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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2014	Feb. 13, 2015	Jun. 30, 2014
Document Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
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		102,101,892
Entity Public Float			$ 2,886

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Cash	$ 25,064	$ 25,188
Accounts receivable, net	974,454	812,147
Inventories, net	1,186,946	971,567
Other current assets	35,698	37,091
Total current assets	2,222,162	1,845,993
Other assets	28,534	30,473
Property, plant and equipment, net	116,001	118,923
Intangible assets:
Goodwill, net	806,006	632,284
Other intangible assets, net	701,118	708,009
Total assets	3,873,821	3,335,682
Current liabilities:
Trade accounts payable	538,943	550,393
Accrued expenses and other current liabilities	167,825	124,925
Deferred income taxes	69,435	78,844
Current portion of long term debt	7,935	7,935
Total current liabilities	784,138	762,097
Long-term obligations:
Long-term debt, net	1,445,709	978,899
Deferred income taxes	223,705	241,116
Other liabilities	23,054	15,302
Stockholders' equity:
Common stock, $0.01 par value per share: 500,000 shares authorized, 102,095 and 101,913 issued and outstanding, respectively	1,022	1,019
Preferred stock, $0.01 par value per share; 100,000 shares authorized, no shares issued and outstanding
Additional paid-in capital	1,655,696	1,644,406
Retained deficit	(122,625)	(266,735)
Accumulated other comprehensive loss	(136,878)	(40,422)
Total stockholders' equity	1,397,215	1,338,268
Total liabilities and stockholders' equity	$ 3,873,821	$ 3,335,682

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2014	Dec. 31, 2013
Consolidated Balance Sheets [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Consolidated Statements of Income [Abstract]
Sales	$ 5,933,212	$ 5,230,792	$ 5,570,858
Cost of sales	4,915,106	4,276,033	4,557,115
Gross profit	1,018,106	954,759	1,013,743
Selling, general and administrative expenses	715,958	642,994	606,753
Operating income	302,148	311,765	406,990
Other (expense) income:
Interest expense	(61,752)	(60,685)	(112,519)
Loss on early extinguishment of debt			(113,961)
Other, net	(14,450)	(14,169)	1,186
Income before income taxes	225,946	236,911	181,696
Income tax expense	81,836	84,816	63,738
Net income	$ 144,110	$ 152,095	$ 117,958
Basic earnings per common share	$ 1.41	$ 1.50	$ 1.22
Diluted earnings per common share	$ 1.40	$ 1.48	$ 1.22
Weighted-average common shares, basic	102,006	101,712	96,465
Weighted-average common shares, diluted	102,790	102,522	96,925

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 144,110	$ 152,095	$ 117,958
Other comprehensive (loss) income:
Foreign currency translation adjustments	(96,092)	(18,344)	3,793
Pension related adjustments	(364)	86	183
Total other comprehensive (loss) income	(96,456)	(18,258)	3,976
Comprehensive income	$ 47,654	$ 133,837	$ 121,934

- Definition

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

+ References + Details

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Balance at Dec. 31, 2011	$ 844	$ 1,282,949	$ (536,791)	$ (26,140)	$ 720,862
Balance, shares at Dec. 31, 2011	84,427
Net income			117,958		117,958
Foreign currency translation, net of tax				3,793	3,793
Pension related adjustments, net of tax				183	183
Common stock issued in public offering	$ 171	333,171			333,342
Common stock issued in public offering, shares	17,046
Vesting of restricted stock, shares	22
Forfeited dividends on unvested restricted stock			3		3
Equity-based compensation expense		8,475			8,475
Exercise of stock options	$ 1	676			677
Exercise of stock options, shares	68
Tax expense benefit on equity-based compensation		629			629
Balance at Dec. 31, 2012	$ 1,016	1,625,900	(418,830)	(22,164)	1,185,922
Balance, shares at Dec. 31, 2012	101,563
Net income			152,095		152,095
Foreign currency translation, net of tax				(18,344)	(18,344)
Pension related adjustments, net of tax				86	86
Vesting of restricted stock, shares	135
Shares withheld for taxes		(1,512)			(1,512)
Shares withheld for taxes, shares	(48)
Forfeited dividends on unvested restricted stock		(7)			(7)
Equity-based compensation expense		15,488			15,488
Exercise of stock options	$ 3	3,282			3,285
Exercise of stock options, shares	263
Tax expense benefit on equity-based compensation		1,261			1,261
Other		(6)			(6)
Balance at Dec. 31, 2013	$ 1,019	1,644,406	(266,735)	(40,422)	1,338,268
Balance, shares at Dec. 31, 2013	101,913
Net income			144,110		144,110
Foreign currency translation, net of tax				(96,092)	(96,092)
Pension related adjustments, net of tax				(364)	(364)
Vesting of restricted stock, shares	36
Shares withheld for taxes		(367)			(367)
Shares withheld for taxes, shares	(15)
Equity-based compensation expense		8,973			8,973
Exercise of stock options	$ 3	2,696			2,699
Exercise of stock options, shares	161
Tax expense benefit on equity-based compensation		(12)			(12)
Balance at Dec. 31, 2014	$ 1,022	$ 1,655,696	$ (122,625)	$ (136,878)	$ 1,397,215
Balance, shares at Dec. 31, 2014	102,095

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities
Net income	$ 144,110	$ 152,095	$ 117,958
Adjustments to reconcile net income to net cash (used in) provided by operations:
Depreciation and amortization	22,459	22,338	18,585
Amortization of intangibles	67,799	52,072	49,466
Equity-based compensation expense	8,973	15,488	8,475
Deferred income tax benefit	(34,195)	(19,823)	(20,432)
Amortization of debt issuance costs	5,008	5,777	8,782
Loss on early extinguishment of debt			113,961
Increase (decrease) in LIFO reserve	11,860	(20,180)	(24,140)
Change in fair value of derivative instruments	1,087	(4,731)	(2,186)
Provision for uncollectible accounts	1,727	(298)	2,428
Foreign currency losses (gains)	2,462	12,913	(766)
Other non-cash items	7,673	4,002	9,412
Changes in operating assets and liabilities:
Accounts receivable	(132,127)	2,069	22,399
Inventories	(208,711)	4,479	26,674
Income taxes payable	13,296	(7,057)	(12,593)
Other current assets	2,405	(8,738)	(681)
Accounts payable	(29,747)	117,320	(84,380)
Accrued expenses and other current liabilities	9,548	(4,138)	7,110
Net cash (used in) provided by operations	(106,378)	323,588	240,072
Investing activities
Purchases of property, plant and equipment	(20,078)	(22,068)	(26,189)
Proceeds from the disposition of property, plant and equipment	1,335	4,583	2,272
Acquisitions, net of cash acquired of $3,757, $2,433 and $0	(343,928)	(46,794)	(152,367)
Other investing activities	700	(5,130)	(6,755)
Net cash used in investing activities	(361,971)	(69,409)	(183,039)
Financing activities
Proceeds from the sale of common stock			333,342
Payments on revolving credit facilities	(1,501,122)	(2,150,188)	(2,422,136)
Proceeds from revolving credit facilities	1,977,162	1,738,213	2,571,835
Purchases and redemption of senior secured notes			(1,135,223)
Proceeds from issuance of term loan		150,000	643,500
Payments on long term obligations	(7,935)	(6,859)	(33,081)
Debt issuance costs paid	(3,713)	(697)	(20,038)
Proceeds from exercise of stock options	2,699	3,285	677
Tax benefit on stock options	150	1,261	629
Other financing activities		(6)	3
Net cash provided by (used in) financing activities	467,241	(264,991)	(60,492)
Decrease in cash	(1,108)	(10,812)	(3,459)
Effect of foreign exchange rate on cash	984	(1,090)	(5,578)
Cash - beginning of year	25,188	37,090	46,127
Cash - end of year	25,064	25,188	37,090
Supplemental disclosures of cash flow information:
Cash paid for interest	56,551	55,484	104,846
Cash paid for income taxes	$ 102,648	$ 110,104	$ 96,526

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Consolidated Statements of Cash Flows [Abstract]
Acquisitions, cash acquired	$ 3,757	$ 2,433	$ 0

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2014
Significant Accounting Policies [Abstract]
Significant Accounting Policies	NOTE 1—SIGNIFICANT ACCOUNTING POLICIES Business Operations: MRC Global Inc. is a holding company headquartered in Houston, Texas. Our wholly owned subsidiaries are global distributors of pipe, valves, fittings 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, Australasia, the Middle East and Kazakhstan. 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, intangible assets, 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 income. 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 $315.4 million and $264.0 million at December 31, 2014 and 2013, 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 $24.6 million and $23.2 million at December 31, 2014 and 2013, 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. These amounts are reflected in the consolidated statement of operations as a component of interest expense. Debt issuance costs are reflected in other assets and totaled $17.8 million and $19.1 million, net of accumulated amortization of $2.9 million and $5.7 million, at December 31, 2014 and 2013. 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, as well as 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 these 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) and options to manage our foreign exchange rate risks resulting from purchase commitments and sales orders. Changes in the fair values of our exchange contracts are based upon independent market quotes. We do not designate our exchange contracts as hedging instruments; therefore, we record our exchange contracts on the consolidated balance sheets at fair value, with the gains and losses recognized in earnings in the period of change. Fair Value: We measure certain of our assets and liabilities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering 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 physical damage to automobiles that we own, lease or rent, and product warranty and recall liabilities. In addition, we maintain a deductible/retention program as it relates to insurance for property, stock throughput, inventory, workers’ compensation, automobile liability, asbestos claims, general liability claims (including, among others, certain product liability claims for property damage, death or injury) and employee healthcare. These programs have deductibles ranging from $0 to $1.0 million and are secured by various letters of credit totaling $8.7 million. Our estimated liability and related expenses for claims are based in part upon estimates that insurance carriers, third-party administrators and actuaries provide. We believe that insurance reserves are sufficient to cover outstanding claims, including those incurred but not reported as of the estimation date. Further, we maintain commercially reasonable umbrella/excess policy coverage in excess of the primary limits. We do not have excess coverage for physical damage to automobiles that we own, lease or rent, and product warranty and recall liabilities. Our accrued liabilities related to all deductibles/retentions under insurance programs (other than employee healthcare) were $8.5 million and $7.8 million as of December 31, 2014 and 2013, respectively. In the area of employee healthcare, we have a commercially reasonable excess stop loss protection on a per person per year basis. Reserves for self-insurance accrued liabilities for employee healthcare were $2.6 million and $3.3 million as of December 31, 2014 and 2013, respectively. 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. In determining the need for valuation allowances and our ability to utilize our deferred tax assets, we consider and make judgments regarding all the available positive and negative evidence, including the timing of the reversal of deferred tax liabilities, estimated future taxable income, ongoing, prudent and feasible tax planning strategies and recent financial results of operations. The amount of the deferred tax assets considered realizable however could be adjusted in the future if objective negative evidence in the form of cumulative losses is no longer present in certain jurisdictions and additional weight may be given to subjective evidence such as our projections for growth. Our tax provision is based upon our expected taxable income and statutory rates in effect in each country in which we operate. We are subject to the jurisdiction of numerous domestic and foreign tax authorities, as well as to tax agreements and treaties among these governments. Determination of taxable income in any jurisdiction requires the interpretation of the related tax laws and regulations and the use of estimates and assumptions regarding significant future events such as the amount, timing and character of deductions, permissible revenue recognition methods under the tax law and the sources and character of income and tax credits. Changes in tax laws, regulations, agreements and treaties, foreign currency exchange restrictions or our level of operations or profitability in each taxing jurisdiction could have an impact on the amount of income taxes we provide during any given year. A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including any related appeals or litigation processes, on the basis of the technical merits. We adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which the new information is available. We classify interest and penalties related to unrecognized tax positions as income taxes in our financial statements. 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. Equity-Based Compensation: Our equity-based compensation consisted and consists of (i) restricted common units and profit units of PVF Holdings LLC, our former parent, and (ii) 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 is transferred. 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, as well as depreciation and amortization and amortization of intangible assets. Certain purchasing costs and warehousing activities (including receiving, inspection and stocking costs), as well as general warehousing expenses, are included in selling, general and administrative expenses and not in cost of sales. As such, our gross profit may not be comparable to others that may include these expenses as a component of cost of sales. Purchasing and warehousing costs approximated $45.7 million, $37.2 million, and $34.8 million for the years ended December 31, 2014, 2013 and 2012. 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 2014, 2013 and 2012, we did not have sales to any one customer in excess of 10% of sales. At those respective year-ends, no individual customer balances exceeded 10% of accounts receivable. We have a broad supplier base, sourcing our products in most regions of the world. During 2014, 2013 and 2012, we did not have purchases from any one vendor in excess of 10% of our inventory purchases. At those respective year-ends no individual vendor balance exceeded 10% of accounts payable. We maintain the majority of our cash and cash equivalents with several financial institutions. These financial institutions are located in many different geographical regions with varying economic characteristics and risks. Deposits held with banks may exceed insurance limits. We believe the risk of loss associated with our cash equivalents to be remote. Segment Reporting: We have three operating and reportable segments, the United States of America, Canada, and International. 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. Recently Issued Accounting Standards: In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides comprehensive guidance on the recognition of revenue from customers arising from the transfer of goods and services. The ASU also provides guidance on accounting for certain contract costs, and requires new disclosures. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently evaluating the effect of the adoption of ASU 2014-09 on its consolidated financial statements and the implementation approach to be used.

