MRC Global (MRC) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 02, 2023
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	Q1
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		84,212,435

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash	$ 39	$ 32
Accounts receivable, net	529	501
Inventories, net	672	578
Other current assets	30	31
Total current assets	1,270	1,142
Long-term assets:
Operating lease assets	207	202
Property, plant and equipment, net	81	82
Other assets	21	22
Intangible assets:
Goodwill, net	264	264
Other intangible assets, net	178	183
Assets	2,021	1,895
Current liabilities:
Trade accounts payable	467	410
Accrued expenses and other current liabilities	99	115
Operating lease liabilities	36	36
Current portion of long-term debt	3	3
Total current liabilities	605	564
Long-term liabilities:
Long-term debt, net	387	337
Operating lease liabilities	187	182
Deferred income taxes	54	49
Other liabilities	21	22
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, 108,428,765 and 107,864,421 issued, respectively	1	1
Additional paid-in capital	1,757	1,758
Retained deficit	(740)	(768)
Less: Treasury stock at cost: 24,216,330 shares	(375)	(375)
Accumulated other comprehensive loss	(231)	(230)
Equity, Attributable to Parent	412	386
Liabilities and Equity	$ 2,021	$ 1,895

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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)	108,428,765	107,864,421
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
	Mar. 31, 2023	Mar. 31, 2022
Sales	$ 885	$ 742
Cost of sales	706	606
Gross profit	179	136
Selling, general and administrative expenses	122	107
Operating income	57	29
Other expense:
Interest expense	(7)	(6)
Other, net	(3)	0
Income before income taxes	47	23
Income tax expense	13	7
Net income	34	16
Series A preferred stock dividends	6	6
Net income attributable to common stockholders	$ 28	$ 10
Basic earnings per common share (in dollars per share)	$ 0.33	$ 0.12
Diluted earnings per common share (in dollars per share)	$ 0.33	$ 0.12
Weighted-average common shares, basic (in shares)	84	83.3
Weighted-average common shares, diluted (in shares)	85.4	84.3

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income	$ 34	$ 16
Other comprehensive (loss) income
Foreign currency translation adjustments	(1)	2
Hedge accounting adjustments, net of tax	0	3
Total other comprehensive (loss) income, net of tax	(1)	5
Comprehensive income	$ 33	$ 21

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2021	106			(24)
Balance at Dec. 31, 2021	$ 1	$ 1,747	$ (819)	$ (375)	$ (231)	$ 323
Net income	0	0	16	0	0	16
Foreign currency translation	0	0	0	0	2	2
Shares withheld for taxes	0	(2)	0	0	0	(2)
Equity-based compensation expense	0	3	0	0	0	3
Dividends declared on preferred stock	0	0	(6)	0	0	(6)
Hedge accounting adjustments	$ 0	0	0	$ 0	3	3
Vesting of stock awards (in shares)	2			0
Balance (in shares) at Mar. 31, 2022	108			(24)
Balance at Mar. 31, 2022	$ 1	1,748	(809)	$ (375)	(226)	339
Balance (in shares) at Dec. 31, 2022	108			(24)
Balance at Dec. 31, 2022	$ 1	1,758	(768)	$ (375)	(230)	386
Net income	0	0	34	0	0	34
Foreign currency translation	0	0	0	0	(1)	(1)
Shares withheld for taxes	0	(4)	0	0	0	(4)
Equity-based compensation expense	0	3	0	0	0	3
Dividends declared on preferred stock	$ 0	0	(6)	$ 0	0	(6)
Hedge accounting adjustments						0
Balance (in shares) at Mar. 31, 2023	108			(24)
Balance at Mar. 31, 2023	$ 1	$ 1,757	$ (740)	$ (375)	$ (231)	$ 412

