MRC Global (MRC) 10-Q 29 Oct 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 22, 2020
Document Information [Line Items]
Entity Central Index Key	0001439095
Entity Registrant Name	MRC GLOBAL INC.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-35479
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5956993
Entity Address, Address Line One	1301 McKinney Street, Suite 2300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77010
City Area Code	877
Local Phone Number	294-7574
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	MRC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		82,238,993

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash	$ 40	$ 32
Accounts receivable, net	343	459
Inventory, Net, Total	582	701
Other current assets	29	26
Total current assets	994	1,218
Long-term assets:
Operating lease assets	168	186
Property, plant and equipment, net	128	138
Other assets	16	19
Intangible assets:
Goodwill, net	264	483	[1]
Other intangible assets, net	235	281
Assets, Total	1,805	2,325
Current liabilities:
Trade accounts payable	293	357
Accrued expenses and other current liabilities	86	91
Operating lease liabilities	34	34
Current portion of long-term debt	4	4
Total current liabilities	417	486
Long-term liabilities:
Long-term debt, net	405	547
Operating lease liabilities	160	167
Deferred income taxes	80	91
Other liabilities	41	37
Commitments and contingencies
6.5% Series A Convertible Perpetual Preferred Stock, $0.01 par value; authorized 363,000 shares; 363,000 shares issued and outstanding	355	355
Stockholders' equity:
Common stock, $0.01 par value per share: 500 million shares authorized, 106,284,968 and 105,624,750 issued, respectively	1	1
Additional paid-in capital	1,736	1,731
Retained deficit	(770)	(483)
Less: Treasury stock at cost: 24,216,330 shares	(375)	(375)
Accumulated other comprehensive loss	(245)	(232)
Stockholders' Equity Attributable to Parent, Ending Balance	347	642
Liabilities and Equity, Total	$ 1,805	$ 2,325
[1]	Net of prior years’ accumulated impairment of $350 million, $69 million and $183 million in the United States, Canada and International, respectively.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Series A Convertible Perpetual Preferred Stock, Dividend Rate	6.50%	6.50%
Series A Convertible Perpetual Preferred Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Series A Convertible Perpetual Preferred Stock, Shares Authorized (in shares)	363,000	363,000
Series A Convertible Perpetual Preferred Stock, Shares Issued (in shares)	363,000	363,000
Series A Convertible Perpetual Preferred Stock, Shares Outstanding (in shares)	363,000	363,000
Common Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized (in shares)	500,000,000	500,000,000
Common Stock, Issued (in shares)	106,284,968	105,624,750
Treasury Stock, Shares (in shares)	24,216,330	24,216,330

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Sales	$ 585	$ 942	$ 1,981	$ 2,896
Cost of sales	471	768	1,640	2,374
Gross profit	114	174	341	522
Selling, general and administrative expenses	100	137	352	409
Goodwill and intangible asset impairment	0	0	242	0
Operating income (loss)	14	37	(253)	113
Other (expense) income:
Interest expense	(7)	(10)	(22)	(31)
Other, net	1	2	(1)	3
Income (loss) before income taxes	8	29	(276)	85
Income tax expense (benefit)	5	8	(7)	22
Net income (loss)	3	21	(269)	63
Series A preferred stock dividends	6	6	18	18
Net (loss) income attributable to common stockholders	$ (3)	$ 15	$ (287)	$ 45
Basic (loss) income per common share (in dollars per share)	$ (0.04)	$ 0.18	$ (3.50)	$ 0.54
Diluted (loss) income per common share (in dollars per share)	$ (0.04)	$ 0.18	$ (3.50)	$ 0.53
Weighted-average common shares, basic (in shares)	82.1	82.7	81.9	83.4
Weighted-average common shares, diluted (in shares)	82.1	83.4	81.9	84.2

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income (loss)	$ 3	$ 21	$ (269)	$ 63
Other comprehensive income (loss)
Foreign currency translation adjustments	5	(8)	(8)	(3)
Hedge accounting adjustments, net of tax	1	0	(5)	(6)
Total other comprehensive income (loss), net of tax	6	(8)	(13)	(9)
Comprehensive income (loss)	$ 9	$ 13	$ (282)	$ 54

