0001437749-23-030876 | 10-Q | XBRL Viewer

Long-Term Debt [Text Block]

NOTE 5 – LONG-TERM DEBT

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

	*September 30,*		*December 31,*
	*2023*		*2022*
Senior Secured Term Loan B, net of discount and issuance costs of $1	$	293	$	295
Global ABL Facility		10		45
		303		340
Less: current portion		3		3
	$	300	$	337

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. In accordance with ASC 470, we have classified the Term Loan as a non-current liability as of September 30, 2023, as the Company has the intent and ability to refinance the Term Loan with its Global ABL Facility on a long-term basis. 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. Beginning July 1, 2023, the LIBOR interest rate is now calculated as the aggregate Chicago Mercantile Exchange ("CME") Term SOFR plus the International Swaps and Derivatives Association (ISDA) credit adjustment spread. "Term SOFR" is the forward-looking, per annum secured overnight financing rate administered by CME Group Benchmark Administration Limited and published on the applicable Thompson Reuters Corporation website page for each of 1-month, 3-month, and 6-month maturities. 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: The Company is a party to a multi-currency, global asset-based lending facility (the “Global ABL Facility”), including certain of its subsidiaries, its lenders and Bank of America, N.A. as administrative agent, security trustee and collateral agent. The Global ABL Facility is a revolving credit facility of $750 million, which matures in September 2026. 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. In December 2022, the Company and Administrative Agent entered into an amendment to the Global ABL Facility to replace the London Interbank Offered Rate with a new prevailing benchmark interest rate known as Term SOFR for all U.S. dollar borrowings. U.S. borrowings under the amended facility bear interest at the Term SOFR 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 $696 million as of September 30, 2023.

Interest on Borrowings: The interest rates on our outstanding borrowings at September 30, 2023, including a floating to fixed interest rate swap at December 31, 2022, which expired in March 2023, are set forth below:

	*September 30,*			*December 31,*
	*2023*			*2022*
Senior Secured Term Loan B		8.86	%		6.05	%
Global ABL Facility		6.35	%		5.20	%
Weighted average interest rate		8.78	%		5.94	%

Note 2 - Revenue Recognition

9 Months Ended

Sep. 30, 2023

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 condensed 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 condensed 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 September 30, 2023, and December 31, 2022, was $12 million and $24 million, respectively. These contract asset balances are included within accounts receivable in the accompanying condensed 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 September 30, 2023 and December 31, 2022 was $6 million and $9 million, respectively. During the three and nine months ended September 30, 2023, we recognized $3 million and $8 million of revenue that was deferred as of December 31, 2022. During the three and nine months ended September 30, 2022, we recognized $0 million and $3 million of revenue that was deferred as of December 31, 2021. Deferred revenue balances are included within accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheets.

Disaggregated Revenue:

In the first quarter of 2023, the Company combined the sectors formerly known as Upstream Production and Midstream Pipeline into one sector, Production and Transmission Infrastructure. The similarity of market drivers, the overlap of customers and the combined management structure of both sectors was the primary basis for the change.

Our disaggregated revenue represents our business of selling PVF to energy and industrial end users 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), and Production and Transmission Infrastructure (exploration, production and extraction, 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 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*
*September 30,*

	*U.S.*		*Canada*		*International*		*Total*
2023:
Gas Utilities	$	311	$	2	$	1	$	314
Downstream, Industrial & Energy Transition		210		7		62		279
Production & Transmission Infrastructure		224		29		42		295
	$	745	$	38	$	105	$	888
2022:
Gas Utilities	$	355	$	3	$	1	$	359
Downstream, Industrial & Energy Transition		209		6		61		276
Production & Transmission Infrastructure		204		28		37		269
	$	768	$	37	$	99	$	904

*Nine Months Ended*
*September 30,*

	*U.S.*		*Canada*		*International*		*Total*
2023:
Gas Utilities	$	938	$	4	$	2	$	944
Downstream, Industrial & Energy Transition		599		16		187		802
Production & Transmission Infrastructure		675		98		125		898
	$	2,212	$	118	$	314	$	2,644
2022:
Gas Utilities	$	934	$	9	$	1	$	944
Downstream, Industrial & Energy Transition		576		20		165		761
Production & Transmission Infrastructure		593		91		105		789
	$	2,103	$	120	$	271	$	2,494

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.

