0001437749-24-004511 | 10-K | XBRL Viewer

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Note 12 - Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated other comprehensive loss	$ 488	$ 386	$ 323	$ 350
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated other comprehensive loss	(227)	(230)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated other comprehensive loss	0	1
Accumulated Other Adjustments Attributable to Parent [Member]
Accumulated other comprehensive loss	(1)	(1)
AOCI Attributable to Parent [Member]
Accumulated other comprehensive loss	$ (228)	$ (230)	$ (231)	$ (234)

- Definition

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

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+ Details

Note 4 - Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	*December 31,*
	*2023*			*2022*
Finished goods inventory at average cost:
Valves, automation, measurement and instrumentation	$	274		$	271
Carbon steel pipe, fittings and flanges		193			201
Gas products		266			257
All other products		126			147
		859			876
Less: Excess of average cost over LIFO cost (LIFO reserve)		(282	)		(279	)
Less: Other inventory reserves		(17	)		(19	)
	$	560		$	578

Note 3 - Accounts Receivable

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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

NOTE 3—ACCOUNTS RECEIVABLE

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

	*December 31,*
	*2023*			*2022*		*2021*
Beginning balance	$	2		$	2	$	2
Provision		2			—		(1	)
Net charge-offs and other		(1	)		—		1
Ending balance	$	3		$	2	$	2

Our accounts receivable is also presented net of sales returns and allowances. Those allowances approximated $1 million at December 31, 2023, $0 million at December 31, 2022 and $1 million at December 31, 2021.

Note 10 - Income Taxes - Income Taxes Included in the Consolidated Statements of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal	$ 34	$ 30	$ 10
State	7	6	2
Foreign	5	6	3
Current Income Tax Expense (Benefit)	46	42	15
Federal	(3)	(6)	(14)
State	0	(1)	(2)
Foreign	(4)	0	1
Deferred Income Tax Expense (Benefit)	(7)	(7)	(15)
Income tax expense	$ 39	$ 35	$ 0

- Definition

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

+ References + Details

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2023	Feb. 09, 2024	Jun. 30, 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	FY
Document Fiscal Year Focus	2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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
Trading Symbol	MRC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 849,000,000
Entity Common Stock, Shares Outstanding		84,390,297
Auditor Name	Ernst & Young LLP
Auditor Location	Houston, Texas
Auditor Firm ID	42

Note 4 - Inventories - Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Finished goods inventory at average cost	$ 859	$ 876
Less: Excess of average cost over LIFO cost (LIFO reserve)	(282)	(279)
Less: Other inventory reserves	(17)	(19)
Inventory, Net	560	578
Valves, Automation, Measurement and Instrumentation [Member]
Finished goods inventory at average cost	274	271
Carbon Steel Pipe, Fittings and Flanges [Member]
Finished goods inventory at average cost	193	201
Gas Products [Member]
Finished goods inventory at average cost	266	257
All Other Products [Member]
Finished goods inventory at average cost	$ 126	$ 147

Note 10 - Income Taxes - Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
United States	$ 145	$ 106	$ (14)
Foreign	8	4	0
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 153	$ 110	$ (14)

- Definition

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 12 - Stockholders' Equity - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income (loss) attributable to common stockholders	$ 90	$ 51	$ (38)
Average basic shares outstanding (in shares)	84.2	83.5	82.5
Effect of dilutive securities (in shares)	1.3	1.4	0.0
Average diluted shares outstanding (in shares)	85.5	84.9	82.5
Basic (in dollars per share)	$ 1.07	$ 0.61	$ (0.46)
Diluted (in dollars per share)	$ 1.05	$ 0.6	$ (0.46)

- 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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+ Details

Note 3 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Beginning balance	$ 2	$ 2	$ 2
Provision	2	0	(1)
Net charge-offs and other	(1)	0	1
Ending balance	$ 3	$ 2	$ 2

Note 13 - Employee Benefit Plans - Summary of Award Activity for Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Balance, options (in shares)	861,168
Balance, weighted average exercise price (in dollars per share)	$ 29.33
Balance, weighted average remaining contractual term (Year)	1 month 6 days	6 months
Balance, aggregate intrinsic value	$ 0	$ 0
Forfeited or expired, options (in shares)	(571,482)
Forfeited or expired, weighted average exercise price (in dollars per share)	$ 29.34
Balance, options (in shares)	289,686	861,168
Balance, weighted average exercise price (in dollars per share)	$ 29.3	$ 29.33
Options outstanding, vested and exercisable (in shares)	289,686
Options outstanding, vested and exercisable, weighted average exercise price (in dollars per share)	$ 29.3
Options outstanding, vested and exercisable, weighted average remaining contractual term (Year)	1 month 6 days
Options outstanding, vested and exercisable, aggregate intrinsic value	$ 0
Options outstanding, vested and expected to vest (in shares)	289,686
Options outstanding, vested and expected to vest, weighted average exercise price (in dollars per share)	$ 29.3
Options outstanding, vested and expected to vest, weighted average remaining contractual term (Year)	1 month 6 days

Note 5 - Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE 5—PROPERTY, PLANT AND EQUIPMENT

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

			*December 31,*
	*Depreciable Life (in years)*		*2023*			*2022*
Land and improvements		—	$	2		$	2
Building and building improvements		40		46			42
Machinery and equipment		3 to 10		130			124
Enterprise resource planning software		10		71			70
Software		—		8			5
				257			243
Allowances for depreciation and amortization				(179	)		(161	)
			$	78		$	82

Building and building improvements include $9 million of non-cash leasehold improvements representing lease incentives as of December 31, 2023 and December 31, 2022.

Note 13 - Employee Benefit Plans - Unrecognized Compensation Expense under Equity-based Compensation Plans (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Unrecognized equity-based compensation expense	$ 13
Restricted Stock [Member]
Unrecognized equity-based compensation expense, weighted average vesting period (Year)	3 months 18 days
Unrecognized equity-based compensation expense	$ 0
Restricted Stock Units (RSUs) [Member]
Unrecognized equity-based compensation expense, weighted average vesting period (Year)	8 months 12 days
Unrecognized equity-based compensation expense	$ 9
Performance Shares [Member]
Unrecognized equity-based compensation expense, weighted average vesting period (Year)	1 year 1 month 6 days
Unrecognized equity-based compensation expense	$ 4

Note 8 - Debt

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 8—DEBT

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

	*December 31,*
	*2023*		*2022*
Senior Secured Term Loan B, net of discount and issuance costs of $1	$	292	$	295
Global ABL Facility		9		45
		301		340
Less: current portion		292		3
	$	9	$	337

Senior Secured Term Loan B: We have a Senior Secured Term Loan B 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.

Interest rate. 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 1-month, 3-month, and 6-month maturities.

Facility Size Increases. The Term Loan allows for incremental increases in facility size 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.

Security. 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. 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.

Prepayments. 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 to 2.50 to 1.00. The amount of cash used in the determination of the senior secured leverage ratio is limited to $75 million.

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

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

	●	make investments, including acquisitions;
	●	prepay certain indebtedness;
	●	grant liens;
	●	incur additional indebtedness;
	●	sell assets;
	●	make fundamental changes to our business;
	●	enter into transactions with affiliates; and
	●	pay dividends.

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

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

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

Global ABL Credit Facility: In September 2021, the Company entered into a revised $750 million asset-based lending facility (the “Global ABL Facility”), 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.

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

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

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

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

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

Excess Availability. At December 31, 2023, availability under our revolving credit facilities was $610 million.

Interest on Borrowings: The interest rates on our borrowings outstanding at December 31, 2023 and 2022, including a floating to fixed interest rate swap and amortization of debt issuance costs, were as follows:

	*December 31,*
	*2023*			*2022*
Senior Secured Term Loan B		9.08	%		6.05	%
Global ABL Facility		5.82	%		5.20	%
Weighted average interest rate		8.98	%		5.94	%

Maturities of Debt: At December 31, 2023, annual contractual maturities of debt during the next five years are as follows (in millions):

2024			292
2025			—
2026			9
2027			—
2028			—
Thereafter			—

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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-Topic 470
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+ Details

Note 2 - Revenue Recognition

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE 2—REVENUE RECOGNITION

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

Generally, revenue recognition and invoicing occur simultaneously as we transfer control of promised goods or services to our customers. We consider contract assets to be accounts receivable when we have an unconditional right to consideration and only the passage of time is required before payment is due. In certain cases, particularly those involving customer-specific documentation requirements, invoicing is delayed until we are able to meet the documentation requirements. In these cases, we recognize a contract asset separate from accounts receivable until those requirements are met, and we are able to invoice the customer. Our contract asset balance associated with these requirements, as of December 31, 2023 and December 31, 2022, was $9 million and $24 million, respectively. These contract asset balances are included within accounts receivable in the accompanying consolidated balance sheets.

We record contract liabilities, or deferred revenue, when cash payments are received from customers in advance of our performance, including amounts which are refundable. The deferred revenue balance at December 31, 2023 and December 31, 2022 was $7 million and $9 million, respectively. During the year ended December 31, 2023 we recognized $8 million of the revenue that was deferred as of December 31, 2022. Deferred revenue balances are included within accrued expenses and other current liabilities in the accompanying consolidated balance sheets.

Disaggregated Revenue: Our disaggregated revenue represents our business of selling PVF to the energy sector across each of the gas utilities (storage and distribution of natural gas), downstream, 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. Each of our end markets and geographical reportable segments are impacted and influenced by varying factors, including macroeconomic environment, commodity prices, maintenance and capital spending and exploration and production activity. As such, we believe that this information is important in depicting the nature, amount, timing and uncertainty of our contracts with customers.

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

*Year Ended December 31,*

	*U.S.*		*Canada*		*International*		*Total*
2023:
Gas Utilities	$	1,190	$	4	$	3	$	1,197
DIET		790		20		250		1,060
PTI		865		122		168		1,155
	$	2,845	$	146	$	421	$	3,412
2022:
Gas Utilities	$	1,247	$	15	$	1	$	1,263
DIET		758		25		226		1,009
PTI		818		126		147		1,091
	$	2,823	$	166	$	374	$	3,363
2021:
Gas Utilities	$	995	$	13	$	—	$	1,008
DIET		560		20		203		783
PTI		623		99		153		875
	$	2,178	$	132	$	356	$	2,666

- 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.

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+ Details

Note 15 - Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Fair Value Disclosures [Text Block]

NOTE 15—FAIR VALUE MEASUREMENTS

With the exception of 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 $301 million and $340 million at December 31, 2023 and 2022, respectively.

