0001437749-24-033577 | 10-Q | XBRL Viewer

Note 8 - Stockholders' Equity

9 Months Ended

Sep. 30, 2024

NOTE 8 – STOCKHOLDERS’ EQUITY

Equity Compensation Plans

The Company's Omnibus Incentive Plan permits the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units and other stock-based and cash-based awards. Since the adoption of the Plan, the Company’s board of directors has periodically granted stock options, restricted stock awards, restricted stock units and performance share units to directors and employees, but no other types of awards have been granted under the plan. Options and stock appreciation rights may not be granted at prices less than the fair market value of our common stock on the date of the grant, nor for a term exceeding ten years. For employees, vesting generally occurs over a three-year period on the anniversaries of the date specified in the employees’ respective agreements, subject to accelerated vesting under certain circumstances set forth in the agreements, and in any event, no less than one year. Vesting for directors generally occurs on the one-year anniversary of the grant date. A Black-Scholes option-pricing model is used to estimate the fair value of the stock options. A Monte Carlo simulation is completed to estimate the fair value of performance share unit awards with a stock price performance component. We expense the fair value of all equity grants, including performance share unit awards, on a straight-line basis over the vesting period. In 2024, 457,138 performance share unit awards, 123,064 restricted stock awards, 1,000,027 shares of restricted stock units have been granted to executive management, members of our Board of Directors and employees.

Accumulated Other Comprehensive Loss

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

	*September 30,*			*December 31,*
	*2024*			*2023*
Currency translation adjustments	$	(224	)	$	(227	)
Other adjustments		(1	)		(1	)
Accumulated other comprehensive loss	$	(225	)	$	(228	)

Earnings per Share

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

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*		*September 30,*		*September 30,*		*September 30,*
	*2024*		*2023*		*2024*		*2023*
Net income	$	29	$	35	$	78	$	93
Less: Dividends on Series A Preferred Stock		6		6		18		18
Net income attributable to common stockholders	$	23	$	29	$	60	$	75

Weighted average basic shares outstanding		85.2		84.3		85.0		84.2
Effect of dilutive securities		1.0		21.6		1.2		21.6
Weighted average diluted shares outstanding		86.2		105.9		86.2		105.8

Net income per share:
Basic	$	0.27	$	0.34	$	0.71	$	0.89
Diluted	$	0.27	$	0.33	$	0.70	$	0.88

Equity awards and shares of Preferred Stock are disregarded in the calculation of diluted earnings per share if they are determined to be anti-dilutive. For the three and nine months ended September 30, 2024, the shares of Preferred Stock were anti-dilutive. For the three and nine months ended September 30, 2023, all of the shares of the Preferred Stock were dilutive. For the three and nine months ended September 30, 2024, we had less than 0.1 million and 0.1 million anti-dilutive stock options, restricted stock units, and performance units, respectively. For the three and nine months ended September 30, 2023, we had approximately 1.2 million and 1.3 million dilutive stock options, restricted stock units, and performance units, respectively.

- Definition

The entire disclosure for equity.

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+ Details

Note 4 - Leases (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

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

Maturity of Lease Liabilities	*Operating*			*Finance*
Remainder of 2024	$	12		$	—
2025		43			2
2026		38			2
2027		31			2
2028		26			2
After 2028		136			2
Total lease payments		286			10
Less: Interest		(85	)		(1	)
Present value of lease liabilities	$	201		$	9

Lease, Cost [Table Text Block]

	*September 30,*
Operating Lease Term and Discount Rate	*2024*
Weighted-average remaining lease term (years)
Operating leases		10
Finance leases		6
Weighted-average discount rate
Operating leases		6.6	%
Finance leases		6.6	%

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2022	108			(24)
Balance at Dec. 31, 2022	$ 1	$ 1,758	$ (768)	$ (375)	$ (230)	$ 386
Net income	0	0	34	0	0	34
Foreign currency translation adjustments	0	0	0	0	(1)	(1)
Shares withheld for taxes	0	(4)	0	0	0	(4)
Equity-based compensation expense	0	3	0	0	0	3
Dividends declared on preferred stock	0	0	(6)	0	0	(6)
Equity-based compensation expense	$ 0	3	0	$ 0	0	3
Balance (in shares) at Mar. 31, 2023	108			(24)
Balance at Mar. 31, 2023	$ 1	1,757	(740)	$ (375)	(231)	412
Balance (in shares) at Dec. 31, 2022	108			(24)
Balance at Dec. 31, 2022	$ 1	1,758	(768)	$ (375)	(230)	386
Net income						93
Foreign currency translation adjustments						(4)
Balance (in shares) at Sep. 30, 2023	108			(24)
Balance at Sep. 30, 2023	$ 1	1,764	(693)	$ (375)	(234)	463
Balance (in shares) at Mar. 31, 2023	108			(24)
Balance at Mar. 31, 2023	$ 1	1,757	(740)	$ (375)	(231)	412
Net income	0	0	24	0	0	24
Foreign currency translation adjustments	0	0	0	0	1	1
Equity-based compensation expense	0	4	0	0	0	4
Dividends declared on preferred stock	0	0	(6)	0	0	(6)
Equity-based compensation expense	$ 0	4	0	$ 0	0	4
Balance (in shares) at Jun. 30, 2023	108			(24)
Balance at Jun. 30, 2023	$ 1	1,761	(722)	$ (375)	(230)	435
Net income	0	0	35	0	0	35
Foreign currency translation adjustments	0	0	0	0	(4)	(4)
Equity-based compensation expense	0	3	0	0	0	3
Dividends declared on preferred stock	0	0	(6)	0	0	(6)
Equity-based compensation expense	$ 0	3	0	$ 0	0	3
Balance (in shares) at Sep. 30, 2023	108			(24)
Balance at Sep. 30, 2023	$ 1	1,764	(693)	$ (375)	(234)	463
Balance (in shares) at Dec. 31, 2023	109			(24)
Balance at Dec. 31, 2023	$ 1	1,768	(678)	$ (375)	(228)	488
Net income	0	0	19	0		19
Foreign currency translation adjustments	0	0	0	0	(5)	(5)
Shares withheld for taxes	0	(5)		0	0	(5)
Equity-based compensation expense	0	4	0	0	0	4
Dividends declared on preferred stock	0	0	(6)	0	0	(6)
Equity-based compensation expense	$ 0	4	0	$ 0	0	4
Balance (in shares) at Mar. 31, 2024	109			(24)
Balance at Mar. 31, 2024	$ 1	1,767	(665)	$ (375)	(233)	495
Balance (in shares) at Dec. 31, 2023	109			(24)
Balance at Dec. 31, 2023	$ 1	1,768	(678)	$ (375)	(228)	488
Net income						78
Foreign currency translation adjustments						3
Balance (in shares) at Sep. 30, 2024	109			(24)
Balance at Sep. 30, 2024	$ 1	1,774	(618)	$ (375)	(225)	557
Balance (in shares) at Mar. 31, 2024	109			(24)
Balance at Mar. 31, 2024	$ 1	1,767	(665)	$ (375)	(233)	495
Net income	0	0	30	0	0	30
Foreign currency translation adjustments	0	0	0	0	1	1
Equity-based compensation expense	0	3	0	0	0	3
Dividends declared on preferred stock	0	0	(6)	0	0	(6)
Equity-based compensation expense	$ 0	3	0	$ 0	0	3
Balance (in shares) at Jun. 30, 2024	109			(24)
Balance at Jun. 30, 2024	$ 1	1,770	(641)	$ (375)	(232)	523
Net income	0	0	29	0	0	29
Foreign currency translation adjustments	0	0	0	0	7	7
Equity-based compensation expense	0	4	0	0	0	4
Dividends declared on preferred stock	0	0	(6)	0	0	(6)
Equity-based compensation expense	$ 0	4	0	$ 0	0	4
Balance (in shares) at Sep. 30, 2024	109			(24)
Balance at Sep. 30, 2024	$ 1	$ 1,774	$ (618)	$ (375)	$ (225)	$ 557