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Note 7 - Stockholders' Equity - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income	$ 35	$ 24	$ 34	$ 24	$ 14	$ 16	$ 93	$ 54
Less: Dividends on Series A Preferred Stock	6			6			18	18
Net income attributable to common stockholders	$ 29			$ 18			$ 75	$ 36
Weighted average basic shares outstanding (in shares)	84.3			83.6			84.2	83.5
Effect of dilutive securities (in shares)	21.6			1.4			21.6	1.3
Weighted average diluted shares outstanding (in shares)	105.9			85.0			105.8	84.8
Basic (in dollars per share)	$ 0.34			$ 0.22			$ 0.89	$ 0.43
Diluted (in dollars per share)	$ 0.33			$ 0.21			$ 0.88	$ 0.42

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

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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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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, Common [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2021	106			(24)
Balance at Dec. 31, 2021	$ 1	$ 1,747	$ (819)	$ (375)	$ (231)	$ 323
Net income	0	0	16	0	0	16
Foreign currency translation	0	0	0	0	2	2
Shares withheld for taxes	0	(2)	0	0	0	(2)
Equity-based compensation expense	0	3	0	0	0	3
Dividends declared on preferred stock	0	0	(6)	0	0	(6)
Hedge accounting adjustments	$ 0	0	0	$ 0	3	3
Vesting of stock awards (in shares)	2			0
Balance (in shares) at Mar. 31, 2022	108			(24)
Balance at Mar. 31, 2022	$ 1	1,748	(809)	$ (375)	(226)	339
Balance (in shares) at Dec. 31, 2021	106			(24)
Balance at Dec. 31, 2021	$ 1	1,747	(819)	$ (375)	(231)	323
Net income						54
Foreign currency translation						(9)
Hedge accounting adjustments						6
Balance (in shares) at Sep. 30, 2022	108			(24)
Balance at Sep. 30, 2022	$ 1	1,754	(783)	$ (375)	(234)	363
Balance (in shares) at Mar. 31, 2022	108			(24)
Balance at Mar. 31, 2022	$ 1	1,748	(809)	$ (375)	(226)	339
Net income	0	0	14	0	0	14
Foreign currency translation	0	0	0	0	(6)	(6)
Equity-based compensation expense	0	3	0	0	0	3
Dividends declared on preferred stock	0	0	(6)	0	0	(6)
Hedge accounting adjustments	$ 0	0	0	$ 0	3	3
Balance (in shares) at Jun. 30, 2022	108			(24)
Balance at Jun. 30, 2022	$ 1	1,751	(801)	$ (375)	(229)	347
Net income	0	0	24	0	0	24
Foreign currency translation	0	0	0	0	(5)	(5)
Equity-based compensation expense	0	3	0	0	0	3
Dividends declared on preferred stock	$ 0	0	(6)	$ 0	0	(6)
Hedge accounting adjustments						0
Balance (in shares) at Sep. 30, 2022	108			(24)
Balance at Sep. 30, 2022	$ 1	1,754	(783)	$ (375)	(234)	363
Balance (in shares) at Dec. 31, 2022	108			(24)
Balance at Dec. 31, 2022	$ 1	1,758	(768)	$ (375)	(230)	386
Net income	0	0	34	0	0	34
Foreign currency translation	0	0	0	0	(1)	(1)
Shares withheld for taxes	0	(4)	0	0	0	(4)
Equity-based compensation expense	0	3	0	0	0	3
Dividends declared on preferred stock	$ 0	0	(6)	$ 0	0	(6)
Balance (in shares) at Mar. 31, 2023	108			(24)
Balance at Mar. 31, 2023	$ 1	1,757	(740)	$ (375)	(231)	412
Balance (in shares) at Dec. 31, 2022	108			(24)
Balance at Dec. 31, 2022	$ 1	1,758	(768)	$ (375)	(230)	386
Net income						93
Foreign currency translation						(4)
Hedge accounting adjustments						0
Balance (in shares) at Sep. 30, 2023	108			(24)
Balance at Sep. 30, 2023	$ 1	1,764	(693)	$ (375)	(234)	463
Balance (in shares) at Mar. 31, 2023	108			(24)
Balance at Mar. 31, 2023	$ 1	1,757	(740)	$ (375)	(231)	412
Net income	0	0	24	0	0	24
Foreign currency translation	0	0	0	0	1	1
Equity-based compensation expense	0	4	0	0	0	4
Dividends declared on preferred stock	$ 0	0	(6)	$ 0	0	(6)
Balance (in shares) at Jun. 30, 2023	108			(24)
Balance at Jun. 30, 2023	$ 1	1,761	(722)	$ (375)	(230)	435
Net income	0	0	35	0	0	35
Foreign currency translation	0	0	0	0	(4)	(4)
Equity-based compensation expense	0	3	0	0	0	3
Dividends declared on preferred stock	$ 0	0	(6)	$ 0	0	(6)
Hedge accounting adjustments						0
Balance (in shares) at Sep. 30, 2023	108			(24)
Balance at Sep. 30, 2023	$ 1	$ 1,764	$ (693)	$ (375)	$ (234)	$ 463

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

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Note 4 - Leases

9 Months Ended

Sep. 30, 2023

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 $11 million and $31 million for the three and nine months ended September 30, 2023, and $10 million and $30 million for the three and nine months ended September 30, 2022, which we have classified in selling, general and administrative expenses. Cash paid for leases recognized as liabilities was $10 million and $30 million for the three and nine months ended September 30, 2023, and $10 million and $31 million for the three and nine months ended September 30, 2022.

