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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2012	Jun. 29, 2012
Entity Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY
Trading Symbol	MRC
Entity Registrant Name	MRC GLOBAL INC.
Entity Central Index Key	0001439095
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	101,563,237
Entity Public Float		$ 975

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Current assets:
Cash	$ 37,090	$ 46,127
Accounts receivable, net	823,236	791,280
Inventories	970,228	899,064
Deferred income taxes	6,603	2,215
Income taxes receivable	248
Other current assets	13,169	11,437
Total current assets	1,850,574	1,750,123
Other assets	37,031	39,212
Property, plant and equipment, net	122,458	107,430
Intangible assets:
Goodwill, net	610,392	561,270
Other intangible assets, net	749,272	771,867
Total intangible assets	1,359,664	1,333,137
Total assets	3,369,727	3,229,902
Current liabilities:
Trade accounts payable	438,344	479,584
Accrued expenses and other current liabilities	124,026	108,973
Income taxes payable		11,950
Deferred revenue	1,573	4,450
Deferred income taxes	79,661	70,425
Current portion of long-term debt	6,500
Total current liabilities	650,104	675,382
Long-term obligations:
Long-term debt, net	1,250,089	1,526,740
Deferred income taxes	261,448	288,985
Other liabilities	22,164	17,933
Total noncurrent liabilities	1,533,701	1,833,658
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value per share; 500,000 shares authorized, 101,563 and 84,427 issued and outstanding, respectively	1,016	844
Preferred stock, $0.01 par value per share; 100,000 shares authorized, no shares issued and outstanding
Additional paid-in-capital	1,625,900	1,282,949
Retained (deficit)	(418,830)	(536,791)
Accumulated other comprehensive loss	(22,164)	(26,140)
Total stockholders' equity	1,185,922	720,862
Total Liabilities and Stockholders' equity	$ 3,369,727	$ 3,229,902

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2012	Dec. 31, 2011
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000	500,000
Common stock, shares issued	101,563	84,427
Common stock, shares outstanding	101,563	84,427
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Sales	$ 5,570,858,000	$ 4,832,423,000	$ 3,845,536,000
Cost of sales	4,557,115,000	4,124,271,000	3,327,434,000
Gross profit	1,013,743,000	708,152,000	518,102,000
Selling, general and administrative expenses	606,753,000	513,563,000	451,680,000
Operating income	406,990,000	194,589,000	66,422,000
Other income (expense):
Interest expense	(112,519,000)	(136,844,000)	(139,641,000)
Loss on early extinguishment of debt	(113,961,000)
Write off of debt issuance costs	(1,685,000)	(9,450,000)
Change in fair value of derivative instruments	2,186,000	7,044,000	(4,926,000)
Other, net	685,000	429,000	2,968,000
Income (loss) before income taxes	181,696,000	55,768,000	(75,177,000)
Income tax expense (benefit)	63,738,000	26,784,000	(23,353,000)
Net income (loss)	$ 117,958,000	$ 28,984,000	$ (51,824,000)
Basic earnings (loss) per common share	$ 1.22	$ 0.34	$ (0.61)
Diluted earnings (loss) per common share	$ 1.22	$ 0.34	$ (0.61)
Weighted-average common shares, basic	96,465	84,417	84,384
Weighted-average common shares, diluted	96,925	84,655	84,384

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Net income (loss)	$ 117,958,000	$ 28,984,000	$ (51,824,000)
Other comprehensive income (loss) before tax
Foreign currency translation adjustments	4,149,000	(7,616,000)	(3,233,000)
Pension related adjustments	25,000	635,000	(1,804,000)
Total other comprehensive income (loss) before tax	4,174,000	(6,981,000)	(5,037,000)
Income tax (expense) benefit related to components of other comprehensive income	(198,000)	697,000	(1,474,000)
Other comprehensive income (loss), net of tax	3,976,000	(6,284,000)	(6,511,000)
Comprehensive income (loss)	$ 121,934,000	$ 22,700,000	$ (58,335,000)

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References + Details

- Definition

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

+ References

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- Definition

Before tax and net of reclassification adjustments of the change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity. Also includes the following: gain (loss) on foreign currency forward exchange contracts; foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; and gain (loss) on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain (loss) that has been designated and qualified as a hedging instrument for hedging of the foreign currency exposure of a net investment in a foreign operation.

+ References + Details

- Definition

Tax effect of other comprehensive income (loss) attributable to both parent entity and noncontrolling interest.

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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning balance at Dec. 31, 2009	$ 743,898	$ 843	$ 1,270,616	$ (514,216)	$ (13,345)
Beginning balance, shares at Dec. 31, 2009		84,368,000
Net income (loss)	(51,824)			(51,824)
Foreign currency translation, net of tax	(4,707)				(4,707)
Pension related adjustments, net of tax	(1,804)				(1,804)
Comprehensive income (loss)	(58,335)
Common stock issued in initial public offering	200		200
Common stock issued in initial public offering, shares		11,000
Restricted stock vested during period	1	$ 1
Restricted stock vested during period, shares		25,000
Forfeited dividends on forfeited unvested restricted stock	250			250
Equity-based compensation expense	3,744		3,744
Ending balance at Dec. 31, 2010	689,758	$ 844	1,274,560	(565,790)	(19,856)
Ending balance, shares at Dec. 31, 2010		84,404,000
Net income (loss)	28,984			28,984
Foreign currency translation, net of tax	(6,919)				(6,919)
Pension related adjustments, net of tax	635				635
Comprehensive income (loss)	22,700
Restricted stock vested during period	1		1
Restricted stock vested during period, shares		23,000
Forfeited dividends on forfeited unvested restricted stock	15			15
Equity-based compensation expense	8,385		8,385
Exercise of stock options	3		3
Ending balance at Dec. 31, 2011	720,862	$ 844	1,282,949	(536,791)	(26,140)
Ending balance, shares at Dec. 31, 2011		84,427,000
Net income (loss)	117,958			117,958
Foreign currency translation, net of tax	3,793				3,793
Pension related adjustments, net of tax	183				183
Comprehensive income (loss)	121,934
Common stock issued in initial public offering	333,342	$ 171	333,171
Common stock issued in initial public offering, shares		17,046,000
Restricted stock vested during period, shares		22,000
Forfeited dividends on forfeited unvested restricted stock	3			3
Equity-based compensation expense	8,475		8,475
Exercise of stock options	$ 677	$ 1	676
Exercise of stock options, shares	68,838	68,000
Tax benefit on stock based compensation	$ 629		629
Ending balance at Dec. 31, 2012	$ 1,185,922	$ 1,016	$ 1,625,900	$ (418,830)	$ (22,164)
Ending balance, shares at Dec. 31, 2012		101,563,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Operating activities
Net income (loss)	$ 117,958,000	$ 28,984,000	$ (51,824,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Depreciation and amortization	18,585,000	17,046,000	16,579,000
Amortization of intangibles	49,466,000	50,652,000	53,852,000
Equity-based compensation expense	8,475,000	8,385,000	3,744,000
Deferred income tax (benefit) expense	(20,432,000)	(16,362,000)	2,673,000
Amortization of debt issuance costs	8,782,000	10,456,000	11,800,000
Loss on early extinguishment of debt	113,961,000
Write off of debt issuance costs	1,685,000	9,450,000
(Decrease) increase in LIFO reserve	(24,140,000)	73,703,000	74,557,000
Change in fair value of derivative instruments	(2,186,000)	(7,044,000)	4,926,000
Hedge termination			(25,038,000)
Provision for uncollectible accounts	2,428,000	433,000	(2,042,000)
Other non-cash items	6,961,000	4,025,000	622,000
Changes in operating assets and liabilities:
Accounts receivable	22,399,000	(177,744,000)	(83,648,000)
Inventories	26,674,000	(182,173,000)	27,098,000
Income taxes	(12,593,000)	45,333,000	(12,278,000)
Other current assets	(681,000)	(35,000)	1,249,000
Accounts payable	(84,380,000)	36,550,000	85,074,000
Deferred revenue	(2,921,000)	(13,642,000)	1,071,000
Accrued expenses and other current liabilities	10,031,000	9,086,000	4,293,000
Net cash provided by (used in) operations	240,072,000	(102,897,000)	112,708,000
Investing activities
Purchases of property, plant and equipment	(26,189,000)	(18,056,000)	(14,307,000)
Proceeds from the disposition of property, plant & equipment	2,272,000	3,087,000	3,054,000
Acquisitions, net of cash acquired of $0, $2,036, and $781	(152,367,000)	(39,865,000)	(12,393,000)
Proceeds from the sale of assets held for sale		10,594,000	4,060,000
Other investment and notes receivable transactions	(6,755,000)	(3,795,000)	3,351,000
Net cash used in investing activities	(183,039,000)	(48,035,000)	(16,235,000)
Financing activities
Proceeds from the sale of common stock	333,342,000
Net proceeds from/(payments) on revolving credit facilities	149,699,000	150,428,000	(141,899,000)
Purchases and redemption of senior secured notes	(1,135,223,000)
Proceeds from issuance of term loan	643,500,000
Proceeds from issuance of senior secured notes			47,897,000
Payments on long-term obligations	(33,081,000)
Debt issuance costs paid	(20,038,000)	(9,836,000)	(4,386,000)
Proceeds from exercise of stock options	677,000	3,000
Tax benefit on stock options	629,000
Forfeited dividends on forfeited unvested restricted stock	3,000	0	0
Cash equity contributions			200,000
Net cash (used in) provided by financing activities	(60,492,000)	140,595,000	(98,188,000)
Decrease in cash	(3,459,000)	(10,337,000)	(1,715,000)
Effect of foreign exchange rate on cash	(5,578,000)	262,000	1,673,000
Cash-beginning of year	46,127,000	56,202,000	56,244,000
Cash-end of year	37,090,000	46,127,000	56,202,000
Supplemental disclosures of cash flow information:
Cash paid for interest	104,846,000	124,039,000	125,419,000
Cash paid for (received from) income taxes	$ 96,526,000	$ (1,051,000)	$ (10,250,000)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Acquisitions, net of cash acquired	$ 0	$ 2,036	$ 781

Significant Accounting Policies

12 Months Ended

Dec. 31, 2012

Significant Accounting Policies

NOTE 1—SIGNIFICANT ACCOUNTING POLICIES

Business Operations: MRC Global Inc. is a holding company headquartered in Houston, Texas. We are a majority owned subsidiary of PVF Holdings LLC. Our wholly owned subsidiaries, McJunkin Red Man Corporation and its subsidiaries, are global distributors of pipe, valves, fittings and related products and services across each of the upstream (exploration, production and extraction of underground oil and gas), midstream (gathering and transmission of oil and gas, gas utilities, and the storage and distribution of oil and gas) and downstream (crude oil refining, petrochemical processing and general industrials) sectors. We have branches in principal industrial, hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia and Australasia. Our products are obtained from a broad range of suppliers.

Basis of Presentation: The consolidated financial statements include the accounts of MRC Global Inc. and its wholly owned and majority owned subsidiaries (collectively referred to as the “Company” or by 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 revenues and expenses during the reported period. We believe that our most significant estimates and assumptions are related to estimated losses on accounts receivable, the last-in, first-out (“LIFO”) inventory costing methodology, estimated realizable value on excess and obsolete inventories, goodwill, intangibles, 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 Doubtful Accounts: We evaluate the adequacy of the allowance for 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 doubtful accounts, 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 losses on receivables is included in selling, general and administrative expenses in the accompanying consolidated statements of operations.

Inventories: Our inventories are valued at the lower of cost, principally LIFO, or market. We believe that the use of LIFO results in a better matching of costs and revenues. This practice excludes certain inventories, which are held outside of the United States, approximating $318.9 million and $217.0 million at December 31, 2012 and 2011, which are valued at the lower of weighted-average cost or market. Our inventory is substantially comprised of finished goods.

Allowances for excess and obsolete inventories are determined based on analyses comparing inventories on hand to sales trends. The allowance, which totaled $19.0 million and $16.5 million at December 31, 2012 and 2011, is the amount deemed necessary to reduce the cost of the inventory to its estimated realizable value.

Debt Issuance Costs: We defer costs directly related to obtaining financing and amortize them over the term of the indebtedness on a straight-line basis. The use of the straight-line method does not produce results that are materially different from those which would result from the use of the effective interest method. Such amounts are reflected in the consolidated statement of operations as a component of interest expense. Debt issuance costs are shown net of accumulated amortization of $4.8 million and $3.5 million at December 31, 2012 and 2011.

Fixed Assets: Land, buildings and equipment are stated on the basis of cost. For financial statement purposes, depreciation is computed over the estimated useful lives of such assets principally by the straight-line method; accelerated depreciation and cost recovery methods are used for income tax purposes. Leasehold improvements are amortized using the straight-line method over the shorter of the remaining lease term or the estimated useful life of the improvements. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income for the period. Maintenance and repairs are charged to expense as incurred.

Goodwill and Other Intangible Assets: Goodwill represents the excess of cost over the fair value of net assets acquired. Goodwill is tested for impairment annually or more frequently if circumstances indicate that impairment may exist. We evaluate goodwill for impairment at three reporting units that mirror our three segments (U.S., Canada and International).

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. If the carrying value is more than the estimated fair value, we then calculate the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets of the reporting unit from the estimated fair value of the reporting unit. Impairment losses are recognized to the extent that recorded goodwill exceeds implied goodwill. Our impairment methodology uses discounted cash flow and multiples of cash earnings valuation techniques, plus valuation comparisons to similar businesses. These valuation methods require us to make certain assumptions and estimates regarding future operating results, the extent and timing of future cash flows, working capital, sales prices, profitability, discount rates and growth trends. While we believe that such assumptions and estimates are reasonable, the actual results may differ materially from the projected results.

Intangible assets with indefinite useful lives are tested for impairment annually or more frequently if circumstances indicate that impairment may exist. This test compares the carrying value of the indefinite lived intangible assets with their estimated fair value. If the carrying value is more than the estimated fair value, impairment losses are recognized in an amount equal to the excess of the carrying value over the estimated fair value. Our impairment methodology uses discounted cash flow and estimated royalty rate valuation techniques. These valuation methods require 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 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. Changes in the fair values of our derivative instruments are based upon independent market quotes. We do not designate our interest rate swaps as hedging instruments; therefore, we record our interest rate swaps on the consolidated balance sheets at fair value, with the gains and losses recognized in earnings in the period of change.

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

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

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

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

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

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

Our impairment methodology for goodwill and other 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 first party automobile coverage, product recall, ocean cargo shipments and portions of employee healthcare and asbestos claims. In addition, we maintain a nonmaterial deductible program as it relates to workers’ compensation, automobile liability, property and general liability claims including, but not limited to, certain product liability claims, which are secured by various letters of credit totaling $5.6 million. Our estimated liability and related expenses for claims are based in part upon estimates provided by insurance carriers, third-party administrators, and actuaries. Insurance reserves are deemed by us to be sufficient to cover outstanding claims, including those incurred but not reported as of the estimation date. Further, we maintain a commercially reasonable umbrella/excess policy that covers liabilities in excess of the primary limits.

Income Taxes: We use the liability method for determining our income taxes, under which current and deferred tax liabilities and assets are recorded in accordance with enacted tax laws and rates. Under this method, the amounts of deferred tax liabilities and assets at the end of each period are determined using the tax rate expected to be in effect when taxes are actually paid or recovered.

Deferred tax assets and liabilities are recorded for differences between the financial reporting and tax bases of assets and liabilities using the tax rate expected to be in effect when the taxes will actually be paid or refunds received. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. A valuation allowance to reduce deferred tax assets is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized.

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.

We intend to permanently reinvest certain earnings of our foreign subsidiaries in operations outside the U.S., and accordingly, we have not provided for U.S. income taxes on such earnings.

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 income within other, net.

Equity-Based Compensation: Our equity-based compensation consists of (1) restricted common units and profit units of PVF Holdings LLC and (2) restricted stock and nonqualified stock options of our Company. The cost of employee services received in exchange for an award of an equity instrument is measured based on the grant-date fair value of the award. Our policy is to expense equity-based compensation using the fair-value of awards granted, modified or settled. Restricted common units, profit 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 and is recognized as compensation expense over the applicable vesting period.

Revenue Recognition: Sales to our principal customers are made pursuant to agreements that normally provide for transfer of legal title and risk upon shipment. We recognize revenue as products are shipped, title has transferred to the customer and the customer assumes the risks and rewards of ownership, and collectability is reasonably assured. Freight charges billed to customers are reflected in revenues. Return allowances are estimated using historical experience. Amounts received in advance of shipment are deferred and recognized as revenue when the products are shipped and title transfers. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales in the accompanying consolidated statements of income.

Cost of Sales: Cost of sales includes the cost of inventory sold and related items, such as vendor rebates, inventory allowances, and shipping and handling costs associated with inbound and outbound freight. Certain purchasing costs and warehousing activities (including receiving, inspection and stocking costs), as well as general warehousing expenses, are included in selling, general and administrative expenses and not in cost of sales. As such, our gross margin may not be comparable to others that may include these expenses as a component of cost of sales. Purchasing and warehousing costs approximated $34.8 million, $27.3 million, and $25.5 million for the years ended December 31, 2012, 2011, and 2010.

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 and unvested restricted 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 and unvested restricted stock. The dilutive effect of unexercised stock options and unvested restricted stock is calculated under the treasury stock method.

Concentration of Credit Risk: Most of our business activity is with customers in the energy and industrial sectors. In the normal course of business, we grant credit to these customers in the form of trade accounts receivable. These receivables could potentially subject us to concentrations of credit risk; however, we minimize this risk by closely monitoring extensions of trade credit. We generally do not require collateral on trade receivables. We have a broad customer base doing business in many regions of the world. During 2012, 2011 and 2010, we did not have sales to any one customer in excess of 10% of gross sales. At those respective year-ends, no individual customer balances exceeded 10% of gross accounts receivable.

We have a broad supplier base, sourcing our products in most regions of the world. During 2012 and 2011, we did not have purchases from any one vendor in excess of 10% of our gross purchases, while during 2010 we had purchases from one vendor in excess of 10% of our gross purchases (11%). At those respective year-ends no individual vendor balance exceeded 10% of gross 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.

Segment Reporting: We have three operating and reportable segments, the United States of America, Canada, and International, which includes Europe, Asia, and Australasia. These segments represent our global business of providing pipe, valves, fittings and related products and services to the energy and industrial sectors, across each of the upstream (exploration, production and extraction of underground oil and gas), midstream (gathering and transmission of oil and gas, gas utilities, and the storage and distribution of oil and gas) and downstream (crude oil refining and petrochemical processing) markets, through our distribution operations located throughout the world. We have recast segment operating results for 2011 and 2010 to conform with certain organizational realignments in 2012.

