0001437749-21-002784 | 10-K | XBRL Viewer

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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2020	Feb. 05, 2021	Jun. 30, 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	FY
Document Fiscal Year Focus	2020
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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
Trading Symbol	MRC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 485,000,000
Entity Common Stock, Shares Outstanding		82,098,966

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash	$ 119	$ 32
Accounts receivable, net	319	459
Inventories, net	509	701
Other current assets	19	26
Total current assets	966	1,218
Long-term assets:
Operating lease assets	200	186
Property, plant and equipment, net	103	138
Other assets	19	19
Intangible assets:
Goodwill, net	264	483
Other intangible assets, net	229	281
Assets, Total	1,781	2,325
Current liabilities:
Trade accounts payable	264	357
Accrued expenses and other current liabilities	94	91
Operating lease liabilities	37	34
Current portion of long-term debt	4	4
Total current liabilities	399	486
Long-term obligations:
Long-term debt, net	379	547
Operating lease liabilities	187	167
Deferred income taxes	70	91
Other liabilities	41	37
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	355
Stockholders' equity:
Common stock, $0.01 par value per share: 500 million shares authorized, 106,315,296 and 105,624,750 issued, respectively	1	1
Additional paid-in capital	1,739	1,731
Retained deficit	(781)	(483)
Treasury stock at cost: 24,216,330 shares	(375)	(375)
Accumulated other comprehensive loss	(234)	(232)
Stockholders' Equity Attributable to Parent, Ending Balance	350	642
Liabilities and Equity, Total	$ 1,781	$ 2,325

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 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, shares issued (in shares)	106,315,296	105,624,750
Treasury stock, shares (in shares)	24,216,330	24,216,330

Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Sales

$ 2,560

$ 3,662

$ 4,172

Cost of sales

2,129

3,009

3,483

Gross profit

431

653

689

Selling, general and administrative expenses

449

550

562

Goodwill and intangible asset impairment

242

Operating (loss) income

(260)

103

127

Other (expense) income:

Interest expense

(28)

(40)

(38)

Write off of debt issuance costs

(1)

Other, net

(Loss) income before income taxes

(283)

Income tax (benefit) expense

(9)

Net (loss) income

(274)

Series A preferred stock dividends

Net (loss) income attributable to common stockholders

$ (298)

$ 15

$ 50

Basic (loss) earnings per common share (in dollars per share)

$ (3.63)

$ 0.18

^[1]

$ 0.55

Diluted (loss) earnings per common share (in dollars per share)

$ (3.63)

$ 0.18

^[1]

$ 0.54

Weighted-average common shares, basic (in shares)

82.0

83.0

90.1

Weighted-average common shares, diluted (in shares)

82.0

83.9

91.8

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

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net (loss) income	$ (274)	$ 39	$ 74
Other comprehensive income (loss):
Foreign currency translation adjustments	2	5	(20)
Hedge accounting adjustments, net of tax	(4)	(5)	(2)
Total other comprehensive loss, net of tax	(2)	0	(22)
Comprehensive (loss) income	$ (276)	$ 39	$ 52

- 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

Consolidated Statements of Stockholders' Equity - 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, 2017	103,000,000			(12,000,000)
Balance at Dec. 31, 2017	$ 1	$ 1,691	$ (548)	$ (175)	$ (210)	$ 759
Net (loss) income	0	0	74	0	0	74
Foreign currency translation	0	0	0	0	(20)	(20)
Hedge accounting adjustments	0	0	0	0	(2)	(2)
Shares withheld for taxes	0	(5)	0	0	0	(5)
Equity-based compensation expense	$ 0	14	0	$ 0	0	14
Exercise and vesting of stock awards (in shares)	2,000,000			0
Exercise and vesting of stock awards	$ 0	21	0	$ 0	0	21
Dividends declared on preferred stock	$ 0	0	(24)	$ 0	0	$ (24)
Purchase of common stock (in shares)	0			(7,000,000)		(7,596,113)
Purchase of common stock	$ 0	0	0	$ (125)	0	$ (125)
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 (loss) income	0	0	39	0	0	39
Foreign currency translation	0	0	0	0	5	5
Hedge accounting adjustments	0	0	0	0	(5)	(5)
Shares withheld for taxes	0	(6)	0	0	0	(6)
Equity-based compensation expense	0	16	0	0	0	16
Dividends declared on preferred stock	$ 0	0	(24)	$ 0	0	$ (24)
Purchase of common stock (in shares)	0			(5,000,000)		(4,868,491)
Purchase of common stock	$ 0	0	0	$ (75)	0	$ (75)
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 (loss) income	0	0	(274)	0	0	(274)
Foreign currency translation	0	0	0	0	2	2
Hedge accounting adjustments	0	0	0	0	(4)	(4)
Shares withheld for taxes	0	(4)	0	0	0	(4)
Equity-based compensation expense	0	12	0	0	0	$ 12
Exercise and vesting of stock awards (in shares)						(0)
Dividends declared on preferred stock	$ 0	0	(24)	$ 0	0	$ (24)
Purchase of common stock (in shares)						0
Purchase of common stock						$ 0
Balance (in shares) at Dec. 31, 2020	106,000,000			(24,000,000)
Balance at Dec. 31, 2020	$ 1	$ 1,739	$ (781)	$ (375)	$ (234)	$ 350

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net (loss) income	$ (274)	$ 39	$ 74
Adjustments to reconcile net income to net cash provided by (used in) operations:
Depreciation and amortization	20	21	23
Amortization of intangibles	26	42	45
Equity-based compensation expense	12	16	14
Deferred income tax benefit	(21)	(5)	(9)
Amortization of debt issuance costs	1	1	1
Write off of debt issuance costs	(0)	(0)	1
(Decrease) increase in LIFO reserve	(19)	(2)	62
Goodwill and intangible asset impairment	242	0	0
Lease impairment and abandonment	14	0	0
Inventory-related charges	46	5	0
Change in fair value of derivative instruments	0	0	(1)
Provision for credit losses	2	2	1
Gain on sale leaseback	(5)	0	0
Other non-cash items	(3)	5	9
Changes in operating assets and liabilities:
Accounts receivable	141	127	(74)
Inventories	173	95	(175)
Other current assets	7	10	8
Accounts payable	(98)	(79)	27
Accrued expenses and other current liabilities	(3)	(35)	(17)
Net cash provided by (used in) operations	261	242	(11)
Investing activities
Purchases of property, plant and equipment	(11)	(18)	(20)
Proceeds from the disposition of property, plant and equipment	30	1	6
Other investing activities	0	1	0
Net cash provided by (used in) investing activities	19	(16)	(14)
Financing activities
Payments on revolving credit facilities	(819)	(1,145)	(1,118)
Proceeds from revolving credit facilities	658	1,016	1,280
Payments on long-term obligations	(6)	(4)	(4)
Debt issuance costs paid	0	0	(1)
Purchases of common stock	0	(75)	(125)
Dividends paid on preferred stock	(24)	(24)	(24)
Proceeds from exercise of stock options	0	0	21
Repurchases of shares to satisfy tax withholdings	(4)	(6)	(5)
Net cash (used in) provided by financing activities	(195)	(238)	24
Increase (decrease) in cash	85	(12)	(1)
Effect of foreign exchange rate on cash	2	1	(4)
Cash beginning of year	32	43	48
Cash end of year	119	32	43
Supplemental disclosures of cash flow information:
Cash paid for interest	27	39	37
Cash paid for income taxes	$ 3	$ 34	$ 39

Note 1 - Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Significant Accounting Policies [Text Block]

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 (“PVF”) and related infrastructure products and services across each of the gas utilities (storage and distribution of natural 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, processing 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: 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 net 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 Credit Losses: We evaluate the adequacy of the allowance for credit 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 credit losses 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 credit losses 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 $145 million and $181 million at December 31, 2020 and 2019, respectively, which are valued at the lower of weighted-average cost or net realizable value. 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 $19 million and $35 million at December 31, 2020 and 2019, respectively, is the amount deemed necessary to reduce the cost of the inventory to its estimated net 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 $2 million at December 31, 2020 and 2019. Debt issuance costs associated with our Term Loan are presented as a reduction of the carrying amount of the debt liability and totaled $1 million and $2 million at December 31, 2020 and 2019, respectively.

Property, Plant and Equipment: 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 acquisition 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 the reporting unit level. 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 goodwill impairment as of October 1^st 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. To the extent the carrying value of a reporting unit is greater than its estimated fair value, a goodwill impairment charge is recorded for the difference, up to the carrying value of 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 years 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. We have designated our 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.

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 we recognize an impairment.

Our impairment methodology for goodwill and other indefinite-lived 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 U.S. 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 up to $4 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 $12 million and $11 million as of December 31, 2020 and 2019. 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 $2 million as of December 31, 2020 and 2019.

Income Taxes: We use the liability method for determining our income taxes, under which current and deferred tax assets and liabilities are recorded in accordance with enacted tax laws and rates. Under this method, 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 valuation allowances, 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.

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 consists of restricted stock, restricted unit awards, performance share unit awards and nonqualified stock options. 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 is recognized when control of promised goods or services is transferred to our customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Substantially all of our revenue is recognized 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. Returns are estimated and recorded 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. 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.

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.

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 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 2020, 2019 and 2018, 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 2020, 2019 and 2018, 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.

Adoption of New Accounting Standards: In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 during 2020.

Recently Issued Accounting Standards: In August 2020, the FASB issued 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), 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.

Note 2 - Revenue Recognition

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE 2—REVENUE RECOGNITION

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 December 31, 2020 and December 31, 2019, was $17 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 cash payments are received from customers in advance of our performance, including amounts which are refundable. The deferred revenue balance at December 31, 2020 and December 31, 2019 was $6 million and $4 million, respectively. During the year ended December 31, 2020, we recognized all of the revenue that was deferred as of December 31, 2019. 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 (storage and distribution of natural 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, processing 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):

Year Ended December 31,

	U.S.		Canada		International		Total
2020:
Gas utilities	$	821	$	11	$	—	$	832
Downstream & industrial		566		15		205		786
Upstream production		329		89		182		600
Midstream pipeline		307		13		22		342
	$	2,023	$	128	$	409	$	2,560
2019:
Gas utilities	$	841	$	16	$	—	$	857
Downstream & industrial		854		22		229		1,105
Upstream production		723		162		222		1,107
Midstream pipeline		538		26		29		593
	$	2,956	$	226	$	480	$	3,662

- 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)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-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
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-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 - Accounts Receivable

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTE 3—ACCOUNTS RECEIVABLE

The rollforward of our allowance for credit losses is as follows (in millions):

	December 31,
	2020			2019			2018
Beginning balance	$	4		$	4		$	4
Net charge-offs		(4	)		(2	)		(1	)
Provision		2			2			1
Ending balance	$	2		$	4		$	4

Our accounts receivable is also presented net of sales returns and allowances. Those allowances approximated $1 million at December 31, 2020, 2019 and 2018.

