Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
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 | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 $0.01 | |
Trading Symbol | MRC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 85,236,533 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash | $ 49 | $ 131 |
Accounts receivable, net | 481 | 430 |
Inventories, net | 509 | 560 |
Other current assets | 38 | 34 |
Total current assets | 1,077 | 1,155 |
Long-term assets: | ||
Operating lease assets | 195 | 205 |
Property, plant and equipment, net | 80 | 78 |
Other assets | 18 | 21 |
Intangible assets: | ||
Goodwill, net | 264 | 264 |
Other intangible assets, net | 153 | 163 |
Assets | 1,787 | 1,886 |
Current liabilities: | ||
Trade accounts payable | 378 | 355 |
Accrued expenses and other current liabilities | 105 | 102 |
Operating lease liabilities | 34 | 34 |
Current portion of debt obligations | 0 | 292 |
Total current liabilities | 517 | 783 |
Long-term liabilities: | ||
Long-term debt | 152 | 9 |
Operating lease liabilities | 175 | 186 |
Deferred income taxes | 45 | 45 |
Other liabilities | 20 | 20 |
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, 109,450,090 and 108,531,564 issued, respectively | 1 | 1 |
Additional paid-in capital | 1,770 | 1,768 |
Retained deficit | (641) | (678) |
Less: Treasury stock at cost: 24,216,330 shares | (375) | (375) |
Accumulated other comprehensive loss | (232) | (228) |
Equity, Attributable to Parent | 523 | 488 |
Liabilities and Equity | $ 1,787 | $ 1,886 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
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) | 109,450,090 | 108,531,564 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Sales | $ 832 | $ 871 | $ 1,638 | $ 1,756 |
Cost of sales | 659 | 696 | 1,302 | 1,402 |
Gross profit | 173 | 175 | 336 | 354 |
Selling, general and administrative expenses | 126 | 130 | 251 | 252 |
Operating income | 47 | 45 | 85 | 102 |
Other expense: | ||||
Interest expense | (7) | (10) | (15) | (17) |
Other, net | 2 | (1) | (1) | (4) |
Income before income taxes | 42 | 34 | 69 | 81 |
Income tax expense | 12 | 10 | 20 | 23 |
Net income | 30 | 24 | 49 | 58 |
Less: Dividends on Series A Preferred Stock | 6 | 6 | 12 | 12 |
Net income attributable to common stockholders | $ 24 | $ 18 | $ 37 | $ 46 |
Basic (in dollars per share) | $ 0.28 | $ 0.21 | $ 0.44 | $ 0.55 |
Diluted (in dollars per share) | $ 0.28 | $ 0.21 | $ 0.43 | $ 0.54 |
Weighted average basic shares outstanding (in shares) | 85.2 | 84.3 | 84.9 | 84.1 |
Weighted-average common shares, diluted (in shares) | 86.4 | 85.3 | 86.2 | 85.4 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income | $ 30 | $ 24 | $ 49 | $ 58 |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | 1 | 1 | (4) | 0 |
Total other comprehensive income (loss), net of tax | 1 | 1 | (4) | 0 |
Comprehensive income | $ 31 | $ 25 | $ 45 | $ 58 |
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, 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 adjustments | 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) |
Equity-based compensation expense | $ 0 | 3 | 0 | $ 0 | 0 | 3 |
Balance (in shares) at Mar. 31, 2023 | 108 | (24) | ||||
Balance at Mar. 31, 2023 | $ 1 | 1,757 | (740) | $ (375) | (231) | 412 |
Balance (in shares) at Dec. 31, 2022 | 108 | (24) | ||||
Balance at Dec. 31, 2022 | $ 1 | 1,758 | (768) | $ (375) | (230) | 386 |
Net income | 58 | |||||
Foreign currency translation adjustments | 0 | |||||
Balance (in shares) at Jun. 30, 2023 | 108 | (24) | ||||
Balance at Jun. 30, 2023 | $ 1 | 1,761 | (722) | $ (375) | (230) | 435 |
Balance (in shares) at Mar. 31, 2023 | 108 | (24) | ||||
Balance at Mar. 31, 2023 | $ 1 | 1,757 | (740) | $ (375) | (231) | 412 |