Reclassifications: Certain immaterial amounts in the prior years’ balance sheet, statements of operations and statements of cash flows have been reclassified to conform to the current year’s presentation.

Recently Issued Accounting Standards: In July 2012, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2012-02, Intangibles—Goodwill and Other (Topic 350)—Testing Indefinite-Lived Intangible Assets for Impairment (ASU 2012-02), to allow entities to use a qualitative approach to test indefinite-lived intangible assets for impairment. ASU 2012-02 permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value. If it is concluded that this is the case, it is then necessary to perform the currently prescribed quantitative impairment test by comparing the fair value of the indefinite-lived intangible asset with its carrying value. Otherwise, the quantitative impairment test is not required. ASU 2012-02 is effective for us in fiscal 2013 and early adoption is permitted. We do not believe that ASU No. 2012-02 will have a material impact on our consolidated financial statements.

In October 2012, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2012-04, Technical Corrections and Improvements, to clarify the codification and correct unintended applications of guidance that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments in ASU 2012-04 cover a wide range of topics in the codification and are classified as either technical corrections and improvements or conforming amendments related to fair value measurements. The amendments in ASU 2012-04 that do not have transition guidance are effective for us in fiscal 2012, while the amendments that are subject to the transition guidance are effective for us in fiscal 2013. We do not believe that ASU No. 2012-04 will have a material impact on our consolidated financial statements.

Acquisitions

12 Months Ended

Dec. 31, 2012

Acquisitions

NOTE 2—ACQUISITIONS

In 2012, we completed three acquisitions for an aggregate purchase price of $152.4 million. These acquisitions included:

•

The assets and operations of OneSteel Piping Systems, now known as MRC Piping Systems Australia (“MRC PSA”), a leading PVF distributor supplying the oil and gas, mining and mineral processing industries in Australia.

•

The assets of Chaparral Supply of Cherokee, Oklahoma which provided us support in the Mississippian Lime formation in Oklahoma and Kansas.

•

The assets and operations of Production Specialty Services, Inc. (“PSS”), a regional PVF distributor with 17 locations within the Permian Basin and Eagle Ford shale regions of Texas and New Mexico.

The preliminary purchase price allocation of each acquisition was based on preliminary valuations. Our estimates and assumptions are subject to change upon the receipt and review of final valuations. Goodwill recorded in connection with these transactions is deductable. The consideration paid for these acquisitions has been allocated as follows (in millions):


	2012 Acquisitions
Net assets acquired:
Current assets, net of cash acquired	$	129.1
Other long-term assets		11.8
Customer base intangibles		23.1
Other intangible assets		2.6
Goodwill		46.9
Current liabilities		(52.4	)
Other long-term liabilities		(8.7	)

Cash consideration paid	$	152.4

In 2011, we completed two acquisitions for an aggregate purchase price of $41.9 million. These acquisitions included Stainless Pipe and Fittings Australia Pty. Ltd. (“MRC SPF”), a distributor of stainless steel piping products, and certain assets and operations of Valve Systems and Controls (“VSC”), a Houston, Texas based company specializing in valve automation.

In 2010, we completed two acquisitions for an aggregate purchase price of $13.2 million. These acquisitions included The South Texas Supply Company, Inc. (“South Texas”) and the operations and assets from Dresser Oil Tools, Inc. (“Dresser”) with operations in the Eagle Ford and Bakken Shale regions, respectively.

The impact of these transactions was not material to our financial statements in each of these respective years. Accordingly, no pro forma information has been presented.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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-Number 88-16
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph F4
-Subparagraph e
-Appendix F

Reference 18: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Accounts Receivable

12 Months Ended

Dec. 31, 2012

Accounts Receivable

NOTE 3—ACCOUNTS RECEIVABLE

The rollforward of our allowance for doubtful accounts is as follows (in thousands):


	December 31,
	2012			2011			2010
Allowance for doubtful accounts
Beginning balance	$	4,815		$	4,451		$	8,790
Net charge-offs		(1,973	)		(69	)		(2,297	)
Provision		2,428			433			(2,042	)

Ending balance	$	5,270		$	4,815		$	4,451

Our accounts receivable is also presented net of other volume related allowances. Those allowances approximated $3.3 million and $4.2 million at December 31, 2012 and 2011.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Section 08
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+ Details

Inventories

12 Months Ended

Dec. 31, 2012

Inventories

NOTE 4—INVENTORIES

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


	December 31,
	2012			2011
Finished goods inventory at average cost:
Energy carbon steel tubular products	$	387,609		$	488,938
Valves, fittings, flanges and all other products		752,630			601,706

		1,140,239			1,090,644
Less: Excess of average cost over LIFO cost (LIFO reserve)		(150,982	)		(175,122	)
Less: Other inventory reserves		(19,029	)		(16,458	)

	$	970,228		$	899,064

During 2012, our inventory quantities were reduced, resulting in a liquidation of a LIFO inventory layer that was carried at a lower cost prevailing from a prior year, as compared with current costs in the current year (a “LIFO decrement”). A LIFO decrement results in the erosion of layers created in earlier years, and, therefore, a LIFO layer is not created for years that have decrements. In 2012 and 2010, the effect of this LIFO decrement decreased cost of sales by approximately $1.3 million and $14.1 million, respectively. There was no LIFO decrement in 2011.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2012

Property, Plant and Equipment

NOTE 5—PROPERTY, PLANT AND EQUIPMENT

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


		December 31,
	Depreciable Life	2012			2011
Land and improvements	—	$	17,465		$	16,894
Building and building improvements	40 years		55,930			55,458
Machinery and equipment	3 to 10 years		130,289			103,224
Construction in progress	—		2,160			638
Property held under capital leases	20 to 30 years		3,500			3,217

			209,344			179,431
Allowances for depreciation and amortization			(86,886	)		(72,001	)

		$	122,458		$	107,430

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2012

Goodwill and Other Intangible Assets

NOTE 6—GOODWILL AND OTHER INTANGIBLE ASSETS

The changes in the carrying amount of goodwill by segment for the years ended December 31, 2012, 2011 and 2010 are as follows (in thousands):


	US			Canada		International			Total
Goodwill at December 31, 2009(1)	$	506,574		$	—	$	43,159		$	549,733
Acquisition of South Texas and Dresser		3,591			—		—			3,591
Other		(687	)		—		—			(687	)
Effect of foreign currency translation		—			—		(3,253	)		(3,253	)

Goodwill at December 31, 2010(1)	$	509,478		$	—	$	39,906		$	549,384
Acquisition of VSC		2,780			—		—			2,780
Acquisition of MRC SPF		—			—		11,565			11,565
Other		(211	)		—		—			(211	)
Effect of foreign currency translation		—			—		(2,248	)		(2,248	)

Goodwill at December 31, 2011(1)	$	512,047		$	—	$	49,223		$	561,270
Acquisition of MRC PSA		—			—		21,829			21,829
Acquisition of PSS		25,051			—		—			25,051
Adjustment of MRC SPF purchase price		—			—		1,197			1,197
Effect of foreign currency translation		—			—		1,045			1,045

Goodwill at December 31, 2012	$	537,098		$	—	$	73,294		$	610,392

(1)	Net of accumulated impairment losses of $240.9 and $69.0 in the U.S and Canadian segments, respectively.

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


	Weighted- Average Amortization Period (in years)		Gross		Accumulated Amortization			Net Book Value
December 31, 2012
Customer base		15.8	$	721,010	$	(242,355	)	$	478,655
Amortizable trade names		6.7		15,671		(6,577	)		9,094
Indefinite lived trade names(1)		N/A		260,023		—			260,023
Noncompete agreements		3.8		2,470		(970	)		1,500

		15.6	$	999,174	$	(249,902	)	$	749,272

December 31, 2011
Customer base		16.1	$	696,326	$	(194,836	)	$	501,490
Amortizable trade names		6.0		21,980		(11,642	)		10,338
Indefinite lived trade names(1)		N/A		260,023		—			260,023
Noncompete agreements		5.0		970		(954	)		16

		15.8	$	979,299	$	(207,432	)	$	771,867

(1)	Net of accumulated impairment losses of $76,200.

Amortization of Intangible Assets

Total amortization of intangible assets for each of the years ending December 31, 2013 to 2017 is currently estimated as follows (in thousands):


2013	$	53,283
2014		52,709
2015		52,071
2016		51,272
2017		49,680

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Long-Term Debt

12 Months Ended

Dec. 31, 2012

Long-Term Debt

NOTE 7—LONG-TERM DEBT

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


	December 31,
	2012		2011
Senior secured term loan B, net of discount of $6,345	$	642,030	$	—
Global ABL Facility		608,006		—
9.50% senior secured notes due 2016, net of discount of $18,358		—		1,031,642
ABL Credit Facility		—		456,411
MRC Transmark term loan facility		—		30,824
Other		6,553		7,863

		1,256,589		1,526,740
Less current portion		6,500		—

	$	1,250,089	$	1,526,740

Senior Secured Term Loan B: In November 2012, we entered into a new $650 million seven-year Term Loan B (the “Term Loan”), with Bank of America N.A. as administrative agent, and other lenders from time to time parties thereto. The proceeds of the new Term Loan, together with a draw under the Company’s Global ABL Facility, were used to redeem all of McJunkin Red Man Corporation’s outstanding 9.50% Senior Secured Notes due 2016 (the “Notes”), totaling approximately $861.3 million.

Accordion. The Term Loan allows for incremental increases up to an aggregate of $200 million, plus an additional amount such that the Company’s senior secured leverage ratio (the ratio of the Company’s Consolidated EBITDA (as defined under the Term Loan) to senior secured debt) (net of up to $75 million of unrestricted cash) would not exceed 3.50 to 1.00.

Maturity. The scheduled maturity date of the Term Loan is November 9, 2019. The Term Loan will amortize in equal quarterly installments at 1% a year with the payment of the balance at maturity.

Guarantees. The Term Loan is guaranteed by the Company and all of the U.S. borrower’s current and future wholly owned material U.S. subsidiaries, subject to certain exceptions.

Security. The Term Loan is secured by a first lien on all of the Company’s assets and the assets of its domestic subsidiaries, subject to certain exceptions and other than the collateral securing the Global ABL Facility (which includes accounts receivable, inventory and related assets, collectively, the “ABL collateral”), and by a second lien on the ABL collateral. In addition, the Term Loan is secured by a pledge of all the capital stock of the Company’s domestic subsidiaries and 65% of the capital stock of its first tier foreign subsidiaries, subject to certain exceptions.

Interest Rates and Fees. The Company has the option to pay interest at a base rate, subject to a floor of 2.25%, plus an applicable margin, or at a rate based on LIBOR, subject to a floor of 1.25%, plus an applicable margin. The applicable margin for base rate loans is 400 basis points and the applicable margin for LIBOR loans is 500 basis points. The margin will step down by 25 basis points if the Company’s consolidated total leverage ratio (as defined under the Term Loan) is less than 2.50 to 1.00.

Voluntary Prepayment. The Company is able to voluntarily prepay the principal without penalty or premium, other than a 1% premium in the first year for re-pricing transactions only.

Mandatory Prepayment. The Company is required to repay the Term Loan with certain asset sale and insurance proceeds, certain debt proceeds and 50% of excess cash flow (reducing to 25% if the Company’s senior secured leverage ratio is no more than 2.75 to 1.00 and 0% if the Company’s senior secured leverage ratio is no more than 2.50 to 1.00).

Restrictive Covenants. The Term Loan does not include any financial 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 (including the Borrower) to:

•

make investments;

•

prepay certain indebtedness;

•

grant liens;

•

incur additional indebtedness;

•

sell assets;

•

make fundamental changes;

•

enter into transactions with affiliates; and

•

in the case of the Company, to 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 3.25:1.00.

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 3.50:1.00. 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 4.00:1.00. 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 5.00:1.00. Additionally, under the Term Loan, the Company and its restricted subsidiaries may incur indebtedness under the Global ABL Facility (or any replacement facility) in an amount not to exceed the greater of $1.3 billion and a Borrowing Base (equal to, subject to certain exceptions, 85% of all accounts receivable and 65% of the book value of all inventory owned by the Company and its restricted subsidiaries).

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

Global ABL Credit Facility: In March 2012, we entered into a new multi-currency global asset-based revolving credit facility (the “Global ABL Facility”) which replaced our then existing asset-based lending credit facility (“ABL Credit Facility”), our MRC Transmark term loan and revolving credit facility and our MRC Transmark overdraft facility. The five-year Global ABL Facility is comprised of $1.25 billion of total revolving credit facilities, including $977 million in the United States, $170 million in Canada, $12 million in the United Kingdom, $75 million in Australia, $9 million in the Netherlands and $7 million in Belgium. The facility contains an accordion feature that allows us to increase the principal amount of the facility by up to $300 million.

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.

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 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.

No non-U.S. subsidiary guarantees the U.S. tranche and no property of our non-U.S. subsidiaries secures the U.S. tranche. 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.

Each of our non-U.S. borrower subsidiaries has a separate stand alone 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.

U.S. borrowings under the facility bear interest at LIBOR plus a margin varying between 1.50% and 2.00% based on our fixed charge coverage ratio. Borrowings by our foreign borrower subsidiaries are generally subject to the same interest rate margins with the benchmark rate for such borrowings varying based on the currency in which such borrowings are made.

Availability: At December 31, 2012, availability under our revolving credit facilities was $429.6 million.

Senior Secured Notes: In a series of transactions from June to September 2012, we purchased in the open market $188.7 million in principal of our 9.50% senior secured notes due 2016 for $205.0 million. The purchases were funded with borrowings under our Global ABL Facility, and the weighted average price of these purchases was $108.65 per $100 of principal amount. We incurred a pre-tax loss on the purchase of the senior secured notes of $21.7 million related to the purchase premium, the write off of unamortized deferred financing costs and the write off of original discount.

In November 2012, we redeemed the remaining $861.3 million of senior secured notes utilizing proceeds of the Company’s new $650 million Term Loan together with a draw under our Global ABL Facility. The early redemption required the payment of a premium of $68.9 million. When combined with the write off of unamortized deferred financing costs and the write off of original issue discount, this redemption resulted in a pre-tax loss of $92.2 million.

Interest on Borrowings: The interest rates on our borrowings outstanding at December 31, 2012 and 2011 were as follows:


	December 31,
	2012			2011
Senior secured term loan B, net of discount		6.39	%		—
Global ABL Facility		2.21	%		—
9.50% senior secured notes due 2016, net of discount		—			9.88	%
ABL Credit Facility		—			2.66	%
MRC Transmark term loan facility		—			7.17	%
Other		0.84	%		1.85	%

Maturities of Long-Term Debt: At December 31, 2012, annual maturities of long-term debt during the next five fiscal years and thereafter are as follows (in thousands):


2013	$	6,500
2014		13,011
2015		6,542
2016		6,500
2017		614,506
Thereafter		609,530

- 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 + Details

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2012

Derivative Financial Instruments

NOTE 8—DERIVATIVE FINANCIAL INSTRUMENTS

We use derivative financial instruments to help manage our exposure to interest rate risk and fluctuations in foreign currencies. All of our derivative instruments are freestanding and, accordingly, changes in their fair market value are recorded in earnings.

The table below provides data about the fair value of the derivative instruments that are recorded in our consolidated balance sheets (in thousands):


	December 31, 2012				December 31, 2011
	Assets		Liabilities		Assets		Liabilities
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts(1)	$	3	$	—	$	—	$	144
Interest rate contracts(1)		—		—		—		2,010

(1)

Included in “Accrued expenses and other current liabilities” or “other current assets” in our consolidated balance sheets. The total notional amount of our interest rate swaps was $0 and approximately $519 million at December 31, 2012 and December 31, 2011, respectively. The total notional amount of our forward foreign exchange contracts was approximately $69 million and $39 million at December 31, 2012 and December 31, 2011.

The table below provides data about the amount of gains and (losses) recognized in our consolidated statements of operations related to our derivative instruments (in thousands):


	Year Ended December 31,
	2012		2011		2010
Derivatives not designated as hedging instruments:
Interest rate contracts	$	2,010	$	6,973	$	(5,548	)
Foreign exchange forward contracts		176		71		622

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2012

Income Taxes

NOTE 9—INCOME TAXES

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


	Year Ended December 31,
	2012		2011		2010
United States	$	156,226	$	50,654	$	(59,375	)
Foreign		25,470		5,114		(15,802	)

	$	181,696	$	55,768	$	(75,177	)

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


	Year Ended December 31,
	2012			2011			2010
Current:
Federal	$	65,563		$	32,080		$	(26,111	)
State		6,569			2,878			(1,709	)
Foreign		12,038			8,188			1,794

		84,170			43,146			(26,026	)
Deferred:
Federal		(15,776	)		(14,960	)		5,801
State		(1,256	)		(1,177	)		458
Foreign		(3,400	)		(225	)		(3,586	)

		(20,432	)		(16,362	)		2,673

Income tax expense (benefit)	$	63,738		$	26,784		$	(23,353	)

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


	Year Ended December 31,
	2012			2011			2010
Federal tax expense at statutory rates	$	63,474		$	19,518		$	(26,311	)
State taxes		3,453			977			(813	)
Nondeductible expenses		1,123			1,121			1,024
Effect of tax rate changes on existing temporary differences		—			3,993			—
Effect of foreign operations		(3,565	)		(499	)		701
Change in valuation allowance		(78	)		522			1,615
Other		(669	)		1,152			431

Income tax expense (benefit)	$	63,738		$	26,784		$	(23,353	)

Effective tax rate		35.1	%		48.0	%		31.1	%

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


	December 31,
	2012			2011
Deferred tax assets:
Accounts receivable valuation	$	2,046		$	2,336
Accruals and reserves		12,617			4,009
Net operating loss carryforwards		5,453			5,250
Other		1,504			3,352

Subtotal		21,620			14,947
Valuation allowance		(2,059	)		(2,137	)

Total		19,561			12,810

Deferred tax liabilities:
Accounts receivable		(4,550	)		(4,550	)
Inventory valuation		(79,575	)		(70,198	)
Property, plant and equipment		(11,210	)		(23,554	)
Interest in foreign subsidiary		—			(11,880	)
Intangible assets		(252,976	)		(253,351	)
Debt		(5,745	)		(5,745	)
Other		(11	)		(727	)

Total		(354,067	)		(370,005	)

Net deferred tax liability	$	(334,506	)	$	(357,195	)

We record a valuation allowance when it is more likely than not that some portion or all of the 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. We have provided a valuation allowance for operating loss carryforwards in certain non-U.S. jurisdictions.

In the United States, we had approximately $108.9 million of state net operating loss carryforwards as of December 31, 2012, which will expire in future years through 2032. In certain non-U.S. jurisdictions, we had $18.4 million of net operating loss carryforwards, of which $13.8 million have no expiration and $4.6 million will expire in future years through 2020.