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2018	105,000,000			(19,000,000)
Balance at Dec. 31, 2018	$ 1	$ 1,721	$ (498)	$ (300)	$ (232)	$ 692
Net income (loss)	0	0	18	0	0	18
Foreign currency translation	0	0	0	0	3	3
Hedge accounting adjustments	0	0	0	0	(2)	(2)
Shares withheld for taxes	0	(6)	0	0	0	(6)
Equity-based compensation expense	0	4	0	0	0	4
Dividends declared on preferred stock	$ 0	0	(6)	$ 0	0	(6)
Balance (in shares) at Mar. 31, 2019	105,000,000			(21,000,000)
Purchase of common stock (in shares)	0			(2,000,000)
Purchase of common stock	$ 0	0	0	$ (25)	0	(25)
Balance at Mar. 31, 2019	$ 1	1,719	(486)	$ (325)	(231)	678
Balance (in shares) at Dec. 31, 2018	105,000,000			(19,000,000)
Balance at Dec. 31, 2018	$ 1	1,721	(498)	$ (300)	(232)	692
Net income (loss)						63
Foreign currency translation						(3)
Hedge accounting adjustments						$ (6)
Balance (in shares) at Sep. 30, 2019	106,000,000			(23,000,000)
Purchase of common stock (in shares)						(4,088,490)
Purchase of common stock						$ (63)
Balance at Sep. 30, 2019	$ 1	1,727	(453)	$ (363)	(241)	671
Balance (in shares) at Mar. 31, 2019	105,000,000			(21,000,000)
Balance at Mar. 31, 2019	$ 1	1,719	(486)	$ (325)	(231)	678
Net income (loss)	0	0	24	0	0	24
Foreign currency translation	0	0	0	0	2	2
Hedge accounting adjustments	0	0	0	0	(4)	(4)
Equity-based compensation expense	0	3	0	0	0	3
Dividends declared on preferred stock	$ 0	0	(6)	$ 0	0	(6)
Balance (in shares) at Jun. 30, 2019	106,000,000			(22,000,000)
Purchase of common stock (in shares)	0			(1,000,000)
Purchase of common stock	$ 0	0	0	$ (25)	0	(25)
Balance at Jun. 30, 2019	1	1,722	(468)	(350)	(233)	672
Net income (loss)	0	0	21	0	0	21
Foreign currency translation	0	0	0	0	(8)	(8)
Hedge accounting adjustments						0
Equity-based compensation expense	0	5	0	0	0	5
Dividends declared on preferred stock	$ 0	0	(6)	$ 0	0	$ (6)
Balance (in shares) at Sep. 30, 2019	106,000,000			(23,000,000)
Purchase of common stock (in shares)	0			(1,000,000)		(957,869)
Purchase of common stock	$ 0	0	0	$ (13)	0	$ (13)
Balance at Sep. 30, 2019	$ 1	1,727	(453)	$ (363)	(241)	671
Balance (in shares) at Dec. 31, 2019	106,000,000			(24,000,000)
Balance at Dec. 31, 2019	$ 1	1,731	(483)	$ (375)	(232)	642
Net income (loss)	0	0	9	0	0	9
Foreign currency translation	0	0	0	0	(21)	(21)
Hedge accounting adjustments	0	0	0	0	(6)	(6)
Shares withheld for taxes	0	(3)	0	0	0	(3)
Equity-based compensation expense	0	2	0	0	0	2
Dividends declared on preferred stock	$ 0	0	(6)	$ 0	0	(6)
Balance (in shares) at Mar. 31, 2020	106,000,000			(24,000,000)
Balance at Mar. 31, 2020	$ 1	1,730	(480)	$ (375)	(259)	617
Balance (in shares) at Dec. 31, 2019	106,000,000			(24,000,000)
Balance at Dec. 31, 2019	$ 1	1,731	(483)	$ (375)	(232)	642
Net income (loss)						(269)
Foreign currency translation						(8)
Hedge accounting adjustments						$ (5)
Balance (in shares) at Sep. 30, 2020	106,000,000			(24,000,000)
Purchase of common stock (in shares)						0
Purchase of common stock						$ 0
Balance at Sep. 30, 2020	$ 1	1,736	(770)	$ (375)	(245)	347
Balance (in shares) at Mar. 31, 2020	106,000,000			(24,000,000)
Balance at Mar. 31, 2020	$ 1	1,730	(480)	$ (375)	(259)	617
Net income (loss)	0	0	(281)	0	0	(281)
Foreign currency translation	0	0	0	0	8	8
Equity-based compensation expense	0	3	0	0	0	3
Dividends declared on preferred stock	$ 0	0	(6)	$ 0	0	(6)
Balance (in shares) at Jun. 30, 2020	106,000,000			(24,000,000)
Balance at Jun. 30, 2020	$ 1	1,733	(767)	$ (375)	(251)	341
Net income (loss)	0	0	3	0	0	3
Foreign currency translation	0	0	0	0	5	5
Hedge accounting adjustments	0	0	0	0	1	1
Equity-based compensation expense	0	3	0	0	0	3
Dividends declared on preferred stock	$ 0	0	(6)	$ 0	0	$ (6)
Balance (in shares) at Sep. 30, 2020	106,000,000			(24,000,000)
Purchase of common stock (in shares)						0
Purchase of common stock						$ 0
Balance at Sep. 30, 2020	$ 1	$ 1,736	$ (770)	$ (375)	$ (245)	$ 347

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities
Net income (loss)	$ (269)	$ 63
Adjustments to reconcile net (loss) income to net cash provided by operations:
Depreciation and amortization	15	16
Amortization of intangibles	20	33
Equity-based compensation expense	8	12
Deferred income tax benefit	(10)	(5)
Decrease in LIFO reserve	(20)	(3)
Goodwill and intangible asset impairment	242	0
Lease impairment and abandonment	15	0
Inventory-related charges	34	0
Provision for uncollectible accounts	3	2
Other	3	2
Changes in operating assets and liabilities:
Accounts receivable	110	(4)
Inventories	102	56
Other current assets	(3)	0
Accounts payable	(63)	(3)
Accrued expenses and other current liabilities	(9)	(35)
Net cash provided by operations	178	134
Investing activities
Purchases of property, plant and equipment	(8)	(12)
Other investing activities	1	2
Net cash used in investing activities	(7)	(10)
Financing activities
Payments on revolving credit facilities	(655)	(786)
Proceeds from revolving credit facilities	519	733
Payments on long-term obligations	(5)	(3)
Purchase of common stock	0	(63)
Dividends paid on preferred stock	(18)	(18)
Repurchases of shares to satisfy tax withholdings	(3)	(6)
Other	0	1
Net cash used in financing activities	(162)	(142)
Increase (decrease) in cash	9	(18)
Effect of foreign exchange rate on cash	(1)	0
Cash -- beginning of period	32	43
Cash -- end of period	40	25
Supplemental disclosures of cash flow information:
Cash paid for interest	21	30
Cash paid for income taxes	$ 3	$ 27

Note 1 - Background and Basis o

Note 1 - Background and Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 1 Business Operations : Basis of Presentation : 10 01 X not three nine September 30, 2020 not December 31, 2020. December 31, 2019 December 31, 2019 December 31, 2019 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. Recent Issued Accounting Pronouncements : August 2020, 2020 06, Debt – Debt with Conversion and Other Options and Derivative Hedging – Contracts in Entity’s Own Equity (Subtopic 815 40 2020 06" December 15, 2021, 2020 06 In March 2020, 2020 04, Reference Rate Reform (Topic 848 2020 04" March 12, 2020 December 31, 2022. 2020 04 In December 2019, 2019 12, Income Taxes (Topic 740 740 December 15, 2020, not Adoption of New Accounting Standards : June 2016, 2016 13, Measurement of Credit Losses on Financial Instruments 2016 13 January 1, 2020. nine September 30, 2020.