Net income | 0 | 0 | 24 | 0 | 0 | 24 |
Foreign currency translation adjustments | 0 | 0 | 0 | 0 | 1 | 1 |
Equity-based compensation expense | 0 | 4 | 0 | 0 | 0 | 4 |
Dividends declared on preferred stock | 0 | 0 | (6) | 0 | 0 | (6) |
Equity-based compensation expense | $ 0 | 4 | 0 | $ 0 | 0 | 4 |
Balance (in shares) at Jun. 30, 2023 | 108 | (24) | ||||
Balance at Jun. 30, 2023 | $ 1 | 1,761 | (722) | $ (375) | (230) | 435 |
Balance (in shares) at Dec. 31, 2023 | 109 | (24) | ||||
Balance at Dec. 31, 2023 | $ 1 | 1,768 | (678) | $ (375) | (228) | 488 |
Net income | 0 | 0 | 19 | 0 | 19 | |
Foreign currency translation adjustments | 0 | 0 | 0 | 0 | (5) | (5) |
Shares withheld for taxes | 0 | (5) | 0 | 0 | (5) | |
Equity-based compensation expense | 0 | 4 | 0 | 0 | 0 | 4 |
Dividends declared on preferred stock | 0 | 0 | (6) | 0 | 0 | (6) |
Equity-based compensation expense | $ 0 | 4 | 0 | $ 0 | 0 | 4 |
Balance (in shares) at Mar. 31, 2024 | 109 | (24) | ||||
Balance at Mar. 31, 2024 | $ 1 | 1,767 | (665) | $ (375) | (233) | 495 |
Balance (in shares) at Dec. 31, 2023 | 109 | (24) | ||||
Balance at Dec. 31, 2023 | $ 1 | 1,768 | (678) | $ (375) | (228) | 488 |
Net income | 49 | |||||
Foreign currency translation adjustments | (4) | |||||
Balance (in shares) at Jun. 30, 2024 | 109 | (24) | ||||
Balance at Jun. 30, 2024 | $ 1 | 1,770 | (641) | $ (375) | (232) | 523 |
Balance (in shares) at Mar. 31, 2024 | 109 | (24) | ||||
Balance at Mar. 31, 2024 | $ 1 | 1,767 | (665) | $ (375) | (233) | 495 |
Net income | 0 | 0 | 30 | 0 | 0 | 30 |
Foreign currency translation 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 Jun. 30, 2024 | 109 | (24) | ||||
Balance at Jun. 30, 2024 | $ 1 | $ 1,770 | $ (641) | $ (375) | $ (232) | $ 523 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating activities | ||
Net income | $ 49 | $ 58 |
Adjustments to reconcile net income to net cash provided by (used in) operations: | ||
Depreciation and amortization | 10 | 10 |
Amortization of intangibles | 10 | 10 |
Equity-based compensation expense | 7 | 7 |
Deferred income tax (benefit) expense | 1 | 2 |
Other non-cash items | 7 | 14 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (53) | (19) |
Inventories | 43 | (101) |
Other current assets | (3) | (9) |
Accounts payable | 26 | 36 |
Accrued expenses and other current liabilities | 4 | (18) |
Net cash provided by (used in) operations | 101 | (10) |
Investing activities | ||
Purchases of property, plant and equipment | (14) | (5) |
Other investing activities | 1 | 0 |
Net cash used in investing activities | (13) | (5) |
Financing activities | ||
Payments on revolving credit facilities | (115) | (497) |
Proceeds from revolving credit facilities | 258 | 530 |
Payments on debt obligations | (295) | (2) |
Dividends paid on preferred stock | (12) | (12) |
Repurchases of shares to satisfy tax withholdings | (5) | (4) |
Net cash (used in) provided by financing activities | (169) | 15 |
Decrease in cash | (81) | 0 |
Effect of foreign exchange rate on cash | (1) | (1) |
Cash -- beginning of period | 131 | 32 |
Cash -- end of period | 49 | 31 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 13 | 16 |
Cash paid for income taxes | $ 19 | $ 27 |
Note 1 - Background and Basis o
Note 1 - Background and Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 Business Operations : ● Gas Utilities: ● DIET: ● PTI: 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 six June 30, 2024 not December 31, 2024. June 30, 2024, December 31, 2023 December 31, 2023 The condensed 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 intercompany balances and transactions have been eliminated in consolidation. Recently Issued Accounting Standards December 2023, 2023 09, 740 2023 09" December 15, 2024. 2023 09 In November 2023, 2023 07, 280 2023 07" December 15, 2023, December 15, 2024. 2023 07 |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2024 | |