We consider the undistributed earnings of our foreign subsidiaries to be indefinitely reinvested, as we have no current intention to repatriate these earnings. As such, deferred income taxes are not provided for temporary differences of approximately $189.4 million, and $98.8 million as of December 31, 2012 and 2011, representing earnings of non-U.S. subsidiaries intended to be permanently reinvested. These additional foreign earnings could become subject to additional tax if remitted, or deemed remitted, as a dividend. Computation of the potential deferred tax liability associated with these undistributed earnings and any other basis difference is not practicable.

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 2007 and the statute of limitations at our international locations is generally six to seven years.

At December 31, 2012 and 2011, our unrecognized tax benefits were immaterial to our consolidated financial statements.

- Definition

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

+ References

+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2012

Stockholders' Equity

NOTE 10—STOCKHOLDERS’ EQUITY

Preferred Stock

We have authorized 100,000,000 shares of preferred stock. Our Board of Directors has the authority to issue shares and set the terms of the shares of preferred stock. As of December 31, 2012 and 2011, there were no shares of preferred stock issued or outstanding.

Accumulated Other Comprehensive Loss

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


	December 31,
	2012			2011
Currency translation adjustments	$	(21,829	)	$	(25,622	)
Pension related adjustments		(335	)		(518	)

Accumulated other comprehensive loss	$	(22,164	)	$	(26,140	)

Earnings per Share

Earnings per share are calculated in the table below (in thousands, except per share amounts).


	Year Ended December 31,
	2012		2011		2010
Net income (loss)	$	117,958	$	28,984	$	(51,824	)

Average basic shares outstanding		96,465		84,417		84,384
Effect of dilutive securities		460		238		—

Average diluted shares outstanding	$	96,925	$	84,655	$	84,384

Net income (loss) per share:
Basic	$	1.22	$	0.34	$	(0.61	)
Diluted	$	1.22	$	0.34	$	(0.61	)

Stock options and shares of restricted stock are disregarded in this calculation if they are determined to be anti-dilutive. For the years ended December 31, 2012, 2011 and 2010, our anti-dilutive stock options approximated 2.1 million, 2.3 million and 2.0 million.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section B
-Paragraph 7, 11A
-Chapter 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Employee Benefit Plans

12 Months Ended

Dec. 31, 2012

Employee Benefit Plans

NOTE 11—EMPLOYEE BENEFIT PLANS

Equity Compensation Plans: Our 2007 Stock Option Plan permitted the grant of stock options to our employees, directors and consultants for up to 3,750,000 shares of common stock. The options were not to be granted with an exercise price less than the fair market value of the Company’s common stock on the date of the grant, nor for a term exceeding ten years. Vesting generally occurred over a five year period on the anniversaries of the date specified in the employees’ respective option agreements, subject to accelerated vesting under certain circumstances set forth in the option agreements.

Under the terms of our 2007 Restricted Stock Plan, up to 500,000 shares of restricted stock could have been granted at the direction of the Board of Directors and vesting generally occurred in one-fourth increments on the second, third, fourth and fifth anniversaries of the date specified in the employees’ respective restricted stock agreements, subject to accelerated vesting under certain circumstances set forth in the restricted stock agreements. Fair value is based on the fair value of our stock on the date of issuance. We expense the fair value of the restricted stock grants on a straight-line basis over the vesting period.

Under the 2007 Stock Option Plan, 381,698 stock options with exercise prices ranging from $22.10 to $24.96 were modified in May 2012. The exercise price of these options was changed to $21.05. The impact of the modification was to increase stock based compensation expense over the remaining vesting period of the modified options. In January and December 2012, 14,451 and 8,174 shares of restricted stock vested. In February 2012, 15,561 shares of restricted stock were granted to two members of our Board of Directors. During 2012, 68,838 stock options were exercised and no stock options were granted under this plan.

In April 2012, we replaced the 2007 Stock Option Plan and the 2007 Restricted Stock Plan with the 2011 Omnibus Incentive Plan. No additional shares or other equity interests will be awarded under the prior plans. The 2011 Omnibus Incentive Plan has 3,250,000 shares reserved for issuance pursuant to the plan. The plan permits the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units and other stock-based and cash-based awards. Since the adoption of the 2011 Omnibus Incentive Plan, the Company’s Board of Directors has periodically granted stock options 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. Vesting generally occurs over a four or five year period on the anniversaries of the date specified in the employees’ respective agreements, subject to accelerated vesting under certain circumstances set forth in the option agreements. From May through August 2012, 1,064,761 stock options were granted to executive management, members of our Board of Directors and new employees under this plan.

We expense the fair value of the stock option grants on a straight-line basis over the vesting period. A Black-Scholes option-pricing model is used to estimate the fair value of the stock options. One of the key inputs into the Black-Scholes option pricing model is the fair value of the Company’s common equity. Prior to the initial public offering in April 2012, the Company determined the fair value of its common stock by a combination of consistently applied valuation procedures based on an internally prepared discounted cash flow analysis and multiples of cash earnings valuation techniques, plus valuation comparisons to similar businesses. Following the initial public offering, the Company uses the actual stock price to determine the fair value of its common stock.

Options

Weighted
Average
Exercise
Price

Weighted
Average
Remaining
Contractual
Term

Aggregate
Intrinsic
Value

(years)

(thousands)

Stock Options

Balance at December 31, 2011

2,845,688

17.04

7.7

3,616

Granted

1,446,459

20.97

Exercised

(68,838

)

9.84

Forfeited

(460,739

)

22.35

Expired

(3,812

)

9.62

Balance at December 31, 2012

3,758,758

18.05

7.4

36,585

At December 31, 2012:

Options outstanding, vested and exercisable

1,352,308

15.59

5.4

16,486

Options outstanding, vested and expected to vest

3,626,562

17.99

7.4

35,494


	Shares			Weighted Average Grant-Date Fair Value
Restricted Stock
Nonvested at December 31, 2011		141,997		$	14.36
Granted		15,561			18.10
Vested		(22,625	)		9.42
Forfeited		(722	)		9.42

Nonvested at December 31, 2012		134,211		$	15.65

The following table summarizes award activity under our stock option and restricted stock plans:


	Year Ended December 31,
	2012		2011		2010
Stock Options
Weighted-average, grant-date fair value of awards granted	$	6.52	$	3.46	$	5.10
Total intrinsic value of stock options exercised	$	1,089,830	$	1,715	$	—
Total fair value of stock options vested	$	1,370,130	$	1,833,836	$	727,441


	Year Ended December 31,
	2012		2011		2010
Restricted Stock
Weighted-average, grant-date fair value of awards granted	$	15.65	$	14.36	$	—
Total fair value of restricted stock vested	$	484,141	$	378,670	$	514,082

Stock Options

Following are the weighted-average assumptions used to estimate the fair values of our stock options:


	Year Ended December 31,
	2012			2011			2010
Risk-free interest rate		0.90	%		1.32	%		2.54	%
Dividend yield(1)		0.00	%		0.00	%		0.00	%
Expected volatility		41.87	%		46.05	%		22.07	%
Expected life (in years)		6.6			5.0			6.2

(1)	The expected dividend yield reflects the restriction on our ability to pay dividends and does not anticipate “special” dividends.

Restricted Common Units: Certain of our key employees received restricted common units of PVF Holdings LLC that vested over a three-to-five year requisite service period. At December 31, 2012, all of the restricted common units were either vested or forfeited. Prior to full vesting or forfeiture, the expense was being recognized on a straight-line basis over the vesting period.

Profits Units: Certain of our key employees received profit units in PVF Holdings LLC that vest over a five-year requisite service period. The holders of these units are entitled to a share of any distributions made by PVF Holdings LLC once common unit holders have received a return of their capital contributions (for purposes of the Amended and Restated Limited Liability Company Agreement of PVF Holdings LLC, dated October 31, 2007, as amended). At December 31, 2012, all of the profits units were either vested or forfeited. Prior to full vesting or forfeiture, the expense was being recognized on a straight-line basis over the vesting period.

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


	Year Ended December 31,
	2012		2011			2010
Equity-based compensation expense:
Stock options	$	7,533	$	6,707		$	2,425
Restricted stock		481		412			253
Restricted common units		—		(1	)		(337	)
Profit units		461		1,267			1,403

Total equity-based compensation expense	$	8,475	$	8,385		$	3,744

Income tax benefits related to equity-based compensation	$	3,114	$	3,081		$	1,383

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


	Weighted- Average Vesting Period (in years)	December 31, 2012
Unrecognized equity-based compensation expense:
Stock options	3.4	$	15,809
Restricted stock	3.5		1,322

Total unrecognized equity-based compensation expense		$	17,131

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., Canada, the United Kingdom, Australia, France, Belgium, and New Zealand. These plans generally allow employees the option to defer a percentage of their compensation in accordance with local tax laws. In addition, we make contributions under these plans ranging from 1% to 10% of eligible compensation.

Our provisions for the expense under defined contribution plans are set forth in the table below (in thousands):


	Year Ended December 31,
	2012		2011		2010
Defined contribution plans	$	9,016	$	6,531	$	5,179

Defined Benefit Employee Benefit Plans: We sponsor a defined benefit pension plan for one subsidiary in Belgium. An independent insurance company administers this plan. Benefits are dependent on years of service and the employees’ compensation. Pension costs under our retirement plan are actuarially determined. Effective December 31, 2012, we elected to replace a defined benefit plan in the Netherlands with a defined contribution plan. Our obligation with respect to this defined benefit plan was terminated as of that date.

The following tables set forth the benefit obligations, the fair value of the plan assets and the funded status of our pension plans; and the amounts recognized in our consolidated financial statements (in thousands):


	December 31,
	2012			2011
Change in projected benefit obligation:
Projected benefit obligation at beginning of period	$	27,898		$	27,538
Service cost		1,220			1,073
Interest cost		1,322			1,465
Curtailment for change in projected benefit obligation		(1,518	)		(311	)
Actuarial loss		1,156			511
Benefits paid		(1,148	)		(1,528	)
Expenses paid		(141	)		(146	)
Settlement		(26,553	)		—
Foreign currency exchange		(135	)		(704	)

Projected benefit obligation at end of period	$	2,101		$	27,898

Accumulated benefit obligation at end of period	$	1,545		$	25,892


	December 31,
	2012			2011
Change in plan assets:
Fair value of plan assets at beginning of period	$	30,453		$	29,231
Return on plan assets		3,892			2,692
Employer contributions		691			556
Participant contributions		414			459
Benefits paid		(1,148	)		(1,528	)
Expenses paid		(141	)		(146	)
Settlement		(32,546	)		—
Foreign currency exchange		(172	)		(811	)

Fair value of plan assets at end of period	$	1,443		$	30,453

Funded status and net amounts recognized:
Plan assets, net of projected benefit obligation	$	(658	)	$	2,555
Unrecognized actuarial loss		475			947

Net amount recognized in the consolidated balance sheets	$	(183	)	$	3,502

Amounts recognized in the consolidated balance sheets consist of:
Noncurrent other assets	$	—		$	2,798
Noncurrent other liabilities		(658	)		(243	)

Accrued benefit obligation		(658	)		2,555
Other comprehensive loss		475			947

Net amount recognized in the consolidated balance sheets	$	(183	)	$	3,502

The following table sets forth our net periodic pension cost (in thousands):


	Year Ended December 31,
	2012			2011
Service cost	$	1,220		$	1,073
Interest cost		1,322			1,465
Curtailment gain		(1,518	)		(311	)
Settlement loss		5,317			—
Expected return on plan assets		(1,437	)		(1,762	)

Net periodic pension cost	$	4,904		$	465

Valuation: We use the corridor approach in the valuation of our defined benefit plans. The corridor approach defers all actuarial gains and losses resulting from variances between actual results and economic estimates or actuarial assumptions. These unrecognized gains and losses are amortized when the net gains and losses exceed 10% of the greater of the market-related value of plan assets or the projected benefit obligation at the beginning of the year. The amount in excess of the corridor is amortized over the average remaining service period to retirement date for active plan participants or, for retired participants, the average remaining life expectancy.

The following table sets forth the principal weighted-average assumptions used to determine benefit obligation and benefit costs:


	Year Ended December 31,
	2012			2011
Benefit obligation:
Discount rate		2.50	%		4.70	%
Rate of compensation increase		2.00	%		2.00	%

Benefit cost:
Discount rate		2.50	%		4.70	%
Rate of compensation increase		2.00	%		2.00	%
Expected return on plan assets		4.00	%		5.27	%

We determine our discount rates in the Euro zone using the iBoxx Euro Corporate AA Bond indices, with appropriate adjustments for the duration of the plan obligations.

The expected rate of return is assessed annually and is based on long-term relationships among major asset classes and the level of incremental returns that can be earned by investment management strategies. Equity returns are based on estimates of long-term inflation rates, real rates of return, fixed income premiums over cash and equity risk premiums. Fixed income returns are based on maturity, long-term inflation, real rates of return and credit spreads. Insurance contract returns are based upon the average fixed return on contracts and the historical supplemental profit sharing of the insurers.

Plan Assets: The investment objective for the plan is to earn a long-term expected rate of return, net of investment fees and transaction costs, to satisfy the benefit obligations of the plan, while at the same time maintaining sufficient liquidity to pay benefit obligations and expenses and meet any other cash needs, in the short-to-medium term.

The following table sets forth the asset allocations for our pension plans:


	2012			2011
Fixed income securities		—			78	%
Equity securities		—			18	%
Insurance contracts		100	%		4	%

Total		100	%		100	%

Our investment policies and strategies for the pension benefit plans do not use target allocations for the individual asset categories. Our goals are to maximize returns subject to specific risk management policies. We address diversification by the use of investments in domestic and international fixed income securities and domestic and international equity securities. These investments are readily marketable and can be sold to fund benefit obligations as they become payable.

Our defined benefit plan assets are measured at fair value on a recurring basis and include the following items:

Cash and cash equivalents: Foreign and domestic currencies, as well as short-term securities, are valued at cost plus accrued interest, which approximates fair value.

Equity securities and fixed income: Valued at the closing price reported on the active market in which the individual securities are traded. These securities are traded on exchanges, as well as in the over-the-counter market.

Insurance contracts: Valued at contributions made, plus earnings, less participant withdrawals and administrative expenses, which approximates fair value.

The following table sets forth the fair values of our pension plan assets (in thousands):


	Total		Level 1		Level 2		Level 3
December 31, 2012
Cash and cash equivalents	$	—	$	—	$	—	$	—
Fixed income		—		—		—		—
Mutual fund		—		—		—		—
Insurance contracts		1,443		—		1,443		—

	$	1,443	$	—	$	1,443	$	—

December 31, 2011
Cash and cash equivalents	$	66	$	66	$	—	$	—
Fixed income		21,438		—		21,438		—
Mutual fund		5,399		—		5,399		—
Insurance contracts		3,550		—		3,550		—

	$	30,453	$	66	$	30,387	$	—

The financial objectives of the qualified pension plans are determined in conjunction with a comprehensive review of each plan’s liability structure. Our asset allocation policy is based on detailed asset/liability analyses. In developing investment policy and financial goals, consideration is given to each plan’s demographics, the returns and risks associated with alternative investment strategies and the current and projected cash, expense and funding ratios of each plan. Investment policies must also comply with local statutory requirements as determined by each country. We have adopted a long-term investment horizon such that the risk and duration of investment losses are weighed against the long-term potential for appreciation of assets. Although there cannot be complete assurance that these objectives will be realized, it is believed that the likelihood for their realization is reasonably high, based upon the asset allocation chosen and the historical and expected performance of the asset classes utilized by the plans. The intent is for investments to be broadly diversified across asset classes, investment styles, market sectors, investment managers, developed and emerging markets and securities in order to moderate portfolio volatility and risk. Investments may be in separate accounts, commingled trusts, mutual funds and other pooled asset portfolios provided they all conform to fiduciary standards.

External investment managers are hired to manage pension assets. Over the long-term, the investment portfolio is expected to earn returns that exceed a composite of market indices that are weighted to match each plan’s target asset allocation. The portfolio return should also (over the long-term) meet or exceed the return used for actuarial calculations in order to meet the future needs of the plan.

Related Party Transactions

12 Months Ended

Dec. 31, 2012

Related Party Transactions

NOTE 12—RELATED PARTY TRANSACTIONS

Europump Systems Inc.

Certain MRC Canada ULC employees, who are shareholders of the Company, serve as executive officers of Europump Systems Inc. (“Europump”). Europump is engaged in the business of selling, servicing and renting industrial pumps. During the years ended December 31, 2012, 2011 and 2010, our purchases from Europump approximated $39.3 million, $42.0 million and $28.1 million. At December 31, 2012 and 2011, we had payables to Europump of approximately $4.9 million and $5.2 million. During the years ended December 31, 2012, 2011 and 2010, our sales to Europump approximated $1.2 million, $2.5 million and $0.8 million. At December 31, 2012 and 2011, we had receivables of approximately $0.2 and $0.3 million from Europump. We also agreed to make certain profit sharing payments to the Europump shareholders in respect of certain oilfield supply and service stores located in Western Canada. For the years ended December 31, 2012, 2011 and 2010, the expense we recognized for the aggregate profit participation for Europump was approximately $7.9 million, $5.8 million and $1.1 million.

Leases

We lease land and buildings at various locations from Hansford Associates Limited Partnership (“Hansford Associates”), and Prideco LLC (“Prideco”), as well as certain employees. We lease equipment and vehicles from Prideco. Certain of our directors participate in ownership of Hansford Associates and Prideco. Most of these leases are renewable for various periods through 2019 and are renewable at our option. The renewal options are subject to escalation clauses. These leases contain clauses for payment of real estate taxes, maintenance, insurance and certain other operating expenses of the properties.

Rent expense attributable to related parties is set forth in the following table (in thousands):


	Year Ended December 31,
	2012		2011		2010
Hansford Associates	$	1,969	$	2,284	$	2,545
Prideco		116		596		1,510
Employees		2,238		2,572		2,484

	$	4,323	$	5,452	$	6,539

Future minimum rental payments required under operating leases with related parties that have initial or remaining non-cancelable lease terms in excess of one year are set forth in the following table (in thousands):


	2013		2014		2015		2016		2017 and thereafter
Hansford Associates	$	1,533	$	1,281	$	1,087	$	1,109	$	2,344
Prideco		81		43		44		45		27
Employees		2,895		2,091		1,476		1,018		1,421

	$	4,509	$	3,415	$	2,607	$	2,172	$	3,792

Debt and Equity Transactions

Goldman Sachs Credit Partners L.P. (“GSCP”), an affiliate of the Goldman Sachs Funds, was a co-lead arranger and joint bookrunner under our Global ABL Facility and our Term Loan as well as the syndication agent under those facilities. In addition, Goldman Sachs Lending Partners L.L.C. is a participant in our Global ABL Credit Facility. Goldman, Sachs & Co. was the co-lead bookrunner on our initial public offering and our November 2012 secondary offering.