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

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+ Details

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation: We have prepared our unaudited condensed consolidated financial statements in accordance with Rule 10-01 of Regulation S-X for interim financial statements. These statements do not include all information and footnotes that generally accepted accounting principles ("GAAP") require for complete annual financial statements. However, the information in these statements reflects all normal recurring adjustments that are, in our opinion, necessary for a fair presentation of the results for the interim periods. The results of operations for the three and nine months ended September 30, 2024, are not necessarily indicative of the results that will be realized for the fiscal year ending December 31, 2024. We have derived our condensed consolidated balance sheet as of September 30, 2024, from the audited consolidated financial statements for the year ended December 31, 2023. You should read these condensed consolidated financial statements in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023. The condensed consolidated financial statements include the accounts of MRC Global Inc. and its wholly owned and majority owned subsidiaries (collectively referred to as the "Company" or by terms such as "we", "our" or "us"). All intercompany balances and transactions have been eliminated in consolidation.
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 5 - Debt (Details Textual) $ in Millions	1 Months Ended		9 Months Ended
Note 5 - Debt (Details Textual) $ in Millions	May 31, 2024 USD ($)	May 31, 2018 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2021 USD ($)
Global ABL Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 750.0
Line of Credit Facility, Additional Borrowing Capacity Subject to Additional Commitments				250.0
Line of Credit Facility, Remaining Borrowing Capacity			$ 485.0
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] \| Global ABL Facility [Member] \| UNITED STATES \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate			1.25%
London Interbank Offered Rate (LIBOR) 1 [Member] \| Global ABL Facility [Member] \| UNITED STATES \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate			1.75%
BA Rate [Member] \| Global ABL Facility [Member] \| CANADA \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate			1.25%
BA Rate [Member] \| Global ABL Facility [Member] \| CANADA \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate			1.75%
BA Rate [Member] \| Global ABL Facility [Member] \| Non-US [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate			1.25%
BA Rate [Member] \| Global ABL Facility [Member] \| Non-US [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate			1.75%
Secured Debt [Member] \| Senior Secured Term Loan B [Member]
Debt Instrument, Face Amount		$ 400.0
Long-Term Line of Credit	$ 292.0
Repayments of Debt, Using Debt	216.0
Repayments of Debt	76.0
Gain (Loss) on Extinguishment of Debt	$ (0.2)
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 11 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE 11 – COMMITMENTS AND CONTINGENCIES

Litigation

Asbestos Claims. We are one of many defendants in lawsuits that plaintiffs have brought seeking damages for personal injuries that exposure to asbestos allegedly caused. Plaintiffs and their family members have brought these lawsuits against a large volume of defendant entities as a result of the defendants’ manufacture, distribution, supply or other involvement with asbestos, asbestos containing-products or equipment or activities that allegedly caused plaintiffs to be exposed to asbestos. These plaintiffs typically assert exposure to asbestos as a consequence of third-party manufactured products that our MRC Global (US) Inc. subsidiary purportedly distributed. As of September 30, 2024, we are named a defendant in approximately 507 lawsuits involving approximately 1,072 claims. No asbestos lawsuit has resulted in a judgment against us to date, with a majority being settled, dismissed or otherwise resolved. Applicable third-party insurance has substantially covered these claims, and insurance should continue to cover a substantial majority of existing and anticipated future claims. Accordingly, we have recorded a liability for our estimate of the most likely settlement of asserted claims and a related receivable from insurers for our estimated recovery, to the extent we believe that the amounts of recovery are probable. It is not possible to predict the outcome of these claims and proceedings. However, in our opinion, the likelihood that the ultimate disposition of any of these claims and legal proceedings will have a material adverse effect on our condensed consolidated financial statements is remote.

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

Unclaimed Property Audit. The Company is subject to state laws relating to abandoned and unclaimed property. States routinely audit the records of companies to assess compliance with such laws. The Company is currently undergoing a multi-state unclaimed property audit. The timing and outcome of the multi-state unclaimed property audit cannot be predicted. We have reserved all of our rights, claims, and defenses. Given the nature of these matters, we are unable to reasonably estimate the total possible loss or ranges of loss, if any. If the Company is found to be in noncompliance with applicable unclaimed property laws or the manner in which those laws are interpreted or applied, states may determine that they are entitled to the Company's remittance of unclaimed or abandoned property and further may seek to impose other costs on the Company, including penalties and interest. We intend to vigorously contest the above matter; however, an adverse decision in this matter could have an adverse impact on us, our financial condition, results of operations and cash flows.