Note 2 - Revenue Recognition

Note 2 - Revenue Recognition	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE 2 We recognize revenue when we transfer control of promised goods or services to our customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. We recognize substantially all of our revenue when products are shipped or delivered to our customers, and payment is due from our customers at the time of billing with a majority of our customers having 30 third Our contracts with customers ordinarily involve performance obligations that are one Contract Balances : Generally, revenue recognition and invoicing occur simultaneously as we transfer control of promised goods or services to our customers. We consider contract assets to be accounts receivable when we have an unconditional right to consideration and only the passage of time is required before payment is due. In certain cases, particularly those involving customer-specific documentation requirements, invoicing is delayed until we are able to meet the documentation requirements. In these cases, we recognize a contract asset separate from accounts receivable until those requirements are met, and we are able to invoice the customer. Our contract asset balance associated with these requirements as of September 30, 2020 December 31, 2019 We record contract liabilities, or deferred revenue, when we receive cash payments from customers in advance of our performance, including amounts which are refundable. The deferred revenue balance at September 30, 2020 December 31, 2019 three nine September 30, 2020 December 31, 2019, three nine September 30, 2019 December 31, 2018. Disaggregated Revenue : The following table presents our revenue disaggregated by revenue source (in millions): Three Months Ended September 30, U.S. Canada International Total 2020: Gas utilities $ 206 $ 2 $ — $ 208 Downstream & industrial 131 4 50 185 Upstream production 61 17 40 118 Midstream pipeline 65 4 5 74 $ 463 $ 27 $ 95 $ 585 2019: Gas utilities $ 215 $ 1 $ — $ 216 Downstream & industrial 218 7 60 285 Upstream production 189 43 55 287 Midstream pipeline 141 6 7 154 $ 763 $ 57 $ 122 $ 942 Nine Months Ended September 30, U.S. Canada International Total 2020: Gas utilities $ 605 $ 10 $ — $ 615 Downstream & industrial 447 12 153 612 Upstream production 266 72 136 474 Midstream pipeline 257 11 12 280 $ 1,575 $ 105 $ 301 $ 1,981 2019: Gas utilities $ 663 $ 14 $ — $ 677 Downstream & industrial 667 18 176 861 Upstream production 583 130 170 883 Midstream pipeline 435 21 19 475 $ 2,348 $ 183 $ 365 $ 2,896

Note 3 - Inventories

Note 3 - Inventories	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 3 The composition of our inventory is as follows (in millions): September 30, December 31, 2020 2019 Finished goods inventory at average cost: Valves, automation, measurement and instrumentation $ 303 $ 355 Carbon steel pipe, fittings and flanges 183 268 All other products 249 268 735 891 Less: Excess of average cost over LIFO cost (LIFO reserve) (135 ) (155 ) Less: Other inventory reserves (18 ) (35 ) $ 582 $ 701 The Company uses the last-in, first not three nine September 30, 2020 During the nine September 30, 2020, may

Note 4 - Leases

Note 4 - Leases	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	NOTE 4 We lease certain distribution centers, warehouses, office space, land and equipment. Substantially all of these leases are classified as operating leases. We recognize lease expense on a straight-line basis over the lease term. Leases with an initial term of 12 not Many of our facility leases include one one not not As most of our leases do not not Expense associated with our operating leases was $10 million and $29 million for the three nine September 30, 2020 three nine September 30, 2019 three nine September 30, 2020 three nine September 30, 2019 The maturity of lease liabilities is as follows (in millions): Maturity of Operating Lease Liabilities Remainder of 2020 $ 10 2021 39 2022 31 2023 24 2024 20 After 2024 194 Total lease payments 318 Less: Interest (124 ) Present value of lease liabilities $ 194 Amounts maturing after 2024 2048. The term and discount rate associated with leases are as follows: September 30, Operating Lease Term and Discount Rate 2020 Weighted-average remaining lease term (years) 14 Weighted-average discount rate 7.0 % During the nine September 30, 2020, In September October 2020, fourth 2020.

Note 5 - Goodwill and Intangibl

Note 5 - Goodwill and Intangible Asset Impairment	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	NOTE 5 We apply a fair value-based impairment test to the carrying value of goodwill and indefinite-lived intangible assets on an annual basis (as of October 1) may In the first 2020, 2019 19” April 2020, second not April 30, 2020. nine September 30, 2020 Goodwill by reporting unit is shown as follows (in millions) U.S. Canada International Total Balance at December 31, 2019 (1) $ 441 $ - $ 42 $ 483 Impairment (177 ) - (40 ) (217 ) Foreign currency translation adjustments - - (2 ) (2 ) Balance at September 30, 2020 $ 264 $ - $ - $ 264 ( 1 Net of prior years’ accumulated impairment of $350 million, $69 million and $183 million in the United States, Canada and International, respectively. As a result of the same factors that necessitated an interim impairment test for goodwill, we completed an interim impairment test, as of April 30, 2020, nine September 30, 2020. September 30, 2020 Our impairment methodology uses discounted cash flow and multiples of cash earnings valuation techniques, acquisition control premium and valuation comparisons to similar businesses to determine the fair value of a reporting unit. Each of these methods involves Level 3 April 30, 2020, third may

