0001437749-20-021942 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2020	Oct. 22, 2020
Document Information [Line Items]
Entity Central Index Key	0001439095
Entity Registrant Name	MRC GLOBAL INC.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-35479
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5956993
Entity Address, Address Line One	1301 McKinney Street, Suite 2300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77010
City Area Code	877
Local Phone Number	294-7574
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	MRC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		82,238,993

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Millions

Sep. 30, 2020

Dec. 31, 2019

Current assets:

Cash

$ 40

$ 32

Accounts receivable, net

343

459

Inventory, Net, Total

582

701

Other current assets

Total current assets

994

1,218

Long-term assets:

Operating lease assets

168

186

Property, plant and equipment, net

128

138

Other assets

Intangible assets:

Goodwill, net

264

483

^[1]

Other intangible assets, net

235

281

Assets, Total

1,805

2,325

Current liabilities:

Trade accounts payable

293

357

Accrued expenses and other current liabilities

Operating lease liabilities

Current portion of long-term debt

Total current liabilities

417

486

Long-term liabilities:

Long-term debt, net

405

547

Operating lease liabilities

160

167

Deferred income taxes

Other liabilities

Commitments and contingencies

6.5% Series A Convertible Perpetual Preferred Stock, $0.01 par value; authorized 363,000 shares; 363,000 shares issued and outstanding

355

Stockholders' equity:

Common stock, $0.01 par value per share: 500 million shares authorized, 106,284,968 and 105,624,750 issued, respectively

Additional paid-in capital

1,736

1,731

Retained deficit

(770)

(483)

Less: Treasury stock at cost: 24,216,330 shares

(375)

Accumulated other comprehensive loss

(245)

(232)

Stockholders' Equity Attributable to Parent, Ending Balance

347

642

Liabilities and Equity, Total

$ 1,805

$ 2,325

[1]	Net of prior years’ accumulated impairment of $350 million, $69 million and $183 million in the United States, Canada and International, respectively.

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Series A Convertible Perpetual Preferred Stock, Dividend Rate	6.50%	6.50%
Series A Convertible Perpetual Preferred Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Series A Convertible Perpetual Preferred Stock, Shares Authorized (in shares)	363,000	363,000
Series A Convertible Perpetual Preferred Stock, Shares Issued (in shares)	363,000	363,000
Series A Convertible Perpetual Preferred Stock, Shares Outstanding (in shares)	363,000	363,000
Common Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized (in shares)	500,000,000	500,000,000
Common Stock, Issued (in shares)	106,284,968	105,624,750
Treasury Stock, Shares (in shares)	24,216,330	24,216,330

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Sales	$ 585	$ 942	$ 1,981	$ 2,896
Cost of sales	471	768	1,640	2,374
Gross profit	114	174	341	522
Selling, general and administrative expenses	100	137	352	409
Goodwill and intangible asset impairment	0	0	242	0
Operating income (loss)	14	37	(253)	113
Other (expense) income:
Interest expense	(7)	(10)	(22)	(31)
Other, net	1	2	(1)	3
Income (loss) before income taxes	8	29	(276)	85
Income tax expense (benefit)	5	8	(7)	22
Net income (loss)	3	21	(269)	63
Series A preferred stock dividends	6	6	18	18
Net (loss) income attributable to common stockholders	$ (3)	$ 15	$ (287)	$ 45
Basic (loss) income per common share (in dollars per share)	$ (0.04)	$ 0.18	$ (3.50)	$ 0.54
Diluted (loss) income per common share (in dollars per share)	$ (0.04)	$ 0.18	$ (3.50)	$ 0.53
Weighted-average common shares, basic (in shares)	82.1	82.7	81.9	83.4
Weighted-average common shares, diluted (in shares)	82.1	83.4	81.9	84.2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income (loss)	$ 3	$ 21	$ (269)	$ 63
Other comprehensive income (loss)
Foreign currency translation adjustments	5	(8)	(8)	(3)
Hedge accounting adjustments, net of tax	1	0	(5)	(6)
Total other comprehensive income (loss), net of tax	6	(8)	(13)	(9)
Comprehensive income (loss)	$ 9	$ 13	$ (282)	$ 54

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2018	105,000,000			(19,000,000)
Balance at Dec. 31, 2018	$ 1	$ 1,721	$ (498)	$ (300)	$ (232)	$ 692
Net income (loss)	0	0	18	0	0	18
Foreign currency translation	0	0	0	0	3	3
Hedge accounting adjustments	0	0	0	0	(2)	(2)
Shares withheld for taxes	0	(6)	0	0	0	(6)
Equity-based compensation expense	0	4	0	0	0	4
Dividends declared on preferred stock	$ 0	0	(6)	$ 0	0	(6)
Balance (in shares) at Mar. 31, 2019	105,000,000			(21,000,000)
Purchase of common stock (in shares)	0			(2,000,000)
Purchase of common stock	$ 0	0	0	$ (25)	0	(25)
Balance at Mar. 31, 2019	$ 1	1,719	(486)	$ (325)	(231)	678
Balance (in shares) at Dec. 31, 2018	105,000,000			(19,000,000)
Balance at Dec. 31, 2018	$ 1	1,721	(498)	$ (300)	(232)	692
Net income (loss)						63
Foreign currency translation						(3)
Hedge accounting adjustments						$ (6)
Balance (in shares) at Sep. 30, 2019	106,000,000			(23,000,000)
Purchase of common stock (in shares)						(4,088,490)
Purchase of common stock						$ (63)
Balance at Sep. 30, 2019	$ 1	1,727	(453)	$ (363)	(241)	671
Balance (in shares) at Mar. 31, 2019	105,000,000			(21,000,000)
Balance at Mar. 31, 2019	$ 1	1,719	(486)	$ (325)	(231)	678
Net income (loss)	0	0	24	0	0	24
Foreign currency translation	0	0	0	0	2	2
Hedge accounting adjustments	0	0	0	0	(4)	(4)
Equity-based compensation expense	0	3	0	0	0	3
Dividends declared on preferred stock	$ 0	0	(6)	$ 0	0	(6)
Balance (in shares) at Jun. 30, 2019	106,000,000			(22,000,000)
Purchase of common stock (in shares)	0			(1,000,000)
Purchase of common stock	$ 0	0	0	$ (25)	0	(25)
Balance at Jun. 30, 2019	1	1,722	(468)	(350)	(233)	672
Net income (loss)	0	0	21	0	0	21
Foreign currency translation	0	0	0	0	(8)	(8)
Hedge accounting adjustments						0
Equity-based compensation expense	0	5	0	0	0	5
Dividends declared on preferred stock	$ 0	0	(6)	$ 0	0	$ (6)
Balance (in shares) at Sep. 30, 2019	106,000,000			(23,000,000)
Purchase of common stock (in shares)	0			(1,000,000)		(957,869)
Purchase of common stock	$ 0	0	0	$ (13)	0	$ (13)
Balance at Sep. 30, 2019	$ 1	1,727	(453)	$ (363)	(241)	671
Balance (in shares) at Dec. 31, 2019	106,000,000			(24,000,000)
Balance at Dec. 31, 2019	$ 1	1,731	(483)	$ (375)	(232)	642
Net income (loss)	0	0	9	0	0	9
Foreign currency translation	0	0	0	0	(21)	(21)
Hedge accounting adjustments	0	0	0	0	(6)	(6)
Shares withheld for taxes	0	(3)	0	0	0	(3)
Equity-based compensation expense	0	2	0	0	0	2
Dividends declared on preferred stock	$ 0	0	(6)	$ 0	0	(6)
Balance (in shares) at Mar. 31, 2020	106,000,000			(24,000,000)
Balance at Mar. 31, 2020	$ 1	1,730	(480)	$ (375)	(259)	617
Balance (in shares) at Dec. 31, 2019	106,000,000			(24,000,000)
Balance at Dec. 31, 2019	$ 1	1,731	(483)	$ (375)	(232)	642
Net income (loss)						(269)
Foreign currency translation						(8)
Hedge accounting adjustments						$ (5)
Balance (in shares) at Sep. 30, 2020	106,000,000			(24,000,000)
Purchase of common stock (in shares)						0
Purchase of common stock						$ 0
Balance at Sep. 30, 2020	$ 1	1,736	(770)	$ (375)	(245)	347
Balance (in shares) at Mar. 31, 2020	106,000,000			(24,000,000)
Balance at Mar. 31, 2020	$ 1	1,730	(480)	$ (375)	(259)	617
Net income (loss)	0	0	(281)	0	0	(281)
Foreign currency translation	0	0	0	0	8	8
Equity-based compensation expense	0	3	0	0	0	3
Dividends declared on preferred stock	$ 0	0	(6)	$ 0	0	(6)
Balance (in shares) at Jun. 30, 2020	106,000,000			(24,000,000)
Balance at Jun. 30, 2020	$ 1	1,733	(767)	$ (375)	(251)	341
Net income (loss)	0	0	3	0	0	3
Foreign currency translation	0	0	0	0	5	5
Hedge accounting adjustments	0	0	0	0	1	1
Equity-based compensation expense	0	3	0	0	0	3
Dividends declared on preferred stock	$ 0	0	(6)	$ 0	0	$ (6)
Balance (in shares) at Sep. 30, 2020	106,000,000			(24,000,000)
Purchase of common stock (in shares)						0
Purchase of common stock						$ 0
Balance at Sep. 30, 2020	$ 1	$ 1,736	$ (770)	$ (375)	$ (245)	$ 347