Acquisitions

12 Months Ended

Dec. 31, 2014

Acquisitions [Abstract]

Acquisitions

NOTE 2—ACQUISITIONS

In 2014, we completed three acquisitions for an aggregate purchase price of $343.9 million, net of cash acquired. These acquisitions included:

Stream AS (“Stream”). Stream is the leading pipe, valve and fittings distributor and provider of flow control products, solutions and services to the offshore oil and gas industry on the Norwegian Continental Shelf.

MSD Engineering Pte. Limited (“MSD”). MSD is a major distributor and regional service provider of valve and valve automation solutions to customers in Singapore, Brunei, China, Malaysia, Indonesia, Thailand, Vietnam and Taiwan.

Metron Holding AS, the parent company of Hypteck AS (“Hypteck”). Hypteck is a Norwegian provider of instrumentation and process control products to the offshore, marine and onshore industries with a focus on the Norwegian Continental Shelf. The company also provides instrumentation and process and control system solutions to capital offshore projects around the world.

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. The goodwill recognized for the acquisitions was primarily attributable to the expected profitability of the acquired businesses and synergies expected to arise after the acquisitions. Goodwill recorded in connection with these transactions is not deductible. The consideration paid for these acquisitions has been allocated as follows (in millions):


	2014
	Acquisitions
Net assets acquired:
Current assets, net of cash acquired	$ 124.0
Other long-term assets	10.8
Identifiable intangible assets	78.4
Goodwill	216.0
Current liabilities	(63.2)
Other long-term liabilities	(22.1)
Cash consideration paid	$ 343.9

In 2013, we completed two acquisitions for an aggregate purchase price of $46.8 million. These acquisitions included Dan H. Brown, Inc. d/b/a Flow Control Products (“Flow Control”), a leading provider of pneumatic and electro-hydraulic valve automation packages and related field support to the Permian Basin and Flangefitt Stainless Ltd. (“Flangefitt”), a leading pipe, flange and fitting (PFF) distributor in the oil and gas industry in England.

In 2012, we completed three acquisitions for an aggregate purchase price of $152.4 million. These acquisitions included OneSteel Piping Systems Australia (“MRC PSA”), a PVF distributor supplying the oil and gas, mining and mineral processing industries in Australia, Chaparral Supply with operations in the Mississippian Lime formation in Oklahoma and Kansas, and Production Specialty Services, Inc. (“PSS”), a PVF distributor in the Permian Basin and Eagle Ford shale regions of Texas and New Mexico.

The impact of these transactions was not material to our financial statements in each of these respective years. Accordingly, pro forma information has not 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

Accounts Receivable

12 Months Ended

Dec. 31, 2014

Accounts Receivable [Abstract]

Accounts Receivable

NOTE 3—ACCOUNTS RECEIVABLE

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


	December 31,
	2014	2013	2012
Allowance for doubtful accounts
Beginning balance	$ 2,537	$ 5,270	$ 4,815
Net Charge-offs	(667)	(2,435)	(1,973)
Provision	1,727	(298)	2,428
Ending balance	$ 3,597	$ 2,537	$ 5,270

Our accounts receivable is also presented net of sales returns and allowances. Those allowances approximated $1.9 million and $3.1 million at December 31, 2014 and 2013.

- 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 + Details

Inventories

12 Months Ended

Dec. 31, 2014

Inventories [Abstract]

Inventories

NOTE 4—INVENTORIES

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


	December 31,
	2014	2013
Finished goods inventory at average cost:
Energy carbon steel tubular products	$ 497,146	$ 362,449
Valves, fittings, flanges and all other products	857,063	763,119
	1,354,209	1,125,568
Less: Excess of average cost over LIFO cost (LIFO reserve)	(142,662)	(130,802)
Less: Other inventory reserves	(24,601)	(23,199)
	$ 1,186,946	$ 971,567

There was no LIFO decrement in 2014 or 2013.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

NOTE 5—PROPERTY, PLANT AND EQUIPMENT

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


		December 31,
	Depreciable Life	2014	2013
Land and improvements	-	$ 16,088	$ 16,930
Building and building improvements	40 years	65,615	63,494
Machinery and equipment	3 to 10 years	139,522	137,254
Property held under capital leases	20 to 30 years	3,888	4,438
		225,113	222,116
Allowances for depreciation and amortization		(109,112)	(103,193)
		$ 116,001	$ 118,923

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2014

Goodwill and Other Intangible Assets [Abstract]

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, 2014, 2013 and 2012 are as follows (in thousands):


	US	Canada	International	Total
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 (1)	$ 537,098	$ -	$ 73,294	$ 610,392
Acquisition of Flow Control	15,257	-	-	15,257
Acquisition of Flangefitt	-	-	9,472	9,472
Adjustment of PSS purchase price	(378)	-	-	(378)
Effect of foreign currency translation	-	-	(2,459)	(2,459)

Goodwill at December 31, 2013 (1)	$ 551,977	$ -	$ 80,307	$ 632,284
Acquisition of Stream	-	-	155,567	155,567
Adjustment of Flangefitt purchase price	-	-	1,999	1,999
Buyout of joint venture	-	-	1,749	1,749
Acquisition of MSD	-	-	24,947	24,947
Acquisition of Hypteck	-	-	35,726	35,726
Effect of foreign currency translation	-	-	(46,266)	(46,266)

Goodwill at December 31, 2014 (1)	$ 551,977	$ -	$ 254,029	$ 806,006

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

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


	Weighted-
	Average
	Amortization		Accumulated	Net Book
	Period (in years)	Gross	Amortization	Value

December 31, 2014
Customer base	14.9	$ 789,655	$ (354,333)	$ 435,322
Amortizable trade names	6.7	16,214	(10,522)	5,692
Indefinite lived trade names (1)	N/A	260,023	-	260,023
Noncompete agreements	3.0	244	(163)	81
	14.8	$ 1,066,136	$ (365,018)	$ 701,118

December 31, 2013
Customer base	15.8	$ 730,108	$ (291,116)	$ 438,992
Amortizable trade names	6.1	18,099	(9,268)	8,831
Indefinite lived trade names (1)	N/A	260,023	-	260,023
Noncompete agreements	3.0	244	(81)	163
	15.5	$ 1,008,474	$ (300,465)	$ 708,009

(1)Net of accumulated impairment losses of $76.2 million.

Amortization of Intangible Assets

Total amortization of intangible assets for each of the years ending December 31, 2015 to 2019 is currently estimated as follows (in thousands):


2015		$ 58,496
2016		58,140
2017		56,682
2018		55,825
2019		52,126

- 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, 2014

Long-Term Debt [Abstract]

Long-Term Debt

NOTE 7—LONG-TERM DEBT

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


	December 31,
	2014	2013

Senior Secured Term Loan B, net of discount of $3,693 and $4,457	$ 779,888	$ 787,059
Global ABL Facility	673,716	199,630
Other	40	145
	1,453,644	986,834
Less current portion	7,935	7,935
	$ 1,445,709	$ 978,899

Senior Secured Term Loan B: In November 2012, we entered into a $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. In November 2013, we increased the principal amount of the term loan to $793.5 million and modified the interest rates to those outlined below.

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 Company and all of the U.S. borrower’s current and future wholly owned material U.S. subsidiaries guaranteed the Term Loan 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, a pledge secures the Term Loan 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 2.00%, plus an applicable margin, or at a rate based on LIBOR, subject to a floor of 1.00%, plus an applicable margin. The applicable margin for base rate loans is 300 basis points, and the applicable margin for LIBOR loans is 400 basis points. The margin steps 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.

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). The Company is not required to make a mandatory prepayment in 2015 related to the fiscal year 2014.

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

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

make investments;

prepay certain indebtedness;

grant liens;

incur additional indebtedness;

sell assets;

make fundamental changes;

enter into transactions with affiliates; and

pay dividends.

The Term Loan also contains other customary restrictive covenants. The covenants are subject to various baskets and materiality thresholds, with certain of the baskets permitted by the restrictions on the repayment of subordinated indebtedness, restricted payments and investments being available only when the senior secured leverage ratio of the Company and its restricted subsidiaries is less than 3.25:1.00.

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 multi-currency global asset-based revolving credit facility (the “Global ABL Facility”) that was subsequently amended and restated in July 2014. The five-year Global ABL Facility, which will mature on July 18, 2019, is comprised of $1.05 billion of total revolving credit facilities, including a $977 million facility in the United States, $30 facility million in Norway, $20 facility million in Canada, $5 million facility in the United Kingdom, $10 million facility in Australia, $4 million facility in the Netherlands and $4 million facility in Belgium. The facility contains an accordion feature that allows us to increase the total principal amount of the facilities 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 standalone borrowing base that limits the non-U.S. subsidiary’s ability to borrow under its respective tranche, provided that the non-U.S. subsidiaries may utilize excess availability under the U.S. tranche to borrow amounts in excess of their respective borrowing bases (but not to exceed the applicable commitment amount for the foreign subsidiary’s jurisdiction), which utilization will reduce availability under the U.S. tranche dollar for dollar.

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

U.S. borrowings under the facility bear interest at LIBOR plus a margin varying between 1.25% and 1.75% based on our fixed charge coverage ratio. Canadian borrowings under the facility bear interest at the BA Rate plus a margin varying between 1.25% and 1.75% based on our fixed charge coverage ratio. Borrowings by our foreign borrower subsidiaries bear interest at a benchmark rate, which varies based on the currency in which such borrowings are made, plus a margin varying between 1.50% and 2.00% based on our fixed charge coverage ratio.

Stream Facility: In conjunction with the acquisition of Stream, we assumed a credit facility, denominated in Norwegian Krone, comprised of a guarantee facility of $24 million, an overdraft facility of $9 million and a foreign exchange facility of $1 million. These facilities are secured by standby letters of credit drawn against our Global ABL Facility and have no financial maintenance covenants.

Availability: At December 31, 2014, availability under our revolving credit facilities was $302.2 million.

Interest on Borrowings: The interest rates on our borrowings outstanding at December 31, 2014 and 2013, including the amortization of original issue discount, were as follows:


	December 31,
	2014	2013
Senior Secured Term Loan B, net of discount	5.10%	5.09%
Global ABL Facility	1.84%	2.12%

Maturities of Long-Term Debt: At December 31, 2014, annual maturities of long-term debt during the next five years and thereafter are as follows (in thousands):


2015	$ 7,935
2016	7,975
2017	7,935
2018	7,935
2019	1,421,864

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2014

Derivative Financial Instruments [Abstract]

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, 2014		December 31, 2013
	Assets	Liabilities	Assets	Liabilities
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts (1)	$ 1,633	$ -	$ 4,603	$ -

(1)

Included in “Accrued expenses and other current liabilities” or “other current assets” in our consolidated balance sheets. The total notional amount of our forward foreign exchange contracts was approximately $78 million and $331 million at December 31, 2014 and 2013.