Note 6 - Long-term Debt

Note 6 - Long-term Debt	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Long-term Debt [Text Block]	NOTE 6 The components of our long-term debt are as follows (in millions): September 30, December 31, 2020 2019 Senior Secured Term Loan B, net of discount and issuance costs of $2 $ 384 $ 390 Global ABL Facility 25 161 409 551 Less: Current portion (4 ) (4 ) $ 405 $ 547 Senior Secured Term Loan B : September 2024, first not 1.00. second first first first no 2.75 1.00. first 2.50 1.00. In March 2020, nine September 30, 2020 Global ABL Facility : September 2022. first September 30, 2020 Interest on Borrowings September 30, 2020 December 31, 2019 September 30, December 31, 2020 2019 Senior Secured Term Loan B 4.92 % 5.50 % Global ABL Facility 2.71 % 3.47 % Weighted average interest rate 4.79 % 4.91 %

Note 7 - Redeemable Preferred S

Note 7 - Redeemable Preferred Stock	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Preferred Stock [Text Block]	NOTE 7 Preferred Stock Issuance In June 2015, June 2018, one six The Preferred Stock is convertible at the option of the holders into shares of common stock at an initial conversion rate of 55.9284 shares of common stock for each share of Preferred Stock, which represents an initial conversion price of $17.88 per share of common stock, subject to adjustment. Effective June 10, 2020, not may not Holders of the Preferred Stock may, $1,000 $1,000 not

Note 8 - Stockholders' Equity

Note 8 - Stockholders' Equity	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 8 Share Repurchase Program From time to time, the Company’s board of directors has authorized repurchase programs for shares of the Company’s common stock. As of September 30, 2020 September 30, 2020 The following table summarizes the share repurchase activity: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2020 2019 2020 2019 Number of shares acquired on the open market - 957,869 - 4,088,490 Average price per share $ - $ 13.59 $ - $ 15.43 Total cost of acquired shares (in millions) $ - $ 13 $ - $ 63 Equity Compensation Plans Our 2011 April 2015 2019, 2011 no may not ten three five one 2020 Accumulated Other Comprehensive Loss Accumulated other comprehensive loss in the accompanying consolidated balance sheets consists of the following (in millions): September 30, December 31, 2020 2019 Foreign currency translation adjustments $ (232 ) $ (224 ) Hedge accounting adjustments (12 ) (7 ) Pension related adjustments (1 ) (1 ) Accumulated other comprehensive loss $ (245 ) $ (232 ) Earnings per Share Earnings per share are calculated in the table below (in millions, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2020 2019 2020 2019 Net income (loss) $ 3 $ 21 $ (269 ) $ 63 Less: Dividends on Series A Preferred Stock 6 6 18 18 Net (loss) income attributable to common stockholders $ (3 ) $ 15 $ (287 ) $ 45 Weighted average basic shares outstanding 82.1 82.7 81.9 83.4 Effect of dilutive securities - 0.7 - 0.8 Weighted average diluted shares outstanding 82.1 83.4 81.9 84.2 Net (loss) income per share: Basic $ (0.04 ) $ 0.18 $ (3.50 ) $ 0.54 Diluted $ (0.04 ) $ 0.18 $ (3.50 ) $ 0.53 Equity awards and shares of Preferred Stock are disregarded in the calculation of diluted earnings per share if they are determined to be anti-dilutive. For the three nine September 30, 2020 2019 three nine September 30, 2020 three nine September 30, 2019, three nine September 30, 2020 no three nine September 30, 2019

Note 9 - Segment Information

Note 9 - Segment Information	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 9 Our business is comprised of three operating and reportable segments: U.S., Canada and International. Our International segment consists of our operations outside of the U.S. and Canada. These segments represent our business of selling PVF to the energy sector across each of the gas utilities (gas utilities and the storage and distribution of oil and gas), downstream and industrial (crude oil refining and petrochemical and chemical processing and general industrials), upstream production (exploration, production and extraction of underground oil and gas) and midstream pipeline (gathering and transmission of oil and gas) sectors. The following table presents financial information for each reportable segment (in millions): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2020 2019 2020 2019 Sales U.S. $ 463 $ 763 $ 1,575 $ 2,348 Canada 27 57 105 183 International 95 122 301 365 Consolidated sales $ 585 $ 942 $ 1,981 $ 2,896 Operating income (loss) U.S. $ 13 $ 31 $ (195 ) $ 102 Canada (1 ) 1 (3 ) 1 International 2 5 (55 ) 10 Total operating income (loss) 14 37 (253 ) 113 Interest expense (7 ) (10 ) (22 ) (31 ) Other, net 1 2 (1 ) 3 Income (loss) before income taxes $ 8 $ 29 $ (276 ) $ 85 September 30, December 31, 2020 2019 Total assets U.S. $ 1,514 $ 1,915 Canada 65 91 International 226 319 Total assets $ 1,805 $ 2,325 Our sales by product line are as follows (in millions): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Type 2020 2019 2020 2019 Line pipe $ 63 $ 153 $ 243 $ 468 Carbon fittings and flanges 76 145 264 456 Total carbon pipe, fittings and flanges 139 298 507 924 Valves, automation, measurement and instrumentation 230 362 802 1,125 Gas products 131 147 379 425 Stainless steel and alloy pipe and fittings 29 43 96 135 General products 56 92 197 287 $ 585 $ 942 $ 1,981 $ 2,896

Note 10 - Fair Value Measuremen

Note 10 - Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 10 From time to time, we use derivative financial instruments to help manage our exposure to interest rate risk and fluctuations in foreign currencies. Interest Rate Swap : March 2018, five March 31, 2018, 1 We have designated the interest rate swap as an effective cash flow hedge utilizing the guidance under ASU 2017 12. 2 September 30, 2020 December 31, 2019 Foreign Exchange Forward Contracts : 2 not September 30, 2020 December 31, 2019 not September 30, 2020 December 31, 2019 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 $409 million and $551 million at September 30, 2020 December 31, 2019 2 September 30, 2020 December 31, 2019

