0001437749-22-011708 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2022	May 03, 2022
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	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-35479
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5956993
Entity Address, Address Line One	1301 McKinney Street, Suite 2300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77010
City Area Code	877
Local Phone Number	294-7574
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	MRC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		83,483,465

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash	$ 31	$ 48
Accounts receivable, net	453	379
Inventories, net	500	453
Other current assets	28	19
Total current assets	1,012	899
Long-term assets:
Operating lease assets	200	191
Property, plant and equipment, net	88	91
Other assets	23	22
Intangible assets:
Goodwill, net	264	264
Other intangible assets, net	199	204
Assets, Total	1,786	1,671
Current liabilities:
Trade accounts payable	400	321
Accrued expenses and other current liabilities	87	80
Operating lease liabilities	35	33
Current portion of long-term debt	3	2
Total current liabilities	525	436
Long-term liabilities:
Long-term debt, net	300	295
Operating lease liabilities	184	177
Deferred income taxes	57	53
Other liabilities	26	32
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, 107,699,795 and 107,284,171 issued, respectively	1	1
Additional paid-in capital	1,748	1,747
Retained deficit	(809)	(819)
Less: Treasury stock at cost: 24,216,330 shares	(375)	(375)
Accumulated other comprehensive loss	(226)	(231)
Stockholders' Equity Attributable to Parent, Ending Balance	339	323
Liabilities and Equity, Total	$ 1,786	$ 1,671

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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)	107,699,795	107,284,171
Treasury stock, shares (in shares)	24,216,330	24,216,330

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Sales	$ 742	$ 609
Cost of sales	606	506
Gross profit	136	103
Selling, general and administrative expenses	107	100
Operating income	29	3
Other expense:
Interest expense	(6)	(6)
Income (loss) before income taxes	23	(3)
Income tax expense	7	0
Net income (loss)	16	(3)
Series A preferred stock dividends	6	6
Net income (loss) attributable to common stockholders	$ 10	$ (9)
Basic earnings (loss) per common share (in dollars per share)	$ 0.12	$ (0.11)
Diluted earnings (loss) per common share (in dollars per share)	$ 0.12	$ (0.11)
Weighted-average common shares, basic (in shares)	83.3	82.3
Weighted-average common shares, diluted (in shares)	84.3	82.3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income (loss)	$ 16	$ (3)
Other comprehensive income (loss)
Foreign currency translation adjustments	2	(1)
Hedge accounting adjustments, net of tax	3	1
Total other comprehensive income, net of tax	5	0
Comprehensive income (loss)	$ 21	$ (3)

- Definition

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

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Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ 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, 2020	106			(24)
Balance at Dec. 31, 2020	$ 1	$ 1,739	$ (781)	$ (375)	$ (234)	$ 350
Net income (loss)	0	0	(3)	0	0	(3)
Foreign currency translation	0	0	0	0	(1)	(1)
Hedge accounting adjustments	0	0	0	0	1	1
Shares withheld for taxes	$ 0	(2)	0	$ 0	0	(2)
Vesting of stock awards (in shares)	1			0
Equity-based compensation expense	$ 0	5	0	$ 0	0	5
Dividends declared on preferred stock	$ 0	0	(6)	$ 0	0	(6)
Balance (in shares) at Mar. 31, 2021	107			(24)
Balance at Mar. 31, 2021	$ 1	1,742	(790)	$ (375)	(234)	344
Balance (in shares) at Dec. 31, 2021	106			(24)
Balance at Dec. 31, 2021	$ 1	1,747	(819)	$ (375)	(231)	323
Net income (loss)	0	0	16	0	0	16
Foreign currency translation	0	0	0	0	2	2
Hedge accounting adjustments	0	0	0	0	3	3
Shares withheld for taxes	$ 0	(2)	0	$ 0	0	(2)
Vesting of stock awards (in shares)	2			0
Equity-based compensation expense	$ 0	3	0	$ 0	0	3
Dividends declared on preferred stock	$ 0	0	(6)	$ 0	0	(6)
Balance (in shares) at Mar. 31, 2022	108			(24)
Balance at Mar. 31, 2022	$ 1	$ 1,748	$ (809)	$ (375)	$ (226)	$ 339

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

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- 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.

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net income (loss)	$ 16	$ (3)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operations:
Depreciation and amortization	5	5
Amortization of intangibles	5	6
Equity-based compensation expense	3	5
Deferred income tax expense	1	0
Increase in LIFO reserve	6	4
Changes in operating assets and liabilities:
Accounts receivable	(74)	(50)
Inventories	(52)	0
Other current assets	(9)	(6)
Accounts payable	78	75
Accrued expenses and other current liabilities	8	(12)
Net cash (used in) provided by operations	(13)	24
Investing activities
Purchases of property, plant and equipment	(2)	(2)
Other investing activities	0	1
Net cash used in investing activities	(2)	(1)
Financing activities
Payments on revolving credit facilities	(107)	(2)
Proceeds from revolving credit facilities	113	2
Payments on long-term obligations	0	(1)
Dividends paid on preferred stock	(6)	(6)
Repurchases of shares to satisfy tax withholdings	(2)	(2)
Net cash used in financing activities	(2)	(9)
(Decrease) increase in cash	(17)	14
Effect of foreign exchange rate on cash	0	(1)
Cash -- beginning of period	48	119
Cash -- end of period	31	132
Supplemental disclosures of cash flow information:
Cash paid for interest	5	6
Cash paid for income taxes	$ 1	$ 2