Payments made to affiliates of the Goldman Sachs Funds in connection with these transactions are set forth in the following table (in thousands):


	Year Ended December 31,
	2012		2011		2010
Affiliates of the Goldman Sachs Funds	$	13,194	$	250	$	700

Affiliates of the Goldman Sachs Funds

From time to time, we sell products to affiliates of the Goldman Sachs Funds. The total revenues from these affiliates are set forth in the following table (in thousands):


	Year Ended December 31,
	2012		2011		2010
Affiliates of the Goldman Sachs Funds	$	23,094	$	12,049	$	24,430

The total receivables due from these affiliates are set forth in the following table (in thousands):


	Year Ended December 31,
	2012		2011
Affiliates of the Goldman Sachs Funds	$	5,048	$	1,390

In 2010, we engaged an affiliate of the Goldman Sachs Funds to provide insurance brokerage services. During 2012 and 2011, we paid this affiliate approximately $0.2 million and $0.3 million, respectively. As of December 31, 2012, this insurance broker was no longer affiliated with the Goldman Sachs Funds.

In 2012, we engaged an affiliate of the Goldman Sachs Funds to provide services for treasury, accounts receivables collection software and disaster recovery systems and paid them approximately $0.9 million.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Segment, Geographic and Product Line Information

12 Months Ended

Dec. 31, 2012

Segment, Geographic and Product Line Information

NOTE 13—SEGMENT, GEOGRAPHIC AND PRODUCT LINE INFORMATION

We operate as three business segments, U.S., Canada and International. Our International segment consists of our operations outside of the U.S. and Canada, principally Europe, Asia and Australasia. These segments represent our business of selling pipe, valves and fittings to the energy and industrial sectors, across each of the upstream (exploration, production and extraction of underground oil and gas), midstream (gathering and transmission of oil and gas, gas utilities, and the storage and distribution of oil and gas) and downstream (crude oil refining, petrochemical processing and general industrials) markets. The following table presents financial information for each segment (in millions):


	Year Ended December 31,
	2012			2011		2010
Sales
U.S.	$	4,238.4		$	3,849.2	$	3,124.7
Canada		765.2			653.6		465.2
International		567.2			329.6		255.6

Consolidated revenues	$	5,570.8		$	4,832.4	$	3,845.5

Depreciation and amortization
U.S.	$	11.2		$	11.6	$	11.7
Canada		2.1			2.5		3.1
International		5.3			2.9		1.8

Total depreciation and amortization expense	$	18.6		$	17.0	$	16.6

Amortization of intangibles
U.S.	$	40.0		$	40.1	$	39.8
Canada		2.5			4.5		4.3
International		7.0			6.1		9.8

Total amortization of intangibles expense	$	49.5		$	50.7	$	53.9

Operating income
U.S.	$	358.3		$	166.5	$	60.0
Canada		27.2			17.4		(4.0	)
International		21.5			10.7		10.4

Total operating income		407.0			194.6		66.4

Interest expense		112.5			136.8		139.6
Loss on early extinguishment of debt		114.0			—		—
Other (income) expense		(1.2	)		2.0		2.0

Income (loss) before income taxes	$	181.7		$	55.8	$	(75.2	)


	December 31,
	2012		2011
Goodwill
United States	$	537.1	$	512.1
Canada		—		—
International		73.3		49.2

Total goodwill	$	610.4	$	561.3

Total assets
United States	$	2,732.4	$	2,749.4
Canada		249.1		176.1
International		388.2		304.4

Total assets	$	3,369.7	$	3,229.9

The percentages of our fixed assets relating to the following geographic areas are as follows:


	December 31,
	2012			2011
Fixed assets
U.S.		56	%		60	%
Canada		24	%		25	%
International		20	%		15	%

		100	%		100	%

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


	Year Ended December 31,
Type	2012				2011				2010
Energy carbon steel tubular products:
Line pipe	$	1,158,512	21	%	$	1,033,976	21	%	$	692,197	18	%
Oil country tubular goods		715,108	13	%		809,163	17	%		769,107	20	%

	$	1,873,620	34	%	$	1,843,139	38	%	$	1,461,304	38	%

Valves, fittings, flanges and other products:
Valves and specialty products	$	1,431,888	26	%	$	1,143,234	24	%	$	961,384	25	%
Carbon steel fittings and flanges and stainless steel and alloy pipe and fittings		1,175,276	21	%		870,581	18	%		653,741	17	%
Other		1,090,074	19	%		975,469	20	%		769,107	20	%

	$	3,697,238	66	%	$	2,989,284	62	%	$	2,384,232	62	%

- 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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-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2012

Fair Value Measurements

NOTE 14—FAIR VALUE MEASUREMENTS

We used the following methods and significant assumptions to estimate fair value for assets and liabilities recorded at fair value.

Interest Rate Contracts: Interest rate contracts are reported at fair value utilizing Level 2 inputs. We obtain dealer quotations to value our interest rate swap agreements. These quotations rely on observable market inputs such as yield curves and other market-based factors.

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.

The following table presents assets and liabilities measured at fair value on a recurring basis, and the basis for that measurement (in thousands):


	Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2012
Assets:	$	3	$	—	$	3	$	—

Liabilities:		—		—		—		—

December 31, 2011
Assets:	$	—	$	—	$	—	$	—

Liabilities:
Foreign exchange forward contracts		144		—		144		—
Interest rate swap agreements		2,010		—		2,010		—

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 $1.257 billion and $1.527 billion at December 31, 2012 and 2011, respectively. We estimate the fair value of the Term Loan and senior secured notes using Level 2 inputs, or quoted market prices as of December 31, 2012 and December 31, 2011, respectively. The fair value of our debt was $1.261 billion and $1.542 billion at December 31, 2012 and December 31, 2011, respectively. The carrying values of our Global ABL Facility and remaining portions of our long-term debt approximate their fair values.

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies

NOTE 15—COMMITMENTS AND CONTINGENCIES

Leases

We regularly enter into operating and capital lease arrangements for certain of our facilities and equipment. Our leases are renewable at our option for various periods through 2021. Certain renewal options are subject to escalation clauses and contain clauses for payment of real estate taxes, maintenance, insurance and certain other operating expenses of the properties. Leases with escalation clauses based on an index, such as the consumer price index, are expensed and projected based on current rates. Leases with specified escalation steps are expensed and projected based on the rate in effect in the respective period which is not materially different than the straight-line method. We amortize leasehold improvements over the remaining life of the lease. Rental expense under our operating lease arrangements is as follows:


	Year Ended December 31,
	2012		2011		2010
Operating rental expense	$	48,321	$	40,255	$	37,804

Future minimum lease payments under noncancelable operating and capital lease arrangements having initial terms of one year or more are as follows (in thousands):


	Operating Leases		Capital Leases
2013	$	35,923	$	459
2014		29,560		441
2015		26,071		217
2016		12,175		158
2017		8,501		117
Thereafter		15,333		699

	$	127,563	$	2,091

Litigation

Asbestos Claims. We are involved in various legal proceedings and claims, both as a plaintiff and a defendant, which arise in the ordinary course of business. These legal proceedings include claims that individuals brought against a large number of defendant entities, including us, seeking damages for injuries that certain products containing asbestos allegedly caused. As of December 31, 2012, we are a defendant in lawsuits involving approximately 885 of these claims. Each claim involves allegations of exposure to asbestos-containing materials by an individual or his or her family members. The complaints typically name many defendants. In a majority of these lawsuits, little or no information is known regarding the nature of the plaintiff’s alleged injuries or their connection with products that we distributed. Through December 31, 2012, lawsuits involving 11,975 claims have been brought against us. No asbestos lawsuit has resulted in a judgment against us to date, with the majority being settled, dismissed or otherwise resolved. In total, since the first asbestos claim brought against us in 1984 through December 31, 2012, approximately $2.0 million has been paid to asbestos claimants in connection with settlements of claims against us without regard to insurance recoveries. Of this amount, approximately $1.5 million has been paid to settle claims alleging mesothelioma, $0.4 million for claims alleging lung cancer and $0.1 million for non-malignant claims.

We annually conduct analyses of our asbestos-related litigation to estimate the adequacy of the reserve for pending and probable asbestos-related claims. These analyses consist of separately estimating our reserve with respect to pending claims (both those scheduled for trial and those for which a trial date had not been scheduled), mass filings (including lawsuits brought in West Virginia each involving many, in some cases over a hundred, plaintiffs, which include little information regarding the nature of each plaintiff’s claim and historically have rarely resulted in any payments to plaintiff) and probable future claims. A key element of the analysis is categorizing our claims by the type of disease the plaintiffs allege and developing “benchmark” estimated settlement values for each claim category based on our historical settlement experience. These estimated settlement values are applied to each of our pending individual claims. With respect to pending claims where the disease type is unknown, the outcome is projected based on historic experience. The reserve with respect to mass filings is estimated by determining the number of individual plaintiffs included in the mass filings likely to have claims resulting in settlements based on our historical experience with mass filings. Finally, we estimate the value of probable claims that plaintiffs may assert against us over the next 15 years based on public health estimates of future incidences of certain asbestos-related diseases in the general U.S. population. Estimated settlement values are applied to those projected claims. Our annual assessment, dated December 31, 2012, projected that our payments to asbestos claimants over the next 15 years are estimated to range from $5.2 million to $13.1 million. Given these estimates and existing insurance coverage that historically has been available to cover substantial portions of our past payments to claimants and defense costs, we believe that our current accruals and associated estimates relating to pending and probable asbestos-related litigation likely to be asserted over the next 15 years are currently adequate. Our belief that our accruals and associated estimates are currently adequate, however, relies on a number of significant 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.

Also, there is a possibility that resolution of certain legal contingencies for which there are no liabilities recorded could result in a loss. Management is not able to estimate the amount of such loss, if any. However, in our opinion, the ultimate resolution of all pending matters is not expected to have a material effect on our financial position, although it is possible that such resolutions could have a material adverse impact on results of operations in the period of resolution. Further, given the relatively small amounts we have paid in recent periods and our expectations regarding future required payments, we do not believe that the ultimate resolution of these matters for any period will have a material impact on our liquidity in any period on either a short term or long term basis.

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 material pending legal proceedings that are likely to have a material effect on our business, financial condition, results of operations or 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 the opinion of management, the ultimate disposition of these claims and proceedings is not expected to have a material adverse effect on our financial position, results of operations or cash flows.

NiSource Claim. In the summer of 2010, our customer NiSource, Inc. notified us that certain polyethylene pipe that PolyPipe, Inc. manufactured may be defective. On April 28, 2011, PolyPipe filed a petition in the District Court in Cooke County, Texas against the Company and NiSource seeking, among other things, a declaratory judgment that PolyPipe was not responsible for the costs relating to NiSource’s alleged failure to track and record the installation locations of the pipe and NiSource’s expenditures to implement a potential remediation plan including finding the pipe and removing the pipe. On June 1, 2011, the Court entered an order of non-suit, dismissing PolyPipe’s claims without prejudice to their re-filing the same claims. After a period of factual investigation and settlement discussions, PolyPipe again filed a petition in the District Court in Cooke County, Texas against NiSource and the Company seeking a similar declaratory judgment. In the fourth quarter of 2012, the parties settled the dispute, and the court dismissed the case. The Company settled its portion of the lawsuit for an immaterial amount.

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 been immaterial to our consolidated financial statements.

Letters of Credit

Our letters of credit outstanding at December 31, 2012 approximated $38.5 million.

Bank Guarantees

Certain of our international subsidiaries have trade guarantees given by bankers on their behalf. The amount of these guarantees at December 31, 2012 was approximately $1.9 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.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Quarterly Information (Unaudited)

12 Months Ended

Dec. 31, 2012

Quarterly Information (Unaudited)

NOTE 16—QUARTERLY INFORMATION (UNAUDITED)

Our quarterly financial information is presented in the table below (in thousands, except per share amounts):


	First			Second		Third		Fourth			Year
2012
Revenues	$	1,382.6		$	1,430.4	$	1,451.1	$	1,306.7		$	5,570.8
Gross profit		236.6			241.7		277.2		258.3			1,013.7

Net income (loss)		37.5			31.3		55.5		(6.4	)		118.0
EPS:
Basic(1)	$	0.44		$	0.32	$	0.55	$	(0.06	)	$	1.22
Diluted(1)	$	0.44		$	0.32	$	0.54	$	(0.06	)	$	1.22

2011
Revenues	$	991.8		$	1,168.0	$	1,366.2	$	1,306.4		$	4,832.4
Gross profit		147.0			172.7		201.1		187.4			708.2

Net income (loss)		(1.1	)		4.7		21.9		3.5			29.0
EPS:
Basic(1)	$	(0.01	)	$	0.06	$	0.26	$	0.04		$	0.34
Diluted(1)	$	(0.01	)	$	0.06	$	0.26	$	0.04		$	0.34

(1)	EPS does not add across due to rounding and transactions resulting in differing weighted average shares outstanding on a quarterly basis.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2012
Business Operations	Business Operations: MRC Global Inc. is a holding company headquartered in Houston, Texas. We are a majority owned subsidiary of PVF Holdings LLC. Our wholly owned subsidiaries, McJunkin Red Man Corporation and its subsidiaries, are global distributors of pipe, valves, fittings and related products and services across each of the upstream (exploration, production and extraction of underground oil and gas), midstream (gathering and transmission of oil and gas, gas utilities, and the storage and distribution of oil and gas) and downstream (crude oil refining, petrochemical processing and general industrials) sectors. We have branches in principal industrial, hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia and Australasia. Our products are obtained from a broad range of suppliers.
Basis of Presentation	Basis of Presentation: The consolidated financial statements include the accounts of MRC Global Inc. and its wholly owned and majority owned subsidiaries (collectively referred to as the “Company” or by such terms as “we,” “our” or “us”). All material intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	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 revenues and expenses during the reported period. We believe that our most significant estimates and assumptions are related to estimated losses on accounts receivable, the last-in, first-out (“LIFO”) inventory costing methodology, estimated realizable value on excess and obsolete inventories, goodwill, intangibles, deferred taxes and self-insurance programs. Actual results could differ materially from those estimates.
Cash Equivalents	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 Doubtful Accounts	Allowance for Doubtful Accounts: We evaluate the adequacy of the allowance for 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 doubtful accounts, 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 losses on receivables is included in selling, general and administrative expenses in the accompanying consolidated statements of operations.
Inventories	Inventories: Our inventories are valued at the lower of cost, principally LIFO, or market. We believe that the use of LIFO results in a better matching of costs and revenues. This practice excludes certain inventories, which are held outside of the United States, approximating $318.9 million and $217.0 million at December 31, 2012 and 2011, which are valued at the lower of weighted-average cost or market. Our inventory is substantially comprised of finished goods. Allowances for excess and obsolete inventories are determined based on analyses comparing inventories on hand to sales trends. The allowance, which totaled $19.0 million and $16.5 million at December 31, 2012 and 2011, is the amount deemed necessary to reduce the cost of the inventory to its estimated realizable value.
Debt Issuance Costs	Debt Issuance Costs: We defer costs directly related to obtaining financing and amortize them over the term of the indebtedness on a straight-line basis. The use of the straight-line method does not produce results that are materially different from those which would result from the use of the effective interest method. Such amounts are reflected in the consolidated statement of operations as a component of interest expense. Debt issuance costs are shown net of accumulated amortization of $4.8 million and $3.5 million at December 31, 2012 and 2011.
Fixed Assets	Fixed Assets: Land, buildings and equipment are stated on the basis of cost. For financial statement purposes, depreciation is computed over the estimated useful lives of such assets principally by the straight-line method; accelerated depreciation and cost recovery methods are used for income tax purposes. Leasehold improvements are amortized using the straight-line method over the shorter of the remaining lease term or the estimated useful life of the improvements. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income for the period. Maintenance and repairs are charged to expense as incurred.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets: Goodwill represents the excess of cost over the fair value of net assets acquired. Goodwill is tested for impairment annually or more frequently if circumstances indicate that impairment may exist. We evaluate goodwill for impairment at three reporting units that mirror our three segments (U.S., Canada and International). 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. If the carrying value is more than the estimated fair value, we then calculate the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets of the reporting unit from the estimated fair value of the reporting unit. Impairment losses are recognized to the extent that recorded goodwill exceeds implied goodwill. Our impairment methodology uses discounted cash flow and multiples of cash earnings valuation techniques, plus valuation comparisons to similar businesses. These valuation methods require us to make certain assumptions and estimates regarding future operating results, the extent and timing of future cash flows, working capital, sales prices, profitability, discount rates and growth trends. While we believe that such assumptions and estimates are reasonable, the actual results may differ materially from the projected results. Intangible assets with indefinite useful lives are tested for impairment annually or more frequently if circumstances indicate that impairment may exist. This test compares the carrying value of the indefinite lived intangible assets with their estimated fair value. If the carrying value is more than the estimated fair value, impairment losses are recognized in an amount equal to the excess of the carrying value over the estimated fair value. Our impairment methodology uses discounted cash flow and estimated royalty rate valuation techniques. These valuation methods require 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 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	Derivatives and Hedging: From time to time, we utilize interest rate swaps to reduce our exposure to potential interest rate increases. Changes in the fair values of our derivative instruments are based upon independent market quotes. We do not designate our interest rate swaps as hedging instruments; therefore, we record our interest rate swaps on the consolidated balance sheets at fair value, with the gains and losses recognized in earnings in the period of change. We utilize foreign exchange forward contracts (exchange contracts) 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	Fair Value: We measure certain of our assets and liabilities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions for inputs used in the valuation methodologies to measuring fair value: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Level 2: Significant observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs for the asset or liability. Unobservable inputs reflect our own assumptions about the assumptions that market participants would use in pricing an asset or liability (including all assumptions about risk). Certain assets and liabilities are measured at fair value on a nonrecurring basis. Our assets and liabilities measured at fair value on a nonrecurring basis include property, plant and equipment, goodwill and other intangible assets. We do not measure these assets at fair value on an ongoing basis; however, these assets are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. Our impairment methodology for goodwill and other 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	Insurance: We are self-insured for first party automobile coverage, product recall, ocean cargo shipments and portions of employee healthcare and asbestos claims. In addition, we maintain a nonmaterial deductible program as it relates to workers’ compensation, automobile liability, property and general liability claims including, but not limited to, certain product liability claims, which are secured by various letters of credit totaling $5.6 million. Our estimated liability and related expenses for claims are based in part upon estimates provided by insurance carriers, third-party administrators, and actuaries. Insurance reserves are deemed by us to be sufficient to cover outstanding claims, including those incurred but not reported as of the estimation date. Further, we maintain a commercially reasonable umbrella/excess policy that covers liabilities in excess of the primary limits.
Income Taxes	Income Taxes: We use the liability method for determining our income taxes, under which current and deferred tax liabilities and assets are recorded in accordance with enacted tax laws and rates. Under this method, the amounts of deferred tax liabilities and assets at the end of each period are determined using the tax rate expected to be in effect when taxes are actually paid or recovered. Deferred tax assets and liabilities are recorded for differences between the financial reporting and tax bases of assets and liabilities using the tax rate expected to be in effect when the taxes will actually be paid or refunds received. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. A valuation allowance to reduce deferred tax assets is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. 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. We intend to permanently reinvest certain earnings of our foreign subsidiaries in operations outside the U.S., and accordingly, we have not provided for U.S. income taxes on such earnings.
Foreign Currency Translation and Transactions	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 income within other, net.
Equity-Based Compensation	Equity-Based Compensation: Our equity-based compensation consists of (1) restricted common units and profit units of PVF Holdings LLC and (2) restricted stock and nonqualified stock options of our Company. The cost of employee services received in exchange for an award of an equity instrument is measured based on the grant-date fair value of the award. Our policy is to expense equity-based compensation using the fair-value of awards granted, modified or settled. Restricted common units, profit 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 and is recognized as compensation expense over the applicable vesting period.
Revenue Recognition	Revenue Recognition: Sales to our principal customers are made pursuant to agreements that normally provide for transfer of legal title and risk upon shipment. We recognize revenue as products are shipped, title has transferred to the customer and the customer assumes the risks and rewards of ownership, and collectability is reasonably assured. Freight charges billed to customers are reflected in revenues. Return allowances are estimated using historical experience. Amounts received in advance of shipment are deferred and recognized as revenue when the products are shipped and title transfers. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales in the accompanying consolidated statements of income.
Cost of Sales	Cost of Sales: Cost of sales includes the cost of inventory sold and related items, such as vendor rebates, inventory allowances, and shipping and handling costs associated with inbound and outbound freight. Certain purchasing costs and warehousing activities (including receiving, inspection and stocking costs), as well as general warehousing expenses, are included in selling, general and administrative expenses and not in cost of sales. As such, our gross margin may not be comparable to others that may include these expenses as a component of cost of sales. Purchasing and warehousing costs approximated $34.8 million, $27.3 million, and $25.5 million for the years ended December 31, 2012, 2011, and 2010.
Earnings per Share	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 and unvested restricted 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 and unvested restricted stock. The dilutive effect of unexercised stock options and unvested restricted stock is calculated under the treasury stock method.
Concentration of Credit Risk	Concentration of Credit Risk: Most of our business activity is with customers in the energy and industrial sectors. In the normal course of business, we grant credit to these customers in the form of trade accounts receivable. These receivables could potentially subject us to concentrations of credit risk; however, we minimize this risk by closely monitoring extensions of trade credit. We generally do not require collateral on trade receivables. We have a broad customer base doing business in many regions of the world. During 2012, 2011 and 2010, we did not have sales to any one customer in excess of 10% of gross sales. At those respective year-ends, no individual customer balances exceeded 10% of gross accounts receivable. We have a broad supplier base, sourcing our products in most regions of the world. During 2012 and 2011, we did not have purchases from any one vendor in excess of 10% of our gross purchases, while during 2010 we had purchases from one vendor in excess of 10% of our gross purchases (11%). At those respective year-ends no individual vendor balance exceeded 10% of gross 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.
Segment Reporting	Segment Reporting: We have three operating and reportable segments, the United States of America, Canada, and International, which includes Europe, Asia, and Australasia. These segments represent our global business of providing pipe, valves, fittings and related products and services to the energy and industrial sectors, across each of the upstream (exploration, production and extraction of underground oil and gas), midstream (gathering and transmission of oil and gas, gas utilities, and the storage and distribution of oil and gas) and downstream (crude oil refining and petrochemical processing) markets, through our distribution operations located throughout the world. We have recast segment operating results for 2011 and 2010 to conform with certain organizational realignments in 2012.
Reclassifications	Reclassifications: Certain immaterial amounts in the prior years’ balance sheet, statements of operations and statements of cash flows have been reclassified to conform to the current year’s presentation.
Recently Issued Accounting Standards	Recently Issued Accounting Standards: In July 2012, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2012-02, Intangibles—Goodwill and Other (Topic 350)—Testing Indefinite-Lived Intangible Assets for Impairment (ASU 2012-02), to allow entities to use a qualitative approach to test indefinite-lived intangible assets for impairment. ASU 2012-02 permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value. If it is concluded that this is the case, it is then necessary to perform the currently prescribed quantitative impairment test by comparing the fair value of the indefinite-lived intangible asset with its carrying value. Otherwise, the quantitative impairment test is not required. ASU 2012-02 is effective for us in fiscal 2013 and early adoption is permitted. We do not believe that ASU No. 2012-02 will have a material impact on our consolidated financial statements. In October 2012, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2012-04, Technical Corrections and Improvements, to clarify the codification and correct unintended applications of guidance that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments in ASU 2012-04 cover a wide range of topics in the codification and are classified as either technical corrections and improvements or conforming amendments related to fair value measurements. The amendments in ASU 2012-04 that do not have transition guidance are effective for us in fiscal 2012, while the amendments that are subject to the transition guidance are effective for us in fiscal 2013. We do not believe that ASU No. 2012-04 will have a material impact on our consolidated financial statements.

