MRC Global (MRC) 10-Q 1 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Oct. 25, 2013
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'
Trading Symbol	'MRC	'
Entity Registrant Name	'MRC GLOBAL INC.	'
Entity Central Index Key	'0001439095	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	101,753,498

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Current assets:	'	'
Cash	$33,439	$37,090
Accounts receivable, net	841,545	823,236
Inventories, net	929,529	970,228
Other current assets	31,954	20,020
Total current assets	1,836,467	1,850,574
Other assets	33,357	37,031
Property, plant and equipment, net	118,445	122,458
Intangible assets:	'	'
Goodwill, net	623,714	610,392
Other intangible assets, net	711,574	749,272
Total assets	3,323,557	3,369,727
Current liabilities:	'	'
Trade accounts payable	498,797	438,344
Accrued expenses and other current liabilities	121,874	125,599
Deferred income taxes	82,813	79,661
Current portion of long term debt	6,500	6,500
Total current liabilities	709,984	650,104
Long-term obligations:	'	'
Long-term debt, net	1,037,264	1,250,089
Deferred income taxes	241,090	261,448
Other liabilities	18,659	22,164
Commitments and contingencies	'	'
Stockholders' equity:	'	'
Common stock, $0.01 par value per share: 500,000 shares authorized, 101,745 and 101,563 issued and outstanding, respectively	1,017	1,016
Preferred stock, $0.01 par value per share; 100,000 shares authorized, no shares issued and outstanding	'	'
Additional paid-in capital	1,637,003	1,625,900
Retained deficit	-290,038	-418,830
Accumulated other comprehensive loss	-31,422	-22,164
Total stockholders' equity	1,316,560	1,185,922
Total liabilities and stockholders' equity	$3,323,557	$3,369,727

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Condensed Consolidated Balance Sheets [Abstract]	'	'
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	101,745,000	101,563,000
Common stock, shares outstanding	101,745,000	101,563,000
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Condensed Consolidated Statements of Income [Abstract]	'	'	'	'
Sales	$1,313,711	$1,451,114	$3,886,589	$4,264,125
Cost of sales	1,075,418	1,173,916	3,157,792	3,508,686
Gross profit	238,293	277,198	728,797	755,439
Selling, general and administrative expenses	160,910	154,955	475,642	452,528
Operating income	77,383	122,243	253,155	302,911
Other income (expense):	'	'	'	'
Interest expense	-15,463	-28,177	-45,988	-92,621
Loss on early extinguishment of debt	'	-10,322	'	-21,746
Write off of debt issuance costs	'	'	'	-1,685
Change in fair value of derivative instruments	-1,828	845	589	1,770
Other, net	-87	1,232	-13,471	3,554
Income before income taxes	60,005	85,821	194,285	192,183
Income tax expense	21,248	30,280	65,493	67,783
Net income	$38,757	$55,541	$128,792	$124,400
Basic earnings per common share	$0.38	$0.55	$1.27	$1.31
Diluted earnings per common share	$0.38	$0.54	$1.26	$1.31
Weighted-average common shares, basic	101,715	101,490	101,673	94,768
Weighted-average common shares, diluted	102,393	102,029	102,455	95,185

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Condensed Consolidated Statements of Comprehensive Income [Abstract]	'	'	'	'
Net income	$38,757	$55,541	$128,792	$124,400
Other comprehensive income (loss) before tax - Foreign currency translation adjustments	'	'	'	'
Foreign currency translation adjustments	12,550	13,049	-9,944	3,549
Income tax benefit (expense) related to components of other comprehensive income	-437	-898	686	-654
Total other comprehensive (income) loss, net of tax	12,113	12,151	-9,258	2,895
Comprehensive income	$50,870	$67,692	$119,534	$127,295