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities
Net income (loss)	$ (269)	$ 63
Adjustments to reconcile net (loss) income to net cash provided by operations:
Depreciation and amortization	15	16
Amortization of intangibles	20	33
Equity-based compensation expense	8	12
Deferred income tax benefit	(10)	(5)
Decrease in LIFO reserve	(20)	(3)
Goodwill and intangible asset impairment	242	0
Lease impairment and abandonment	15	0
Inventory-related charges	34	0
Provision for uncollectible accounts	3	2
Other	3	2
Changes in operating assets and liabilities:
Accounts receivable	110	(4)
Inventories	102	56
Other current assets	(3)	0
Accounts payable	(63)	(3)
Accrued expenses and other current liabilities	(9)	(35)
Net cash provided by operations	178	134
Investing activities
Purchases of property, plant and equipment	(8)	(12)
Other investing activities	1	2
Net cash used in investing activities	(7)	(10)
Financing activities
Payments on revolving credit facilities	(655)	(786)
Proceeds from revolving credit facilities	519	733
Payments on long-term obligations	(5)	(3)
Purchase of common stock	0	(63)
Dividends paid on preferred stock	(18)	(18)
Repurchases of shares to satisfy tax withholdings	(3)	(6)
Other	0	1
Net cash used in financing activities	(162)	(142)
Increase (decrease) in cash	9	(18)
Effect of foreign exchange rate on cash	(1)	0
Cash -- beginning of period	32	43
Cash -- end of period	40	25
Supplemental disclosures of cash flow information:
Cash paid for interest	21	30
Cash paid for income taxes	$ 3	$ 27

Note 1 - Background and Basis of Presentation

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 1 – BACKGROUND AND BASIS OF PRESENTATION

Business Operations: MRC Global Inc. is a holding company headquartered in Houston, Texas. Our wholly owned subsidiaries are global distributors of pipe, valves, fittings (“PVF”) and related infrastructure products and services across each of the gas utilities (gas utilities and the storage and distribution of oil and gas), downstream and industrial (crude oil refining and petrochemical and chemical processing and general industrials), upstream production (exploration, production and extraction of underground oil and gas) and midstream pipeline (gathering and transmission of oil and gas) 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. We obtain products from a broad range of suppliers.

Basis of Presentation: We have prepared our unaudited condensed consolidated financial statements in accordance with Rule 10-01 of Regulation S-X for interim financial statements. These statements do not include all information and footnotes that generally accepted accounting principles require for complete annual financial statements. However, the information in these statements reflects all normal recurring adjustments which are, in our opinion, necessary for a fair presentation of the results for the interim periods. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that will be realized for the fiscal year ending December 31, 2020. We have derived our condensed consolidated balance sheet as of December 31, 2019 from the audited consolidated financial statements for the year ended December 31, 2019. You should read these condensed consolidated financial statements in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2019.

The 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.

Recent Issued Accounting Pronouncements: In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt – Debt with Conversion and Other Options and Derivative Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) ("ASU 2020-06"), which simplifies guidance on the topics of convertible instruments, derivative contracts and earnings per share ("EPS") calculations. This update will be effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. We are currently evaluating the impacts of the provisions of ASU 2020-06 on our consolidated financial statements.

In March 2020, the FASB issued Accounting Standards Update ASU 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"), which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of certain reference rates, including the London Interbank Offered Rate ("LIBOR"). The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the impacts of the provisions of ASU 2020-04 on our consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, an update intended to simplify various aspects related to accounting for income taxes. This guidance removes certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. This accounting standards update will be effective for annual and interim financial statement periods beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of this accounting standards update, but do not expect the adoption to materially impact our consolidated financial statements.

Adoption of New Accounting Standards: In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which requires that an entity measure impairment of certain financial instruments, including trade receivables, based on expected losses rather than incurred losses. We adopted ASU 2016-13 on January 1, 2020. The adoption of this new standard resulted in the recognition of $1 million of incremental bad debt expense in the nine months ended September 30, 2020.

Note 2 - Revenue Recognition

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE 2 – REVENUE RECOGNITION

We recognize revenue when we transfer control of promised goods or services to our customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. We recognize substantially all of our revenue when products are shipped or delivered to our customers, and payment is due from our customers at the time of billing with a majority of our customers having 30-day terms. We estimate and record returns as a reduction of revenue. Amounts received in advance of shipment are deferred and recognized when the performance obligations are satisfied. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and, therefore, are excluded from sales in the accompanying consolidated statements of operations. 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. In some cases, particularly with third-party pipe shipments, shipping and handling costs are considered separate performance obligations, and as such, the revenue and cost of sales are recorded when the performance obligation is fulfilled.

Our contracts with customers ordinarily involve performance obligations that are one year or less. Therefore, we have applied the optional exemption that permits the omission of information about our unfulfilled performance obligations as of the balance sheet dates.

Contract Balances: Variations in the timing of revenue recognition, invoicing and receipt of payment result in categories of assets and liabilities that include invoiced accounts receivable, uninvoiced accounts receivable, contract assets and deferred revenue (contract liabilities) on the consolidated balance sheets.