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

Maturity of Operating Lease Liabilities
Remainder of 2023	$	11
2024		43
2025		36
2026		30
2027		27
After 2027		184
Total lease payments		331
Less: Interest		(109	)
Present value of lease liabilities	$	222

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

	*September 30,*
Operating Lease Term and Discount Rate	*2023*
Weighted-average remaining lease term (years)		12
Weighted-average discount rate		6.6	%

Amounts maturing after 2027 include expected renewals for leases of regional distribution centers and certain corporate offices through dates up to 2048. Excluding these optional renewals, our weighted-average remaining lease term is 6 years.

Note 6 - Redeemable Preferred Stock

9 Months Ended

Sep. 30, 2023

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 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.

MRC Global Inc. may not enter into any new, or amend, or modify any existing agreement or arrangement that by its terms restricts, limits, prohibits or prevents the Company from paying dividends on the Preferred Stock, redeeming or repurchasing the Preferred Stock or effecting the conversion of the Preferred Stock. Any such agreement, amendment or modification would require the consent of the holder of the Preferred Stock.

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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)	108,512,938	107,864,421
Treasury stock, shares (in shares)	24,216,330	24,216,330

Note 4 - Leases - Maturity of Lease Liabilities (Details) $ in Millions	Sep. 30, 2023 USD ($)
Remainder of 2023	$ 11
2024	43
2025	36
2026	30
2027	27
After 2027	184
Total lease payments	331
Less: Interest	(109)
Present value of lease liabilities	$ 222

Note 5 - Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Long-term debt	$ 303	$ 340
Less: current portion	(3)	(3)
Long-Term Debt, Excluding Current Maturities	300	337
Global ABL Facility [Member]
Long-term debt	10	45
Secured Debt [Member]
Long-term debt	$ 293	$ 295

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

+ References + Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net income	$ 93	$ 54
Adjustments to reconcile net income to net cash provided by (used in) operations:
Depreciation and amortization	15	14
Amortization of intangibles	15	15
Equity-based compensation expense	10	9
Deferred income tax benefit	(3)	(1)
(Decrease) increase in LIFO reserve	(3)	50
Other, net	12	13
Changes in operating assets and liabilities:
Accounts receivable	(20)	(159)
Inventories	(45)	(197)
Other current assets	(4)	(11)
Accounts payable	27	165
Accrued expenses and other current liabilities	(5)	18
Net cash provided by (used in) operations	92	(30)
Investing activities
Purchases of property, plant and equipment	(10)	(8)
Other investing activities	(2)	(2)
Net cash used in investing activities	(12)	(10)
Financing activities
Payments on revolving credit facilities	(776)	(523)
Proceeds from revolving credit facilities	743	569
Payments on long-term obligations	(2)	(2)
Debt issuance costs paid	(1)	0
Dividends paid on preferred stock	(18)	(18)
Repurchases of shares to satisfy tax withholdings	(4)	(2)
Net cash (used in) provided by financing activities	(58)	24
Increase (decrease) in cash	22	(16)
Effect of foreign exchange rate on cash	(2)	(3)
Cash -- beginning of period	32	48
Cash -- end of period	52	29
Supplemental disclosures of cash flow information:
Cash paid for interest	25	16
Cash paid for income taxes	$ 44	$ 25

Note 9 - Fair Value Measurements

9 Months Ended

Sep. 30, 2023

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 received payments at 1-month LIBOR and made 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 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 was recorded as an asset or liability, and the gain or loss on the derivative was 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 was 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 an asset of $1 million as of December 31, 2022.

On March 31, 2023, the interest rate swap agreement expired and was not extended with any new agreements or amendments. An immaterial net gain recorded as a component of other comprehensive loss was reclassified to interest expense as of March 31, 2023.

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. There were no outstanding forward foreign exchange contracts as of September 30, 2023. The total notional amount of our forward foreign exchange contracts and options was approximately $3 million at December 31, 2022. We had approximately $0 million recorded as liabilities on our condensed consolidated balance sheets as December 31, 2022

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 $340 million at September 30, 2023 and December 31, 2022, 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 $301 million and $337 million at September 30, 2023 and December 31, 2022, respectively.