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Operating activities	'	'
Net income	$128,792	$124,400
Adjustments to reconcile net income to net cash provided by operations:	'	'
Depreciation and amortization	16,782	13,180
Amortization of intangibles	39,128	37,184
Equity-based compensation expense	8,602	5,859
Deferred income tax benefit	-16,747	-3,463
Amortization of debt issuance costs	4,376	7,088
Write off of debt issuance costs	'	1,685
Loss on early extinguishment of debt	'	21,746
(Decrease) increase in LIFO reserve	-21,247	3,080
Change in fair value of derivative instruments	-589	-1,770
Provision for uncollectible accounts	-355	3,936
Foreign currency losses	11,993	-520
Other non-cash items	-133	5,738
Changes in operating assets and liabilities:	'	'
Accounts receivable	-25,448	-105,234
Inventories	48,026	-78,889
Income taxes payable	-815	5,867
Other current assets	-11,961	-5,836
Accounts payable	64,849	9,562
Accrued expenses and other current liabilities	-3,878	22,154
Net cash provided by operations	241,375	65,767
Investing activities	'	'
Purchases of property, plant and equipment	-14,902	-21,002
Proceeds from the disposition of property, plant and equipment	4,025	2,451
Acquisitions, net of cash acquired	-21,909	-89,893
Other investment and notes receivable transactions	-2,116	-3,979
Net cash used in investing activities	-34,902	-112,423
Financing activities	'	'
Proceeds from the sale of common stock	'	333,342
Payments on revolving credit facilities	-1,534,095	-1,801,675
Proceeds from revolving credit facilities	1,328,296	1,755,456
Purchase of senior secured notes	'	-205,003
Payments on long term obligations	-4,875	-31,456
Debt issuance costs paid	-189	-7,930
Proceeds from exercise of stock options	2,230	51
Tax benefit on stock options	302	422
Other financing activities	-6	'
Net cash (used in) provided by financing activities	-208,337	43,207
Decrease in cash	-1,864	-3,449
Effect of foreign exchange rate on cash	-1,787	-5,839
Cash - beginning of period	37,090	46,127
Cash - end of period	33,439	36,839
Supplemental disclosures of cash flow information:	'	'
Cash paid for interest	41,566	64,368
Cash paid for income taxes	$82,589	$66,190

Background_and_Basis_of_Presen

Background and Basis of Presentation	9 Months Ended
	Sep. 30, 2013
Background and Basis of Presentation [Abstract]	'
Background and Basis of Presentation	'
	NOTE 1 – BACKGROUND AND BASIS OF PRESENTATION
	Business Operations:  MRC Global Inc. is a holding company headquartered in Houston, Texas. Our wholly owned subsidiaries, McJunkin Red Man Corporation and its subsidiaries, are global distributors of pipe, valves, fittings (“PVF”) and related products and services to the energy and industrial sectors, across each of the upstream (exploration, production and extraction of underground oil and gas), midstream (gathering and transmission of oil and gas, gas utilities and the storage and distribution of oil and gas) and downstream (crude oil refining, petrochemical processing and general industrials) sectors. We have branches in principal industrial, hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia and Australasia. Our products are obtained from a broad range of suppliers.
	Basis of Presentation:  We have prepared our unaudited condensed consolidated financial statements in accordance with Rule 10-01 of Regulation S-X for interim financial statements.  These statements do not include all information and footnotes that generally accepted accounting principles require for complete annual financial statements. However, the information in these statements reflects all normal recurring adjustments which are, in our opinion, necessary for a fair presentation of the results for the interim periods. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that will be realized for the fiscal year ending December 31, 2013.  We have derived our condensed consolidated balance sheet as of December 31, 2012 from the audited consolidated financial statements for the year ended December 31, 2012.  You should read these condensed consolidated financial statements in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2012.
	The consolidated financial statements include the accounts of MRC Global Inc. and its wholly owned and majority owned subsidiaries (collectively referred to as the “Company” or by such terms as “we,” “our” or “us”). All material intercompany balances and transactions have been eliminated in consolidation.
	Recently Issued Accounting Standards: In February 2013, the Financial Accounting Standards Board (“FASB”) issued Standards Update No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (ASU 2013-05), which specifies that a cumulative translation adjustment (“CTA”) should be released into earnings when an entity ceases to have a controlling financial interest in a subsidiary or group of assets within a consolidated foreign entity and the sale or transfer results in the complete or substantially complete liquidation of the foreign entity.  For sales of an equity method investment that is a foreign entity, a pro rata portion of CTA attributable to the investment would be recognized in earnings upon sale of the investment.  When an entity sells either a part or all of its investment in a consolidated foreign entity, CTA would be recognized in earnings only if the sale results in the parent no longer having a controlling financial interest in the foreign entity.  CTA would be recognized in earnings in a business combination achieved in stages.  ASU 2013-05 will be effective for us prospectively in 2014.  We do not expect this update to have a material impact on our financial statements.
	In July 2013, the FASB issued Standards Update No. 2013-11, Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.  The objective of this update is to eliminate the diversity in practice in the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists.  Under this guidance, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, except in certain circumstances.  This update does not require any new disclosures and is effective for annual and interim periods beginning after December 31, 2013.  The amendments in this update will be applied prospectively to all unrecognized tax benefits that exist at the effective date.  We do not expect this update to have a material impact on our financial statements.