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

In Re: July 27 Chemical Release Litigation. In 2019, the Company's customer, Lyondell Chemical, a subsidiary of LyondellBassell Industries Holdings B.V. (collectively with its subsidiaries, "Lyondell"), entered into an order with the Company's subsidiary, MRC Global (US) Inc., for MRC Global (US) to facilitate a refurbishment of a Lyondell-owned valve by the valve manufacturer, Xomax Corporation, a subsidiary of Crane Co. (collectively with its subsidiaries, "Crane"), and thereafter for MRC Global (US) to affix a new bracket and actuator to the refurbished Crane Valve. When Crane completed the refurbishment, it shipped the valve to MRC Global (US), which, in turn, procured a bracket from a third-party fabricator and installed the bracket and an actuator on the valve and redelivered the valve back to Lyondell. Almost two years later, in 2021, Lyondell contracted with Turn2 Specialty Companies, LLC ("Turn2") to remove the actuator as part of a maintenance and repair job that was being performed on a Lyondell pipe. While performing the actuator removal job, representatives of Turn2 removed more than the necessary bolts required to remove the actuator, which caused a release from a "live", pressurized line of chemicals. Two fatalities occurred from the release along with injuries to others at or near the site. 59 plaintiffs, including the estates of the two fatalities, sued Lyondell, Turn2 and others in Texas State Court pursuant to multiple lawsuits. These cases were consolidated into a multi-district litigation assigned to the 190th Judicial Court of Harris County, Texas. Lyondell and Turn2 have either settled with the plaintiffs or were dismissed based on payments that they made to plaintiffs for workers' compensation, thus, availing themselves of the workers' compensation bar.

On July 24, 2023, just days prior to the expiration of the statute of limitations, the plaintiffs added MRC Global (US), Crane and others to their lawsuits. Plaintiffs claim that MRC Global (US) failed to warn Turn2 of the dangers of removing the wrong bolts and failed to properly instruct Lyondell and Turn2 on how to remove the actuator. The plaintiffs also allege that MRC Global (US) is responsible as an assembler or seller of the final valve package distributed to Lyondell. MRC Global (US) disagrees that it has any liability and expects to vigorously defend these claims. Plaintiffs have asserted various claims for damages, including for bodily injury, past and future medical expenses, lost wages, mental anguish, pain and suffering and punitive damages. Plaintiffs' have indicated that they will be seeking damages from all defendants that would be in excess of the Company's insurance for these suits. Thus, adverse outcomes in these suits could have a material effect on us, our financial condition, results of operations and cash flows.

MRC Global and its insurers have settled with 26 of the plaintiffs within MRC Global's insurance limits. The first trial (the "bellwether" trial) of the remaining suits, involving eight plaintiffs, is set for January 25, 2025, and the trial for the alleged wrongful death of the two deceased Turn2 representatives is set for May 25, 2025. Any additional trials may follow after the resolution of these initial cases. At this time, we are unable to predict the outcome of these proceedings.

Customer Contracts

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

Purchase Commitments

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

Note 8 - Stockholders' Equity - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 29	$ 30	$ 19	$ 35	$ 24	$ 34	$ 78	$ 93
Less: Dividends on Series A Preferred Stock	6			6			18	18
Net income attributable to common stockholders	$ 23			$ 29			$ 60	$ 75
Weighted average basic shares outstanding (in shares)	85.2			84.3			85.0	84.2
Effect of dilutive securities (in shares)	1.0			21.6			1.2	21.6
Weighted average diluted shares outstanding (in shares)	86.2			105.9			86.2	105.8
Basic (in dollars per share)	$ 0.27			$ 0.34			$ 0.71	$ 0.89
Diluted (in dollars per share)	$ 0.27			$ 0.33			$ 0.7	$ 0.88

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

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+ Details

Note 7 - Redeemable Preferred Stock

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Preferred Stock [Text Block]

NOTE 7 – REDEEMABLE PREFERRED STOCK

Preferred Stock Issuance

In June 2015, we issued 363,000 shares of Series A Convertible Perpetual Preferred Stock (the “Preferred Stock”) and received gross proceeds of $363 million. On October 29, 2024, the Company repurchased all of the outstanding shares of the Preferred Stock for $361 million plus accrued dividends, and all of the Preferred Stock was retired on October 30, 2024. See Note 12 – Subsequent Events. Before its repurchase, the Preferred Stock ranked senior to our common stock with respect to dividend rights and rights on liquidation, winding-up and dissolution. The Preferred Stock had a stated value of $1,000 per share, and holders of Preferred Stock were entitled to cumulative dividends payable quarterly in cash at a rate of 6.50% per annum.

The Preferred Stock was 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 represented an initial conversion price of $17.88 per share of common stock, subject to adjustment. The Company had 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 had the election 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 had been at least 150% of the conversion price then in effect for a specified period. The conversion rate was subject to customary anti-dilution and other adjustments.

Holders of the Preferred Stock could have, at their option, required the Company to repurchase their shares in the event of a fundamental change, as defined in the agreement. The repurchase price was based on the original $1,000 per share purchase price except in the case of a liquidation, in which case the holders would have received the greater of $1,000 per share and the amount that would have been received if they held common stock converted at the conversion rate in effect at the time of the fundamental change. Because this feature could have required redemption as a result of the occurrence of an event not solely within the control of the Company, the Preferred Stock was classified as temporary equity on our balance sheet.

Note 3 - Inventories - Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Finished goods inventory at average cost	$ 758	$ 859
Less: Excess of average cost over LIFO cost (LIFO reserve)	(279)	(282)
Less: Other inventory reserves	(17)	(17)
Inventory, Net	462	560
Valves, Automation, Measurement and Instrumentation [Member]
Finished goods inventory at average cost	233	274
Carbon Steel Pipe, Fittings and Flanges [Member]
Finished goods inventory at average cost	156	193
Gas Products [Member]
Finished goods inventory at average cost	260	266
All Other Products [Member]
Finished goods inventory at average cost	$ 109	$ 126

Note 9 - Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

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

	*Three Months Ended*						*Nine Months Ended*
	*September 30,*			*September 30,*			*September 30,*			*September 30,*
	*2024*			*2023*			*2024*			*2023*
Sales
U.S.	$	644		$	745		$	1,988		$	2,212
Canada		26			38			88			118
International		127			105			359			314
Consolidated sales	$	797		$	888		$	2,435		$	2,644

Operating income (loss)
U.S.	$	30		$	54		$	102		$	149
Canada		(2	)		(2	)		(5	)		(6	)
International		9			5			25			16
Operating income		37			57			122			159