The fair value of our debt was $302 million and $337 million at December 31, 2023 and 2022, respectively. We estimated the fair value of amounts outstanding under the Term Loan using Level 2 inputs, or quoted market prices as of December 31, 2023 and 2022, 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 8 - Debt - Interest on Borrowings (Details)	Dec. 31, 2023	Dec. 31, 2022
Senior Secured Term Loan B and Global ABL Facility [Member]
Weighted average interest rate	8.98%	5.94%
Global ABL Facility [Member]
Weighted average interest rate	5.82%	5.20%
Senior Secured Term Loan B [Member]
Weighted average interest rate	9.08%	6.05%

Note 2 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Sales	$ 3,412	$ 3,363	$ 2,666
Gas Utilities [Member]
Sales	1,197	1,263	1,008
Downstream, Industrial and Energy Transition [Member]
Sales	1,060	1,009	783
Production and Transmission Infrastructure [Member]
Sales	1,155	1,091	875
UNITED STATES
Sales	2,845	2,823	2,178
UNITED STATES \| Gas Utilities [Member]
Sales	1,190	1,247	995
UNITED STATES \| Downstream, Industrial and Energy Transition [Member]
Sales	790	758	560
UNITED STATES \| Production and Transmission Infrastructure [Member]
Sales	865	818	623
CANADA
Sales	146	166	132
CANADA \| Gas Utilities [Member]
Sales	4	15	13
CANADA \| Downstream, Industrial and Energy Transition [Member]
Sales	20	25	20
CANADA \| Production and Transmission Infrastructure [Member]
Sales	122	126	99
International [Member]
Sales	421	374	356
International [Member] \| Gas Utilities [Member]
Sales	3	1	0
International [Member] \| Downstream, Industrial and Energy Transition [Member]
Sales	250	226	203
International [Member] \| Production and Transmission Infrastructure [Member]
Sales	$ 168	$ 147	$ 153

- 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

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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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+ Details

Note 12 - Stockholders' Equity (Details Textual) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Preferred Stock, Shares Authorized (in shares)	100,000,000
Preferred Stock, Shares Issued (in shares)	363,000	363,000
Preferred Stock, Shares Outstanding, Ending Balance (in shares)	363,000	363,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	1,200,000	1,200,000	2,300,000

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income (loss)	$ 114	$ 75	$ (14)
Other comprehensive income (loss):
Foreign currency translation adjustments	3	(5)	(3)
Hedge accounting adjustments, net of tax	(1)	6	6
Total other comprehensive income, net of tax	2	1	3
Comprehensive income (loss)	$ 116	$ 76	$ (11)

- Definition

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

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- Definition

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

+ References

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+ Details

Note 8 - Debt (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	*December 31,*
	*2023*		*2022*
Senior Secured Term Loan B, net of discount and issuance costs of $1	$	292	$	295
Global ABL Facility		9		45
		301		340
Less: current portion		292		3
	$	9	$	337

Schedule of Interest Rates on Borrowings [Table Text Block]

	*December 31,*
	*2023*			*2022*
Senior Secured Term Loan B		9.08	%		6.05	%
Global ABL Facility		5.82	%		5.20	%
Weighted average interest rate		8.98	%		5.94	%

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

2024			292
2025			—
2026			9
2027			—
2028			—
Thereafter			—

- Definition

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

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+ Details

Note 3 - Accounts Receivable (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for Doubtful Accounts, Premiums and Other Receivables	$ 1,000	$ 0	$ 1,000

Note 14 - Segment, Geographic, and Product Line Information - Sales by Product Line (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Sales	$ 3,412	$ 3,363	$ 2,666
Sales, percent
Line Pipe [Member]
Sales	$ 566	$ 589	$ 381
Sales, percent	17.00%	18.00%	14.00%
Carbon Fittings and Flanges [Member]
Sales	$ 451	$ 441	$ 358
Sales, percent	13.00%	13.00%	13.00%
Carbon Steel Pipe, Fittings and Flanges [Member]
Sales	$ 1,017	$ 1,030	$ 739
Sales, percent	30.00%	31.00%	27.00%
Valves, Automation, Measurement and Instrumentation [Member]
Sales	$ 1,192	$ 1,111	$ 947
Sales, percent	35.00%	33.00%	36.00%
Gas Products [Member]
Sales	$ 782	$ 778	$ 629
Sales, percent	23.00%	23.00%	24.00%
Stainless Steel and Alloy Pipe and Fittings [Member]
Sales	$ 137	$ 180	$ 131
Sales, percent	4.00%	5.00%	5.00%
General Oilfield Products [Member]
Sales	$ 284	$ 264	$ 220
Sales, percent	8.00%	8.00%	8.00%

- Definition

+ References

+ Details

Note 6 - Goodwill and Other Intangible Assets - Amortization of Intangible Assets (Details) $ in Millions	Dec. 31, 2023 USD ($)
2023	$ 19
2024	18
2025	18
2026	1
2027	$ 0

Note 13 - Employee Benefit Plans - Recognized Compensation Expense and Related Income Tax Benefits under Equity-based Compensation Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity-based compensation expense	$ 14	$ 13	$ 12
Income tax benefits related to equity-based compensation	2	2	2
Restricted Stock [Member]
Equity-based compensation expense	1	2	1
Restricted Stock Units (RSUs) [Member]
Equity-based compensation expense	8	7	10
Performance Shares [Member]
Equity-based compensation expense	$ 5	$ 4	$ 1

Insider Trading Arrangements

12 Months Ended

Dec. 31, 2023

Insider Trading Arr Line Items

Material Terms of Trading Arrangement [Text Block]

ITEM 9B.

OTHER INFORMATION

None.

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

Note 10 - Income Taxes

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE 10—INCOME TAXES

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

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
United States	$	145	$	106	$	(14	)
Foreign		8		4		—
	$	153	$	110	$	(14	)

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

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Current:
Federal	$	34		$	30		$	10
State		7			6			2
Foreign		5			6			3
		46			42			15

Deferred:
Federal		(3	)		(6	)		(14	)
State		—			(1	)		(2	)
Foreign		(4	)		—			1
		(7	)		(7	)		(15	)
Income tax expense	$	39		$	35		$	—

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

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Federal tax expense (benefit) at statutory rates	$	32		$	23		$	(3	)
State taxes		6			4			(1	)
Nondeductible expenses and other		3			4			1
Foreign operations taxed at different rates		4			3			—
Change in valuation allowance		(6	)		1			3
Income tax expense	$	39		$	35		$	—
Effective tax rate		25	%		32	%		0	%

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

	*December 31,*
	*2023*			*2022*
Deferred tax assets:
Accruals and reserves	$	12		$	12
Net operating loss and tax credit carryforwards		57			60
Other		3			3
Subtotal		72			75
Valuation allowance		(57	)		(63	)
Total		15			12

Deferred tax liabilities:
Inventory valuation		(12	)		(11	)
Property, plant and equipment		(4	)		(6	)
Intangible assets		(39	)		(43	)
Total		(55	)		(60	)
Net deferred tax liability	$	(40	)	$	(48	)

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

In the United States, we had approximately $13 million of state net operating loss (“NOL”) carryforwards as of December 31, 2023, which will expire in future years through 2032, and $1 million of foreign tax credit (“FTC”) carryforwards, which will expire in future years through 2027. In certain non-U.S. jurisdictions, we had $190 million of NOL carryforwards, of which $161 million have no expiration, and $29 million will expire in future years through 2043. We believe that it is more likely than not that the benefit from U.S. state NOL and FTC carryforwards and a significant portion of the non-U.S. jurisdiction NOL carryforwards will not be realized. As such, we have recorded a valuation allowance on the deferred tax assets related to the $13 million United States NOL carryforward, $176 million non-U.S. jurisdictions NOL carryforward and $1 million FTC carryforwards.

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

Our tax filings for various periods are subject to audit by the tax authorities in most jurisdictions where we conduct business. We are no longer subject to U.S. federal income tax examination for all years through 2019 and the statute of limitations at our international locations is generally six years or seven years.

At both December 31, 2023 and 2022, our unrecognized tax benefits totaled $1 million.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Sales	$ 3,412	$ 3,363	$ 2,666
Cost of sales	2,722	2,753	2,249
Gross profit	690	610	417
Selling, general and administrative expenses	503	470	410
Operating income	187	140	7
Other (expense) income:
Interest expense	(32)	(24)	(23)
Other, net	(2)	(6)	2
Income (loss) before income taxes	153	110	(14)
Income tax expense	39	35	0
Net income (loss)	114	75	(14)
Series A preferred stock dividends	24	24	24
Net income (loss) attributable to common stockholders	$ 90	$ 51	$ (38)
Basic earnings (loss) per common share (in dollars per share)	$ 1.07	$ 0.61	$ (0.46)
Diluted earnings (loss) per common share (in dollars per share)	$ 1.05	$ 0.6	$ (0.46)
Weighted-average common shares, basic (in shares)	84.2	83.5	82.5
Weighted-average common shares, diluted (in shares)	85.5	84.9	82.5

Note 13 - Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

Weighted

Average

Remaining

Aggregate

Exercise

Contractual

Intrinsic

Options

Price

Term

Value

Stock Options

(years)

(millions)

Balance at December 31, 2022

861,168

29.33

0.5

—

Forfeited or expired

(571,482

)

29.34

Balance at December 31, 2023

289,686

29.30

0.1

—

At December 31, 2023

Options outstanding, vested and exercisable

289,686

29.30

0.1

—

Options outstanding, vested and expected to vest

289,686

29.30

0.1

—

Nonvested Restricted Stock Shares Activity [Table Text Block]

				*Weighted*
				*Average*
				*Grant-Date*
	*Shares*			*Fair Value*
Restricted Stock Awards
Nonvested at December 31, 2022		97,030		$	12.21
Granted		135,019			9.03
Vested		(97,030	)		12.21
Nonvested at December 31, 2023		135,019		$	9.03

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

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Restricted Stock Awards
Weighted-average, grant-date fair value of awards granted	$	9.03	$	12.21	$	10.68
Total fair value of restricted stock vested		873,856		1,409,251		1,979,267

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Restricted Stock Unit Awards
Weighted-average, grant-date fair value of awards granted	$	13.07	$	7.66	$	9.30
Total fair value of restricted stock units vested		11,307,908		5,950,613		9,294,617

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Performance Share Unit Awards
Weighted-average, grant-date fair value of awards granted	$	16.86	$	8.96	$	11.86
Total fair value of performance share units vested		—		—		957,770

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

				*Weighted*
				*Average*
				*Grant-Date*
	*Shares*			*Fair Value*
Restricted Stock Unit Awards
Nonvested at December 31, 2022		1,883,810		$	8.59
Granted		751,466			13.07
Vested		(881,204	)		8.93
Forfeited		(60,242	)		10.31
Nonvested at December 31, 2023		1,693,830		$	10.33

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

				*Weighted*
				*Average*
				*Grant-Date*
	*Shares*			*Fair Value*
Performance Share Unit Awards
Nonvested at December 31, 2022		980,266		$	10.64
Granted		335,959			16.86
Forfeited		(166,939	)		—
Nonvested at December 31, 2023		1,149,286		$	12.34

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

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Equity-based compensation expense:
Restricted stock awards		1		2		1
Restricted stock unit awards		8		7		10
Performance share unit awards		5		4		1
Total equity-based compensation expense	$	14	$	13	$	12
Income tax benefits related to equity-based compensation	$	2	$	2	$	2

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

	*Weighted-*
	*Average Vesting*		*December 31,*
	*Period (in years)*		*2023*
Unrecognized equity-based compensation expense:
Restricted stock awards		0.3	$	—
Restricted stock unit awards		0.7		9
Performance share unit awards		1.1		4
Total unrecognized equity-based compensation expense			$	13

Note 6 - Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 6—GOODWILL AND OTHER INTANGIBLE ASSETS

The changes in the carrying amount of goodwill by segment for the years ended December 31, 2023, 2022 and 2021 are as follows (in millions):

	US		*Canada*		*International*		*Total*
Goodwill at December 31, 2021		264		—		—		264
Impairment		—		—		—		—
Effect of foreign currency translation		—		—		—		—

Goodwill at December 31, 2022		264		—		—		264
Impairment		—		—		—		—
Effect of foreign currency translation		—		—		—		—
Goodwill at December 31, 2023	$	264	$	—	$	—	$	264

Other Intangible Assets

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

			*Accumulated*			*Net Book*
	*Gross*		*Amortization*			*Value*
December 31, 2023
Customer base (1)	$	368	$	(312	)	$	56
Indefinite-lived trade names (2)		107		—			107
	$	475	$	(312	)	$	163

December 31, 2022
Customer base (1)	$	369	$	(293	)	$	76
Indefinite-lived trade names (2)		107		—			107
	$	476	$	(293	)	$	183

(1)	Net of accumulated impairment losses of $42 million as of December 31, 2023 and 2022.

(2)	Net of accumulated impairment losses of $229 million as of December 31, 2023 and 2022.

Impairment of Goodwill and Other Intangible Assets

In connection with our annual impairment tests as of October 1, 2023, 2022 and 2021, we performed a qualitative assessment of the carrying value of the remaining goodwill for our U.S. reporting unit and our U.S indefinite-lived tradename assets. This assessment took into consideration changes in the broader economy, our industry and our business since the interim quantitative impairment test as of April 30, 2020. Based on our assessment, we concluded there was no additional impairment of our goodwill or our U.S. indefinite-lived trade names.