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 4 - Leases - Term and Discount Rate Associated with Leases (Details)	Sep. 30, 2023
Weighted-average remaining lease term (Year)	12 years
Weighted-average discount rate	6.60%

Note 5 - Long-term Debt - Components of Long-term Debt (Details) (Parentheticals) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Secured Debt [Member]
Long-term debt, discount and issuance costs	$ 1	$ 1

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2023	Nov. 01, 2023
Document Information [Line Items]
Entity Central Index Key	0001439095
Entity Registrant Name	MRC GLOBAL INC.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		84,301,902

Note 5 - Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2023

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

	*September 30,*		*December 31,*
	*2023*		*2022*
Senior Secured Term Loan B, net of discount and issuance costs of $1	$	293	$	295
Global ABL Facility		10		45
		303		340
Less: current portion		3		3
	$	300	$	337

Schedule of Interest Rates on Borrowings [Table Text Block]

	*September 30,*			*December 31,*
	*2023*			*2022*
Senior Secured Term Loan B		8.86	%		6.05	%
Global ABL Facility		6.35	%		5.20	%
Weighted average interest rate		8.78	%		5.94	%

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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Note 7 - Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Accumulated other comprehensive loss	$ 463	$ 435	$ 412	$ 386	$ 363	$ 347	$ 339	$ 323
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated other comprehensive loss	(234)			(230)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated other comprehensive loss	1			1
Accumulated Other Adjustments Attributable to Parent [Member]
Accumulated other comprehensive loss	(1)			(1)
AOCI Attributable to Parent [Member]
Accumulated other comprehensive loss	$ (234)	$ (230)	$ (231)	$ (230)	$ (234)	$ (229)	$ (226)	$ (231)

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

Note 10 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

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 September 30, 2023, we are named a defendant in approximately 548 lawsuits involving approximately 1,113 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 condensed 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 condensed 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 condensed 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 condensed consolidated financial statements.

Purchase Commitments

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

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2023
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 ("GAAP") require for complete annual financial statements. However, the information in these statements reflects all normal recurring adjustments that are, in our opinion, necessary for a fair presentation of the results for the interim periods. The results of operations for the three and nine months ended September 30, 2023, are not necessarily indicative of the results that will be realized for the fiscal year ending December 31, 2023. We have derived our condensed consolidated balance sheet as of December 31, 2022, from the audited consolidated financial statements for the year ended December 31, 2022. 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, 2022. Certain prior year amounts have been reclassified to conform to the current year presentation. The condensed 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]	Adoption of New Accounting Standards: In the fourth quarter of 2022, we early adopted Accounting Standards Update ("ASU") No. 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 that the discontinuation of certain reference rates, including the London Interbank Offered Rate ("LIBOR"), impacts. The adoption of this ASU did not have a material impact on our condensed consolidated financial statements.

Note 5 - Long-term Debt (Details Textual) $ in Millions		1 Months Ended	9 Months Ended
Note 5 - Long-term Debt (Details Textual) $ in Millions	May 01, 2018 USD ($)	May 31, 2018 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2021 USD ($)
Global ABL Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 750.0
Line of Credit Facility, Additional Borrowing Capacity Subject to Additional Commitments				250.0
Line of Credit Facility, Remaining Borrowing Capacity			$ 696.0
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
Secured Overnight Financing Rate (SOFR) [Member] \| Maximum [Member] \| Global ABL Facility [Member] \| UNITED STATES
Debt Instrument, Basis Spread on Variable Rate			1.75%
Secured Overnight Financing Rate (SOFR) [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
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] \| London Interbank Offered Rate (LIBOR) 1 [Member]
Debt Instrument, Basis Spread on Variable Rate		3.00%
Secured Debt [Member] \| Senior Secured Term Loan B [Member] \| Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		2.00%
Secured Debt [Member] \| Senior Secured Term Loan B [Member] \| Measurement Input, Prepayment Rate [Member]
Debt Instrument, Measurement Input		0.01

Note 8 - Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

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

	*Three Months Ended*						*Nine Months Ended*
	*September 30,*			*September 30,*			*September 30,*			*September 30,*
	*2023*			*2022*			*2023*			*2022*
Sales
U.S.	$	745		$	768		$	2,212		$	2,103
Canada		38			37			118			120
International		105			99			314			271
Consolidated sales	$	888		$	904		$	2,644		$	2,494

Operating income (loss)
U.S.	$	54		$	40		$	149		$	99
Canada		(2	)		-			(6	)		(1	)
International		5			5			16			7
Total operating income		57			45			159			105