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Purchase Price Allocation

The consideration paid for these acquisitions has been allocated as follows (in millions):


	2012 Acquisitions
Net assets acquired:
Current assets, net of cash acquired	$	129.1
Other long-term assets		11.8
Customer base intangibles		23.1
Other intangible assets		2.6
Goodwill		46.9
Current liabilities		(52.4	)
Other long-term liabilities		(8.7	)

Cash consideration paid	$	152.4

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Allowance for Doubtful Accounts

The rollforward of our allowance for doubtful accounts is as follows (in thousands):


	December 31,
	2012			2011			2010
Allowance for doubtful accounts
Beginning balance	$	4,815		$	4,451		$	8,790
Net charge-offs		(1,973	)		(69	)		(2,297	)
Provision		2,428			433			(2,042	)

Ending balance	$	5,270		$	4,815		$	4,451

Inventories (Tables)

12 Months Ended

Dec. 31, 2012

Composition of Inventory

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


	December 31,
	2012			2011
Finished goods inventory at average cost:
Energy carbon steel tubular products	$	387,609		$	488,938
Valves, fittings, flanges and all other products		752,630			601,706

		1,140,239			1,090,644
Less: Excess of average cost over LIFO cost (LIFO reserve)		(150,982	)		(175,122	)
Less: Other inventory reserves		(19,029	)		(16,458	)

	$	970,228		$	899,064

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Property, Plant and Equipment

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


		December 31,
	Depreciable Life	2012			2011
Land and improvements	—	$	17,465		$	16,894
Building and building improvements	40 years		55,930			55,458
Machinery and equipment	3 to 10 years		130,289			103,224
Construction in progress	—		2,160			638
Property held under capital leases	20 to 30 years		3,500			3,217

			209,344			179,431
Allowances for depreciation and amortization			(86,886	)		(72,001	)

		$	122,458		$	107,430

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2012

Changes in Carrying Amount of Goodwill by Segment

The changes in the carrying amount of goodwill by segment for the years ended December 31, 2012, 2011 and 2010 are as follows (in thousands):


	US			Canada		International			Total
Goodwill at December 31, 2009(1)	$	506,574		$	—	$	43,159		$	549,733
Acquisition of South Texas and Dresser		3,591			—		—			3,591
Other		(687	)		—		—			(687	)
Effect of foreign currency translation		—			—		(3,253	)		(3,253	)

Goodwill at December 31, 2010(1)	$	509,478		$	—	$	39,906		$	549,384
Acquisition of VSC		2,780			—		—			2,780
Acquisition of MRC SPF		—			—		11,565			11,565
Other		(211	)		—		—			(211	)
Effect of foreign currency translation		—			—		(2,248	)		(2,248	)

Goodwill at December 31, 2011(1)	$	512,047		$	—	$	49,223		$	561,270
Acquisition of MRC PSA		—			—		21,829			21,829
Acquisition of PSS		25,051			—		—			25,051
Adjustment of MRC SPF purchase price		—			—		1,197			1,197
Effect of foreign currency translation		—			—		1,045			1,045

Goodwill at December 31, 2012	$	537,098		$	—	$	73,294		$	610,392

(1)	Net of accumulated impairment losses of $240.9 and $69.0 in the U.S and Canadian segments, respectively.

Schedule of Other Intangible Assets by Major Classification

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


	Weighted- Average Amortization Period (in years)		Gross		Accumulated Amortization			Net Book Value
December 31, 2012
Customer base		15.8	$	721,010	$	(242,355	)	$	478,655
Amortizable trade names		6.7		15,671		(6,577	)		9,094
Indefinite lived trade names(1)		N/A		260,023		—			260,023
Noncompete agreements		3.8		2,470		(970	)		1,500

		15.6	$	999,174	$	(249,902	)	$	749,272

December 31, 2011
Customer base		16.1	$	696,326	$	(194,836	)	$	501,490
Amortizable trade names		6.0		21,980		(11,642	)		10,338
Indefinite lived trade names(1)		N/A		260,023		—			260,023
Noncompete agreements		5.0		970		(954	)		16

		15.8	$	979,299	$	(207,432	)	$	771,867

(1)	Net of accumulated impairment losses of $76,200.

Schedule of Amortization of Intangible Assets

Total amortization of intangible assets for each of the years ending December 31, 2013 to 2017 is currently estimated as follows (in thousands):


2013	$	53,283
2014		52,709
2015		52,071
2016		51,272
2017		49,680

- Definition

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

+ References + Details

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2012

Significant Components of Long-Term Debt

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


	December 31,
	2012		2011
Senior secured term loan B, net of discount of $6,345	$	642,030	$	—
Global ABL Facility		608,006		—
9.50% senior secured notes due 2016, net of discount of $18,358		—		1,031,642
ABL Credit Facility		—		456,411
MRC Transmark term loan facility		—		30,824
Other		6,553		7,863

		1,256,589		1,526,740
Less current portion		6,500		—

	$	1,250,089	$	1,526,740

Interest on Borrowings

Interest on Borrowings: The interest rates on our borrowings outstanding at December 31, 2012 and 2011 were as follows:


	December 31,
	2012			2011
Senior secured term loan B, net of discount		6.39	%		—
Global ABL Facility		2.21	%		—
9.50% senior secured notes due 2016, net of discount		—			9.88	%
ABL Credit Facility		—			2.66	%
MRC Transmark term loan facility		—			7.17	%
Other		0.84	%		1.85	%

Schedule of Maturities of Long-Term Debt

Maturities of Long-Term Debt: At December 31, 2012, annual maturities of long-term debt during the next five fiscal years and thereafter are as follows (in thousands):


2013	$	6,500
2014		13,011
2015		6,542
2016		6,500
2017		614,506
Thereafter		609,530

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value of Derivative Instruments Recorded in Consolidated Balance Sheets

The table below provides data about the fair value of the derivative instruments that are recorded in our consolidated balance sheets (in thousands):


	December 31, 2012				December 31, 2011
	Assets		Liabilities		Assets		Liabilities
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts(1)	$	3	$	—	$	—	$	144
Interest rate contracts(1)		—		—		—		2,010

(1)

Amount of Gains and (Losses) Recognized in Consolidated Statements of Operations Related to Derivative Instruments

The table below provides data about the amount of gains and (losses) recognized in our consolidated statements of operations related to our derivative instruments (in thousands):


	Year Ended December 31,
	2012		2011		2010
Derivatives not designated as hedging instruments:
Interest rate contracts	$	2,010	$	6,973	$	(5,548	)
Foreign exchange forward contracts		176		71		622

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References + Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Components of Income (Loss) Before Income Taxes

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


	Year Ended December 31,
	2012		2011		2010
United States	$	156,226	$	50,654	$	(59,375	)
Foreign		25,470		5,114		(15,802	)

	$	181,696	$	55,768	$	(75,177	)

Summary of Income Taxes Included in Consolidated Statements of Operations

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


	Year Ended December 31,
	2012			2011			2010
Current:
Federal	$	65,563		$	32,080		$	(26,111	)
State		6,569			2,878			(1,709	)
Foreign		12,038			8,188			1,794

		84,170			43,146			(26,026	)
Deferred:
Federal		(15,776	)		(14,960	)		5,801
State		(1,256	)		(1,177	)		458
Foreign		(3,400	)		(225	)		(3,586	)

		(20,432	)		(16,362	)		2,673

Income tax expense (benefit)	$	63,738		$	26,784		$	(23,353	)

Reconcilation of Statutory Federal Income Tax Rate

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


	Year Ended December 31,
	2012			2011			2010
Federal tax expense at statutory rates	$	63,474		$	19,518		$	(26,311	)
State taxes		3,453			977			(813	)
Nondeductible expenses		1,123			1,121			1,024
Effect of tax rate changes on existing temporary differences		—			3,993			—
Effect of foreign operations		(3,565	)		(499	)		701
Change in valuation allowance		(78	)		522			1,615
Other		(669	)		1,152			431

Income tax expense (benefit)	$	63,738		$	26,784		$	(23,353	)

Effective tax rate		35.1	%		48.0	%		31.1	%

Components of Deferred Income Taxes

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


	December 31,
	2012			2011
Deferred tax assets:
Accounts receivable valuation	$	2,046		$	2,336
Accruals and reserves		12,617			4,009
Net operating loss carryforwards		5,453			5,250
Other		1,504			3,352

Subtotal		21,620			14,947
Valuation allowance		(2,059	)		(2,137	)

Total		19,561			12,810

Deferred tax liabilities:
Accounts receivable		(4,550	)		(4,550	)
Inventory valuation		(79,575	)		(70,198	)
Property, plant and equipment		(11,210	)		(23,554	)
Interest in foreign subsidiary		—			(11,880	)
Intangible assets		(252,976	)		(253,351	)
Debt		(5,745	)		(5,745	)
Other		(11	)		(727	)

Total		(354,067	)		(370,005	)

Net deferred tax liability	$	(334,506	)	$	(357,195	)

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2012

Accumulated Other Comprehensive Loss in Accompanying Consolidated Balance Sheets

Accumulated Other Comprehensive Loss

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


	December 31,
	2012			2011
Currency translation adjustments	$	(21,829	)	$	(25,622	)
Pension related adjustments		(335	)		(518	)

Accumulated other comprehensive loss	$	(22,164	)	$	(26,140	)

Earnings Per Share

Earnings per share are calculated in the table below (in thousands, except per share amounts).


	Year Ended December 31,
	2012		2011		2010
Net income (loss)	$	117,958	$	28,984	$	(51,824	)

Average basic shares outstanding		96,465		84,417		84,384
Effect of dilutive securities		460		238		—

Average diluted shares outstanding	$	96,925	$	84,655	$	84,384

Net income (loss) per share:
Basic	$	1.22	$	0.34	$	(0.61	)
Diluted	$	1.22	$	0.34	$	(0.61	)

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Stock Option Activity Plans

Following the initial public offering, the Company uses the actual stock price to determine the fair value of its common stock.

Options

Weighted
Average
Exercise
Price

Weighted
Average
Remaining
Contractual
Term

Aggregate
Intrinsic
Value

(years)

(thousands)

Stock Options

Balance at December 31, 2011

2,845,688

17.04

7.7

3,616

Granted

1,446,459

20.97

Exercised

(68,838

)

9.84

Forfeited

(460,739

)

22.35

Expired

(3,812

)

9.62

Balance at December 31, 2012

3,758,758

18.05

7.4

36,585

At December 31, 2012:

Options outstanding, vested and exercisable

1,352,308

15.59

5.4

16,486

Options outstanding, vested and expected to vest

3,626,562

17.99

7.4

35,494

Schedule of Restricted Stock Option Activity Plans


	Shares			Weighted Average Grant-Date Fair Value
Restricted Stock
Nonvested at December 31, 2011		141,997		$	14.36
Granted		15,561			18.10
Vested		(22,625	)		9.42
Forfeited		(722	)		9.42

Nonvested at December 31, 2012		134,211		$	15.65

Summarized Award Activity Under Stock Option and Restricted Stock Plans

The following table summarizes award activity under our stock option and restricted stock plans:


	Year Ended December 31,
	2012		2011		2010
Stock Options
Weighted-average, grant-date fair value of awards granted	$	6.52	$	3.46	$	5.10
Total intrinsic value of stock options exercised	$	1,089,830	$	1,715	$	—
Total fair value of stock options vested	$	1,370,130	$	1,833,836	$	727,441


	Year Ended December 31,
	2012		2011		2010
Restricted Stock
Weighted-average, grant-date fair value of awards granted	$	15.65	$	14.36	$	—
Total fair value of restricted stock vested	$	484,141	$	378,670	$	514,082

Weighted-Average Assumptions Used to Estimate Fair Values of Stock Options

Stock Options

Following are the weighted-average assumptions used to estimate the fair values of our stock options:


	Year Ended December 31,
	2012			2011			2010
Risk-free interest rate		0.90	%		1.32	%		2.54	%
Dividend yield(1)		0.00	%		0.00	%		0.00	%
Expected volatility		41.87	%		46.05	%		22.07	%
Expected life (in years)		6.6			5.0			6.2

(1)	The expected dividend yield reflects the restriction on our ability to pay dividends and does not anticipate “special” dividends.