Amortization of Intangible Assets

Total amortization of intangible assets for each of the years ending December 31, 2024, to 2028 is currently estimated as follows (in millions):

2024			19
2025			18
2026			18
2027			1
2028			—

Note 9 - Derivative Financial Instruments

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

NOTE 9—DERIVATIVE FINANCIAL INSTRUMENTS

We use derivative financial instruments to help manage our exposure to interest rate risk and fluctuations in foreign currencies.

Interest Rate Swap: In March 2018, we entered into a five-year interest rate swap that became effective on March 31, 2018, with a notional amount of $250 million from which we receive payments at 1-month LIBOR and make monthly payments at a fixed rate of 2.7145% with settlement and reset dates on or near the last business day of each month until maturity. The fair value of the swap at inception was zero. 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 December 31, 2023. The fair value of the interest rate swap was an asset of $1 million as of December 31, 2022.

Foreign Exchange Forward and Option Contracts: All of our foreign exchange derivative instruments are freestanding. We have not designated our foreign exchange derivatives as hedges and, accordingly, changes in their fair market value are recorded in earnings. Foreign exchange forward contracts are reported at fair value utilizing the Level 2 inputs, as the fair value is based on broker quotes for the same or similar derivative instruments. There were no outstanding forward foreign exchange contracts as of December 31, 2023. The fair value of foreign exchange derivative instruments recorded in our consolidated balance sheet at December 31, 2022 was not material. The total notional amount of outstanding forward foreign exchange contracts was approximately $3 million at December 31, 2022.

For the years ended December 31, 2023, 2022 and 2021, the gain or loss recognized in our consolidated statements of operations related to our derivative instruments was not material.

Note 6 - Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Goodwill [Table Text Block]

	US		*Canada*		*International*		*Total*
Goodwill at December 31, 2021		264		—		—		264
Impairment		—		—		—		—
Effect of foreign currency translation		—		—		—		—

Goodwill at December 31, 2022		264		—		—		264
Impairment		—		—		—		—
Effect of foreign currency translation		—		—		—		—
Goodwill at December 31, 2023	$	264	$	—	$	—	$	264

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

			*Accumulated*			*Net Book*
	*Gross*		*Amortization*			*Value*
December 31, 2023
Customer base (1)	$	368	$	(312	)	$	56
Indefinite-lived trade names (2)		107		—			107
	$	475	$	(312	)	$	163

December 31, 2022
Customer base (1)	$	369	$	(293	)	$	76
Indefinite-lived trade names (2)		107		—			107
	$	476	$	(293	)	$	183

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

2024			19
2025			18
2026			18
2027			1
2028			—

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Subparagraph (d)
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-Topic 350
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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Note 16 - Commitments and Contingencies (Details Textual) $ in Millions	Dec. 31, 2023 USD ($)
Letters of Credit Outstanding, Amount	$ 17
Bank Guarantees Outstanding	$ 9
Litigation Case, Asbestos Claims [Member]
Number of Lawsuits Filed	523
Loss Contingency, Pending Claims, Number	1,088

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation: The accompanying consolidated financial statements include the accounts of MRC Global Inc. and its wholly owned and majority owned subsidiaries (collectively referred to as the “Company” or by such terms as “we,” “our” or “us”). All material intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates: The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. We believe that our most significant estimates and assumptions are associated with the last-in, first-out (“LIFO”) inventory costing methodology, estimating net realizable value on excess and obsolete inventories, goodwill, indefinite-lived intangible assets, realizability of deferred taxes and self-insurance programs. Actual results could differ materially from those estimates.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash Equivalents: We consider all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]	Allowance for Credit Losses: We evaluate the adequacy of the allowance for credit losses on receivables based upon periodic evaluation of accounts that may have a higher credit risk using information available about the customer and other relevant data. This formal analysis is inherently subjective and requires us to make significant estimates of factors affecting credit losses including customer specific information, current economic conditions, volume, growth and composition of the account, and other factors such as financial statements, news reports and published credit ratings. The amount of the allowance for the remainder of the trade balance is not evaluated individually but is based upon historical loss experience. Because this process is subjective and based on estimates, ultimate losses may differ from those estimates. Receivable balances are written off when we determine that the balance is uncollectible. Subsequent recoveries, if any, are credited to the allowance when received. The provision for credit losses is included in selling, general and administrative expenses in the accompanying consolidated statements of operations.
Inventory, Policy [Policy Text Block]	Inventories: Our U.S. inventories are valued at the lower of cost, principally LIFO, or market. We believe that the use of LIFO results in a better matching of costs and revenue. Inventories held outside of the United States of $149 million and $143 million at December 31, 2023 and 2022, respectively, are valued at the lower of weighted-average cost or net realizable value. Our inventory is substantially comprised of finished goods. Reserves for excess and obsolete inventories are determined based on analyses comparing inventories on hand to historical sales activity. The reserve, which totaled $17 million and $19 million at December 31, 2023 and 2022, respectively, is the amount deemed necessary to reduce the cost of the inventory to its estimated net realizable value.
Property, Plant and Equipment, Policy [Policy Text Block]	Property, Plant and Equipment: Property, plant and equipment are recorded at cost. Depreciation is provided using the estimated useful lives of such assets principally by the straight-line method. Leasehold improvements are amortized using the straight-line method over the shorter of the remaining lease term or the estimated useful life of the improvements. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income for the period. Maintenance and repairs are charged to expense as incurred. Certain systems development costs related to the purchase, development and installation of computer software are capitalized and amortized over the estimated useful life of the related asset. Costs incurred prior to the development stage, as well as maintenance, training costs and general and administrative expenses are expensed as incurred.
Goodwill and Intangible Assets, Policy [Policy Text Block]	Goodwill and Other Intangible Assets: Goodwill represents the excess of acquisition cost over the fair value of net assets acquired. Goodwill and intangible assets with indefinite useful lives are tested for impairment annually, or more frequently if circumstances indicate that impairment may exist. We evaluate goodwill for impairment at the reporting unit level. Within each reporting unit, we have elected to aggregate the component countries and regions into a single reporting unit based on their similar economic characteristics, products, customers, suppliers, methods of distribution and the manner in which we operate each reporting unit. We perform our annual tests for goodwill impairment as of October 1^st of each year, updating on an interim basis should indications of impairment exist. Our annual impairment test may be performed utilizing either a qualitative or quantitative assessment; however, if a qualitative assessment is performed and we determine that the fair value of a reporting unit is more likely than not (i.e. a likelihood of more than 50 percent) to be less than its carrying amount, a quantitative test is performed. The goodwill impairment test compares the carrying value of the reporting unit that has the goodwill with the estimated fair value of that reporting unit. To the extent the carrying value of a reporting unit is greater than its estimated fair value, a goodwill impairment charge is recorded for the difference, up to the carrying value of goodwill. Our impairment methodology uses discounted cash flow and multiples of cash earnings valuation techniques, acquisition control premium and valuation comparisons to similar businesses. Each of these methods involves Level 3 unobservable market inputs and requires us to make certain assumptions and estimates regarding future operating results, the extent and timing of future cash flows, working capital, sales prices, profitability, discount rates and growth trends. While we believe that such assumptions and estimates are reasonable, the actual results may differ materially from the projected results. Intangible assets with indefinite useful lives are tested for impairment annually or more frequently if circumstances indicate that impairment may exist. Similar to goodwill, our annual impairment test may be performed utilizing either a qualitative or quantitative assessment; however, if a qualitative assessment is performed and we determine that the fair value of an indefinite-lived intangible asset is more likely than (i.e., a likelihood of more than 50 percent) to be less than its carrying amount, a quantitative test is performed. This test compares the carrying value of the indefinite-lived intangible assets with their estimated fair value. If the carrying value is more than the estimated fair value, impairment losses are recognized in an amount equal to the excess of the carrying value over the estimated fair value. Our impairment methodology uses discounted cash flow and estimated royalty rate valuation techniques. Each of these methods involves Level 3 unobservable market inputs and requires us to make certain assumptions and estimates regarding future operating results, sales prices, discount rates and growth trends. While we believe that such assumptions and estimates are reasonable, the actual results may differ materially from the projected results. Other intangible assets primarily include trade names, customer bases and noncompetition agreements resulting from business acquisitions. Other intangible assets are recorded at fair value at the date of acquisition. Amortization is provided using the straight-line method over their estimated useful lives, ranging from two years to twenty years. The carrying value of amortizable intangible assets is subject to an impairment test when events or circumstances indicate a possible impairment. When events or circumstances indicate a possible impairment, we assess recoverability from future operations using undiscounted cash flows derived from the lowest appropriate asset group. If the carrying value exceeds the undiscounted cash flows, an impairment charge would be recognized to the extent that the carrying value exceeds the fair value, which is determined based on a discounted cash flow analysis. While we believe that assumptions and estimates utilized in the impairment analysis are reasonable, the actual results may differ materially from the projected results. These impairments are determined prior to performing our goodwill impairment test.
Derivatives, Policy [Policy Text Block]	Derivatives and Hedging: From time to time, we utilize interest rate swaps to reduce our exposure to potential interest rate increases. We have designated our interest rate swap as an effective cash flow hedge utilizing the guidance under Accounting Standards Update "ASU" 2017-12. As such, the valuation of the interest rate swap is recorded as an asset or liability, and the gain or loss on the derivative is recorded as a component of other comprehensive income. Interest rate swap agreements are reported on the accompanying balance sheets at fair value utilizing observable Level 2 inputs such as yield curves and other market-based factors. We obtain dealer quotations to value our interest rate swap agreements. The fair value of our interest rate swap is estimated based on the present value of the difference between expected cash flows calculated at the contracted interest rates and the expected cash flows at current market interest rates. We utilize foreign exchange forward contracts (exchange contracts) and options to manage our foreign exchange rate risks resulting from purchase commitments and sales orders. Changes in the fair values of our exchange contracts are based upon independent market quotes. We do not designate our exchange contracts as hedging instruments; therefore, we record our exchange contracts on the consolidated balance sheets at fair value, with the gains and losses recognized in earnings in the period of change.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value: We measure certain of our assets and liabilities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering these assumptions for inputs used in the valuation methodologies for measuring fair value: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Level 2: Significant observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs for the asset or liability. Unobservable inputs reflect our own assumptions about the assumptions that market participants would use in pricing an asset or liability (including all assumptions about risk). Certain assets and liabilities are measured at fair value on a nonrecurring basis. Our assets and liabilities measured at fair value on a nonrecurring basis include property, plant and equipment, goodwill and other intangible assets. We do not measure these assets at fair value on an ongoing basis; however, these assets are subject to fair value adjustments in certain circumstances, such as when we recognize an impairment. Our impairment methodology for goodwill and other indefinite-lived intangible assets uses both (i) a discounted cash flow analysis requiring certain assumptions and estimates to be made regarding the extent and timing of future cash flows, discount rates and growth trends and (ii) valuation based on our publicly traded common stock. As all of the assumptions employed to measure these assets and liabilities on a nonrecurring basis are based on management’s judgment using internal and external data, these fair value determinations are classified as Level 3. We have not elected to apply the fair value option to any of our eligible financial assets and liabilities.
Insurance [Policy Text Block]	Insurance: We are self-insured for U.S. employee healthcare as well as physical damage to automobiles that we own, lease or rent, and product warranty and recall liabilities. In addition, we maintain a deductible/retention program as it relates to insurance for property, inventory, workers’ compensation, automobile liability, asbestos claims with exposure claimed or occurring prior to 1994, general liability claims (including, among others, certain product liability claims for property damage, death or injury) and cybersecurity claims. These programs have deductibles and self-insured retentions ranging up to $5 million and are secured by various letters of credit totaling $5 million. Our estimated liability and related expenses for claims are based in part upon estimates that insurance carriers, third-party administrators and actuaries provide. We believe that insurance reserves are sufficient to cover outstanding claims, including those incurred but not reported as of the estimation date. Further, we maintain commercially reasonable umbrella/excess policy coverage in excess of the primary limits. We do not have excess coverage for physical damage to automobiles that we own, lease or rent, and product warranty and recall liabilities. Our accrued liabilities related to deductibles/retentions under insurance programs (other than employee healthcare) were $8 million and $6 million as of December 31, 2023 and 2022. In the area of employee healthcare, we have a commercially reasonable excess stop loss protection on a per person per year basis. Reserves for self-insurance accrued liabilities for employee healthcare were $2 million as of December 31, 2023 and 2022.
Income Tax, Policy [Policy Text Block]	Income Taxes: We account for our income taxes under the liability method using currently enacted tax laws and rates. A valuation allowance to reduce deferred tax assets is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining the need for valuation allowances and our ability to utilize our deferred tax assets, we consider and make judgments regarding all the available positive and negative evidence, including the timing of the reversal of deferred tax liabilities, estimated future taxable income, ongoing, prudent and feasible tax planning strategies and recent financial results of operations. The amount of valuation allowances, however, could be adjusted in the future if objective negative evidence in the form of cumulative losses is no longer present in certain jurisdictions and additional weight may be given to subjective evidence such as our projections for growth. Our tax provision is based upon our expected taxable income and statutory rates in effect in each country in which we operate. We are subject to the jurisdiction of numerous domestic and foreign tax authorities, as well as to tax agreements and treaties among these governments. Determination of taxable income in any jurisdiction requires the interpretation of the related tax laws and regulations and the use of estimates and assumptions regarding significant future events such as the amount, timing and character of deductions, permissible revenue recognition methods under the tax law and the sources and character of income and tax credits. Changes in tax laws, regulations, agreements and treaties, foreign currency exchange restrictions or our level of operations or profitability in each taxing jurisdiction could have an impact on the amount of income taxes we provide during any given year. A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including any related appeals or litigation processes, on the basis of the technical merits. We adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which the new information is available. We classify interest and penalties related to unrecognized tax positions as income taxes in our financial statements.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation and Transactions: The functional currency of our foreign operations is the applicable local currency. The cumulative effects of translating the balance sheet accounts from the functional currency into the U.S. dollar at current exchange rates are included in accumulated other comprehensive income. The balance sheet accounts (with the exception of stockholders’ equity) are translated using current exchange rates as of the balance sheet date. Stockholders’ equity is translated at historical exchange rates and revenue and expense accounts are translated using a weighted-average exchange rate during the year. Gains or losses resulting from foreign currency transactions are recognized in the consolidated statements of operations.
Compensation Related Costs, Policy [Policy Text Block]	Equity-Based Compensation: Our equity-based compensation consists of restricted stock, restricted unit awards, performance share unit awards and nonqualified stock options. The cost of employee services received in exchange for an award of an equity instrument is measured based on the grant-date fair value of the award. Equity-based compensation cost is measured at the grant-date fair value of the award and is recognized over the shorter of the vesting period or the remaining requisite service period. Restricted units and restricted stock are credited to equity as they are expensed over their vesting periods based on the grant date value of the shares vested. The fair value of nonqualified stock options is measured on the grant date of the related equity instrument using the Black-Scholes option-pricing model. A Monte Carlo simulation is completed to estimate the fair value of performance share unit awards with a stock price performance component.
Revenue [Policy Text Block]	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 generally recognize 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. 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. While a small proportion of our sales, we occasionally recognize revenue under a bill and hold arrangement. Recognition of revenue on bill and hold arrangements occurs when control transfers to the customer provided that the reason for the bill and hold arrangement is substantive, the product is separately identified as belonging to the customer, ready for physical transfer and unavailable to be used or directed to another customer.
Cost of Goods and Service [Policy Text Block]	Cost of Sales: Cost of sales includes the cost of inventory sold and related items, such as vendor rebates, inventory allowances and reserves, shipping and handling costs associated with inbound and outbound freight, as well as depreciation and amortization and amortization of intangible assets. Certain purchasing costs and warehousing activities (including receiving, inspection and stocking costs), as well as general warehousing expenses, are included in selling, general and administrative expenses and not in cost of sales.
Earnings Per Share, Policy [Policy Text Block]	Earnings per Share: Basic earnings per share are computed based on the weighted-average number of common shares outstanding, excluding any dilutive effects of unexercised stock options, unvested restricted stock awards, unvested restricted stock unit awards, unvested performance share unit awards, and shares of preferred stock. Diluted earnings per share are computed based on the weighted-average number of common shares outstanding including any dilutive effect of unexercised stock options, unvested restricted stock awards, unvested restricted stock unit awards, unvested performance share unit awards, and shares of preferred stock. The dilutive effect of unexercised stock options is calculated under the treasury stock method. Equity awards and shares of preferred stock are disregarded in the calculations of diluted earnings per share if they are determined to be anti-dilutive.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk: In the normal course of business, we grant credit to customers in the form of trade accounts receivable. These receivables could potentially subject us to concentrations of credit risk; however, we minimize this risk by closely monitoring extensions of trade credit. We generally do not require collateral on trade receivables. We have a broad customer base doing business in many regions of the world. During 2023, 2022 and 2021, we did not have sales to any one customer in excess of 10% of sales. At those respective year-ends, no individual customer balances exceeded 10% of accounts receivable. We have a broad supplier base, sourcing our products in most regions of the world. During 2023, 2022 and 2021, we did not have purchases from any one vendor in excess of 10% of our inventory purchases. At those respective year-ends no individual vendor balance exceeded 10% of accounts payable. We maintain the majority of our cash and cash equivalents with several financial institutions. These financial institutions are located in many different geographical regions with varying economic characteristics and risks. Deposits held with banks may exceed insurance limits. We believe the risk of loss associated with our cash equivalents to be remote.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards: In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, Income Taxes (Topic 740) ("ASU 2023-09"), which aims to enhance the transparency and decision usefulness of income tax disclosures through requiring improvements in those disclosures primarily related to the rate reconciliation and income taxes paid information. This update will be effective for annual periods beginning after December 15, 2024. We are currently evaluating the impacts of the provisions of ASU 2023-09 on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) ("ASU 2023-07"), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses regularly provided to the chief operating decision maker ("CODM"). This update will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impacts of the provisions of ASU 2023-07 on our consolidated financial statements.