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 generally recognize 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 June 30, 2024 December 31, 2023 $12 We record contract liabilities, or deferred revenue, when cash payments are received from customers in advance of our performance, including amounts which are refundable. The deferred revenue balance at June 30, 2024 December 31, 2023 $12 three six June 30, 2024 $3 million and $6 million of December 31, 2023. three six June 30, 2023 $3 million and December 31, 2022. Disaggregated Revenue The following table presents our revenue disaggregated by revenue source (in millions): Three Months Ended June 30, U.S. Canada International Total 2024: Gas Utilities $ 287 $ — $ — $ 287 DIET 188 12 68 268 PTI 202 21 54 277 $ 677 $ 33 $ 122 $ 832 2023: Gas Utilities $ 321 $ 1 $ 1 $ 323 DIET 179 4 62 245 PTI 227 33 43 303 $ 727 $ 38 $ 106 $ 871 Six Months Ended June 30, U.S. Canada International Total 2024: Gas Utilities $ 552 $ 1 $ — $ 553 DIET 390 21 133 544 PTI 402 40 99 541 $ 1,344 $ 62 $ 232 $ 1,638 2023: Gas Utilities $ 627 $ 2 $ 1 $ 630 DIET 389 9 125 523 PTI 451 69 83 603 $ 1,467 $ 80 $ 209 $ 1,756 |
Note 3 - Inventories
Note 3 - Inventories | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 The composition of our inventory is as follows (in millions): June 30, December 31, 2024 2023 Finished goods inventory at average cost: Valves, automation, measurement and instrumentation $ 247 $ 274 Carbon steel pipe, fittings and flanges 175 193 Gas products 267 266 All other products 119 126 808 859 Less: Excess of average cost over LIFO cost (LIFO reserve) (284 ) (282 ) Less: Other inventory reserves (15 ) (17 ) $ 509 $ 560 The Company uses the last-in, first |
Note 4 - Leases
Note 4 - Leases | 6 Months Ended |
Jun. 30, 2024 | |
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 $11 million and $22 mi three six June 30, 2024 three six June 30, 2023 $10 million and $21 three six June 30, 2024 three six June 30, 2023 The maturity of lease liabilities is as follows (in millions): Maturity of Operating Lease Liabilities Remainder of 2024 $ 24 2025 42 2026 37 2027 31 2028 26 After 2028 137 Total lease payments 297 Less: Interest (88 ) Present value of lease liabilities $ 209 The term and discount rate associated with leases are as follows: June 30, Operating Lease Term and Discount Rate 2024 Weighted-average remaining lease term (years) 10 Weighted-average discount rate 6.6 % Amounts maturing after 2028 2048. 6 years. |
Note 5 - Debt
Note 5 - Debt | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 5 The components of our debt are as follows (in millions): June 30, December 31, 2024 2023 Senior Secured Term Loan B, net of discount and issuance costs of $ 0 1 $ — $ 292 Global ABL Facility 152 9 152 301 Less: current portion — 292 $ 152 $ 9 Senior Secured Term Loan B : September 2024, May 2024, . All security securing the Term Loan was released upon the repayment of the Term Loan. July 1, 2023, Global ABL Facility : September 2026. first million June 30, 2024 Interest on Borrowings : The interest rates on our outstanding borrowings at June 30, 2024 December 31, 2023, June 30, December 31, 2024 2023 Senior Secured Term Loan B — 9.08 % Global ABL Facility 7.22 % 5.82 % Weighted average interest rate 7.22 % 8.98 % |
Note 6 - Redeemable Preferred S
Note 6 - Redeemable Preferred Stock | 6 Months Ended |
Jun. 30, 2024 | |
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 MRC Global Inc. may not |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2024 | |