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 11 Litigation Asbestos Claims. one third September 30, 2020 No third not Other Legal Claims and Proceedings. not Product Claims. may may Customer Contracts We have contracts and agreements with many of our customers that dictate certain terms of our sales arrangements (pricing, deliverables, etc.). While we make every effort to abide by the terms of these contracts, certain provisions are complex and often subject to varying interpretations. Under the terms of these contracts, our customers have the right to audit our adherence to the contract terms. Historically, any settlements that have resulted from these customer audits have not 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

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation : 10 01 X not three nine September 30, 2020 not December 31, 2020. December 31, 2019 December 31, 2019 December 31, 2019 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.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Issued Accounting Pronouncements : August 2020, 2020 06, Debt – Debt with Conversion and Other Options and Derivative Hedging – Contracts in Entity’s Own Equity (Subtopic 815 40 2020 06" December 15, 2021, 2020 06 In March 2020, 2020 04, Reference Rate Reform (Topic 848 2020 04" March 12, 2020 December 31, 2022. 2020 04 In December 2019, 2019 12, Income Taxes (Topic 740 740 December 15, 2020, not Adoption of New Accounting Standards : June 2016, 2016 13, Measurement of Credit Losses on Financial Instruments 2016 13 January 1, 2020. nine September 30, 2020.

Note 2 - Revenue Recognition (T

Note 2 - Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended September 30, U.S. Canada International Total 2020: Gas utilities $ 206 $ 2 $ — $ 208 Downstream & industrial 131 4 50 185 Upstream production 61 17 40 118 Midstream pipeline 65 4 5 74 $ 463 $ 27 $ 95 $ 585 2019: Gas utilities $ 215 $ 1 $ — $ 216 Downstream & industrial 218 7 60 285 Upstream production 189 43 55 287 Midstream pipeline 141 6 7 154 $ 763 $ 57 $ 122 $ 942 Nine Months Ended September 30, U.S. Canada International Total 2020: Gas utilities $ 605 $ 10 $ — $ 615 Downstream & industrial 447 12 153 612 Upstream production 266 72 136 474 Midstream pipeline 257 11 12 280 $ 1,575 $ 105 $ 301 $ 1,981 2019: Gas utilities $ 663 $ 14 $ — $ 677 Downstream & industrial 667 18 176 861 Upstream production 583 130 170 883 Midstream pipeline 435 21 19 475 $ 2,348 $ 183 $ 365 $ 2,896

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, December 31, 2020 2019 Finished goods inventory at average cost: Valves, automation, measurement and instrumentation $ 303 $ 355 Carbon steel pipe, fittings and flanges 183 268 All other products 249 268 735 891 Less: Excess of average cost over LIFO cost (LIFO reserve) (135 ) (155 ) Less: Other inventory reserves (18 ) (35 ) $ 582 $ 701

Note 4 - Leases (Tables)

Note 4 - Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Maturity of Operating Lease Liabilities Remainder of 2020 $ 10 2021 39 2022 31 2023 24 2024 20 After 2024 194 Total lease payments 318 Less: Interest (124 ) Present value of lease liabilities $ 194
Lease, Cost [Table Text Block]	September 30, Operating Lease Term and Discount Rate 2020 Weighted-average remaining lease term (years) 14 Weighted-average discount rate 7.0 %

Note 5 - Goodwill and Intangi_2

Note 5 - Goodwill and Intangible Asset Impairment (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Goodwill [Table Text Block]	U.S. Canada International Total Balance at December 31, 2019 (1) $ 441 $ - $ 42 $ 483 Impairment (177 ) - (40 ) (217 ) Foreign currency translation adjustments - - (2 ) (2 ) Balance at September 30, 2020 $ 264 $ - $ - $ 264

Note 6 - Long-term Debt (Tables

Note 6 - Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	September 30, December 31, 2020 2019 Senior Secured Term Loan B, net of discount and issuance costs of $2 $ 384 $ 390 Global ABL Facility 25 161 409 551 Less: Current portion (4 ) (4 ) $ 405 $ 547
Schedule of Interest Rates on Borrowings [Table Text Block]	September 30, December 31, 2020 2019 Senior Secured Term Loan B 4.92 % 5.50 % Global ABL Facility 2.71 % 3.47 % Weighted average interest rate 4.79 % 4.91 %

Note 8 - Stockholders' Equity (

Note 8 - Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Class of Treasury Stock [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2020 2019 2020 2019 Number of shares acquired on the open market - 957,869 - 4,088,490 Average price per share $ - $ 13.59 $ - $ 15.43 Total cost of acquired shares (in millions) $ - $ 13 $ - $ 63
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	September 30, December 31, 2020 2019 Foreign currency translation adjustments $ (232 ) $ (224 ) Hedge accounting adjustments (12 ) (7 ) Pension related adjustments (1 ) (1 ) Accumulated other comprehensive loss $ (245 ) $ (232 )
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2020 2019 2020 2019 Net income (loss) $ 3 $ 21 $ (269 ) $ 63 Less: Dividends on Series A Preferred Stock 6 6 18 18 Net (loss) income attributable to common stockholders $ (3 ) $ 15 $ (287 ) $ 45 Weighted average basic shares outstanding 82.1 82.7 81.9 83.4 Effect of dilutive securities - 0.7 - 0.8 Weighted average diluted shares outstanding 82.1 83.4 81.9 84.2 Net (loss) income per share: Basic $ (0.04 ) $ 0.18 $ (3.50 ) $ 0.54 Diluted $ (0.04 ) $ 0.18 $ (3.50 ) $ 0.53