Note 8 - Debt (Details Textual) $ in Millions	1 Months Ended	12 Months Ended
Note 8 - Debt (Details Textual) $ in Millions	May 31, 2018 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2021 USD ($)
Global ABL Facility [Member]
Debt Instrument, Covenant, Indebtedness, Maximum Percent of Accounts Receivable		85.00%
Debt Instrument, Covenant, Indebtedness, Maximum Percentage of Inventory		70.00%
Line of Credit Facility, Maximum Borrowing Capacity			$ 750.0
Line of Credit Facility, Additional Borrowing Capacity Subject to Additional Commitments			250.0
Debt Instrument, Covenant, Indebtedness, Maximum Percentage of Appraised Net Orderly Liquidation Value of Inventory		85.00%
Line of Credit Facility, Remaining Borrowing Capacity		$ 610.0
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) 1 [Member] \| Maximum [Member] \| Global ABL Facility [Member] \| UNITED STATES
Debt Instrument, Basis Spread on Variable Rate		1.75%
London Interbank Offered Rate (LIBOR) 1 [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] \| Maximum [Member] \| Global ABL Facility [Member] \| Non-US [Member]
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%
BA Rate [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
Debt Instrument, Covenant, Maximum Senior Secured Leverage Ratio	3.75
Debt Instrument, Covenant, Maximum Pro Forma Senior Secured Leverage Ratio	4
Debt Instrument, Covenant, Maximum Pro Forma Junior Secured Leverage Ratio	4.75
Debt Instrument, Covenant, Maximum Total Leverage Ratio	5
Debt Instrument, Covenant, Minimum Pro Forma Consolidated Interest Coverage Ratio	2
Debt Instrument, Covenant, Maximum Indebtedness in Credit Facility	$ 1,300.0
Debt Instrument, Covenant, Indebtedness, Maximum Percent of Accounts Receivable	85.00%
Debt Instrument, Covenant, Indebtedness, Maximum Percentage of Inventory	65.00%
Secured Debt [Member] \| Senior Secured Term Loan B [Member] \| 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 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leasehold Improvements, Gross	$ 9	$ 9

Note 1 - Significant Accounting Policies (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Weighted Average Cost Inventory and Net Realizable Value Inventory Amount	$ 149	$ 143
Inventory Valuation Reserves	17	19
Insurance, Maximum Nonmaterial Deduction	5
Letters of Credit Securing Insurance Nonmaterial Deductible	5
Accrued Insurance	8	6
Self Insurance Reserve	$ 2	$ 2
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	2 years
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	20 years

Note 7 - Leases - Term and Discount Rate Associated with Leases (Details)	Dec. 31, 2023
Weighted-average remaining lease term (Year)	11 years
Weighted-average discount rate	6.50%

Note 2 - Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Disaggregation of Revenue [Table Text Block]

*Year Ended December 31,*

	*U.S.*		*Canada*		*International*		*Total*
2023:
Gas Utilities	$	1,190	$	4	$	3	$	1,197
DIET		790		20		250		1,060
PTI		865		122		168		1,155
	$	2,845	$	146	$	421	$	3,412
2022:
Gas Utilities	$	1,247	$	15	$	1	$	1,263
DIET		758		25		226		1,009
PTI		818		126		147		1,091
	$	2,823	$	166	$	374	$	3,363
2021:
Gas Utilities	$	995	$	13	$	—	$	1,008
DIET		560		20		203		783
PTI		623		99		153		875
	$	2,178	$	132	$	356	$	2,666

Note 7 - Leases (Details Textual) - USD ($) $ in Millions	12 Months Ended
Note 7 - Leases (Details Textual) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating Lease, Expense	$ 42	$ 40
Operating Lease, Payments	$ 41	$ 41
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)	6 years

Note 15 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Long-Term Debt, Gross	$ 301	$ 340
Fair Value, Inputs, Level 2 [Member]
Long-Term Debt, Fair Value	$ 302	$ 337

Note 5 - Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Property, Plant and Equipment [Table Text Block]

			*December 31,*
	*Depreciable Life (in years)*		*2023*			*2022*
Land and improvements		—	$	2		$	2
Building and building improvements		40		46			42
Machinery and equipment		3 to 10		130			124
Enterprise resource planning software		10		71			70
Software		—		8			5
				257			243
Allowances for depreciation and amortization				(179	)		(161	)
			$	78		$	82

Note 11 - Redeemable Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Jun. 30, 2015	Dec. 31, 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 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
United States	$	145	$	106	$	(14	)
Foreign		8		4		—
	$	153	$	110	$	(14	)

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

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Current:
Federal	$	34		$	30		$	10
State		7			6			2
Foreign		5			6			3
		46			42			15

Deferred:
Federal		(3	)		(6	)		(14	)
State		—			(1	)		(2	)
Foreign		(4	)		—			1
		(7	)		(7	)		(15	)
Income tax expense	$	39		$	35		$	—

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

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Federal tax expense (benefit) at statutory rates	$	32		$	23		$	(3	)
State taxes		6			4			(1	)
Nondeductible expenses and other		3			4			1
Foreign operations taxed at different rates		4			3			—
Change in valuation allowance		(6	)		1			3
Income tax expense	$	39		$	35		$	—
Effective tax rate		25	%		32	%		0	%

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

	*December 31,*
	*2023*			*2022*
Deferred tax assets:
Accruals and reserves	$	12		$	12
Net operating loss and tax credit carryforwards		57			60
Other		3			3
Subtotal		72			75
Valuation allowance		(57	)		(63	)
Total		15			12

Deferred tax liabilities:
Inventory valuation		(12	)		(11	)
Property, plant and equipment		(4	)		(6	)
Intangible assets		(39	)		(43	)
Total		(55	)		(60	)
Net deferred tax liability	$	(40	)	$	(48	)

Note 3 - Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	*December 31,*
	*2023*			*2022*		*2021*
Beginning balance	$	2		$	2	$	2
Provision		2			—		(1	)
Net charge-offs and other		(1	)		—		1
Ending balance	$	3		$	2	$	2

Note 14 - Segment, Geographic and Product Line Information

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 14—SEGMENT, GEOGRAPHIC AND PRODUCT LINE INFORMATION

Our business is comprised of three operating and reportable segments: U.S., Canada and International. Our International segment consists of our operations outside of the U.S. and Canada. These segments represent our business of selling PVF to the energy sector across each of the Gas Utilities (storage and distribution of natural gas), DIET: downstream, industrial and energy transition (crude oil refining, petrochemical and chemical processing, general industrials and energy transition projects), and PTI: production and transmission infrastructure (exploration, production and extraction, gathering, processing and transmission of oil and gas).