Acquisition

Acquisition	9 Months Ended
	Sep. 30, 2013
Acquisition [Abstract]	'
Acquisition	'
	NOTE 2 – ACQUISITiON
	On July 1, 2013, we completed the acquisition of Dan H. Brown Inc., d/b/a Flow Control Products (“Flow Control”).  Flow Control is a leading provider in pneumatic and electro-hydraulic valve automation packages and related field support to the Permian Basin.  The total purchase price was $24 million subject to customary holdback amounts and working capital adjustments. Pro forma financial information has not been provided as this acquisition is not material to our consolidated financial statements.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2013
Inventories [Abstract]	'
Inventories	'
	NOTE 3 – INVENTORIES
	The composition of our inventory is as follows (in thousands):
		September 30,	December 31,
		2013	2012
	Finished goods inventory at average cost:
	Energy carbon steel tubular products	$         361,925	$        387,609
	Valves, fittings, flanges and all other products	718,854	752,630
		1,080,779	1,140,239
	Less: Excess of average cost over LIFO cost (LIFO reserve)	-129,735	-150,982
	Less: Other inventory reserves	-21,515	-19,029
		$         929,529	$        970,228

LongTerm_Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2013
Long-Term Debt [Abstract]	'
Long-Term Debt	'
	NOTE 4 – LONG-TERM DEBT
	The components of our long-term debt are as follows (in thousands):
		September 30,	December 31,
		2013	2012
	Senior Secured Term Loan B, net of discount of $5,649 and $6,345	$          637,851	$           642,030
	Global ABL Facility	405,732	608,006
	Other	181	6,553
		1,043,764	1,256,589
	Less current portion	6,500	6,500
		$       1,037,264	$        1,250,089
	Senior Secured Term Loan B:  We have a $650 million seven-year Senior Secured Term Loan B (the “Term Loan”) which amortizes in equal quarterly installments of 1% per year with the balance payable in November 2019 when the facility matures.    Subject to securing additional lender commitments, the Term Loan allows for incremental increases in facility size above $650 million up to an aggregate of $200 million, plus an additional amount such that the Company’s senior secured leverage ratio (as defined under the Term Loan) would not exceed 3.50 to 1.00.  This facility is guaranteed by us as well as all of our wholly owned U.S. subsidiaries.  In addition, it is secured by a second lien on those assets securing our Global ABL Facility (which includes accounts receivable, inventory and related assets) and a first lien on substantially all of our other assets and those of our U.S. subsidiaries, as well as a pledge of all of the capital stock of our domestic subsidiaries and 65% of the capital stock of first tier, non-U.S. subsidiaries.  We are required to repay the Term Loan with certain asset sales and insurance proceeds,  certain debt proceeds and 50% of excess cash flow (reducing to 25% if our senior secured leverage ratio is no more than 2.75 to 1.00 and 0% if our senior secured leverage ratio is no more than 2.50 to 1.00).  In addition, the Term Loan contains a number of customary restrictive covenants.
	The interest rate for the Term Loan, including the amortization of original issue discount, was 6.14% and 6.39% as of September 30, 2013 and December 31, 2012, respectively.
	Global ABL Facility:  We have a $1.25 billion multi-currency global asset-based revolving credit facility (the “Global ABL Facility”) that matures in March 2017. This facility is comprised of $977 million in revolver commitments in the United States, $170 million in Canada, $12 million in the United Kingdom, $75 million in Australia, $9 million in the Netherlands and $7 million in Belgium. It contains an accordion feature that allows us to increase the principal amount of the facility by up to $300 million, subject to securing additional lender commitments.
	We and each of our current and future wholly owned material U.S. subsidiaries guarantee the obligations of our borrower subsidiaries under the Global ABL Facility. Additionally, each of our non-U.S. borrower subsidiaries guarantees the obligations of our other non-U.S. borrower subsidiaries under the Global ABL Facility. Outstanding obligations are generally secured by a first priority security interest in accounts receivable, inventory and related assets.
	The interest rate for the Global ABL Facility was 2.10% and 2.21% as of September 30, 2013 and December 31, 2012, respectively.    Availability under our Global ABL Facility was $573 million as of September 30, 2013.