Interest expense		(4	)		(9	)		(19	)		(26	)
Other, net		(1	)		1			(2	)		(3	)
Income before income taxes	$	32		$	49		$	101		$	130

	*September 30,*		*December 31,*
	*2024*		*2023*
Total assets
U.S.	$	1,353	$	1,499
Canada		82		87
International		321		300
Total assets	$	1,756	$	1,886

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

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*		*September 30,*		*September 30,*		*September 30,*
Type	*2024*		*2023*		*2024*		*2023*
Line Pipe	$	105	$	164	$	351	$	433
Carbon Fittings and Flanges		99		117		305		353
Total Carbon Pipe, Fittings and Flanges		204		281		656		786
Valves, Automation, Measurement and Instrumentation		285		306		878		920
Gas Products		194		191		574		612
Stainless Steel and Alloy Pipe and Fittings		54		40		130		108
General Products		60		70		197		218
	$	797	$	888	$	2,435	$	2,644

Note 2 - Revenue Recognition

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE 2 – REVENUE RECOGNITION

We recognize revenue when we transfer control of promised goods or services to our customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. We 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 condensed 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. 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 includes the cost of inventory sold and related items, such as vendor rebates, inventory allowances and reserves and shipping and handling costs associated with inbound and outbound freight, as well as depreciation and amortization of intangible assets.

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

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

Generally, revenue recognition and invoicing occur simultaneously as we transfer control of promised goods or services to our customers. We consider contract assets to be accounts receivable when we have an unconditional right to consideration, and only the passage of time is required before payment is due. In certain cases, particularly those involving customer-specific documentation requirements, invoicing is delayed until we are able to meet the documentation requirements. In these cases, we recognize a contract asset separate from accounts receivable until those requirements are met, and we are able to invoice the customer. Our contract asset balance associated with these requirements as of September 30, 2024, and December 31, 2023, was $17 million and $9 million, respectively. These contract asset balances are included within accounts receivable in the accompanying condensed consolidated balance sheets.

We record contract liabilities, or deferred revenue, when cash payments are received from customers in advance of our performance, including amounts which are refundable. The deferred revenue balance at September 30, 2024 and December 31, 2023 was $6 million and $7 million, respectively. During the three and nine months ended September 30, 2024, we recognized less than $1 million and $6 million, respectively, of the revenue that was deferred as of December 31, 2023. During the three and nine months ended September 30, 2023, we recognized $3 million and $8 million, respectively, 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 condensed consolidated balance sheets.

Disaggregated Revenue: Our disaggregated revenue represents our business of selling PVF to energy and industrial end users across each of the Gas Utilities, DIET, and PTI 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 revenue from contracts with customers.

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

*Three Months Ended*
*September 30,*

	*U.S.*		*Canada*		*International*		*Total*
2024:
Gas Utilities	$	293	$	2	$	—	$	295
DIET		170		9		69		248
PTI		181		15		58		254
	$	644	$	26	$	127	$	797
2023:
Gas Utilities	$	311	$	2	$	1	$	314
DIET		210		7		62		279
PTI		224		29		42		295
	$	745	$	38	$	105	$	888

*Nine Months Ended*
*September 30,*

	*U.S.*		*Canada*		*International*		*Total*
2024:
Gas Utilities	$	845	$	3	$	—	$	848
DIET		560		30		202		792
PTI		583		55		157		795
	$	1,988	$	88	$	359	$	2,435
2023:
Gas Utilities	$	938	$	4	$	2	$	944
DIET		599		16		187		802
PTI		675		98		125		898
	$	2,212	$	118	$	314	$	2,644

- 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 9 - Segment Information - Sales by Product Line (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Sales	$ 797	$ 888	$ 2,435	$ 2,644
Line Pipe [Member]
Sales	105	164	351	433
Carbon Fittings and Flanges [Member]
Sales	99	117	305	353
Carbon Pipe, Fittings and Flanges [Member]
Sales	204	281	656	786
Valves, Automation, Measurement and Instrumentation [Member]
Sales	285	306	878	920
Gas Products [Member]
Sales	194	191	574	612
Stainless Steel and Alloy Pipe and Fittings [Member]
Sales	54	40	130	108
General Oilfield Products [Member]
Sales	$ 60	$ 70	$ 197	$ 218

- 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.

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+ Details

Note 5 - Debt - Components of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Long-term debt	$ 85	$ 301
Less: current portion	0	(292)
Long-Term Debt, Excluding Current Maturities	85	9
Global ABL Facility [Member]
Long-term debt	85	9
Secured Debt [Member]
Long-term debt	$ 0	$ 292

- Definition

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

+ References + Details

Note 9 - Segment Information (Details Textual)	9 Months Ended
Note 9 - Segment Information (Details Textual)	Sep. 30, 2024
Number of Operating Segments	3

Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Contract with Customer, Asset, after Allowance for Credit Loss	$ 17		$ 17		$ 9
Contract with Customer, Liability	6		6		$ 7
Contract with Customer, Liability, Revenue Recognized	$ 1	$ 3	$ 6	$ 8

Note 5 - Debt

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 5 – DEBT

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

	*September 30,*		*December 31,*
	*2024*		*2023*
Senior Secured Term Loan B, net of discount and issuance costs of $0 and $1, respectively	$	—	$	292
Global ABL Facility		85		9
		85		301
Less: current portion		—		292
	$	85	$	9

Senior Secured Term Loan B: The Company had a Senior Secured Term Loan B (the “Prior Term Loan”) with an original principal amount of $400 million, which amortized in equal quarterly installments of 1% per year with the balance payable in September 2024, when the facility was set to mature. In May 2024, the Company repaid the Prior Term Loan in its entirety using a combination of our asset-based lending facility and cash on hand. The outstanding principal balance on the Prior Term Loan at the date of repayment was $292 million. The Company used $216 million of the asset-based lending facility and $76 million cash to repay the Prior Term Loan prior to its maturity. The early repayment of the Prior Term Loan resulted in a loss on early extinguishment of debt of $0.2 million. All security securing the Prior Term Loan was released upon the repayment of the Prior Term Loan. The Prior Term Loan had 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 was calculated as the aggregate Chicago Mercantile Exchange ("CME") Term SOFR plus the International Swaps and Derivatives Association (ISDA) credit adjustment spread.