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


	Year Ended December 31,
Derivatives not designated as hedging instruments:	2014	2013	2012
Foreign exchange forward contracts	$ (1,087)	$ 4,731	$ 176
Interest rate contracts	$ -	$ -	$ 2,010

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Taxes [Abstract]

Income Taxes

NOTE 9—INCOME TAXES

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


	Year Ended December 31,
	2014	2013	2012
United States	$ 223,263	$ 231,434	$ 156,226
Foreign	2,683	5,477	25,470
	$ 225,946	$ 236,911	$ 181,696

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


	Year Ended December 31,
	2014	2013	2012

Current:
Federal	$ 94,766	$ 90,063	$ 65,563
State	8,052	8,058	6,569
Foreign	13,213	6,518	12,038
	116,031	104,639	84,170

Deferred:
Federal	(24,024)	(21,102)	(15,776)
State	(2,278)	2,818	(1,256)
Foreign	(7,893)	(1,539)	(3,400)
	(34,195)	(19,823)	(20,432)
Income tax expense	$ 81,836	$ 84,816	$ 63,738

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


	Year Ended December 31,
	2014	2013	2012
Federal tax expense at statutory rates	$ 79,081	$ 82,918	$ 63,474
State taxes	3,708	3,855	3,453
Nondeductible expenses	1,156	1,152	1,123
Effect of tax rate changes on existing temporary differences	-	3,074	-
Effect of foreign operations	(5,572)	(9,752)	(3,565)
Change in valuation allowance	3,276	7,714	(78)
Other	187	(4,145)	(669)
Income tax expense	$ 81,836	$ 84,816	$ 63,738
Effective tax rate	36.2%	35.8%	35.1%

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


	December 31,
	2014	2013

Deferred tax assets:
Allowance for doubtful accounts	$ 1,233	$ 1,265
Accruals and reserves	26,913	16,603
Net operating loss and tax credit carryforwards	18,786	13,423
Other	3,187	1,270
Subtotal	50,119	32,561
Valuation allowance	(17,431)	(14,155)
Total	32,688	18,406

Deferred tax liabilities:
Inventory valuation	(78,898)	(81,208)
Property, plant and equipment	(7,781)	(8,538)
Intangible assets	(229,005)	(236,832)
Debt	(5,065)	(5,798)
Pension asset	(2,019)	-
Other	-	(177)
Total	(322,768)	(332,553)
Net deferred tax liability	$ (290,080)	$ (314,147)

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. If we were to determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the valuation allowance, which would reduce the provision for income taxes.

In the United States, we had approximately $62.3 million of state net operating loss carryforwards as of December 31, 2014, which will expire in future years through 2033 and foreign tax credit carryforwards of $4.4 million expiring in 2022. In certain non-U.S. jurisdictions, we had $51.4 million of net operating loss carryforwards, of which $45.6 million have no expiration and $5.8 million will expire in future years through 2024.

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 $230.6 million and $192.9 million as of December 31, 2014 and 2013, 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 2009 and the statute of limitations at our international locations is generally six to seven years.

At December 31, 2014 and 2013, our unrecognized tax benefits were immaterial to our consolidated financial statements.

Stockholders' Equity

12 Months Ended

Dec. 31, 2014

Stockholders' Equity [Abstract]

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, 2014 and 2013, 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,
	2014	2013
Currency translation adjustments	$ (136,265)	$ (40,173)
Pension related adjustments	(613)	(249)
Accumulated other comprehensive loss	$ (136,878)	$ (40,422)

Earnings per Share

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


	Year Ended December 31,
	2014	2013	2012
Net income	$ 144,110	$ 152,095	$ 117,958

Average basic shares outstanding	102,006	101,712	96,465
Effect of dilutive securities	784	810	460
Average diluted shares outstanding	102,790	102,522	96,925

Net income per share:
Basic	$ 1.41	$ 1.50	$ 1.22
Diluted	$ 1.40	$ 1.48	$ 1.22

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, 2014, 2013 and 2012, our anti-dilutive stock options approximated 1.0 million, 0.5 million and 2.1 million, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 210
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-Subparagraph (SX 210.5-02.29-31)
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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-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
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
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-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: 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, 2014

Employee Benefit Plans [Abstract]

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. During 2014, 137,306 stock options were exercised, and no stock options were granted under this plan.

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 was based on the fair market 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.

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 and restricted stock to directors and employees, but no other types of awards have been granted under the plan. Options and stock appreciation rights may not be granted at prices less than their fair market value on the date of the grant, nor for a term exceeding ten years. For employees, vesting generally occurs over a 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. Vesting for directors generally occurs in one year. In 2014, 429,553 stock options and 199,067 shares of restricted stock were granted to executive management, members of our Board of Directors and employees under this plan. To date, 2,519,290 shares have been granted 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.


			Weighted
		Weighted	Average
		Average	Remaining	Aggregate
		Exercise	Contractual	Intrinsic
	Options	Price	Term	Value
			(years)	(thousands)
Stock Options
Balance at December 31, 2013	3,934,085	$ 20.47	7.0	$ 46,144
Granted	429,553	29.12
Exercised	(161,278)	16.73
Forfeited	(74,384)	26.42
Expired	(15,629)	24.56
Balance at December 31, 2014	4,112,347	$ 21.39	6.3	$ 1,196


At December 31, 2014
Options outstanding, vested and exercisable	2,451,659	$ 18.87	5.1	$ 1,195,558
Options outstanding, vested and expected to vest	3,979,321	$ 21.29	6.2	$ 1,195,558



		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Restricted Stock
Nonvested at December 31, 2013	93,483	$ 29.48
Granted	199,067	29.08
Vested	(35,663)	29.71
Forfeited	(16,540)	29.31
Nonvested at December 31, 2014	240,347	$ 29.13

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


	Year Ended December 31,
	2014	2013	2012
Stock Options
Weighted-average, grant-date fair value of awards granted	$ 11.86	$ 12.10	$ 6.52
Total intrinsic value of stock options exercised	1,518,066	4,717,693	1,089,830
Total fair value of stock options vested	2,759,196	6,352,967	1,370,130


	Year Ended December 31,
	2014	2013	2012
Restricted Stock
Weighted-average, grant-date fair value of awards granted	$ 29.13	$ 29.48	$ 15.65
Total fair value of restricted stock vested	939,349	4,173,834	484,141

Stock Options

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


	Year Ended December 31,
	2014	2013	2012
Risk-free interest rate	1.74%	0.86%	0.90%
Dividend yield (1)	0.00%	0.00%	0.00%
Expected volatility	39.83%	40.96%	41.87%
Expected life (in years)	6.0	6.2	6.6

(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 our equity-based compensation plans are set forth in the table below (in thousands):


	Year Ended December 31,
	2014	2013	2012
Equity-based compensation expense:
Stock options	$ 5,699	$ 13,329	$ 7,533
Restricted stock	3,274	2,159	481
Profit units	-	-	461
Total equity-based compensation expense	$ 8,973	$ 15,488	$ 8,475
Income tax benefits related to equity-based compensation	$ 3,327	$ 5,743	$ 3,114

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


	Weighted-
	Average Vesting	December 31,
	Period (in years)	2014
Unrecognized equity-based compensation expense:
Stock options	2.1	$ 8,255
Restricted stock	2.8	3,982
Total unrecognized equity-based compensation expense		$ 12,237

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, Norway, the Netherlands, 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.

Expense under defined contribution plans were $13.1 million, $10.5 million and $9.0 million for the years ended December 31, 2014, 2013 and 2012, respectively.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2014
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 12—RELATED PARTY TRANSACTIONS 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. 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 was $2.4 million, $2.0 million and $4.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. 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 $1.9 million, $1.9 million, $1.9 million, $1.6 million and $0.5 million for the years 2015, 2016, 2017, 2018 and 2019 and thereafter, respectively. Cabot Oil and Gas One of our directors is also on the board of directors of one of our customers, Cabot Oil and Gas Corporation. We received revenue of $39.6 million, $40.9 million and $28.7 million from Cabot Oil and Gas Corporation for the years ended December 31, 2014, 2013 and 2012, respectively. There were no receivables outstanding as of December 31, 2014. Cypress Energy Partners One of our directors is the chairman, chief executive officer and president of one of our customers, Cypress Energy Partners, LP. In addition, a different director is on the board of directors of this customer. We received revenue of $0.1 million and $0.4 million from Cypress Energy Partners, LP for the years ended December 31, 2014 and 2013, respectively. There were no receivables outstanding as of December 31, 2014. Kvaerner An employee director of an MRC Global subsidiary is also a director of one of our customers, Kvaerner Process, PLC. During 2014, we received revenue of $11.0 million and have $1.3 million of receivables outstanding as of December 31, 2014 from Kvaerner Process, PLC.

- 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 + Details

Segment, Geographic and Product Line Information

12 Months Ended

Dec. 31, 2014

Segment, Geographic and Product Line Information [Abstract]

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. 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,
	2014	2013	2012

Sales
U.S.	$ 4,427.4	$ 3,967.6	$ 4,238.4
Canada	632.5	709.4	765.2
International	873.3	553.8	567.2
Consolidated sales	$ 5,933.2	$ 5,230.8	$ 5,570.8

Depreciation and amortization
U.S.	$ 13.1	$ 13.6	$ 11.2
Canada	1.7	2.0	2.1
International	7.7	6.7	5.3
Total depreciation and amortization expense	$ 22.5	$ 22.3	$ 18.6

Amortization of intangibles
U.S.	$ 42.4	$ 42.4	$ 40.0
Canada	2.2	2.4	2.5
International	23.2	7.3	7.0
Total amortization of intangibles expense	$ 67.8	$ 52.1	$ 49.5

Operating income
U.S.	$ 266.2	$ 280.1	$ 358.3
Canada	27.7	20.9	27.2
International	8.2	10.8	21.5
Total operating income	302.1	311.8	407.0

Interest expense	61.8	60.7	112.5
Loss on early extinguishment of debt	-	-	114.0
Other (income) expense	14.4	14.2	(1.2)
Income before income taxes	$ 225.9	$ 236.9	$ 181.7


	December 31,
	2014	2013
Total assets
United States	$ 3,111.9	$ 2,732.3
Canada	204.1	204.7
International	557.8	398.7
Total assets	$ 3,873.8	$ 3,335.7

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


	December 31,
	2014	2013
Fixed assets
United States	56%	57%
Canada	22%	24%
International	22%	19%
Total fixed assets	100%	100%

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


	Year Ended December 31,
Type	2014		2013		2012

Energy carbon steel tubular products:
Line pipe	$ 1,139,118	19%	$ 1,061,881	20%	$ 1,158,512	21%
Oil country tubular goods (OCTG)	556,427	10%	463,656	9%	715,108	13%
	$ 1,695,545	29%	$ 1,525,537	29%	$ 1,873,620	34%


Valves, fittings, flanges and other products:
Valves and specialty products	$ 1,911,153	32%	$ 1,440,431	28%	$ 1,431,888	26%
Carbon steel fittings and flanges and stainless steel
and alloy pipe and fittings	1,232,170	21%	1,135,818	22%	1,175,276	21%
Other	1,094,344	18%	1,129,006	21%	1,090,074	19%
	$ 4,237,667	71%	$ 3,705,255	71%	$ 3,697,238	66%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2014

Fair Value Measurements [Abstract]

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 and Option 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, 2014
Assets:	$ 1,633	$ -	$ 1,633	$ -
Liabilities:	-	-	-	-

December 31, 2013
Assets:	$ 4,603	$ -	$ 4,603	-
Liabilities:	-	-	-	-

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 $1.454 billion and $0.987 billion at December 31, 2014 and 2013, respectively. The fair value of our debt was $1.407 billion and $0.997 billion at December 31, 2014 and 2013, respectively. The carrying values of our Global ABL Facility and remaining portions of our long-term debt approximate their fair values. We estimate the fair value of the Term Loan using Level 2 inputs, or quoted market prices as of December 31, 2014 and 2013, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies [Abstract]

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 was $61.2 million, $53.3 million and $48.3 million for the years ended December 2014, 2013 and 2012, respectively.