Note 4 - Inventories

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE 4—INVENTORIES

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

	*December 31,*
	*2020*			*2019*
Finished goods inventory at average cost:
Valves, automation, measurement and instrumentation	$	279		$	355
Carbon steel pipe, fittings and flanges		156			268
All other products		229			268
		664			891
Less: Excess of average cost over LIFO cost (LIFO reserve)		(136	)		(155	)
Less: Other inventory reserves		(19	)		(35	)
	$	509		$	701

Our inventory quantities were reduced during 2020 and 2019, 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 years ended December 31, 2020 and 2019, the effect of this LIFO decrement decreased cost of sales by $29 million and $5 million, respectively. There was no LIFO decrement for the year ended December 31, 2018.

During 2020, we incurred non-cash inventory-related charges totaling $46 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 $28 million in our U.S. segment, $2 million in our Canada segment, and $16 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. In the fourth quarter of 2019, we incurred an inventory charge of $5 million associated with excess and obsolete inventory in our International segment. This charge reflected adjustments necessary to reduce the carrying value of these products to their net realizable value.

Note 5 - Property, Plant and Equipment

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE 5—PROPERTY, PLANT AND EQUIPMENT

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

			December 31,
	Depreciable Life (in years)		2020			2019
Land and improvements		—	$	3		$	12
Building and building improvements		40		45			70
Machinery and equipment		3 to 10		134			155
Enterprise resource planning software		10		56			56
Software in progress		—		2			—
				240			293
Allowances for depreciation and amortization				(137	)		(155	)
			$	103		$	138

Building and building improvements include $9 million and $10 million of non-cash leasehold improvements representing lease incentives as of December 31, 2020 and December 31, 2019, respectively.

Note 6 - Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 6—GOODWILL AND OTHER INTANGIBLE ASSETS

The changes in the carrying amount of goodwill by segment for the years ended December 31, 2020, 2019 and 2018 are as follows (in millions):

	US			Canada		International			Total
Goodwill at December 31, 2017 (1)	$	441		$	—	$	45		$	486
Effect of foreign currency translation		—			—		(2	)		(2	)

Goodwill at December 31, 2018		441			—		43			484
Effect of foreign currency translation		—			—		(1	)		(1	)

Goodwill at December 31, 2019		441			—		42			483
Impairment		(177	)		—		(40	)		(217	)
Effect of foreign currency translation		—			—		(2	)		(2	)
Goodwill at December 31, 2020	$	264		$	—	$	—		$	264

(1)	Net of prior years’ accumulated impairment losses of $350 million, $69 million and $183 million in the U.S., Canadian and International segments, respectively.

Impairment of Goodwill and Other Intangible Assets

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 2020, demand for oil and natural gas declined sharply as a result of the 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 year ended December 31, 2020 comprised of $177 million in our U.S. reporting unit and $40 million in our International reporting unit.

Other Intangible Assets

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

			Accumulated			Net Book
	Gross		Amortization			Value
December 31, 2020
Customer base (1)	$	418	$	(296	)	$	122
Indefinite lived trade names (2)		107		—			107
	$	525	$	(296	)	$	229

December 31, 2019
Customer base (1)	$	449	$	(300	)	$	149
Indefinite lived trade names (2)		132		—			132
	$	581	$	(300	)	$	281

(1)	Net of accumulated impairment losses of $42 million as of December 31, 2020 and 2019.

(2)	Net of accumulated impairment losses of $229 million and $204 million as of December 31, 2020 and 2019, 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 year ended December 31, 2020. The remaining balance of the indefinite-lived tradename was $107 million as of December 31, 2020. The U.S. tradename is our only indefinite-lived intangible asset.

Our impairment test 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 tests 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.

Amortization of Intangible Assets

Total amortization of intangible assets for each of the years ending December 31, 2021 to 2025 is currently estimated as follows (in millions):

2021	$	24
2022		21
2023		21
2024		19
2025		18

Note 7 - Leases

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 7 – 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. For leases that commenced prior to the transition date, we used the incremental borrowing rates as of the beginning of the period of adoption, or January 1, 2019.

Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Expense associated with our operating leases was $38 million and $42 million for the year ended December 31, 2020 and 2019, respectively, which is classified in selling, general and administrative expenses. Cash paid for leases recognized as liabilities was $43 million and $46 million for the year ended December 31, 2020 and 2019, respectively,

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

Maturity of Operating Lease Liabilities
2021	$	43
2022		35
2023		30
2024		25
2025		20
After 2025		202
Total lease payments		355
Less: Interest		(131	)
Present value of lease liabilities	$	224

Amounts maturing after 2025 include expected renewals for leases of regional distribution centers and certain corporate offices through dates up to 2049.

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

	December 31,
Operating Lease Term and Discount Rate	2020
Weighted-average remaining lease term (years)		13
Weighted-average discount rate		6.8	%

During the year ended December 31, 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 $14 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 $3 million, $1 million, and $10 million in our U.S., Canada and International segments, respectively.

In December 2020, we completed the sale and leaseback of certain owned office and warehouse facilities. Net proceeds from these transactions totaled $29 million and, upon the close of these transactions, we recognized a gain on the sale of the underlying assets of $5 million which is reflected in Other, net income in the accompanying statement of operations. At the same time, we recorded $24 million of ROU assets and operating lease liabilities for these arrangements.

Note 8 - Long-term Debt

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Long-term Debt [Text Block]

NOTE 8—LONG-TERM DEBT

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

	*December 31,*
	*2020*		*2019*
Senior Secured Term Loan B, net of discount and issuance costs of $2	$	383	$	390
Global ABL Facility		—		161
		383		551
Less: current portion		4		4
	$	379	$	547

Senior Secured Term Loan B: In May 2018, we entered into Refinancing Amendment No. 2 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 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 September 22, 2024. Pursuant to this amendment, the Company and the other parties thereto agreed to reduce the interest rate margin applicable to term loans, in the case of loans incurring interest based on the base rate, from 250 basis points to 200 basis points, and in the case of loans incurring interest based on LIBOR, from 350 basis points to 300 basis points. The parties to the amendment also agreed to reduce the base rate ‘floor’ from 2.00% to 1.00% and to reduce the LIBOR ‘floor’ from 1.00% to 0.00%. The parties also reset the prepayment premium applicable to voluntary prepayments of the term loans such that repayments made in connection with certain re-pricing transactions will be subject to a 1% premium if made during the first six months following the date of the amendment. Except as described above, the terms of the Term Loan Agreement generally were not modified as a result of the amendment.

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 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 1.00%, plus an applicable margin, or at a rate based on LIBOR, subject to a floor of 0.00%, plus an applicable margin. The applicable margin for base rate loans is 200 basis points, and the applicable margin for LIBOR loans is 300 basis points.

Mandatory Prepayment. The Company is required to repay the Term Loan with certain asset sale, insurance and debt proceeds. In addition, on an annual basis, the Company is required to repay an amount equal to 50% of excess cash flow, as defined in the Term Loan agreement, reducing to 25% if the Company’s senior secured leverage ratio is no more than 2.75 to 1.00. No payment of excess cash flow is required if the Company’s senior secured leverage ratio is less than or equal to 2.50 to 1.00. The amount of cash used in the determination of the senior secured leverage ratio is limited to $75 million. Under the terms of the Term Loan, we are required to make a payment of approximately $105 million in April 2021 as a result of excess cash flow generated in the year ended December 31, 2020. This amount is reflected in long-term debt in the accompanying balance sheet based on our intent and ability to refinance the payment on a long-term basis under our Global ABL Facility.

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 to 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 to 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 to 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 to1.00 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.

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 year ended December 31, 2020.

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.

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, 2020, availability under our revolving credit facilities was $432 million.

Interest on Borrowings: The interest rates on our borrowings outstanding at December 31, 2020 and 2019, including a floating to fixed interest rate swap and amortization of debt issuance costs, were as follows:

	December 31,
	2020			2019
Senior Secured Term Loan B		4.93	%		5.50	%
Global ABL Facility		—	%		3.47	%
Weighted average interest rate		4.93	%		4.91	%

Maturities of Long-Term Debt: At December 31, 2020, annual maturities of long-term debt during the next five years are as follows (in millions):

2021	$	4
2022		4
2023		4
2024		371
2025		—
Thereafter		—

Note 9 - Derivative Financial Instruments

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

NOTE 9—DERIVATIVE FINANCIAL INSTRUMENTS

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 we 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. The fair value of the interest rate swap was a liability of $14 million and $9 million as of December 31, 2020 and December 31, 2019, respectively.

Foreign Exchange Forward and Option Contracts: All of our foreign exchange derivative instruments are freestanding. We have not designated our foreign exchange derivatives as hedges and, accordingly, changes in their fair market value are recorded in earnings. Foreign exchange forward contracts are reported at fair value utilizing the 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 derivative instruments recorded in our consolidated balance sheets at December 31, 2020 and 2019 was not material. The total notional amount of outstanding forward foreign exchange contracts was approximately $3 million and $21 million at December 31, 2020 and 2019, respectively.

We recognized a gain of $1 million in the year ended December 31, 2018 in our consolidated statements of operations related to our derivative instruments. For the years ended December 31, 2020 and 2019, the gain or loss was not material.