Global ABL Facility: The Company is a party to a multi-currency, global asset-based lending facility (the “Global ABL Facility”), including certain of its subsidiaries, its lenders and Bank of America, N.A. as administrative agent, security trustee and collateral agent. The Global ABL Facility is a revolving credit facility of $750 million, which matures in September 2026. The Global ABL Facility is comprised of $705 million in revolver commitments in the United States, which includes a $30 million sub-limit for Canada, $12 million in Norway, $10 million in Australia, $10.5 million in the Netherlands, $7.5 million in the United Kingdom and $5 million in Belgium. The Global ABL Facility contains an accordion feature that allows us to increase the principal amount of the facility by up to $250 million, subject to securing additional lender commitments. MRC Global Inc. and each of its current and future wholly owned material U.S. subsidiaries guarantee the obligations of our borrower subsidiaries under the Global ABL Facility. Additionally, each of our non-U.S. borrower subsidiaries guarantees the obligations of our other non-U.S. borrower subsidiaries under the Global ABL Facility. Outstanding obligations are generally secured by a first priority security interest in accounts receivable, inventory and related assets. U.S. borrowings under the amended facility bear interest at Term SOFR (as defined in the Global ABL Facility) plus a margin varying between 1.25% and 1.75% based on our fixed charge coverage ratio. Canadian borrowings under the facility bear interest at the Canadian Dollar Bankers' Acceptances Rate ("BA Rate") plus a margin varying between 1.25% and 1.75% based on our fixed charge coverage ratio. Borrowings under our foreign borrower subsidiaries bear interest at a benchmark rate, which varies based on the currency in which such borrowings are made, plus a margin varying between 1.25% and 1.75% based on our fixed charge coverage ratio. Availability is dependent on a borrowing base comprised of a percentage of eligible accounts receivable and inventory, which is subject to redetermination from time to time. Excess Availability, as defined under our Global ABL Facility, was$485 million as of September 30, 2024.

Interest on Borrowings: The interest rates on our outstanding borrowings at September 30, 2024 and December 31, 2023, including amortization of debt issuance costs, were as follows:

	*September 30,*			*December 31,*
	*2024*			*2023*
Senior Secured Term Loan B		—			9.08	%
Global ABL Facility		6.52	%		5.82	%
Weighted average interest rate		6.52	%		8.98	%

- 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.

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+ Details

Note 4 - Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Note 4 - Leases (Details Textual) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finance Lease, Right-of-Use Asset, Amortization	$ 2		$ 2
Finance Lease, Interest Expense	1		1
Operating Lease, Payments	9	$ 10	30	$ 30
Finance Lease Payment	1		1
Selling, General and Administrative Expenses [Member]
Operating Lease, Expense	$ 14	$ 11	$ 36	$ 31
Minimum [Member]
Lessee, Operating Lease, Renewal Term (Year)	1 year		1 year
Maximum [Member]
Lessee, Operating Lease, Renewal Term (Year)	15 years		15 years
Lessee, Operating Lease, Term of Contract (Year)	30 years		30 years
Weighted Average [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	6 years		6 years
Lessee, Finance Lease, Remaining Lease Term (Year)	6 years		6 years

Note 2 - Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Disaggregation of Revenue [Table Text Block]

*Three Months Ended*
*September 30,*

	*U.S.*		*Canada*		*International*		*Total*
2024:
Gas Utilities	$	293	$	2	$	—	$	295
DIET		170		9		69		248
PTI		181		15		58		254
	$	644	$	26	$	127	$	797
2023:
Gas Utilities	$	311	$	2	$	1	$	314
DIET		210		7		62		279
PTI		224		29		42		295
	$	745	$	38	$	105	$	888

*Nine Months Ended*
*September 30,*

	*U.S.*		*Canada*		*International*		*Total*
2024:
Gas Utilities	$	845	$	3	$	—	$	848
DIET		560		30		202		792
PTI		583		55		157		795
	$	1,988	$	88	$	359	$	2,435
2023:
Gas Utilities	$	938	$	4	$	2	$	944
DIET		599		16		187		802
PTI		675		98		125		898
	$	2,212	$	118	$	314	$	2,644

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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)	109,452,863	108,531,564
Treasury stock, shares (in shares)	24,216,330	24,216,330

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Sales	$ 797	$ 888	$ 2,435	$ 2,644
Cost of sales	637	705	1,939	2,107
Gross profit	160	183	496	537
Selling, general and administrative expenses	123	126	374	378
Operating income	37	57	122	159
Other (expense) income:
Interest expense	(4)	(9)	(19)	(26)
Other, net	(1)	1	(2)	(3)
Income before income taxes	32	49	101	130
Income tax expense	3	14	23	37
Net income	29	35	78	93
Less: Dividends on Series A Preferred Stock	6	6	18	18
Net income attributable to common stockholders	$ 23	$ 29	$ 60	$ 75
Basic (in dollars per share)	$ 0.27	$ 0.34	$ 0.71	$ 0.89
Diluted (in dollars per share)	$ 0.27	$ 0.33	$ 0.7	$ 0.88
Weighted average basic shares outstanding (in shares)	85.2	84.3	85.0	84.2
Weighted-average common shares, diluted (in shares)	86.2	105.9	86.2	105.8

Note 12 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ in Millions		1 Months Ended
	Oct. 29, 2024 USD ($)	Oct. 29, 2024 USD ($)
Payments for Repurchase of Preferred Stock and Preference Stock		$ 361
Preferred Stock [Member]
Payments of Dividends		4
Senior Secured Term Loan B [Member]
Debt Instrument, Face Amount	$ 350	$ 350
Debt Instrument, Amortize Rate in Quarterly Installment, Percentage	1.00%	1.00%
Senior Secured Term Loan B [Member] \| Secured Overnight Financing Rate (SOFR) [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	3.25%
Senior Secured Term Loan B [Member] \| Secured Overnight Financing Rate (SOFR) [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	3.50%
Senior Secured Term Loan B [Member] \| Base Rate [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.25%
Senior Secured Term Loan B [Member] \| Base Rate [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.50%

Note 4 - Leases - Maturity of Lease Liabilities (Details) $ in Millions	Sep. 30, 2024 USD ($)
Remainder of 2024, operating lease	$ 12
Remainder of 2024, finance lease	0
2025, operating lease	43
2025, finance lease	2
2026, operating lease	38
2026, finance lease	2
2027, operating lease	31
2027, finance lease	2
2028, operating lease	26
2028, finance lease	2
After 2028, operating lease	136
After 2028, finance lease	2
Total lease payments, operating lease	286
Total lease payments, finance lease	10
Less: Interest, operating lease	(85)
Less: Interest, finance lease	(1)
Present value of lease liabilities, operating lease	201
Present value of lease liabilities, finance lease	$ 9