Recognized Compensation Expense and Related Income Tax Benefits Under Equity-Based Compensation Plans

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


	Year Ended December 31,
	2012		2011			2010
Equity-based compensation expense:
Stock options	$	7,533	$	6,707		$	2,425
Restricted stock		481		412			253
Restricted common units		—		(1	)		(337	)
Profit units		461		1,267			1,403

Total equity-based compensation expense	$	8,475	$	8,385		$	3,744

Income tax benefits related to equity-based compensation	$	3,114	$	3,081		$	1,383

Unrecognized Compensation Expense Under Equity-Based Compensation Plans

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


	Weighted- Average Vesting Period (in years)	December 31, 2012
Unrecognized equity-based compensation expense:
Stock options	3.4	$	15,809
Restricted stock	3.5		1,322

Total unrecognized equity-based compensation expense		$	17,131

Provisions For Defined Contribution Plans

Our provisions for the expense under defined contribution plans are set forth in the table below (in thousands):


	Year Ended December 31,
	2012		2011		2010
Defined contribution plans	$	9,016	$	6,531	$	5,179

Defined Benefit obligations


	December 31,
	2012			2011
Change in projected benefit obligation:
Projected benefit obligation at beginning of period	$	27,898		$	27,538
Service cost		1,220			1,073
Interest cost		1,322			1,465
Curtailment for change in projected benefit obligation		(1,518	)		(311	)
Actuarial loss		1,156			511
Benefits paid		(1,148	)		(1,528	)
Expenses paid		(141	)		(146	)
Settlement		(26,553	)		—
Foreign currency exchange		(135	)		(704	)

Projected benefit obligation at end of period	$	2,101		$	27,898

Accumulated benefit obligation at end of period	$	1,545		$	25,892


	December 31,
	2012			2011
Change in plan assets:
Fair value of plan assets at beginning of period	$	30,453		$	29,231
Return on plan assets		3,892			2,692
Employer contributions		691			556
Participant contributions		414			459
Benefits paid		(1,148	)		(1,528	)
Expenses paid		(141	)		(146	)
Settlement		(32,546	)		—
Foreign currency exchange		(172	)		(811	)

Fair value of plan assets at end of period	$	1,443		$	30,453

Funded status and net amounts recognized:
Plan assets, net of projected benefit obligation	$	(658	)	$	2,555
Unrecognized actuarial loss		475			947

Net amount recognized in the consolidated balance sheets	$	(183	)	$	3,502

Amounts recognized in the consolidated balance sheets consist of:
Noncurrent other assets	$	—		$	2,798
Noncurrent other liabilities		(658	)		(243	)

Accrued benefit obligation		(658	)		2,555
Other comprehensive loss		475			947

Net amount recognized in the consolidated balance sheets	$	(183	)	$	3,502

Schedule of Net Periodic Pension Cost

The following table sets forth our net periodic pension cost (in thousands):


	Year Ended December 31,
	2012			2011
Service cost	$	1,220		$	1,073
Interest cost		1,322			1,465
Curtailment gain		(1,518	)		(311	)
Settlement loss		5,317			—
Expected return on plan assets		(1,437	)		(1,762	)

Net periodic pension cost	$	4,904		$	465

Weighted-Average Assumptions Used to Determine Benefit Obligation and Benefit Costs

The following table sets forth the principal weighted-average assumptions used to determine benefit obligation and benefit costs:


	Year Ended December 31,
	2012			2011
Benefit obligation:
Discount rate		2.50	%		4.70	%
Rate of compensation increase		2.00	%		2.00	%

Benefit cost:
Discount rate		2.50	%		4.70	%
Rate of compensation increase		2.00	%		2.00	%
Expected return on plan assets		4.00	%		5.27	%

Weighted-Average Target Asset Allocations for Pension Plans

The following table sets forth the asset allocations for our pension plans:


	2012			2011
Fixed income securities		—			78	%
Equity securities		—			18	%
Insurance contracts		100	%		4	%

Total		100	%		100	%

Fair Values of Pension Plan Assets

The following table sets forth the fair values of our pension plan assets (in thousands):


	Total		Level 1		Level 2		Level 3
December 31, 2012
Cash and cash equivalents	$	—	$	—	$	—	$	—
Fixed income		—		—		—		—
Mutual fund		—		—		—		—
Insurance contracts		1,443		—		1,443		—

	$	1,443	$	—	$	1,443	$	—

December 31, 2011
Cash and cash equivalents	$	66	$	66	$	—	$	—
Fixed income		21,438		—		21,438		—
Mutual fund		5,399		—		5,399		—
Insurance contracts		3,550		—		3,550		—

	$	30,453	$	66	$	30,387	$	—

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Rent Expenses Attributable to Related Parties

Rent expense attributable to related parties is set forth in the following table (in thousands):


	Year Ended December 31,
	2012		2011		2010
Hansford Associates	$	1,969	$	2,284	$	2,545
Prideco		116		596		1,510
Employees		2,238		2,572		2,484

	$	4,323	$	5,452	$	6,539

Schedule of Future Minimum Rental Payments Required under Operating Leases with Related Parties


	2013		2014		2015		2016		2017 and thereafter
Hansford Associates	$	1,533	$	1,281	$	1,087	$	1,109	$	2,344
Prideco		81		43		44		45		27
Employees		2,895		2,091		1,476		1,018		1,421

	$	4,509	$	3,415	$	2,607	$	2,172	$	3,792

Summary of Payments Made to Affiliates in Connection with Credit Facility

Payments made to affiliates of the Goldman Sachs Funds in connection with these transactions are set forth in the following table (in thousands):


	Year Ended December 31,
	2012		2011		2010
Affiliates of the Goldman Sachs Funds	$	13,194	$	250	$	700

Summary of Revenues from Affiliates

The total revenues from these affiliates are set forth in the following table (in thousands):


	Year Ended December 31,
	2012		2011		2010
Affiliates of the Goldman Sachs Funds	$	23,094	$	12,049	$	24,430

Summary of Receivables from Affiliates

The total receivables due from these affiliates are set forth in the following table (in thousands):


	Year Ended December 31,
	2012		2011
Affiliates of the Goldman Sachs Funds	$	5,048	$	1,390

Segment, Geographic and Product Line Information (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Financial Information for Each Segment

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


	Year Ended December 31,
	2012			2011		2010
Sales
U.S.	$	4,238.4		$	3,849.2	$	3,124.7
Canada		765.2			653.6		465.2
International		567.2			329.6		255.6

Consolidated revenues	$	5,570.8		$	4,832.4	$	3,845.5

Depreciation and amortization
U.S.	$	11.2		$	11.6	$	11.7
Canada		2.1			2.5		3.1
International		5.3			2.9		1.8

Total depreciation and amortization expense	$	18.6		$	17.0	$	16.6

Amortization of intangibles
U.S.	$	40.0		$	40.1	$	39.8
Canada		2.5			4.5		4.3
International		7.0			6.1		9.8

Total amortization of intangibles expense	$	49.5		$	50.7	$	53.9

Operating income
U.S.	$	358.3		$	166.5	$	60.0
Canada		27.2			17.4		(4.0	)
International		21.5			10.7		10.4

Total operating income		407.0			194.6		66.4

Interest expense		112.5			136.8		139.6
Loss on early extinguishment of debt		114.0			—		—
Other (income) expense		(1.2	)		2.0		2.0

Income (loss) before income taxes	$	181.7		$	55.8	$	(75.2	)


	December 31,
	2012		2011
Goodwill
United States	$	537.1	$	512.1
Canada		—		—
International		73.3		49.2

Total goodwill	$	610.4	$	561.3

Total assets
United States	$	2,732.4	$	2,749.4
Canada		249.1		176.1
International		388.2		304.4

Total assets	$	3,369.7	$	3,229.9

Schedule of Percentages of Fixed Assets by Geographical Areas

The percentages of our fixed assets relating to the following geographic areas are as follows:


	December 31,
	2012			2011
Fixed assets
U.S.		56	%		60	%
Canada		24	%		25	%
International		20	%		15	%

		100	%		100	%

Schedule of Percentages of Net Sales by Product Line

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


	Year Ended December 31,
Type	2012				2011				2010
Energy carbon steel tubular products:
Line pipe	$	1,158,512	21	%	$	1,033,976	21	%	$	692,197	18	%
Oil country tubular goods		715,108	13	%		809,163	17	%		769,107	20	%

	$	1,873,620	34	%	$	1,843,139	38	%	$	1,461,304	38	%

Valves, fittings, flanges and other products:
Valves and specialty products	$	1,431,888	26	%	$	1,143,234	24	%	$	961,384	25	%
Carbon steel fittings and flanges and stainless steel and alloy pipe and fittings		1,175,276	21	%		870,581	18	%		653,741	17	%
Other		1,090,074	19	%		975,469	20	%		769,107	20	%

	$	3,697,238	66	%	$	2,989,284	62	%	$	2,384,232	62	%

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents assets and liabilities measured at fair value on a recurring basis, and the basis for that measurement (in thousands):


	Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2012
Assets:	$	3	$	—	$	3	$	—

Liabilities:		—		—		—		—

December 31, 2011
Assets:	$	—	$	—	$	—	$	—

Liabilities:
Foreign exchange forward contracts		144		—		144		—
Interest rate swap agreements		2,010		—		2,010		—

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2012

Rental Expense under Operating Lease Arrangements

Rental expense under our operating lease arrangements is as follows:


	Year Ended December 31,
	2012		2011		2010
Operating rental expense	$	48,321	$	40,255	$	37,804

Future Minimum Lease Payment under Noncancelable Operating and Capital Lease Arrangements

Future minimum lease payments under noncancelable operating and capital lease arrangements having initial terms of one year or more are as follows (in thousands):


	Operating Leases		Capital Leases
2013	$	35,923	$	459
2014		29,560		441
2015		26,071		217
2016		12,175		158
2017		8,501		117
Thereafter		15,333		699

	$	127,563	$	2,091

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

+ References + Details

Quarterly Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Quarterly Financial Information

Our quarterly financial information is presented in the table below (in thousands, except per share amounts):


	First			Second		Third		Fourth			Year
2012
Revenues	$	1,382.6		$	1,430.4	$	1,451.1	$	1,306.7		$	5,570.8
Gross profit		236.6			241.7		277.2		258.3			1,013.7

Net income (loss)		37.5			31.3		55.5		(6.4	)		118.0
EPS:
Basic(1)	$	0.44		$	0.32	$	0.55	$	(0.06	)	$	1.22
Diluted(1)	$	0.44		$	0.32	$	0.54	$	(0.06	)	$	1.22

2011
Revenues	$	991.8		$	1,168.0	$	1,366.2	$	1,306.4		$	4,832.4
Gross profit		147.0			172.7		201.1		187.4			708.2

Net income (loss)		(1.1	)		4.7		21.9		3.5			29.0
EPS:
Basic(1)	$	(0.01	)	$	0.06	$	0.26	$	0.04		$	0.34
Diluted(1)	$	(0.01	)	$	0.06	$	0.26	$	0.04		$	0.34

(1)	EPS does not add across due to rounding and transactions resulting in differing weighted average shares outstanding on a quarterly basis.

Significant Accounting Policies - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2012 USD ($) Segment yr	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($) Vendor
Significant Accounting Policies [Line Items]
Maturity period to qualify as a cash equivalent	Three months or less
Inventory not valued at LIFO	$ 318,900	$ 217,000
Allowances for excess and obsolete inventories	(19,029)	(16,458)
Accumulated amortization of debt issuance costs	4,800	3,500
Letters of credit securing non-material deductible program	5,600
Purchasing and warehousing costs not included in cost of sales	$ 34,800	$ 27,300	$ 25,500
Maximum percentage of sales accounted by individual customer	0.00%	0.00%	0.00%
Concentration of credit risk based on individual customer sales	10.00%	10.00%	10.00%
Maximum percentage of accounts receivable accounted by individual customer	0.00%	0.00%	0.00%
Concentration of credit risk based on individual customer accounts receivable balances	10.00%	10.00%	10.00%
Maximum percentage of purchases accounted by individual vendor	0.00%	0.00%	11.00%
Concentration of credit risk based on individual vendor purchases	10.00%	10.00%	10.00%
Number of vendors with individual purchases in excess of 10% \| Vendor			1
Maximum percentage of account payable accounted by individual vendor	0.00%	0.00%	0.00%
Concentration of credit risk based on individual vendor accounts payable balances	10.00%	10.00%	10.00%
Number of operating segments \| Segment	3
Minimum [Member]
Significant Accounting Policies [Line Items]
Amortization based on straight-line method, years \| yr	2
Maximum [Member]
Significant Accounting Policies [Line Items]
Amortization based on straight-line method, years \| yr	20

Acquisitions - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2012 USD ($) Acquisition	Dec. 31, 2011 USD ($) Acquisition	Dec. 31, 2010 USD ($) Acquisition
Business Acquisition [Line Items]
Number of acquisitions occurring during the period \| Acquisition	3	2	2
Aggregate purchase price of acquisitions \| $	$ 152.4	$ 41.9	$ 13.2

Acquisitions - Schedule of Purchase Price Allocation (Detail) $ in Millions	Dec. 31, 2012 USD ($)
Net assets acquired:
Current assets, net of cash acquired	$ 129.1
Other long-term assets	11.8
Customer base intangibles	23.1
Other intangible assets	2.6
Goodwill	46.9
Current liabilities	(52.4)
Other long-term liabilities	(8.7)
Cash consideration paid	$ 152.4

Accounts Receivable - Summary of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Allowance for doubtful accounts
Beginning balance	$ 4,815	$ 4,451	$ 8,790
Net charge-offs	(1,973)	(69)	(2,297)
Provision	2,428	433	(2,042)
Ending balance	$ 5,270	$ 4,815	$ 4,451

Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Accounts Receivables [Line Items]
Other allowances for accounts receivable	$ 3.3	$ 4.2

Inventories - Composition of Inventory (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Finished goods inventory at average cost:
Finished goods inventory at average cost	$ 1,140,239	$ 1,090,644
Less: Excess of average cost over LIFO cost (LIFO reserve)	(150,982)	(175,122)
Less: Other inventory reserves	(19,029)	(16,458)
Inventories, net	970,228	899,064
Energy carbon steel tubular products [Member]
Finished goods inventory at average cost:
Finished goods inventory at average cost	387,609	488,938
Valves, fittings, flanges and other products [Member]
Finished goods inventory at average cost:
Finished goods inventory at average cost	$ 752,630	$ 601,706

- Definition

The amount of the valuation account as of the balance sheet date which reduces the carrying amount of inventory to net realizable value; takes into consideration such factors as market value, excessive quantities based on expected sales, technological obsolescence, and shrinkage. May also provide for estimated product returns or price concessions pertaining to product cost.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 5.BB)
-URI http://asc.fasb.org/extlink&oid=6386940&loc=d3e100047-122729

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.6(a))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09)
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24092-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-SubTopic 10
-Section 35
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6386567&loc=d3e3927-108312

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Paragraph 14
-Chapter 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Paragraph 8, 9, 14
-Chapter 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section A
-Paragraph 9
-Chapter 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 09
-Article 12

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 6
-Subparagraph a
-Article 5

+ Details

Inventories - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Inventories Net [Line Items]
Effect of LIFO decrement on cost of sales	$ 1.3	$ 0.0	$ 14.1

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 209,344	$ 179,431
Allowances for depreciation and amortization	(86,886)	(72,001)
Property, plant and equipment, net	122,458	107,430
Land and improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 17,465	16,894
Building and building improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Depreciable Life	40 years
Property, plant and equipment, gross	$ 55,930	55,458
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 130,289	103,224
Machinery and equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Depreciable Life	3 years
Machinery and equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Depreciable Life	10 years
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,160	638
Property held under capital leases [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 3,500	$ 3,217
Property held under capital leases [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Depreciable Life	20 years
Property held under capital leases [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Depreciable Life	30 years

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Schedule Of Intangible Assets By Segment [Line Items]
Goodwill, beginning balance	$ 561,270	$ 549,384	$ 549,733
Other		(211)	(687)
Effect of foreign currency translation	1,045	(2,248)	(3,253)
Goodwill, ending balance	610,392	561,270	549,384
Adjustment of MRC SPF purchase price	1,197
Acquisition of South Texas and Dresser [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition			3,591
Acquisition of VSC [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition		2,780
Acquisition of MRC SPF [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition		11,565
Acquisition of MRC PSA [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition	21,829
Acquisition of PSS [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition	25,051
U.S. [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Goodwill, beginning balance	512,047	509,478	506,574
Other		(211)	(687)
Effect of foreign currency translation
Goodwill, ending balance	537,098	512,047	509,478
Adjustment of MRC SPF purchase price
U.S. [Member] \| Acquisition of South Texas and Dresser [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition			3,591
U.S. [Member] \| Acquisition of VSC [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition		2,780
U.S. [Member] \| Acquisition of MRC PSA [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition
U.S. [Member] \| Acquisition of PSS [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition	25,051
Canada [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Goodwill, beginning balance
Other
Effect of foreign currency translation
Goodwill, ending balance
Adjustment of MRC SPF purchase price
Canada [Member] \| Acquisition of South Texas and Dresser [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition
Canada [Member] \| Acquisition of VSC [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition
Canada [Member] \| Acquisition of MRC SPF [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition
Canada [Member] \| Acquisition of MRC PSA [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition
Canada [Member] \| Acquisition of PSS [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition
International [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Goodwill, beginning balance	49,223	39,906	43,159
Effect of foreign currency translation	1,045	(2,248)	(3,253)
Goodwill, ending balance	73,294	49,223	$ 39,906
Adjustment of MRC SPF purchase price	1,197
International [Member] \| Acquisition of MRC SPF [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition		$ 11,565
International [Member] \| Acquisition of MRC PSA [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition	$ 21,829

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Parenthetical) (Detail) - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Schedule Of Intangible Assets By Segment [Line Items]
Net of accumulated impairment losses	$ 76,200,000	$ 76,200,000
U.S. [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Net of accumulated impairment losses		240,900	$ 240,900	$ 240,900
Canada [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Net of accumulated impairment losses		$ 69,000	$ 69,000	$ 69,000

Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets by Major Classification (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Intangible Assets By Major Class [Line Items]
Weighted- Average Amortization Period (in years)	15 years 7 months 6 days	15 years 9 months 18 days
Gross	$ 999,174	$ 979,299
Accumulated Amortization	(249,902)	(207,432)
Net Book Value	$ 749,272	$ 771,867
Customer base [Member]
Intangible Assets By Major Class [Line Items]
Weighted- Average Amortization Period (in years)	15 years 9 months 18 days	16 years 1 month 6 days
Gross	$ 721,010	$ 696,326
Accumulated Amortization	(242,355)	(194,836)
Net Book Value	$ 478,655	$ 501,490
Amortizable trade names [Member]
Intangible Assets By Major Class [Line Items]
Weighted- Average Amortization Period (in years)	6 years 8 months 12 days	6 years
Gross	$ 15,671	$ 21,980
Accumulated Amortization	(6,577)	(11,642)
Net Book Value	$ 9,094	$ 10,338
Noncompete agreements [Member]
Intangible Assets By Major Class [Line Items]
Weighted- Average Amortization Period (in years)	3 years 9 months 18 days	5 years
Gross	$ 2,470	$ 970
Accumulated Amortization	(970)	(954)
Net Book Value	1,500	16
Indefinite lived trade names [Member]
Intangible Assets By Major Class [Line Items]
Gross	260,023	260,023
Accumulated Amortization
Net Book Value	$ 260,023	$ 260,023

Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets by Major Classification (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Intangible Assets By Major Class [Line Items]
Net of accumulated impairment losses	$ 76,200	$ 76,200

Goodwill and Other Intangible Assets - Schedule of Amortization of Intangible Assets (Detail) $ in Thousands	Dec. 31, 2012 USD ($)
Schedule Of Estimated Future Amortization Expense [Line Items]
2013	$ 53,283
2014	52,709
2015	52,071
2016	51,272
2017	$ 49,680