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

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Sales
U.S.	$	2,845		$	2,823		$	2,178
Canada		146			166			132
International		421			374			356
Consolidated sales	$	3,412		$	3,363		$	2,666

Depreciation and amortization
U.S.	$	17		$	15		$	15
Canada		—			—			—
International		2			3			4
Total depreciation and amortization expense	$	19		$	18		$	19

Amortization of intangibles
U.S.	$	19		$	19		$	22
Canada		—			—			—
International		2			2			2
Total amortization of intangibles expense	$	21		$	21		$	24

Operating income (loss)
U.S.	$	174		$	127		$	(3	)
Canada		(8	)		(1	)		—
International		21			14			10
Total operating income		187			140			7

Interest expense		(32	)		(24	)		(23	)
Other (expense) income		(2	)		(6	)		2
Income (loss) before income taxes	$	153		$	110		$	(14	)

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

	*December 31,*
	*2023*		*2022*
Total assets
United States	$	1,499	$	1,518
Canada		87		101
International		300		276
Total assets	$	1,886	$	1,895

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

	*December 31,*
	*2023*			*2022*
Property, plant and equipment
United States		89	%		92	%
Canada		2	%		1	%
International		9	%		7	%
Total property, plant and equipment		100	%		100	%

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

	*Year Ended December 31,*
	*2023*				*2022*				*2021*
Line pipe	$	566	17	%	$	589	18	%	$	381	14	%
Carbon steel fittings and flanges		451	13	%		441	13	%		358	13	%
Total carbon steel pipe, fittings and flanges		1,017	30	%		1,030	31	%		739	27	%
Valves, automation, measurement and instrumentation		1,192	35	%		1,111	33	%		947	36	%
Gas products		782	23	%		778	23	%		629	24	%
Stainless steel alloy pipe and fittings		137	4	%		180	5	%		131	5	%
General products		284	8	%		264	8	%		220	8	%
	$	3,412			$	3,363			$	2,666

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Note 16 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE 16—COMMITMENTS AND CONTINGENCIES

Legal Proceedings

Asbestos Claims. We are one of many defendants in lawsuits that plaintiffs have brought seeking damages for personal injuries that exposure to asbestos allegedly caused. Plaintiffs and their family members have brought these lawsuits against a large volume of defendant entities as a result of the various defendants’ manufacture, distribution, supply or other involvement with asbestos, asbestos-containing products or equipment or activities that allegedly caused plaintiffs to be exposed to asbestos. These plaintiffs typically assert exposure to asbestos as a consequence of third-party manufactured products that the Company’s subsidiary, MRC Global (US) Inc., purportedly distributed. As of December 31, 2023, we are a named defendant in approximately 523 lawsuits involving approximately 1,088 claims. No asbestos lawsuit has resulted in a judgment against us to date, with the majority being settled, dismissed or otherwise resolved. Applicable third-party insurance has substantially covered these claims, and insurance should continue to cover a substantial majority of existing and anticipated future claims. Accordingly, we have recorded a liability for our estimate of the most likely settlement of asserted claims and a related receivable from insurers for our estimated recovery, to the extent we believe that the amounts of recovery are probable.

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

	●	That our future settlement payments, disease mix and dismissal rates will be materially consistent with historic experience;
	●	That future incidences of asbestos-related diseases in the U.S. will be materially consistent with current public health estimates;
	●	That the rates at which future asbestos-related mesothelioma incidences result in compensable claims filings against us will be materially consistent with its historic experience;
	●	That insurance recoveries for settlement payments and defense costs will be materially consistent with historic experience;
	●	That legal standards (and the interpretation of these standards) applicable to asbestos litigation will not change in material respects;
	●	That there are no materially negative developments in the claims pending against us; and
	●	That key co-defendants in current and future claims remain solvent.

If any of these assumptions prove to be materially different in light of future developments, liabilities related to asbestos-related litigation may be materially different than amounts accrued or estimated. Further, while we anticipate that additional claims will be filed in the future, we are unable to predict with any certainty the number, timing and magnitude of such future claims. In addition, applicable insurance policies are subject to overall caps on limits, which coverage may exhaust the amount available from insurers under those limits. In those cases, the Company is seeking indemnity payments from responsive excess insurance policies, but other insurers may not be solvent or may not make payments under the policies without contesting their liability. In our opinion, there are no pending legal proceedings that are likely to have a material adverse effect on our consolidated financial statements.

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

Product Claims. From time to time, in the ordinary course of our business, our customers may claim that the products 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 may be subject to varying interpretations. Under the terms of these contracts, our customers have the right to audit our adherence to the contract terms. Historically, any settlements that have resulted from these customer audits have been immaterial to our consolidated financial statements.

Letters of Credit

Our letters of credit outstanding at December 31, 2023 approximated $17 million.

Bank Guarantees

Certain of our international subsidiaries have trade guarantees that banks have issued on their behalf. The amount of these guarantees at December 31, 2023 was approximately $9 million.

Purchase Commitments

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

Warranty Claims

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

Consolidated Statements of Stockholders' Equity - 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, 2020	106			(24)
Balance at Dec. 31, 2020	$ 1	$ 1,739	$ (781)	$ (375)	$ (234)	$ 350
Net income (loss)	0	0	(14)	0	0	(14)
Foreign currency translation	0	0	0	0	(3)	(3)
Hedge accounting adjustments	0	0	0	0	6	6
Shares withheld for taxes	0	(4)	0	0	0	(4)
Equity-based compensation expense	0	12	0	0	0	12
Dividends declared on preferred stock	0	0	(24)	0	0	(24)
Equity-based compensation expense	$ 0	12	0	$ 0	0	12
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	75	0	0	75
Foreign currency translation	0	0	0	0	(5)	(5)
Hedge accounting adjustments	0	0	0	0	6	6
Shares withheld for taxes	0	(2)	0	0	0	(2)
Equity-based compensation expense	0	13	0	0	0	13
Dividends declared on preferred stock	$ 0	0	(24)	$ 0	0	(24)
Vesting of restricted stock (in shares)	2			0
Equity-based compensation expense	$ 0	13	0	$ 0	0	13
Balance (in shares) at Dec. 31, 2022	108			(24)
Balance at Dec. 31, 2022	$ 1	1,758	(768)	$ (375)	(230)	386
Net income (loss)	0	0	114	0	0	114
Foreign currency translation	0	0	0	0	3	3
Hedge accounting adjustments	0	0	0	0	(1)	(1)
Shares withheld for taxes	0	(4)	0	0	0	(4)
Equity-based compensation expense	0	14	0	0	0	14
Dividends declared on preferred stock	$ 0	0	(24)	$ 0	0	(24)
Vesting of restricted stock (in shares)	1			0
Equity-based compensation expense	$ 0	14	0	$ 0	0	14
Balance (in shares) at Dec. 31, 2023	109			(24)
Balance at Dec. 31, 2023	$ 1	$ 1,768	$ (678)	$ (375)	$ (228)	$ 488

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

Note 13 - Employee Benefit Plans - Summary of Award Activity for Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Nonvested, shares (in shares)	97,030
Nonvested, weighted average grant-date fair value (in dollars per share)	$ 12.21
Granted, shares (in shares)	135,019
Weighted-average, grant-date fair value of awards granted (in dollars per share)	$ 9.03	$ 12.21	$ 10.68
Vested, shares (in shares)	(97,030)
Vested, weighted average grant-date fair value (in dollars per share)	$ 12.21
Nonvested, shares (in shares)	135,019	97,030
Nonvested, weighted average grant-date fair value (in dollars per share)	$ 9.03	$ 12.21

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 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)	108,531,564	107,864,421
Treasury stock, shares (in shares)	24,216,330	24,216,330

Note 11 - Redeemable Preferred Stock

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Preferred Stock [Text Block]

NOTE 11—REDEEMABLE PREFERRED STOCK

Preferred Stock Issuance

In June 2015, we issued 363,000 shares of Series A Convertible Perpetual Preferred Stock (the “Preferred Stock”) and received gross proceeds of $363 million. The Preferred Stock ranks senior to our common stock with respect to dividend rights and rights on liquidation, winding-up and dissolution. The Preferred Stock has a stated value of $1,000 per share, and holders of Preferred Stock are entitled to cumulative dividends payable quarterly in cash at a rate of 6.50% per annum. In June 2018, the holder of the 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.

Note 7 - Leases

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 7 – LEASES

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

Many of our facility leases include one or more options to renew, with renewal terms that can extend the lease term from one year to 15 years with a maximum lease term of 30 years, including renewals. The exercise of lease renewal options is at our sole discretion; therefore, renewals to extend the terms of most leases are not included in our right of use (“ROU”) assets and lease liabilities unless they are 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 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 $42 million and $40 million for the years ended December 31, 2023 and 2022, respectively, which is classified in selling, general and administrative expenses. Cash paid for leases recognized as liabilities was $41 million for both the years ended December 31, 2023 and 2022.

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

Maturity of Operating Lease Liabilities
2024	$	47
2025		40
2026		34
2027		29
2028		25
After 2028		141
Total lease payments		316
Less: Interest		(96	)
Present value of lease liabilities	$	220

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

	*December 31,*
Operating Lease Term and Discount Rate	*2023*
Weighted-average remaining lease term (years)		11
Weighted-average discount rate		6.5	%

Amounts maturing after 2028 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 6 years.

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash	$ 131	$ 32
Accounts receivable, net	430	501
Inventories, net	560	578
Other current assets	34	31
Total current assets	1,155	1,142
Long-term assets:
Operating lease assets	205	202
Property, plant and equipment, net	78	82
Other assets	21	22
Intangible assets:
Goodwill, net	264	264
Other intangible assets, net	163	183
Assets	1,886	1,895
Current liabilities:
Trade accounts payable	355	410
Accrued expenses and other current liabilities	102	115
Operating lease liabilities	34	36
Current portion of debt obligations	292	3
Total current liabilities	783	564
Long-term obligations:
Long-term debt	9	337
Operating lease liabilities	186	182
Deferred income taxes	45	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, 108,531,564 and 107,864,421 issued, respectively	1	1
Additional paid-in capital	1,768	1,758
Retained deficit	(678)	(768)
Treasury stock at cost: 24,216,330 shares	(375)	(375)
Accumulated other comprehensive loss	(228)	(230)
Equity, Attributable to Parent	488	386
Liabilities and Equity	$ 1,886	$ 1,895

Note 13 - Employee Benefit Plans - Summary of Award Activity for Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Nonvested, shares (in shares)	1,883,810
Nonvested, weighted average grant-date fair value (in dollars per share)	$ 8.59
Granted, shares (in shares)	751,466
Weighted-average, grant-date fair value of awards granted (in dollars per share)	$ 13.07	$ 7.66	$ 9.3
Vested, shares (in shares)	(881,204)
Vested, weighted average grant-date fair value (in dollars per share)	$ 8.93
Forfeited, shares (in shares)	(60,242)
Forfeited, weighted average grant-date fair value (in dollars per share)	$ 10.31
Nonvested, shares (in shares)	1,693,830	1,883,810
Nonvested, weighted average grant-date fair value (in dollars per share)	$ 10.33	$ 8.59

Note 7 - Leases - Maturity of Lease Liabilities (Details) $ in Millions	Dec. 31, 2023 USD ($)
2024	$ 47
2025	40
2026	34
2027	29
2028	25
After 2028	141
Total lease payments	316
Less: Interest	(96)
Present value of lease liabilities	$ 220

Note 8 - Debt - Maturities of Long-term Debt (Details) $ in Millions	Dec. 31, 2023 USD ($)
2024	$ 292
2025	0
2026	9
2027	0
2028	0
Thereafter	$ 0

Note 14 - Segment, Geographic and Product Line Information - Percentages of Property, Plant and Equipment by Geographic Areas (Details)	Dec. 31, 2023	Dec. 31, 2022
Property, plant and equipment	100.00%	100.00%
UNITED STATES
Property, plant and equipment	89.00%	92.00%
CANADA
Property, plant and equipment	2.00%	1.00%
International [Member]
Property, plant and equipment	9.00%	7.00%

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Goodwill

$ 264

^[1]

Impairment

Effect of foreign currency translation

Goodwill

264

UNITED STATES

Goodwill

264

^[1]

Impairment

Effect of foreign currency translation

264

^[1]

Effect of foreign currency translation

Goodwill

International [Member]

Goodwill

^[1]

Impairment

Effect of foreign currency translation

Goodwill

$ 0

[1]	Net of prior years’ accumulated impairment losses of $527 million, $69 million and $223 million in the U.S., Canada and International segments, respectively.