Note 6 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 32	$ 49	$ 101	$ 130
Income Tax Expense (Benefit)	$ 3	$ 14	$ 23	$ 37
Effective Income Tax Rate Reconciliation, Percent	9.00%	29.00%	23.00%	28.00%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%	21.00%

- 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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- Definition

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

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+ Details

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Entity Central Index Key	0001439095
Entity Registrant Name	MRC GLOBAL INC.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-35479
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5956993
Entity Address, Address Line One	1301 McKinney Street, Suite 2300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77010
City Area Code	877
Local Phone Number	294-7574
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	MRC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		85,243,002

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Insider Trading Arr Line Items
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 9 - Segment Information

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 9 – SEGMENT INFORMATION

Our business is comprised of three operating and reportable segments: U.S., Canada and International. Our International segment consists of our operations outside of the U.S. and Canada. These segments represent our business of selling PVF to the energy sector across each of the Gas Utilities, DIET, and PTI sectors.

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

	*Three Months Ended*						*Nine Months Ended*
	*September 30,*			*September 30,*			*September 30,*			*September 30,*
	*2024*			*2023*			*2024*			*2023*
Sales
U.S.	$	644		$	745		$	1,988		$	2,212
Canada		26			38			88			118
International		127			105			359			314
Consolidated sales	$	797		$	888		$	2,435		$	2,644

Operating income (loss)
U.S.	$	30		$	54		$	102		$	149
Canada		(2	)		(2	)		(5	)		(6	)
International		9			5			25			16
Operating income		37			57			122			159

Interest expense		(4	)		(9	)		(19	)		(26	)
Other, net		(1	)		1			(2	)		(3	)
Income before income taxes	$	32		$	49		$	101		$	130

	*September 30,*		*December 31,*
	*2024*		*2023*
Total assets
U.S.	$	1,353	$	1,499
Canada		82		87
International		321		300
Total assets	$	1,756	$	1,886

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

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*		*September 30,*		*September 30,*		*September 30,*
Type	*2024*		*2023*		*2024*		*2023*
Line Pipe	$	105	$	164	$	351	$	433
Carbon Fittings and Flanges		99		117		305		353
Total Carbon Pipe, Fittings and Flanges		204		281		656		786
Valves, Automation, Measurement and Instrumentation		285		306		878		920
Gas Products		194		191		574		612
Stainless Steel and Alloy Pipe and Fittings		54		40		130		108
General Products		60		70		197		218
	$	797	$	888	$	2,435	$	2,644

- Definition

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

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+ Details

Note 3 - Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	*September 30,*			*December 31,*
	*2024*			*2023*
Finished goods inventory at average cost:
Valves, automation, measurement and instrumentation	$	233		$	274
Carbon steel pipe, fittings and flanges		156			193
Gas products		260			266
All other products		109			126
		758			859
Less: Excess of average cost over LIFO cost (LIFO reserve)		(279	)		(282	)
Less: Other inventory reserves		(17	)		(17	)
	$	462		$	560

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net income	$ 78	$ 93
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization	16	15
Amortization of intangibles	15	15
Equity-based compensation expense	11	10
Deferred income tax (benefit)	(6)	(3)
Other non-cash items	5	9
Changes in operating assets and liabilities:
Accounts receivable	(47)	(20)
Inventories	98	(45)
Other current assets	(3)	(4)
Accounts payable	29	27
Accrued expenses and other current liabilities	1	(5)
Net cash provided by operations	197	92
Investing activities
Purchases of property, plant and equipment	(23)	(10)
Other investing activities	1	(2)
Net cash used in investing activities	(22)	(12)
Financing activities
Payments on revolving credit facilities	(276)	(776)
Proceeds from revolving credit facilities	352	743
Payments on debt obligations	(295)	(2)
Debt issuance costs paid	0	(1)
Dividends paid on preferred stock	(18)	(18)
Repurchases of shares to satisfy tax withholdings	(5)	(4)
Net cash used in financing activities	(242)	(58)
(Decrease) increase in cash	(67)	22
Effect of foreign exchange rate on cash	(2)	(2)
Cash -- beginning of period	131	32
Cash -- end of period	62	52
Supplemental disclosures of cash flow information:
Cash paid for interest	17	25
Cash paid for income taxes	$ 38	$ 44

Note 10 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2018	Sep. 30, 2024	Dec. 31, 2023
Long-Term Debt, Gross		$ 85	$ 301
Interest Rate Swap [Member]
Derivative, Term of Contract (Year)	5 years
Derivative, Notional Amount	$ 250
Derivative, Fixed Interest Rate	2.7145%

Note 5 - Debt - Interest on Borrowings (Details)	Sep. 30, 2024	Dec. 31, 2023
Senior Secured Term Loan B and Global ABL Facility [Member]
Weighted average interest rate	6.52%	8.98%
Global ABL Facility [Member]
Weighted average interest rate	6.52%	5.82%
Senior Secured Term Loan B [Member]
Weighted average interest rate	0.00%	9.08%

Note 4 - Leases - Term and Discount Rate Associated with Leases (Details)	Sep. 30, 2024
Operating leases (Year)	10 years
Finance leases (Year)	6 years
Operating leases	6.60%
Finance leases	6.60%

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash	$ 62	$ 131
Accounts receivable, net	478	430
Inventories, net	462	560
Other current assets	41	34
Total current assets	1,043	1,155
Long-term assets:
Operating lease assets	185	205
Property, plant and equipment, net	85	78
Other assets	31	21
Intangible assets:
Goodwill, net	264	264
Other intangible assets, net	148	163
Assets	1,756	1,886
Current liabilities:
Trade accounts payable	382	355
Accrued expenses and other current liabilities	108	102
Operating lease liabilities	34	34
Current portion of debt obligations	0	292
Total current liabilities	524	783
Long-term liabilities:
Long-term debt	85	9
Operating lease liabilities	167	186
Deferred income taxes	41	45
Other liabilities	27	20
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, 109,452,863 and 108,531,564 issued, respectively	1	1
Additional paid-in capital	1,774	1,768
Retained deficit	(618)	(678)
Less: Treasury stock at cost: 24,216,330 shares	(375)	(375)
Accumulated other comprehensive loss	(225)	(228)
Equity, Attributable to Parent	557	488
Liabilities and Equity	$ 1,756	$ 1,886

