MRC Global (MRC) 10-Q 9 Nov 21 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 02, 2021
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	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		82,666,252

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash	$ 47	$ 119
Accounts receivable, net	399	319
Inventories, net	471	509
Other current assets	28	19
Total current assets	945	966
Long-term assets:
Operating lease assets	186	200
Property, plant and equipment, net	92	103
Other assets	22	19
Intangible assets:
Goodwill, net	264	264
Other intangible assets, net	210	229
Assets, Total	1,719	1,781
Current liabilities:
Trade accounts payable	329	264
Accrued expenses and other current liabilities	76	94
Operating lease liabilities	33	37
Current portion of long-term debt	2	4
Total current liabilities	440	399
Long-term liabilities:
Long-term debt, net	323	379
Operating lease liabilities	173	187
Deferred income taxes	65	70
Other liabilities	32	41
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, 106,882,401 and 106,315,296 issued, respectively	1	1
Additional paid-in capital	1,747	1,739
Retained deficit	(809)	(781)
Less: Treasury stock at cost: 24,216,330 shares	(375)	(375)
Accumulated other comprehensive loss	(233)	(234)
Stockholders' Equity Attributable to Parent, Ending Balance	331	350
Liabilities and Equity, Total	$ 1,719	$ 1,781

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Series A Convertible Perpetual Preferred Stock, dividend rate	6.50%	6.50%
Series A Convertible Perpetual Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Series A Convertible Perpetual Preferred Stock, shares authorized (in shares)	363,000	363,000
Series A Convertible Perpetual Preferred Stock, shares issued (in shares)	363,000	363,000
Series A Convertible Perpetual Preferred Stock, shares outstanding (in shares)	363,000	363,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	106,882,401	106,315,296
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Sales	$ 685	$ 585	$ 1,980	$ 1,981
Cost of sales	590	471	1,670	1,640
Gross profit	95	114	310	341
Selling, general and administrative expenses	102	100	304	352
Goodwill and intangible asset impairment	0	0	0	242
Operating (loss) income	(7)	14	6	(253)
Other (expense) income:
Interest expense	(6)	(7)	(18)	(22)
Other, net	0	1	1	(1)
(Loss) income before income taxes	(13)	8	(11)	(276)
Income tax (benefit) expense	(2)	5	(1)	(7)
Net (loss) income	(11)	3	(10)	(269)
Series A preferred stock dividends	6	6	18	18
Net loss attributable to common stockholders	$ (17)	$ (3)	$ (28)	$ (287)
Basic loss per common share (in dollars per share)	$ (0.21)	$ (0.04)	$ (0.34)	$ (3.50)
Diluted loss per common share (in dollars per share)	$ (0.21)	$ (0.04)	$ (0.34)	$ (3.50)
Weighted-average common shares, basic (in shares)	82.7	82.1	82.5	81.9
Weighted-average common shares, diluted (in shares)	82.7	82.1	82.5	81.9

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net (loss) income	$ (11)	$ 3	$ (10)	$ (269)
Other comprehensive (loss) income
Foreign currency translation adjustments	(3)	5	(3)	(8)
Hedge accounting adjustments, net of tax	1	1	4	(5)
Total other comprehensive (loss) income, net of tax	(2)	6	1	(13)
Comprehensive (loss) income	$ (13)	$ 9	$ (9)	$ (282)