Interest expense		(9	)		(6	)		(26	)		(17	)
Other, net		1			(5	)		(3	)		(11	)
Income before income taxes	$	49		$	34		$	130		$	77

	*September 30,*		*December 31,*
	*2023*		*2022*
Total assets
U.S.	$	1,579	$	1,518
Canada		98		101
International		281		276
Total assets	$	1,958	$	1,895

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

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*		*September 30,*		*September 30,*		*September 30,*
Type	*2023*		*2022*		*2023*		*2022*
Line Pipe	$	164	$	173	$	433	$	417
Carbon Fittings and Flanges		117		119		353		335
Total Carbon Pipe, Fittings and Flanges		281		292		786		752
Valves, Automation, Measurement and Instrumentation		306		290		920		821
Gas Products		191		205		612		587
Stainless Steel and Alloy Pipe and Fittings		40		53		108		147
General Products		70		64		218		187
	$	888	$	904	$	2,644	$	2,494

Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Contract with Customer, Asset, after Allowance for Credit Loss	$ 12,000		$ 12,000		$ 24,000
Contract with Customer, Liability	6,000		6,000		$ 9,000
Contract with Customer, Liability, Revenue Recognized	$ 3,000	$ 0	$ 8,000	$ 3,000

Note 8 - Segment Information

9 Months Ended

Sep. 30, 2023

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, and Production and Transmission Infrastructure sectors.

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

	*Three Months Ended*						*Nine Months Ended*
	*September 30,*			*September 30,*			*September 30,*			*September 30,*
	*2023*			*2022*			*2023*			*2022*
Sales
U.S.	$	745		$	768		$	2,212		$	2,103
Canada		38			37			118			120
International		105			99			314			271
Consolidated sales	$	888		$	904		$	2,644		$	2,494

Operating income (loss)
U.S.	$	54		$	40		$	149		$	99
Canada		(2	)		-			(6	)		(1	)
International		5			5			16			7
Total operating income		57			45			159			105

Interest expense		(9	)		(6	)		(26	)		(17	)
Other, net		1			(5	)		(3	)		(11	)
Income before income taxes	$	49		$	34		$	130		$	77

	*September 30,*		*December 31,*
	*2023*		*2022*
Total assets
U.S.	$	1,579	$	1,518
Canada		98		101
International		281		276
Total assets	$	1,958	$	1,895

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

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*		*September 30,*		*September 30,*		*September 30,*
Type	*2023*		*2022*		*2023*		*2022*
Line Pipe	$	164	$	173	$	433	$	417
Carbon Fittings and Flanges		117		119		353		335
Total Carbon Pipe, Fittings and Flanges		281		292		786		752
Valves, Automation, Measurement and Instrumentation		306		290		920		821
Gas Products		191		205		612		587
Stainless Steel and Alloy Pipe and Fittings		40		53		108		147
General Products		70		64		218		187
	$	888	$	904	$	2,644	$	2,494

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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Note 1 - Background and Basis of Presentation

9 Months Ended

Sep. 30, 2023

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)
●		Production and Transmission Infrastructure (exploration, production and extraction, gathering, processing and transmission of oil and gas)

We have service centers in 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 ("GAAP") require for complete annual financial statements. However, the information in these statements reflects all normal recurring adjustments that are, in our opinion, necessary for a fair presentation of the results for the interim periods. The results of operations for the three and nine months ended September 30, 2023, are not necessarily indicative of the results that will be realized for the fiscal year ending December 31, 2023. We have derived our condensed consolidated balance sheet as of December 31, 2022, from the audited consolidated financial statements for the year ended December 31, 2022. 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, 2022. Certain prior year amounts have been reclassified to conform to the current year presentation.

The condensed 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.

Adoption of New Accounting Standards: In the fourth quarter of 2022, we early adopted Accounting Standards Update ("ASU") No. 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 that the discontinuation of certain reference rates, including the London Interbank Offered Rate ("LIBOR"), impacts. The adoption of this ASU did not have a material impact on our condensed consolidated financial statements.