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 2024 457,138 performance share unit awards, 123,064 restricted stock awards, 960,738 shares Accumulated Other Comprehensive Loss Accumulated other comprehensive loss in the accompanying condensed consolidated balance sheets consists of the following (in millions): June 30, December 31, 2024 2023 Currency translation adjustments $ (231 ) $ (227 ) Other adjustments (1 ) (1 ) Accumulated other comprehensive loss $ (232 ) $ (228 ) Earnings per Share Earnings per share are calculated in the table below (in millions, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2024 2023 2024 2023 Net income $ 30 $ 24 $ 49 $ 58 Less: Dividends on Series A Preferred Stock 6 6 12 12 Net income attributable to common stockholders $ 24 $ 18 $ 37 $ 46 Weighted average basic shares outstanding 85.2 84.3 84.9 84.1 Effect of dilutive securities 1.2 1.0 1.3 1.3 Weighted average diluted shares outstanding 86.4 85.3 86.2 85.4 Net income per share: Basic $ 0.28 $ 0.21 $ 0.44 $ 0.55 Diluted $ 0.28 $ 0.21 $ 0.43 $ 0.54 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 six June 30, 2024 three six June 30, 2023, all -dilutive three six June 30, 2024 three six June 30, 2023, |
Note 8 - Segment Information
Note 8 - Segment Information | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 8 Our business is comprised of three The following table presents financial information for each reportable segment (in millions): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2024 2023 2024 2023 Sales U.S. $ 677 $ 727 $ 1,344 $ 1,467 Canada 33 38 62 80 International 122 106 232 209 Consolidated sales $ 832 $ 871 $ 1,638 $ 1,756 Operating income (loss) U.S. $ 38 $ 42 $ 72 $ 95 Canada (1 ) (2 ) (3 ) (4 ) International 10 5 16 11 Total operating income 47 45 85 102 Interest expense (7 ) (10 ) (15 ) (17 ) Other, net 2 (1 ) (1 ) (4 ) Income before income taxes $ 42 $ 34 $ 69 $ 81 June 30, December 31, 2024 2023 Total assets U.S. $ 1,417 $ 1,499 Canada 82 87 International 288 300 Total assets $ 1,787 $ 1,886 Our sales by product line are as follows (in millions): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Type 2024 2023 2024 2023 Line Pipe $ 129 $ 128 $ 246 $ 269 Carbon Fittings and Flanges 106 119 206 236 Total Carbon Pipe, Fittings and Flanges 235 247 452 505 Valves, Automation, Measurement and Instrumentation 302 299 593 614 Gas Products 193 214 380 421 Stainless Steel and Alloy Pipe and Fittings 35 36 76 68 General Products 67 75 137 148 $ 832 $ 871 $ 1,638 $ 1,756 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
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 designated the interest rate swap as an effective cash flow hedge utilizing the guidance under ASU 2017 12. 2 On March 31, 2023, not March 31, 2023. Foreign Exchange Forward Contracts : Foreign exchange forward contracts are reported at fair value utilizing Level 2 not no June 30, 2024 December 31, 2023 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 $152 million and $301 million at June 30, 2024 and December 31, 2023 , respectively. We estimate the fair value of our debt using Level 2 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 Litigation Asbestos Claims. one third June 30, 2024 487 1,052 No third not Other Legal Claims and Proceedings. not Unclaimed Property Audit. may may Product Claims. may may In Re: July 27 2019, third two 2021, Turn2 "Turn2" Turn2 two Turn2 190th Turn2 On July 24, 2023, Turn2 Turn2 MRC Gobal and its insurers have orally settled with 26 of the plaintiffs within MRC Global's insurance limits, subject to execution of a final settlement agreement. The first January 25, 2025, Turn2 May 25, 2025. 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 |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2024 shares | |