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, 2019	106,000,000			(24,000,000)
Balance at Dec. 31, 2019	$ 1	$ 1,731	$ (483)	$ (375)	$ (232)	$ 642
Net (loss) income	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)
Equity-based compensation expense	$ 0	2	0	$ 0	0	2
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 (loss) income						(269)
Foreign currency translation						(8)
Hedge accounting adjustments						(5)
Balance (in shares) at Sep. 30, 2020	106			(24)
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 (loss) income	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)
Equity-based compensation expense	$ 0	3	0	$ 0	0	3
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 (loss) income	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)
Equity-based compensation expense	$ 0	3	0	$ 0	0	3
Balance (in shares) at Sep. 30, 2020	106			(24)
Balance at Sep. 30, 2020	$ 1	1,736	(770)	$ (375)	(245)	347
Balance (in shares) at Dec. 31, 2020	106,000,000			(24,000,000)
Balance at Dec. 31, 2020	$ 1	1,739	(781)	$ (375)	(234)	350
Net (loss) income	0	0	(3)	0	0	(3)
Foreign currency translation	0	0	0	0	(1)	(1)
Hedge accounting adjustments	0	0	0	0	1	1
Shares withheld for taxes	$ 0	(2)	0	$ 0	0	(2)
Vesting of stock awards (in shares)	1,000,000			0
Equity-based compensation expense	$ 0	5	0	$ 0	0	5
Dividends declared on preferred stock	0	0	(6)	0	0	(6)
Equity-based compensation expense	$ 0	5	0	$ 0	0	5
Balance (in shares) at Mar. 31, 2021	107,000,000			(24,000,000)
Balance at Mar. 31, 2021	$ 1	1,742	(790)	$ (375)	(234)	344
Balance (in shares) at Dec. 31, 2020	106,000,000			(24,000,000)
Balance at Dec. 31, 2020	$ 1	1,739	(781)	$ (375)	(234)	350
Net (loss) income						(10)
Foreign currency translation						(3)
Hedge accounting adjustments						4
Balance (in shares) at Sep. 30, 2021	107,000,000			(24,000,000)
Balance at Sep. 30, 2021	$ 1	1,747	(809)	$ (375)	(233)	331
Balance (in shares) at Mar. 31, 2021	107,000,000			(24,000,000)
Balance at Mar. 31, 2021	$ 1	1,742	(790)	$ (375)	(234)	344
Net (loss) income	0	0	4	0	0	4
Foreign currency translation	0	0	0	0	1	1
Hedge accounting adjustments	0	0	0	0	2	2
Equity-based compensation expense	0	2	0	0	0	2
Dividends declared on preferred stock	0	0	(6)	0	0	(6)
Equity-based compensation expense	$ 0	2	0	$ 0	0	2
Balance (in shares) at Jun. 30, 2021	107,000,000			(24,000,000)
Balance at Jun. 30, 2021	$ 1	1,744	(792)	$ (375)	(231)	347
Net (loss) income	0	0	(11)	0	0	(11)
Foreign currency translation	0	0	0	0	(3)	(3)
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)
Equity-based compensation expense	$ 0	3	0	$ 0	0	3
Balance (in shares) at Sep. 30, 2021	107,000,000			(24,000,000)
Balance at Sep. 30, 2021	$ 1	$ 1,747	$ (809)	$ (375)	$ (233)	$ 331

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net income (loss)	$ (10)	$ (269)
Adjustments to reconcile net loss to net cash provided by operations:
Depreciation and amortization	14	15
Amortization of intangibles	18	20
Equity-based compensation expense	10	8
Deferred income tax benefit	(7)	(10)
Amortization of debt issuance costs	1	0
Increase (decrease) in LIFO reserve	47	(20)
Goodwill and intangible asset impairment	0	242
Lease impairment and abandonment	0	15
Inventory-related charges	0	34
Provision for credit losses	0	3
Other	3	3
Changes in operating assets and liabilities:
Accounts receivable	(81)	110
Inventories	(15)	102
Other current assets	(11)	(3)
Accounts payable	68	(63)
Accrued expenses and other current liabilities	(21)	(9)
Net cash provided by operations	16	178
Investing activities
Purchases of property, plant and equipment	(6)	(8)
Other investing activities	2	1
Net cash used in investing activities	(4)	(7)
Financing activities
Payments on revolving credit facilities	(262)	(655)
Proceeds from revolving credit facilities	290	519
Payments on long-term obligations	(87)	(5)
Debt issuance costs paid	(3)	0
Dividends paid on preferred stock	(18)	(18)
Repurchases of shares to satisfy tax withholdings	(2)	(3)
Net cash used in financing activities	(82)	(162)
(Decrease) increase in cash	(70)	9
Effect of foreign exchange rate on cash	(2)	(1)
Cash -- beginning of period	119	32
Cash -- end of period	47	40
Supplemental disclosures of cash flow information:
Cash paid for interest	16	21
Cash paid for income taxes	$ 16	$ 3

Note 1 - Background and Basis o

Note 1 - Background and Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 1 Business Operations : ● gas utilities (storage and distribution of natural gas) ● downstream, industrial and energy transition (crude oil refining, petrochemical and chemical processing, general industrials and energy transition projects) ● upstream production (exploration, production and extraction of underground oil and gas) ● midstream pipeline (gathering, processing and transmission of oil and gas) We have branches in principal industrial, chemical, gas distribution and hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia, Australasia, the Middle East and the Caspian. We obtain products from a broad range of suppliers. Basis of Presentation : 10 01 X not three nine September 30, 2021 not December 31, 2021. December 31, 2020 December 31, 2020 December 31, 2020 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 terms such as “we,” “our” or “us”). All material intercompany balances and transactions have been eliminated in consolidation. Recently 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 Adoption of New Accounting Standards December 2019, 2019 12, Income Taxes (Topic 740 740 January 1, 2021, not