Note 9 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	1 Months Ended
	Mar. 31, 2018	Sep. 30, 2023	Dec. 31, 2022
Long-Term Debt, Gross		$ 303,000	$ 340,000
Fair Value, Inputs, Level 2 [Member]
Long-Term Debt, Fair Value		$ 301,000	337,000
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			1,000
Foreign Exchange Contract [Member] \| Fair Value, Inputs, Level 2 [Member]
Derivative, Notional Amount			3,000
Derivative Liability			$ 0

Note 8 - Segment Information (Details Textual)	9 Months Ended
Note 8 - Segment Information (Details Textual)	Sep. 30, 2023
Number of Operating Segments	3

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash	$ 52	$ 32
Accounts receivable, net	518	501
Inventories, net	620	578
Other current assets	35	31
Total current assets	1,225	1,142
Long-term assets:
Operating lease assets	206	202
Property, plant and equipment, net	77	82
Other assets	18	22
Intangible assets:
Goodwill, net	264	264
Other intangible assets, net	168	183
Assets	1,958	1,895
Current liabilities:
Trade accounts payable	438	410
Accrued expenses and other current liabilities	111	115
Operating lease liabilities	38	36
Current portion of long-term debt	3	3
Total current liabilities	590	564
Long-term liabilities:
Long-term debt, net	300	337
Operating lease liabilities	184	182
Deferred income taxes	46	49
Other liabilities	20	22
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, 108,512,938 and 107,864,421 issued, respectively	1	1
Additional paid-in capital	1,764	1,758
Retained deficit	(693)	(768)
Less: Treasury stock at cost: 24,216,330 shares	(375)	(375)
Accumulated other comprehensive loss	(234)	(230)
Equity, Attributable to Parent	463	386
Liabilities and Equity	$ 1,958	$ 1,895

Note 8 - Segment Information - Sales by Product Line (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Sales	$ 888	$ 904	$ 2,644	$ 2,494
Line Pipe [Member]
Sales	164	173	433	417
Carbon Fittings and Flanges [Member]
Sales	117	119	353	335
Carbon Pipe, Fittings and Flanges [Member]
Sales	281	292	786	752
Valves, Automation, Measurement and Instrumentation [Member]
Sales	306	290	920	821
Gas Products [Member]
Sales	191	205	612	587
Stainless Steel and Alloy Pipe and Fittings [Member]
Sales	40	53	108	147
General Oilfield Products [Member]
Sales	$ 70	$ 64	$ 218	$ 187

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.

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Note 3 - Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Inventory, Current [Table Text Block]

	*September 30,*			*December 31,*
	*2023*			*2022*
Finished goods inventory at average cost:
Valves, automation, measurement and instrumentation	$	287		$	271
Carbon steel pipe, fittings and flanges		210			201
Gas products		278			257
All other products		144			147
		919			876
Less: Excess of average cost over LIFO cost (LIFO reserve)		(276	)		(279	)
Less: Other inventory reserves		(23	)		(19	)
	$	620		$	578

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income	$ 35	$ 24	$ 93	$ 54
Other comprehensive income (loss)
Foreign currency translation adjustments	(4)	(5)	(4)	(9)
Hedge accounting adjustments, net of tax	0	0	0	6
Total other comprehensive loss, net of tax	(4)	(5)	(4)	(3)
Comprehensive income	$ 31	$ 19	$ 89	$ 51

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

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

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Note 2 - Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2023

Disaggregation of Revenue [Table Text Block]

*Three Months Ended*
*September 30,*

	*U.S.*		*Canada*		*International*		*Total*
2023:
Gas Utilities	$	311	$	2	$	1	$	314
Downstream, Industrial & Energy Transition		210		7		62		279
Production & Transmission Infrastructure		224		29		42		295
	$	745	$	38	$	105	$	888
2022:
Gas Utilities	$	355	$	3	$	1	$	359
Downstream, Industrial & Energy Transition		209		6		61		276
Production & Transmission Infrastructure		204		28		37		269
	$	768	$	37	$	99	$	904

*Nine Months Ended*
*September 30,*

	*U.S.*		*Canada*		*International*		*Total*
2023:
Gas Utilities	$	938	$	4	$	2	$	944
Downstream, Industrial & Energy Transition		599		16		187		802
Production & Transmission Infrastructure		675		98		125		898
	$	2,212	$	118	$	314	$	2,644
2022:
Gas Utilities	$	934	$	9	$	1	$	944
Downstream, Industrial & Energy Transition		576		20		165		761
Production & Transmission Infrastructure		593		91		105		789
	$	2,103	$	120	$	271	$	2,494

Note 4 - Leases (Tables)

9 Months Ended

Sep. 30, 2023

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Maturity of Operating Lease Liabilities
Remainder of 2023	$	11
2024		43
2025		36
2026		30
2027		27
After 2027		184
Total lease payments		331
Less: Interest		(109	)
Present value of lease liabilities	$	222

Lease, Cost [Table Text Block]

	*September 30,*
Operating Lease Term and Discount Rate	*2023*
Weighted-average remaining lease term (years)		12
Weighted-average discount rate		6.6	%

Note 4 - Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Note 4 - Leases (Details Textual) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating Lease, Payments	$ 10	$ 10	$ 30	$ 31
Selling, General and Administrative Expenses [Member]
Operating Lease, Expense	$ 11	$ 10	$ 31	$ 30
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
Weighted Average [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	6 years		6 years

Insider Trading Arrangements

3 Months Ended

9 Months Ended

Sep. 30, 2023

Insider Trading Arr Line Items

Material Terms of Trading Arrangement [Text Block]

Item 5. Other Information

Item 5.03 Amendments to Articles of Incorporation or Bylaws.