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net income	$ 34	$ 16
Adjustments to reconcile net income to net cash used in operations:
Depreciation and amortization	5	5
Amortization of intangibles	5	5
Equity-based compensation expense	3	3
Deferred income tax expense	5	1
(Decrease) increase in LIFO reserve	(1)	6
Other, net	5	0
Changes in operating assets and liabilities:
Accounts receivable	(28)	(74)
Inventories	(96)	(52)
Other current assets	(1)	(9)
Accounts payable	54	78
Accrued expenses and other current liabilities	(15)	8
Net cash used in operations	(30)	(13)
Investing activities
Purchases of property, plant and equipment	(3)	(2)
Net cash used in investing activities	(3)	(2)
Financing activities
Payments on revolving credit facilities	(211)	(107)
Proceeds from revolving credit facilities	262	113
Payments on long-term obligations	(1)	0
Dividends paid on preferred stock	(6)	(6)
Repurchases of shares to satisfy tax withholdings	(4)	(2)
Net cash provided by (used in) financing activities	40	(2)
Increase (decrease) in cash	7	(17)
Cash -- beginning of period	32	48
Cash -- end of period	39	31
Supplemental disclosures of cash flow information:
Cash paid for interest	7	5
Cash paid for income taxes	$ 13	$ 1

Note 1 - Background and Basis o

Note 1 - Background and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Significant Accounting Policies [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) ● Production and Transmission Infrastructure (exploration, production and extraction, gathering, processing and transmission of oil and gas) We have service centers in industrial, chemical, gas distribution and hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia, Australasia and the Middle East. We obtain products from a broad range of suppliers. Basis of Presentation : 10 01 X not three March 31, 2023 not December 31, 2023. December 31, 2022 December 31, 2022 December 31, 2022 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. Adoption of New Accounting Standards fourth 2022, No. 2020 04, Reference Rate Reform (Topic 848 not

Note 2 - Revenue Recognition

Note 2 - Revenue Recognition	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 December 31, 2022 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 March 31, 2023 December 31, 2022 three March 31, 2023 December 31, 2022. three March 31, 2022 December 31, 2021. Disaggregated Revenue This quarter, the Company combined the sectors formerly known as Upstream Production and Midstream Pipeline into one Our disaggregated revenue represents our business of selling PVF to the energy and industrial sectors across each of the 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), and Production and Transmission Infrastructure (exploration, production and extraction, gathering, processing and transmission of oil and gas) sectors, in each of our reportable segments. Varying factors, including macroeconomic environment, commodity prices, maintenance and capital spending and exploration and production activity influence each of our end market sectors and geographical reportable segments. As such, we believe that this information is important in depicting the nature, amount, timing and uncertainty of our contracts with customers. The following table presents our revenue disaggregated by revenue source (in millions): Three Months Ended March 31, U.S. Canada International Total 2023: Gas Utilities $ 306 $ 1 $ — $ 307 Downstream, Industrial & Energy Transition 210 5 63 278 Production & Transmission Infrastructure 224 36 40 300 $ 740 $ 42 $ 103 $ 885 2022: Gas Utilities $ 268 $ 3 $ — $ 271 Downstream, Industrial & Energy Transition 169 7 50 226 Production & Transmission Infrastructure 181 33 31 245 $ 618 $ 43 $ 81 $ 742

Note 3 - Inventories

Note 3 - Inventories	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 3 The composition of our inventory is as follows (in millions): March 31, December 31, 2023 2022 Finished goods inventory at average cost: Valves, automation, measurement and instrumentation $ 299 $ 271 Carbon steel pipe, fittings and flanges 235 201 Gas products 291 257 All other products 146 147 971 876 Less: Excess of average cost over LIFO cost (LIFO reserve) (278 ) (279 ) Less: Other inventory reserves (21 ) (19 ) $ 672 $ 578 The Company uses the last-in, first

Note 4 - Leases

Note 4 - Leases	3 Months Ended
	Mar. 31, 2023
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 for the three March 31, 2023 three March 31, 2022 three March 31, 2023 three March 31, 2022 The maturity of lease liabilities is as follows (in millions): Maturity of Operating Lease Liabilities Remainder of 2023 $ 33 2024 40 2025 34 2026 29 2027 26 After 2027 181 Total lease payments 343 Less: Interest (120 ) Present value of lease liabilities $ 223 The term and discount rate associated with leases are as follows: March 31, Operating Lease Term and Discount Rate 2023 Weighted-average remaining lease term (years) 12 Weighted-average discount rate 6.6 % Amounts maturing after 2027 2048.