Note 2 - Revenue Recognition

Note 2 - Revenue Recognition	9 Months Ended
	Sep. 30, 2021
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, we delay invoicing 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, 2021 December 31, 2020 We record contract liabilities, or deferred revenue, when we receive cash payments from customers in advance of our performance, including amounts that are refundable. The deferred revenue balance at September 30, 2021 December 31, 2020 three nine September 30, 2021 December 31, 2020. three nine September 30, 2020 December 31, 2019. Disaggregated Revenue four The following table presents our revenue disaggregated by revenue source (in millions): Three Months Ended September 30, U.S. Canada International Total 2021: Gas utilities $ 269 $ 2 $ — $ 271 Downstream, Industrial & Energy Transition 143 6 48 197 Upstream production 82 18 32 132 Midstream pipeline 76 4 5 85 $ 570 $ 30 $ 85 $ 685 2020: Gas utilities $ 206 $ 2 $ — $ 208 Downstream, Industrial & Energy Transition 131 4 50 185 Upstream production 61 17 40 118 Midstream pipeline 65 4 5 74 $ 463 $ 27 $ 95 $ 585 Nine Months Ended September 30, U.S. Canada International Total 2021: Gas utilities $ 745 $ 5 $ — $ 750 Downstream, Industrial & Energy Transition 417 15 150 582 Upstream production 231 62 109 402 Midstream pipeline 219 10 17 246 $ 1,612 $ 92 $ 276 $ 1,980 2020: Gas utilities $ 605 $ 10 $ — $ 615 Downstream, Industrial & Energy Transition 447 12 153 612 Upstream production 266 72 136 474 Midstream pipeline 257 11 12 280 $ 1,575 $ 105 $ 301 $ 1,981

Note 3 - Inventories

Note 3 - Inventories	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 3 The composition of our inventory is as follows (in millions): September 30, December 31, 2021 2020 Finished goods inventory at average cost: Valves, automation, measurement and instrumentation $ 242 $ 279 Carbon steel pipe, fittings and flanges 164 156 Gas products 161 126 All other products 108 103 675 664 Less: Excess of average cost over LIFO cost (LIFO reserve) (183 ) (136 ) Less: Other inventory reserves (21 ) (19 ) $ 471 $ 509 The Company uses the last-in, first

Note 4 - Leases

Note 4 - Leases	9 Months Ended
	Sep. 30, 2021
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 $9 million and $28 million for the three nine September 30, 2021 three nine September 30, 2020 three nine September 30, 2021 three nine September 30, 2020 The maturity of lease liabilities is as follows (in millions): Maturity of Operating Lease Liabilities Remainder of 2021 $ 11 2022 37 2023 30 2024 26 2025 20 After 2025 203 Total lease payments 327 Less: Interest (121 ) Present value of lease liabilities $ 206 Amounts maturing after 2025 2049. The term and discount rate associated with leases are as follows: September 30, Operating Lease Term and Discount Rate 2021 Weighted-average remaining lease term (years) 13 Weighted-average discount rate 6.8 %

Note 5 - Goodwill and Intangibl

Note 5 - Goodwill and Intangible Asset Impairment	9 Months Ended
	Sep. 30, 2021
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 2020, 19 April 2020, second 2020. not April 30, 2020. December 31, 2020 September 30, 2021 December 31, 2020. no 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, December 31, 2020. September 30, 2021 Our impairment test uses discounted cash flow and multiples of cash earnings valuation techniques, acquisition control premium estimates 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 As of September 30, 2021 no not three nine September 30, 2021

Note 6 - Long-term Debt

Note 6 - Long-term Debt	9 Months Ended
	Sep. 30, 2021
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, 2021 2020 Senior Secured Term Loan B, net of discount and issuance costs of $1 $ 297 $ 383 Global ABL Facility 28 — 325 383 Less: Current portion (2 ) (4 ) $ 323 $ 379 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. April 2021 December 31, 2020. In March 2020, nine September 30, 2020 Global ABL Facility : September 2021, September 2026 September 2022. first September 30, 2021 Interest on Borrowings September 30, 2021 December 31, 2020 September 30, December 31, 2021 2020 Senior Secured Term Loan B 5.41 % 4.93 % Global ABL Facility 1.83 % - % Weighted average interest rate 5.11 % 4.93 %