Note 1 - Background and Basis of Presentation

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Significant Accounting Policies [Text Block]

NOTE 1 – BACKGROUND AND BASIS OF PRESENTATION

Business Operations: MRC Global Inc. is a holding company headquartered in Houston, Texas. Our wholly owned subsidiaries are global distributors of pipe, valves, fittings (“PVF”) and infrastructure products and services across each of the following sectors:

●		gas utilities (storage and distribution of natural gas)
●		downstream, industrial and energy transition (crude oil refining, petrochemical and chemical processing, general industrials and energy transition projects)
●		upstream production (exploration, production and extraction of underground oil and gas)
●		midstream pipeline (gathering, processing and transmission of oil and gas)

We have service centers in principal industrial, chemical, gas distribution and hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia, Australasia, and the Middle East. We obtain products from a broad range of suppliers.

Basis of Presentation: We have prepared our unaudited condensed consolidated financial statements in accordance with Rule 10-01 of Regulation S-X for interim financial statements. These statements do not include all information and footnotes that generally accepted accounting principles require for complete annual financial statements. However, the information in these statements reflects all normal recurring adjustments which are, in our opinion, necessary for a fair presentation of the results for the interim periods. The results of operations for the three months ended March 31, 2022, are not necessarily indicative of the results that will be realized for the fiscal year ending December 31, 2022. We have derived our condensed consolidated balance sheet as of December 31, 2021, from the audited consolidated financial statements for the year ended December 31, 2021. You should read these condensed consolidated financial statements in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2021.

The consolidated financial statements include the accounts of MRC Global Inc. and its wholly owned and majority owned subsidiaries (collectively referred to as the “Company” or by terms such as “we,” “our” or “us”). All material intercompany balances and transactions have been eliminated in consolidation.

Recently Issued Accounting Pronouncements: In March 2020, the FASB issued Accounting Standards Update ASU 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"), which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions that the discontinuation of certain reference rates, including the London Interbank Offered Rate ("LIBOR"), impacts. The update was effective upon issuance and the expedients and exceptions may be applied prospectively to contract modifications and hedging relationships entered into or evaluated through December 31, 2022. We are currently evaluating the impacts of the provisions of ASU 2020-04 on our consolidated financial statements, however, with respect to existing transactions, we do not believe the update will have a material impact.

Adoption of New Accounting Standards: In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt – Debt with Conversion and Other Options and Derivative Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) ("ASU 2020-06"), which simplifies guidance on the topics of convertible instruments, derivative contracts and earnings per share ("EPS") calculations. This accounting standard update, which we adopted as of January 1, 2022, did not have a material impact on our consolidated financial statements.

Note 2 - Revenue Recognition

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE 2 – REVENUE RECOGNITION

We recognize revenue when we transfer control of promised goods or services to our customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. We recognize substantially all of our revenue when products are shipped or delivered to our customers, and payment is due from our customers at the time of billing with a majority of our customers having 30-day terms. We estimate and record returns as a reduction of revenue. Amounts received in advance of shipment are deferred and recognized when the performance obligations are satisfied. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and, therefore, we exclude these taxes from sales in the accompanying consolidated statements of operations. Cost of sales includes the cost of inventory sold and related items, such as vendor rebates, inventory allowances and reserves and shipping and handling costs associated with inbound and outbound freight, as well as depreciation and amortization of intangible assets. In some cases, particularly with third-party pipe shipments, we consider shipping and handling costs to be separate performance obligations, and as such, we record the revenue and cost of sales when the performance obligation is fulfilled.

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

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

Generally, revenue recognition and invoicing occur simultaneously as we transfer control of promised goods or services to our customers. We consider contract assets to be accounts receivable when we have an unconditional right to consideration and only the passage of time is required before payment is due. In certain cases, particularly those involving customer-specific documentation requirements, we delay invoicing 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 March 31, 2022, and December 31, 2021, was $10 million and $12 million, respectively. These contract asset balances are included within accounts receivable in the accompanying consolidated balance sheets.

We record contract liabilities, or deferred revenue, when we receive cash payments from customers in advance of our performance, including amounts that are refundable. The deferred revenue balance at March 31, 2022 and December 31, 2021 was $8 million and $4 million, respectively. During the three months ended March 31, 2022, we recognized $2 million of revenue that was deferred as of December 31, 2021. During the three months ended March 31, 2021, we recognized $3 million of revenue that was deferred as of December 31, 2020. 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 and industrial sectors across each of the gas utilities (storage and distribution of natural gas), downstream, industrial and energy transition (crude oil refining, petrochemical and chemical processing, general industrials and energy transition projects), 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. Varying factors, including macroeconomic environment, commodity prices, maintenance and capital spending and exploration and production activity impact and influence each of our end market sectors and geographical reportable segments. As such, we believe that this information is important in depicting the nature, amount, timing and uncertainty of our contracts with customers.