Note 9 - Segment Information (T

Note 9 - Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2020 2019 2020 2019 Sales U.S. $ 463 $ 763 $ 1,575 $ 2,348 Canada 27 57 105 183 International 95 122 301 365 Consolidated sales $ 585 $ 942 $ 1,981 $ 2,896 Operating income (loss) U.S. $ 13 $ 31 $ (195 ) $ 102 Canada (1 ) 1 (3 ) 1 International 2 5 (55 ) 10 Total operating income (loss) 14 37 (253 ) 113 Interest expense (7 ) (10 ) (22 ) (31 ) Other, net 1 2 (1 ) 3 Income (loss) before income taxes $ 8 $ 29 $ (276 ) $ 85 September 30, December 31, 2020 2019 Total assets U.S. $ 1,514 $ 1,915 Canada 65 91 International 226 319 Total assets $ 1,805 $ 2,325
Schedule of Net Sales by Product Line [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Type 2020 2019 2020 2019 Line pipe $ 63 $ 153 $ 243 $ 468 Carbon fittings and flanges 76 145 264 456 Total carbon pipe, fittings and flanges 139 298 507 924 Valves, automation, measurement and instrumentation 230 362 802 1,125 Gas products 131 147 379 425 Stainless steel and alloy pipe and fittings 29 43 96 135 General products 56 92 197 287 $ 585 $ 942 $ 1,981 $ 2,896

Note 1 - Background and Basis_2

Note 1 - Background and Basis of Presentation (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Accounts Receivable, Credit Loss Expense (Reversal)	$ 3	$ 2
Accounting Standards Update 2016-13 [Member]
Accounts Receivable, Credit Loss Expense (Reversal)	$ 1

Note 2 - Revenue Recognition (D

Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Contract with Customer, Asset, after Allowance for Credit Loss, Total	$ 13,000		$ 13,000		$ 26,000
Contract with Customer, Liability, Total	3,000		3,000		$ 4,000
Contract with Customer, Liability, Revenue Recognized	$ 0	$ 0	$ 4,000	$ 6,000

Note 2 - Revenue Recognition -

Note 2 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Sales	$ 585	$ 942	$ 1,981	$ 2,896
UNITED STATES
Sales	463	763	1,575	2,348
CANADA
Sales	27	57	105	183
International [Member]
Sales	95	122	301	365
Gas Utilities [Member]
Sales	208	216	615	677
Gas Utilities [Member] | UNITED STATES
Sales	206	215	605	663
Gas Utilities [Member] | CANADA
Sales	2	1	10	14
Gas Utilities [Member] | International [Member]
Sales	0	0	0	0
Downstream [Member]
Sales	185	285	612	861
Downstream [Member] | UNITED STATES
Sales	131	218	447	667
Downstream [Member] | CANADA
Sales	4	7	12	18
Downstream [Member] | International [Member]
Sales	50	60	153	176
Upstream [Member]
Sales	118	287	474	883
Upstream [Member] | UNITED STATES
Sales	61	189	266	583
Upstream [Member] | CANADA
Sales	17	43	72	130
Upstream [Member] | International [Member]
Sales	40	55	136	170
Midstream [Member]
Sales	74	154	280	475
Midstream [Member] | UNITED STATES
Sales	65	141	257	435
Midstream [Member] | CANADA
Sales	4	6	11	21
Midstream [Member] | International [Member]
Sales	$ 5	$ 7	$ 12	$ 19

Note 3 - Inventories (Details T

Note 3 - Inventories (Details Textual) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Inventory, LIFO Reserve, Period Charge	$ 14	$ 22
Inventory Write-down		34	$ 0
UNITED STATES
Inventory Write-down		19
CANADA
Inventory Write-down		1
International [Member]
Inventory Write-down		$ 14

Note 3 - Inventories - Inventor

Note 3 - Inventories - Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Finished goods inventory at average cost	$ 735	$ 891
Less: Excess of average cost over LIFO cost (LIFO reserve)	(135)	(155)
Less: Other inventory reserves	(18)	(35)
Inventory, Net, Total	582	701
Valves, Automation, Measurement and Instrumentation [Member]
Finished goods inventory at average cost	303	355
Carbon Steel Pipe, Fittings and Flanges [Member]
Finished goods inventory at average cost	183	268
All Other Products [Member]
Finished goods inventory at average cost	$ 249	$ 268

Note 4 - Leases (Details Textua

Note 4 - Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020
Operating Lease, Expense	$ 10	$ 10	$ 29	$ 31
Operating Lease, Payments	10	$ 11	32	34
Operating Lease, Impairment Loss			15	$ 0
Operating Lease, Liability, Total	$ 194		194
Sell and Leaseback Office and Warehouse Facilities [Member] | Forecast [Member]
Operating Lease, Liability, Total					$ 23
Selling, General and Administrative Expenses [Member]
Operating Lease, Impairment Loss			15
Selling, General and Administrative Expenses [Member] | UNITED STATES
Operating Lease, Impairment Loss			2
Selling, General and Administrative Expenses [Member] | CANADA
Operating Lease, Impairment Loss			1
Selling, General and Administrative Expenses [Member] | International [Member]
Operating Lease, Impairment Loss			$ 12
Minimum [Member]
Lessee, Operating Lease, Renewal Term (Year)	1 year		1 year
Maximum [Member]
Lessee, Operating Lease, Renewal Term (Year)	15 years		15 years
Lessee, Operating Lease, Term of Contract (Year)	30 years		30 years

Note 4 - Leases - Maturity of L

Note 4 - Leases - Maturity of Lease Liabilities (Details) $ in Millions	Sep. 30, 2020USD ($)
Remainder of 2020	$ 10
2021	39
2022	31
2023	24
2024	20
After 2024	194
Total lease payments	318
Less: Interest	(124)
Present value of lease liabilities	$ 194