Note 9 - Segment Information - Financial Information for Each Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Sales	$ 797	$ 888	$ 2,435	$ 2,644
Operating income	37	57	122	159
Interest expense	(4)	(9)	(19)	(26)
Other, net	(1)	1	(2)	(3)
Income before income taxes	32	49	101	130
Total assets	1,756		1,756		$ 1,886
United States [Member]
Sales	644	745	1,988	2,212
Depreciation and amortization expense	30	54	102	149
Total assets	1,353		1,353		1,499
Canada [Member]
Sales	26	38	88	118
Depreciation and amortization expense	(2)	(2)	(5)	(6)
Total assets	82		82		87
International [Member]
Sales	127	105	359	314
Depreciation and amortization expense	9	$ 5	25	$ 16
Total assets	$ 321		$ 321		$ 300

Note 7 - Redeemable Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended
	Oct. 29, 2024	Oct. 29, 2024	Jun. 30, 2015	Sep. 30, 2024	Dec. 31, 2023
Temporary Equity, Shares Issued (in shares)				363,000	363,000
Temporary Equity, Dividend Rate, Percentage				6.50%	6.50%
Subsequent Event [Member]
Payments for Repurchase of Preferred Stock and Preference Stock		$ 361
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%
Series A Preferred Stock [Member] \| Subsequent Event [Member]
Payments for Repurchase of Preferred Stock and Preference Stock	$ 361

Note 11 - Commitments and Contingencies (Details Textual)			9 Months Ended
	Jul. 24, 2023	Jul. 27, 2019	Sep. 30, 2024
Litigation Case, Asbestos Claims [Member]
Number of Lawsuits Filed			507
Loss Contingency, Pending Claims, Number			1,072
Case July 27 [Member]
Loss Contingency, Number of Plaintiffs		59
Cases Settled [Member]
Loss Contingency, Number of Plaintiffs			26
Case 2 July 24, 2023 [Member]
Loss Contingency, Number of Plaintiffs	8
Case 3 July 24, 2023 [Member]
Loss Contingency, Number of Plaintiffs	2

Note 6 - Income Taxes

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE 6 – INCOME TAXES

For the three months ended September 30, 2024, we earned $32 million before taxes and recorded a provision for income taxes of $3 million resulting in an effective tax rate of 9%. For the nine months ended September 30, 2024, we earned $101 million before taxes and recorded a provision for income taxes of $23 million resulting in an effective tax rate of 23%. Our rates generally differ from the U.S. federal statutory rates of 21% as a result of state income taxes, non-deductible expenses and differing foreign income tax rates. The effective tax rate for the three and nine months ended September 30, 2024 was favorably impacted by a net reduction in the valuation allowance provision, partially offset by foreign losses with no tax benefit due to valuation allowances.

For the three months ended September 30, 2023, we earned $49 million before taxes and recorded a provision for income taxes of $14 million resulting in an effective tax rate of 29%. For the nine months ended September 30, 2023, we earned $130 million before taxes and recorded a provision for income taxes of $37 million resulting in an effective tax rate of 28%. Our rates generally differ from the U.S. federal statutory rates of 21% as a result of state income taxes, non-deductible expenses and differing foreign income tax rates. The effective tax rate for the three and nine months ended September 30, 2023 was higher than the U.S. federal statutory rate due to foreign losses with no tax benefit due to valuation allowances.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Note 8 - Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

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

	*September 30,*			*December 31,*
	*2024*			*2023*
Currency translation adjustments	$	(224	)	$	(227	)
Other adjustments		(1	)		(1	)
Accumulated other comprehensive loss	$	(225	)	$	(228	)

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

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*		*September 30,*		*September 30,*		*September 30,*
	*2024*		*2023*		*2024*		*2023*
Net income	$	29	$	35	$	78	$	93
Less: Dividends on Series A Preferred Stock		6		6		18		18
Net income attributable to common stockholders	$	23	$	29	$	60	$	75

Weighted average basic shares outstanding		85.2		84.3		85.0		84.2
Effect of dilutive securities		1.0		21.6		1.2		21.6
Weighted average diluted shares outstanding		86.2		105.9		86.2		105.8

Net income per share:
Basic	$	0.27	$	0.34	$	0.71	$	0.89
Diluted	$	0.27	$	0.33	$	0.70	$	0.88

Note 8 - Stockholders' Equity (Details Textual) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock Options, Restricted Stock Units, and Performance Units [Member]
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares)	100,000	1,200,000	100,000	1,300,000
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)			457,138
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)			123,064
The 2011 Omnibus Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			1,000,027
The 2011 Omnibus Incentive Plan [Member] \| Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)			1 year
The 2011 Omnibus Incentive Plan [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)			10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)			3 years

Note 8 - Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accumulated other comprehensive loss	$ 557	$ 523	$ 495	$ 488	$ 463	$ 435	$ 412	$ 386
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated other comprehensive loss	(224)			(227)
Accumulated Other Adjustments Attributable to Parent [Member]
Accumulated other comprehensive loss	(1)			(1)
AOCI Attributable to Parent [Member]
Accumulated other comprehensive loss	$ (225)	$ (232)	$ (233)	$ (228)	$ (234)	$ (230)	$ (231)	$ (230)

- Definition

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

+ References

+ Details

Note 1 - Background and Basis of Presentation

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Significant Accounting Policies [Text Block]

NOTE 1 – BACKGROUND AND BASIS OF PRESENTATION

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

●		Gas Utilities: 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 industrial, chemical, gas distribution and hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia, Australasia and the Middle East. We obtain products from a broad range of suppliers.

Basis of Presentation: We have prepared our unaudited condensed consolidated financial statements in accordance with Rule 10-01 of Regulation S-X for interim financial statements. These statements do not include all information and footnotes that generally accepted accounting principles ("GAAP") require for complete annual financial statements. However, the information in these statements reflects all normal recurring adjustments that are, in our opinion, necessary for a fair presentation of the results for the interim periods. The results of operations for the three and nine months ended September 30, 2024, are not necessarily indicative of the results that will be realized for the fiscal year ending December 31, 2024. We have derived our condensed consolidated balance sheet as of September 30, 2024, from the audited consolidated financial statements for the year ended December 31, 2023. You should read these condensed consolidated financial statements in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023.