Generally, revenue recognition and invoicing occur simultaneously as we transfer control of promised goods or services to our customers. We consider contract assets to be accounts receivable when we have an unconditional right to consideration and only the passage of time is required before payment is due. In certain cases, particularly those involving customer-specific documentation requirements, invoicing is delayed until we are able to meet the documentation requirements. In these cases, we recognize a contract asset separate from accounts receivable until those requirements are met, and we are able to invoice the customer. Our contract asset balance associated with these requirements as of September 30, 2020 and December 31, 2019 was $13 million and $26 million, respectively. These contract asset balances are included within accounts receivable in the accompanying consolidated balance sheets.

We record contract liabilities, or deferred revenue, when we receive cash payments from customers in advance of our performance, including amounts which are refundable. The deferred revenue balance at September 30, 2020 and December 31, 2019 was $3 million and $4 million, respectively. During the three and nine months ended September 30, 2020, we recognized $0 million and $4 million of revenue that was deferred as of December 31, 2019, respectively. During the three and nine months ended September 30, 2019, we recognized $0 million and $6 million of revenue that was deferred as of December 31, 2018. Deferred revenue balances are included within accrued expenses and other current liabilities in the accompanying consolidated balance sheets.

Disaggregated Revenue: Our disaggregated revenue represents our business of selling PVF to the energy sector across each of the gas utilities (gas utilities and the storage and distribution of oil and gas), downstream and industrial (crude oil refining and petrochemical and chemical processing and general industrials), upstream production (exploration, production and extraction of underground oil and gas) and midstream pipeline (gathering and transmission of oil and gas) sectors in each of our reportable segments. Each of our end markets and geographical reportable segments are impacted and influenced by varying factors, including macroeconomic environment, commodity prices, maintenance and capital spending and exploration and production activity. As such, we believe that this information is important in depicting the nature, amount, timing and uncertainty of our contracts with customers.

The following table presents our revenue disaggregated by revenue source (in millions):

*Three Months Ended*
*September 30,*

	*U.S.*		*Canada*		*International*		*Total*
2020:
Gas utilities	$	206	$	2	$	—	$	208
Downstream & industrial		131		4		50		185
Upstream production		61		17		40		118
Midstream pipeline		65		4		5		74
	$	463	$	27	$	95	$	585
2019:
Gas utilities	$	215	$	1	$	—	$	216
Downstream & industrial		218		7		60		285
Upstream production		189		43		55		287
Midstream pipeline		141		6		7		154
	$	763	$	57	$	122	$	942

*Nine Months Ended*
*September 30,*

	*U.S.*		*Canada*		*International*		*Total*
2020:
Gas utilities	$	605	$	10	$	—	$	615
Downstream & industrial		447		12		153		612
Upstream production		266		72		136		474
Midstream pipeline		257		11		12		280
	$	1,575	$	105	$	301	$	1,981
2019:
Gas utilities	$	663	$	14	$	—	$	677
Downstream & industrial		667		18		176		861
Upstream production		583		130		170		883
Midstream pipeline		435		21		19		475
	$	2,348	$	183	$	365	$	2,896

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Note 3 - Inventories

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE 3 – INVENTORIES

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

	*September 30,*			*December 31,*
	*2020*			*2019*
Finished goods inventory at average cost:
Valves, automation, measurement and instrumentation	$	303		$	355
Carbon steel pipe, fittings and flanges		183			268
All other products		249			268
		735			891
Less: Excess of average cost over LIFO cost (LIFO reserve)		(135	)		(155	)
Less: Other inventory reserves		(18	)		(35	)
	$	582		$	701

The Company uses the last-in, first-out (“LIFO”) method of valuing U.S. inventories. The use of the LIFO method has the effect of reducing net income during periods of rising inventory costs (inflationary periods) and increasing net income during periods of falling inventory costs (deflationary periods). Valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory determination. Our inventory quantities are expected to be reduced for the current year, resulting in a liquidation of a 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 three and nine months ended September 30, 2020, the effect of this LIFO decrement decreased cost of sales by approximately $14 million and $22 million, respectively.

During the nine months ended September 30, 2020, we incurred non-cash inventory-related charges totaling $34 million necessary to reduce the carrying value of certain products determined to be excess or obsolete to their net realizable value based on our current market outlook for these products. This amount includes $19 million in our U.S. segment, $1 million in our Canada segment, and $14 million in our International segment due to increased reserves for excess and obsolete inventory as well as the exit of our Thailand business. We may continue to sell to customers in Thailand from time-to-time on an export basis.

Note 4 - Leases

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 4 – LEASES

We lease certain distribution centers, warehouses, office space, land and equipment. Substantially all of these leases are classified as operating leases. We recognize lease expense on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet.

Many of our facility leases include one or more options to renew, with renewal terms that can extend the lease term from one year to 15 years with a maximum lease term of 30 years, including renewals. The exercise of lease renewal options is at our sole discretion; therefore, renewals to extend the terms of most leases are not included in our right of use (“ROU”) assets and lease liabilities as they are not reasonably certain of exercise. In the case of our regional distribution centers and certain corporate offices, where the renewal is reasonably certain of exercise, we include the renewal period in our lease term. Leases with escalation adjustments based on an index, such as the consumer price index, are expensed based on current rates. Leases with specified escalation steps are expensed based on the total lease obligation ratably over the life of the lease. The depreciable life of assets and leasehold improvements are limited by the expected lease term. Non-lease components, such as payment of real estate taxes, maintenance, insurance and other operating expenses, have been excluded from the determination of our lease liability.

As most of our leases do not provide an implicit rate, we use an incremental borrowing rate based on the information available at the commencement date in determining the present value of the lease payments using a portfolio approach. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Expense associated with our operating leases was $10 million and $29 million for the three and nine months ended September 30, 2020, respectively, and $10 million and $31 million for the three and nine months ended September 30, 2019, respectively, which is classified in selling, general and administrative expenses. Cash paid for leases recognized as liabilities was $10 million and $32 million for the three and nine months ended September 30, 2020, respectively, and $11 million and $34 million for the three and nine months ended September 30, 2019, respectively.

The maturity of lease liabilities is as follows (in millions):

Maturity of Operating Lease Liabilities
Remainder of 2020	$	10
2021		39
2022		31
2023		24
2024		20
After 2024		194
Total lease payments		318
Less: Interest		(124	)
Present value of lease liabilities	$	194

Amounts maturing after 2024 include expected renewals for leases of regional distribution centers and certain corporate offices through dates up to 2048.

The term and discount rate associated with leases are as follows:

	*September 30,*
Operating Lease Term and Discount Rate	*2020*
Weighted-average remaining lease term (years)		14
Weighted-average discount rate		7.0	%

During the nine months ended September 30, 2020, actions were taken to close a number of facilities as part of a broader plan to streamline operations and reduce costs. In connection with these closures, we incurred charges totaling $15 million related to impairments of right of use assets, lease abandonments and charges associated with contractual obligations under lease agreements. These are reflected in selling, general and administrative expense in the accompanying statement of operations and amounted to $2 million, $1 million, and $12 million in our U.S., Canada and International segments, respectively.

In September and October 2020, we agreed, subject to certain conditions, to sell and leaseback certain owned office and warehouse facilities. These leases are expected to commence during the fourth quarter of 2020. Upon commencement, we will record approximately $23 million of operating lease liabilities for these arrangements.

Note 5 - Goodwill and Intangible Asset Impairment

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 5 – GOODWILL AND INTANGIBLE ASSET IMPAIRMENT

We apply a fair value-based impairment test to the carrying value of goodwill and indefinite-lived intangible assets on an annual basis (as of October 1) and, if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis.