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
2015	$ 50,733	$ 289
2016	40,161	158
2017	31,948	117
2018	24,638	131
2019	17,887	147
Thereafter	58,563	421
	$ 223,930	$ 1,263

Legal Proceedings

Asbestos Claims. We are one of many defendants in lawsuits that plaintiffs have brought seeking damages for personal injuries that exposure to asbestos allegedly caused. Plaintiffs and their family members have brought these lawsuits against a large volume of defendant entities as a result of the various defendants’ manufacture, distribution, supply or other involvement with asbestos, asbestos-containing products or equipment or activities that allegedly caused plaintiffs to be exposed to asbestos. These plaintiffs typically assert exposure to asbestos as a consequence of third-party manufactured products that the Company’s subsidiary, McJunkin Red Man Corporation, purportedly distributed. As of December 31, 2014, we are a named defendant in approximately 430 lawsuits involving approximately 1,075 claims. No asbestos lawsuit has resulted in a judgment against us to date, with the majority being settled, dismissed or otherwise resolved. Applicable third-party insurance has substantially covered these claims, and insurance should continue to cover a substantial majority of existing and anticipated future claims. Accordingly, we have recorded a liability for our estimate of the most likely settlement of asserted claims and a related receivable from insurers for our estimated recovery, to the extent we believe that the amounts of recovery are probable.

We annually conduct analyses of our asbestos-related litigation to estimate the adequacy of the reserve for pending and probable asbestos-related claims. Given these estimated reserves and existing insurance coverage that has been available to cover substantial portions of these claims, we believe that our current accruals and associated estimates relating to pending and probable asbestos-related litigation likely to be asserted over the next 15 years are currently adequate. This belief, however, relies on a number of assumptions, including:

That our future settlement payments, disease mix and dismissal rates will be materially consistent with historic experience;

That future incidences of asbestos-related diseases in the U.S. will be materially consistent with current public health estimates;

That the rates at which future asbestos-related mesothelioma incidences result in compensable claims filings against us will be materially consistent with its historic experience;

That insurance recoveries for settlement payments and defense costs will be materially consistent with historic experience;

That legal standards (and the interpretation of these standards) applicable to asbestos litigation will not change in material respects;

That there are no materially negative developments in the claims pending against us; and

That key co-defendants in current and future claims remain solvent.

If any of these assumptions prove to be materially different in light of future developments, liabilities related to asbestos-related litigation may be materially different than amounts accrued or estimated. Further, while we anticipate that additional claims will be filed in the future, we are unable to predict with any certainty the number, timing and magnitude of such future claims. In our opinion, there are no pending legal proceedings that are likely to have a material adverse effect on our consolidated financial statements.

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

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

Weatherford Claim. In addition to PVF, our Canadian subsidiary, Midfield Supply (“Midfield”), now known as MRC Canada, also distributed progressive cavity pumps and related equipment (“PCPs”) under a distribution agreement with Weatherford Canada Partnership (“Weatherford”) within a certain geographical area located in southern Alberta, Canada. Commencing in late 2005 and into early 2006, Midfield hired new employees, including individuals who left Weatherford, as part of Midfield’s desire to expand its PVF business into northern Alberta. Shortly thereafter, many of these employees left Midfield and formed a PCP manufacturing, distribution and service company named Europump Systems Inc. (“Europump”) in 2006. The distribution agreement with Weatherford expired in 2006. Midfield supplied Europump with PVF products that Europump distributed along with sales of PCP pumps. In April 2007, Midfield purchased Europump’s distribution branches and began distributing and servicing Europump PCPs.

Pursuant to a complaint that Weatherford filed on April 11, 2006 in the Court of Queen’s Bench of Alberta, Judicial Bench of Edmonton (Action No. 060304628), Weatherford sued Europump, three of Europump’s part suppliers, Midfield, certain current and former employees of Midfield, as well as other entities related to these parties, asserting a host of claims including breach of contract, breach of fiduciary duty, misappropriation of confidential information related to the PCPs, unlawful interference with economic relations and conspiracy. The Company denies these allegations and contends that Midfield’s expansion and subsequent growth was the result of fair competition.

From 2006 through 2012, the case focused largely on Weatherford’s questioning of defense witnesses. In 2013, the defendants began substantive questioning of Weatherford and its witnesses. Discovery is ongoing and expected to last through 2015.

Due to ongoing discovery, and the limited information available related to any claimed damages, we cannot reasonably estimate potential loss at this time. The Company believes Weatherford’s claims are without merit and intends to defend against them vigorously.

SKF Claim. On February 19, 2013, in the United States District Court for the District of Delaware, SKF USA Inc. (a subsidiary of SKF AB, a Swedish company) sued McJunkin Red Man Corporation and MRC Global Inc. for trademark infringement unfair competition, unjust enrichment, federal cybersquatting, and related claims. SKF contends that the Company, through its use of the red "MRC" block letters, is willfully infringing on SKF's use of a similar mark which SKF uses to market bearings. SKF claims first use of this mark and has requested an injunction to prohibit the Company from using “MRC.” The Company has used the MRC letters for years without any known or identifiable actual confusion. The Company denies SKF’s allegations and further contends there is no likelihood of confusion as to the source of the products and the distribution services provided by the Company. Further, the plaintiff’s inability to show actual harm or that there was any intent to deceive by the Company precludes the plaintiff from recovering damages. The Company has asserted several affirmative defenses and also counter-claims for misrepresentation, unfair competition, and interference with business opportunities.

The discovery phase is complete, and both parties have filed summary judgment motions to be heard at the pretrial conference. A bench trial is scheduled to begin on March 9, 2015. If the court denies summary judgment, the Company believes that a potential loss may be reasonably possible. Despite the plaintiff’s assertion of a material amount of damages, the Company believes these damages are wholly unsupported and in our opinion, the ultimate disposition of this matter is not likely to have a material adverse effect on our consolidated financial statements.

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, 2014 approximated $73.0 million.

Bank Guarantees

Certain of our international subsidiaries have trade guarantees that banks have issued on their behalf. The amount of these guarantees at December 31, 2014 was approximately $4.8 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.

Quarterly Information (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Information (Unaudited) [Abstract]

Quarterly Information (Unaudited)

NOTE 16—QUARTERLY INFORMATION (UNAUDITED)

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


	First	Second	Third	Fourth	Year
2014
Revenues	$ 1,305.7	$ 1,497.3	$ 1,618.1	$ 1,512.1	$ 5,933.2
Gross profit (1)	232.1	259.4	278.0	248.5	$ 1,018.1
Net income	23.5	39.3	50.1	31.2	144.1
EPS:
Basic (1)	$ 0.23	$ 0.39	$ 0.49	$ 0.31	$ 1.41
Diluted	$ 0.23	$ 0.38	$ 0.49	$ 0.30	$ 1.40

2013
Revenues	$ 1,305.1	$ 1,267.8	$ 1,313.7	$ 1,344.2	5,230.8
Gross profit	246.6	243.9	238.3	226.0	954.8
Net income (loss) (1)	46.2	43.9	38.8	23.3	152.1
EPS:
Basic (1)	$ 0.45	$ 0.43	$ 0.38	$ 0.23	$ 1.50
Diluted (1)	$ 0.45	$ 0.43	$ 0.38	$ 0.23	$ 1.48

_______________

(1)Gross profit, net income and EPS do not add across due to rounding and transactions resulting in differing weighted average shares outstanding on a quarterly basis.

Significant Accounting Policies (Policy)	12 Months Ended
Significant Accounting Policies (Policy)	Dec. 31, 2014
Significant Accounting Policies [Abstract]
Business Operations	Business Operations: MRC Global Inc. is a holding company headquartered in Houston, Texas. Our wholly owned 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, Australasia, the Middle East and Kazakhstan. 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, intangible assets, 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 income.
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 $315.4 million and $264.0 million at December 31, 2014 and 2013, 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 $24.6 million and $23.2 million at December 31, 2014 and 2013, 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. These amounts are reflected in the consolidated statement of operations as a component of interest expense. Debt issuance costs are reflected in other assets and totaled $17.8 million and $19.1 million, net of accumulated amortization of $2.9 million and $5.7 million, at December 31, 2014 and 2013.
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, as well as 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 these 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) and options to manage our foreign exchange rate risks resulting from purchase commitments and sales orders. Changes in the fair values of our exchange contracts are based upon independent market quotes. We do not designate our exchange contracts as hedging instruments; therefore, we record our exchange contracts on the consolidated balance sheets at fair value, with the gains and losses recognized in earnings in the period of change.
Fair Value	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 physical damage to automobiles that we own, lease or rent, and product warranty and recall liabilities. In addition, we maintain a deductible/retention program as it relates to insurance for property, stock throughput, inventory, workers’ compensation, automobile liability, asbestos claims, general liability claims (including, among others, certain product liability claims for property damage, death or injury) and employee healthcare. These programs have deductibles ranging from $0 to $1.0 million and are secured by various letters of credit totaling $8.7 million. Our estimated liability and related expenses for claims are based in part upon estimates that insurance carriers, third-party administrators and actuaries provide. We believe that insurance reserves are sufficient to cover outstanding claims, including those incurred but not reported as of the estimation date. Further, we maintain commercially reasonable umbrella/excess policy coverage in excess of the primary limits. We do not have excess coverage for physical damage to automobiles that we own, lease or rent, and product warranty and recall liabilities. Our accrued liabilities related to all deductibles/retentions under insurance programs (other than employee healthcare) were $8.5 million and $7.8 million as of December 31, 2014 and 2013, respectively. In the area of employee healthcare, we have a commercially reasonable excess stop loss protection on a per person per year basis. Reserves for self-insurance accrued liabilities for employee healthcare were $2.6 million and $3.3 million as of December 31, 2014 and 2013, respectively.
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. In determining the need for valuation allowances and our ability to utilize our deferred tax assets, we consider and make judgments regarding all the available positive and negative evidence, including the timing of the reversal of deferred tax liabilities, estimated future taxable income, ongoing, prudent and feasible tax planning strategies and recent financial results of operations. The amount of the deferred tax assets considered realizable however could be adjusted in the future if objective negative evidence in the form of cumulative losses is no longer present in certain jurisdictions and additional weight may be given to subjective evidence such as our projections for growth. Our tax provision is based upon our expected taxable income and statutory rates in effect in each country in which we operate. We are subject to the jurisdiction of numerous domestic and foreign tax authorities, as well as to tax agreements and treaties among these governments. Determination of taxable income in any jurisdiction requires the interpretation of the related tax laws and regulations and the use of estimates and assumptions regarding significant future events such as the amount, timing and character of deductions, permissible revenue recognition methods under the tax law and the sources and character of income and tax credits. Changes in tax laws, regulations, agreements and treaties, foreign currency exchange restrictions or our level of operations or profitability in each taxing jurisdiction could have an impact on the amount of income taxes we provide during any given year. A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including any related appeals or litigation processes, on the basis of the technical merits. We adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which the new information is available. We classify interest and penalties related to unrecognized tax positions as income taxes in our financial statements. 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.
Equity-Based Compensation	Equity-Based Compensation: Our equity-based compensation consisted and consists of (i) restricted common units and profit units of PVF Holdings LLC, our former parent, and (ii) 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 is transferred. 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, as well as depreciation and amortization and amortization of intangible assets. Certain purchasing costs and warehousing activities (including receiving, inspection and stocking costs), as well as general warehousing expenses, are included in selling, general and administrative expenses and not in cost of sales. As such, our gross profit may not be comparable to others that may include these expenses as a component of cost of sales. Purchasing and warehousing costs approximated $45.7 million, $37.2 million, and $34.8 million for the years ended December 31, 2014, 2013 and 2012.
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 2014, 2013 and 2012, we did not have sales to any one customer in excess of 10% of sales. At those respective year-ends, no individual customer balances exceeded 10% of accounts receivable. We have a broad supplier base, sourcing our products in most regions of the world. During 2014, 2013 and 2012, we did not have purchases from any one vendor in excess of 10% of our inventory purchases. At those respective year-ends no individual vendor balance exceeded 10% of accounts payable. We maintain the majority of our cash and cash equivalents with several financial institutions. These financial institutions are located in many different geographical regions with varying economic characteristics and risks. Deposits held with banks may exceed insurance limits. We believe the risk of loss associated with our cash equivalents to be remote.
Segment Reporting	Segment Reporting: We have three operating and reportable segments, the United States of America, Canada, and International. 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.
Recently Issued Accounting Standards	Recently Issued Accounting Standards: In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides comprehensive guidance on the recognition of revenue from customers arising from the transfer of goods and services. The ASU also provides guidance on accounting for certain contract costs, and requires new disclosures. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently evaluating the effect of the adoption of ASU 2014-09 on its consolidated financial statements and the implementation approach to be used.