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity [Abstract]	'
Stockholders' Equity	'
	NOTE 5 – STOCKHOLDERS’ EQUITY
	Stock Options and Restricted Stock
	Our 2011 Omnibus Incentive Plan has 3,250,000 shares reserved for issuance pursuant to the plan.  The plan permits the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units and other stock-based and cash-based awards.  Since the adoption of the 2011 Omnibus Incentive Plan, the Company’s Board of Directors has periodically granted stock options and restricted stock to directors and employees, but no other types of awards have been granted under the plan.  Options and stock appreciation rights may not be granted at prices less than their fair market value on the date of the grant, nor for a term exceeding ten years. For employees, vesting generally occurs over a four or five year period on the anniversaries of the date specified in the employees’ respective agreements, subject to accelerated vesting under certain circumstances set forth in the option agreements. Vesting for directors generally occurs in one year.  In March 2013, 641,294 stock options and 87,914 shares of restricted stock were issued to employees. In May 2013, 71,878 stock options and 9,413 shares of restricted stock were issued to members of our Board of Directors. During the third quarter of 2013, an additional 13,574 and 1,836 stock options and shares of restricted stock were issued to employees and members of our Board of Directors.  To date, 1,891,670 shares have been granted to management, members of our Board of Directors and key employees under this plan.  We expense the fair value of the stock option grants on a straight-line basis over the vesting period. A Black-Scholes option-pricing model is used to estimate the fair value of the stock options.
	Accumulated Other Comprehensive Loss
	Accumulated other comprehensive loss in the accompanying consolidated balance sheets consists of the following (in thousands):
		September 30,	December 31,
		2013	2012
	Currency translation adjustments	$         (31,087)	$         (21,829)
	Pension related adjustments	-335	-335
	Accumulated other comprehensive loss	$         (31,422)	$         (22,164)
	Earnings per Share
	Earnings per share are calculated in the table below (in thousands, except per share amounts).
		Three Months Ended		Nine Months Ended
		September 30,	September 30,	September 30,	September 30,
		2013	2012	2013	2012
	Net income	$            38,757	$            55,541	$          128,792	$          124,400
	Average basic shares outstanding	101,715	101,490	101,673	94,768
	Effect of dilutive securities	678	539	782	417
	Average diluted shares outstanding	102,393	102,029	102,455	95,185
	Net income per share:
	Basic	$                0.38	$                0.55	$                1.27	$                1.31
	Diluted	$                0.38	$                0.54	$                1.26	$                1.31
	Stock options and shares of restricted stock are disregarded in this calculation if they are determined to be anti-dilutive.  For the three and nine months ended September 30, 2013, we had approximately 1.2 million and 0.6  million anti-dilutive stock options, respectively.  For the three and nine months ended September 30, 2012,  we had approximately 1.8 million and 2.3 million anti-dilutive stock options, respectively. There was no anti-dilutive restricted stock for the three and nine months ended September 30, 2013 and 2012.