Note 10 - Income Taxes

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE 10—INCOME TAXES

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

	*Year Ended December 31,*
	*2020*			*2019*			*2018*
United States	$	(216	)	$	86		$	95
Foreign		(67	)		(20	)		—
	$	(283	)	$	66		$	95

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

	*Year Ended December 31,*
	*2020*			*2019*			*2018*
Current:
Federal	$	8		$	22		$	21
State		2			6			1
Foreign		2			4			8
		12			32			30

Deferred:
Federal		(20	)		(4	)		(6	)
State		—			—			(1	)
Foreign		(1	)		(1	)		(2	)
		(21	)		(5	)		(9	)
Income tax (benefit) expense	$	(9	)	$	27		$	21

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

	*Year Ended December 31,*
	*2020*			*2019*			*2018*
Federal tax (benefit) expense at statutory rates	$	(60	)	$	14		$	20
State taxes		—			4			2
Transition tax		—			—			(4	)
Nondeductible expenses and other		5			3			2
Goodwill impairment charge		43			—			—
Change in valuation allowance related to foreign losses		3			6			1
Income tax (benefit) expense	$	(9	)	$	27		$	21
Effective tax rate		3	%		41	%		22	%

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

	*December 31,*
	*2020*			*2019*
Deferred tax assets:
Allowance for credit losses	$	1		$	1
Accruals and reserves		17			20
Net operating loss and tax credit carryforwards		68			58
Other		2			1
Subtotal		88			80
Valuation allowance		(71	)		(64	)
Total		17			16

Deferred tax liabilities:
Inventory valuation		(23	)		(29	)
Property, plant and equipment		(10	)		(13	)
Intangible assets		(50	)		(63	)
Total		(83	)		(105	)
Net deferred tax liability	$	(66	)	$	(89	)

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 $17 million of state net operating loss (“NOL”) carryforwards as of December 31, 2020, which will expire in future years through 2032 and foreign tax credit (“FTC”) carryforwards of $5 million, which will expire in future years through 2027. In certain non-U.S. jurisdictions, we had $213 million of NOL carryforwards, of which $170 million have no expiration and $43 million will expire in future years through 2030. 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.

Dividends from the earnings of our foreign subsidiaries subsequent to 2017 are eligible for a 100% dividend exclusion in determining our U.S. federal taxes. As such, we do not expect future dividends, if any, from the earnings of our foreign subsidiaries to result in U.S. federal income taxes. Deferred tax liabilities arising from the difference between the financial reporting and income tax bases inherent in these foreign subsidiaries, referred to as outside basis differences, have not been provided for U.S. income tax purposes because we do not intend to sell, liquidate or otherwise trigger the recognition of U.S. taxable income with regard to our investment in these foreign subsidiaries. Determining the amount of U.S. deferred tax liabilities associated with outside basis differences is not practicable at this time.

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 2016 and the statute of limitations at our international locations is generally six years or seven years.

At December 31, 2020 and 2019, our unrecognized tax benefits totaled $1 million and $4 million, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Note 11 - Redeemable Preferred Stock

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Preferred Stock [Text Block]

NOTE 11—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 12 - Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE 12—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, 2020 and 2019, the 363,000 shares of preferred stock described in Note 11 were issued and outstanding.

Share Repurchase Programs

From time to time, the Company’s board of directors has authorized repurchase programs for shares of the Company’s common stock. Under these plans, we have repurchased 24,216,330 shares of common stock at an average price per share of $15.48 for a total cost of $375 million. As of December 31, 2019, there were no remaining authorizations outstanding under these programs. There were 82,098,966 shares of common stock outstanding as of December 31, 2020.

The following table summarizes the share repurchase activity:

	2020		2019		2018
Number of shares acquired on the open market		—		4,868,491		7,596,113
Average price per share	$	—	$	15.38	$	16.46
Total cost of acquired shares (in millions)	$	—	$	75	$	125

Accumulated Other Comprehensive Loss

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

	*December 31,*
	*2020*			*2019*
Currency translation adjustments	$	(222	)	$	(224	)
Hedge accounting adjustments		(11	)		(7	)
Other adjustments		(1	)		(1	)
Accumulated other comprehensive loss	$	(234	)	$	(232	)

Earnings per Share

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

	*Year Ended December 31,*
	*2020*			*2019*		*2018*
Net (loss) income attributable to common stockholders	$	(298	)	$	15	$	50

Average basic shares outstanding		82.0			83.0		90.1
Effect of dilutive securities		—			0.9		1.7
Average diluted shares outstanding		82.0			83.9		91.8

Net (loss) income per share:
Basic	$	(3.63	)	$	0.18	$	0.55
Diluted	$	(3.63	)	$	0.18	$	0.54

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, 2020, 2019 and 2018 all of the shares of Preferred Stock were anti-dilutive. We had approximately 3.6 million, 2.5 million and 3.1 million anti-dilutive stock options, restricted stock units, and performance units for the years ended December 31, 2020, 2019, and 2018, respectively.

Note 13 - Employee Benefit Plans

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Compensation and Employee Benefit Plans [Text Block]

NOTE 13—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 2020, no stock options were exercised, and no stock options were granted under this plan.

Shares that do not vest and are forfeited and shares that are surrendered for the payment of withholding taxes are returned to the pool of shares available for issuance pursuant to the plan. Certain shares that are not likely to be issued may also be available.

In April 2012, we replaced our 2007 Stock Option Plan and our 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 available for issuance pursuant to the plan. In both April 2015 and 2019, our shareholders approved an additional 4,250,000 shares and 2,500,000 shares, respectively, 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 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, 169,603 shares of restricted stock, 277,106 performance share units and 1,373,575 restricted units were granted to executive management, members of our Board of Directors and employees under this plan. During 2019, 74,055 shares of restricted stock, 242,290 performance share units and 712,600 restricted units were granted to executive management, members of our Board of Directors and employees under this plan. To date, 9,531,643 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

Average

Remaining

Aggregate

Exercise

Contractual

Intrinsic

Options

Price

Term

Value

Stock Options

(years)

(millions)

Balance at December 31, 2019

2,218,906

23.99

2.7

—

Exercised

—

Forfeited

(74,711

)

23.40

Expired

—

Balance at December 31, 2020

2,144,195

24.01

1.7

—

At December 31, 2020

Options outstanding, vested and exercisable

2,144,195

24.01

1.7

—

Options outstanding, vested and expected to vest

2,144,195

24.01

1.7

—

	Year Ended December 31,
	2020		2019		2018
Stock Options
Weighted-average, grant-date fair value of awards granted	$	—	$	—	$	—
Total intrinsic value of stock options exercised		—		767		1,722,539
Total fair value of stock options vested		—		—		—

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, 2019		74,055		$	18.05
Granted		169,603			4.59
Vested		(74,055	)		18.05
Forfeited		—			—
Nonvested at December 31, 2020		169,603		$	4.59

	*Year Ended December 31,*
	*2020*		*2019*		*2018*
Restricted Stock Awards
Weighted-average, grant-date fair value of awards granted	$	4.59	$	18.05	$	19.28
Total fair value of restricted stock vested		396,935		1,461,431		4,986,620

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, 2019		1,321,382		$	15.96
Granted		1,373,575			8.30
Vested		(729,309	)		16.38
Forfeited		(85,718	)		11.84
Nonvested at December 31, 2020		1,879,930		$	10.38

	*Year Ended December 31,*
	*2020*		*2019*		*2018*
Restricted Stock Unit Awards
Weighted-average, grant-date fair value of awards granted	$	8.30	$	15.25	$	16.08
Total fair value of restricted stock units vested		7,918,337		9,619,773		9,187,360

Performance Share Unit Awards

Performance share units have been granted to certain executive officers. 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 Philadelphia Oil Service Index and specified return on average net capital employed calculation (“RANCE”) goals established 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, 2019		612,049		$	20.60
Granted		277,106			12.25
Vested (1)		(147,569	)		24.39
Forfeited		(49,366	)		18.95
Nonvested at December 31, 2020		692,220		$	16.57

(1)	Excludes 68,109 shares awarded for performance above goals.

	Year Ended December 31,
	2020		2019		2018
Performance Share Unit Awards
Weighted-average, grant-date fair value of awards granted	$	12.25	$	19.40	$	18.87
Total fair value of performance share units vested		2,328,350		5,921,169		2,349,749

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,*
	*2020*		*2019*		*2018*
Equity-based compensation expense:
Stock options	$	—	$	—	$	—
Restricted stock awards		1		1		2
Restricted stock unit awards		10		10		9
Performance share unit awards		1		5		3
Total equity-based compensation expense	$	12	$	16	$	14
Income tax benefits related to equity-based compensation	$	2	$	4	$	3

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)		2020
Unrecognized equity-based compensation expense:
Restricted stock awards		0.3	$	—
Restricted stock unit awards		1.0		8
Performance share unit awards		1.2		1
Total unrecognized equity-based compensation expense			$	9

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. and Canada. 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 15.5% of eligible compensation. In June 2020, the Company indefinitely suspended matching contributions for employees in the U.S. and Canada. Expense under defined contribution plans were $5 million, $9 million and $10 million for the years ended December 31, 2020, 2019 and 2018.

Note 14 - Related Party Transactions

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

NOTE 14—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 former directors participate in ownership of Hansford Associates and Prideco. Most of these leases are renewable for various periods through 2024 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 $1 million for each of the years ended December 31, 2020 and 2019 and $2 million for the year ended December 31, 2018.

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 $1 million per year from 2021 to 2023.

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 $23 million, $18 million and $34 million from these customers for the years ended December 31, 2020, 2019 and 2018, respectively. There was $1 million of accounts receivable with these customers outstanding as of December 31, 2020 and 2019.

Note 15 - Segment, Geographic and Product Line Information

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 15—SEGMENT, GEOGRAPHIC AND PRODUCT LINE 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 (storage and distribution of natural 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, processing and transmission of oil and gas) sectors.