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2014

Acquisitions [Abstract]

Schedule of Purchase Price Allocation


	2014
	Acquisitions
Net assets acquired:
Current assets, net of cash acquired	$ 124.0
Other long-term assets	10.8
Identifiable intangible assets	78.4
Goodwill	216.0
Current liabilities	(63.2)
Other long-term liabilities	(22.1)
Cash consideration paid	$ 343.9

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2014

Accounts Receivable [Abstract]

Summary of Allowance for Doubtful Accounts


	December 31,
	2014	2013	2012
Allowance for doubtful accounts
Beginning balance	$ 2,537	$ 5,270	$ 4,815
Net Charge-offs	(667)	(2,435)	(1,973)
Provision	1,727	(298)	2,428
Ending balance	$ 3,597	$ 2,537	$ 5,270

Inventories (Tables)

12 Months Ended

Dec. 31, 2014

Inventories [Abstract]

Composition of Inventory


	December 31,
	2014	2013
Finished goods inventory at average cost:
Energy carbon steel tubular products	$ 497,146	$ 362,449
Valves, fittings, flanges and all other products	857,063	763,119
	1,354,209	1,125,568
Less: Excess of average cost over LIFO cost (LIFO reserve)	(142,662)	(130,802)
Less: Other inventory reserves	(24,601)	(23,199)
	$ 1,186,946	$ 971,567

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment


		December 31,
	Depreciable Life	2014	2013
Land and improvements	-	$ 16,088	$ 16,930
Building and building improvements	40 years	65,615	63,494
Machinery and equipment	3 to 10 years	139,522	137,254
Property held under capital leases	20 to 30 years	3,888	4,438
		225,113	222,116
Allowances for depreciation and amortization		(109,112)	(103,193)
		$ 116,001	$ 118,923

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill and Other Intangible Assets [Abstract]

Changes in Carrying Amount of Goodwill by Segment


	US	Canada	International	Total
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 (1)	$ 537,098	$ -	$ 73,294	$ 610,392
Acquisition of Flow Control	15,257	-	-	15,257
Acquisition of Flangefitt	-	-	9,472	9,472
Adjustment of PSS purchase price	(378)	-	-	(378)
Effect of foreign currency translation	-	-	(2,459)	(2,459)

Goodwill at December 31, 2013 (1)	$ 551,977	$ -	$ 80,307	$ 632,284
Acquisition of Stream	-	-	155,567	155,567
Adjustment of Flangefitt purchase price	-	-	1,999	1,999
Buyout of joint venture	-	-	1,749	1,749
Acquisition of MSD	-	-	24,947	24,947
Acquisition of Hypteck	-	-	35,726	35,726
Effect of foreign currency translation	-	-	(46,266)	(46,266)

Goodwill at December 31, 2014 (1)	$ 551,977	$ -	$ 254,029	$ 806,006

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

Schedule of Other Intangible Assets by Major Classification


	Weighted-
	Average
	Amortization		Accumulated	Net Book
	Period (in years)	Gross	Amortization	Value

December 31, 2014
Customer base	14.9	$ 789,655	$ (354,333)	$ 435,322
Amortizable trade names	6.7	16,214	(10,522)	5,692
Indefinite lived trade names (1)	N/A	260,023	-	260,023
Noncompete agreements	3.0	244	(163)	81
	14.8	$ 1,066,136	$ (365,018)	$ 701,118

December 31, 2013
Customer base	15.8	$ 730,108	$ (291,116)	$ 438,992
Amortizable trade names	6.1	18,099	(9,268)	8,831
Indefinite lived trade names (1)	N/A	260,023	-	260,023
Noncompete agreements	3.0	244	(81)	163
	15.5	$ 1,008,474	$ (300,465)	$ 708,009

(1)Net of accumulated impairment losses of $76.2 million.

Schedule of Amortization of Intangible Assets


2015		$ 58,496
2016		58,140
2017		56,682
2018		55,825
2019		52,126

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2014

Long-Term Debt [Abstract]

Components of Long-Term Debt


	December 31,
	2014	2013

Senior Secured Term Loan B, net of discount of $3,693 and $4,457	$ 779,888	$ 787,059
Global ABL Facility	673,716	199,630
Other	40	145
	1,453,644	986,834
Less current portion	7,935	7,935
	$ 1,445,709	$ 978,899

Interest on Borrowings


	December 31,
	2014	2013
Senior Secured Term Loan B, net of discount	5.10%	5.09%
Global ABL Facility	1.84%	2.12%

Schedule of Maturities of Long-Term Debt


2015	$ 7,935
2016	7,975
2017	7,935
2018	7,935
2019	1,421,864

- 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 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: 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 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=26873400&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=34725769&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 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 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

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, 2014

Derivative Financial Instruments [Abstract]

Fair Value of Derivative Instruments Recorded in Consolidated Balance Sheets


	December 31, 2014		December 31, 2013
	Assets	Liabilities	Assets	Liabilities
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts (1)	$ 1,633	$ -	$ 4,603	$ -

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


	Year Ended December 31,
Derivatives not designated as hedging instruments:	2014	2013	2012
Foreign exchange forward contracts	$ (1,087)	$ 4,731	$ 176
Interest rate contracts	$ -	$ -	$ 2,010

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes [Abstract]

Components of Income Before Income Taxes


	Year Ended December 31,
	2014	2013	2012
United States	$ 223,263	$ 231,434	$ 156,226
Foreign	2,683	5,477	25,470
	$ 225,946	$ 236,911	$ 181,696

Summary of Income Taxes Included in Consolidated Statements of Income


	Year Ended December 31,
	2014	2013	2012

Current:
Federal	$ 94,766	$ 90,063	$ 65,563
State	8,052	8,058	6,569
Foreign	13,213	6,518	12,038
	116,031	104,639	84,170

Deferred:
Federal	(24,024)	(21,102)	(15,776)
State	(2,278)	2,818	(1,256)
Foreign	(7,893)	(1,539)	(3,400)
	(34,195)	(19,823)	(20,432)
Income tax expense	$ 81,836	$ 84,816	$ 63,738

Reconcilation of Statutory Federal Income Tax Rate


	Year Ended December 31,
	2014	2013	2012
Federal tax expense at statutory rates	$ 79,081	$ 82,918	$ 63,474
State taxes	3,708	3,855	3,453
Nondeductible expenses	1,156	1,152	1,123
Effect of tax rate changes on existing temporary differences	-	3,074	-
Effect of foreign operations	(5,572)	(9,752)	(3,565)
Change in valuation allowance	3,276	7,714	(78)
Other	187	(4,145)	(669)
Income tax expense	$ 81,836	$ 84,816	$ 63,738
Effective tax rate	36.2%	35.8%	35.1%

Components of Current Deferred Tax Assets and Liabilities


	December 31,
	2014	2013

Deferred tax assets:
Allowance for doubtful accounts	$ 1,233	$ 1,265
Accruals and reserves	26,913	16,603
Net operating loss and tax credit carryforwards	18,786	13,423
Other	3,187	1,270
Subtotal	50,119	32,561
Valuation allowance	(17,431)	(14,155)
Total	32,688	18,406

Deferred tax liabilities:
Inventory valuation	(78,898)	(81,208)
Property, plant and equipment	(7,781)	(8,538)
Intangible assets	(229,005)	(236,832)
Debt	(5,065)	(5,798)
Pension asset	(2,019)	-
Other	-	(177)
Total	(322,768)	(332,553)
Net deferred tax liability	$ (290,080)	$ (314,147)

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2014

Stockholders' Equity [Abstract]

Accumulated Other Comprehensive Loss in Accompanying Consolidated Balance Sheets



	December 31,
	2014	2013
Currency translation adjustments	$ (136,265)	$ (40,173)
Pension related adjustments	(613)	(249)
Accumulated other comprehensive loss	$ (136,878)	$ (40,422)

Earnings Per Share


	Year Ended December 31,
	2014	2013	2012
Net income	$ 144,110	$ 152,095	$ 117,958

Average basic shares outstanding	102,006	101,712	96,465
Effect of dilutive securities	784	810	460
Average diluted shares outstanding	102,790	102,522	96,925

Net income per share:
Basic	$ 1.41	$ 1.50	$ 1.22
Diluted	$ 1.40	$ 1.48	$ 1.22

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Employee Benefit Plans [Abstract]

Schedule of Stock Options Activity


			Weighted
		Weighted	Average
		Average	Remaining	Aggregate
		Exercise	Contractual	Intrinsic
	Options	Price	Term	Value
			(years)	(thousands)
Stock Options
Balance at December 31, 2013	3,934,085	$ 20.47	7.0	$ 46,144
Granted	429,553	29.12
Exercised	(161,278)	16.73
Forfeited	(74,384)	26.42
Expired	(15,629)	24.56
Balance at December 31, 2014	4,112,347	$ 21.39	6.3	$ 1,196


At December 31, 2014
Options outstanding, vested and exercisable	2,451,659	$ 18.87	5.1	$ 1,195,558
Options outstanding, vested and expected to vest	3,979,321	$ 21.29	6.2	$ 1,195,558

Schedule of Restricted Stock Option Activity



		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Restricted Stock
Nonvested at December 31, 2013	93,483	$ 29.48
Granted	199,067	29.08
Vested	(35,663)	29.71
Forfeited	(16,540)	29.31
Nonvested at December 31, 2014	240,347	$ 29.13

Summarized Award Activity Under Stock Option and Restricted Stock Plans


	Year Ended December 31,
	2014	2013	2012
Stock Options
Weighted-average, grant-date fair value of awards granted	$ 11.86	$ 12.10	$ 6.52
Total intrinsic value of stock options exercised	1,518,066	4,717,693	1,089,830
Total fair value of stock options vested	2,759,196	6,352,967	1,370,130


	Year Ended December 31,
	2014	2013	2012
Restricted Stock
Weighted-average, grant-date fair value of awards granted	$ 29.13	$ 29.48	$ 15.65
Total fair value of restricted stock vested	939,349	4,173,834	484,141

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


	Year Ended December 31,
	2014	2013	2012
Risk-free interest rate	1.74%	0.86%	0.90%
Dividend yield (1)	0.00%	0.00%	0.00%
Expected volatility	39.83%	40.96%	41.87%
Expected life (in years)	6.0	6.2	6.6

(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


	Year Ended December 31,
	2014	2013	2012
Equity-based compensation expense:
Stock options	$ 5,699	$ 13,329	$ 7,533
Restricted stock	3,274	2,159	481
Profit units	-	-	461
Total equity-based compensation expense	$ 8,973	$ 15,488	$ 8,475
Income tax benefits related to equity-based compensation	$ 3,327	$ 5,743	$ 3,114

Unrecognized Compensation Expense Under Equity-Based Compensation Plans


	Weighted-
	Average Vesting	December 31,
	Period (in years)	2014
Unrecognized equity-based compensation expense:
Stock options	2.1	$ 8,255
Restricted stock	2.8	3,982
Total unrecognized equity-based compensation expense		$ 12,237

Segment, Geographic and Product Line Information (Tables)

12 Months Ended

Dec. 31, 2014

Segment, Geographic and Product Line Information [Abstract]

Schedule of Financial Information for Each Segment


	Year Ended December 31,
	2014	2013	2012

Sales
U.S.	$ 4,427.4	$ 3,967.6	$ 4,238.4
Canada	632.5	709.4	765.2
International	873.3	553.8	567.2
Consolidated sales	$ 5,933.2	$ 5,230.8	$ 5,570.8

Depreciation and amortization
U.S.	$ 13.1	$ 13.6	$ 11.2
Canada	1.7	2.0	2.1
International	7.7	6.7	5.3
Total depreciation and amortization expense	$ 22.5	$ 22.3	$ 18.6

Amortization of intangibles
U.S.	$ 42.4	$ 42.4	$ 40.0
Canada	2.2	2.4	2.5
International	23.2	7.3	7.0
Total amortization of intangibles expense	$ 67.8	$ 52.1	$ 49.5

Operating income
U.S.	$ 266.2	$ 280.1	$ 358.3
Canada	27.7	20.9	27.2
International	8.2	10.8	21.5
Total operating income	302.1	311.8	407.0

Interest expense	61.8	60.7	112.5
Loss on early extinguishment of debt	-	-	114.0
Other (income) expense	14.4	14.2	(1.2)
Income before income taxes	$ 225.9	$ 236.9	$ 181.7