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Note 4 - Inventories

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE 4—INVENTORIES

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

	*December 31,*
	*2023*			*2022*
Finished goods inventory at average cost:
Valves, automation, measurement and instrumentation	$	274		$	271
Carbon steel pipe, fittings and flanges		193			201
Gas products		266			257
All other products		126			147
		859			876
Less: Excess of average cost over LIFO cost (LIFO reserve)		(282	)		(279	)
Less: Other inventory reserves		(17	)		(19	)
	$	560		$	578

Note 1 - Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Significant Accounting Policies [Text Block]

NOTE 1—SIGNIFICANT ACCOUNTING POLICIES

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

	●	Gas Utilities: gas utilities (storage and distribution of natural gas)
	●	DIET: downstream, industrial and energy transition (crude oil refining, petrochemical and chemical processing, general industrials and energy transition projects)
	●	PTI: production and transmission infrastructure (exploration, production and extraction, 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: The accompanying consolidated financial statements include the accounts of MRC Global Inc. and its wholly owned and majority owned subsidiaries (collectively referred to as the “Company” or by such terms as “we,” “our” or “us”). All material intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates: The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. We believe that our most significant estimates and assumptions are associated with the last-in, first-out (“LIFO”) inventory costing methodology, estimating net realizable value on excess and obsolete inventories, goodwill, indefinite-lived intangible assets, realizability of deferred taxes and self-insurance programs. Actual results could differ materially from those estimates.

Cash Equivalents: We consider all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.

Allowance for Credit Losses: We evaluate the adequacy of the allowance for credit losses on receivables based upon periodic evaluation of accounts that may have a higher credit risk using information available about the customer and other relevant data. This formal analysis is inherently subjective and requires us to make significant estimates of factors affecting credit losses including customer specific information, current economic conditions, volume, growth and composition of the account, and other factors such as financial statements, news reports and published credit ratings. The amount of the allowance for the remainder of the trade balance is not evaluated individually but is based upon historical loss experience. Because this process is subjective and based on estimates, ultimate losses may differ from those estimates. Receivable balances are written off when we determine that the balance is uncollectible. Subsequent recoveries, if any, are credited to the allowance when received. The provision for credit losses is included in selling, general and administrative expenses in the accompanying consolidated statements of operations.

Inventories: Our U.S. inventories are valued at the lower of cost, principally LIFO, or market. We believe that the use of LIFO results in a better matching of costs and revenue. Inventories held outside of the United States of $149 million and $143 million at December 31, 2023 and 2022, respectively, are valued at the lower of weighted-average cost or net realizable value. Our inventory is substantially comprised of finished goods.

Reserves for excess and obsolete inventories are determined based on analyses comparing inventories on hand to historical sales activity. The reserve, which totaled $17 million and $19 million at December 31, 2023 and 2022, respectively, is the amount deemed necessary to reduce the cost of the inventory to its estimated net realizable value.

Property, Plant and Equipment: Property, plant and equipment are recorded at cost. Depreciation is provided using the estimated useful lives of such assets principally by the straight-line method. Leasehold improvements are amortized using the straight-line method over the shorter of the remaining lease term or the estimated useful life of the improvements. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income for the period. Maintenance and repairs are charged to expense as incurred.

Certain systems development costs related to the purchase, development and installation of computer software are capitalized and amortized over the estimated useful life of the related asset. Costs incurred prior to the development stage, as well as maintenance, training costs and general and administrative expenses are expensed as incurred.

Goodwill and Other Intangible Assets: Goodwill represents the excess of acquisition cost over the fair value of net assets acquired. Goodwill and intangible assets with indefinite useful lives are tested for impairment annually, or more frequently if circumstances indicate that impairment may exist. We evaluate goodwill for impairment at the reporting unit level. Within each reporting unit, we have elected to aggregate the component countries and regions into a single reporting unit based on their similar economic characteristics, products, customers, suppliers, methods of distribution and the manner in which we operate each reporting unit. We perform our annual tests for goodwill impairment as of October 1^st of each year, updating on an interim basis should indications of impairment exist. Our annual impairment test may be performed utilizing either a qualitative or quantitative assessment; however, if a qualitative assessment is performed and we determine that the fair value of a reporting unit is more likely than not (i.e. a likelihood of more than 50 percent) to be less than its carrying amount, a quantitative test is performed.

The goodwill impairment test compares the carrying value of the reporting unit that has the goodwill with the estimated fair value of that reporting unit. To the extent the carrying value of a reporting unit is greater than its estimated fair value, a goodwill impairment charge is recorded for the difference, up to the carrying value of goodwill. Our impairment methodology uses discounted cash flow and multiples of cash earnings valuation techniques, acquisition control premium and valuation comparisons to similar businesses. Each of these methods involves Level 3 unobservable market inputs and requires us to make certain assumptions and estimates regarding future operating results, the extent and timing of future cash flows, working capital, sales prices, profitability, discount rates and growth trends. While we believe that such assumptions and estimates are reasonable, the actual results may differ materially from the projected results.

Intangible assets with indefinite useful lives are tested for impairment annually or more frequently if circumstances indicate that impairment may exist. Similar to goodwill, our annual impairment test may be performed utilizing either a qualitative or quantitative assessment; however, if a qualitative assessment is performed and we determine that the fair value of an indefinite-lived intangible asset is more likely than (i.e., a likelihood of more than 50 percent) to be less than its carrying amount, a quantitative test is performed. This test compares the carrying value of the indefinite-lived intangible assets with their estimated fair value. If the carrying value is more than the estimated fair value, impairment losses are recognized in an amount equal to the excess of the carrying value over the estimated fair value. Our impairment methodology uses discounted cash flow and estimated royalty rate valuation techniques. Each of these methods involves Level 3 unobservable market inputs and requires us to make certain assumptions and estimates regarding future operating results, sales prices, discount rates and growth trends. While we believe that such assumptions and estimates are reasonable, the actual results may differ materially from the projected results.

Other intangible assets primarily include trade names, customer bases and noncompetition agreements resulting from business acquisitions. Other intangible assets are recorded at fair value at the date of acquisition. Amortization is provided using the straight-line method over their estimated useful lives, ranging from two years to twenty years.

The carrying value of amortizable intangible assets is subject to an impairment test when events or circumstances indicate a possible impairment. When events or circumstances indicate a possible impairment, we assess recoverability from future operations using undiscounted cash flows derived from the lowest appropriate asset group. If the carrying value exceeds the undiscounted cash flows, an impairment charge would be recognized to the extent that the carrying value exceeds the fair value, which is determined based on a discounted cash flow analysis. While we believe that assumptions and estimates utilized in the impairment analysis are reasonable, the actual results may differ materially from the projected results. These impairments are determined prior to performing our goodwill impairment test.

Derivatives and Hedging: From time to time, we utilize interest rate swaps to reduce our exposure to potential interest rate increases. We have designated our interest rate swap as an effective cash flow hedge utilizing the guidance under Accounting Standards Update "ASU" 2017-12. As such, the valuation of the interest rate swap is recorded as an asset or liability, and the gain or loss on the derivative is recorded as a component of other comprehensive income. Interest rate swap agreements are reported on the accompanying balance sheets at fair value utilizing observable Level 2 inputs such as yield curves and other market-based factors. We obtain dealer quotations to value our interest rate swap agreements. The fair value of our interest rate swap is estimated based on the present value of the difference between expected cash flows calculated at the contracted interest rates and the expected cash flows at current market interest rates.

We utilize foreign exchange forward contracts (exchange contracts) and options to manage our foreign exchange rate risks resulting from purchase commitments and sales orders. Changes in the fair values of our exchange contracts are based upon independent market quotes. We do not designate our exchange contracts as hedging instruments; therefore, we record our exchange contracts on the consolidated balance sheets at fair value, with the gains and losses recognized in earnings in the period of change.

Fair Value: We measure certain of our assets and liabilities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering these assumptions for inputs used in the valuation methodologies for measuring fair value:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date.

Level 2: Significant observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs for the asset or liability. Unobservable inputs reflect our own assumptions about the assumptions that market participants would use in pricing an asset or liability (including all assumptions about risk).

Certain assets and liabilities are measured at fair value on a nonrecurring basis. Our assets and liabilities measured at fair value on a nonrecurring basis include property, plant and equipment, goodwill and other intangible assets. We do not measure these assets at fair value on an ongoing basis; however, these assets are subject to fair value adjustments in certain circumstances, such as when we recognize an impairment.

Our impairment methodology for goodwill and other indefinite-lived intangible assets uses both (i) a discounted cash flow analysis requiring certain assumptions and estimates to be made regarding the extent and timing of future cash flows, discount rates and growth trends and (ii) valuation based on our publicly traded common stock. As all of the assumptions employed to measure these assets and liabilities on a nonrecurring basis are based on management’s judgment using internal and external data, these fair value determinations are classified as Level 3. We have not elected to apply the fair value option to any of our eligible financial assets and liabilities.

Insurance: We are self-insured for U.S. employee healthcare as well as physical damage to automobiles that we own, lease or rent, and product warranty and recall liabilities. In addition, we maintain a deductible/retention program as it relates to insurance for property, inventory, workers’ compensation, automobile liability, asbestos claims with exposure claimed or occurring prior to 1994, general liability claims (including, among others, certain product liability claims for property damage, death or injury) and cybersecurity claims. These programs have deductibles and self-insured retentions ranging up to $5 million and are secured by various letters of credit totaling $5 million. Our estimated liability and related expenses for claims are based in part upon estimates that insurance carriers, third-party administrators and actuaries provide. We believe that insurance reserves are sufficient to cover outstanding claims, including those incurred but not reported as of the estimation date. Further, we maintain commercially reasonable umbrella/excess policy coverage in excess of the primary limits. We do not have excess coverage for physical damage to automobiles that we own, lease or rent, and product warranty and recall liabilities. Our accrued liabilities related to deductibles/retentions under insurance programs (other than employee healthcare) were $8 million and $6 million as of December 31, 2023 and 2022. In the area of employee healthcare, we have a commercially reasonable excess stop loss protection on a per person per year basis. Reserves for self-insurance accrued liabilities for employee healthcare were $2 million as of December 31, 2023 and 2022.

Income Taxes: We account for our income taxes under the liability method using currently enacted tax laws and rates. A valuation allowance to reduce deferred tax assets is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized.

In determining the need for valuation allowances and our ability to utilize our deferred tax assets, we consider and make judgments regarding all the available positive and negative evidence, including the timing of the reversal of deferred tax liabilities, estimated future taxable income, ongoing, prudent and feasible tax planning strategies and recent financial results of operations. The amount of valuation allowances, however, could be adjusted in the future if objective negative evidence in the form of cumulative losses is no longer present in certain jurisdictions and additional weight may be given to subjective evidence such as our projections for growth.

Our tax provision is based upon our expected taxable income and statutory rates in effect in each country in which we operate. We are subject to the jurisdiction of numerous domestic and foreign tax authorities, as well as to tax agreements and treaties among these governments. Determination of taxable income in any jurisdiction requires the interpretation of the related tax laws and regulations and the use of estimates and assumptions regarding significant future events such as the amount, timing and character of deductions, permissible revenue recognition methods under the tax law and the sources and character of income and tax credits. Changes in tax laws, regulations, agreements and treaties, foreign currency exchange restrictions or our level of operations or profitability in each taxing jurisdiction could have an impact on the amount of income taxes we provide during any given year.

