
Nonvested, Ending Balance, Weighted Average Grant-Date Fair Value	$ 13.90	$ 10.73

Employee Benefit Plans (Summary of Assumptions for Award Activity) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted Stock [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average, grant-date fair value of awards granted	$ 18.31	$ 13.24	$ 13.51
Total fair value of restricted shares vested	$ 6,473,330	$ 3,692,961	$ 1,279,628
Restricted Units [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average, grant-date fair value of awards granted	$ 20.55	$ 9.56	$ 13.44
Total fair value of restricted shares vested	$ 6,672,405	$ 298,773	$ 8,258
Performance Shares [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average, grant-date fair value of awards granted	$ 24.18	$ 10.02	$ 11.98

Employee Benefit Plans (Recognized Compensation Expense and Related Income Tax Benefits Under Equity-Based Compensation Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items]
Equity-based compensation expense	$ 16	$ 12	$ 10
Income tax benefits related to equity-based compensation	6	5	4
Stock Options [Member]
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items]
Equity-based compensation expense	2	3	3
Restricted Stock [Member]
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items]
Equity-based compensation expense	4	4	6
Restricted Units [Member]
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items]
Equity-based compensation expense	8	4
Performance Shares [Member]
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items]
Equity-based compensation expense	$ 2	$ 1	$ 1

Employee Benefit Plans (Unrecognized Compensation Expense Under Equity-Based Compensation Plans) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Unrecognized Stock Based Compensation Expense [Line Items]
Unrecognized equity-based compensation expense	$ 14
Stock Options [Member]
Unrecognized Stock Based Compensation Expense [Line Items]
Unrecognized equity-based compensation expense
Restricted Stock [Member]
Unrecognized Stock Based Compensation Expense [Line Items]
Unrecognized equity-based compensation , Weighted-Average Vesting Period (in years)	3 months 18 days
Unrecognized equity-based compensation expense	$ 1
Restricted Units [Member]
Unrecognized Stock Based Compensation Expense [Line Items]
Unrecognized equity-based compensation , Weighted-Average Vesting Period (in years)	1 year 9 months 18 days
Unrecognized equity-based compensation expense	$ 9
Performance Shares [Member]
Unrecognized Stock Based Compensation Expense [Line Items]
Unrecognized equity-based compensation , Weighted-Average Vesting Period (in years)	1 year 10 months 24 days
Unrecognized equity-based compensation expense	$ 4

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Rent expense	$ 2.0	$ 2.0	$ 2.0
Future minimum rental payments, 2017	41.0
Future minimum rental payments, 2018	36.0
Future minimum rental payments, 2019	29.0
Future minimum rental payments, 2020	24.0
Future minimum rental payments, 2021 and thereafter	89.0
Related Parties [Member]
Related Party Transaction [Line Items]
Future minimum rental payments, 2017	2.0
Future minimum rental payments, 2018	1.0
Future minimum rental payments, 2021 and thereafter	0.0
Certain Members Of Board Of Directors [Member]
Related Party Transaction [Line Items]
Sales to affiliates	5.0	7.0	$ 26.0
Receivables from affiliates	$ 1.0	$ 1.0

Segment, Geographic and Product Line Information (Narrative) (Details)	12 Months Ended
	Dec. 31, 2017 segment
Segment, Geographic and Product Line Information [Abstract]
Business segments	4

Segment, Geographic and Product Line Information (Schedule of Financial Information for Each Segment) (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Sales

$ 903.0

$ 959.0

$ 922.0

$ 862.0

$ 719.0

$ 793.0

$ 746.0

$ 783.0

$ 3,646.0

$ 3,041.0

$ 4,529.0

22.0

21.0

45.0

47.0

60.0

Income before income taxes

46.0

(56.0)

(282.0)

Interest expense

31.0

35.0

48.0

Other expense

8.0

12.0

7.0

(91.0)

(342.0)

United States Segment [Member]

2,340.0

2,164.0

2,340.0

2,164.0

Sales

2,860.0

2,297.0

3,572.0

15.0

13.0

12.0

41.0

^[1]

67.0

6.0

(47.0)

Goodwill and intangible asset impairment

1,970.0

1,862.0

1,970.0

1,862.0

237.0

Canada Segment [Member]

Sales

294.0

243.0

333.0

1.0

2.0

2.0

11.0

(5.0)

9.0

International Segment [Member]

162.0

139.0

162.0

139.0

Sales

492.0

501.0

624.0

6.0

8.0

7.0

2.0

4.0

17.0

^[1]

(32.0)

(57.0)

(244.0)