Note 7 - Redeemable Preferred S

Note 7 - Redeemable Preferred Stock	9 Months Ended
	Sep. 30, 2021
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. The Company currently has the option to redeem, in whole but not June 10, 2022, 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, 2021
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 8 Equity Compensation Plans Our 2011 April 2015 2019, 2011 no may not ten three no one one 2021 Accumulated Other Comprehensive Loss Accumulated other comprehensive loss in the accompanying consolidated balance sheets consists of the following (in millions): September 30, December 31, 2021 2020 Foreign currency translation adjustments $ (225 ) $ (222 ) Hedge accounting adjustments (7 ) (11 ) Pension related adjustments (1 ) (1 ) Accumulated other comprehensive loss $ (233 ) $ (234 ) 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, 2021 2020 2021 2020 Net (loss) income $ (11 ) $ 3 $ (10 ) $ (269 ) Less: Dividends on Series A Preferred Stock 6 6 18 18 Net loss attributable to common stockholders $ (17 ) $ (3 ) $ (28 ) $ (287 ) Weighted average basic shares outstanding 82.7 82.1 82.5 81.9 Effect of dilutive securities - - - - Weighted average diluted shares outstanding 82.7 82.1 82.5 81.9 Net loss per share: Basic $ (0.21 ) $ (0.04 ) $ (0.34 ) $ (3.50 ) Diluted $ (0.21 ) $ (0.04 ) $ (0.34 ) $ (3.50 ) 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, 2021 2020 three nine September 30, 2021 three nine September 30, 2020

Note 9 - Segment Information

Note 9 - Segment Information	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 9 Our business is comprised of three 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, 2021 2020 2021 2020 Sales U.S. $ 570 $ 463 $ 1,612 $ 1,575 Canada 30 27 92 105 International 85 95 276 301 Consolidated sales $ 685 $ 585 $ 1,980 $ 1,981 Operating (loss) income U.S. $ (7 ) $ 13 $ (1 ) $ (195 ) Canada (1 ) (1 ) (1 ) (3 ) International 1 2 8 (55 ) Total operating (loss) income (7 ) 14 6 (253 ) Interest expense (6 ) (7 ) (18 ) (22 ) Other, net - 1 1 (1 ) (Loss) income before income taxes $ (13 ) $ 8 $ (11 ) $ (276 ) September 30, December 31, 2021 2020 Total assets U.S. $ 1,483 $ 1,506 Canada 48 53 International 188 222 Total assets $ 1,719 $ 1,781 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 2021 2020 2021 2020 Line pipe $ 103 $ 63 $ 268 $ 243 Carbon fittings and flanges 96 76 269 264 Total carbon pipe, fittings and flanges 199 139 537 507 Valves, automation, measurement and instrumentation 230 230 714 802 Gas products 169 131 465 379 Stainless steel and alloy pipe and fittings 35 29 100 96 General products 52 56 164 197 $ 685 $ 585 $ 1,980 $ 1,981

Note 10 - Fair Value Measuremen

Note 10 - Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
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 zero We have designated the interest rate swap as an effective cash flow hedge utilizing the guidance under ASU 2017 12. 2 September 30, 2021 December 31, 2020 Foreign Exchange Forward Contracts : 2 not September 30, 2021 December 31, 2020 not September 30, 2021 December 31, 2020 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 $325 million and $383 million at September 30, 2021 December 31, 2020 2 September 30, 2021 December 31, 2020

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 11 Litigation Asbestos Claims. one third September 30, 2021 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 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, 2021
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation : 10 01 X not three nine September 30, 2021 not December 31, 2021. December 31, 2020 December 31, 2020 December 31, 2020 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 terms such as “we,” “our” or “us”). All material intercompany balances and transactions have been eliminated in consolidation.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently 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 Adoption of New Accounting Standards December 2019, 2019 12, Income Taxes (Topic 740 740 January 1, 2021, not