A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including any related appeals or litigation processes, on the basis of the technical merits. We adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which the new information is available. We classify interest and penalties related to unrecognized tax positions as income taxes in our financial statements.

Foreign Currency Translation and Transactions: The functional currency of our foreign operations is the applicable local currency. The cumulative effects of translating the balance sheet accounts from the functional currency into the U.S. dollar at current exchange rates are included in accumulated other comprehensive income. The balance sheet accounts (with the exception of stockholders’ equity) are translated using current exchange rates as of the balance sheet date. Stockholders’ equity is translated at historical exchange rates and revenue and expense accounts are translated using a weighted-average exchange rate during the year. Gains or losses resulting from foreign currency transactions are recognized in the consolidated statements of operations.

Equity-Based Compensation: Our equity-based compensation consists of restricted stock, restricted unit awards, performance share unit awards and nonqualified stock options. The cost of employee services received in exchange for an award of an equity instrument is measured based on the grant-date fair value of the award. Equity-based compensation cost is measured at the grant-date fair value of the award and is recognized over the shorter of the vesting period or the remaining requisite service period. Restricted units and restricted stock are credited to equity as they are expensed over their vesting periods based on the grant date value of the shares vested. The fair value of nonqualified stock options is measured on the grant date of the related equity instrument using the Black-Scholes option-pricing model. A Monte Carlo simulation is completed to estimate the fair value of performance share unit awards with a stock price performance component.

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 generally recognize 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. 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. While a small proportion of our sales, we occasionally recognize revenue under a bill and hold arrangement. Recognition of revenue on bill and hold arrangements occurs when control transfers to the customer provided that the reason for the bill and hold arrangement is substantive, the product is separately identified as belonging to the customer, ready for physical transfer and unavailable to be used or directed to another customer.

Cost of Sales: Cost of sales includes the cost of inventory sold and related items, such as vendor rebates, inventory allowances and reserves, shipping and handling costs associated with inbound and outbound freight, as well as depreciation and amortization and amortization of intangible assets. Certain purchasing costs and warehousing activities (including receiving, inspection and stocking costs), as well as general warehousing expenses, are included in selling, general and administrative expenses and not in cost of sales.

Earnings per Share: Basic earnings per share are computed based on the weighted-average number of common shares outstanding, excluding any dilutive effects of unexercised stock options, unvested restricted stock awards, unvested restricted stock unit awards, unvested performance share unit awards, and shares of preferred stock. Diluted earnings per share are computed based on the weighted-average number of common shares outstanding including any dilutive effect of unexercised stock options, unvested restricted stock awards, unvested restricted stock unit awards, unvested performance share unit awards, and shares of preferred stock. The dilutive effect of unexercised stock options is calculated under the treasury stock method. Equity awards and shares of preferred stock are disregarded in the calculations of diluted earnings per share if they are determined to be anti-dilutive.

Concentration of Credit Risk: In the normal course of business, we grant credit to customers in the form of trade accounts receivable. These receivables could potentially subject us to concentrations of credit risk; however, we minimize this risk by closely monitoring extensions of trade credit. We generally do not require collateral on trade receivables. We have a broad customer base doing business in many regions of the world. During 2023, 2022 and 2021, we did not have sales to any one customer in excess of 10% of sales. At those respective year-ends, no individual customer balances exceeded 10% of accounts receivable.

We have a broad supplier base, sourcing our products in most regions of the world. During 2023, 2022 and 2021, we did not have purchases from any one vendor in excess of 10% of our inventory purchases. At those respective year-ends no individual vendor balance exceeded 10% of accounts payable.

We maintain the majority of our cash and cash equivalents with several financial institutions. These financial institutions are located in many different geographical regions with varying economic characteristics and risks. Deposits held with banks may exceed insurance limits. We believe the risk of loss associated with our cash equivalents to be remote.

Recently Issued Accounting Standards: In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, Income Taxes (Topic 740) ("ASU 2023-09"), which aims to enhance the transparency and decision usefulness of income tax disclosures through requiring improvements in those disclosures primarily related to the rate reconciliation and income taxes paid information. This update will be effective for annual periods beginning after December 15, 2024. We are currently evaluating the impacts of the provisions of ASU 2023-09 on our consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) ("ASU 2023-07"), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses regularly provided to the chief operating decision maker ("CODM"). This update will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impacts of the provisions of ASU 2023-07 on our consolidated financial statements.

Note 14 - Segment, Geographic and Product Line Information - Financial Information for Each Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Sales	$ 3,412	$ 3,363	$ 2,666
Depreciation and amortization expense	19	18	19
Amortization of intangibles	21	21	24
Operating income (loss)	187	140	7
Interest expense	(32)	(24)	(23)
Other (expense) income	(2)	(6)	2
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	153	110	(14)
Total assets	1,886	1,895
United States [Member]
Sales	2,845	2,823	2,178
Depreciation and amortization expense	17	15	15
Amortization of intangibles	19	19	22
Operating income (loss)	174	127	(3)
Total assets	1,499	1,518
Canada [Member]
Sales	146	166	132
Depreciation and amortization expense	0	0	0
Amortization of intangibles	0	0	0
Operating income (loss)	(8)	(1)	0
Total assets	87	101
International [Member]
Sales	421	374	356
Depreciation and amortization expense	2	3	4
Amortization of intangibles	2	2	2
Operating income (loss)	21	14	$ 10
Total assets	$ 300	$ 276

Note 13 - Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Compensation and Employee Benefit Plans [Text Block]

NOTE 13—EMPLOYEE BENEFIT PLANS

Equity Compensation Plans: Our Omnibus Incentive Plan originally had 3,250,000 shares available for issuance pursuant to the plan. In each of April 2015, April 2019 and May 2022, our shareholders approved an additional 4,250,000, 2,500,000 and 3,000,000 shares, respectively, for issuance under the plan. Shares that do not vest and are forfeited and shares that are surrendered for the payment of withholding taxes are returned to the pool of shares available for issuance pursuant to the plan. Certain shares that are not likely to be issued may also be available. 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 plan, the Company’s Board of Directors has periodically granted stock options, restricted stock awards, restricted stock units and performance share units to directors and employees, but no other types of awards have been granted under the plan. Options and stock appreciation rights may not be granted at prices less than their fair market value on the date of the grant, nor for a term exceeding ten years. For employees, vesting generally occurs over a three-year period (but no less than one year) on the anniversaries of the date specified in the employees’ respective agreements, subject to accelerated vesting under certain circumstances set forth in the agreements. Vesting for directors generally occurs on the one-year anniversary of the grant date. In 2023, 135,019 shares of restricted stock, 335,959 performance share units and 751,466 restricted units were granted to executive management, members of our Board of Directors and employees under this plan. A Black-Scholes option pricing model is used to estimate the fair value of the stock options. A Monte Carlo simulation is completed to estimate the fair value of performance share unit awards with a stock price performance component. We expense the fair value of all equity grants, including performance share unit awards, on a straight-line basis over the vesting period.

Stock Options

The following table summarizes outstanding stock options:

Weighted

Average

Remaining

Aggregate

Exercise

Contractual

Intrinsic

Options

Price

Term

Value

Stock Options

(years)

(millions)

Balance at December 31, 2022

861,168

29.33

0.5

—

Forfeited or expired

(571,482

)

29.34

Balance at December 31, 2023

289,686

29.30

0.1

—

At December 31, 2023

Options outstanding, vested and exercisable

289,686

29.30

0.1

—

Options outstanding, vested and expected to vest

289,686

29.30

0.1

—

Restricted Stock Awards

The following tables summarizes award activity for restricted stock awards:

				*Weighted*
				*Average*
				*Grant-Date*
	*Shares*			*Fair Value*
Restricted Stock Awards
Nonvested at December 31, 2022		97,030		$	12.21
Granted		135,019			9.03
Vested		(97,030	)		12.21
Nonvested at December 31, 2023		135,019		$	9.03

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Restricted Stock Awards
Weighted-average, grant-date fair value of awards granted	$	9.03	$	12.21	$	10.68
Total fair value of restricted stock vested		873,856		1,409,251		1,979,267

Restricted Stock Unit Awards

The following table summarizes award activity for restricted unit awards:

				*Weighted*
				*Average*
				*Grant-Date*
	*Shares*			*Fair Value*
Restricted Stock Unit Awards
Nonvested at December 31, 2022		1,883,810		$	8.59
Granted		751,466			13.07
Vested		(881,204	)		8.93
Forfeited		(60,242	)		10.31
Nonvested at December 31, 2023		1,693,830		$	10.33

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Restricted Stock Unit Awards
Weighted-average, grant-date fair value of awards granted	$	13.07	$	7.66	$	9.30
Total fair value of restricted stock units vested		11,307,908		5,950,613		9,294,617

Performance Share Unit Awards

Performance share units have been granted to certain executive officers. The performance unit awards will be earned only to the extent that MRC Global attains specified performance goals over performance periods in a three-year period relating to MRC Global’s total shareholder return compared to companies within the Philadelphia Oil Service Index plus NOW Inc. (and for 2023 and 2022 grants, the Russell 2000 index) and, for 2021 grants, a specified return on average net capital employed (“RANCE”) goal established on the date in which the award was granted. The number of shares awarded at the end of the three-year period could vary from zero, if performance goals are not met, to as much as 200% of target, if performance goals are exceeded.

The following tables summarizes award activity for performance unit awards:

				*Weighted*
				*Average*
				*Grant-Date*
	*Shares*			*Fair Value*
Performance Share Unit Awards
Nonvested at December 31, 2022		980,266		$	10.64
Granted		335,959			16.86
Forfeited		(166,939	)		—
Nonvested at December 31, 2023		1,149,286		$	12.34

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Performance Share Unit Awards
Weighted-average, grant-date fair value of awards granted	$	16.86	$	8.96	$	11.86
Total fair value of performance share units vested		—		—		957,770

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

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Equity-based compensation expense:
Restricted stock awards		1		2		1
Restricted stock unit awards		8		7		10
Performance share unit awards		5		4		1
Total equity-based compensation expense	$	14	$	13	$	12
Income tax benefits related to equity-based compensation	$	2	$	2	$	2

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

	*Weighted-*
	*Average Vesting*		*December 31,*
	*Period (in years)*		*2023*
Unrecognized equity-based compensation expense:
Restricted stock awards		0.3	$	—
Restricted stock unit awards		0.7		9
Performance share unit awards		1.1		4
Total unrecognized equity-based compensation expense			$	13

Defined Contribution Employee Benefit Plans: We maintain defined contribution employee benefit plans in a number of countries in which we operate including the U.S. and Canada. These plans generally allow employees the option to defer a percentage of their compensation in accordance with local tax laws. In addition, we make contributions under these plans ranging from 0.25% to 24.25% of eligible compensation. In June 2020, the Company indefinitely suspended matching contributions for employees in the U.S. and Canada. Beginning in October 2021, the Company partially reinstated contribution matching in the U.S. and Canada. In October 2022, the Company fully reinstated contribution matching in the U.S. and Canada. Expense under defined contribution plans were $9 million, $6 million and $3 million for the years ended December 31, 2023, 2022 and 2021.

Note 5 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, plant and equipment, gross	$ 257	$ 243
Allowances for depreciation and amortization	(179)	(161)
Property, Plant and Equipment, Net	78	82
Land and Land Improvements [Member]
Property, plant and equipment, gross	2	2
Building and Building Improvements [Member]
Property, plant and equipment, gross	$ 46	42
Depreciable life (Year)	40 years
Machinery and Equipment [Member]
Property, plant and equipment, gross	$ 130	124
Machinery and Equipment [Member] \| Minimum [Member]
Depreciable life (Year)	3 years
Machinery and Equipment [Member] \| Maximum [Member]
Depreciable life (Year)	10 years
Enterprise Resource Planning Software [Member]
Property, plant and equipment, gross	$ 71	70
Depreciable life (Year)	10 years
Software Development [Member]
Property, plant and equipment, gross	$ 8	$ 5

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

Dec. 31, 2023

Dec. 31, 2022

Finite-lived, accumulated amortization

$ (312)

$ (293)

Intangible assets, gross

475

476

Intangible Assets, Net (Excluding Goodwill)

163

183

Trade Names [Member]

Indefinite lived

^[1]

107

Customer Base [Member]

Finite lived, gross

^[2]

368

369

Finite-lived, accumulated amortization

^[2]

(312)

(293)

Finite lived, net book value

^[2]

$ 56

$ 76

[1]	Net of accumulated impairment losses of $229 million as of December 31, 2022 and 2021.
[2]	Net of accumulated impairment losses of $42 million as of December 31, 2022 and 2021.