ecd_TradingArrByIndTable | |
Material Terms of Trading Arrangement [Text Block] | 5. Securities Trading Plans of Directors and Executive Officers On May 16, 2024 Leonard M. Anthony Board of Directors 10b5 1 10b5 1 10b5 1 10b5 1 10b5 1 40,000 10b5 1 August 15, 2024 October 31, 2024. |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Leonard M. Anthony [Member] | |
ecd_TradingArrByIndTable | |
Rule 10b5-1 Arrangement Adopted [Flag] | true |
Trading Arrangement, Securities Aggregate Available Amount | 40,000 |
Trading Arrangement Adoption Date | May 16, 2024 |
Trading Arrangement, Individual Name | Leonard M. Anthony |
Trading Arrangement, Individual Title | Board of Directors |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation : 10 01 X not three six June 30, 2024 not December 31, 2024. June 30, 2024, December 31, 2023 December 31, 2023 The condensed 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 intercompany balances and transactions have been eliminated in consolidation. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards December 2023, 2023 09, 740 2023 09" December 15, 2024. 2023 09 In November 2023, 2023 07, 280 2023 07" December 15, 2023, December 15, 2024. 2023 07 |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, U.S. Canada International Total 2024: Gas Utilities $ 287 $ — $ — $ 287 DIET 188 12 68 268 PTI 202 21 54 277 $ 677 $ 33 $ 122 $ 832 2023: Gas Utilities $ 321 $ 1 $ 1 $ 323 DIET 179 4 62 245 PTI 227 33 43 303 $ 727 $ 38 $ 106 $ 871 Six Months Ended June 30, U.S. Canada International Total 2024: Gas Utilities $ 552 $ 1 $ — $ 553 DIET 390 21 133 544 PTI 402 40 99 541 $ 1,344 $ 62 $ 232 $ 1,638 2023: Gas Utilities $ 627 $ 2 $ 1 $ 630 DIET 389 9 125 523 PTI 451 69 83 603 $ 1,467 $ 80 $ 209 $ 1,756 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, 2024 2023 Finished goods inventory at average cost: Valves, automation, measurement and instrumentation $ 247 $ 274 Carbon steel pipe, fittings and flanges 175 193 Gas products 267 266 All other products 119 126 808 859 Less: Excess of average cost over LIFO cost (LIFO reserve) (284 ) (282 ) Less: Other inventory reserves (15 ) (17 ) $ 509 $ 560 |
Note 4 - Leases (Tables)
Note 4 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Maturity of Operating Lease Liabilities Remainder of 2024 $ 24 2025 42 2026 37 2027 31 2028 26 After 2028 137 Total lease payments 297 Less: Interest (88 ) Present value of lease liabilities $ 209 |
Lease, Cost [Table Text Block] | June 30, Operating Lease Term and Discount Rate 2024 Weighted-average remaining lease term (years) 10 Weighted-average discount rate 6.6 % |
Note 5 - Debt (Tables)
Note 5 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | June 30, December 31, 2024 2023 Senior Secured Term Loan B, net of discount and issuance costs of $ 0 1 $ — $ 292 Global ABL Facility 152 9 152 301 Less: current portion — 292 $ 152 $ 9 |
Schedule of Interest Rates on Borrowings [Table Text Block] | June 30, December 31, 2024 2023 Senior Secured Term Loan B — 9.08 % Global ABL Facility 7.22 % 5.82 % Weighted average interest rate 7.22 % 8.98 % |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | June 30, December 31, 2024 2023 Currency translation adjustments $ (231 ) $ (227 ) Other adjustments (1 ) (1 ) Accumulated other comprehensive loss $ (232 ) $ (228 ) |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2024 2023 2024 2023 Net income $ 30 $ 24 $ 49 $ 58 Less: Dividends on Series A Preferred Stock 6 6 12 12 Net income attributable to common stockholders $ 24 $ 18 $ 37 $ 46 Weighted average basic shares outstanding 85.2 84.3 84.9 84.1 Effect of dilutive securities 1.2 1.0 1.3 1.3 Weighted average diluted shares outstanding 86.4 85.3 86.2 85.4 Net income per share: Basic $ 0.28 $ 0.21 $ 0.44 $ 0.55 Diluted $ 0.28 $ 0.21 $ 0.43 $ 0.54 |