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

	*Year Ended December 31,*
	*2020*			*2019*			*2018*
Sales
U.S.	$	2,023		$	2,956		$	3,321
Canada		128			226			315
International		409			480			536
Consolidated sales	$	2,560		$	3,662		$	4,172

Depreciation and amortization
U.S.	$	15		$	15		$	16
Canada		1			1			1
International		4			5			6
Total depreciation and amortization expense	$	20		$	21		$	23

Amortization of intangibles
U.S.	$	23		$	39		$	42
Canada		1			1			1
International		2			2			2
Total amortization of intangibles expense	$	26		$	42		$	45

Operating (loss) income
U.S.	$	(207	)	$	104		$	112
Canada		(6	)		(1	)		9
International		(47	)		—			6
Total operating income		(260	)		103			127

Interest expense		(28	)		(40	)		(38	)
Other income (expense)		5			3			6
Income before income taxes	$	(283	)	$	66		$	95

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

	*December 31,*
	*2020*		*2019*
Total assets
United States	$	1,506	$	1,915
Canada		53		91
International		222		319
Total assets	$	1,781	$	2,325

The percentages of our property, plant and equipment relating to the following geographic areas are as follows:

	December 31,
	2020			2019
Property, plant and equipment
United States		86	%		78	%
Canada		2	%		10	%
International		12	%		12	%
Total property, plant and equipment		100	%		100	%

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

	Year Ended December 31,
	2020				2019				2018
Line pipe	$	308	12	%	$	560	15	%	$	728	18	%
Carbon steel fittings and flanges		340	13	%		565	16	%		683	16	%
Total carbon steel pipe, fittings and flanges		648	25	%		1,125	31	%		1,411	34	%
Valves, automation, measurement and instrumentation		1,018	40	%		1,434	39	%		1,553	37	%
Gas products		517	20	%		551	15	%		561	13	%
Stainless steel alloy pipe and fittings		128	5	%		177	5	%		196	5	%
General products		249	10	%		375	10	%		451	11	%
	$	2,560			$	3,662			$	4,172

- 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.

+ References

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+ Details

Note 16 - Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Fair Value Disclosures [Text Block]

NOTE 16—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 $383 million and $551 million at December 31, 2020 and 2019, respectively.

The fair value of our debt was $372 million and $554 million at December 31, 2020 and 2019, respectively. The carrying values of amounts outstanding under our Global ABL Facility approximate fair value. We estimate the fair value of the Term Loan using Level 2 inputs, or quoted market prices as of December 31, 2020 and 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 17 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE 17—COMMITMENTS AND CONTINGENCIES

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, 2020, we are a named defendant in approximately 578 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 addition, applicable insurance policies are subject to overall caps on limits, which coverage may exhaust the amount available from insurers under those limits. In those cases, the Company is seeking indemnity payments from responsive excess insurance policies, but other insurers may not be solvent or may not make payments under the policies without contesting their liability. 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, although we did incur a charge of $5 million related to the doubtful collection of a product claim against a foreign supplier in the year ended December 31, 2019. 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.

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 may be 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, 2020 approximated $16 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, 2020 was approximately $4 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.

Note 18 - Quarterly Information (Unaudited)

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Quarterly Financial Information [Text Block]

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
2020
Revenue	$	794	$	602		$	585		$	579		$	2,560
Gross profit		148		79			114			90			431
Net income (loss) attributable to common stockholders		3		(287	)		(3	)		(11	)		(298	)
Earnings (loss) per share:
Basic	$	0.04	$	(3.50	)	$	(0.04	)	$	(0.13	)	$	(3.63	)
Diluted	$	0.04	$	(3.50	)	$	(0.04	)	$	(0.13	)	$	(3.63	)

2019
Revenue	$	970	$	984		$	942		$	766		$	3,662
Gross profit		174		174			174			131			653
Net income (loss) attributable to common stockholders		12		18			15			(30	)		15
Earnings (loss) per share:
Basic (1)	$	0.14	$	0.22		$	0.18		$	(0.37	)	$	0.18
Diluted (1)	$	0.14	$	0.21		$	0.18		$	(0.37	)	$	0.18

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

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	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, Policy [Policy Text Block]	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 net 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 and Cash Equivalents, Policy [Policy Text Block]	Cash Equivalents: We consider all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.
Accounts Receivable [Policy Text Block]	Allowance for Credit Losses: We evaluate the adequacy of the allowance for credit 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 credit losses 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 credit losses is included in selling, general and administrative expenses in the accompanying consolidated statements of operations.
Inventory, Policy [Policy Text Block]	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 $145 million and $181 million at December 31, 2020 and 2019, respectively, which are valued at the lower of weighted-average cost or net realizable value. 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 $19 million and $35 million at December 31, 2020 and 2019, respectively, is the amount deemed necessary to reduce the cost of the inventory to its estimated net realizable value.
Debt, Policy [Policy Text Block]	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 $2 million at December 31, 2020 and 2019. Debt issuance costs associated with our Term Loan are presented as a reduction of the carrying amount of the debt liability and totaled $1 million and $2 million at December 31, 2020 and 2019, respectively.
Property, Plant and Equipment, Policy [Policy Text Block]	Property, Plant and Equipment: 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 Intangible Assets, Policy [Policy Text Block]	Goodwill and Other Intangible Assets: Goodwill represents the excess of acquisition 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 the reporting unit level. 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 goodwill impairment as of October 1^st 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. To the extent the carrying value of a reporting unit is greater than its estimated fair value, a goodwill impairment charge is recorded for the difference, up to the carrying value of 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 years 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, Policy [Policy Text Block]	Derivatives and Hedging: From time to time, we utilize interest rate swaps to reduce our exposure to potential interest rate increases. We have designated our 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. 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 Measurement, Policy [Policy Text Block]	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 we recognize an impairment. Our impairment methodology for goodwill and other indefinite-lived 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 [Policy Text Block]	Insurance: We are self-insured for U.S. 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 up to $4 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 $12 million and $11 million as of December 31, 2020 and 2019. 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 $2 million as of December 31, 2020 and 2019.
Income Tax, Policy [Policy Text Block]	Income Taxes: We use the liability method for determining our income taxes, under which current and deferred tax assets and liabilities are recorded in accordance with enacted tax laws and rates. Under this method, 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 valuation allowances, 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.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	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.
Compensation Related Costs, Policy [Policy Text Block]	Equity-Based Compensation: Our equity-based compensation consists of restricted stock, restricted unit awards, performance share unit awards and nonqualified stock options. 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 [Policy Text Block]	Revenue Recognition: Revenue is recognized when control of promised goods or services is transferred to our customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Substantially all of our revenue is recognized 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. Returns are estimated and recorded 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. 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.
Cost of Goods and Service [Policy Text Block]	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.
Earnings Per Share, Policy [Policy Text Block]	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 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 Risk, Credit Risk, Policy [Policy Text Block]	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 2020, 2019 and 2018, 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 2020, 2019 and 2018, 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.
New Accounting Pronouncements, Policy [Policy Text Block]	Adoption of New Accounting Standards: In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 during 2020. Recently Issued Accounting Standards: In August 2020, the FASB issued 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), 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.

Note 2 - Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Disaggregation of Revenue [Table Text Block]

Year Ended December 31,

	U.S.		Canada		International		Total
2020:
Gas utilities	$	821	$	11	$	—	$	832
Downstream & industrial		566		15		205		786
Upstream production		329		89		182		600
Midstream pipeline		307		13		22		342
	$	2,023	$	128	$	409	$	2,560
2019:
Gas utilities	$	841	$	16	$	—	$	857
Downstream & industrial		854		22		229		1,105
Upstream production		723		162		222		1,107
Midstream pipeline		538		26		29		593
	$	2,956	$	226	$	480	$	3,662

Note 3 - Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Accounts Receivable, Allowance for Credit Loss [Table Text Block]

	December 31,
	2020			2019			2018
Beginning balance	$	4		$	4		$	4
Net charge-offs		(4	)		(2	)		(1	)
Provision		2			2			1
Ending balance	$	2		$	4		$	4

Note 4 - Inventories (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	*December 31,*
	*2020*			*2019*
Finished goods inventory at average cost:
Valves, automation, measurement and instrumentation	$	279		$	355
Carbon steel pipe, fittings and flanges		156			268
All other products		229			268
		664			891
Less: Excess of average cost over LIFO cost (LIFO reserve)		(136	)		(155	)
Less: Other inventory reserves		(19	)		(35	)
	$	509		$	701

Note 5 - Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Property, Plant and Equipment [Table Text Block]

			December 31,
	Depreciable Life (in years)		2020			2019
Land and improvements		—	$	3		$	12
Building and building improvements		40		45			70
Machinery and equipment		3 to 10		134			155
Enterprise resource planning software		10		56			56
Software in progress		—		2			—
				240			293
Allowances for depreciation and amortization				(137	)		(155	)
			$	103		$	138

Note 6 - Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Goodwill [Table Text Block]

	US			Canada		International			Total
Goodwill at December 31, 2017 (1)	$	441		$	—	$	45		$	486
Effect of foreign currency translation		—			—		(2	)		(2	)

Goodwill at December 31, 2018		441			—		43			484
Effect of foreign currency translation		—			—		(1	)		(1	)

Goodwill at December 31, 2019		441			—		42			483
Impairment		(177	)		—		(40	)		(217	)
Effect of foreign currency translation		—			—		(2	)		(2	)
Goodwill at December 31, 2020	$	264		$	—	$	—		$	264

Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block]

			Accumulated			Net Book
	Gross		Amortization			Value
December 31, 2020
Customer base (1)	$	418	$	(296	)	$	122
Indefinite lived trade names (2)		107		—			107
	$	525	$	(296	)	$	229

December 31, 2019
Customer base (1)	$	449	$	(300	)	$	149
Indefinite lived trade names (2)		132		—			132
	$	581	$	(300	)	$	281

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

2021	$	24
2022		21
2023		21
2024		19
2025		18

Note 7 - Leases (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

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

Maturity of Operating Lease Liabilities
2021	$	43
2022		35
2023		30
2024		25
2025		20
After 2025		202
Total lease payments		355
Less: Interest		(131	)
Present value of lease liabilities	$	224

Lease, Cost [Table Text Block]

	December 31,
Operating Lease Term and Discount Rate	2020
Weighted-average remaining lease term (years)		13
Weighted-average discount rate		6.8	%

Note 8 - Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

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

	*December 31,*
	*2020*		*2019*
Senior Secured Term Loan B, net of discount and issuance costs of $2	$	383	$	390
Global ABL Facility		—		161
		383		551
Less: current portion		4		4
	$	379	$	547

Schedule of Interest Rates on Borrowings [Table Text Block]

	December 31,
	2020			2019
Senior Secured Term Loan B		4.93	%		5.50	%
Global ABL Facility		—	%		3.47	%
Weighted average interest rate		4.93	%		4.91	%

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

2021	$	4
2022		4
2023		4
2024		371
2025		—
Thereafter		—

- 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.