Note 13 - Employee Benefit Plans - Summary of Award Activity for Performance Share Units (Details) - Performance Shares [Member] - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Nonvested, shares (in shares)	980,266
Nonvested, weighted average grant-date fair value (in dollars per share)	$ 10.64
Granted, shares (in shares)	335,959
Weighted-average, grant-date fair value of awards granted (in dollars per share)	$ 16.86	$ 8.96	$ 11.86
Forfeited, shares (in shares)	(166,939)
Forfeited, weighted average grant-date fair value (in dollars per share)	$ 0
Nonvested, shares (in shares)	1,149,286	980,266
Nonvested, weighted average grant-date fair value (in dollars per share)	$ 12.34	$ 10.64

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net income (loss)	$ 114	$ 75	$ (14)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Depreciation and amortization	19	18	19
Amortization of intangibles	21	21	24
Equity-based compensation expense	14	13	12
Deferred income tax benefit	(7)	(7)	(15)
Increase in LIFO reserve	2	66	77
Other non-cash items	7	4	1
Changes in operating assets and liabilities:
Accounts receivable	72	(128)	(61)
Inventories	16	(196)	(27)
Other current assets	(3)	(9)	(2)
Accounts payable	(58)	90	60
Accrued expenses and other current liabilities	(16)	33	(18)
Net cash provided by (used in) operations	181	(20)	56
Investing activities
Purchases of property, plant and equipment	(15)	(11)	(10)
Proceeds from the disposition of property, plant and equipment	1	0	3
Net cash used in investing activities	(14)	(11)	(7)
Financing activities
Payments on revolving credit facilities	(882)	(779)	(389)
Proceeds from revolving credit facilities	847	824	389
Payments on debt obligations	(3)	(2)	(87)
Debt issuance costs paid	(1)	0	(3)
Dividends paid on preferred stock	(24)	(24)	(24)
Repurchases of shares to satisfy tax withholdings	(4)	(2)	(4)
Net cash (used in) provided by financing activities	(67)	17	(118)
Increase (decrease) in cash	100	(14)	(69)
Effect of foreign exchange rate on cash	(1)	(2)	(2)
Cash beginning of year	32	48	119
Cash end of year	131	32	48
Supplemental disclosures of cash flow information:
Cash paid for interest	33	21	21
Cash paid for income taxes	$ 55	$ 35	$ 15

Note 7 - Leases (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

Maturity of Operating Lease Liabilities
2024	$	47
2025		40
2026		34
2027		29
2028		25
After 2028		141
Total lease payments		316
Less: Interest		(96	)
Present value of lease liabilities	$	220

Lease, Cost [Table Text Block]

	*December 31,*
Operating Lease Term and Discount Rate	*2023*
Weighted-average remaining lease term (years)		11
Weighted-average discount rate		6.5	%

Note 10 - Income Taxes - Reconciliation of Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal tax expense (benefit) at statutory rates	$ 32	$ 23	$ (3)
State taxes	6	4	(1)
Nondeductible expenses and other	3	4	1
Foreign operations taxed at different rates	4	3	0
Change in valuation allowance	(6)	1	3
Income tax expense	$ 39	$ 35	$ 0
Effective tax rate	25.00%	32.00%	0.00%

- Definition

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

+ References + Details

Note 10 - Income Taxes (Details Textual) $ in Millions	12 Months Ended
Note 10 - Income Taxes (Details Textual) $ in Millions	Dec. 31, 2023 USD ($)
Unrecognized Tax Benefits	$ 1
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	13
Domestic Tax Authority [Member]
Deferred Tax Asset, Interest Carryforward	$ 13
Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member]
Open Tax Year	2019 2020 2021 2022 2023
Domestic Tax Authority [Member] \| Foreign Tax Credit [Member]
Tax Credit Carryforward, Amount	$ 1
Deferred Tax Asset, Interest Carryforward	1
Foreign Tax Authority [Member]
Operating Loss Carryforwards	190
Operating Loss Carryforwards, Not Subject to Expiration	161
Operating Loss Carryforwards, Subject to Expiration	29
Deferred Tax Asset, Interest Carryforward	$ 176

Note 12 - Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Equity [Text Block]

NOTE 12—STOCKHOLDERS’ EQUITY

Preferred Stock

We have authorized 100,000,000 shares of preferred stock. Our Board of Directors has the authority to issue shares of the preferred stock. As of December 31, 2023 and 2022, the 363,000 shares of preferred stock described in Note 11 were issued and outstanding.

Accumulated Other Comprehensive Loss

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

	*December 31,*
	*2023*			*2022*
Currency translation adjustments	$	(227	)	$	(230	)
Hedge accounting adjustments		—			1
Other adjustments		(1	)		(1	)
Accumulated other comprehensive loss	$	(228	)	$	(230	)

Earnings per Share

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

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Net income (loss) attributable to common stockholders	$	90	$	51	$	(38	)

Average basic shares outstanding		84.2		83.5		82.5
Effect of dilutive securities		1.3		1.4		—
Average diluted shares outstanding		85.5		84.9		82.5

Net income (loss) per share:
Basic	$	1.07	$	0.61	$	(0.46	)
Diluted	$	1.05	$	0.60	$	(0.46	)

Equity awards and shares of Preferred Stock are disregarded in this calculation if they are determined to be anti-dilutive. For the years ended December 31, 2023, 2022 and 2021 all of the shares of Preferred Stock were anti-dilutive. We had approximately 1.2 million, 1.2 million and 2.3 million anti-dilutive stock options, restricted stock units, and performance units for the years ended December 31, 2023, 2022, and 2021, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Note 9 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2018	Dec. 31, 2022
Interest Rate Swap [Member]
Derivative, Term of Contract (Year)	5 years
Derivative, Notional Amount	$ 250
Derivative, Fixed Interest Rate	2.7145%
Derivative, Fair Value, Net, Total		$ 1
Foreign Exchange Contract [Member] \| Fair Value, Inputs, Level 2 [Member]
Derivative, Notional Amount		$ 3

Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contract with Customer, Asset, after Allowance for Credit Loss	$ 9	$ 24
Contract with Customer, Liability	7	$ 9
Contract with Customer, Liability, Revenue Recognized	$ 8

Note 10 - Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accruals and reserves	$ 12	$ 12
Net operating loss and tax credit carryforwards	57	60
Other	3	3
Subtotal	72	75
Valuation allowance	(57)	(63)
Total	15	12
Inventory valuation	(12)	(11)
Property, plant and equipment	(4)	(6)
Intangible assets	(39)	(43)
Total	(55)	(60)
Net deferred tax liability	$ (40)	$ (48)

Note 13 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions	1 Months Ended			12 Months Ended
	May 31, 2022	Apr. 30, 2019	Apr. 30, 2015	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2011
Defined Contribution Plan, Cost				$ 9	$ 6	$ 3
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				135,019
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				335,959
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year)				3 years
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				751,466
Maximum [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay				24.25%
Maximum [Member] \| Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Performance Goal Target, Percentage				200.00%
Minimum [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay				0.25%
The 2011 Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)							3,250,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)	3,000,000	2,500,000	4,250,000
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)				135,019
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)				335,959
The 2011 Omnibus Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				751,466
The 2011 Omnibus Incentive Plan [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)				1 year
The 2011 Omnibus Incentive Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)				10 years
The 2011 Omnibus Incentive Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)				3 years

Note 14 - Segment, Geographic and Product Line Information (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Sales
U.S.	$	2,845		$	2,823		$	2,178
Canada		146			166			132
International		421			374			356
Consolidated sales	$	3,412		$	3,363		$	2,666

Depreciation and amortization
U.S.	$	17		$	15		$	15
Canada		—			—			—
International		2			3			4
Total depreciation and amortization expense	$	19		$	18		$	19

Amortization of intangibles
U.S.	$	19		$	19		$	22
Canada		—			—			—
International		2			2			2
Total amortization of intangibles expense	$	21		$	21		$	24

Operating income (loss)
U.S.	$	174		$	127		$	(3	)
Canada		(8	)		(1	)		—
International		21			14			10
Total operating income		187			140			7

Interest expense		(32	)		(24	)		(23	)
Other (expense) income		(2	)		(6	)		2
Income (loss) before income taxes	$	153		$	110		$	(14	)

	*December 31,*
	*2023*		*2022*
Total assets
United States	$	1,499	$	1,518
Canada		87		101
International		300		276
Total assets	$	1,886	$	1,895

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

	*December 31,*
	*2023*			*2022*
Property, plant and equipment
United States		89	%		92	%
Canada		2	%		1	%
International		9	%		7	%
Total property, plant and equipment		100	%		100	%

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

	*Year Ended December 31,*
	*2023*				*2022*				*2021*
Line pipe	$	566	17	%	$	589	18	%	$	381	14	%
Carbon steel fittings and flanges		451	13	%		441	13	%		358	13	%
Total carbon steel pipe, fittings and flanges		1,017	30	%		1,030	31	%		739	27	%
Valves, automation, measurement and instrumentation		1,192	35	%		1,111	33	%		947	36	%
Gas products		782	23	%		778	23	%		629	24	%
Stainless steel alloy pipe and fittings		137	4	%		180	5	%		131	5	%
General products		284	8	%		264	8	%		220	8	%
	$	3,412			$	3,363			$	2,666

Note 13 - Employee Benefit Plans - Summary of Assumptions for Award Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock [Member]
Weighted-average, grant-date fair value of awards granted (in dollars per share)	$ 9.03	$ 12.21	$ 10.68
Total fair value of stock vested	$ 873,856	$ 1,409,251	$ 1,979,267
Restricted Stock Units (RSUs) [Member]
Weighted-average, grant-date fair value of awards granted (in dollars per share)	$ 13.07	$ 7.66	$ 9.3
Total fair value of stock vested	$ 11,307,908	$ 5,950,613	$ 9,294,617
Performance Shares [Member]
Weighted-average, grant-date fair value of awards granted (in dollars per share)	$ 16.86	$ 8.96	$ 11.86
Total fair value of stock vested	$ 0	$ 0	$ 957,770

Note 14 - Segment, Geographic and Product Line Information (Details Textual)	12 Months Ended
	Dec. 31, 2023
Number of Operating Segments	3

Note 8 - Debt - Components of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Long-term debt	$ 301	$ 340
Less: current portion	(292)	(3)
Long-Term Debt, Excluding Current Maturities	9	337
Global ABL Facility [Member]
Long-term debt	9	45
Secured Debt [Member]
Long-term debt	$ 292	$ 295

- Definition

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

+ References + Details

Note 12 - Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	*December 31,*
	*2023*			*2022*
Currency translation adjustments	$	(227	)	$	(230	)
Hedge accounting adjustments		—			1
Other adjustments		(1	)		(1	)
Accumulated other comprehensive loss	$	(228	)	$	(230	)

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

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
Net income (loss) attributable to common stockholders	$	90	$	51	$	(38	)

Average basic shares outstanding		84.2		83.5		82.5
Effect of dilutive securities		1.3		1.4		—
Average diluted shares outstanding		85.5		84.9		82.5

Net income (loss) per share:
Basic	$	1.07	$	0.61	$	(0.46	)
Diluted	$	1.05	$	0.60	$	(0.46	)

Note 6 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Trademarks and Trade Names [Member]
Goodwill, Impaired, Accumulated Impairment Loss	$ 229	$ 229
Customer Base [Member]
Goodwill, Impaired, Accumulated Impairment Loss	$ 42	$ 42