Note 4 - Leases - Term and Disc

Note 4 - Leases - Term and Discount Rate Associated with Leases (Details)	Sep. 30, 2020
Weighted-average remaining lease term (Year)	14 years
Weighted-average discount rate	7.00%

Note 5 - Goodwill and Intangi_3

Note 5 - Goodwill and Intangible Asset Impairment (Details Textual) $ in Millions	1 Months Ended	9 Months Ended
	Apr. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Goodwill, Impairment Loss	$ 217	$ 217
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		25
Measurement Input, Discount Rate [Member] | Minimum [Member]
Reporting Units, Measurement Input	9.75
Measurement Input, Discount Rate [Member] | Maximum [Member]
Reporting Units, Measurement Input	11.25
Trademarks [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill), Ending Balance		107
UNITED STATES
Goodwill, Impairment Loss	$ 177	177
Goodwill, Impaired, Accumulated Impairment Loss			$ 350
International [Member]
Goodwill, Impairment Loss	$ 40	$ 40
Goodwill, Impaired, Accumulated Impairment Loss			183
CANADA
Goodwill, Impaired, Accumulated Impairment Loss			$ 69

Note 5 - Goodwill and Intangi_4

Note 5 - Goodwill and Intangible Asset Impairment - Goodwill (Details) - USD ($) $ in Millions		1 Months Ended	9 Months Ended
		Apr. 30, 2020	Sep. 30, 2020
Balance	[1]		$ 483
Impairment		$ (217)	(217)
Foreign currency translation adjustments			(2)
Balance			264
UNITED STATES
Balance	[1]		441
Impairment		(177)	(177)
Balance			264
International [Member]
Balance	[1]		42
Impairment		$ (40)	(40)
Foreign currency translation adjustments			$ (2)
[1]	Net of prior years’ accumulated impairment of $350 million, $69 million and $183 million in the United States, Canada and International, respectively.

Note 6 - Long-term Debt (Detail

Note 6 - Long-term Debt (Details Textual) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Mar. 31, 2019	Sep. 30, 2020
Global ABL Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 800
Line of Credit Facility, Additional Borrowing Capacity subject to Additional Commitments		200
Line of Credit Facility, Remaining Borrowing Capacity		437
Global ABL Facility [Member] | UNITED STATES
Line of Credit Facility, Maximum Borrowing Capacity		675
Global ABL Facility [Member] | CANADA
Line of Credit Facility, Maximum Borrowing Capacity		65
Global ABL Facility [Member] | NORWAY
Line of Credit Facility, Maximum Borrowing Capacity		18
Global ABL Facility [Member] | AUSTRALIA
Line of Credit Facility, Maximum Borrowing Capacity		15
Global ABL Facility [Member] | NETHERLANDS
Line of Credit Facility, Maximum Borrowing Capacity		13
Global ABL Facility [Member] | UNITED KINGDOM
Line of Credit Facility, Maximum Borrowing Capacity		7
Global ABL Facility [Member] | BELGIUM
Line of Credit Facility, Maximum Borrowing Capacity		7
Senior Secured Term Loan B [Member]
Extinguishment of Debt, Amount	$ 3
Repayments of Long-term Debt, Total	$ 2
Gain (Loss) on Extinguishment of Debt, Total		1
Secured Debt [Member] | Senior Secured Term Loan B [Member]
Debt Instrument, Face Amount		$ 400
Debt Instrument Amortization Percentage		1.00%
Senior Secured Term Loan Maximum Borrowing Capacity		$ 200
Term Loan Senior Secured Leverage Ratio		4
Percentage Of Capital Stock In Foreign Subsidiaries		65.00%
Repayment Percentage Requirement Based on Excess Cash Flow and Leverage Ratio No More Than 2.75		25.00%
Repayment Percentage Requirement Based on Excess Cash Flow and Leverage Ratio Less Than or Equal 2.50		0.00%
Secured Debt [Member] | Senior Secured Term Loan B [Member] | Maximum [Member]
Repayment Percentage Requirement Based on Excess Cash Flow and Leverage Ratio		50.00%
Secured Debt [Member] | Senior Secured Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		3.00%
Secured Debt [Member] | Senior Secured Term Loan B [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		2.00%

Note 6 - Long-term Debt - Compo

Note 6 - Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Long-term debt	$ 409	$ 551
Less: Current portion	(4)	(4)
Long-term Debt, Excluding Current Maturities, Total	405	547
Global ABL Facility [Member]
Long-term debt	25	161
Secured Debt [Member]
Long-term debt	$ 384	$ 390

Note 6 - Long-term Debt - Com_2

Note 6 - Long-term Debt - Components of Long-term Debt (Details) (Parentheticals) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Secured Debt [Member]
Long-term debt, discount and issuance costs	$ 2	$ 2

Note 6 - Long-term Debt - Inter

Note 6 - Long-term Debt - Interest on Borrowings (Details)	Sep. 30, 2020	Dec. 31, 2019
Senior Secured Term Loan B and Global ABL Facility [Member]
Weighted average interest rate	4.79%	4.91%
Global ABL Facility [Member]
Weighted average interest rate	2.71%	3.47%
Senior Secured Term Loan B [Member]
Weighted average interest rate	4.92%	5.50%