Long-Term Debt - Significant Components of Long-Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Debt Instrument [Line Items]
Long-term debt	$ 1,256,589	$ 1,526,740
Less current portion	6,500
Long-term debt, net	1,250,089	1,526,740
Senior secured term loan [Member]
Debt Instrument [Line Items]
Long-term debt	642,030
9.50% senior secured notes due 2016 [Member]
Debt Instrument [Line Items]
Long-term debt		1,031,642
Global ABL Facility [Member]
Debt Instrument [Line Items]
Long-term debt	608,006
ABL Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt		456,411
MRC Transmark term loan facility [Member]
Debt Instrument [Line Items]
Long-term debt		30,824
Other [Member]
Debt Instrument [Line Items]
Long-term debt	$ 6,553	$ 7,863

Long-Term Debt - Significant Components of Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Debt Instrument [Line Items]
Interest rate	9.50%
Senior secured term loan [Member]
Debt Instrument [Line Items]
Original issue discount on senior secured notes	$ 6,345
9.50% senior secured notes due 2016 [Member]
Debt Instrument [Line Items]
Original issue discount on senior secured notes		$ 18,358
Interest rate	9.50%	9.50%

Long-Term Debt - Additional Information (Detail)	1 Months Ended	12 Months Ended
Long-Term Debt - Additional Information (Detail)	Mar. 31, 2012 USD ($)	Dec. 31, 2012 USD ($) Ratio	Nov. 30, 2012 USD ($)	Dec. 31, 2011 USD ($)
Debt Instrument [Line Items]
New Term Loan		$ 1,257,000,000		$ 1,527,000,000
Interest rate		9.50%
Interest at base rate		2.25%
Rate based on LIBOR		1.25%
Applicable margin base rate loans		400.00%
Applicable margin for LIBOR loans		500.00%
Change in debt instrument rate basis		0.25%
Premium for re-pricing transactions		1.00%
Repayment of Term Loan		50.00%
Reduction in cash flow		25.00%
Reduction in cash flow		0.00%
Indebtedness under Global ABL Facility		$ 1,300,000,000
Maximum Borrowing Base of accounts receivable		85.00%
Maximum Borrowing Base of inventory		65.00%
Ability to borrow in each jurisdiction, other than Belgium		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.
Available revolving credit facility		$ 429.6
Face value of secured note		188,700,000
Amount outstanding, debt		$ 1,135,223,000
Weighted average price of purchase of senior notes		108.65 per $100 of principal amount
Pre-tax loss on the purchase of senior secured notes		$ (113,961,000)
Proceeds of senior secured notes		650,000,000
Payment of premium for early redemption		$ 68,900,000
Minimum [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio \| Ratio		1.00
Consolidated total leverage ratio		1.00
Junior secured leverage		1.00
Debt instrument basis spread on variable rate		1.50%
Maximum [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio \| Ratio		2.50
Consolidated total leverage ratio		2.50
Junior secured leverage		4.00
Debt instrument basis spread on variable rate		2.00%
Senior secured term loan [Member]
Debt Instrument [Line Items]
New Term Loan			$ 650,000,000
Proceeds from payment of long term loan		$ 861,300,000
Debt maturity period		7 years
Maturity date of Term Loan		Nov. 09, 2019
Debt instrument amortization percentage		1.00%
Percentage of capital stock in foreign subsidiaries		65.00%
Amount outstanding, debt		$ 205,000,000
Redemption senior secured notes		861,300,000
Redemption resulted in pre-tax loss		$ 92,200,000
Senior secured term loan [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio \| Ratio		1.00
Consolidated total leverage ratio		1.00
Senior secured term loan [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio \| Ratio		2.75
Consolidated total leverage ratio		3.50
Numerator [Member]
Debt Instrument [Line Items]
Consolidated total leverage ratio		3.25
Numerator [Member] \| Unsecured debt [Member]
Debt Instrument [Line Items]
Total leverage ratio		5.00
Denominator [Member]
Debt Instrument [Line Items]
Consolidated total leverage ratio		1.00
Denominator [Member] \| Unsecured debt [Member]
Debt Instrument [Line Items]
Total leverage ratio		1.00
Revolving credit facility [Member]
Debt Instrument [Line Items]
Debt maturity period	5 years
Total revolving credit facility	$ 1,250,000,000
Accordion feature	300,000,000
Revolving credit facility [Member] \| U.S. [Member]
Debt Instrument [Line Items]
Total revolving credit facility	977,000,000
Revolving credit facility [Member] \| Canada [Member]
Debt Instrument [Line Items]
Total revolving credit facility	170,000,000
Revolving credit facility [Member] \| United Kingdom [Member]
Debt Instrument [Line Items]
Total revolving credit facility	12,000,000
Revolving credit facility [Member] \| Australia [Member]
Debt Instrument [Line Items]
Total revolving credit facility	75,000,000
Revolving credit facility [Member] \| Netherlands [Member]
Debt Instrument [Line Items]
Total revolving credit facility	9,000,000
Revolving credit facility [Member] \| Belgium [Member]
Debt Instrument [Line Items]
Total revolving credit facility	$ 7,000,000
Senior Secured Term Loan [Member]
Debt Instrument [Line Items]
Term Loan accordion feature		$ 200,000,000
Unrestricted cash of Term Loan		$ 75,000,000
Senior Secured Term Loan [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio \| Ratio		1.00
Senior Secured Term Loan [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio \| Ratio		3.50
9.50% senior secured notes due 2016 [Member]
Debt Instrument [Line Items]
Pre-tax loss on the purchase of senior secured notes		$ 21,700,000

Long-Term Debt - Interest on Borrowings (Detail)	Dec. 31, 2012	Dec. 31, 2011
Senior secured term loan [Member]
Proforma Debt Instrument [Line Items]
Weighted-average interest rate	6.39%
Global ABL Facility [Member]
Proforma Debt Instrument [Line Items]
Weighted-average interest rate	2.21%
9.50% senior secured notes due 2016 [Member]
Proforma Debt Instrument [Line Items]
Weighted-average interest rate		9.88%
ABL Credit Facility [Member]
Proforma Debt Instrument [Line Items]
Weighted-average interest rate		2.66%
MRC Transmark term loan facility [Member]
Proforma Debt Instrument [Line Items]
Weighted-average interest rate		7.17%
Other [Member]
Proforma Debt Instrument [Line Items]
Weighted-average interest rate	0.84%	1.85%

Long-Term Debt - Schedule of Maturities of Long-Term Debt (Detail) $ in Thousands	Dec. 31, 2012 USD ($)
Debt Maturities [Line Items]
2013	$ 6,500
2014	13,011
2015	6,542
2016	6,500
2017	614,506
Thereafter	$ 609,530

Derivative Financial Instruments - Fair Value of Derivative Instruments Recorded in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange forward contracts, Assets	$ 3
Interest rate contracts, Assets
Foreign exchange forward contracts, Liabilities		144
Interest rate contracts, Liabilities		$ 2,010

Derivative Financial Instruments - Fair Value of Derivative Instruments Recorded in Consolidated Balance Sheets (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of interest rate swaps	$ 0	$ 519
Notional amount of forward foreign exchange contracts	$ 69	$ 39

Derivative Financial Instruments - Amount of Gains and (Losses) Recognized in Consolidated Statements of Operations Related to Derivative Instruments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Derivatives, Fair Value [Line Items]
Derivatives not designated as hedging instruments, Interest rate contracts	$ 2,010	$ 6,973	$ (5,548)
Derivatives not designated as hedging instruments, Foreign exchange forward contracts	$ 176	$ 71	$ 622

Income Taxes - Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Income Loss From Operations Before Provision Benefit For Income Taxes [Line Items]
United States	$ 156,226	$ 50,654	$ (59,375)
Foreign	25,470	5,114	(15,802)
Income (loss) before income taxes	$ 181,696	$ 55,768	$ (75,177)

Income Taxes - Summary of Income Taxes Included in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Current:
Federal	$ 65,563	$ 32,080	$ (26,111)
State	6,569	2,878	(1,709)
Foreign	12,038	8,188	1,794
Total current income tax expense (benefit)	84,170	43,146	(26,026)
Deferred:
Federal	(15,776)	(14,960)	5,801
State	(1,256)	(1,177)	458
Foreign	(3,400)	(225)	(3,586)
Total deferred income tax expense (benefit)	(20,432)	(16,362)	2,673
Income tax expense (benefit)	$ 63,738	$ 26,784	$ (23,353)

Income Taxes - Reconciliation of Statutory Federal Income Tax Rate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Schedule Of Effective Income Tax Rate Reconciliation [Line Items]
Federal tax expense at statutory rates	$ 63,474	$ 19,518	$ (26,311)
State taxes	3,453	977	(813)
Nondeductible expenses	1,123	1,121	1,024
Effect of tax rate changes on existing temporary differences		3,993
Effect of foreign operations	(3,565)	(499)	701
Change in valuation allowance	(78)	522	1,615
Other	(669)	1,152	431
Income tax expense (benefit)	$ 63,738	$ 26,784	$ (23,353)
Effective tax rate	35.10%	48.00%	31.10%

Income Taxes - Components of Deferred Income Taxes (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Deferred tax assets:
Accounts receivable valuation	$ 2,046	$ 2,336
Accruals and reserves	12,617	4,009
Net operating loss carryforwards	5,453	5,250
Other	1,504	3,352
Subtotal	21,620	14,947
Valuation allowance	(2,059)	(2,137)
Total	19,561	12,810
Deferred tax liabilities:
Accounts receivable	(4,550)	(4,550)
Inventory valuation	(79,575)	(70,198)
Property, plant and equipment	(11,210)	(23,554)
Interest in foreign subsidiary		(11,880)
Intangible assets	(252,976)	(253,351)
Debt	(5,745)	(5,745)
Other	(11)	(727)
Total	(354,067)	(370,005)
Net deferred tax liability	$ (334,506)	$ (357,195)

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Operating Loss Carryforwards [Line Items]
Income tax examination, Description	We are no longer subject to U.S. federal income tax examination for all years through 2007 and the statute of limitations at our international locations is generally six to seven years.
United States [Member]
Operating Loss Carryforwards [Line Items]
State net operating loss carryforwards	$ 108.9
State net operating loss carryforwards future expiration date	2032
Non-U.S. [Member]
Operating Loss Carryforwards [Line Items]
State net operating loss carryforwards future expiration date	2020
State net operating loss carryforwards	$ 18.4
State net operating loss carryforwards with expiration	4.6
State net operating loss carryforwards with no expiration	13.8
Temporary differences representing earnings of non-US subsidiaries for which deferred income taxes are not provided	$ 189.4	$ 98.8

Stockholders' Equity - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Shareholders Equity [Line Items]
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares issued	0	0
Anti dilutive stock options	$ 2.1	$ 2.3	$ 2.0

Stockholders' Equity - Accumulated Other Comprehensive Loss in Accompanying Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items]
Currency translation adjustments	$ (21,829)	$ (25,622)
Pension related adjustments	(335)	(518)
Accumulated other comprehensive loss	$ (22,164)	$ (26,140)

- Definition

The total of net gain (loss), prior service cost (credit), and transition assets (obligations), as well as minimum pension liability if still remaining, included in accumulated other comprehensive income associated with a defined benefit pension or other postretirement plan(s) because they have yet to be recognized as components of net periodic benefit cost.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (j-k)
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 26
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 12, 13
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-Number 133
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 45
-Paragraph 11
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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5

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-Name FASB Staff Position (FSP)
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Stockholders' Equity - Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Earnings Per Share [Line Items]
Net income (loss)	$ (6,400)	$ 55,500	$ 31,300	$ 37,500	$ 3,500	$ 21,900	$ 4,700	$ (1,100)	$ 117,958,000	$ 28,984,000	$ (51,824,000)
Average basic shares outstanding									96,465	84,417	84,384
Effect of dilutive securities									460	238
Average diluted shares outstanding									96,925	84,655	84,384
Net income (loss) per share:
Basic	$ (0.06)	$ 0.55	$ 0.32	$ 0.44	$ 0.04	$ 0.26	$ 0.06	$ (0.01)	$ 1.22	$ 0.34	$ (0.61)
Diluted	$ (0.06)	$ 0.54	$ 0.32	$ 0.44	$ 0.04	$ 0.26	$ 0.06	$ (0.01)	$ 1.22	$ 0.34	$ (0.61)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
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-Paragraph 1
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-Name Accounting Standards Codification
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-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.23)
-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 18
-Article 7

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 36, 37, 38
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 21
-Article 9

+ 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

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References + Details

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=6528421

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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 128
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-Number 128
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Employee Benefit Plans - Additional Information (Detail) - $ / shares	1 Months Ended				4 Months Ended	12 Months Ended
	Dec. 31, 2012	May 31, 2012	Feb. 29, 2012	Jan. 31, 2012	Aug. 31, 2012	Dec. 31, 2012	Apr. 30, 2012
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Restricted stock reserved for incentive plans						500,000
Stock options modified during the period		381,698
Stock options exercise price lower range		$ 22.10
Stock options exercise price upper range		24.96
Revised stock options exercise price		$ 21.05
Shares of restricted stock vested	8,174			14,451
Shares of restricted stock granted			15,561
Stock options exercised						68,838
Grant of stock options						0
Shares reserved for Incentive Plan							3,250,000
Awards granted					1,064,761
Employer matching contribution						1.00%
Defined benefit plan participant contribution						10.00%
Unrecognized gains and losses						10.00%
Common Stock [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Restricted stock reserved for incentive plans						3,750,000
Stock options exercised						68,000
Restricted Common Units [Member] \| PVF Holdings LLC [Member] \| Minimum [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Employees benefits, requisite service period						3 years
Restricted Common Units [Member] \| PVF Holdings LLC [Member] \| Maximum [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Employees benefits, requisite service period						5 years
Profit Units [Member] \| PVF Holdings LLC [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Employees benefits, requisite service period						5 years
2007 Stock Option Plan [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Maximum term for stock option plan grant						10 years
Employees benefits, requisite service period						5 years

Employee Benefit Plans - Schedule of Stock Option Activity Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands	4 Months Ended	12 Months Ended
	Aug. 31, 2012	Dec. 31, 2012
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Granted, Options	1,064,761
Exercised, Options		(68,838)
Stock Options [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Beginning Balance, Options		2,845,688
Granted, Options		1,446,459
Exercised, Options		(68,838)
Forfeited, Options		(460,739)
Expired, Options		(3,812)
Ending Balance, Options		3,758,758
Options outstanding, vested and exercisable, Options		1,352,308
Options outstanding, vested and expected to vest, Options		3,626,562
Beginning Balance, Weighted Average Exercise Price		$ 17.04
Granted, Weighted Average Exercise Price		20.97
Exercised, Weighted Average Exercise Price		9.84
Forfeited, Weighted Average Exercise Price		22.35
Expired, Weighted Average Exercise Price		9.62
Ending Balance, Weighted Average Exercise Price		18.05
Options outstanding, vested and exercisable, Weighted Average Exercise Price		15.59
Options outstanding, vested and expected to vest, Weighted Average Exercise Price		$ 17.99
Beginning Balance, Weighted Average Remaining Contractual Term		7 years 8 months 12 days
Ending Balance, Weighted Average Remaining Contractual Term		7 years 4 months 24 days
Options outstanding, vested and exercisable, Weighted Average Remaining Contractual Term		5 years 4 months 24 days
Options outstanding, vested and expected to vest, Weighted Average Remaining Contractual Term		7 years 4 months 24 days
Beginning Balance, Aggregate Intrinsic Value		$ 3,616
Ending Balance, Aggregate Intrinsic Value		36,585
Options outstanding, vested and exercisable, Aggregate Intrinsic Value		16,486
Options outstanding, vested and expected to vest, Aggregate Intrinsic Value		$ 35,494

Employee Benefit Plans - Schedule of Restricted Stock Option Activity Plans (Detail) - $ / shares	1 Months Ended			12 Months Ended
	Dec. 31, 2012	Feb. 29, 2012	Jan. 31, 2012	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Shares, Nonvested		15,561
Vested, Shares, Nonvested	(8,174)		(14,451)
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance, Shares, Nonvested			141,997	141,997
Granted, Shares, Nonvested				15,561
Vested, Shares, Nonvested				(22,625)
Forfeited, Shares, Nonvested				(722)
Ending Balance, Shares, Nonvested	134,211			134,211
Beginning Balance, Weighted Average Grant-Date Fair Value, Nonvested			$ 14.36	$ 14.36
Granted, Weighted Average Grant-Date Fair Value, Nonvested				18.10
Vested, Weighted Average Grant-Date Fair Value, Nonvested				9.42
Forfeited, Weighted Average Grant-Date Fair Value, Nonvested				9.42
Ending Balance, Weighted Average Grant-Date Fair Value, Nonvested	$ 15.65			$ 15.65

Employee Benefit Plans - Summarized Award Activity Under Stock Option and Restricted Stock Plans (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Stock Options [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average, grant-date fair value of awards granted	$ 6.52	$ 3.46	$ 5.10
Total intrinsic value of stock options exercised	$ 1,089,830	$ 1,715
Total fair value of stock options vested	$ 1,370,130	$ 1,833,836	$ 727,441
Restricted Stock [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average, grant-date fair value of awards granted	$ 15.65	$ 14.36
Total fair value of restricted stock vested	$ 484,141	$ 378,670	$ 514,082

Employee Benefit Plans - Weighted-Average Assumptions Used to Estimate Fair Values of Stock Options (Detail)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.90%	1.32%	2.54%
Dividend yield	0.00%	0.00%	0.00%
Expected volatility	41.87%	46.05%	22.07%
Expected life (in years)	6 years 7 months 6 days	5 years	6 years 2 months 12 days

Employee Benefit Plans - Recognized Compensation Expense and Related Income Tax Benefits Under Equity-Based Compensation Plans (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items]
Equity-based compensation expense	$ 8,475	$ 8,385	$ 3,744
Income tax benefits related to equity-based compensation	3,114	3,081	1,383
Stock Options [Member]
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items]
Equity-based compensation expense	7,533	6,707	2,425
Restricted Stock [Member]
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items]
Equity-based compensation expense	481	412	253
Restricted common units [Member]
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items]
Equity-based compensation expense		(1)	(337)
Profit Units [Member]
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items]
Equity-based compensation expense	$ 461	$ 1,267	$ 1,403

Employee Benefit Plans - Unrecognized Compensation Expense Under Equity-Based Compensation Plans (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2012 USD ($)
Unrecognized Stock Based Compensation Expense [Line Items]
Unrecognized equity-based compensation expense	$ 17,131
Stock Options [Member]
Unrecognized Stock Based Compensation Expense [Line Items]
Unrecognized equity-based compensation , Weighted-Average Vesting Period (in years)	3 years 4 months 24 days
Unrecognized equity-based compensation expense	$ 15,809
Restricted Stock [Member]
Unrecognized Stock Based Compensation Expense [Line Items]
Unrecognized equity-based compensation , Weighted-Average Vesting Period (in years)	3 years 6 months
Unrecognized equity-based compensation expense	$ 1,322

Employee Benefit Plans - Provisions for Defined Contribution Plans (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Defined Contribution Plans Disclosure [Line Items]
Defined contribution plans	$ 9,016	$ 6,531	$ 5,179

Employee Benefit Plans - Defined Benefit Obligations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Change in projected benefit obligation:
Projected benefit obligation at beginning of period	$ 27,898	$ 27,538
Service cost	1,220	1,073
Interest cost	1,322	1,465
Curtailment for change in projected benefit obligation	(1,518)	(311)
Actuarial loss	1,156	511
Benefits paid	(1,148)	(1,528)
Expenses paid	(141)	(146)
Settlement	(26,553)
Foreign currency exchange	(135)	(704)
Projected benefit obligation at end of period	2,101	27,898
Accumulated benefit obligation at end of period	1,545	25,892
Change in plan assets:
Fair value of plan assets at beginning of period	30,453	29,231
Return on plan assets	3,892	2,692
Employer contributions	691	556
Participant contributions	414	459
Benefits paid	(1,148)	(1,528)
Expenses paid	(141)	(146)
Settlement	(32,546)
Foreign currency exchange	(172)	(811)
Fair value of plan assets at end of period	1,443	30,453
Funded status and net amounts recognized:
Plan assets, net of projected benefit obligation	(658)	2,555
Unrecognized actuarial loss	475	947
Net amount recognized in the consolidated balance sheets	(183)	3,502
Amounts recognized in the consolidated balance sheets consist of:
Noncurrent other assets		2,798
Noncurrent other liabilities	(658)	(243)
Plan assets, net of projected benefit obligation	(658)	2,555
Other comprehensive loss	475	947
Net amount recognized in the consolidated balance sheets	$ (183)	$ 3,502

Employee Benefit Plans - Schedule of Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,220	$ 1,073
Interest cost	1,322	1,465
Curtailment gain	(1,518)	(311)
Settlement loss	5,317
Expected return on plan assets	(1,437)	(1,762)
Net periodic pension cost	$ 4,904	$ 465

- Definition

An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 30
-Glossary Expected Return on Plan Assets
-URI http://asc.fasb.org/extlink&oid=6512136

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Glossary Expected Return on Plan Assets
-URI http://asc.fasb.org/extlink&oid=6512171

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(3)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time.