+ References

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-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 1
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-Name Accounting Standards Codification
-Topic 835
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-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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+ Details

Note 10 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

	*Year Ended December 31,*
	*2020*			*2019*			*2018*
United States	$	(216	)	$	86		$	95
Foreign		(67	)		(20	)		—
	$	(283	)	$	66		$	95

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	*Year Ended December 31,*
	*2020*			*2019*			*2018*
Current:
Federal	$	8		$	22		$	21
State		2			6			1
Foreign		2			4			8
		12			32			30

Deferred:
Federal		(20	)		(4	)		(6	)
State		—			—			(1	)
Foreign		(1	)		(1	)		(2	)
		(21	)		(5	)		(9	)
Income tax (benefit) expense	$	(9	)	$	27		$	21

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	*Year Ended December 31,*
	*2020*			*2019*			*2018*
Federal tax (benefit) expense at statutory rates	$	(60	)	$	14		$	20
State taxes		—			4			2
Transition tax		—			—			(4	)
Nondeductible expenses and other		5			3			2
Goodwill impairment charge		43			—			—
Change in valuation allowance related to foreign losses		3			6			1
Income tax (benefit) expense	$	(9	)	$	27		$	21
Effective tax rate		3	%		41	%		22	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	*December 31,*
	*2020*			*2019*
Deferred tax assets:
Allowance for credit losses	$	1		$	1
Accruals and reserves		17			20
Net operating loss and tax credit carryforwards		68			58
Other		2			1
Subtotal		88			80
Valuation allowance		(71	)		(64	)
Total		17			16

Deferred tax liabilities:
Inventory valuation		(23	)		(29	)
Property, plant and equipment		(10	)		(13	)
Intangible assets		(50	)		(63	)
Total		(83	)		(105	)
Net deferred tax liability	$	(66	)	$	(89	)

Note 12 - Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Class of Treasury Stock [Table Text Block]

	2020		2019		2018
Number of shares acquired on the open market		—		4,868,491		7,596,113
Average price per share	$	—	$	15.38	$	16.46
Total cost of acquired shares (in millions)	$	—	$	75	$	125

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

	*December 31,*
	*2020*			*2019*
Currency translation adjustments	$	(222	)	$	(224	)
Hedge accounting adjustments		(11	)		(7	)
Other adjustments		(1	)		(1	)
Accumulated other comprehensive loss	$	(234	)	$	(232	)

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

	*Year Ended December 31,*
	*2020*			*2019*		*2018*
Net (loss) income attributable to common stockholders	$	(298	)	$	15	$	50

Average basic shares outstanding		82.0			83.0		90.1
Effect of dilutive securities		—			0.9		1.7
Average diluted shares outstanding		82.0			83.9		91.8

Net (loss) income per share:
Basic	$	(3.63	)	$	0.18	$	0.55
Diluted	$	(3.63	)	$	0.18	$	0.54

Note 13 - Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Share-based Payment Arrangement, Option, Activity [Table Text Block]

Weighted

Average

Remaining

Aggregate

Exercise

Contractual

Intrinsic

Options

Price

Term

Value

Stock Options

(years)

(millions)

Balance at December 31, 2019

2,218,906

23.99

2.7

—

Exercised

—

Forfeited

(74,711

)

23.40

Expired

—

Balance at December 31, 2020

2,144,195

24.01

1.7

—

At December 31, 2020

Options outstanding, vested and exercisable

2,144,195

24.01

1.7

—

Options outstanding, vested and expected to vest

2,144,195

24.01

1.7

—

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block]

	Year Ended December 31,
	2020		2019		2018
Stock Options
Weighted-average, grant-date fair value of awards granted	$	—	$	—	$	—
Total intrinsic value of stock options exercised		—		767		1,722,539
Total fair value of stock options vested		—		—		—

Nonvested Restricted Stock Shares Activity [Table Text Block]

				*Weighted*
				*Average*
				*Grant-Date*
	*Shares*			*Fair Value*
Restricted Stock Awards
Nonvested at December 31, 2019		74,055		$	18.05
Granted		169,603			4.59
Vested		(74,055	)		18.05
Forfeited		—			—
Nonvested at December 31, 2020		169,603		$	4.59

Share-based Compensation Arrangement by Share-based Payment Award, Other Than Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block]

	*Year Ended December 31,*
	*2020*		*2019*		*2018*
Restricted Stock Awards
Weighted-average, grant-date fair value of awards granted	$	4.59	$	18.05	$	19.28
Total fair value of restricted stock vested		396,935		1,461,431		4,986,620

	*Year Ended December 31,*
	*2020*		*2019*		*2018*
Restricted Stock Unit Awards
Weighted-average, grant-date fair value of awards granted	$	8.30	$	15.25	$	16.08
Total fair value of restricted stock units vested		7,918,337		9,619,773		9,187,360

	Year Ended December 31,
	2020		2019		2018
Performance Share Unit Awards
Weighted-average, grant-date fair value of awards granted	$	12.25	$	19.40	$	18.87
Total fair value of performance share units vested		2,328,350		5,921,169		2,349,749

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

				*Weighted*
				*Average*
				*Grant-Date*
	*Shares*			*Fair Value*
Restricted Stock Unit Awards
Nonvested at December 31, 2019		1,321,382		$	15.96
Granted		1,373,575			8.30
Vested		(729,309	)		16.38
Forfeited		(85,718	)		11.84
Nonvested at December 31, 2020		1,879,930		$	10.38

Schedule of Nonvested Performance-based Units Activity [Table Text Block]

				*Weighted*
				*Average*
				*Grant-Date*
	*Shares*			*Fair Value*
Performance Share Unit Awards
Nonvested at December 31, 2019		612,049		$	20.60
Granted		277,106			12.25
Vested (1)		(147,569	)		24.39
Forfeited		(49,366	)		18.95
Nonvested at December 31, 2020		692,220		$	16.57

Share-based Payment Arrangement, Cost by Plan [Table Text Block]

	*Year Ended December 31,*
	*2020*		*2019*		*2018*
Equity-based compensation expense:
Stock options	$	—	$	—	$	—
Restricted stock awards		1		1		2
Restricted stock unit awards		10		10		9
Performance share unit awards		1		5		3
Total equity-based compensation expense	$	12	$	16	$	14
Income tax benefits related to equity-based compensation	$	2	$	4	$	3

Share-based Payment Arrangement, Nonvested Award, Cost [Table Text Block]

	Weighted-
	Average Vesting		December 31,
	Period (in years)		2020
Unrecognized equity-based compensation expense:
Restricted stock awards		0.3	$	—
Restricted stock unit awards		1.0		8
Performance share unit awards		1.2		1
Total unrecognized equity-based compensation expense			$	9

Note 15 - Segment, Geographic and Product Line Information (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

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

	*Year Ended December 31,*
	*2020*			*2019*			*2018*
Sales
U.S.	$	2,023		$	2,956		$	3,321
Canada		128			226			315
International		409			480			536
Consolidated sales	$	2,560		$	3,662		$	4,172

Depreciation and amortization
U.S.	$	15		$	15		$	16
Canada		1			1			1
International		4			5			6
Total depreciation and amortization expense	$	20		$	21		$	23

Amortization of intangibles
U.S.	$	23		$	39		$	42
Canada		1			1			1
International		2			2			2
Total amortization of intangibles expense	$	26		$	42		$	45

Operating (loss) income
U.S.	$	(207	)	$	104		$	112
Canada		(6	)		(1	)		9
International		(47	)		—			6
Total operating income		(260	)		103			127

Interest expense		(28	)		(40	)		(38	)
Other income (expense)		5			3			6
Income before income taxes	$	(283	)	$	66		$	95

	*December 31,*
	*2020*		*2019*
Total assets
United States	$	1,506	$	1,915
Canada		53		91
International		222		319
Total assets	$	1,781	$	2,325

Long-lived Assets by Geographic Areas [Table Text Block]

	December 31,
	2020			2019
Property, plant and equipment
United States		86	%		78	%
Canada		2	%		10	%
International		12	%		12	%
Total property, plant and equipment		100	%		100	%

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

	Year Ended December 31,
	2020				2019				2018
Line pipe	$	308	12	%	$	560	15	%	$	728	18	%
Carbon steel fittings and flanges		340	13	%		565	16	%		683	16	%
Total carbon steel pipe, fittings and flanges		648	25	%		1,125	31	%		1,411	34	%
Valves, automation, measurement and instrumentation		1,018	40	%		1,434	39	%		1,553	37	%
Gas products		517	20	%		551	15	%		561	13	%
Stainless steel alloy pipe and fittings		128	5	%		177	5	%		196	5	%
General products		249	10	%		375	10	%		451	11	%
	$	2,560			$	3,662			$	4,172

Note 18 - Quarterly Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Quarterly Financial Information [Table Text Block]

	First		Second			Third			Fourth			Year
2020
Revenue	$	794	$	602		$	585		$	579		$	2,560
Gross profit		148		79			114			90			431
Net income (loss) attributable to common stockholders		3		(287	)		(3	)		(11	)		(298	)
Earnings (loss) per share:
Basic	$	0.04	$	(3.50	)	$	(0.04	)	$	(0.13	)	$	(3.63	)
Diluted	$	0.04	$	(3.50	)	$	(0.04	)	$	(0.13	)	$	(3.63	)

2019
Revenue	$	970	$	984		$	942		$	766		$	3,662
Gross profit		174		174			174			131			653
Net income (loss) attributable to common stockholders		12		18			15			(30	)		15
Earnings (loss) per share:
Basic (1)	$	0.14	$	0.22		$	0.18		$	(0.37	)	$	0.18
Diluted (1)	$	0.14	$	0.21		$	0.18		$	(0.37	)	$	0.18

Note 1 - Significant Accounting Policies (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Weighted Average Cost Inventory and Net Realizable Value Inventory Amount	$ 145	$ 181
Inventory Valuation Reserves, Ending Balance	19	35
Insurance, Maximum Nonmaterial Deduction	4
Letters of Credit Securing Insurance Nonmaterial Deductible	6
Accrued Insurance	12	11
Self Insurance Reserve	$ 2	2
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	2 years
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	20 years
Senior Secured Term Loan B [Member] \| Secured Debt [Member]
Debt Issuance Costs, Noncurrent, Net, Total	$ 1	2
Global ABL Facility [Member]
Debt Issuance Costs, Noncurrent, Net, Total	$ 2	$ 2

Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Contract with Customer, Asset, after Allowance for Credit Loss, Total	$ 17	$ 26
Contract with Customer, Liability, Total	$ 6	$ 4