	December 31,
	2014	2013
Total assets
United States	$ 3,111.9	$ 2,732.3
Canada	204.1	204.7
International	557.8	398.7
Total assets	$ 3,873.8	$ 3,335.7

Schedule of Percentages of Fixed Assets by Geographical Areas


	December 31,
	2014	2013
Fixed assets
United States	56%	57%
Canada	22%	24%
International	22%	19%
Total fixed assets	100%	100%

Schedule of Net Sales by Product Line


	Year Ended December 31,
Type	2014		2013		2012

Energy carbon steel tubular products:
Line pipe	$ 1,139,118	19%	$ 1,061,881	20%	$ 1,158,512	21%
Oil country tubular goods (OCTG)	556,427	10%	463,656	9%	715,108	13%
	$ 1,695,545	29%	$ 1,525,537	29%	$ 1,873,620	34%


Valves, fittings, flanges and other products:
Valves and specialty products	$ 1,911,153	32%	$ 1,440,431	28%	$ 1,431,888	26%
Carbon steel fittings and flanges and stainless steel
and alloy pipe and fittings	1,232,170	21%	1,135,818	22%	1,175,276	21%
Other	1,094,344	18%	1,129,006	21%	1,090,074	19%
	$ 4,237,667	71%	$ 3,705,255	71%	$ 3,697,238	66%

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Measurements [Abstract]

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


	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, 2014
Assets:	$ 1,633	$ -	$ 1,633	$ -
Liabilities:	-	-	-	-

December 31, 2013
Assets:	$ 4,603	$ -	$ 4,603	-
Liabilities:	-	-	-	-

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies [Abstract]

Future Minimum Lease Payment under Noncancelable Operating and Capital Lease Arrangements


	Operating Leases	Capital Leases
2015	$ 50,733	$ 289
2016	40,161	158
2017	31,948	117
2018	24,638	131
2019	17,887	147
Thereafter	58,563	421
	$ 223,930	$ 1,263

Quarterly Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Information (Unaudited) [Abstract]

Schedule of Quarterly Financial Information


	First	Second	Third	Fourth	Year
2014
Revenues	$ 1,305.7	$ 1,497.3	$ 1,618.1	$ 1,512.1	$ 5,933.2
Gross profit (1)	232.1	259.4	278.0	248.5	$ 1,018.1
Net income	23.5	39.3	50.1	31.2	144.1
EPS:
Basic (1)	$ 0.23	$ 0.39	$ 0.49	$ 0.31	$ 1.41
Diluted	$ 0.23	$ 0.38	$ 0.49	$ 0.30	$ 1.40

2013
Revenues	$ 1,305.1	$ 1,267.8	$ 1,313.7	$ 1,344.2	5,230.8
Gross profit	246.6	243.9	238.3	226.0	954.8
Net income (loss) (1)	46.2	43.9	38.8	23.3	152.1
EPS:
Basic (1)	$ 0.45	$ 0.43	$ 0.38	$ 0.23	$ 1.50
Diluted (1)	$ 0.45	$ 0.43	$ 0.38	$ 0.23	$ 1.48

_______________

(1)Gross profit, net income and EPS do not add across due to rounding and transactions resulting in differing weighted average shares outstanding on a quarterly basis.

Significant Accounting Policies (Details)	12 Months Ended
Significant Accounting Policies (Details)	Dec. 31, 2014 USD ($) segment	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Significant Accounting Policies [Line Items]
Inventory not valued at LIFO	$ 315,400,000	$ 264,000,000
Allowances for excess and obsolete inventories	24,601,000	23,199,000
Debt issuance costs	17,800,000	19,100,000
Accumulated amortization of debt issuance costs	2,900,000	5,700,000
Letters of credit securing non-material deductible program	8,700,000
Accrued liabilities related to deductibles/retentions under insurance programs	8,500,000	7,800,000
Self-insurance reserves	2,600,000	3,300,000
Purchasing and warehousing costs not included in cost of sales	$ 45,700,000	$ 37,200,000	$ 34,800,000
Number of operating and reportable segments \| segment	3
Vendor Concentration Risk [Member]
Significant Accounting Policies [Line Items]
Balance in excess of 10% of gross total	0.00%	0.00%	0.00%
Concentration risk benchmark percentage	10.00%	10.00%	10.00%
Sales [Member] \| Customer Concentration Risk [Member]
Significant Accounting Policies [Line Items]
Balance in excess of 10% of gross total	0.00%	0.00%	0.00%
Concentration risk benchmark percentage	10.00%	10.00%	10.00%
Trade Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Significant Accounting Policies [Line Items]
Balance in excess of 10% of gross total	0.00%	0.00%	0.00%
Concentration risk benchmark percentage	10.00%	10.00%	10.00%
Accounts Payable [Member] \| Vendor Concentration Risk [Member]
Significant Accounting Policies [Line Items]
Balance in excess of 10% of gross total	0.00%	0.00%	0.00%
Concentration risk benchmark percentage	10.00%	10.00%	10.00%
Minimum [Member]
Significant Accounting Policies [Line Items]
Amortization based on straight-line method, years	2 years
Deductible	$ 0
Maximum [Member]
Significant Accounting Policies [Line Items]
Amortization based on straight-line method, years	20 years
Deductible	$ 1,000,000

Acquisitions (Narrative) (Details) $ in Millions	12 Months Ended
Acquisitions (Narrative) (Details) $ in Millions	Dec. 31, 2014 USD ($) item	Dec. 31, 2013 USD ($) item	Dec. 31, 2012 USD ($) item
Acquisitions [Abstract]
Number of acquisitions during the period \| item	3	2	3
Purchase price \| $	$ 343.9	$ 46.8	$ 152.4

Acquisitions (Schedule of Purchase Price Allocation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net assets acquired:
Goodwill, net	$ 806,006	$ 632,284	$ 610,392	$ 561,270
Stream, MSD, And Hypteck [Member]
Net assets acquired:
Current assets, net of cash acquired	124,000
Other long-term assets	10,800
Identifiable intangible assets	78,400
Goodwill, net	216,000
Current liabilities	(63,200)
Other long-term liabilities	(22,100)
Cash consideration paid	$ 343,900

Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Accounts Receivable [Abstract]
Other allowances for accounts receivable	$ 1.9	$ 3.1

Accounts Receivable (Summary of Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Allowance for doubtful accounts
Beginning balance	$ 2,537	$ 5,270	$ 4,815
Net charge-offs	(667)	(2,435)	(1,973)
Provision	1,727	(298)	2,428
Ending balance	$ 3,597	$ 2,537	$ 5,270

Inventories (Details) - USD ($)	12 Months Ended
Inventories (Details) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Finished goods inventory at average cost:
Finished goods inventory at average cost	$ 1,354,209,000	$ 1,125,568,000
Less: Excess of average cost over LIFO cost (LIFO reserve)	(142,662,000)	(130,802,000)
Less: Other inventory reserves	(24,601,000)	(23,199,000)
Inventories, net	1,186,946,000	971,567,000
Effect of LIFO decrement on cost of sales	0	0
Energy carbon steel tubular products [Member]
Finished goods inventory at average cost:
Finished goods inventory at average cost	497,146,000	362,449,000
Valves, fittings, flanges and all other products [Member]
Finished goods inventory at average cost:
Finished goods inventory at average cost	$ 857,063,000	$ 763,119,000

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 225,113	$ 222,116
Allowances for depreciation and amortization	(109,112)	(103,193)
Property, Plant and Equipment, Net, Total	116,001	118,923
Land and improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 16,088	16,930
Building and building improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Depreciable Life	40 years
Property, plant and equipment, gross	$ 65,615	63,494
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 139,522	137,254
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
Property held under capital leases [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 3,888	$ 4,438
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) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule Of Intangible Assets By Segment [Line Items]
Goodwill, Beginning Balance	$ 632,284	$ 610,392	$ 561,270
Acquisition	1,749
Effect of foreign currency translation	(46,266)	(2,459)	1,045
Goodwill, Ending Balance	806,006	632,284	610,392
Net of accumulated impairment losses	76,200
MRC SPF [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Other			1,197
MRC PSA [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition			21,829
Flow Control [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition		15,257
Flangefitt [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition	1,999	9,472
PSS [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition			25,051
Adjustment of purchase price		(378)
Stream [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition	155,567
MSD [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition	24,947
Hyptek [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition	35,726
U.S. [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Goodwill, Beginning Balance	551,977	537,098	512,047
Acquisition
Effect of foreign currency translation
Goodwill, Ending Balance	551,977	551,977	537,098
Net of accumulated impairment losses	240,900
U.S. [Member] \| MRC SPF [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Other
U.S. [Member] \| MRC PSA [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition
U.S. [Member] \| Flow Control [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition		15,257
U.S. [Member] \| Flangefitt [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition
U.S. [Member] \| PSS [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition			25,051
Adjustment of purchase price		(378)
U.S. [Member] \| Stream [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition
U.S. [Member] \| MSD [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition
U.S. [Member] \| Hyptek [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition
Canada [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Goodwill, Beginning Balance
Acquisition
Effect of foreign currency translation
Goodwill, Ending Balance
Net of accumulated impairment losses	69,000
Canada [Member] \| MRC SPF [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Other
Canada [Member] \| MRC PSA [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition
Canada [Member] \| Flow Control [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition
Canada [Member] \| Flangefitt [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition
Canada [Member] \| PSS [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition
Adjustment of purchase price
Canada [Member] \| Stream [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition
Canada [Member] \| MSD [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition
Canada [Member] \| Hyptek [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition
International [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Goodwill, Beginning Balance	80,307	73,294	49,223
Acquisition	1,749
Effect of foreign currency translation	(46,266)	(2,459)	1,045
Goodwill, Ending Balance	254,029	80,307	73,294
International [Member] \| MRC SPF [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Other			1,197
International [Member] \| MRC PSA [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition			21,829
International [Member] \| Flow Control [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition
International [Member] \| Flangefitt [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition	1,999	9,472
International [Member] \| PSS [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition
Adjustment of purchase price
International [Member] \| Stream [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition	155,567
International [Member] \| MSD [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition	24,947
International [Member] \| Hyptek [Member]
Schedule Of Intangible Assets By Segment [Line Items]
Acquisition	$ 35,726

Goodwill and Other Intangible Assets (Schedule of Other Intangible Assets by Major Classification) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Intangible Assets By Major Class [Line Items]
Weighted- Average Amortization Period (in years)	14 years 9 months 18 days	15 years 6 months
Gross	$ 1,066,136	$ 1,008,474
Accumulated Amortization	(365,018)	(300,465)
Finite-Lived Intangible Assets, Net, Total	701,118	$ 708,009
Net of accumulated impairment losses	$ 76,200
Customer base [Member]
Intangible Assets By Major Class [Line Items]
Weighted- Average Amortization Period (in years)	14 years 10 months 24 days	15 years 9 months 18 days
Gross	$ 789,655	$ 730,108
Accumulated Amortization	(354,333)	(291,116)
Finite-Lived Intangible Assets, Net, Total	$ 435,322	$ 438,992
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 1 month 6 days
Gross	$ 16,214	$ 18,099
Accumulated Amortization	(10,522)	(9,268)
Finite-Lived Intangible Assets, Net, Total	$ 5,692	$ 8,831
Noncompete agreements [Member]
Intangible Assets By Major Class [Line Items]
Weighted- Average Amortization Period (in years)	3 years	3 years
Gross	$ 244	$ 244
Accumulated Amortization	(163)	(81)
Finite-Lived Intangible Assets, Net, Total	81	163
Indefinite lived trade names [Member]
Intangible Assets By Major Class [Line Items]
Gross	260,023	260,023
Finite-Lived Intangible Assets, Net, Total	$ 260,023	$ 260,023

Goodwill and Other Intangible Assets (Schedule of Amortization of Intangible Assets) (Details) $ in Thousands	Dec. 31, 2014 USD ($)
Goodwill and Other Intangible Assets [Abstract]
2015	$ 58,496
2016	58,140
2017	56,682
2018	55,825
2019	$ 52,126