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

*Three Months Ended*
*March 31,*

	*U.S.*		*Canada*		*International*		*Total*
2022:
Gas utilities	$	268	$	3	$	—	$	271
Downstream, Industrial & Energy Transition		169		7		50		226
Upstream production		101		29		28		158
Midstream pipeline		80		4		3		87
	$	618	$	43	$	81	$	742
2021:
Gas utilities	$	209	$	1	$	—	$	210
Downstream, Industrial & Energy Transition		138		4		52		194
Upstream production		68		23		36		127
Midstream pipeline		69		4		5		78
	$	484	$	32	$	93	$	609

- 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
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+ Details

Note 3 - Inventories

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE 3 – INVENTORIES

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

	*March 31,*			*December 31,*
	*2022*			*2021*
Finished goods inventory at average cost:
Valves, automation, measurement and instrumentation	$	242		$	240
Carbon steel pipe, fittings and flanges		167			151
Gas products		201			184
All other products		131			110
		741			685
Less: Excess of average cost over LIFO cost (LIFO reserve)		(219	)		(213	)
Less: Other inventory reserves		(22	)		(19	)
	$	500		$	453

The Company uses the last-in, first-out (“LIFO”) method of valuing U.S. inventories. The use of the LIFO method has the effect of reducing net income during periods of rising inventory costs (inflationary periods) and increasing net income during periods of falling inventory costs (deflationary periods). Valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, we base interim LIFO calculations on management’s estimates of expected year-end inventory levels and costs and these estimates are subject to the final year-end LIFO inventory determination.

Note 4 - Leases

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 4 – LEASES

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

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

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

Expense associated with our operating leases was $10 million for the three months ended March 31, 2022, and $9 million for the three months ended March 31, 2021, which we have classified in selling, general and administrative expenses. Cash paid for leases recognized as liabilities was $10 million for the three months ended March 31, 2022, and $11 million for the three months ended March 31, 2021.

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

Maturity of Operating Lease Liabilities
Remainder of 2022	$	31
2023		36
2024		31
2025		25
2026		22
After 2026		193
Total lease payments		338
Less: Interest		(119	)
Present value of lease liabilities	$	219

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

	*March 31,*
Operating Lease Term and Discount Rate	*2022*
Weighted-average remaining lease term (years)		13
Weighted-average discount rate		6.6	%

Amounts maturing after 2026 include expected renewals for leases of regional distribution centers and certain corporate offices through dates up to 2048. Excluding optional renewals, our weighted-average remaining lease term is 7 years.

Note 5 - Long-term Debt

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Long-Term Debt [Text Block]

NOTE 5 – LONG-TERM DEBT

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

	*March 31,*		*December 31,*
	*2022*		*2021*
Senior Secured Term Loan B, net of discount and issuance costs of $1	$	297	$	297
Global ABL Facility		6		—
		303		297
Less: current portion		3		2
	$	300	$	295

Senior Secured Term Loan B: We have a Senior Secured Term Loan B (the “Term Loan”) with an original principal amount of $400 million, which amortizes in equal quarterly installments of 1% per year with the balance payable in September 2024, when the facility matures. The Term Loan has an applicable interest rate margin of 300 basis points in the case of loans incurring interest based on LIBOR, and 200 basis points in the case of loans incurring interest based on the base rate. The Term Loan allows for incremental increases in facility size by up to an aggregate of $200 million, plus an additional amount such that the Company’s first lien leverage ratio (as defined under the Term Loan) would not exceed 4.00 to 1.00. MRC Global (US) Inc. is the borrower under this facility, which MRC Global Inc. as well as all of its wholly owned U.S. subsidiaries guarantees. In addition, the Term Loan is secured by a second lien on the assets securing our Global ABL Facility, defined below (which includes accounts receivable and inventory) and a first lien on substantially all of the other assets of MRC Global Inc. and those of its U.S. subsidiaries as well as a pledge of all of the capital stock of our domestic subsidiaries and 65% of the capital stock of first tier, non-U.S. subsidiaries. In addition, the Term Loan contains a number of customary restrictive covenants. We are required to repay the Term Loan with the proceeds from certain asset sales and certain insurance proceeds. In addition, on an annual basis, we are required to repay an amount equal to 50% of excess cash flow, as defined in the Term Loan, reducing to 25% if our first lien leverage ratio is no more than 2.75 to 1.00. No payment of excess cash flow is required if the first lien leverage ratio is less than or equal 2.50 to 1.00. The amount of cash used in the determination of the senior secured leverage ratio is limited to $75 million.