Note 2 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Sales	$ 579	$ 585	$ 602	$ 794	$ 766	$ 942	$ 984	$ 970	$ 2,560	$ 3,662	$ 4,172
Gas Utilities [Member]
Sales									832	857
Downstream [Member]
Sales									786	1,105
Upstream [Member]
Sales									600	1,107
Midstream [Member]
Sales									342	593
UNITED STATES
Sales									2,023	2,956
UNITED STATES \| Gas Utilities [Member]
Sales									821	841
UNITED STATES \| Downstream [Member]
Sales									566	854
UNITED STATES \| Upstream [Member]
Sales									329	723
UNITED STATES \| Midstream [Member]
Sales									307	538
CANADA
Sales									128	226
CANADA \| Gas Utilities [Member]
Sales									11	16
CANADA \| Downstream [Member]
Sales									15	22
CANADA \| Upstream [Member]
Sales									89	162
CANADA \| Midstream [Member]
Sales									13	26
International [Member]
Sales									409	480
International [Member] \| Gas Utilities [Member]
Sales									0	0
International [Member] \| Downstream [Member]
Sales									205	229
International [Member] \| Upstream [Member]
Sales									182	222
International [Member] \| Midstream [Member]
Sales									$ 22	$ 29

- 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)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note 3 - Accounts Receivable (Details Textual) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance for Doubtful Accounts, Premiums and Other Receivables	$ 1	$ 1	$ 1

Note 3 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Beginning balance	$ 4	$ 4	$ 4
Net charge-offs	(4)	(2)	(1)
Provision for credit losses	2	2	1
Ending balance	$ 2	$ 4	$ 4

Note 4 - Inventories (Details Textual) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Inventory, LIFO Reserve, Period Charge		$ 29,000	$ 5,000	$ 0
Inventory Write-down		46,000	$ 5,000	$ 0
CANADA
Inventory Write-down		2,000
International [Member]
Inventory Write-down	$ 5,000	16,000
UNITED STATES
Inventory Write-down		$ 28,000

Note 4 - Inventories - Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Finished goods inventory at average cost	$ 664	$ 891
Less: Excess of average cost over LIFO cost (LIFO reserve)	(136)	(155)
Less: Other inventory reserves	(19)	(35)
Inventory, Net, Total	509	701
Valves, Automation, Measurement and Instrumentation [Member]
Finished goods inventory at average cost	279	355
Carbon Steel Pipe, Fittings and Flanges [Member]
Finished goods inventory at average cost	156	268
All Other Products [Member]
Finished goods inventory at average cost	$ 229	$ 268

Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Leasehold Improvements, Gross	$ 9	$ 10

Note 5 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, plant and equipment, gross	$ 240	$ 293
Allowances for depreciation and amortization	(137)	(155)
Property, plant and equipment, net	103	138
Land and Land Improvements [Member]
Property, plant and equipment, gross	3	12
Building and Building Improvements [Member]
Property, plant and equipment, gross	$ 45	70
Depreciable life (Year)	40 years
Machinery and Equipment [Member]
Property, plant and equipment, gross	$ 134	155
Machinery and Equipment [Member] \| Minimum [Member]
Depreciable life (Year)	3 years
Machinery and Equipment [Member] \| Maximum [Member]
Depreciable life (Year)	10 years
Enterprise Resource Planning Software [Member]
Property, plant and equipment, gross	$ 56	56
Depreciable life (Year)	10 years
Software Development [Member]
Property, plant and equipment, gross	$ 2	$ 0

Note 6 - Goodwill and Other Intangible Assets (Details Textual)
$ in Millions

12 Months Ended

Dec. 31, 2020

USD ($)

Apr. 30, 2020

Dec. 31, 2019

USD ($)

Dec. 31, 2017

USD ($)

Goodwill, Impairment Loss

$ 217

Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)

Minimum [Member] | Measurement Input, Discount Rate [Member]

Reporting Units, Measurement Input

9.75

Maximum [Member] | Measurement Input, Discount Rate [Member]

Reporting Units, Measurement Input

11.25

Trade Names [Member]

Goodwill, Impaired, Accumulated Impairment Loss

229

$ 204

Indefinite-lived Intangible Assets (Excluding Goodwill), Ending Balance

^[1]

107

132

Customer Base [Member]

Goodwill, Impaired, Accumulated Impairment Loss

$ 42

UNITED STATES

Goodwill, Impaired, Accumulated Impairment Loss

$ 350

Goodwill, Impairment Loss

177

CANADA

Goodwill, Impaired, Accumulated Impairment Loss

Goodwill, Impairment Loss

(0)

International [Member]

Goodwill, Impaired, Accumulated Impairment Loss

$ 183

Goodwill, Impairment Loss

$ 40

[1]	Net of accumulated impairment losses of $229 million and $204 million as of December 31, 2020 and 2019, respectively.

Note 6 - Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Goodwill

$ 483

$ 484

$ 486

^[1]

Effect of foreign currency translation

(2)

(1)

(2)

Impairment

(217)

Goodwill

264

483

484

UNITED STATES

Goodwill

441

^[1]

Effect of foreign currency translation

Impairment

(177)

Goodwill

264

441

CANADA

Goodwill

^[1]

Effect of foreign currency translation

Impairment

Goodwill

International [Member]

Goodwill

^[1]

Effect of foreign currency translation

(2)

(1)

(2)

Impairment

(40)

Goodwill

$ 0

$ 42

$ 43

[1]	Net of prior years’ accumulated impairment losses of $350 million, $69 million and $183 million in the U.S., Canadian and International segments, respectively.

Note 6 - Goodwill and Other Intangible Assets - Other Intangible Assets by Major Class (Details) - USD ($)
$ in Millions

Dec. 31, 2020

Dec. 31, 2019

Finite-lived, accumulated amortization

$ 296

$ 300

Intangible assets, gross

525

581

Intangible assets, net book value

229

281

Trade Names [Member]

Indefinite lived

^[1]

107

132

Customer Base [Member]

Finite lived, gross

^[2]

418

449

Finite-lived, accumulated amortization

^[2]

296

300

Finite lived, net book value

^[2]

$ 122

$ 149

[1]	Net of accumulated impairment losses of $229 million and $204 million as of December 31, 2020 and 2019, respectively.
[2]	Net of accumulated impairment losses of $42 million as of December 31, 2020 and 2019.

Note 6 - Goodwill and Other Intangible Assets - Amortization of Intangible Assets (Details) $ in Millions	Dec. 31, 2020 USD ($)
2021	$ 24
2022	21
2023	21
2024	19
2025	$ 18

Note 7 - Leases (Details Textual) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Note 7 - Leases (Details Textual) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Lease, Expense		$ 38	$ 42
Operating Lease, Payments		43	46
Operating Lease, Impairment Loss		14	0	$ 0
Proceeds from Sale of Property, Plant, and Equipment, Total	$ 29	30	1	6
Sale and Leaseback Transaction, Gain (Loss), Net		5	(0)	$ (0)
Operating Lease, Liability, Total	224	224
Operating Lease, Right-of-Use Asset	200	200	$ 186
Sell and Leaseback Office and Warehouse Facilities [Member]
Operating Lease, Liability, Total	24	24
Operating Lease, Right-of-Use Asset	24	24
Selling, General and Administrative Expenses [Member]
Operating Lease, Impairment Loss		14
Selling, General and Administrative Expenses [Member] \| UNITED STATES
Operating Lease, Impairment Loss		3
Selling, General and Administrative Expenses [Member] \| CANADA
Operating Lease, Impairment Loss		1
Selling, General and Administrative Expenses [Member] \| International [Member]
Operating Lease, Impairment Loss		$ 10
Other Income [Member]
Sale and Leaseback Transaction, Gain (Loss), Net	$ 5
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 7 - Leases - Maturity of Lease Liabilities (Details) $ in Millions	Dec. 31, 2020 USD ($)
2021	$ 43
2022	35
2023	30
2024	25
2025	20
After 2025	202
Total lease payments	355
Less: Interest	(131)
Present value of lease liabilities	$ 224

Note 7 - Leases - Term and Discount Rate Associated with Leases (Details)	Dec. 31, 2020
Weighted-average remaining lease term (Year)	13 years
Weighted-average discount rate	6.80%

Note 8 - Long-term Debt (Details Textual) - USD ($) $ in Millions			1 Months Ended			12 Months Ended
	May 01, 2018	Nov. 09, 2012	Apr. 30, 2021	Mar. 31, 2020	May 31, 2018	Dec. 31, 2020	Sep. 16, 2017
Global ABL Facility [Member]
Debt Instrument, Covenant, Indebtedness, Maximum Percent of Accounts Receivable						85.00%
Debt Instrument, Covenant, Indebtedness, Maximum Percentage of Inventory						70.00%
Line of Credit Facility, Maximum Borrowing Capacity						$ 800	$ 1,050
Line of Credit Facility, Additional Borrowing Capacity subject to Additional Commitments						$ 200
Debt Instrument, Covenant, Indebtedness, Maximum Percentage of Appraised Net Orderly Liquidation Value of Inventory						85.00%
Line of Credit Facility, Remaining Borrowing Capacity						$ 432
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
London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member] \| Global ABL Facility [Member] \| UNITED STATES
Debt Instrument, Basis Spread on Variable Rate						1.75%
London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member] \| Global ABL Facility [Member] \| UNITED STATES
Debt Instrument, Basis Spread on Variable Rate						1.25%
BA Rate [Member] \| Maximum [Member] \| Global ABL Facility [Member] \| CANADA
Debt Instrument, Basis Spread on Variable Rate						1.75%
BA Rate [Member] \| Minimum [Member] \| Global ABL Facility [Member] \| CANADA
Debt Instrument, Basis Spread on Variable Rate						1.25%
Various Benchmark Rates [Member] \| Maximum [Member] \| Global ABL Facility [Member] \| International [Member]
Debt Instrument, Basis Spread on Variable Rate						1.75%
Various Benchmark Rates [Member] \| Minimum [Member] \| Global ABL Facility [Member] \| International [Member]
Debt Instrument, Basis Spread on Variable Rate						1.25%
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, Term (Year)					7 years
Senior Secured Term Loan Maximum Borrowing Capacity					$ 200
Debt Instrument, Covenant, Net Leverage Ratio, Maximum Unrestricted Cash	$ 75				$ 75
Term Loan Senior Secured Leverage Ratio					4.00
Debt Instrument, Amortization Percentage					1.00%
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%
Debt Instrument, Covenant, Maximum Senior Secured Leverage Ratio					3.75
Debt Instrument, Covenant, Maximum Pro Forma Senior Secured Leverage Ratio					4.00
Debt Instrument, Covenant, Maximum Pro Forma Junior Secured Leverage Ratio					4.75
Debt Instrument, Covenant, Maximum Total Leverage Ratio					5.00
Debt Instrument, Covenant, Minimum Pro Forma Consolidated Interest Coverage Ratio					2.00
Debt Instrument, Covenant, Maximum Indebtedness in Credit Facility					$ 1,300
Debt Instrument, Covenant, Indebtedness, Maximum Percent of Accounts Receivable					85.00%
Debt Instrument, Covenant, Indebtedness, Maximum Percentage of Inventory					65.00%
Secured Debt [Member] \| Senior Secured Term Loan B [Member] \| Forecast [Member]
Debt Instrument, Excess Cash Flow Fee			$ 105
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] \| Measurement Input, Prepayment Rate [Member]
Debt Instrument, Measurement Input					0.01
Secured Debt [Member] \| Senior Secured Term Loan B [Member] \| Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		2.50%			2.00%
Debt Instrument, Variable Rate Floor		2.00%			1.00%
Secured Debt [Member] \| Senior Secured Term Loan B [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		3.50%			3.00%
Debt Instrument, Variable Rate Floor		1.00%			0.00%