In the first half of 2020, demand for oil and natural gas declined sharply as a result of the coronavirus disease 2019 (“COVID-19”) pandemic. This disruption in demand and the resulting decline in the price of oil has had a dramatic negative impact on our business. We experienced a significant reduction in sales beginning in April 2020, which continued throughout the second quarter. At that time, there remained ongoing uncertainty around the timing and extent of any recovery. We took a more pessimistic long-term outlook due to the significant reduction in the demand for oil, the implications of that demand destruction on the price of oil for an extended period of time and actions our customers had taken to curtail costs and reduce spending. As a result of those developments, we concluded that it was more likely than not the fair values of our U.S. and International reporting units were lower than their carrying values. Accordingly, we completed an interim goodwill impairment test as of April 30, 2020. This test resulted in a $217 million goodwill impairment charge during the nine months ended September 30, 2020 comprised of $177 million in our U.S. reporting unit and $40 million in our International reporting unit.

Goodwill by reporting unit is shown as follows (in millions):

	U.S.			Canada		International			Total
Balance at December 31, 2019 (1)	$	441		$	-	$	42		$	483
Impairment		(177	)		-		(40	)		(217	)
Foreign currency translation adjustments		-			-		(2	)		(2	)
Balance at September 30, 2020	$	264		$	-	$	-		$	264

(1)

Net of prior years’ accumulated impairment of $350 million, $69 million and $183 million in the United States, Canada and International, respectively.

As a result of the same factors that necessitated an interim impairment test for goodwill, we completed an interim impairment test, as of April 30, 2020, for our U.S. indefinite-lived tradename asset. This test resulted in an impairment charge of $25 million during the nine months ended September 30, 2020. The remaining balance of the indefinite-lived tradename was $107 million as of September 30, 2020. The U.S. tradename is our only indefinite-lived intangible asset.

Our impairment methodology uses discounted cash flow and multiples of cash earnings valuation techniques, acquisition control premium and valuation comparisons to similar businesses to determine the fair value of a reporting unit. Each of these methods involves Level 3 unobservable market inputs and require us to make certain assumptions and estimates including future operating results, the extent and timing of future cash flows, working capital requirements, sales prices, profitability, discount rates, sales growth trends and cost trends. As of April 30, 2020, the discount rates utilized to value the reporting units were in a range from 9.75% to 11.25%. We utilized third-party valuation advisors to assist us with these valuations. These impairment assessments incorporate inherent uncertainties, which are difficult to predict in volatile economic environments. While we believe that our assumptions and estimates were reasonable, actual results may differ materially from projected results which could result in the recognition of additional impairment charges in future periods.

Note 6 - Long-term Debt

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Long-term Debt [Text Block]

NOTE 6 – LONG-TERM DEBT

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

	*September 30,*			*December 31,*
	*2020*			*2019*
Senior Secured Term Loan B, net of discount and issuance costs of $2	$	384		$	390
Global ABL Facility		25			161
		409			551
Less: Current portion		(4	)		(4	)
	$	405		$	547

Senior Secured Term Loan B: We have a Senior Secured Term Loan B (the “Term Loan”) with an original principal amount of $400 million, which amortizes in equal quarterly installments of 1% per year with the balance payable in September 2024, when the facility matures. The Term Loan has an applicable interest rate margin of 300 basis points in the case of loans incurring interest based on LIBOR, and 200 basis points in the case of loans incurring interest based on the base rate. The Term Loan allows for incremental increases in facility size by up to an aggregate of $200 million, plus an additional amount such that the Company’s first lien leverage ratio (as defined under the Term Loan) would not exceed 4.00 to 1.00. MRC Global (US) Inc. is the borrower under this facility, which is guaranteed by MRC Global Inc. as well as all of its wholly owned U.S. subsidiaries. In addition, it is secured by a second lien on the assets securing our Global ABL Facility, defined below, (which includes accounts receivable and inventory) and a first lien on substantially all of the other assets of MRC Global Inc. and those of its U.S. subsidiaries, as well as a pledge of all of the capital stock of our domestic subsidiaries and 65% of the capital stock of first tier, non-U.S. subsidiaries. We are required to repay the Term Loan with certain asset sales and insurance proceeds. In addition, on an annual basis, we are required to repay an amount equal to 50% of excess cash flow, as defined in the Term Loan, reducing to 25% if our first lien leverage ratio is no more than 2.75 to 1.00. No payment of excess cash flow is required if the first lien leverage ratio is less than or equal 2.50 to 1.00. In addition, the Term Loan contains a number of customary restrictive covenants.

In March 2020, we purchased and retired $3 million of the outstanding interests in the Term Loan at a cost of $2 million. We recognized a gain of $1 million on the extinguishment of the debt in the nine months ended September 30, 2020.

Global ABL Facility: We have an $800 million multi-currency asset-based revolving credit (the “Global ABL Facility”) that matures in September 2022. This facility is comprised of revolver commitments of $675 million 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. MRC Global Inc. and each of its current and future wholly owned material U.S. subsidiaries guarantee 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. Outstanding obligations are generally secured by a first priority security interest in accounts receivable and inventory. Availability is dependent on a borrowing base comprised of a percentage of eligible accounts receivable and inventory which is subject to redetermination from time to time. Excess Availability, as defined under our Global ABL Facility, was $437 million as of September 30, 2020.

Interest on Borrowings: The interest rates on our borrowings outstanding at September 30, 2020 and December 31, 2019, including a floating to fixed interest rate swap and amortization of debt issuance costs, are as set forth below:

	*September 30,*			*December 31,*
	*2020*			*2019*
Senior Secured Term Loan B		4.92	%		5.50	%
Global ABL Facility		2.71	%		3.47	%
Weighted average interest rate		4.79	%		4.91	%

Note 7 - Redeemable Preferred Stock

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Preferred Stock [Text Block]

NOTE 7 – 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 June 2018, the holders of Preferred Stock designated one member to our board of directors. If 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 an additional member to our board of directors. 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 $17.88 per share of common stock, subject to adjustment. Effective June 10, 2020, the Company has the option to redeem, in whole but not in part, all the outstanding shares of Preferred Stock at 105% of par value, subject to certain redemption price adjustments. We may elect to convert the Preferred Stock, in whole but not in part, into the relevant number of shares of common 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 agreement. 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.

Note 8 - Stockholders' Equity

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE 8 – STOCKHOLDERS’ EQUITY

Share Repurchase Program

From time to time, the Company’s board of directors has authorized repurchase programs for shares of the Company’s common stock. As of September 30, 2020, there were no remaining authorizations outstanding under these programs. There were 82,068,638 shares of common stock outstanding as of September 30, 2020.

The following table summarizes the share repurchase activity:

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*		*September 30,*		*September 30,*		*September 30,*
	*2020*		*2019*		*2020*		*2019*
Number of shares acquired on the open market		-		957,869		-		4,088,490
Average price per share	$	-	$	13.59	$	-	$	15.43
Total cost of acquired shares (in millions)	$	-	$	13	$	-	$	63

Equity Compensation Plans

Our 2011 Omnibus Incentive Plan originally had 3,250,000 shares reserved for issuance under the plan. In both April 2015 and 2019, our shareholders approved an additional 4,250,000 and 2,500,000 shares, respectively, 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 the fair market value of our common stock on the date of the grant, nor for a term exceeding ten years. For employees, vesting generally occurs over a three year 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 agreements. Vesting for directors generally occurs on the one year anniversary of the grant date. In 2020, 336,325 performance share unit awards, 169,603 restricted stock shares and 1,336,430 shares of restricted stock units have been granted to employees. To date, 9,553,717 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.