Global ABL Facility:

In September 2021, the Company entered into a Fourth Amended and Restated Loan, Security and Guarantee Agreement (the “Global ABL Facility”) by and among the Company, certain of its subsidiaries, its lenders 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 reduced to $750 million from $800 million and the maturity was extended to September 2026 from September 2022. The Global ABL Facility is comprised of $705 million in revolver commitments in the United States, which includes a $30 million sub-limit for Canada, $12 million in Norway, $10 million in Australia, $10.5 million in the Netherlands, $7.5 million in the United Kingdom and $5 million in Belgium. The Global ABL Facility contains an accordion feature that allows us to increase the principal amount of the facility by up to $250 million, subject to securing additional lender commitments. MRC Global Inc. and each of its current and future wholly owned material U.S. subsidiaries guarantee the obligations of our borrower subsidiaries under the Global ABL Facility. Additionally, each of our non-U.S. borrower subsidiaries guarantees the obligations of our other non-U.S. borrower subsidiaries under the Global ABL Facility. Outstanding obligations are generally secured by a first priority security interest in accounts receivable, inventory and related assets. 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 under 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. Availability is dependent on a borrowing base comprised of a percentage of eligible accounts receivable and inventory, which is subject to redetermination from time to time. Excess Availability, as defined under our Global ABL Facility, was $514 million as of March 31, 2022.

Interest on Borrowings: The interest rates on our outstanding borrowings at March 31, 2022 and December 31, 2021, including a floating to fixed interest rate swap, are set forth below:

	*March 31,*			*December 31,*
	*2022*			*2021*
Senior Secured Term Loan B		5.47	%		5.41	%
Global ABL Facility		4.00	%		-	%
Weighted average interest rate		5.45	%		5.41	%

Note 6 - Redeemable Preferred Stock

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Preferred Stock [Text Block]

NOTE 6 – 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 law requires a separate class vote of the common stockholders. 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. The Company currently 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. On or after June 10, 2022, the Company will have the option to redeem, in whole but not in part, all of the outstanding shares of Preferred Stock at 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 the holders 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 7 - Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE 7 – STOCKHOLDERS’ EQUITY

Equity Compensation Plans

As of March 31, 2022, there were no shares available for issuance under the 2011 Omnibus Incentive Plan. At the Company's May 2022 Annual Meeting of Stockholders, our shareholders approved the addition of 3,000,000 shares to be reserved to the plan. The plan permits the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units and other stock-based and cash-based awards. Since the adoption of the 2011 Omnibus Incentive Plan, the Company’s board of directors has periodically granted stock options, restricted stock awards, restricted stock units and performance share units to directors and employees, but no other types of awards have been granted under the plan. Options and stock appreciation rights may not be granted at prices less than the fair market value of our common stock on the date of the grant, nor for a term exceeding ten years. For employees, vesting generally occurs over a three-year 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, and in any event, no less than one year. Vesting for directors generally occurs on the one-year anniversary of the grant date. In 2022, 423,896 performance share unit awards and 994,244 shares of restricted stock units have been granted to employees. To date, 12,472,388 shares have been granted under this plan. A Black-Scholes option-pricing model is used to estimate the fair value of the stock options. A Monte Carlo simulation is completed to estimate the fair value of performance share unit awards with a stock price performance component. We expense the fair value of all equity grants, including performance share unit awards, on a straight-line basis over the vesting period.

Accumulated Other Comprehensive Loss

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

	*March 31,*			*December 31,*
	*2022*			*2021*
Currency translation adjustments	$	(223	)	$	(225	)
Hedge accounting adjustments		(2	)		(5	)
Other adjustments		(1	)		(1	)
Accumulated other comprehensive loss	$	(226	)	$	(231	)

Earnings per Share

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

	*Three Months Ended*
	*March 31,*		*March 31,*
	*2022*		*2021*
Net income (loss)	$	16	$	(3	)
Less: Dividends on Series A Preferred Stock		6		6
Net income (loss) attributable to common stockholders	$	10	$	(9	)

Weighted average basic shares outstanding		83.3		82.3
Effect of dilutive securities		1.0		-
Weighted average diluted shares outstanding		84.3		82.3

Net income (loss) per share:
Basic	$	0.12	$	(0.11	)
Diluted	$	0.12	$	(0.11	)

Equity awards and shares of Preferred Stock are disregarded in the calculation of diluted earnings per share if they are determined to be anti-dilutive. For the three months ended March 31, 2022 and 2021, all of the shares of the Preferred Stock were anti-dilutive. For the three months ended March 31, 2022, we had approximately 2.2 million anti-dilutive stock options, restricted stock units, and performance units. For the three ended March 31, 2021, we had approximately 3.2 million anti-dilutive stock options, restricted stock units, and performance units.

- Definition

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

+ References

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+ Details

Note 8 - Segment Information

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 8 – SEGMENT INFORMATION

Our business is comprised of three operating and reportable segments: U.S., Canada and International. Our International segment consists of our operations outside of the U.S. and Canada. These segments represent our business of selling PVF to the energy sector across each of the gas utilities, downstream, industrial and energy transition, upstream production and midstream pipeline sectors.