Note 8 - Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Long-term debt	$ 383	$ 551
Less: current portion	4	4
Long-term Debt, Excluding Current Maturities, Total	379	547
Global ABL Facility [Member]
Long-term debt	0	161
Secured Debt [Member]
Long-term debt	$ 383	$ 390

Note 8 - Long-term Debt - Components of Long-term Debt (Details) (Parentheticals) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Secured Debt [Member]
Long-term debt, discount and issuance costs	$ 2	$ 2

Note 8 - Long-term Debt - Interest on Borrowings (Details)	Dec. 31, 2020	Dec. 31, 2019
Senior Secured Term Loan B and Global ABL Facility [Member]
Weighted average interest rate	4.93%	4.91%
Global ABL Facility [Member]
Weighted average interest rate	0.00%	3.47%
Senior Secured Term Loan B [Member]
Weighted average interest rate	4.93%	5.50%

Note 8 - Long-term Debt - Maturities of Long-term Debt (Details) $ in Millions	Dec. 31, 2020 USD ($)
2021	$ 4
2022	4
2023	4
2024	371
2025	0
Thereafter	$ 0

Note 9 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
Interest Rate Swap [Member]
Derivative, Term of Contract (Year)	5 years
Derivative, Notional Amount	$ 250,000
Derivative, Fixed Interest Rate	2.7145%
Derivative Liability, Fair Value, Gross Liability, Total	$ 0		$ 14,000	$ 9,000
Foreign Exchange Forward [Member]
Derivative, Notional Amount			$ 3,000	$ 21,000
Derivative, Gain (Loss) on Derivative, Net, Total		$ 1,000

Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Unrecognized Tax Benefits, Ending Balance	$ 1	$ 4
Domestic Tax Authority [Member]
Operating Loss Carryforwards, Total	$ 17
Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member]
Open Tax Year	2017 2018 2019 2020
Domestic Tax Authority [Member] \| Foreign Tax Credit [Member]
Tax Credit Carryforward, Amount	$ 5
Foreign Tax Authority [Member]
Operating Loss Carryforwards, Total	213
Operating Loss Carryforwards, Not Subject to Expiration	170
Operating Loss Carryforwards, Subject to Expiration	$ 43

Note 10 - Income Taxes - Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
United States	$ (216)	$ 86	$ 95
Foreign	(67)	(20)	0
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total	$ (283)	$ 66	$ 95

Note 10 - Income Taxes - Income Taxes Included in the Consolidated Statements of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Federal	$ 8	$ 22	$ 21
State	2	6	1
Foreign	2	4	8
Current Income Tax Expense (Benefit), Total	12	32	30
Federal	(20)	(4)	(6)
State	0	0	(1)
Foreign	(1)	(1)	(2)
Deferred Income Tax Expense (Benefit), Total	(21)	(5)	(9)
Income tax (benefit) expense	$ (9)	$ 27	$ 21

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 10 - Income Taxes - Reconciliation of Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Federal tax (benefit) expense at statutory rates	$ (60)	$ 14	$ 20
State taxes	0	4	2
Transition tax	0	0	(4)
Nondeductible expenses and other	5	3	2
Goodwill impairment charge	43	0	0
Change in valuation allowance related to foreign losses	3	6	1
Income tax (benefit) expense	$ (9)	$ 27	$ 21
Effective tax rate	3.00%	41.00%	22.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 10 - Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Allowance for credit losses	$ 1	$ 1
Accruals and reserves	17	20
Net operating loss and tax credit carryforwards	68	58
Other	2	1
Subtotal	88	80
Valuation allowance	(71)	(64)
Total	17	16
Inventory valuation	(23)	(29)
Property, plant and equipment	(10)	(13)
Intangible assets	(50)	(63)
Total	(83)	(105)
Net deferred tax liability	$ (66)	$ (89)

Note 11 - Redeemable Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Jun. 30, 2015	Dec. 31, 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 12 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended			63 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
Preferred Stock, Shares Authorized (in shares)	100,000,000			100,000,000
Preferred Stock, Shares Issued, Total (in shares)	363,000	363,000		363,000
Preferred Stock, Shares Outstanding, Ending Balance (in shares)	363,000	363,000		363,000
Treasury Stock, Shares, Acquired (in shares)	0	4,868,491	7,596,113	24,216,330
Treasury Stock Acquired, Average Cost Per Share (in dollars per share)	$ 0	$ 15.38	$ 16.46	$ 15.48
Treasury Stock, Value, Acquired, Cost Method	$ 0	$ 75,000	$ 125,000	$ 375,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 0			$ 0
Common Stock, Shares, Outstanding, Ending Balance (in shares)	82,098,966			82,098,966
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	3,600,000	2,500,000	3,100,000

Note 12 - Stockholders' Equity - Summary of Share Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended			63 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
Number of shares acquired on the open market (in shares)	0	4,868,491	7,596,113	24,216,330
Average price per share (in dollars per share)	$ 0	$ 15.38	$ 16.46	$ 15.48
Total cost of acquired shares (in millions)	$ 0	$ 75	$ 125	$ 375

Note 12 - Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated other comprehensive loss	$ 350	$ 642	$ 692	$ 759
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated other comprehensive loss	(222)	(224)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated other comprehensive loss	(11)	(7)
Accumulated Other Comprehensive Income, Including Portion Attributable to Noncontrolling Interest, Other Adjustments [Member]
Accumulated other comprehensive loss	(1)	(1)
AOCI Attributable to Parent [Member]
Accumulated other comprehensive loss	$ (234)	$ (232)	$ (232)	$ (210)

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

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Net (loss) income attributable to common stockholders

$ (11)

$ (3)

$ (287)

$ 3

$ (30)

$ 15

$ 18

$ 12

$ (298)

$ 15

$ 50

Average basic shares outstanding (in shares)

82.0

83.0

90.1

Effect of dilutive securities (in shares)

0.0

0.9

1.7

Average diluted shares outstanding (in shares)

82.0

83.9

91.8

Basic (in dollars per share)

$ (0.13)

$ (0.04)

$ (3.50)

$ 0.04

$ (0.37)

^[1]

$ 0.18

^[1]

$ 0.22

^[1]

$ 0.14

^[1]

$ (3.63)

$ 0.18

^[1]

$ 0.55

Diluted (in dollars per share)

$ (0.13)

$ (0.04)

$ (3.50)

$ 0.04

$ (0.37)

^[1]

$ 0.18

^[1]

$ 0.21

^[1]

$ 0.14

^[1]

$ (3.63)

$ 0.18

^[1]

$ 0.54

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

- Definition

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

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- 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.

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- 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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+ Details

Note 13 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions	1 Months Ended			12 Months Ended				104 Months Ended
	Apr. 30, 2019	Apr. 30, 2015	Apr. 30, 2012	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2007	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)				(0)
Defined Contribution Plan, Cost				$ 5	$ 9	$ 10
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				169,603
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				277,106
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year)				3 years
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				1,373,575
Performance Above Goals Shares [Member]
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares)				68,109
Maximum [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay				15.50%
Maximum [Member] \| Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Performance Goal Target, Percentage				200.00%
Minimum [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay				1.00%
Minimum [Member] \| Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Performance Goal Target, Percentage				0.00%
The 2007 Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)							3,750,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)							5 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)				0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total (in shares)				0
The 2007 Stock Option Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)							10 years
The 2007 Stock Option Plan and 2007 Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)			0
The 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)								9,531,643
The 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	74,055
The 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)				277,106	242,290
The 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)				1,373,575	712,600
The 2011 Omnibus Incentive Plan [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			1 year
The 2011 Omnibus Incentive Plan [Member] \| Maximum [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)			5 years
The 2011 Omnibus Incentive Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			3 years

Note 13 - Employee Benefit Plans - Summary of Award Activity for Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Balance, options (in shares)	2,218,906
Balance, weighted average exercise price (in dollars per share)	$ 23.99
Balance, weighted average remaining contractual term (Year)	1 year 8 months 12 days	2 years 8 months 12 days
Balance, aggregate intrinsic value	$ 0	$ 0
Exercised, options (in shares)	0
Exercised, weighted average exercise price (in dollars per share)	$ 0
Forfeited, options (in shares)	(74,711)
Forfeited, weighted average exercise price (in dollars per share)	$ 23.40
Expired, options (in shares)	0
Expired, weighted average exercise price (in dollars per share)	$ 0
Balance, options (in shares)	2,144,195	2,218,906
Balance, weighted average exercise price (in dollars per share)	$ 24.01	$ 23.99
Options outstanding, vested and exercisable (in shares)	2,144,195
Options outstanding, vested and exercisable, weighted average exercise price (in dollars per share)	$ 24.01
Options outstanding, vested and exercisable, weighted average remaining contractual term (Year)	1 year 8 months 12 days
Options outstanding, vested and exercisable, aggregate intrinsic value	$ 0
Options outstanding, vested and expected to vest (in shares)	2,144,195
Options outstanding, vested and expected to vest, weighted average exercise price (in dollars per share)	$ 24.01
Options outstanding, vested and expected to vest, weighted average remaining contractual term (Year)	1 year 8 months 12 days