On November 3, 2023, our Board approved and adopted amended and restated bylaws (the “Amended and Restated Bylaws”), which became effective the same day. Among other things, the amendments effected by the Amended and Restated Bylaws:

●

address the universal proxy rules adopted by the U.S. Securities and Exchange Commission (the “SEC”), by clarifying that no person may solicit proxies in support of a director nominee other than the Board’s nominees unless such person has complied with Rule 14a-19 under the Exchange Act, including applicable notice and solicitation requirements;

●	require that a stockholder directly or indirectly soliciting proxies from other stockholders use a proxy card color other than white, which shall be reserved for exclusive use by the Board; and

●

enhance procedural mechanics and disclosure requirements in connection with stockholder nominations of directors and submissions of proposals regarding other business at stockholder meetings, including requiring additional background information and disclosures regarding proposing stockholders, proposed nominees and business, and other persons related to a stockholder’s solicitation of proxies, such as additional information about the ownership of securities and material litigation, relationships and interests in material agreements with or involving the Company.

The Amended and Restated Bylaws also include certain technical, modernizing and clarifying changes.

The foregoing description of the Amended and Restated Bylaws does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended and Restated Bylaws attached hereto as Exhibit 3.1, which is incorporated herein by reference.

Rule 10b5-1 Arrangement Adopted [Flag]

false

Non-Rule 10b5-1 Arrangement Adopted [Flag]

false

Rule 10b5-1 Arrangement Terminated [Flag]

false

Non-Rule 10b5-1 Arrangement Terminated [Flag]

false

Note 2 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Sales	$ 888	$ 904	$ 2,644	$ 2,494
Gas Utilities [Member]
Sales	314	359	944	944
Downstream, Industrial and Energy Transition [Member]
Sales	279	276	802	761
Production and Transmission Infrastructure [Member]
Sales	295	269	898	789
UNITED STATES
Sales	745	768	2,212	2,103
UNITED STATES \| Gas Utilities [Member]
Sales	311	355	938	934
UNITED STATES \| Downstream, Industrial and Energy Transition [Member]
Sales	210	209	599	576
UNITED STATES \| Production and Transmission Infrastructure [Member]
Sales	224	204	675	593
CANADA
Sales	38	37	118	120
CANADA \| Gas Utilities [Member]
Sales	2	3	4	9
CANADA \| Downstream, Industrial and Energy Transition [Member]
Sales	7	6	16	20
CANADA \| Production and Transmission Infrastructure [Member]
Sales	29	28	98	91
International [Member]
Sales	105	99	314	271
International [Member] \| Gas Utilities [Member]
Sales	1	1	2	1
International [Member] \| Downstream, Industrial and Energy Transition [Member]
Sales	62	61	187	165
International [Member] \| Production and Transmission Infrastructure [Member]
Sales	$ 42	$ 37	$ 125	$ 105

Note 3 - Inventories - Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Finished goods inventory at average cost	$ 919	$ 876
Less: Excess of average cost over LIFO cost (LIFO reserve)	(276)	(279)
Less: Other inventory reserves	(23)	(19)
Inventory, Net	620	578
Valves, Automation, Measurement and Instrumentation [Member]
Finished goods inventory at average cost	287	271
Carbon Steel Pipe, Fittings and Flanges [Member]
Finished goods inventory at average cost	210	201
Gas Products [Member]
Finished goods inventory at average cost	278	257
All Other Products [Member]
Finished goods inventory at average cost	$ 144	$ 147

Note 6 - Redeemable Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Jun. 30, 2015	Sep. 30, 2023	Dec. 31, 2022
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, Common Stock as Percentage of Conversion Price	150.00%

Note 10 - Commitments and Contingencies (Details Textual) - Litigation Case, Asbestos Claims [Member]	Sep. 30, 2023
Number of Lawsuits Filed	548
Loss Contingency, Pending Claims, Number	1,113

Note 7 - Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

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

	*September 30,*			*December 31,*
	*2023*			*2022*
Currency translation adjustments	$	(234	)	$	(230	)
Hedge accounting adjustments		1			1
Other adjustments		(1	)		(1	)
Accumulated other comprehensive loss	$	(234	)	$	(230	)