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

	*Three Months Ended*
	*March 31,*			*March 31,*
	*2022*			*2021*
Sales
U.S.	$	618		$	484
Canada		43			32
International		81			93
Consolidated sales	$	742		$	609

Operating income (loss)
U.S.	$	29		$	(1	)
Canada		-			-
International		-			4
Total operating income		29			3

Interest expense		(6	)		(6	)
Income (loss) before income taxes	$	23		$	(3	)

	*March 31,*		*December 31,*
	*2022*		*2021*
Total assets
U.S.	$	1,443	$	1,427
Canada		91		53
International		252		191
Total assets	$	1,786	$	1,671

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

	*Three Months Ended*
	*March 31,*		*March 31,*
Type	*2022*		*2021*
Line pipe	$	112	$	65
Carbon fittings and flanges		100		85
Total carbon pipe, fittings and flanges		212		150
Valves, automation, measurement and instrumentation		251		241
Gas products		184		134
Stainless steel and alloy pipe and fittings		36		29
General products		59		55
	$	742	$	609

- Definition

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

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+ Details

Note 9 - Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Fair Value Disclosures [Text Block]

NOTE 9 – FAIR VALUE MEASUREMENTS

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

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

We have designated the interest rate swap as an effective cash flow hedge utilizing the guidance under ASU 2017-12. As such, the valuation of the interest rate swap is recorded as an asset or liability, and the gain or loss on the derivative is recorded as a component of other comprehensive income (loss). Interest rate swap agreements are reported on the accompanying balance sheets at fair value utilizing observable Level 2 inputs such as yield curves and other market-based factors. We obtain dealer quotations to value our interest rate swap agreements. The fair value of our interest rate swap is estimated based on the present value of the difference between expected cash flows calculated at the contracted interest rates and the expected cash flows at current market interest rates. The fair value of the interest rate swap was a liability of $2 million and $7 million as of March 31, 2022, and December 31, 2021, respectively.

Foreign Exchange Forward Contracts: Foreign exchange forward contracts are reported at fair value utilizing Level 2 inputs, as the fair value is based on broker quotes for the same or similar derivative instruments. Our foreign exchange derivative instruments are freestanding, and we have not designated them as hedges; accordingly, we have recorded changes in their fair market value in earnings. The total notional amount of our forward foreign exchange contracts was approximately $5 million at March 31, 2022, and the fair value was not material. We had no foreign exchange contracts outstanding at December 31, 2021.

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 $303 million and $297 million at March 31, 2022 and December 31, 2021, respectively. We estimate the fair value of the Term Loan using Level 2 inputs, or quoted market prices. The fair value of our debt was $300 million and $296 million at March 31, 2022 and December 31, 2021, 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 10 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE 10 – COMMITMENTS AND CONTINGENCIES

Litigation

Asbestos Claims. We are one of many defendants in lawsuits that plaintiffs have brought seeking damages for personal injuries that exposure to asbestos allegedly caused. Plaintiffs and their family members have brought these lawsuits against a large volume of defendant entities as a result of the defendants’ manufacture, distribution, supply or other involvement with asbestos, asbestos containing-products or equipment or activities that allegedly caused plaintiffs to be exposed to asbestos. These plaintiffs typically assert exposure to asbestos as a consequence of third-party manufactured products that our MRC Global (US) Inc. subsidiary purportedly distributed. As of March 31, 2022, we are named a defendant in approximately 575 lawsuits involving approximately 1,140 claims. No asbestos lawsuit has resulted in a judgment against us to date, with a majority being settled, dismissed or otherwise resolved. Applicable third-party insurance has substantially covered these claims, and insurance should continue to cover a substantial majority of existing and anticipated future claims. Accordingly, we have recorded a liability for our estimate of the most likely settlement of asserted claims and a related receivable from insurers for our estimated recovery, to the extent we believe that the amounts of recovery are probable. It is not possible to predict the outcome of these claims and proceedings. However, in our opinion, the likelihood that the ultimate disposition of any of these claims and legal proceedings will have a material adverse effect on our consolidated financial statements is remote.

Other Legal Claims and Proceedings. From time to time, we have been subject to various claims and involved in legal proceedings incidental to the nature of our businesses. We maintain insurance coverage to reduce financial risk associated with certain of these claims and proceedings. It is not possible to predict the outcome of these claims and proceedings. However, in our opinion, the likelihood that the ultimate disposition of any of these claims and legal proceedings will have a material adverse effect on our consolidated financial statements is remote.

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

Customer Contracts

We have contracts and agreements with many of our customers that dictate certain terms of our sales arrangements (pricing, deliverables, etc.). While we make every effort to abide by the terms of these contracts, certain provisions are complex and often subject to varying interpretations. Under the terms of these contracts, our customers have the right to audit our adherence to the contract terms. Historically, any settlements that have resulted from these customer audits have not been material to our consolidated financial statements.