Note 2 - Revenue Recognition (T

Note 2 - Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended September 30, U.S. Canada International Total 2021: Gas utilities $ 269 $ 2 $ — $ 271 Downstream, Industrial & Energy Transition 143 6 48 197 Upstream production 82 18 32 132 Midstream pipeline 76 4 5 85 $ 570 $ 30 $ 85 $ 685 2020: Gas utilities $ 206 $ 2 $ — $ 208 Downstream, Industrial & Energy Transition 131 4 50 185 Upstream production 61 17 40 118 Midstream pipeline 65 4 5 74 $ 463 $ 27 $ 95 $ 585 Nine Months Ended September 30, U.S. Canada International Total 2021: Gas utilities $ 745 $ 5 $ — $ 750 Downstream, Industrial & Energy Transition 417 15 150 582 Upstream production 231 62 109 402 Midstream pipeline 219 10 17 246 $ 1,612 $ 92 $ 276 $ 1,980 2020: Gas utilities $ 605 $ 10 $ — $ 615 Downstream, Industrial & Energy Transition 447 12 153 612 Upstream production 266 72 136 474 Midstream pipeline 257 11 12 280 $ 1,575 $ 105 $ 301 $ 1,981

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, December 31, 2021 2020 Finished goods inventory at average cost: Valves, automation, measurement and instrumentation $ 242 $ 279 Carbon steel pipe, fittings and flanges 164 156 Gas products 161 126 All other products 108 103 675 664 Less: Excess of average cost over LIFO cost (LIFO reserve) (183 ) (136 ) Less: Other inventory reserves (21 ) (19 ) $ 471 $ 509

Note 4 - Leases (Tables)

Note 4 - Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Maturity of Operating Lease Liabilities Remainder of 2021 $ 11 2022 37 2023 30 2024 26 2025 20 After 2025 203 Total lease payments 327 Less: Interest (121 ) Present value of lease liabilities $ 206
Lease, Cost [Table Text Block]	September 30, Operating Lease Term and Discount Rate 2021 Weighted-average remaining lease term (years) 13 Weighted-average discount rate 6.8 %

Note 6 - Long-term Debt (Tables

Note 6 - Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	September 30, December 31, 2021 2020 Senior Secured Term Loan B, net of discount and issuance costs of $1 $ 297 $ 383 Global ABL Facility 28 — 325 383 Less: Current portion (2 ) (4 ) $ 323 $ 379
Schedule of Interest Rates on Borrowings [Table Text Block]	September 30, December 31, 2021 2020 Senior Secured Term Loan B 5.41 % 4.93 % Global ABL Facility 1.83 % - % Weighted average interest rate 5.11 % 4.93 %

Note 8 - Stockholders' Equity (

Note 8 - Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	September 30, December 31, 2021 2020 Foreign currency translation adjustments $ (225 ) $ (222 ) Hedge accounting adjustments (7 ) (11 ) Pension related adjustments (1 ) (1 ) Accumulated other comprehensive loss $ (233 ) $ (234 )
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, 2021 2020 2021 2020 Net (loss) income $ (11 ) $ 3 $ (10 ) $ (269 ) Less: Dividends on Series A Preferred Stock 6 6 18 18 Net loss attributable to common stockholders $ (17 ) $ (3 ) $ (28 ) $ (287 ) Weighted average basic shares outstanding 82.7 82.1 82.5 81.9 Effect of dilutive securities - - - - Weighted average diluted shares outstanding 82.7 82.1 82.5 81.9 Net loss per share: Basic $ (0.21 ) $ (0.04 ) $ (0.34 ) $ (3.50 ) Diluted $ (0.21 ) $ (0.04 ) $ (0.34 ) $ (3.50 )

Note 9 - Segment Information (T

Note 9 - Segment Information (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 2020 2021 2020 Sales U.S. $ 570 $ 463 $ 1,612 $ 1,575 Canada 30 27 92 105 International 85 95 276 301 Consolidated sales $ 685 $ 585 $ 1,980 $ 1,981 Operating (loss) income U.S. $ (7 ) $ 13 $ (1 ) $ (195 ) Canada (1 ) (1 ) (1 ) (3 ) International 1 2 8 (55 ) Total operating (loss) income (7 ) 14 6 (253 ) Interest expense (6 ) (7 ) (18 ) (22 ) Other, net - 1 1 (1 ) (Loss) income before income taxes $ (13 ) $ 8 $ (11 ) $ (276 ) September 30, December 31, 2021 2020 Total assets U.S. $ 1,483 $ 1,506 Canada 48 53 International 188 222 Total assets $ 1,719 $ 1,781
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 2021 2020 2021 2020 Line pipe $ 103 $ 63 $ 268 $ 243 Carbon fittings and flanges 96 76 269 264 Total carbon pipe, fittings and flanges 199 139 537 507 Valves, automation, measurement and instrumentation 230 230 714 802 Gas products 169 131 465 379 Stainless steel and alloy pipe and fittings 35 29 100 96 General products 52 56 164 197 $ 685 $ 585 $ 1,980 $ 1,981