Accumulated Other Comprehensive Loss

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

	*September 30,*			*December 31,*
	*2020*			*2019*
Foreign currency translation adjustments	$	(232	)	$	(224	)
Hedge accounting adjustments		(12	)		(7	)
Pension related adjustments		(1	)		(1	)
Accumulated other comprehensive loss	$	(245	)	$	(232	)

Earnings per Share

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

	*Three Months Ended*					*Nine Months Ended*
	*September 30,*			*September 30,*		*September 30,*			*September 30,*
	*2020*			*2019*		*2020*			*2019*
Net income (loss)	$	3		$	21	$	(269	)	$	63
Less: Dividends on Series A Preferred Stock		6			6		18			18
Net (loss) income attributable to common stockholders	$	(3	)	$	15	$	(287	)	$	45

Weighted average basic shares outstanding		82.1			82.7		81.9			83.4
Effect of dilutive securities		-			0.7		-			0.8
Weighted average diluted shares outstanding		82.1			83.4		81.9			84.2

Net (loss) income per share:
Basic	$	(0.04	)	$	0.18	$	(3.50	)	$	0.54
Diluted	$	(0.04	)	$	0.18	$	(3.50	)	$	0.53

Equity awards and shares of Preferred Stock are disregarded in the calculation of diluted earnings per share if they are determined to be anti-dilutive. For the three and nine months ended September 30, 2020 and 2019, all of the shares of the Preferred Stock were anti-dilutive. For the three and nine months ended September 30, 2020, we had approximately 3.7 million and 3.8 million anti-dilutive stock options, respectively. For the three and nine months ended September 30, 2019, we had approximately 2.5 million anti-dilutive stock options. There were 0.4 million and 0.5 million anti-dilutive restricted stock, restricted units or performance stock unit awards for the three and nine months ended September 30, 2020, respectively. There were no anti-dilutive restricted stock, restricted units or performance stock unit awards for the three and nine months ended September 30, 2019.

Note 9 - Segment Information

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 9 – SEGMENT INFORMATION

Our business is comprised of three operating and reportable segments: U.S., 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 gas utilities (gas utilities and the storage and distribution of oil and gas), downstream and industrial (crude oil refining and petrochemical and chemical processing and general industrials), upstream production (exploration, production and extraction of underground oil and gas) and midstream pipeline (gathering and transmission of oil and gas) sectors.

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

	*Three Months Ended*						*Nine Months Ended*
	*September 30,*			*September 30,*			*September 30,*			*September 30,*
	*2020*			*2019*			*2020*			*2019*
Sales
U.S.	$	463		$	763		$	1,575		$	2,348
Canada		27			57			105			183
International		95			122			301			365
Consolidated sales	$	585		$	942		$	1,981		$	2,896

Operating income (loss)
U.S.	$	13		$	31		$	(195	)	$	102
Canada		(1	)		1			(3	)		1
International		2			5			(55	)		10
Total operating income (loss)		14			37			(253	)		113

Interest expense		(7	)		(10	)		(22	)		(31	)
Other, net		1			2			(1	)		3
Income (loss) before income taxes	$	8		$	29		$	(276	)	$	85

	*September 30,*		*December 31,*
	*2020*		*2019*
Total assets
U.S.	$	1,514	$	1,915
Canada		65		91
International		226		319
Total assets	$	1,805	$	2,325

Our sales by product line are as follows (in millions):

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*		*September 30,*		*September 30,*		*September 30,*
Type	*2020*		*2019*		*2020*		*2019*
Line pipe	$	63	$	153	$	243	$	468
Carbon fittings and flanges		76		145		264		456
Total carbon pipe, fittings and flanges		139		298		507		924
Valves, automation, measurement and instrumentation		230		362		802		1,125
Gas products		131		147		379		425
Stainless steel and alloy pipe and fittings		29		43		96		135
General products		56		92		197		287
	$	585	$	942	$	1,981	$	2,896

- Definition

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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+ Details

Note 10 - Fair Value Measurements

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Fair Value Disclosures [Text Block]

NOTE 10 – FAIR VALUE MEASUREMENTS

From time to time, we use derivative financial instruments to help manage our exposure to interest rate risk and fluctuations in foreign currencies.

Interest Rate Swap: In March 2018, we entered into a five year interest rate swap that became effective on March 31, 2018, with a notional amount of $250 million from which the Company will receive payments at 1-month LIBOR and make monthly payments at a fixed rate of 2.7145% with settlement and reset dates on or near the last business day of each month until maturity. The fair value of the swap at inception was zero.

We have designated the interest rate swap as an effective cash flow hedge utilizing the guidance under ASU 2017-12. As such, the valuation of the interest rate swap is recorded as an asset or liability, and the gain or loss on the derivative is recorded as a component of other comprehensive income. Interest rate swap agreements are reported on the accompanying balance sheets at fair value utilizing observable Level 2 inputs such as yield curves and other market-based factors. We obtain dealer quotations to value our interest rate swap agreements. The fair value of our interest rate swap is estimated based on the present value of the difference between expected cash flows calculated at the contracted interest rates and the expected cash flows at current market interest rates. The fair value of the interest rate swap was a liability of $16 million and $9 million as of September 30, 2020 and December 31, 2019, respectively.

Foreign Exchange Forward 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. Our foreign exchange derivative instruments are freestanding, have not been designated as hedges and, accordingly, changes in their fair market value are recorded in earnings. The total notional amount of our forward foreign exchange contracts and options was approximately $8 million and $21 million at September 30, 2020 and December 31, 2019, respectively. The fair value of our foreign exchange contracts was not material as of September 30, 2020 and December 31, 2019.

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 $409 million and $551 million at September 30, 2020 and December 31, 2019, respectively. We estimate the fair value of the Term Loan using Level 2 inputs, or quoted market prices. The fair value of our debt was $380 million and $554 million at September 30, 2020 and December 31, 2019 respectively.

- Definition

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

Note 11 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE 11 – COMMITMENTS AND CONTINGENCIES

Litigation

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 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 our MRC Global (US) Inc. subsidiary purportedly distributed. As of September 30, 2020, we are named a defendant in approximately 564 lawsuits involving approximately 1,139 claims. No asbestos lawsuit has resulted in a judgment against us to date, with a 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. It is not possible to predict the outcome of these claims and proceedings. However, in our opinion, the likelihood that the ultimate disposition of any of these claims and legal proceedings will have a material adverse effect on our consolidated financial statements is remote.

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, the likelihood that the ultimate disposition of any of these claims and legal proceedings will have a material adverse effect on our consolidated financial statements is remote.

Product Claims. From time to time, in the ordinary course of our business, our customers may claim that the products that 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 will have a material adverse effect on our consolidated financial statements is remote.

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 not been material to our consolidated financial statements.