Purchase Commitments

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

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation: We have prepared our unaudited condensed consolidated financial statements in accordance with Rule 10-01 of Regulation S-X for interim financial statements. These statements do not include all information and footnotes that generally accepted accounting principles require for complete annual financial statements. However, the information in these statements reflects all normal recurring adjustments which are, in our opinion, necessary for a fair presentation of the results for the interim periods. The results of operations for the three months ended March 31, 2022, are not necessarily indicative of the results that will be realized for the fiscal year ending December 31, 2022. We have derived our condensed consolidated balance sheet as of December 31, 2021, from the audited consolidated financial statements for the year ended December 31, 2021. You should read these condensed consolidated financial statements in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2021. The consolidated financial statements include the accounts of MRC Global Inc. and its wholly owned and majority owned subsidiaries (collectively referred to as the “Company” or by terms such as “we,” “our” or “us”). All material intercompany balances and transactions have been eliminated in consolidation.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements: In March 2020, the FASB issued Accounting Standards Update ASU 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"), which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions that the discontinuation of certain reference rates, including the London Interbank Offered Rate ("LIBOR"), impacts. The update was effective upon issuance and the expedients and exceptions may be applied prospectively to contract modifications and hedging relationships entered into or evaluated through December 31, 2022. We are currently evaluating the impacts of the provisions of ASU 2020-04 on our consolidated financial statements, however, with respect to existing transactions, we do not believe the update will have a material impact. Adoption of New Accounting Standards: In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt – Debt with Conversion and Other Options and Derivative Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) ("ASU 2020-06"), which simplifies guidance on the topics of convertible instruments, derivative contracts and earnings per share ("EPS") calculations. This accounting standard update, which we adopted as of January 1, 2022, did not have a material impact on our consolidated financial statements.

Note 2 - Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

Disaggregation of Revenue [Table Text Block]

*Three Months Ended*
*March 31,*

	*U.S.*		*Canada*		*International*		*Total*
2022:
Gas utilities	$	268	$	3	$	—	$	271
Downstream, Industrial & Energy Transition		169		7		50		226
Upstream production		101		29		28		158
Midstream pipeline		80		4		3		87
	$	618	$	43	$	81	$	742
2021:
Gas utilities	$	209	$	1	$	—	$	210
Downstream, Industrial & Energy Transition		138		4		52		194
Upstream production		68		23		36		127
Midstream pipeline		69		4		5		78
	$	484	$	32	$	93	$	609

Note 3 - Inventories (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	*March 31,*			*December 31,*
	*2022*			*2021*
Finished goods inventory at average cost:
Valves, automation, measurement and instrumentation	$	242		$	240
Carbon steel pipe, fittings and flanges		167			151
Gas products		201			184
All other products		131			110
		741			685
Less: Excess of average cost over LIFO cost (LIFO reserve)		(219	)		(213	)
Less: Other inventory reserves		(22	)		(19	)
	$	500		$	453

Note 4 - Leases (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

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

Maturity of Operating Lease Liabilities
Remainder of 2022	$	31
2023		36
2024		31
2025		25
2026		22
After 2026		193
Total lease payments		338
Less: Interest		(119	)
Present value of lease liabilities	$	219

Lease, Cost [Table Text Block]

	*March 31,*
Operating Lease Term and Discount Rate	*2022*
Weighted-average remaining lease term (years)		13
Weighted-average discount rate		6.6	%

Note 5 - Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

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

	*March 31,*		*December 31,*
	*2022*		*2021*
Senior Secured Term Loan B, net of discount and issuance costs of $1	$	297	$	297
Global ABL Facility		6		—
		303		297
Less: current portion		3		2
	$	300	$	295

Schedule of Interest Rates on Borrowings [Table Text Block]

	*March 31,*			*December 31,*
	*2022*			*2021*
Senior Secured Term Loan B		5.47	%		5.41	%
Global ABL Facility		4.00	%		-	%
Weighted average interest rate		5.45	%		5.41	%

- Definition

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

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+ Details

Note 7 - Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

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

	*March 31,*			*December 31,*
	*2022*			*2021*
Currency translation adjustments	$	(223	)	$	(225	)
Hedge accounting adjustments		(2	)		(5	)
Other adjustments		(1	)		(1	)
Accumulated other comprehensive loss	$	(226	)	$	(231	)

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

	*Three Months Ended*
	*March 31,*		*March 31,*
	*2022*		*2021*
Net income (loss)	$	16	$	(3	)
Less: Dividends on Series A Preferred Stock		6		6
Net income (loss) attributable to common stockholders	$	10	$	(9	)

Weighted average basic shares outstanding		83.3		82.3
Effect of dilutive securities		1.0		-
Weighted average diluted shares outstanding		84.3		82.3

Net income (loss) per share:
Basic	$	0.12	$	(0.11	)
Diluted	$	0.12	$	(0.11	)

Note 8 - Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

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

	*Three Months Ended*
	*March 31,*			*March 31,*
	*2022*			*2021*
Sales
U.S.	$	618		$	484
Canada		43			32
International		81			93
Consolidated sales	$	742		$	609

Operating income (loss)
U.S.	$	29		$	(1	)
Canada		-			-
International		-			4
Total operating income		29			3

Interest expense		(6	)		(6	)
Income (loss) before income taxes	$	23		$	(3	)

	*March 31,*		*December 31,*
	*2022*		*2021*
Total assets
U.S.	$	1,443	$	1,427
Canada		91		53
International		252		191
Total assets	$	1,786	$	1,671

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

	*Three Months Ended*
	*March 31,*		*March 31,*
Type	*2022*		*2021*
Line pipe	$	112	$	65
Carbon fittings and flanges		100		85
Total carbon pipe, fittings and flanges		212		150
Valves, automation, measurement and instrumentation		251		241
Gas products		184		134
Stainless steel and alloy pipe and fittings		36		29
General products		59		55
	$	742	$	609

Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Contract with Customer, Asset, after Allowance for Credit Loss, Total	$ 10		$ 12
Contract with Customer, Liability, Total	8		$ 4
Contract with Customer, Liability, Revenue Recognized	$ 2	$ 3

Note 2 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Sales	$ 742	$ 609
Gas Utilities [Member]
Sales	271	210
Downstream [Member]
Sales	226	194
Upstream [Member]
Sales	158	127
Midstream [Member]
Sales	87	78
UNITED STATES
Sales	618	484
UNITED STATES \| Gas Utilities [Member]
Sales	268	209
UNITED STATES \| Downstream [Member]
Sales	169	138
UNITED STATES \| Upstream [Member]
Sales	101	68
UNITED STATES \| Midstream [Member]
Sales	80	69
CANADA
Sales	43	32
CANADA \| Gas Utilities [Member]
Sales	3	1
CANADA \| Downstream [Member]
Sales	7	4
CANADA \| Upstream [Member]
Sales	29	23
CANADA \| Midstream [Member]
Sales	4	4
International [Member]
Sales	81	93
International [Member] \| Gas Utilities [Member]
Sales	0	0
International [Member] \| Downstream [Member]
Sales	50	52
International [Member] \| Upstream [Member]
Sales	28	36
International [Member] \| Midstream [Member]
Sales	$ 3	$ 5

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note 3 - Inventories - Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Finished goods inventory at average cost	$ 741	$ 685
Less: Excess of average cost over LIFO cost (LIFO reserve)	(219)	(213)
Less: Other inventory reserves	(22)	(19)
Inventory, Net, Total	500	453
Valves, Automation, Measurement and Instrumentation [Member]
Finished goods inventory at average cost	242	240
Carbon Steel Pipe, Fittings and Flanges [Member]
Finished goods inventory at average cost	167	151
Gas Products [Member]
Finished goods inventory at average cost	201	184
All Other Products [Member]
Finished goods inventory at average cost	$ 131	$ 110

Note 4 - Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended
Note 4 - Leases (Details Textual) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Operating Lease, Payments	$ 10	$ 11
Selling, General and Administrative Expenses [Member] \| International [Member]
Operating Lease, Impairment Loss	$ 10	$ 9
Minimum [Member]
Lessee, Operating Lease, Renewal Term (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Renewal Term (Year)	15 years
Lessee, Operating Lease, Term of Contract (Year)	30 years
Weighted Average [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	7 years

Note 4 - Leases - Maturity of Lease Liabilities (Details) $ in Millions	Mar. 31, 2022 USD ($)
Remainder of 2022	$ 31
2023	36
2024	31
2025	25
2026	22
After 2026	193
Total lease payments	338
Less: Interest	(119)
Present value of lease liabilities	$ 219

Note 4 - Leases - Term and Discount Rate Associated with Leases (Details)	Mar. 31, 2022
Weighted-average remaining lease term (Year)	13 years
Weighted-average discount rate	6.60%

Note 5 - Long-term Debt (Details Textual) $ in Millions		1 Months Ended	3 Months Ended
Note 5 - Long-term Debt (Details Textual) $ in Millions	Nov. 09, 2012	May 31, 2018 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)
Global ABL Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 750.0	$ 800.0
Line of Credit Facility, Additional Borrowing Capacity Subject to Additional Commitments				250.0
Line of Credit Facility, Remaining Borrowing Capacity			$ 514.0
Global ABL Facility [Member] \| UNITED STATES
Line of Credit Facility, Maximum Borrowing Capacity				705.0
Global ABL Facility [Member] \| CANADA
Line of Credit Facility, Maximum Borrowing Capacity				30.0
Global ABL Facility [Member] \| NORWAY
Line of Credit Facility, Maximum Borrowing Capacity				12.0
Global ABL Facility [Member] \| AUSTRALIA
Line of Credit Facility, Maximum Borrowing Capacity				10.0
Global ABL Facility [Member] \| NETHERLANDS
Line of Credit Facility, Maximum Borrowing Capacity				10.5
Global ABL Facility [Member] \| UNITED KINGDOM
Line of Credit Facility, Maximum Borrowing Capacity				7.5
Global ABL Facility [Member] \| BELGIUM
Line of Credit Facility, Maximum Borrowing Capacity				$ 5.0
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] \| Non-US [Member]
Debt Instrument, Basis Spread on Variable Rate			1.75%
Various Benchmark Rates [Member] \| Minimum [Member] \| Global ABL Facility [Member] \| Non-US [Member]
Debt Instrument, Basis Spread on Variable Rate			1.25%
Secured Debt [Member] \| Senior Secured Term Loan B [Member]
Debt Instrument, Face Amount		$ 400.0
Senior Secured Term Loan Additional Maximum Borrowing Capacity		$ 200.0
Term Loan Senior Secured Leverage Ratio		4.00
Percentage Of Capital Stock In Foreign Subsidiaries		65.00%
Repayment Percentage Requirement Based on Excess Cash Flow and Leverage Ratio No More Than 2.75		25.00%
Repayment Percentage Requirement Based on Excess Cash Flow and Leverage Ratio Less Than or Equal 2.50		0.00%
Debt Instrument, Covenant, Net Leverage Ratio, Maximum Unrestricted Cash		$ 75.0
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] \| Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	3.00%	2.00%
Secured Debt [Member] \| Senior Secured Term Loan B [Member] \| Measurement Input, Prepayment Rate [Member]
Debt Instrument, Measurement Input		1