Note 2 - Revenue Recognition (D

Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Contract with Customer, Asset, after Allowance for Credit Loss, Total	$ 15,000		$ 15,000		$ 17,000
Contract with Customer, Liability, Total	4,000		4,000		$ 6,000
Contract with Customer, Liability, Revenue Recognized	$ 1,000	$ 0	$ 6,000	$ 4,000

Note 2 - Revenue Recognition -

Note 2 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Sales	$ 685	$ 585	$ 1,980	$ 1,981
Gas Utilities [Member]
Sales	271	208	750	615
Downstream [Member]
Sales	197	185	582	612
Upstream [Member]
Sales	132	118	402	474
Midstream [Member]
Sales	85	74	246	280
UNITED STATES
Sales	570	463	1,612	1,575
UNITED STATES | Gas Utilities [Member]
Sales	269	206	745	605
UNITED STATES | Downstream [Member]
Sales	143	131	417	447
UNITED STATES | Upstream [Member]
Sales	82	61	231	266
UNITED STATES | Midstream [Member]
Sales	76	65	219	257
CANADA
Sales	30	27	92	105
CANADA | Gas Utilities [Member]
Sales	2	2	5	10
CANADA | Downstream [Member]
Sales	6	4	15	12
CANADA | Upstream [Member]
Sales	18	17	62	72
CANADA | Midstream [Member]
Sales	4	4	10	11
International [Member]
Sales	85	95	276	301
International [Member] | Gas Utilities [Member]
Sales	0	0	0	0
International [Member] | Downstream [Member]
Sales	48	50	150	153
International [Member] | Upstream [Member]
Sales	32	40	109	136
International [Member] | Midstream [Member]
Sales	$ 5	$ 5	$ 17	$ 12

Note 3 - Inventories - Inventor

Note 3 - Inventories - Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Finished goods inventory at average cost	$ 675	$ 664
Less: Excess of average cost over LIFO cost (LIFO reserve)	(183)	(136)
Less: Other inventory reserves	(21)	(19)
Inventory, Net, Total	471	509
Valves, Automation, Measurement and Instrumentation [Member]
Finished goods inventory at average cost	242	279
Carbon Steel Pipe, Fittings and Flanges [Member]
Finished goods inventory at average cost	164	156
Gas Products [Member]
Finished goods inventory at average cost	161	126
All Other Products [Member]
Finished goods inventory at average cost	$ 108	$ 103

Note 4 - Leases (Details Textua

Note 4 - Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Operating Lease, Expense	$ 9	$ 10	$ 28	$ 29
Operating Lease, Payments	$ 8	$ 10	$ 27	$ 32
Minimum [Member]
Lessee, Operating Lease, Renewal Term (Year)					1 year
Maximum [Member]
Lessee, Operating Lease, Renewal Term (Year)					15 years
Lessee, Operating Lease, Term of Contract (Year)					30 years

Note 4 - Leases - Maturity of L

Note 4 - Leases - Maturity of Lease Liabilities (Details) $ in Millions	Sep. 30, 2021USD ($)
Remainder of 2021	$ 11
2022	37
2023	30
2024	26
2025	20
After 2025	203
Total lease payments	327
Less: Interest	(121)
Present value of lease liabilities	$ 206

Note 4 - Leases - Term and Disc

Note 4 - Leases - Term and Discount Rate Associated with Leases (Details)	Sep. 30, 2021
Weighted-average remaining lease term (Year)	13 years
Weighted-average discount rate	6.80%