Note 7 - Redeemable Preferred_2

Note 7 - Redeemable Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Jun. 30, 2015	Sep. 30, 2020	Dec. 31, 2019
Temporary Equity, Shares Issued (in shares)		363,000	363,000
Temporary Equity, Dividend Rate, Percentage		6.50%	6.50%
Series A Preferred Stock [Member]
Temporary Equity, Shares Issued (in shares)	363,000
Proceeds from Issuance of Preferred Stock and Preference Stock, Before Issuance Costs	$ 363
Temporary Equity, Redemption Price Per Share (in dollars per share)	$ 1,000
Temporary Equity, Dividend Rate, Percentage	6.50%
Convertible Preferred Stock, Shares Issued upon Conversion (in shares)	55.9284
Convertible Preferred Stock, Initial Conversion Price (in dollars per share)	$ 17.88
Convertible Preferred Stock, Redemption Option, Percentage of Par Value	105.00%
Convertible Preferred Stock, Common Stock as Percentage of Conversion Price	150.00%

Note 8 - Stockholders' Equity_2

Note 8 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Apr. 30, 2019	Apr. 30, 2015	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2011
Stock Repurchase Program, Remaining Authorized Repurchase Amount			$ 0		$ 0
Common Stock, Shares, Outstanding, Ending Balance (in shares)			82,068,638		82,068,638
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)			3,700,000	2,500,000	3,800,000	2,500,000
Restricted stock, Restricted Units or Performance Stock Unit Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)			400,000		500,000
2011 Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)							3,250,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)	2,500,000	4,250,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					9,553,717
2011 Omnibus Incentive Plan [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					336,325
2011 Omnibus Incentive Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					169,603
2011 Omnibus Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					1,336,430
2011 Omnibus Incentive Plan [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					1 year
2011 Omnibus Incentive Plan [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)					10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					3 years
2011 Omnibus Incentive Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					5 years

Note 8 - Stockholders' Equity -

Note 8 - Stockholders' Equity - Summary of Share Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Number of shares acquired on the open market (in shares)	0	957,869			0	4,088,490
Average price per share (in dollars per share)	$ 0	$ 13.59			$ 0	$ 15.43
Total cost of acquired shares (in millions)	$ 0	$ 13	$ 25	$ 25	$ 0	$ 63

Note 8 - Stockholders' Equity_3

Note 8 - Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Accumulated other comprehensive loss	$ 347	$ 341	$ 617	$ 642	$ 671	$ 672	$ 678	$ 692
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated other comprehensive loss	(232)			(224)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated other comprehensive loss	(12)			(7)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated other comprehensive loss	(1)			(1)
AOCI Attributable to Parent [Member]
Accumulated other comprehensive loss	$ (245)	$ (251)	$ (259)	$ (232)	$ (241)	$ (233)	$ (231)	$ (232)

Note 8 - Stockholders' Equity_4

Note 8 - Stockholders' Equity - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income (loss)	$ 3	$ (281)	$ 9	$ 21	$ 24	$ 18	$ (269)	$ 63
Less: Dividends on Series A Preferred Stock	6			6			18	18
Net (loss) income attributable to common stockholders	$ (3)			$ 15			$ (287)	$ 45
Weighted average basic shares outstanding (in shares)	82.1			82.7			81.9	83.4
Effect of dilutive securities (in shares)	0			0.7			0	0.8
Weighted average diluted shares outstanding (in shares)	82.1			83.4			81.9	84.2
Basic (in dollars per share)	$ (0.04)			$ 0.18			$ (3.50)	$ 0.54
Diluted (in dollars per share)	$ (0.04)			$ 0.18			$ (3.50)	$ 0.53

Note 9 - Segment Information (D

Note 9 - Segment Information (Details Textual)	9 Months Ended
	Sep. 30, 2020
Number of Operating Segments	3
Number of Reportable Segments	3

Note 9 - Segment Information -

Note 9 - Segment Information - Financial Information for Each Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Sales	$ 585	$ 942	$ 1,981	$ 2,896
Operating income	14	37	(253)	113
Interest expense	(7)	(10)	(22)	(31)
Other, net	1	2	(1)	3
Income (loss) before income taxes	8	29	(276)	85
Total assets	1,805		1,805		$ 2,325
UNITED STATES
Sales	463	763	1,575	2,348
Operating income	13	31	(195)	102
Total assets	1,514		1,514		1,915
CANADA
Sales	27	57	105	183
Operating income	(1)	1	(3)	1
Total assets	65		65		91
International [Member]
Sales	95	122	301	365
Operating income	2	$ 5	(55)	$ 10
Total assets	$ 226		$ 226		$ 319

Note 9 - Segment Information _2

Note 9 - Segment Information - Sales by Product Line (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Sales	$ 585	$ 942	$ 1,981	$ 2,896
Line Pipe [Member]
Sales	63	153	243	468
Carbon Fittings and Flanges [Member]
Sales	76	145	264	456
Carbon Pipe, Fittings and Flanges [Member]
Sales	139	298	507	924
Valves, Automation, Measurement and Instrumentation [Member]
Sales	230	362	802	1,125
Gas Products [Member]
Sales	131	147	379	425
Stainless Steel and Alloy Pipe and Fittings [Member]
Sales	29	43	96	135
General Oilfield Products [Member]
Sales	$ 56	$ 92	$ 197	$ 287

Note 10 - Fair Value Measurem_2

Note 10 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2018	Sep. 30, 2020	Dec. 31, 2019
Long-term Debt, Gross		$ 409	$ 551
Fair Value, Inputs, Level 2 [Member]
Long-term Debt, Fair Value		380	554
Interest Rate Swap [Member]
Derivative, Term of Contract (Year)	5 years
Derivative, Notional Amount	$ 250
Derivative, Fixed Interest Rate	2.7145%
Derivative, Fair Value, Net, Total		(16)	(9)
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative, Notional Amount		$ 8	$ 21

Note 11 - Commitments and Con_2

Note 11 - Commitments and Contingencies (Details Textual)	Sep. 30, 2020
Number of Lawsuits Filed	564
Loss Contingency, Pending Claims, Number, Ending Balance	1,139