Segment_Information

Segment Information	9 Months Ended
	Sep. 30, 2013
Segment Information [Abstract]	'
Segment Information	'
	NOTE 6 – SEGMENT INFORMATION
	We operate as three business segments, U.S., Canada and International. Our International segment consists of our operations outside of the U.S. and Canada, principally Europe, Asia and Australasia. These segments represent our business of selling PVF and related products and services to the energy and industrial sectors, across each of the upstream (exploration, production and extraction of underground oil and gas), midstream (gathering and transmission of oil and gas, gas utilities, and the storage and distribution of oil and gas) and downstream (crude oil refining, petrochemical processing and general industrials) sectors.
	The following table presents financial information for each segment (in millions):
		Three Months Ended				Nine Months Ended
		September 30,		September 30,		September 30,		September 30,
		2013		2012		2013		2012
	Sales
	U.S.	$           1,015.0		$         1,111.9		$          2,955.8		$           3,284.2
	Canada	162.1		185.6		520.1		553.3
	International	136.6		153.6		410.7		426.6
	Consolidated	$           1,313.7		$         1,451.1		$          3,886.6		$           4,264.1
	Operating income
	U.S.	$                72.9		$            108.5		$             229.8		$              265.1
	Canada	3.2		5.7		14.6		17.5
	International	1.3		8.0		8.8		20.3
	Consolidated	77.4		122.2		253.2		302.9
	Interest expense	-15.5		-28.2		-46		-92.6
	Other, net	-1.9		-8.2		-12.9		-18.1
	Income before income taxes	$                60.0		$              85.8		$             194.3		$              192.2
						September 30,		December 31,
						2013		2012
	Total assets
	U.S.					$          2,753.0		$           2,732.4
	Canada					187.9		249.1
	International					382.6		388.2
	Total assets					$          3,323.5		$           3,369.7
	Our sales by product line are as follows (in thousands):
			Three Months Ended				Nine Months Ended
			September 30,		September 30,		September 30,		September 30,
	Type		2013		2012		2013		2012
	Energy carbon steel tubular products:
	Line pipe		$         278,460		$           294,599		$           771,230		$            879,305
	Oil country tubular goods (OCTG)		105,500		186,367		345,139		600,955
			$         383,960		$           480,966		$        1,116,369		$         1,480,260
	Valves, fittings, flanges and other products:
	Valves and specialty products		$         355,726		$           373,512		$        1,071,205		$         1,073,435
	Carbon steel fittings and flanges and stainless steel and alloy pipe and fittings		286,732		311,162		869,995		887,678
	Other		287,293		285,474		829,020		822,752
			$         929,751		$           970,148		$        2,770,220		$         2,783,865