Note 5 - Goodwill and Intangi_2

Note 5 - Goodwill and Intangible Asset Impairment (Details Textual) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Apr. 30, 2020
Goodwill, Impairment Loss			$ 217,000
Goodwill, Ending Balance		$ 264,000	264,000
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)			25,000
Indefinite-Lived Trade Names		107,000
Goodwill and Intangible Asset Impairment, Total	$ 0	0
Minimum [Member] | Measurement Input, Discount Rate [Member]
Reporting Units, Measurement Input				0.0975
Maximum [Member] | Measurement Input, Discount Rate [Member]
Reporting Units, Measurement Input				0.1125
UNITED STATES
Goodwill, Impairment Loss			177,000
Goodwill, Ending Balance		264,000	264,000
International [Member]
Goodwill, Impairment Loss			$ 40,000
Goodwill, Ending Balance		0
CANADA
Goodwill, Ending Balance		$ 0

Note 6 - Long-term Debt (Detail

Note 6 - Long-term Debt (Details Textual) $ in Millions	1 Months Ended				9 Months Ended
	Sep. 30, 2021USD ($)	Apr. 30, 2021USD ($)	Mar. 31, 2020USD ($)	May 31, 2018USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2021USD ($)
Global ABL Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 750					$ 800
Line of Credit Facility, Additional Borrowing Capacity Subject to Additional Commitments	250
Line of Credit Facility, Remaining Borrowing Capacity	445
Global ABL Facility [Member] | UNITED STATES
Line of Credit Facility, Maximum Borrowing Capacity	705
Global ABL Facility [Member] | CANADA
Line of Credit Facility, Maximum Borrowing Capacity	30
Global ABL Facility [Member] | NORWAY
Line of Credit Facility, Maximum Borrowing Capacity	12
Global ABL Facility [Member] | AUSTRALIA
Line of Credit Facility, Maximum Borrowing Capacity	10
Global ABL Facility [Member] | NETHERLANDS
Line of Credit Facility, Maximum Borrowing Capacity	10.5
Global ABL Facility [Member] | UNITED KINGDOM
Line of Credit Facility, Maximum Borrowing Capacity	7.5
Global ABL Facility [Member] | BELGIUM
Line of Credit Facility, Maximum Borrowing Capacity	$ 5
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Global ABL Facility [Member] | UNITED STATES
Debt Instrument, Basis Spread on Variable Rate	1.75%
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Global ABL Facility [Member] | UNITED STATES
Debt Instrument, Basis Spread on Variable Rate	1.25%
BA Rate [Member] | Maximum [Member] | Global ABL Facility [Member] | CANADA
Debt Instrument, Basis Spread on Variable Rate	1.75%
BA Rate [Member] | Minimum [Member] | Global ABL Facility [Member] | CANADA
Debt Instrument, Basis Spread on Variable Rate	1.25%
Various Benchmark Rates [Member] | Maximum [Member] | Global ABL Facility [Member] | Non-US [Member]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Various Benchmark Rates [Member] | Minimum [Member] | Global ABL Facility [Member] | Non-US [Member]
Debt Instrument, Basis Spread on Variable Rate	1.25%
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
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%
Debt Instrument, Covenant, Net Leverage Ratio, Maximum Unrestricted Cash				$ 75
Debt Instrument, Excess Cash Flow Fee		$ 86
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%
Secured Debt [Member] | Senior Secured Term Loan B [Member] | Measurement Input, Prepayment Rate [Member]
Debt Instrument, Measurement Input				0.01

Note 6 - Long-term Debt - Compo

Note 6 - Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Long-term debt	$ 325	$ 383
Less: Current portion	(2)	(4)
Long-term Debt, Excluding Current Maturities, Total	323	379
Global ABL Facility [Member]
Long-term debt	28	0
Secured Debt [Member]
Long-term debt	$ 297	$ 383

Note 6 - Long-term Debt - Com_2

Note 6 - Long-term Debt - Components of Long-term Debt (Details) (Parentheticals) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Secured Debt [Member]
Long-term debt, discount and issuance costs	$ 1	$ 1

Note 6 - Long-term Debt - Inter

Note 6 - Long-term Debt - Interest on Borrowings (Details)	Sep. 30, 2021	Dec. 31, 2020
Senior Secured Term Loan B and Global ABL Facility [Member]
Weighted average interest rate	5.11%	4.93%
Global ABL Facility [Member]
Weighted average interest rate	1.83%	0.00%
Senior Secured Term Loan B [Member]
Weighted average interest rate	5.41%	4.93%