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

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 5 - Debt (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

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

	*September 30,*		*December 31,*
	*2024*		*2023*
Senior Secured Term Loan B, net of discount and issuance costs of $0 and $1, respectively	$	—	$	292
Global ABL Facility		85		9
		85		301
Less: current portion		—		292
	$	85	$	9

Schedule of Interest Rates on Borrowings [Table Text Block]

	*September 30,*			*December 31,*
	*2024*			*2023*
Senior Secured Term Loan B		—			9.08	%
Global ABL Facility		6.52	%		5.82	%
Weighted average interest rate		6.52	%		8.98	%

- Definition

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

+ References

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+ Details

Note 12 - Subsequent Events

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE 12 – SUBSEQUENT EVENTS

On October 29, 2024, the Company entered into a new Senior Secured Term Loan B (the “Term Loan”) with an original principal amount of $350 million, which amortizes in equal quarterly installments of 1% per year with the balance payable in October 2031, when the facility matures. The Term Loan has an applicable interest rate margin of 325 to 350 basis points in the case of loans incurring interest based on Term SOFR, and 225 to 250 basis points in the case of loans incurring interest based on the base rate. The applicable basis points used is determined based on the Company's current company family rating by Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services.

On October 29, 2024, the Company repurchased all of the outstanding shares of the Preferred Stock. On October 30, 2024, the Company retired the Preferred Stock. At closing the Company paid the holder of the Preferred Stock $361 million plus $4 million in accrued dividends. The Company used the proceeds from the Term Loan, cash on hand and drawings from its Global ABL Facility to fund the repurchase.

Note 2 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Sales	$ 797	$ 888	$ 2,435	$ 2,644
Gas Utilities [Member]
Sales	295	314	848	944
Downstream, Industrial and Energy Transition [Member]
Sales	248	279	792	802
Production and Transmission Infrastructure [Member]
Sales	254	295	795	898
UNITED STATES
Sales	644	745	1,988	2,212
UNITED STATES \| Gas Utilities [Member]
Sales	293	311	845	938
UNITED STATES \| Downstream, Industrial and Energy Transition [Member]
Sales	170	210	560	599
UNITED STATES \| Production and Transmission Infrastructure [Member]
Sales	181	224	583	675
CANADA
Sales	26	38	88	118
CANADA \| Gas Utilities [Member]
Sales	2	2	3	4
CANADA \| Downstream, Industrial and Energy Transition [Member]
Sales	9	7	30	16
CANADA \| Production and Transmission Infrastructure [Member]
Sales	15	29	55	98
International [Member]
Sales	127	105	359	314
International [Member] \| Gas Utilities [Member]
Sales	0	1	0	2
International [Member] \| Downstream, Industrial and Energy Transition [Member]
Sales	69	62	202	187
International [Member] \| Production and Transmission Infrastructure [Member]
Sales	$ 58	$ 42	$ 157	$ 125

- Definition

+ References

+ Details

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 29	$ 35	$ 78	$ 93
Other comprehensive income (loss)
Foreign currency translation adjustments	7	(4)	3	(4)
Total other comprehensive income (loss), net of tax	7	(4)	3	(4)
Comprehensive income	$ 36	$ 31	$ 81	$ 89

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

- Definition

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

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+ Details

Note 3 - Inventories

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE 3 – INVENTORIES

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

	*September 30,*			*December 31,*
	*2024*			*2023*
Finished goods inventory at average cost:
Valves, automation, measurement and instrumentation	$	233		$	274
Carbon steel pipe, fittings and flanges		156			193
Gas products		260			266
All other products		109			126
		758			859
Less: Excess of average cost over LIFO cost (LIFO reserve)		(279	)		(282	)
Less: Other inventory reserves		(17	)		(17	)
	$	462		$	560

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

Note 10 - Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Fair Value Disclosures [Text Block]

NOTE 10 – FAIR VALUE MEASUREMENTS

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

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

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

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

Foreign Exchange Forward Contracts:

Foreign exchange forward contracts are reported at fair value utilizing Level 2 inputs, as the fair value is based on broker quotes for the same or similar derivative instruments. Our foreign exchange derivative instruments are freestanding, and we have not designated them as hedges; accordingly, we have recorded changes in their fair market value in earnings. There were no outstanding forward foreign exchange contracts as of September 30, 2024 and December 31, 2023.

With the exception of long-term debt, the fair values of our financial instruments, including cash and cash equivalents, accounts receivable, trade accounts payable and accrued liabilities, approximate carrying value. The carrying value of our debt was $85 million and $301 million at September 30, 2024 and December 31, 2023, respectively. We estimate the fair value of our debt using Level 2 inputs or quoted market prices.

- 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.

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+ Details

Note 4 - Leases

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Lessee, Operating Leases and Finance Leases [Text Block]

NOTE 4 – LEASES

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

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

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

Expense associated with our operating leases was $14 million and $36 million for the three and nine months ended September 30, 2024, respectively, and $11 million and $31 million for the three and nine months ended September 30, 2023, respectively, which we have classified in selling, general and administrative expenses. For the three and nine months ended September 30, 2024, expense associated with our finance leases was $2 million related to the amortization of ROU Assets, which we have classified in cost of sales, and less than $1 million related to the interest on finance lease liabilities, which we have classified in interest expense. Cash paid for operating leases recognized as liabilities was $9 million and $30 million for the three and nine months ended September 30, 2024, respectively, and $10 million and $30 million for the three and nine months ended September 30, 2023, respectively. Cash paid for finance leases was $1 million for the three and nine months ended September 30, 2024.

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

Maturity of Lease Liabilities	*Operating*			*Finance*
Remainder of 2024	$	12		$	—
2025		43			2
2026		38			2
2027		31			2
2028		26			2
After 2028		136			2
Total lease payments		286			10
Less: Interest		(85	)		(1	)
Present value of lease liabilities	$	201		$	9

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

	*September 30,*
Operating Lease Term and Discount Rate	*2024*
Weighted-average remaining lease term (years)
Operating leases		10
Finance leases		6
Weighted-average discount rate
Operating leases		6.6	%
Finance leases		6.6	%

Amounts maturing after 2028 include expected renewals for leases of regional distribution centers and certain corporate offices through dates up to 2048. Excluding these optional renewals, our weighted-average remaining lease term for operating and finance leases is 6 years and 6 years, respectively.