Note 5 - Long-term Debt

Note 5 - Long-term Debt	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Long-Term Debt [Text Block]	NOTE 5 The components of our long-term debt are as follows (in millions): March 31, December 31, 2023 2022 Senior Secured Term Loan B, net of discount and issuance costs of $ 1 $ 295 $ 295 Global ABL Facility 95 45 390 340 Less: current portion 3 3 $ 387 $ 337 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. Global ABL Facility : T September 2026. first December 2022, 1 3 6 March 31, 2023 Interest on Borrowings : The interest rates on our outstanding borrowings at March 31, 2023 , including a floating to fixed interest rate swap at December 31, 2022, March 31, December 31, 2023 2022 Senior Secured Term Loan B 7.97 % 6.05 % Global ABL Facility 6.09 % 5.20 % Weighted average interest rate 7.51 % 5.94 %

Note 6 - Redeemable Preferred S

Note 6 - Redeemable Preferred Stock	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Preferred Stock [Text Block]	NOTE 6 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 may not Holders of the Preferred Stock may, $1,000 $1,000 not

Note 7 - Stockholders' Equity

Note 7 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Equity [Text Block]	NOTE 7 Equity Compensation Plans The Company's Omnibus Incentive Plan permits the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units and other stock-based and cash-based awards. Since the adoption of the Plan, the Company’s board of directors has periodically granted stock options, restricted stock awards, restricted stock units and performance share units to directors and employees, but no may not ten three no one one 2023 Accumulated Other Comprehensive Loss Accumulated other comprehensive loss in the accompanying consolidated balance sheets consists of the following (in millions): March 31, December 31, 2023 2022 Currency translation adjustments $ (231 ) $ (230 ) Hedge accounting adjustments 1 1 Other adjustments (1 ) (1 ) Accumulated other comprehensive loss $ (231 ) $ (230 ) Earnings per Share Earnings per share are calculated in the table below (in millions, except per share amounts): Three Months Ended March 31, March 31, 2023 2022 Net income $ 34 $ 16 Less: Dividends on Series A Preferred Stock 6 6 Net income attributable to common stockholders $ 28 $ 10 Weighted average basic shares outstanding 84.0 83.3 Effect of dilutive securities 1.4 1.0 Weighted average diluted shares outstanding 85.4 84.3 Net income per share: Basic $ 0.33 $ 0.12 Diluted $ 0.33 $ 0.12 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 March 31, 2023 2022 three March 31, 2023 three March 31, 2022

Note 8 - Segment Information

Note 8 - Segment Information	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 8 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, Downstream, Industrial and Energy Transition, and Production and Transmission Infrastructure sectors. The following table presents financial information for each reportable segment (in millions): Three Months Ended March 31, March 31, 2023 2022 Sales U.S. $ 740 $ 618 Canada 42 43 International 103 81 Consolidated sales $ 885 $ 742 Operating income (loss) U.S. $ 53 $ 29 Canada (2 ) - International 6 - Total operating income 57 29 Interest expense (7 ) (6 ) Other, net (3 ) - Income before income taxes $ 47 $ 23 March 31, December 31, 2023 2022 Total assets U.S. $ 1,625 $ 1,518 Canada 105 101 International 291 276 Total assets $ 2,021 $ 1,895 Our sales by product line are as follows (in millions): Three Months Ended March 31, March 31, Type 2023 2022 Line Pipe $ 141 $ 112 Carbon Fittings and Flanges 117 100 Total Carbon Pipe, Fittings and Flanges 258 212 Valves, Automation, Measurement and Instrumentation 315 251 Gas Products 207 184 Stainless Steel and Alloy Pipe and Fittings 32 36 General Products 73 59 $ 885 $ 742

Note 9 - Fair Value Measurement

Note 9 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 9 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 December 31, 2022 On March 31, 2023, not March 31, 2023. Foreign Exchange Forward Contracts : 2 not March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 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 $390 million and $340 million at March 31, 2023 December 31, 2022 2 March 31, 2023 December 31, 2022

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 10 Litigation Asbestos Claims. one third March 31, 2023 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)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation : 10 01 X not three March 31, 2023 not December 31, 2023. December 31, 2022 December 31, 2022 December 31, 2022 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]	Adoption of New Accounting Standards fourth 2022, No. 2020 04, Reference Rate Reform (Topic 848 not

Note 2 - Revenue Recognition (T

Note 2 - Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, U.S. Canada International Total 2023: Gas Utilities $ 306 $ 1 $ — $ 307 Downstream, Industrial & Energy Transition 210 5 63 278 Production & Transmission Infrastructure 224 36 40 300 $ 740 $ 42 $ 103 $ 885 2022: Gas Utilities $ 268 $ 3 $ — $ 271 Downstream, Industrial & Energy Transition 169 7 50 226 Production & Transmission Infrastructure 181 33 31 245 $ 618 $ 43 $ 81 $ 742