Note 5 - Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Long-term debt	$ 303	$ 297
Less: current portion	(3)	(2)
Long-Term Debt, Excluding Current Maturities, Total	300	295
Global ABL Facility [Member]
Long-term debt	6	0
Secured Debt [Member]
Long-term debt	$ 297	$ 297

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Note 5 - Long-term Debt - Components of Long-term Debt (Details) (Parentheticals) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Secured Debt [Member]
Long-term debt, discount and issuance costs	$ 1	$ 1

Note 5 - Long-term Debt - Interest on Borrowings (Details)	Mar. 31, 2022	Dec. 31, 2021
Senior Secured Term Loan B and Global ABL Facility [Member]
Weighted average interest rate	5.45%	5.41%
Global ABL Facility [Member]
Weighted average interest rate	4.00%	0.00%
Senior Secured Term Loan B [Member]
Weighted average interest rate	5.47%	5.41%

Note 6 - Redeemable Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Jun. 30, 2015	Mar. 31, 2022	Dec. 31, 2021
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 7 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands		3 Months Ended
	May 01, 2022	Mar. 31, 2022	Mar. 31, 2021
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 0
Stock Options, Restricted Stock Units, and Performance Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		2,200,000	3,200,000
The 2011 Omnibus Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares)	3,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		12,472,388
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)		423,896
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)		994,244

Note 7 - Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accumulated other comprehensive loss	$ 339	$ 323	$ 344	$ 350
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated other comprehensive loss	(223)	(225)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated other comprehensive loss	(2)	(5)
Accumulated Other Adjustments Attributable to Parent [Member]
Accumulated other comprehensive loss	(1)	(1)
AOCI Attributable to Parent [Member]
Accumulated other comprehensive loss	$ (226)	$ (231)	$ (234)	$ (234)

- Definition

+ References

+ Details

Note 7 - Stockholders' Equity - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income (loss)	$ 16	$ (3)
Less: Dividends on Series A Preferred Stock	6	6
Net income (loss) attributable to common stockholders	$ 10	$ (9)
Weighted average basic shares outstanding (in shares)	83.3	82.3
Effect of dilutive securities (in shares)	1.0	0.0
Weighted average diluted shares outstanding (in shares)	84.3	82.3
Basic (in dollars per share)	$ 0.12	$ (0.11)
Diluted (in dollars per share)	$ 0.12	$ (0.11)

- 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

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

+ References

+ Details

- Definition

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

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Note 8 - Segment Information (Details Textual)	3 Months Ended
Note 8 - Segment Information (Details Textual)	Mar. 31, 2022
Number of Operating Segments	3

Note 8 - Segment Information - Financial Information for Each Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Sales	$ 742	$ 609
Operating income (loss)	29	3
Operating income (loss)	(29)	(3)
Interest expense	6	6
Income (loss) before income taxes	23	(3)
Total assets	1,786		$ 1,671
United States [Member]
Sales	618	484
Operating income (loss)	29	(1)
Operating income (loss)	(29)	1
Total assets	1,443		1,427
Canada [Member]
Sales	43	32
Operating income (loss)	0	0
Operating income (loss)	0	0
Total assets	91		53
International [Member]
Sales	81	93
Operating income (loss)	0	4
Operating income (loss)	0	$ (4)
Total assets	$ 252		$ 191

- Definition

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

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

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Note 8 - Segment Information - Sales by Product Line (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Sales	$ 742	$ 609
Line Pipe [Member]
Sales	112	65
Carbon Fittings and Flanges [Member]
Sales	100	85
Carbon Pipe, Fittings and Flanges [Member]
Sales	212	150
Valves, Automation, Measurement and Instrumentation [Member]
Sales	251	241
Gas Products [Member]
Sales	184	134
Stainless Steel and Alloy Pipe and Fittings [Member]
Sales	36	29
General Oilfield Products [Member]
Sales	$ 59	$ 55

- Definition

+ References

+ Details

Note 9 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	1 Months Ended
	Mar. 31, 2018	Mar. 31, 2022	Dec. 31, 2021
Long-Term Debt, Gross		$ 303,000	$ 297,000
Fair Value, Inputs, Level 2 [Member]
Long-Term Debt, Fair Value		300,000	296,000
Interest Rate Swap [Member]
Derivative, Term of Contract (Year)	5 years
Derivative, Notional Amount	$ 250,000
Derivative, Fixed Interest Rate	2.7145%
Derivative, Fair Value, Net, Total		(2,000)	(7,000)
Foreign Exchange Contract [Member] \| Fair Value, Inputs, Level 2 [Member]
Derivative, Notional Amount		$ 5,000	$ 0

Note 10 - Commitments and Contingencies (Details Textual) - Litigation Case, Asbestos Claims [Member]	Mar. 31, 2022
Number of Lawsuits Filed	575
Loss Contingency, Pending Claims, Number	1,140