Long-Term Debt (Narrative) (Details) $ in Thousands, kr in Millions	12 Months Ended
	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2014 NOK (kr)	Dec. 31, 2014 USD ($)	Nov. 30, 2013 USD ($)	Nov. 30, 2012 USD ($)
Debt Instrument [Line Items]
Long-term debt		$ 986,834			$ 1,453,644
Interest at base rate				2.00%	2.00%
Debt instrument basis spread on variable rate	3.00%
Reduction in cash flow	50.00%
Proceeds from revolving credit facilities	$ 1,977,162	1,738,213	$ 2,571,835
Credit facility, availability					$ 302,200
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	4.00%
Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	1.00%
Maximum [Member]
Debt Instrument [Line Items]
Unrestricted cash of Term Loan					75,000
Senior secured leverage ratio	3.50
Senior secured term loan [Member]
Debt Instrument [Line Items]
Long-term debt		787,059			779,888	$ 793,500	$ 650,000
Debt maturity period	7 years
Term Loan accordion feature					200,000
Debt instrument, maturity date	Nov. 09, 2019
Term loan annual amortization percentage	1.00%
Percentage of capital stock in foreign subsidiaries securing Term Loan B	65.00%
Global ABL Facility [Member]
Debt Instrument [Line Items]
Long-term debt		$ 199,630			673,716
Credit facility, durational term	5 years
Credit facility, maximum borrowing capacity					1,050,000
Credit Facility, accordion feature					$ 300,000
Global ABL Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	1.50%
Maximum Borrowing Base of inventory				70.00%	70.00%
Global ABL Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	2.00%
Maximum Borrowing Base of accounts receivable				85.00%	85.00%
Maximum Borrowing Base of inventory				85.00%	85.00%
Stream [Member] \| Guarantee Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity \| kr				kr 24
Stream [Member] \| Overdraft Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity \| kr				9
Stream [Member] \| Foreign Exchange Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity \| kr				kr 1
Senior Secured Leverage Ratio Is No More Than 2.75 to 1.00 [Member]
Debt Instrument [Line Items]
Reduction in cash flow	25.00%
Senior Secured Leverage Ratio Is No More Than 2.75 to 1.00 [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio	2.75
Senior Secured Leverage Ratio Is Less Than 2.50 to 1.00 [Member]
Debt Instrument [Line Items]
Debt instrument rate basis step down	0.25%
Reduction in cash flow	0.00%
Senior Secured Leverage Ratio Is Less Than 2.50 to 1.00 [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio	2.50
Consolidated total leverage ratio	2.50
Other Customary Restrictive Covenants [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio	3.25
Company May Incur First Lien Indebtedness Pari Passu to the Term Loan [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio	3.50
Company May Incur Second Lien Indebtedness [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Junior secured leverage ratio	4.00
Company May Incur Unsecured Indebtedness [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Total leverage ratio	5.00
Company May Incur Indebtedness [Member] \| Global ABL Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Indebtedness under Global ABL Facility					$ 1,300,000
Maximum Borrowing Base of accounts receivable				85.00%	85.00%
Maximum Borrowing Base of inventory				65.00%	65.00%
United States [Member] \| Global ABL Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					$ 977,000
United States [Member] \| Global ABL Facility [Member] \| Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	1.25%
United States [Member] \| Global ABL Facility [Member] \| Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	1.75%
Canada [Member] \| Global ABL Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					20,000
Canada [Member] \| Global ABL Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	1.25%
Canada [Member] \| Global ABL Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	1.75%
United Kingdom [Member] \| Global ABL Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					5,000
Australia [Member] \| Global ABL Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					10,000
Netherlands [Member] \| Global ABL Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					4,000
Belgium [Member] \| Global ABL Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					4,000
Norway [Member] \| Global ABL Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					$ 30,000

Long-Term Debt (Components of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Nov. 30, 2013	Nov. 30, 2012
Debt Instrument [Line Items]
Long-term debt	$ 1,453,644	$ 986,834
Less current portion	7,935	7,935
Long-term debt, net	1,445,709	978,899
Senior secured term loan [Member]
Debt Instrument [Line Items]
Long-term debt	779,888	787,059	$ 793,500	$ 650,000
Original issue discount on senior secured notes	3,693	4,457
Global ABL Facility [Member]
Debt Instrument [Line Items]
Long-term debt	673,716	199,630
Other [Member]
Debt Instrument [Line Items]
Long-term debt	$ 40	$ 145

Long-Term Debt (Interest on Borrowings) (Details)	Dec. 31, 2014	Dec. 31, 2013
Global ABL Facility [Member]
Debt Instrument [Line Items]
Weighted-average interest rate	1.84%	2.12%
Senior secured term loan [Member]
Debt Instrument [Line Items]
Weighted-average interest rate	5.10%	5.09%

Long-Term Debt (Schedule of Maturities of Long-Term Debt) (Details) $ in Thousands	Dec. 31, 2014 USD ($)
Long-Term Debt [Abstract]
2015	$ 7,935
2016	7,975
2017	7,935
2018	7,935
2019	$ 1,421,864

Derivative Financial Instruments (Fair Value of Derivative Instruments Recorded in Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Derivative Financial Instruments [Abstract]
Foreign exchange forward contracts, Assets	$ 1,633	$ 4,603
Foreign exchange forward contracts, Liabilities
Notional amount of forward foreign exchange contracts	$ 78,000	$ 331,000

Derivative Financial Instruments (Amount of Gains and (Losses) Recognized in Consolidated Statements of Operations Related to Derivative Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative Financial Instruments [Abstract]
Derivatives not designated as hedging instruments, Foreign exchange forward contracts	$ (1,087)	$ 4,731	$ 176
Derivatives not designated as hedging instruments, Interest rate contracts			$ 2,010

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Operating Loss Carryforwards [Line Items]
Foreign tax credit carryforwards	$ 4.4
U.S. [Member]
Operating Loss Carryforwards [Line Items]
State net operating loss carryforwards	$ 62.3
State net operating loss carryforwards future expiration date	Dec. 31, 2033
Income tax examination, description	We are no longer subject to U.S. federal income tax examination for all years through 2009 and the statute of limitations at our international locations is generally six to seven years.
Non-U.S. [Member]
Operating Loss Carryforwards [Line Items]
State net operating loss carryforwards future expiration date	Dec. 31, 2024
State net operating loss carryforwards	$ 51.4
State net operating loss carryforwards with no expiration	45.6
State net operating loss carryforwards with expiration	5.8
Temporary differences representing earnings of non-US subsidiaries for which deferred income taxes are not provided	$ 230.6	$ 192.9
Minimum [Member] \| Non-U.S. [Member]
Operating Loss Carryforwards [Line Items]
Income tax examination, statute of limitations	6 years
Maximum [Member] \| Non-U.S. [Member]
Operating Loss Carryforwards [Line Items]
Income tax examination, statute of limitations	7 years

Income Taxes (Components of Income Before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Taxes [Abstract]
United States	$ 223,263	$ 231,434	$ 156,226
Foreign	2,683	5,477	25,470
Income before income taxes	$ 225,946	$ 236,911	$ 181,696

Income Taxes (Summary of Income Taxes Included in Consolidated Statements of Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current:
Federal	$ 94,766	$ 90,063	$ 65,563
State	8,052	8,058	6,569
Foreign	13,213	6,518	12,038
Current income tax expense	116,031	104,639	84,170
Deferred:
Federal	(24,024)	(21,102)	(15,776)
State	(2,278)	2,818	(1,256)
Foreign	(7,893)	(1,539)	(3,400)
Deferred income tax expense (benefit)	(34,195)	(19,823)	(20,432)
Income tax expense	$ 81,836	$ 84,816	$ 63,738

Income Taxes (Reconciliation of Statutory Federal Income Tax Rate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Taxes [Abstract]
Federal tax expense at statutory rates	$ 79,081	$ 82,918	$ 63,474
State taxes	3,708	3,855	3,453
Nondeductible expenses	1,156	1,152	1,123
Effect of tax rate changes on existing temporary differences		3,074
Effect of foreign operations	(5,572)	(9,752)	(3,565)
Change in valuation allowance	3,276	7,714	(78)
Other	187	(4,145)	(669)
Income tax expense	$ 81,836	$ 84,816	$ 63,738
Effective tax rate	36.20%	35.80%	35.10%

Income Taxes (Components of Current Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets:
Allowance for doubtful accounts	$ 1,233	$ 1,265
Accruals and reserves	26,913	16,603
Net operating loss and tax credit carryforwards	18,786	13,423
Other	3,187	1,270
Subtotal	50,119	32,561
Valuation allowance	(17,431)	(14,155)
Total	32,688	18,406
Deferred tax liabilities:
Inventory valuation	(78,898)	(81,208)
Property, plant and equipment	(7,781)	(8,538)
Intangible assets	(229,005)	(236,832)
Debt	(5,065)	(5,798)
Pension asset	(2,019)
Other		(177)
Total	(322,768)	(332,553)
Net deferred tax liability	$ (290,080)	$ (314,147)

Stockholders' Equity (Narrative) (Details) - shares	12 Months Ended
Stockholders' Equity (Narrative) (Details) - shares	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Stockholders' Equity [Line Items]
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Stock Options [Member]
Stockholders' Equity [Line Items]
Anti-dilutive securities	1,000,000	500,000	2,100,000

Stockholders' Equity (Accumulated Other Comprehensive Loss in Accompanying Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Stockholders' Equity [Abstract]
Currency translation adjustments	$ (136,265)	$ (40,173)
Pension related adjustments	(613)	(249)
Accumulated other comprehensive loss	$ (136,878)	$ (40,422)

- 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 + Details

Stockholders' Equity (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Stockholders' Equity [Abstract]
Net income	$ 31,200	$ 50,100	$ 39,300	$ 23,500	$ 23,300	$ 38,800	$ 43,900	$ 46,200	$ 144,110	$ 152,095	$ 117,958
Average basic shares outstanding									102,006	101,712	96,465
Effect of dilutive securities									784	810	460
Average diluted shares outstanding									102,790	102,522	96,925
Net income per share:
Basic	$ 0.31	$ 0.49	$ 0.39	$ 0.23	$ 0.23	$ 0.38	$ 0.43	$ 0.45	$ 1.41	$ 1.50	$ 1.22
Diluted	$ 0.30	$ 0.49	$ 0.38	$ 0.23	$ 0.23	$ 0.38	$ 0.43	$ 0.45	$ 1.40	$ 1.48	$ 1.22

- Definition

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

+ References + Details

- Definition

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

+ References + Details

Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended			33 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Apr. 30, 2012
Defined Benefit Plan Disclosure [Line Items]
Stock based compensation	$ 8,973	$ 15,488	$ 8,475
Defined contribution plans	$ 13,100	$ 10,500	9,000
2007 Stock Option Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Shares available for grant	3,750,000			3,750,000
Maximum term for stock option plan grant	10 years
Vesting period	5 years
2007 Restricted Stock Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Shares available for grant	500,000			500,000
Stock options exercised	137,306
Grant of stock options		0
2011 Omnibus Incentive Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Shares reserved for issuance	3,250,000			3,250,000
Shares of restricted stock granted	199,067			2,519,290
Grant of stock options	429,553
2007 Stock Option Plan And 2007 Restricted Stock Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Shares available for grant					0
Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution	1.00%
Minimum [Member] \| 2011 Omnibus Incentive Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Vesting period	4 years
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution	10.00%
Maximum [Member] \| 2011 Omnibus Incentive Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Vesting period	5 years
Stock Options [Member]
Defined Benefit Plan Disclosure [Line Items]
Stock options vested	2,451,659			2,451,659
Stock options exercised	161,278
Stock based compensation	$ 5,699	$ 13,329	7,533
Stock options issued or granted	429,553
Restricted Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Shares of restricted stock vested	35,663
Shares of restricted stock granted	199,067
Stock based compensation	$ 3,274	$ 2,159	481
Profit Units [Member]
Defined Benefit Plan Disclosure [Line Items]
Stock based compensation			$ 461
Director [Member]
Defined Benefit Plan Disclosure [Line Items]
Vesting period	1 year