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, December 31, 2023 2022 Finished goods inventory at average cost: Valves, automation, measurement and instrumentation $ 299 $ 271 Carbon steel pipe, fittings and flanges 235 201 Gas products 291 257 All other products 146 147 971 876 Less: Excess of average cost over LIFO cost (LIFO reserve) (278 ) (279 ) Less: Other inventory reserves (21 ) (19 ) $ 672 $ 578

Note 4 - Leases (Tables)

Note 4 - Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	Maturity of Operating Lease Liabilities Remainder of 2023 $ 33 2024 40 2025 34 2026 29 2027 26 After 2027 181 Total lease payments 343 Less: Interest (120 ) Present value of lease liabilities $ 223
Lease, Cost [Table Text Block]	March 31, Operating Lease Term and Discount Rate 2023 Weighted-average remaining lease term (years) 12 Weighted-average discount rate 6.6 %

Note 5 - Long-term Debt (Tables

Note 5 - Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	March 31, December 31, 2023 2022 Senior Secured Term Loan B, net of discount and issuance costs of $ 1 $ 295 $ 295 Global ABL Facility 95 45 390 340 Less: current portion 3 3 $ 387 $ 337
Schedule of Interest Rates on Borrowings [Table Text Block]	March 31, December 31, 2023 2022 Senior Secured Term Loan B 7.97 % 6.05 % Global ABL Facility 6.09 % 5.20 % Weighted average interest rate 7.51 % 5.94 %

Note 7 - Stockholders' Equity (

Note 7 - Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	March 31, December 31, 2023 2022 Currency translation adjustments $ (231 ) $ (230 ) Hedge accounting adjustments 1 1 Other adjustments (1 ) (1 ) Accumulated other comprehensive loss $ (231 ) $ (230 )
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, March 31, 2023 2022 Net income $ 34 $ 16 Less: Dividends on Series A Preferred Stock 6 6 Net income attributable to common stockholders $ 28 $ 10 Weighted average basic shares outstanding 84.0 83.3 Effect of dilutive securities 1.4 1.0 Weighted average diluted shares outstanding 85.4 84.3 Net income per share: Basic $ 0.33 $ 0.12 Diluted $ 0.33 $ 0.12

Note 8 - Segment Information (T

Note 8 - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended March 31, March 31, 2023 2022 Sales U.S. $ 740 $ 618 Canada 42 43 International 103 81 Consolidated sales $ 885 $ 742 Operating income (loss) U.S. $ 53 $ 29 Canada (2 ) - International 6 - Total operating income 57 29 Interest expense (7 ) (6 ) Other, net (3 ) - Income before income taxes $ 47 $ 23 March 31, December 31, 2023 2022 Total assets U.S. $ 1,625 $ 1,518 Canada 105 101 International 291 276 Total assets $ 2,021 $ 1,895
Schedule of Net Sales by Product Line [Table Text Block]	Three Months Ended March 31, March 31, Type 2023 2022 Line Pipe $ 141 $ 112 Carbon Fittings and Flanges 117 100 Total Carbon Pipe, Fittings and Flanges 258 212 Valves, Automation, Measurement and Instrumentation 315 251 Gas Products 207 184 Stainless Steel and Alloy Pipe and Fittings 32 36 General Products 73 59 $ 885 $ 742

Note 2 - Revenue Recognition (D

Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Contract with Customer, Asset, after Allowance for Credit Loss	$ 16		$ 24
Contract with Customer, Liability	12		$ 9
Contract with Customer, Liability, Revenue Recognized	$ 2	$ 2

Note 2 - Revenue Recognition -

Note 2 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Sales	$ 885	$ 742
Gas Utilities [Member]
Sales	307	271
Downstream, Industrial and Energy Transition [Member]
Sales	278	226
Production and Transmission Infrastructure [Member]
Sales	300	245
UNITED STATES
Sales	740	618
UNITED STATES | Gas Utilities [Member]
Sales	306	268
UNITED STATES | Downstream, Industrial and Energy Transition [Member]
Sales	210	169
UNITED STATES | Production and Transmission Infrastructure [Member]
Sales	224	181
CANADA
Sales	42	43
CANADA | Gas Utilities [Member]
Sales	1	3
CANADA | Downstream, Industrial and Energy Transition [Member]
Sales	5	7
CANADA | Production and Transmission Infrastructure [Member]
Sales	36	33
International [Member]
Sales	103	81
International [Member] | Gas Utilities [Member]
Sales	0	0
International [Member] | Downstream, Industrial and Energy Transition [Member]
Sales	63	50
International [Member] | Production and Transmission Infrastructure [Member]
Sales	$ 40	$ 31