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.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation: We have prepared our unaudited condensed consolidated financial statements in accordance with Rule 10-01 of Regulation S-X for interim financial statements. These statements do not include all information and footnotes that generally accepted accounting principles require for complete annual financial statements. However, the information in these statements reflects all normal recurring adjustments which are, in our opinion, necessary for a fair presentation of the results for the interim periods. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that will be realized for the fiscal year ending December 31, 2020. We have derived our condensed consolidated balance sheet as of December 31, 2019 from the audited consolidated financial statements for the year ended December 31, 2019. You should read these condensed consolidated financial statements in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2019. The 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.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Issued Accounting Pronouncements: In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt – Debt with Conversion and Other Options and Derivative Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) ("ASU 2020-06"), which simplifies guidance on the topics of convertible instruments, derivative contracts and earnings per share ("EPS") calculations. This update will be effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. We are currently evaluating the impacts of the provisions of ASU 2020-06 on our consolidated financial statements. In March 2020, the FASB issued Accounting Standards Update ASU 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"), which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of certain reference rates, including the London Interbank Offered Rate ("LIBOR"). The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the impacts of the provisions of ASU 2020-04 on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, an update intended to simplify various aspects related to accounting for income taxes. This guidance removes certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. This accounting standards update will be effective for annual and interim financial statement periods beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of this accounting standards update, but do not expect the adoption to materially impact our consolidated financial statements. Adoption of New Accounting Standards: In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which requires that an entity measure impairment of certain financial instruments, including trade receivables, based on expected losses rather than incurred losses. We adopted ASU 2016-13 on January 1, 2020. The adoption of this new standard resulted in the recognition of $1 million of incremental bad debt expense in the nine months ended September 30, 2020.

Note 2 - Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Disaggregation of Revenue [Table Text Block]

*Three Months Ended*
*September 30,*

	*U.S.*		*Canada*		*International*		*Total*
2020:
Gas utilities	$	206	$	2	$	—	$	208
Downstream & industrial		131		4		50		185
Upstream production		61		17		40		118
Midstream pipeline		65		4		5		74
	$	463	$	27	$	95	$	585
2019:
Gas utilities	$	215	$	1	$	—	$	216
Downstream & industrial		218		7		60		285
Upstream production		189		43		55		287
Midstream pipeline		141		6		7		154
	$	763	$	57	$	122	$	942

*Nine Months Ended*
*September 30,*

	*U.S.*		*Canada*		*International*		*Total*
2020:
Gas utilities	$	605	$	10	$	—	$	615
Downstream & industrial		447		12		153		612
Upstream production		266		72		136		474
Midstream pipeline		257		11		12		280
	$	1,575	$	105	$	301	$	1,981
2019:
Gas utilities	$	663	$	14	$	—	$	677
Downstream & industrial		667		18		176		861
Upstream production		583		130		170		883
Midstream pipeline		435		21		19		475
	$	2,348	$	183	$	365	$	2,896

Note 3 - Inventories (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	*September 30,*			*December 31,*
	*2020*			*2019*
Finished goods inventory at average cost:
Valves, automation, measurement and instrumentation	$	303		$	355
Carbon steel pipe, fittings and flanges		183			268
All other products		249			268
		735			891
Less: Excess of average cost over LIFO cost (LIFO reserve)		(135	)		(155	)
Less: Other inventory reserves		(18	)		(35	)
	$	582		$	701

Note 4 - Leases (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Maturity of Operating Lease Liabilities
Remainder of 2020	$	10
2021		39
2022		31
2023		24
2024		20
After 2024		194
Total lease payments		318
Less: Interest		(124	)
Present value of lease liabilities	$	194

Lease, Cost [Table Text Block]

	*September 30,*
Operating Lease Term and Discount Rate	*2020*
Weighted-average remaining lease term (years)		14
Weighted-average discount rate		7.0	%

Note 5 - Goodwill and Intangible Asset Impairment (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Schedule of Goodwill [Table Text Block]

	U.S.			Canada		International			Total
Balance at December 31, 2019 (1)	$	441		$	-	$	42		$	483
Impairment		(177	)		-		(40	)		(217	)
Foreign currency translation adjustments		-			-		(2	)		(2	)
Balance at September 30, 2020	$	264		$	-	$	-		$	264

Note 6 - Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

	*September 30,*			*December 31,*
	*2020*			*2019*
Senior Secured Term Loan B, net of discount and issuance costs of $2	$	384		$	390
Global ABL Facility		25			161
		409			551
Less: Current portion		(4	)		(4	)
	$	405		$	547

Schedule of Interest Rates on Borrowings [Table Text Block]

	*September 30,*			*December 31,*
	*2020*			*2019*
Senior Secured Term Loan B		4.92	%		5.50	%
Global ABL Facility		2.71	%		3.47	%
Weighted average interest rate		4.79	%		4.91	%

- Definition

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.

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+ Details

Note 8 - Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Class of Treasury Stock [Table Text Block]

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*		*September 30,*		*September 30,*		*September 30,*
	*2020*		*2019*		*2020*		*2019*
Number of shares acquired on the open market		-		957,869		-		4,088,490
Average price per share	$	-	$	13.59	$	-	$	15.43
Total cost of acquired shares (in millions)	$	-	$	13	$	-	$	63

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	*September 30,*			*December 31,*
	*2020*			*2019*
Foreign currency translation adjustments	$	(232	)	$	(224	)
Hedge accounting adjustments		(12	)		(7	)
Pension related adjustments		(1	)		(1	)
Accumulated other comprehensive loss	$	(245	)	$	(232	)

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three Months Ended*					*Nine Months Ended*
	*September 30,*			*September 30,*		*September 30,*			*September 30,*
	*2020*			*2019*		*2020*			*2019*
Net income (loss)	$	3		$	21	$	(269	)	$	63
Less: Dividends on Series A Preferred Stock		6			6		18			18
Net (loss) income attributable to common stockholders	$	(3	)	$	15	$	(287	)	$	45

Weighted average basic shares outstanding		82.1			82.7		81.9			83.4
Effect of dilutive securities		-			0.7		-			0.8
Weighted average diluted shares outstanding		82.1			83.4		81.9			84.2

Net (loss) income per share:
Basic	$	(0.04	)	$	0.18	$	(3.50	)	$	0.54
Diluted	$	(0.04	)	$	0.18	$	(3.50	)	$	0.53

Note 9 - Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	*Three Months Ended*						*Nine Months Ended*
	*September 30,*			*September 30,*			*September 30,*			*September 30,*
	*2020*			*2019*			*2020*			*2019*
Sales
U.S.	$	463		$	763		$	1,575		$	2,348
Canada		27			57			105			183
International		95			122			301			365
Consolidated sales	$	585		$	942		$	1,981		$	2,896

Operating income (loss)
U.S.	$	13		$	31		$	(195	)	$	102
Canada		(1	)		1			(3	)		1
International		2			5			(55	)		10
Total operating income (loss)		14			37			(253	)		113

Interest expense		(7	)		(10	)		(22	)		(31	)
Other, net		1			2			(1	)		3
Income (loss) before income taxes	$	8		$	29		$	(276	)	$	85

	*September 30,*		*December 31,*
	*2020*		*2019*
Total assets
U.S.	$	1,514	$	1,915
Canada		65		91
International		226		319
Total assets	$	1,805	$	2,325

Schedule of Net Sales by Product Line [Table Text Block]

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*		*September 30,*		*September 30,*		*September 30,*
Type	*2020*		*2019*		*2020*		*2019*
Line pipe	$	63	$	153	$	243	$	468
Carbon fittings and flanges		76		145		264		456
Total carbon pipe, fittings and flanges		139		298		507		924
Valves, automation, measurement and instrumentation		230		362		802		1,125
Gas products		131		147		379		425
Stainless steel and alloy pipe and fittings		29		43		96		135
General products		56		92		197		287
	$	585	$	942	$	1,981	$	2,896

Note 1 - Background and Basis of Presentation (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Accounts Receivable, Credit Loss Expense (Reversal)	$ 3	$ 2
Accounting Standards Update 2016-13 [Member]
Accounts Receivable, Credit Loss Expense (Reversal)	$ 1

Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Contract with Customer, Asset, after Allowance for Credit Loss, Total	$ 13,000		$ 13,000		$ 26,000
Contract with Customer, Liability, Total	3,000		3,000		$ 4,000
Contract with Customer, Liability, Revenue Recognized	$ 0	$ 0	$ 4,000	$ 6,000

Note 2 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Sales	$ 585	$ 942	$ 1,981	$ 2,896
UNITED STATES
Sales	463	763	1,575	2,348
CANADA
Sales	27	57	105	183
International [Member]
Sales	95	122	301	365
Gas Utilities [Member]
Sales	208	216	615	677
Gas Utilities [Member] \| UNITED STATES
Sales	206	215	605	663
Gas Utilities [Member] \| CANADA
Sales	2	1	10	14
Gas Utilities [Member] \| International [Member]
Sales	0	0	0	0
Downstream [Member]
Sales	185	285	612	861
Downstream [Member] \| UNITED STATES
Sales	131	218	447	667
Downstream [Member] \| CANADA
Sales	4	7	12	18
Downstream [Member] \| International [Member]
Sales	50	60	153	176
Upstream [Member]
Sales	118	287	474	883
Upstream [Member] \| UNITED STATES
Sales	61	189	266	583
Upstream [Member] \| CANADA
Sales	17	43	72	130
Upstream [Member] \| International [Member]
Sales	40	55	136	170
Midstream [Member]
Sales	74	154	280	475
Midstream [Member] \| UNITED STATES
Sales	65	141	257	435
Midstream [Member] \| CANADA
Sales	4	6	11	21
Midstream [Member] \| International [Member]
Sales	$ 5	$ 7	$ 12	$ 19

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note 3 - Inventories (Details Textual) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Inventory, LIFO Reserve, Period Charge	$ 14	$ 22
Inventory Write-down		34	$ 0
UNITED STATES
Inventory Write-down		19
CANADA
Inventory Write-down		1
International [Member]
Inventory Write-down		$ 14

Note 3 - Inventories - Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Finished goods inventory at average cost	$ 735	$ 891
Less: Excess of average cost over LIFO cost (LIFO reserve)	(135)	(155)
Less: Other inventory reserves	(18)	(35)
Inventory, Net, Total	582	701
Valves, Automation, Measurement and Instrumentation [Member]
Finished goods inventory at average cost	303	355
Carbon Steel Pipe, Fittings and Flanges [Member]
Finished goods inventory at average cost	183	268
All Other Products [Member]
Finished goods inventory at average cost	$ 249	$ 268

Note 4 - Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Note 4 - Leases (Details Textual) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020
Operating Lease, Expense	$ 10	$ 10	$ 29	$ 31
Operating Lease, Payments	10	$ 11	32	34
Operating Lease, Impairment Loss			15	$ 0
Operating Lease, Liability, Total	$ 194		194
Sell and Leaseback Office and Warehouse Facilities [Member] \| Forecast [Member]
Operating Lease, Liability, Total					$ 23
Selling, General and Administrative Expenses [Member]
Operating Lease, Impairment Loss			15
Selling, General and Administrative Expenses [Member] \| UNITED STATES
Operating Lease, Impairment Loss			2
Selling, General and Administrative Expenses [Member] \| CANADA
Operating Lease, Impairment Loss			1
Selling, General and Administrative Expenses [Member] \| International [Member]
Operating Lease, Impairment Loss			$ 12
Minimum [Member]
Lessee, Operating Lease, Renewal Term (Year)	1 year		1 year
Maximum [Member]
Lessee, Operating Lease, Renewal Term (Year)	15 years		15 years
Lessee, Operating Lease, Term of Contract (Year)	30 years		30 years

Note 4 - Leases - Maturity of Lease Liabilities (Details) $ in Millions	Sep. 30, 2020 USD ($)
Remainder of 2020	$ 10
2021	39
2022	31
2023	24
2024	20
After 2024	194
Total lease payments	318
Less: Interest	(124)
Present value of lease liabilities	$ 194

Note 4 - Leases - Term and Discount Rate Associated with Leases (Details)	Sep. 30, 2020
Weighted-average remaining lease term (Year)	14 years
Weighted-average discount rate	7.00%

Note 5 - Goodwill and Intangible Asset Impairment (Details Textual) $ in Millions	1 Months Ended	9 Months Ended
	Apr. 30, 2020 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)
Goodwill, Impairment Loss	$ 217	$ 217
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		25
Measurement Input, Discount Rate [Member] \| Minimum [Member]
Reporting Units, Measurement Input	9.75
Measurement Input, Discount Rate [Member] \| Maximum [Member]
Reporting Units, Measurement Input	11.25
Trademarks [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill), Ending Balance		107
UNITED STATES
Goodwill, Impairment Loss	$ 177	177
Goodwill, Impaired, Accumulated Impairment Loss			$ 350
International [Member]
Goodwill, Impairment Loss	$ 40	$ 40
Goodwill, Impaired, Accumulated Impairment Loss			183
CANADA
Goodwill, Impaired, Accumulated Impairment Loss			$ 69

Note 5 - Goodwill and Intangible Asset Impairment - Goodwill (Details) - USD ($)
$ in Millions

1 Months Ended

9 Months Ended

Apr. 30, 2020

Sep. 30, 2020

Balance

^[1]

$ 483

Impairment

$ (217)

(217)

Foreign currency translation adjustments

(2)

Balance

264

UNITED STATES

Balance

^[1]

441

Impairment

(177)

Balance

264

International [Member]

Balance

^[1]

Impairment

$ (40)

(40)

Foreign currency translation adjustments

$ (2)

[1]	Net of prior years’ accumulated impairment of $350 million, $69 million and $183 million in the United States, Canada and International, respectively.

Note 6 - Long-term Debt (Details Textual) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Mar. 31, 2019	Sep. 30, 2020
Global ABL Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 800
Line of Credit Facility, Additional Borrowing Capacity subject to Additional Commitments		200
Line of Credit Facility, Remaining Borrowing Capacity		437
Global ABL Facility [Member] \| UNITED STATES
Line of Credit Facility, Maximum Borrowing Capacity		675
Global ABL Facility [Member] \| CANADA
Line of Credit Facility, Maximum Borrowing Capacity		65
Global ABL Facility [Member] \| NORWAY
Line of Credit Facility, Maximum Borrowing Capacity		18
Global ABL Facility [Member] \| AUSTRALIA
Line of Credit Facility, Maximum Borrowing Capacity		15
Global ABL Facility [Member] \| NETHERLANDS
Line of Credit Facility, Maximum Borrowing Capacity		13
Global ABL Facility [Member] \| UNITED KINGDOM
Line of Credit Facility, Maximum Borrowing Capacity		7
Global ABL Facility [Member] \| BELGIUM
Line of Credit Facility, Maximum Borrowing Capacity		7
Senior Secured Term Loan B [Member]
Extinguishment of Debt, Amount	$ 3
Repayments of Long-term Debt, Total	$ 2
Gain (Loss) on Extinguishment of Debt, Total		1
Secured Debt [Member] \| Senior Secured Term Loan B [Member]
Debt Instrument, Face Amount		$ 400
Debt Instrument Amortization Percentage		1.00%
Senior Secured Term Loan Maximum Borrowing Capacity		$ 200
Term Loan Senior Secured Leverage Ratio		4.00
Percentage Of Capital Stock In Foreign Subsidiaries		65.00%
Repayment Percentage Requirement Based on Excess Cash Flow and Leverage Ratio No More Than 2.75		25.00%
Repayment Percentage Requirement Based on Excess Cash Flow and Leverage Ratio Less Than or Equal 2.50		0.00%
Secured Debt [Member] \| Senior Secured Term Loan B [Member] \| Maximum [Member]
Repayment Percentage Requirement Based on Excess Cash Flow and Leverage Ratio		50.00%
Secured Debt [Member] \| Senior Secured Term Loan B [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		3.00%
Secured Debt [Member] \| Senior Secured Term Loan B [Member] \| Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		2.00%