Employee Benefit Plans (Schedule of Stock Option Activity Plans) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Beginning Balance, Options	3,934,085
Granted, Options	429,553
Exercised, Options	(161,278)
Forfeited, Options	(74,384)
Expired, Options	(15,629)
Ending Balance, Options	4,112,347	3,934,085
Options outstanding, vested and exercisable, Options	2,451,659
Options outstanding, vested and expected to vest, Options	3,979,321
Beginning Balance, Weighted Average Exercise Price	$ 20.47
Granted, Weighted Average Exercise Price	29.12
Exercised, Weighted Average Exercise Price	16.73
Forfeited, Weighted Average Exercise Price	26.42
Expired, Weighted Average Exercise Price	24.56
Ending Balance, Weighted Average Exercise Price	21.39	$ 20.47
Options outstanding, vested and exercisable, Weighted Average Exercise Price	18.87
Options outstanding, vested and expected to vest, Weighted Average Exercise Price	$ 21.29
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerms	6 years 3 months 18 days	7 years
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerms	6 years 3 months 18 days	7 years
Options outstanding, vested and exercisable, Weighted Average Remaining Contractual Term	5 years 1 month 6 days
Options outstanding, vested and expected to vest, Weighted Average Remaining Contractual Term	6 years 2 months 12 days
Beginning Balance, Aggregate Intrinsic Value	$ 46,144
Ending Balance, Aggregate Intrinsic Value	1,196	$ 46,144
Options outstanding, vested and exercisable, Aggregate Intrinsic Value	1,195,558
Options outstanding, vested and expected to vest, Aggregate Intrinsic Value	$ 1,195,558

Employee Benefit Plans (Schedule of Restricted Stock Option Activity Plans) (Details) - Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2014 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, Beginning Balance, Shares \| shares	93,483
Granted, Shares \| shares	199,067
Vested, Shares \| shares	(35,663)
Forfeited, Shares \| shares	(16,540)
Nonvested, Ending Balance, Shares \| shares	240,347
Nonvested, Beginning Balance, Weighted Average Grant-Date Fair Value \| $ / shares	$ 29.48
Granted, Weighted Average Grant-Date Fair Value \| $ / shares	29.08
Vested, Weighted Average Grant-Date Fair Value \| $ / shares	29.71
Forfeited, Weighted Average Grant-Date Fair Value \| $ / shares	29.31
Nonvested, Ending Balance, Weighted Average Grant-Date Fair Value \| $ / shares	$ 29.13

Employee Benefit Plans (Summarized Award Activity Under Stock Option and Restricted Stock Plans) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
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	$ 11.86	$ 12.10	$ 6.52
Total intrinsic value of stock options exercised	$ 1,518,066	$ 4,717,693	$ 1,089,830
Total fair value of stock options vested	$ 2,759,196	$ 6,352,967	$ 1,370,130
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	$ 29.13	$ 29.48	$ 15.65
Total fair value of restricted stock vested	$ 939,349	$ 4,173,834	$ 484,141

Employee Benefit Plans (Weighted-Average Assumptions Used to Estimate Fair Values of Stock Options) (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Employee Benefit Plans [Abstract]
Risk-free interest rate	1.74%	0.86%	0.90%
Dividend yield	0.00%	0.00%	0.00%
Expected volatility	39.83%	40.96%	41.87%
Expected life (in years)	6 years	6 years 2 months 12 days	6 years 7 months 6 days

Employee Benefit Plans (Recognized Compensation Expense and Related Income Tax Benefits Under Equity-Based Compensation Plans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items]
Equity-based compensation expense	$ 8,973	$ 15,488	$ 8,475
Income tax benefits related to equity-based compensation	3,327	5,743	3,114
Stock Options [Member]
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items]
Equity-based compensation expense	5,699	13,329	7,533
Restricted Stock [Member]
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items]
Equity-based compensation expense	$ 3,274	$ 2,159	481
Profit Units [Member]
Schedule Of Employee Service Share Based Compensation Expense Allocation [Line Items]
Equity-based compensation expense			$ 461

Employee Benefit Plans (Unrecognized Compensation Expense Under Equity-Based Compensation Plans) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
Unrecognized Stock Based Compensation Expense [Line Items]
Unrecognized equity-based compensation expense	$ 12,237
Stock Options [Member]
Unrecognized Stock Based Compensation Expense [Line Items]
Unrecognized equity-based compensation , Weighted-Average Vesting Period (in years)	2 years 1 month 6 days
Unrecognized equity-based compensation expense	$ 8,255
Restricted Stock [Member]
Unrecognized Stock Based Compensation Expense [Line Items]
Unrecognized equity-based compensation , Weighted-Average Vesting Period (in years)	2 years 9 months 18 days
Unrecognized equity-based compensation expense	$ 3,982

Related Party Transactions (Details) - USD ($)	12 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party Transaction [Line Items]
Purchases from affiliates	$ 2,400,000	$ 2,000,000	$ 4,300,000
Future minimum rental payments, 2015	50,733,000
Future minimum rental payments, 2016	40,161,000
Future minimum rental payments, 2017	31,948,000
Future minimum rental payments, 2018	24,638,000
Future minimum rental payments, 2019 and thereafter	58,563,000
Related Parties [Member]
Related Party Transaction [Line Items]
Future minimum rental payments, 2015	1,900,000
Future minimum rental payments, 2016	1,900,000
Future minimum rental payments, 2017	1,900,000
Future minimum rental payments, 2018	1,600,000
Future minimum rental payments, 2019 and thereafter	500,000
Cabot Oil and Gas [Member]
Related Party Transaction [Line Items]
Sales to affiliates	39,600,000	40,900,000	$ 28,700,000
Receivables from affiliates	0
Cypress Energy Partners LP [Member]
Related Party Transaction [Line Items]
Sales to affiliates	100,000	$ 400,000
Receivables from affiliates	0
Kvaerner Process, PLC [Member]
Related Party Transaction [Line Items]
Sales to affiliates	11,000,000
Receivables from affiliates	$ 1,300,000

Segment, Geographic and Product Line Information (Narrative) (Details)	12 Months Ended
	Dec. 31, 2014 segment
Segment, Geographic and Product Line Information [Abstract]
Business segments	3

Segment, Geographic and Product Line Information (Schedule of Financial Information for Each Segment) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Sales
Consolidated sales	$ 1,512,100	$ 1,618,100	$ 1,497,300	$ 1,305,700	$ 1,344,200	$ 1,313,700	$ 1,267,800	$ 1,305,100	$ 5,933,212	$ 5,230,792	$ 5,570,858
Depreciation and amortization
Total depreciation and amortization expense									22,500	22,300	18,600
Amortization of intangibles
Total amortization of intangibles expense									67,799	52,072	49,466
Operating income
Total operating income									302,148	311,765	406,990
Interest expense									(61,752)	(60,685)	(112,519)
Loss on early extinguishment of debt											113,961
Other (income) expense									14,400	14,200	(1,200)
Income before income taxes									225,946	236,911	181,696
Total assets
Total assets	3,873,821				3,335,682				3,873,821	3,335,682
United States [Member]
Sales
Consolidated sales									4,427,400	3,967,600	4,238,400
Depreciation and amortization
Total depreciation and amortization expense									13,100	13,600	11,200
Amortization of intangibles
Total amortization of intangibles expense									42,400	42,400	40,000
Operating income
Total operating income									266,200	280,100	358,300
Total assets
Total assets	3,111,900				2,732,300				3,111,900	2,732,300
Canada [Member]
Sales
Consolidated sales									632,500	709,400	765,200
Depreciation and amortization
Total depreciation and amortization expense									1,700	2,000	2,100
Amortization of intangibles
Total amortization of intangibles expense									2,200	2,400	2,500
Operating income
Total operating income									27,700	20,900	27,200
Total assets
Total assets	204,100				204,700				204,100	204,700
International [Member]
Sales
Consolidated sales									873,300	553,800	567,200
Depreciation and amortization
Total depreciation and amortization expense									7,700	6,700	5,300
Amortization of intangibles
Total amortization of intangibles expense									23,200	7,300	7,000
Operating income
Total operating income									8,200	10,800	$ 21,500
Total assets
Total assets	$ 557,800				$ 398,700				$ 557,800	$ 398,700

Segment, Geographic and Product Line Information (Schedule of Percentage of Net Revenues by Geographical Areas) (Details)	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Total fixed assets, percentage	100.00%	100.00%
United States [Member]
Segment Reporting Information [Line Items]
Total fixed assets, percentage	56.00%	57.00%
Canada [Member]
Segment Reporting Information [Line Items]
Total fixed assets, percentage	22.00%	24.00%
International [Member]
Segment Reporting Information [Line Items]
Total fixed assets, percentage	22.00%	19.00%

Segment, Geographic and Product Line Information (Schedule of Net Sales by Product Line) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Energy carbon steel tubular products [Member]
Segment Reporting Information [Line Items]
Net sales	$ 1,695,545	$ 1,525,537	$ 1,873,620
Percentage of net sales	29.00%	29.00%	34.00%
Valves, fittings, flanges and all other products [Member]
Segment Reporting Information [Line Items]
Net sales	$ 4,237,667	$ 3,705,255	$ 3,697,238
Percentage of net sales	71.00%	71.00%	66.00%
Line pipe [Member] \| Energy carbon steel tubular products [Member]
Segment Reporting Information [Line Items]
Net sales	$ 1,139,118	$ 1,061,881	$ 1,158,512
Percentage of net sales	19.00%	20.00%	21.00%
Oil country tubular goods (OCTG) [Member] \| Energy carbon steel tubular products [Member]
Segment Reporting Information [Line Items]
Net sales	$ 556,427	$ 463,656	$ 715,108
Percentage of net sales	10.00%	9.00%	13.00%
Valves and Specialty Products [Member] \| Valves, fittings, flanges and all other products [Member]
Segment Reporting Information [Line Items]
Net sales	$ 1,911,153	$ 1,440,431	$ 1,431,888
Percentage of net sales	32.00%	28.00%	26.00%
Carbon steel fittings and flanges and stainless steel and alloy pipe and fittings [Member] \| Valves, fittings, flanges and all other products [Member]
Segment Reporting Information [Line Items]
Net sales	$ 1,232,170	$ 1,135,818	$ 1,175,276
Percentage of net sales	21.00%	22.00%	21.00%
Other [Member] \| Valves, fittings, flanges and all other products [Member]
Segment Reporting Information [Line Items]
Net sales	$ 1,094,344	$ 1,129,006	$ 1,090,074
Percentage of net sales	18.00%	21.00%	19.00%

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	$ 1,633	$ 4,603
Liabilities:
Carrying value of debt	1,454,000	987,000
Fair value of our debt	1,407,000	997,000
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:
Liabilities:
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:	1,633	4,603
Liabilities:
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets:
Liabilities:

Commitments and Contingencies (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2014 USD ($) claim lawsuit	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Loss Contingencies [Line Items]
Operating rental expense	$ 61.2	$ 53.3	$ 48.3
Letters of credit outstanding	73.0
Bank guarantees outstanding	$ 4.8
Asbestos [Member]
Loss Contingencies [Line Items]
Number of lawsuits \| lawsuit	430
Asbestos related pending claims \| claim	1,075
Period that projected payments of asbestos claims are projected	15 years

Commitments and Contingencies (Future Minimum Lease Payment Under Noncancelable Operating and Capital Lease Arrangements) (Details) $ in Thousands	Dec. 31, 2014 USD ($)
Commitments and Contingencies [Abstract]
2015	$ 50,733
2016	40,161
2017	31,948
2018	24,638
2019	17,887
Thereafter	58,563
Total	223,930
2015	289
2016	158
2017	117
2018	131
2019	147
Thereafter	421
Total	$ 1,263

Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Information (Unaudited) [Abstract]
Revenues	$ 1,512,100	$ 1,618,100	$ 1,497,300	$ 1,305,700	$ 1,344,200	$ 1,313,700	$ 1,267,800	$ 1,305,100	$ 5,933,212	$ 5,230,792	$ 5,570,858
Gross profit	248,500	278,000	259,400	232,100	226,000	238,300	243,900	246,600	1,018,106	954,759	1,013,743
Net income (loss)	$ 31,200	$ 50,100	$ 39,300	$ 23,500	$ 23,300	$ 38,800	$ 43,900	$ 46,200	$ 144,110	$ 152,095	$ 117,958
Basic	$ 0.31	$ 0.49	$ 0.39	$ 0.23	$ 0.23	$ 0.38	$ 0.43	$ 0.45	$ 1.41	$ 1.50	$ 1.22
Diluted	$ 0.30	$ 0.49	$ 0.38	$ 0.23	$ 0.23	$ 0.38	$ 0.43	$ 0.45	$ 1.40	$ 1.48	$ 1.22

- Definition

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

+ References + Details

- Definition

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

+ References + Details