Note 3 - Inventories - Inventor

Note 3 - Inventories - Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Finished goods inventory at average cost	$ 971	$ 876
Less: Excess of average cost over LIFO cost (LIFO reserve)	(278)	(279)
Less: Other inventory reserves	(21)	(19)
Inventory, Net	672	578
Valves, Automation, Measurement and Instrumentation [Member]
Finished goods inventory at average cost	299	271
Carbon Steel Pipe, Fittings and Flanges [Member]
Finished goods inventory at average cost	235	201
Gas Products [Member]
Finished goods inventory at average cost	291	257
All Other Products [Member]
Finished goods inventory at average cost	$ 146	$ 147

Note 4 - Leases (Details Textua

Note 4 - Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Operating Lease, Payments	$ 10	$ 10
Selling, General and Administrative Expenses [Member]
Operating Lease, Expense	$ 10	$ 10
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
Weighted Average [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	7 years

Note 4 - Leases - Maturity of L

Note 4 - Leases - Maturity of Lease Liabilities (Details) $ in Millions	Mar. 31, 2023 USD ($)
Remainder of 2023	$ 33
2024	40
2025	34
2026	29
2027	26
After 2027	181
Total lease payments	343
Less: Interest	(120)
Present value of lease liabilities	$ 223

Note 4 - Leases - Term and Disc

Note 4 - Leases - Term and Discount Rate Associated with Leases (Details)	Mar. 31, 2023
Weighted-average remaining lease term (Year)	12 years
Weighted-average discount rate	6.60%

Note 5 - Long-term Debt (Detail

Note 5 - Long-term Debt (Details Textual) $ in Millions		1 Months Ended	3 Months Ended
	May 01, 2018 USD ($)	May 31, 2018 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2021 USD ($)
Global ABL Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 750
Line of Credit Facility, Additional Borrowing Capacity Subject to Additional Commitments				250
Line of Credit Facility, Remaining Borrowing Capacity			$ 601
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
Secured Overnight Financing Rate (SOFR) [Member] | Maximum [Member] | Global ABL Facility [Member] | UNITED STATES
Debt Instrument, Basis Spread on Variable Rate			1.75%
Secured Overnight Financing Rate (SOFR) [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%
Secured Debt [Member] | Senior Secured Term Loan B [Member]
Debt Instrument, Face Amount		$ 400
Senior Secured Term Loan Additional Maximum Borrowing Capacity		$ 200
Term Loan Senior Secured Leverage Ratio		4
Percentage Of Capital Stock In Foreign Subsidiaries		65%
Repayment Percentage Requirement Based on Excess Cash Flow and Leverage Ratio No More Than 2.75		25%
Repayment Percentage Requirement Based on Excess Cash Flow and Leverage Ratio Less Than or Equal 2.50		0%
Debt Instrument, Covenant, Net Leverage Ratio, Maximum Unrestricted Cash	$ 75
Secured Debt [Member] | Senior Secured Term Loan B [Member] | Maximum [Member]
Repayment Percentage Requirement Based on Excess Cash Flow and Leverage Ratio		50%
Secured Debt [Member] | Senior Secured Term Loan B [Member] | London Interbank Offered Rate (LIBOR) 1 [Member]
Debt Instrument, Basis Spread on Variable Rate		3%
Secured Debt [Member] | Senior Secured Term Loan B [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		2%
Secured Debt [Member] | Senior Secured Term Loan B [Member] | Measurement Input, Prepayment Rate [Member]
Debt Instrument, Measurement Input		0.01

Note 5 - Long-term Debt - Compo

Note 5 - Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Long-term debt	$ 390	$ 340
Less: current portion	(3)	(3)
Long-Term Debt, Excluding Current Maturities	387	337
Global ABL Facility [Member]
Long-term debt	95	45
Secured Debt [Member]
Long-term debt	$ 295	$ 295