Note 6 - Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Long-term debt	$ 409	$ 551
Less: Current portion	(4)	(4)
Long-term Debt, Excluding Current Maturities, Total	405	547
Global ABL Facility [Member]
Long-term debt	25	161
Secured Debt [Member]
Long-term debt	$ 384	$ 390

Note 6 - Long-term Debt - Components of Long-term Debt (Details) (Parentheticals) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Secured Debt [Member]
Long-term debt, discount and issuance costs	$ 2	$ 2

Note 6 - Long-term Debt - Interest on Borrowings (Details)	Sep. 30, 2020	Dec. 31, 2019
Senior Secured Term Loan B and Global ABL Facility [Member]
Weighted average interest rate	4.79%	4.91%
Global ABL Facility [Member]
Weighted average interest rate	2.71%	3.47%
Senior Secured Term Loan B [Member]
Weighted average interest rate	4.92%	5.50%

Note 7 - Redeemable Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Jun. 30, 2015	Sep. 30, 2020	Dec. 31, 2019
Temporary Equity, Shares Issued (in shares)		363,000	363,000
Temporary Equity, Dividend Rate, Percentage		6.50%	6.50%
Series A Preferred Stock [Member]
Temporary Equity, Shares Issued (in shares)	363,000
Proceeds from Issuance of Preferred Stock and Preference Stock, Before Issuance Costs	$ 363
Temporary Equity, Redemption Price Per Share (in dollars per share)	$ 1,000
Temporary Equity, Dividend Rate, Percentage	6.50%
Convertible Preferred Stock, Shares Issued upon Conversion (in shares)	55.9284
Convertible Preferred Stock, Initial Conversion Price (in dollars per share)	$ 17.88
Convertible Preferred Stock, Redemption Option, Percentage of Par Value	105.00%
Convertible Preferred Stock, Common Stock as Percentage of Conversion Price	150.00%

Note 8 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Apr. 30, 2019	Apr. 30, 2015	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2011
Stock Repurchase Program, Remaining Authorized Repurchase Amount			$ 0		$ 0
Common Stock, Shares, Outstanding, Ending Balance (in shares)			82,068,638		82,068,638
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)			3,700,000	2,500,000	3,800,000	2,500,000
Restricted stock, Restricted Units or Performance Stock Unit Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)			400,000		500,000
2011 Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)							3,250,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)	2,500,000	4,250,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					9,553,717
2011 Omnibus Incentive Plan [Member] \| Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					336,325
2011 Omnibus Incentive Plan [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					169,603
2011 Omnibus Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					1,336,430
2011 Omnibus Incentive Plan [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					1 year
2011 Omnibus Incentive Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)					10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					3 years
2011 Omnibus Incentive Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					5 years

Note 8 - Stockholders' Equity - Summary of Share Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Number of shares acquired on the open market (in shares)	0	957,869			0	4,088,490
Average price per share (in dollars per share)	$ 0	$ 13.59			$ 0	$ 15.43
Total cost of acquired shares (in millions)	$ 0	$ 13	$ 25	$ 25	$ 0	$ 63

Note 8 - Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Accumulated other comprehensive loss	$ 347	$ 341	$ 617	$ 642	$ 671	$ 672	$ 678	$ 692
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated other comprehensive loss	(232)			(224)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated other comprehensive loss	(12)			(7)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated other comprehensive loss	(1)			(1)
AOCI Attributable to Parent [Member]
Accumulated other comprehensive loss	$ (245)	$ (251)	$ (259)	$ (232)	$ (241)	$ (233)	$ (231)	$ (232)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Note 8 - Stockholders' Equity - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income (loss)	$ 3	$ (281)	$ 9	$ 21	$ 24	$ 18	$ (269)	$ 63
Less: Dividends on Series A Preferred Stock	6			6			18	18
Net (loss) income attributable to common stockholders	$ (3)			$ 15			$ (287)	$ 45
Weighted average basic shares outstanding (in shares)	82.1			82.7			81.9	83.4
Effect of dilutive securities (in shares)	0.0			0.7			0.0	0.8
Weighted average diluted shares outstanding (in shares)	82.1			83.4			81.9	84.2
Basic (in dollars per share)	$ (0.04)			$ 0.18			$ (3.50)	$ 0.54
Diluted (in dollars per share)	$ (0.04)			$ 0.18			$ (3.50)	$ 0.53

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Note 9 - Segment Information (Details Textual)	9 Months Ended
Note 9 - Segment Information (Details Textual)	Sep. 30, 2020
Number of Operating Segments	3
Number of Reportable Segments	3

Note 9 - Segment Information - Financial Information for Each Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Sales	$ 585	$ 942	$ 1,981	$ 2,896
Operating income	14	37	(253)	113
Interest expense	(7)	(10)	(22)	(31)
Other, net	1	2	(1)	3
Income (loss) before income taxes	8	29	(276)	85
Total assets	1,805		1,805		$ 2,325
UNITED STATES
Sales	463	763	1,575	2,348
Operating income	13	31	(195)	102
Total assets	1,514		1,514		1,915
CANADA
Sales	27	57	105	183
Operating income	(1)	1	(3)	1
Total assets	65		65		91
International [Member]
Sales	95	122	301	365
Operating income	2	$ 5	(55)	$ 10
Total assets	$ 226		$ 226		$ 319

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Note 9 - Segment Information - Sales by Product Line (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Sales	$ 585	$ 942	$ 1,981	$ 2,896
Line Pipe [Member]
Sales	63	153	243	468
Carbon Fittings and Flanges [Member]
Sales	76	145	264	456
Carbon Pipe, Fittings and Flanges [Member]
Sales	139	298	507	924
Valves, Automation, Measurement and Instrumentation [Member]
Sales	230	362	802	1,125
Gas Products [Member]
Sales	131	147	379	425
Stainless Steel and Alloy Pipe and Fittings [Member]
Sales	29	43	96	135
General Oilfield Products [Member]
Sales	$ 56	$ 92	$ 197	$ 287

- Definition

+ References

+ Details

Note 10 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2018	Sep. 30, 2020	Dec. 31, 2019
Long-term Debt, Gross		$ 409	$ 551
Fair Value, Inputs, Level 2 [Member]
Long-term Debt, Fair Value		380	554
Interest Rate Swap [Member]
Derivative, Term of Contract (Year)	5 years
Derivative, Notional Amount	$ 250
Derivative, Fixed Interest Rate	2.7145%
Derivative, Fair Value, Net, Total		(16)	(9)
Foreign Exchange Contract [Member] \| Fair Value, Inputs, Level 2 [Member]
Derivative, Notional Amount		$ 8	$ 21

Note 11 - Commitments and Contingencies (Details Textual)	Sep. 30, 2020
Number of Lawsuits Filed	564
Loss Contingency, Pending Claims, Number, Ending Balance	1,139