Note 8 - Segment Information (T
Note 8 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2024 2023 2024 2023 Sales U.S. $ 677 $ 727 $ 1,344 $ 1,467 Canada 33 38 62 80 International 122 106 232 209 Consolidated sales $ 832 $ 871 $ 1,638 $ 1,756 Operating income (loss) U.S. $ 38 $ 42 $ 72 $ 95 Canada (1 ) (2 ) (3 ) (4 ) International 10 5 16 11 Total operating income 47 45 85 102 Interest expense (7 ) (10 ) (15 ) (17 ) Other, net 2 (1 ) (1 ) (4 ) Income before income taxes $ 42 $ 34 $ 69 $ 81 June 30, December 31, 2024 2023 Total assets U.S. $ 1,417 $ 1,499 Canada 82 87 International 288 300 Total assets $ 1,787 $ 1,886 |
Schedule of Net Sales by Product Line [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Type 2024 2023 2024 2023 Line Pipe $ 129 $ 128 $ 246 $ 269 Carbon Fittings and Flanges 106 119 206 236 Total Carbon Pipe, Fittings and Flanges 235 247 452 505 Valves, Automation, Measurement and Instrumentation 302 299 593 614 Gas Products 193 214 380 421 Stainless Steel and Alloy Pipe and Fittings 35 36 76 68 General Products 67 75 137 148 $ 832 $ 871 $ 1,638 $ 1,756 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Contract with Customer, Asset, after Allowance for Credit Loss | $ 12 | $ 12 | $ 9 | ||
Contract with Customer, Liability | 12 | 12 | $ 7 | ||
Contract with Customer, Liability, Revenue Recognized | $ 3 | $ 3 | $ 6 | $ 5 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Sales | $ 832 | $ 871 | $ 1,638 | $ 1,756 |
Gas Utilities [Member] | ||||
Sales | 287 | 323 | 553 | 630 |
Downstream, Industrial and Energy Transition [Member] | ||||
Sales | 268 | 245 | 544 | 523 |
Production and Transmission Infrastructure [Member] | ||||
Sales | 277 | 303 | 541 | 603 |
UNITED STATES | ||||
Sales | 677 | 727 | 1,344 | 1,467 |
UNITED STATES | Gas Utilities [Member] | ||||
Sales | 287 | 321 | 552 | 627 |
UNITED STATES | Downstream, Industrial and Energy Transition [Member] | ||||
Sales | 188 | 179 | 390 | 389 |
UNITED STATES | Production and Transmission Infrastructure [Member] | ||||
Sales | 202 | 227 | 402 | 451 |
CANADA | ||||
Sales | 33 | 38 | 62 | 80 |
CANADA | Gas Utilities [Member] | ||||
Sales | 0 | 1 | 1 | 2 |
CANADA | Downstream, Industrial and Energy Transition [Member] | ||||
Sales | 12 | 4 | 21 | 9 |
CANADA | Production and Transmission Infrastructure [Member] | ||||
Sales | 21 | 33 | 40 | 69 |
International [Member] | ||||
Sales | 122 | 106 | 232 | 209 |
International [Member] | Gas Utilities [Member] | ||||
Sales | 0 | 1 | 0 | 1 |
International [Member] | Downstream, Industrial and Energy Transition [Member] | ||||
Sales | 68 | 62 | 133 | 125 |
International [Member] | Production and Transmission Infrastructure [Member] | ||||
Sales | $ 54 | $ 43 | $ 99 | $ 83 |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Finished goods inventory at average cost | $ 808 | $ 859 |
Less: Excess of average cost over LIFO cost (LIFO reserve) | (284) | (282) |
Less: Other inventory reserves | (15) | (17) |
Inventory, Net | 509 | 560 |
Valves, Automation, Measurement and Instrumentation [Member] | ||
Finished goods inventory at average cost | 247 | 274 |
Carbon Steel Pipe, Fittings and Flanges [Member] | ||
Finished goods inventory at average cost | 175 | 193 |
Gas Products [Member] | ||
Finished goods inventory at average cost | 267 | 266 |
All Other Products [Member] | ||
Finished goods inventory at average cost | $ 119 | $ 126 |
Note 4 - Leases (Details Textua
Note 4 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Lease, Payments | $ 10 | $ 10 | $ 21 | $ 20 |
Selling, General and Administrative Expenses [Member] | ||||
Operating Lease, Expense | $ 11 | $ 10 | $ 22 | $ 20 |