Note 13 - Employee Benefit Plans - Stock Option Assumptions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Weighted-average, grant-date fair value of awards granted (in dollars per share)	$ 0	$ 0	$ 0
Total intrinsic value of stock options exercised	$ 0	$ 767	$ 1,722,539
Total fair value of stock options vested	$ 0	$ 0	$ 0

Note 13 - Employee Benefit Plans - Summary of Award Activity for Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Nonvested, shares (in shares)	74,055
Nonvested, weighted average grant-date fair value (in dollars per share)	$ 18.05
Granted, shares (in shares)	169,603
Weighted-average, grant-date fair value of awards granted (in dollars per share)	$ 4.59	$ 18.05	$ 19.28
Vested, shares (in shares)	(74,055)
Vested, weighted average grant-date fair value (in dollars per share)	$ 18.05
Forfeited, shares (in shares)	0
Forfeited, weighted average grant-date fair value (in dollars per share)	$ 0
Nonvested, shares (in shares)	169,603	74,055
Nonvested, weighted average grant-date fair value (in dollars per share)	$ 4.59	$ 18.05

Note 13 - Employee Benefit Plans - Summary of Assumptions for Award Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Performance Shares [Member]
Weighted-average, grant-date fair value of awards granted (in dollars per share)	$ 12.25	$ 19.40	$ 18.87
Total fair value of stock vested	$ 2,328,350	$ 5,921,169	$ 2,349,749
Restricted Stock [Member]
Weighted-average, grant-date fair value of awards granted (in dollars per share)	$ 4.59	$ 18.05	$ 19.28
Total fair value of stock vested	$ 396,935	$ 1,461,431	$ 4,986,620
Restricted Stock Units (RSUs) [Member]
Weighted-average, grant-date fair value of awards granted (in dollars per share)	$ 8.30	$ 15.25	$ 16.08
Total fair value of stock vested	$ 7,918,337	$ 9,619,773	$ 9,187,360

Note 13 - Employee Benefit Plans - Summary of Award Activity for Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Nonvested, shares (in shares)	1,321,382
Nonvested, weighted average grant-date fair value (in dollars per share)	$ 15.96
Granted, shares (in shares)	1,373,575
Weighted-average, grant-date fair value of awards granted (in dollars per share)	$ 8.30	$ 15.25	$ 16.08
Vested, shares (in shares)	(729,309)
Vested, weighted average grant-date fair value (in dollars per share)	$ 16.38
Forfeited, shares (in shares)	(85,718)
Forfeited, weighted average grant-date fair value (in dollars per share)	$ 11.84
Nonvested, shares (in shares)	1,879,930	1,321,382
Nonvested, weighted average grant-date fair value (in dollars per share)	$ 10.38	$ 15.96

Note 13 - Employee Benefit Plans - Summary of Award Activity for Performance Share Units (Details) - Performance Shares [Member] - $ / shares

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Nonvested, shares (in shares)

612,049

Nonvested, weighted average grant-date fair value (in dollars per share)

$ 20.60

Granted, shares (in shares)

277,106

Weighted-average, grant-date fair value of awards granted (in dollars per share)

$ 12.25

$ 19.40

$ 18.87

Vested, shares (in shares)

^[1]

(147,569)

Vested, weighted average grant-date fair value (in dollars per share)

^[1]

$ 24.39

Forfeited, shares (in shares)

(49,366)

Forfeited, weighted average grant-date fair value (in dollars per share)

$ 18.95

Nonvested, shares (in shares)

692,220

612,049

Nonvested, weighted average grant-date fair value (in dollars per share)

$ 16.57

$ 20.60

[1]	Excludes 68,109 shares awarded for performance above goals.

Note 13 - 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, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity-based compensation expense	$ 12	$ 16	$ 14
Income tax benefits related to equity-based compensation	2	4	3
Share-based Payment Arrangement, Option [Member]
Equity-based compensation expense	0	0	0
Restricted Stock [Member]
Equity-based compensation expense	1	1	2
Restricted Stock Units (RSUs) [Member]
Equity-based compensation expense	10	10	9
Performance Shares [Member]
Equity-based compensation expense	$ 1	$ 5	$ 3

Note 13 - Employee Benefit Plans - Unrecognized Compensation Expense under Equity-based Compensation Plans (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Unrecognized equity-based compensation expense	$ 9
Restricted Stock [Member]
Unrecognized equity-based compensation expense, weighted average vesting period (Year)	3 months 18 days
Unrecognized equity-based compensation expense	$ 0
Restricted Stock Units (RSUs) [Member]
Unrecognized equity-based compensation expense, weighted average vesting period (Year)	1 year
Unrecognized equity-based compensation expense	$ 8
Performance Shares [Member]
Unrecognized equity-based compensation expense, weighted average vesting period (Year)	1 year 2 months 12 days
Unrecognized equity-based compensation expense	$ 1

Note 14 - Related Party Transactions (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Lease, Expense	$ 38	$ 42
Lessee, Operating Lease, Liability, to be Paid, Year One	43
Lessee, Operating Lease, Liability, to be Paid, Year Two	35
Lessee, Operating Lease, Liability, to be Paid, Year Three	30
Hansford Associates and Prideco [Member]
Operating Lease, Expense	1	1	$ 2
Lessee, Operating Lease, Liability, to be Paid, Year One	1
Lessee, Operating Lease, Liability, to be Paid, Year Two	1
Lessee, Operating Lease, Liability, to be Paid, Year Three	1
Certain Members of Board of Directors [Member]
Revenue from Related Parties	23	18	$ 34
Accounts Receivable, Related Parties	$ 1	$ 1

Note 15 - Segment, Geographic and Product Line Information (Details Textual)	12 Months Ended
	Dec. 31, 2020
Number of Operating Segments	3
Number of Reportable Segments	3

Note 15 - Segment, Geographic and Product Line Information - Financial Information for Each Segment (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Sales	$ 579	$ 585	$ 602	$ 794	$ 766	$ 942	$ 984	$ 970	$ 2,560	$ 3,662	$ 4,172
Depreciation and amortization expense									20	21	23
Amortization of intangibles									26	42	45
Operating income (loss)									(260)	103	127
Interest expense									(28)	(40)	(38)
Other income (expense)									5	3	6
Income before income taxes									(283)	66	95
Total assets	1,781				2,325				1,781	2,325
United States [Member]
Sales									2,023	2,956	3,321
Depreciation and amortization expense									15	15	16
Amortization of intangibles									23	39	42
Operating income (loss)									(207)	104	112
Total assets	1,506				1,915				1,506	1,915
Canada [Member]
Sales									128	226	315
Depreciation and amortization expense									1	1	1
Amortization of intangibles									1	1	1
Operating income (loss)									(6)	(1)	9
Total assets	53				91				53	91
International [Member]
Sales									409	480	536
Depreciation and amortization expense									4	5	6
Amortization of intangibles									2	2	2
Operating income (loss)									(47)	0	$ 6
Total assets	$ 222				$ 319				$ 222	$ 319

Note 15 - Segment, Geographic and Product Line Information - Percentages of Property, Plant and Equipment by Geographic Areas (Details)	Dec. 31, 2020	Dec. 31, 2019
Property, plant and equipment	100.00%	100.00%
UNITED STATES
Property, plant and equipment	86.00%	78.00%
CANADA
Property, plant and equipment	2.00%	10.00%
International [Member]
Property, plant and equipment	12.00%	12.00%

Note 15 - Segment, Geographic and Product Line Information - Sales by Product Line (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Sales	$ 579	$ 585	$ 602	$ 794	$ 766	$ 942	$ 984	$ 970	$ 2,560	$ 3,662	$ 4,172
Line Pipe [Member]
Sales									$ 308	$ 560	$ 728
Sales, percent									12.00%	15.00%	18.00%
Carbon Fittings and Flanges [Member]
Sales									$ 340	$ 565	$ 683
Sales, percent									13.00%	16.00%	16.00%
Carbon Steel Pipe, Fittings and Flanges [Member]
Sales									$ 648	$ 1,125	$ 1,411
Sales, percent									25.00%	31.00%	34.00%
Valves, Automation, Measurement and Instrumentation [Member]
Sales									$ 1,018	$ 1,434	$ 1,553
Sales, percent									40.00%	39.00%	37.00%
Gas Products [Member]
Sales									$ 517	$ 551	$ 561
Sales, percent									20.00%	15.00%	13.00%
Stainless Steel and Alloy Pipe and Fittings [Member]
Sales									$ 128	$ 177	$ 196
Sales, percent									5.00%	5.00%	5.00%
General Oilfield Products [Member]
Sales									$ 249	$ 375	$ 451
Sales, percent									10.00%	10.00%	11.00%

- Definition

+ References

+ Details

Note 16 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Long-term Debt, Gross	$ 383	$ 551
Fair Value, Inputs, Level 2 [Member]
Long-term Debt, Fair Value	$ 372	$ 554

Note 17 - Commitments and Contingencies (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Number of Lawsuits Filed	578
Loss Contingency, Pending Claims, Number, Ending Balance	1,153
Inventory Write-down	$ 46	$ 5	$ 0
Letters of Credit Outstanding, Amount	16
Bank Guarantees Outstanding	$ 4

Note 18 - Quarterly Information (Unaudited) - Quarterly Financial Information (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Sales

$ 579

$ 585

$ 602

$ 794

$ 766

$ 942

$ 984

$ 970

$ 2,560

$ 3,662

$ 4,172

Gross profit

114

148

131

174

431

653

689

Net income (loss) attributable to common stockholders

$ (11)

$ (3)

$ (287)

$ 3

$ (30)

$ 15

$ 18

$ 12

$ (298)

$ 15

$ 50

Basic (in dollars per share)

$ (0.13)

$ (0.04)

$ (3.50)

$ 0.04

$ (0.37)

^[1]

$ 0.18

^[1]

$ 0.22

^[1]

$ 0.14

^[1]

$ (3.63)

$ 0.18

^[1]

$ 0.55

Diluted (in dollars per share)

$ (0.13)

$ (0.04)

$ (3.50)

$ 0.04

$ (0.37)

^[1]

$ 0.18

^[1]

$ 0.21

^[1]

$ 0.14

^[1]

$ (3.63)

$ 0.18

^[1]

$ 0.54

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

- Definition

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

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Section 50
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+ Details

- Definition

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