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

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*		*September 30,*		*September 30,*		*September 30,*
	*2023*		*2022*		*2023*		*2022*
Net income	$	35	$	24	$	93	$	54
Less: Dividends on Series A Preferred Stock		6		6		18		18
Net income attributable to common stockholders	$	29	$	18	$	75	$	36

Weighted average basic shares outstanding		84.3		83.6		84.2		83.5
Effect of dilutive securities		21.6		1.4		21.6		1.3
Weighted average diluted shares outstanding		105.9		85.0		105.8		84.8

Net income per share:
Basic	$	0.34	$	0.22	$	0.89	$	0.43
Diluted	$	0.33	$	0.21	$	0.88	$	0.42

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Sales	$ 888	$ 904	$ 2,644	$ 2,494
Cost of sales	705	739	2,107	2,042
Gross profit	183	165	537	452
Selling, general and administrative expenses	126	120	378	347
Operating income	57	45	159	105
Other (expense) income:
Interest expense	(9)	(6)	(26)	(17)
Other, net	1	(5)	(3)	(11)
Income before income taxes	49	34	130	77
Income tax expense	14	10	37	23
Net income	35	24	93	54
Series A preferred stock dividends	6	6	18	18
Net income attributable to common stockholders	$ 29	$ 18	$ 75	$ 36
Basic earnings per common share (in dollars per share)	$ 0.34	$ 0.22	$ 0.89	$ 0.43
Diluted earnings per common share (in dollars per share)	$ 0.33	$ 0.21	$ 0.88	$ 0.42
Weighted-average common shares, basic (in shares)	84.3	83.6	84.2	83.5
Weighted-average common shares, diluted (in shares)	105.9	85.0	105.8	84.8

Note 8 - Segment Information - Financial Information for Each Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Sales	$ 888	$ 904	$ 2,644	$ 2,494
Operating income (loss)	57	45	159	105
Interest expense	(9)	(6)	(26)	(17)
Other, net	1	(5)	(3)	(11)
Income before income taxes	49	34	130	77
Total assets	1,958		1,958		$ 1,895
United States [Member]
Sales	745	768	2,212	2,103
Depreciation and amortization expense	54	40	149	99
Total assets	1,579		1,579		1,518
Canada [Member]
Sales	38	37	118	120
Depreciation and amortization expense	(2)	0	(6)	(1)
Total assets	98		98		101
International [Member]
Sales	105	99	314	271
Depreciation and amortization expense	5	$ 5	16	$ 7
Total assets	$ 281		$ 281		$ 276

Note 7 - Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Equity [Text Block]

NOTE 7 – STOCKHOLDERS’ EQUITY

Equity Compensation Plans

The Company's Omnibus Incentive 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 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. 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. In 2023, 335,959 performance share unit awards, 135,019 restricted stock awards, and 745,039 shares of restricted stock units have been granted to executive management, members of our Board of Directors and employees.

Accumulated Other Comprehensive Loss

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

	*September 30,*			*December 31,*
	*2023*			*2022*
Currency translation adjustments	$	(234	)	$	(230	)
Hedge accounting adjustments		1			1
Other adjustments		(1	)		(1	)
Accumulated other comprehensive loss	$	(234	)	$	(230	)

Earnings per Share

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

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*		*September 30,*		*September 30,*		*September 30,*
	*2023*		*2022*		*2023*		*2022*
Net income	$	35	$	24	$	93	$	54
Less: Dividends on Series A Preferred Stock		6		6		18		18
Net income attributable to common stockholders	$	29	$	18	$	75	$	36

Weighted average basic shares outstanding		84.3		83.6		84.2		83.5
Effect of dilutive securities		21.6		1.4		21.6		1.3
Weighted average diluted shares outstanding		105.9		85.0		105.8		84.8

Net income per share:
Basic	$	0.34	$	0.22	$	0.89	$	0.43
Diluted	$	0.33	$	0.21	$	0.88	$	0.42

Equity awards and shares of Preferred Stock are disregarded in the calculation of diluted earnings per share if they are determined to be anti-dilutive. For the three and nine months ended September 30, 2023, all of the shares of the Preferred Stock were dilutive. For the three and nine months ended September 30, 2022, all of the shares of the Preferred Stock were anti-dilutive. For the three and nine months ended September 30, 2023, we had approximately 1.2 million and 1.3 million dilutive stock options, restricted stock units, and performance units. For the three and nine months ended September 30, 2022, we had approximately 1.4 million and 1.3 million dilutive stock options, restricted stock units, and performance units.

The entire disclosure for equity.

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