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 | ||
Weighted Average [Member] | ||||
Lessee, Operating Lease, Remaining Lease Term (Year) | 6 years | 6 years |
Note 4 - Leases - Maturity of L
Note 4 - Leases - Maturity of Lease Liabilities (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Remainder of 2024 | $ 24 |
2025 | 42 |
2026 | 37 |
2027 | 31 |
2028 | 26 |
After 2028 | 137 |
Total lease payments | 297 |
Less: Interest | (88) |
Present value of lease liabilities | $ 209 |
Note 4 - Leases - Term and Disc
Note 4 - Leases - Term and Discount Rate Associated with Leases (Details) | Jun. 30, 2024 |
Weighted-average remaining lease term (Year) | 10 years |
Weighted-average discount rate | 6.60% |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) $ in Millions | 1 Months Ended | 6 Months Ended | ||
May 31, 2024 USD ($) | May 31, 2018 USD ($) | Jun. 30, 2024 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 | $ 488 | |||
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) 1 [Member] | Global ABL Facility [Member] | UNITED STATES | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
London Interbank Offered Rate (LIBOR) 1 [Member] | Global ABL Facility [Member] | UNITED STATES | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
BA Rate [Member] | Global ABL Facility [Member] | CANADA | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
BA Rate [Member] | Global ABL Facility [Member] | CANADA | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
BA Rate [Member] | Global ABL Facility [Member] | Non-US [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
BA Rate [Member] | Global ABL Facility [Member] | Non-US [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
Secured Debt [Member] | Senior Secured Term Loan B [Member] | ||||
Debt Instrument, Face Amount | $ 400 | |||
Long-Term Line of Credit | $ 292 | |||
Repayments of Debt, Using Debt | 216 | |||
Repayments of Debt | 76 | |||
Gain (Loss) on Extinguishment of Debt | $ (0.2) | |||
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 - Debt - Components of D
Note 5 - Debt - Components of Debt (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Long-term debt | $ 152 | $ 301 |
Less: current portion | 0 | (292) |
Long-Term Debt, Excluding Current Maturities | 152 | 9 |
Global ABL Facility [Member] | ||
Long-term debt | 152 | 9 |
Secured Debt [Member] | ||
Long-term debt | $ 0 | $ 292 |
Note 5 - Debt - Components of_2
Note 5 - Debt - Components of Debt (Details) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Secured Debt [Member] | ||
Long-term debt, discount and issuance costs | $ 0 | $ 1,000 |
Note 5 - Debt - Interest on Bor
Note 5 - Debt - Interest on Borrowings (Details) | Jun. 30, 2024 | Dec. 31, 2023 |
Senior Secured Term Loan B and Global ABL Facility [Member] | ||
Weighted average interest rate | 7.22% | 8.98% |
Global ABL Facility [Member] | ||
Weighted average interest rate | 7.22% | 5.82% |
Senior Secured Term Loan B [Member] | ||
Weighted average interest rate | 0% | 9.08% |
Note 6 - Redeemable Preferred_2
Note 6 - Redeemable Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2024 | Dec. 31, 2023 | |
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 | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | |
Stock Options, Restricted Stock Units, and Performance Units [Member] | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 1,200,000 | 1,300,000 | 300,000 |
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) | 457,138 | ||
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) | 123,064 | ||
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) | 960,738 | ||
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 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accumulated other comprehensive loss | $ 523 | $ 495 | $ 488 | $ 435 | $ 412 | $ 386 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||