+ References + Details

- Definition

The amount of net gain (loss) recognized in net periodic benefit cost as a result of an event that significantly reduces the expected years of future service of present employees or eliminates for a significant number of employees the accrual of defined benefits for some or all of their future services.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Plan Curtailment
-URI http://asc.fasb.org/extlink&oid=6520938

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(7)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 30
-Section 15
-Paragraph 6
-Subparagraph (a)(2)
-URI http://asc.fasb.org/extlink&oid=7577095&loc=d3e8001-114927

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 88
-Paragraph 6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Service Cost (Component of Net Periodic Pension Cost)
-URI http://asc.fasb.org/extlink&oid=6525008

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(1)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a, h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Employee Benefit Plans - Weighted-Average Assumptions Used to Determine Benefit Obligation and Benefit Costs (Detail)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Benefit obligation:
Discount rate	2.50%	4.70%
Rate of compensation increase	2.00%	2.00%
Benefit cost:
Discount rate	2.50%	4.70%
Rate of compensation increase	2.00%	2.00%
Expected return on plan assets	4.00%	5.27%

Employee Benefit Plans - Weighted-Average Target Asset Allocations for Pension Plans (Detail)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]
Percentage of weighted-average target asset allocations for pension plans	100.00%	100.00%
Fixed income securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of weighted-average target asset allocations for pension plans		78.00%
Equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of weighted-average target asset allocations for pension plans		18.00%
Insurance contracts [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of weighted-average target asset allocations for pension plans	100.00%	4.00%

Employee Benefit Plans - Fair Values of Pension Plan Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Schedule of Fair Values of Plan Assets [Line Items]
Fair values of pension plan assets	$ 1,443	$ 30,453	$ 29,231
Cash and cash equivalents [Member]
Schedule of Fair Values of Plan Assets [Line Items]
Fair values of pension plan assets		66
Fixed income [Member]
Schedule of Fair Values of Plan Assets [Line Items]
Fair values of pension plan assets		21,438
Mutual fund [Member]
Schedule of Fair Values of Plan Assets [Line Items]
Fair values of pension plan assets		5,399
Insurance contracts [Member]
Schedule of Fair Values of Plan Assets [Line Items]
Fair values of pension plan assets	1,443	3,550
Level 1 [Member]
Schedule of Fair Values of Plan Assets [Line Items]
Fair values of pension plan assets		66
Level 1 [Member] \| Cash and cash equivalents [Member]
Schedule of Fair Values of Plan Assets [Line Items]
Fair values of pension plan assets		66
Level 1 [Member] \| Fixed income [Member]
Schedule of Fair Values of Plan Assets [Line Items]
Fair values of pension plan assets
Level 1 [Member] \| Mutual fund [Member]
Schedule of Fair Values of Plan Assets [Line Items]
Fair values of pension plan assets
Level 1 [Member] \| Insurance contracts [Member]
Schedule of Fair Values of Plan Assets [Line Items]
Fair values of pension plan assets
Level 2 [Member]
Schedule of Fair Values of Plan Assets [Line Items]
Fair values of pension plan assets	1,443	30,387
Level 2 [Member] \| Cash and cash equivalents [Member]
Schedule of Fair Values of Plan Assets [Line Items]
Fair values of pension plan assets
Level 2 [Member] \| Fixed income [Member]
Schedule of Fair Values of Plan Assets [Line Items]
Fair values of pension plan assets		21,438
Level 2 [Member] \| Mutual fund [Member]
Schedule of Fair Values of Plan Assets [Line Items]
Fair values of pension plan assets		5,399
Level 2 [Member] \| Insurance contracts [Member]
Schedule of Fair Values of Plan Assets [Line Items]
Fair values of pension plan assets	1,443	$ 3,550
Level 3 [Member]
Schedule of Fair Values of Plan Assets [Line Items]
Fair values of pension plan assets
Level 3 [Member] \| Cash and cash equivalents [Member]
Schedule of Fair Values of Plan Assets [Line Items]
Fair values of pension plan assets
Level 3 [Member] \| Fixed income [Member]
Schedule of Fair Values of Plan Assets [Line Items]
Fair values of pension plan assets
Level 3 [Member] \| Mutual fund [Member]
Schedule of Fair Values of Plan Assets [Line Items]
Fair values of pension plan assets
Level 3 [Member] \| Insurance contracts [Member]
Schedule of Fair Values of Plan Assets [Line Items]
Fair values of pension plan assets

- Definition

Assets, usually stocks, bonds, and other investments, that have been segregated and restricted (usually in a trust) to provide benefits, at their fair value as of the measurement date. Plan assets include amounts contributed by the employer (and by employees for a contributory plan) and amounts earned from investing the contributions, less benefits paid. If a plan has liabilities other than for benefits, those non-benefit obligations may be considered as reductions of plan assets.

+ References + Details

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Europump Systems Inc. [Member]
Related Party Transaction [Line Items]
Purchases from affiliates	$ 39,300	$ 42,000	$ 28,100
Amounts payable to affiliates	4,900	5,200
Sales to affiliates	1,200	2,500	800
Receivables from affiliates	200	300
Profit sharing expense to affiliates	7,900	5,800	1,100
Goldman Sachs Funds [Member]
Related Party Transaction [Line Items]
Sales to affiliates	23,094	12,049	$ 24,430
Receivables from affiliates	5,048	1,390
Payments made to affiliates	200	$ 300
Payment made for treasury, accounts receivables collection software and disaster recovery systems	$ 900

Related Party Transactions - Schedule of Rent Expenses Attributable to Related Parties (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Related Party Transaction [Line Items]
Rent expense attributable to related parties	$ 4,323	$ 5,452	$ 6,539
Hansford Associates [Member]
Related Party Transaction [Line Items]
Rent expense attributable to related parties	1,969	2,284	2,545
Prideco [Member]
Related Party Transaction [Line Items]
Rent expense attributable to related parties	116	596	1,510
Employees [Member]
Related Party Transaction [Line Items]
Rent expense attributable to related parties	$ 2,238	$ 2,572	$ 2,484

Related Party Transactions - Schedule of Future Minimum Rental Payments Required under Operating Leases with Related Parties (Detail) $ in Thousands	Dec. 31, 2012 USD ($)
Related Party Transaction [Line Items]
2013	$ 35,923
2014	29,560
2015	26,071
2016	12,175
2017 and thereafter	15,333
Related Parties [Member]
Related Party Transaction [Line Items]
2013	4,509
2014	3,415
2015	2,607
2016	2,172
2017 and thereafter	3,792
Hansford Associates [Member] \| Related Parties [Member]
Related Party Transaction [Line Items]
2013	1,533
2014	1,281
2015	1,087
2016	1,109
2017 and thereafter	2,344
Prideco [Member] \| Related Parties [Member]
Related Party Transaction [Line Items]
2013	81
2014	43
2015	44
2016	45
2017 and thereafter	27
Employees [Member] \| Related Parties [Member]
Related Party Transaction [Line Items]
2013	2,895
2014	2,091
2015	1,476
2016	1,018
2017 and thereafter	$ 1,421

Related Party Transactions - Summary of Payments Made to Affiliates in Connection with Credit Facility (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Goldman Sachs Funds [Member]
Related Party Transaction [Line Items]
Payments made to affiliates in connection with credit facilities	$ 13,194	$ 250	$ 700

Related Party Transactions - Summary of Revenues from Affiliates (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Goldman Sachs Funds [Member]
Related Party Transaction [Line Items]
Total revenues from affiliates	$ 23,094	$ 12,049	$ 24,430

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References + Details

Related Party Transactions - Summary of Receivables from Affiliates (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Goldman Sachs Funds [Member]
Related Party Transaction [Line Items]
Total receivables due from affiliates	$ 5,048	$ 1,390

- Definition

For an unclassified balance sheet, amount of receivables arising from transactions with related parties.

+ References

+ Details

Segment, Geographic and Product Line Information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2012 Segment
Segment Information [Line Items]
Number of operating segments	3

Segment, Geographic and Product Line Information - Schedule of Financial Information for Each Segment (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Sales
Consolidated revenues	$ 1,306,700	$ 1,451,100	$ 1,430,400	$ 1,382,600	$ 1,306,400	$ 1,366,200	$ 1,168,000	$ 991,800	$ 5,570,858,000	$ 4,832,423,000	$ 3,845,536,000
Depreciation and amortization
Total depreciation and amortization expense									18,600,000	17,000,000	16,600,000
Amortization of intangibles
Total amortization of intangibles expense									49,466,000	50,652,000	53,852,000
Operating income
Total operating income									406,990,000	194,589,000	66,422,000
Interest expense									112,519,000	136,844,000	139,641,000
Loss on early extinguishment of debt									(113,961,000)
Other (income) expense									(1,200,000)	2,000,000	2,000,000
Income (loss) before income taxes									181,696,000	55,768,000	(75,177,000)
Goodwill
Total goodwill	610,392,000				561,270,000				610,392,000	561,270,000	549,384,000	$ 549,733,000
Total Assets
Total assets	3,369,727,000				3,229,902,000				3,369,727,000	3,229,902,000
U.S. [Member]
Sales
Consolidated revenues									4,238,400,000	3,849,200,000	3,124,700,000
Depreciation and amortization
Total depreciation and amortization expense									11,200,000	11,600,000	11,700,000
Amortization of intangibles
Total amortization of intangibles expense									40,000,000	40,100,000	39,800,000
Operating income
Total operating income									358,300,000	166,500,000	60,000,000
Goodwill
Total goodwill	537,098,000				512,047,000				537,098,000	512,047,000	509,478,000	506,574,000
Total Assets
Total assets	2,732,400,000				2,749,400,000				2,732,400,000	2,749,400,000
Canada [Member]
Sales
Consolidated revenues									765,200,000	653,600,000	465,200,000
Depreciation and amortization
Total depreciation and amortization expense									2,100,000	2,500,000	3,100,000
Amortization of intangibles
Total amortization of intangibles expense									2,500,000	4,500,000	4,300,000
Operating income
Total operating income									27,200,000	17,400,000	(4,000,000)
Goodwill
Total goodwill
Total Assets
Total assets	249,100,000				176,100,000				249,100,000	176,100,000
International [Member]
Sales
Consolidated revenues									567,200,000	329,600,000	255,600,000
Depreciation and amortization
Total depreciation and amortization expense									5,300,000	2,900,000	1,800,000
Amortization of intangibles
Total amortization of intangibles expense									7,000,000	6,100,000	9,800,000
Operating income
Total operating income									21,500,000	10,700,000	10,400,000
Goodwill
Total goodwill	73,294,000				49,223,000				73,294,000	49,223,000	$ 39,906,000	$ 43,159,000
Total Assets
Total assets	$ 388,200,000				$ 304,400,000				$ 388,200,000	$ 304,400,000

Segment, Geographic and Product Line Information - Schedule of Percentage of Net Revenues by Geographical Areas (Detail)	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Fixed Assets	100.00%	100.00%
U.S. [Member]
Segment Reporting Information [Line Items]
Fixed Assets	56.00%	60.00%
Canada [Member]
Segment Reporting Information [Line Items]
Fixed Assets	24.00%	25.00%
International [Member]
Segment Reporting Information [Line Items]
Fixed Assets	20.00%	15.00%

Segment, Geographic and Product Line Information - Schedule of Percentage of Net Sales by Product Line (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Segment Reporting Information [Line Items]
Net Sales	$ 3,697,238	$ 2,989,284	$ 2,384,232
Sales	66.00%	62.00%	62.00%
Other [Member]
Segment Reporting Information [Line Items]
Net Sales	$ 1,090,074	$ 975,469	$ 769,107
Sales	19.00%	20.00%	20.00%
Energy carbon steel tubular products [Member]
Segment Reporting Information [Line Items]
Net Sales	$ 1,873,620	$ 1,843,139	$ 1,461,304
Sales	34.00%	38.00%	38.00%
Energy carbon steel tubular products [Member] \| Line pipe [Member]
Segment Reporting Information [Line Items]
Net Sales	$ 1,158,512	$ 1,033,976	$ 692,197
Sales	21.00%	21.00%	18.00%
Energy carbon steel tubular products [Member] \| Oil country tubular goods [Member]
Segment Reporting Information [Line Items]
Net Sales	$ 715,108	$ 809,163	$ 769,107
Sales	13.00%	17.00%	20.00%
Valves, fittings, flanges and other products [Member] \| Valves and specialty products [Member]
Segment Reporting Information [Line Items]
Net Sales	$ 1,431,888	$ 1,143,234	$ 961,384
Sales	26.00%	24.00%	25.00%
Valves, fittings, flanges and other products [Member] \| Carbon steel fittings and flanges and stainless steel and alloy pipe and fittings [Member]
Segment Reporting Information [Line Items]
Net Sales	$ 1,175,276	$ 870,581	$ 653,741
Sales	21.00%	18.00%	17.00%

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 3
Liabilities
Foreign exchange forward contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities		144
Interest rate swap agreements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities		2,010
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets
Liabilities
Level 1 [Member] \| Foreign exchange forward contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities
Level 1 [Member] \| Interest rate swap agreements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	3
Liabilities
Level 2 [Member] \| Foreign exchange forward contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities		144
Level 2 [Member] \| Interest rate swap agreements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities		2,010
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets
Liabilities
Level 3 [Member] \| Foreign exchange forward contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities
Level 3 [Member] \| Interest rate swap agreements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Fair Value Disclosures [Line Items]
Carrying value of debt	$ 1,257	$ 1,527
Fair value of debt	$ 1,261	$ 1,542

Commitments and Contingencies - Rental Expense under Operating Lease Arrangements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Commitment And Contingencies [Line Items]
Operating rental expense	$ 48,321	$ 40,255	$ 37,804

Commitments and Contingencies - Future Minimum Lease Payment under Noncancelable Operating and Capital Lease Arrangements (Detail) $ in Thousands	Dec. 31, 2012 USD ($)
Commitment And Contingencies [Line Items]
2013	$ 35,923
2014	29,560
2015	26,071
2016	12,175
2017	8,501
Thereafter	15,333
Total	127,563
2013	459
2014	441
2015	217
2016	158
2017	117
Thereafter	699
Total	$ 2,091

Commitments and Contingencies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2012 USD ($) Claim Plaintiff
Loss Contingencies [Line Items]
Asbestos related pending claims \| Claim	885
Amount paid to in connection with asbestos settlements \| Claim	11,975
Amounts paid to in connection with asbestos settlements	$ 2.0
Number of plantiffs in certain asbestos related claims \| Plaintiff	100
Period that projected payments of asbestos claims are projected	15 years
Letters of credit outstanding	$ 38.5
Bank guarantees outstanding	1.9
Minimum [Member]
Loss Contingencies [Line Items]
Projected payments to asbestos claimants	5.2
Maximum [Member]
Loss Contingencies [Line Items]
Projected payments to asbestos claimants	13.1
Mesothelioma [Member]
Loss Contingencies [Line Items]
Amounts paid to in connection with asbestos settlements	1.5
Lung cancer [Member]
Loss Contingencies [Line Items]
Amounts paid to in connection with asbestos settlements	0.4
Non-malignant [Member]
Loss Contingencies [Line Items]
Amounts paid to in connection with asbestos settlements	$ 0.1

Quarterly Information (Unaudited) - Schedule of Quarterly Financial Information (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Quarterly Financial Information [Line Items]
Revenues	$ 1,306,700	$ 1,451,100	$ 1,430,400	$ 1,382,600	$ 1,306,400	$ 1,366,200	$ 1,168,000	$ 991,800	$ 5,570,858,000	$ 4,832,423,000	$ 3,845,536,000
Gross profit	258,300	277,200	241,700	236,600	187,400	201,100	172,700	147,000	1,013,743,000	708,152,000	518,102,000
Net income (loss)	$ (6,400)	$ 55,500	$ 31,300	$ 37,500	$ 3,500	$ 21,900	$ 4,700	$ (1,100)	$ 117,958,000	$ 28,984,000	$ (51,824,000)
Basic	$ (0.06)	$ 0.55	$ 0.32	$ 0.44	$ 0.04	$ 0.26	$ 0.06	$ (0.01)	$ 1.22	$ 0.34	$ (0.61)
Diluted	$ (0.06)	$ 0.54	$ 0.32	$ 0.44	$ 0.04	$ 0.26	$ 0.06	$ (0.01)	$ 1.22	$ 0.34	$ (0.61)

- 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

+ References + Details

- Definition

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

+ References

+ Details