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, 2021	Dec. 31, 2020
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) - shares	1 Months Ended		3 Months Ended		9 Months Ended
	Apr. 30, 2019	Apr. 30, 2015	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2011
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)			4,200,000	4,100,000	4,100,000	4,300,000
The 2011 Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)							3,250,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)	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)					11,015,533
The 2011 Omnibus Incentive Plan [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					366,799
The 2011 Omnibus Incentive Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					104,388
The 2011 Omnibus Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					1,012,703
The 2011 Omnibus Incentive Plan [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					1 year
The 2011 Omnibus Incentive Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)					10 years
The 2011 Omnibus Incentive Plan [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					3 years

Note 8 - Stockholders' Equity -

Note 8 - Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Accumulated other comprehensive loss	$ 331	$ 347	$ 344	$ 350	$ 347	$ 341	$ 617	$ 642
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated other comprehensive loss	(225)			(222)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated other comprehensive loss	(7)			(11)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated other comprehensive loss	(1)			(1)
AOCI Attributable to Parent [Member]
Accumulated other comprehensive loss	$ (233)	$ (231)	$ (234)	$ (234)	$ (245)	$ (251)	$ (259)	$ (232)

Note 8 - Stockholders' Equity_3

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, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Net (loss) income	$ (11)	$ 4	$ (3)	$ 3	$ (281)	$ 9	$ (10)	$ (269)
Less: Dividends on Series A Preferred Stock	6			6			18	18
Net loss attributable to common stockholders	$ (17)			$ (3)			$ (28)	$ (287)
Weighted average basic shares outstanding (in shares)	82.7			82.1			82.5	81.9
Effect of dilutive securities (in shares)	0			0			0	0
Weighted average diluted shares outstanding (in shares)	82.7			82.1			82.5	81.9
Basic (in dollars per share)	$ (0.21)			$ (0.04)			$ (0.34)	$ (3.50)
Diluted (in dollars per share)	$ (0.21)			$ (0.04)			$ (0.34)	$ (3.50)

Note 9 - Segment Information (D

Note 9 - Segment Information (Details Textual)	9 Months Ended
	Sep. 30, 2021
Number of Operating 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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Sales	$ 685	$ 585	$ 1,980	$ 1,981
Operating income (loss)	(7)	14	6	(253)
Operating income (loss)	7	(14)	(6)	253
Interest expense	6	7	18	22
Other, net	0	1	1	(1)
(Loss) income before income taxes	(13)	8	(11)	(276)
Total assets	1,719		1,719		$ 1,781
United States [Member]
Sales	570	463	1,612	1,575
Operating income (loss)	(7)	13	(1)	(195)
Operating income (loss)	7	(13)	1	195
Total assets	1,483		1,483		1,506
Canada [Member]
Sales	30	27	92	105
Operating income (loss)	(1)	(1)	(1)	(3)
Operating income (loss)	1	1	1	3
Total assets	48		48		53
International [Member]
Sales	85	95	276	301
Operating income (loss)	1	2	8	(55)
Operating income (loss)	(1)	$ (2)	(8)	$ 55
Total assets	$ 188		$ 188		$ 222

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Sales	$ 685	$ 585	$ 1,980	$ 1,981
Line Pipe [Member]
Sales	103	63	268	243
Carbon Fittings and Flanges [Member]
Sales	96	76	269	264
Carbon Pipe, Fittings and Flanges [Member]
Sales	199	139	537	507
Valves, Automation, Measurement and Instrumentation [Member]
Sales	230	230	714	802
Gas Products [Member]
Sales	169	131	465	379
Stainless Steel and Alloy Pipe and Fittings [Member]
Sales	35	29	100	96
General Oilfield Products [Member]
Sales	$ 52	$ 56	$ 164	$ 197

Note 10 - Fair Value Measurem_2

Note 10 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	1 Months Ended
	Mar. 31, 2018	Sep. 30, 2021	Dec. 31, 2020
Long-term Debt, Gross		$ 325,000	$ 383,000
Fair Value, Inputs, Level 2 [Member]
Long-term Debt, Fair Value		321,000	372,000
Interest Rate Swap [Member]
Derivative, Term of Contract (Year)	5 years
Derivative, Notional Amount	$ 250,000
Derivative, Fixed Interest Rate	2.7145%
Derivative, Fair Value, Net, Total	$ 0	(9,000)	(14,000)
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative, Notional Amount		$ 0	$ 3,000

Note 11 - Commitments and Con_2

Note 11 - Commitments and Contingencies (Details Textual)	Sep. 30, 2021
Number of Lawsuits Filed	568
Loss Contingency, Pending Claims, Number, Ending Balance	1,133