Accumulated other comprehensive loss | (231) | (227) | ||||
Accumulated Other Adjustments Attributable to Parent [Member] | ||||||
Accumulated other comprehensive loss | (1) | (1) | ||||
AOCI Attributable to Parent [Member] | ||||||
Accumulated other comprehensive loss | $ (232) | $ (233) | $ (228) | $ (230) | $ (231) | $ (230) |
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 | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income | $ 30 | $ 19 | $ 24 | $ 34 | $ 49 | $ 58 |
Less: Dividends on Series A Preferred Stock | 6 | 6 | 12 | 12 | ||
Net income attributable to common stockholders | $ 24 | $ 18 | $ 37 | $ 46 | ||
Weighted average basic shares outstanding (in shares) | 85.2 | 84.3 | 84.9 | 84.1 | ||
Effect of dilutive securities (in shares) | 1.2 | 1 | 1.3 | 1.3 | ||
Weighted average diluted shares outstanding (in shares) | 86.4 | 85.3 | 86.2 | 85.4 | ||
Basic (in dollars per share) | $ 0.28 | $ 0.21 | $ 0.44 | $ 0.55 | ||
Diluted (in dollars per share) | $ 0.28 | $ 0.21 | $ 0.43 | $ 0.54 |
Note 8 - Segment Information (D
Note 8 - Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2024 | |
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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Sales | $ 832 | $ 871 | $ 1,638 | $ 1,756 | |
Operating income (loss) | 47 | 45 | 85 | 102 | |
Interest expense | (7) | (10) | (15) | (17) | |
Other, net | 2 | (1) | (1) | (4) | |
Income before income taxes | 42 | 34 | 69 | 81 | |
Total assets | 1,787 | 1,787 | $ 1,886 | ||
United States [Member] | |||||
Sales | 677 | 727 | 1,344 | 1,467 | |
Depreciation and amortization expense | 38 | 42 | 72 | 95 | |
Total assets | 1,417 | 1,417 | 1,499 | ||
Canada [Member] | |||||
Sales | 33 | 38 | 62 | 80 | |
Depreciation and amortization expense | (1) | (2) | (3) | (4) | |
Total assets | 82 | 82 | 87 | ||
International [Member] | |||||
Sales | 122 | 106 | 232 | 209 | |
Depreciation and amortization expense | 10 | $ 5 | 16 | $ 11 | |
Total assets | $ 288 | $ 288 | $ 300 |
Note 8 - Segment Information _2
Note 8 - Segment Information - Sales by Product Line (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Sales | $ 832 | $ 871 | $ 1,638 | $ 1,756 |
Line Pipe [Member] | ||||
Sales | 129 | 128 | 246 | 269 |
Carbon Fittings and Flanges [Member] | ||||
Sales | 106 | 119 | 206 | 236 |
Carbon Pipe, Fittings and Flanges [Member] | ||||
Sales | 235 | 247 | 452 | 505 |
Valves, Automation, Measurement and Instrumentation [Member] | ||||
Sales | 302 | 299 | 593 | 614 |
Gas Products [Member] | ||||
Sales | 193 | 214 | 380 | 421 |
Stainless Steel and Alloy Pipe and Fittings [Member] | ||||
Sales | 35 | 36 | 76 | 68 |
General Oilfield Products [Member] | ||||
Sales | $ 67 | $ 75 | $ 137 | $ 148 |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | 1 Months Ended | ||
Mar. 31, 2018 | Jun. 30, 2024 | Dec. 31, 2023 | |
Long-Term Debt, Gross | $ 152 | $ 301 | |
Interest Rate Swap [Member] | |||
Derivative, Term of Contract (Year) | 5 years | ||
Derivative, Notional Amount | $ 250 | ||
Derivative, Fixed Interest Rate | 2.7145% |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) | 6 Months Ended | ||
Jul. 24, 2023 | Jul. 27, 2019 | Jun. 30, 2024 | |
Litigation Case, Asbestos Claims [Member] | |||
Number of Lawsuits Filed | 487 | ||
Loss Contingency, Pending Claims, Number | 1,052 | ||
Case July 27 [Member] | |||
Loss Contingency, Number of Plaintiffs | 59 | ||
Cases Settled [Member] | |||
Loss Contingency, Number of Plaintiffs | 26 | ||
Case 2 July 24, 2023 [Member] | |||
Loss Contingency, Number of Plaintiffs | 8 | ||
Case 3 July 24, 2023 [Member] | |||
Loss Contingency, Number of Plaintiffs | 2 |