Note 5 - Long-term Debt - Com_2

Note 5 - Long-term Debt - Components of Long-term Debt (Details) (Parentheticals) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Secured Debt [Member]
Long-term debt, discount and issuance costs	$ 1	$ 1

Note 5 - Long-term Debt - Inter

Note 5 - Long-term Debt - Interest on Borrowings (Details)	Mar. 31, 2023	Dec. 31, 2022
Senior Secured Term Loan B and Global ABL Facility [Member]
Weighted average interest rate	7.51%	5.94%
Global ABL Facility [Member]
Weighted average interest rate	6.09%	5.20%
Senior Secured Term Loan B [Member]
Weighted average interest rate	7.97%	6.05%

Note 6 - Redeemable Preferred_2

Note 6 - Redeemable Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Jun. 30, 2015	Mar. 31, 2023	Dec. 31, 2022
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, Common Stock as Percentage of Conversion Price	150%

Note 7 - Stockholders' Equity_2

Note 7 - Stockholders' Equity (Details Textual) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock Options, Restricted Stock Units, and Performance Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	1,300,000	2,200,000
The 2011 Omnibus Incentive Plan [Member] | Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	169,020
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)	709,874
The 2011 Omnibus Incentive Plan [Member] | Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	1 year
The 2011 Omnibus Incentive Plan [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)	10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years

Note 7 - Stockholders' Equity -

Note 7 - Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accumulated other comprehensive loss	$ 412	$ 386	$ 339	$ 323
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated other comprehensive loss	(231)	(230)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated other comprehensive loss	1	1
Accumulated Other Adjustments Attributable to Parent [Member]
Accumulated other comprehensive loss	(1)	(1)
AOCI Attributable to Parent [Member]
Accumulated other comprehensive loss	$ (231)	$ (230)	$ (226)	$ (231)

Note 7 - Stockholders' Equity_3

Note 7 - Stockholders' Equity - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income	$ 34	$ 16
Less: Dividends on Series A Preferred Stock	6	6
Net income attributable to common stockholders	$ 28	$ 10
Weighted average basic shares outstanding (in shares)	84	83.3
Effect of dilutive securities (in shares)	1.4	1
Weighted average diluted shares outstanding (in shares)	85.4	84.3
Basic (in dollars per share)	$ 0.33	$ 0.12
Diluted (in dollars per share)	$ 0.33	$ 0.12

Note 8 - Segment Information (D

Note 8 - Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2023
Number of Operating Segments	3

Note 8 - Segment Information -

Note 8 - Segment Information - Financial Information for Each Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Sales	$ 885	$ 742
Operating income (loss)	57	29
Interest expense	(7)	(6)
Other, net	(3)	0
Income before income taxes	47	23
Total assets	2,021		$ 1,895
United States [Member]
Sales	740	618
Depreciation and amortization expense	53	29
Total assets	1,625		1,518
Canada [Member]
Sales	42	43
Depreciation and amortization expense	(2)	0
Total assets	105		101
International [Member]
Sales	103	81
Depreciation and amortization expense	6	$ 0
Total assets	$ 291		$ 276

Note 8 - Segment Information _2

Note 8 - Segment Information - Sales by Product Line (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Sales	$ 885	$ 742
Line Pipe [Member]
Sales	141	112
Carbon Fittings and Flanges [Member]
Sales	117	100
Carbon Pipe, Fittings and Flanges [Member]
Sales	258	212
Valves, Automation, Measurement and Instrumentation [Member]
Sales	315	251
Gas Products [Member]
Sales	207	184
Stainless Steel and Alloy Pipe and Fittings [Member]
Sales	32	36
General Oilfield Products [Member]
Sales	$ 73	$ 59

Note 9 - Fair Value Measureme_2

Note 9 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	1 Months Ended
	Mar. 31, 2018	Mar. 31, 2023	Dec. 31, 2022
Long-Term Debt, Gross		$ 390,000	$ 340,000
Fair Value, Inputs, Level 2 [Member]
Long-Term Debt, Fair Value		389,000	337,000
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			1,000
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative, Notional Amount		0	3,000
Derivative Liability		$ 0	$ 0

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details Textual) - Litigation Case, Asbestos Claims [Member]	Mar. 31, 2023
Number of Lawsuits Filed	536
Loss Contingency, Pending Claims, Number	1,101