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2013
Fair Value Measurements [Abstract]	'
Fair Value Measurements	'
	NOTE 7 – FAIR VALUE MEASUREMENTS
	From time to time, we use derivative financial instruments to help manage our exposure to interest rate risk and fluctuations in foreign currencies. All of our derivative instruments are freestanding and, accordingly, changes in their fair market value are recorded in earnings.  As of September 30, 2013, we do not have any interest rate swap agreements. Foreign exchange forward contracts are reported at fair value utilizing Level 2 inputs, as the fair value is based on broker quotes for the same or similar derivative instruments. The total notional amount of our forward foreign exchange contracts was approximately $48 million and $69 million at September 30, 2013 and December 31, 2012, respectively.  We had approximately $0 and $3,000 recorded as assets on our consolidated balance sheets as of September 30, 2013 and December 31, 2012, respectively.
	With the exception of long-term debt, the fair values of our financial instruments, including cash and cash equivalents, accounts receivable, trade accounts payable and accrued liabilities approximate carrying value.  The carrying value of our debt was $1.044 billion and $1.257 billion at September 30, 2013 and December 31, 2012, respectively.  We estimate the fair value of the Term Loan using Level 2 inputs, or quoted market prices.  The fair value of our debt was $1.051 billion and $1.261 billion at September 30, 2013 and December 31, 2012, respectively.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2013
Commitments And Contingencies [Abstract]	'
Commitments and Contingencies	'
	NOTE 8 – COMMITMENTS AND CONTINGENCIES
	Litigation
	Asbestos Claims.    We are one of many defendants in lawsuits that plaintiffs have brought seeking damages for personal injuries that exposure to asbestos allegedly caused. Plaintiffs and their family members have brought these lawsuits against a large volume of defendant entities as a result of the defendants’ manufacture, distribution, supply or other involvement with asbestos, asbestos containing-products or equipment or activities that allegedly caused plaintiffs to be exposed to asbestos.  These plaintiffs typically assert exposure to asbestos as a consequence of third-party manufactured products that MRC purportedly distributed.  As of September 30, 2013, we are named a defendant in approximately 282  lawsuits involving approximately 934 claims.  No asbestos lawsuit has resulted in a judgment against us to date, with a majority being settled, dismissed or otherwise resolved.  Applicable third-party insurance has substantially covered these claims, and insurance should continue to cover a substantial majority of existing and anticipated future claims.  Accordingly, we have recorded a liability for our estimate of the most likely settlement of asserted claims and a related receivable from insurers for our estimated recovery, to the extent we believe that the amounts of recovery are probable.  It is not possible to predict the outcome of these claims and proceedings. However, in our opinion, there are no pending legal proceedings that are likely to have a material adverse effect on our consolidated financial statements.
	Other Legal Claims and Proceedings.    From time to time, we have been subject to various claims and involved in legal proceedings incidental to the nature of our businesses. We maintain insurance coverage to reduce financial risk associated with certain of these claims and proceedings. It is not possible to predict the outcome of these claims and proceedings. However, in our opinion, there are no pending legal proceedings that are likely to have a material adverse effect on our consolidated financial statements.
	Product Claims.    From time to time, in the ordinary course of our business, our customers may claim that the products that we distribute are either defective or require repair or replacement under warranties that either we or the manufacturer may provide to the customer. These proceedings are, in the opinion of management, ordinary and routine matters incidental to our normal business. Our purchase orders with our suppliers generally require the manufacturer to indemnify us against any product liability claims, leaving the manufacturer ultimately responsible for these claims. In many cases, state, provincial or foreign law provides protection to distributors for these sorts of claims, shifting the responsibility to the manufacturer. In some cases, we could be required to repair or replace the products for the benefit of our customer and seek our recovery from the manufacturer for our expense. In the opinion of management, the ultimate disposition of these claims and proceedings is not expected to have a material adverse effect on our consolidated financial statements.
	Customer Contracts
	We have contracts and agreements with many of our customers that dictate certain terms of our sales arrangements (pricing, deliverables, etc.). While we make every effort to abide by the terms of these contracts, certain provisions are complex and often subject to varying interpretations. Under the terms of these contracts, our customers have the right to audit our adherence to the contract terms. Historically, any settlements that have resulted from these customer audits have not been material to our consolidated financial statements.
	Purchase Commitments
	We have purchase obligations consisting primarily of inventory purchases made in the normal course of business to meet operating needs. While our vendors often allow us to cancel these purchase orders without penalty, in certain cases, cancellations may subject us to cancellation fees or penalties depending on the terms of the contract.

Background_and_Basis_of_Presen1

Background and Basis of Presentation (Policy)	9 Months Ended
	Sep. 30, 2013
Background and Basis of Presentation [Abstract]	'
Business Operations	'
	Business Operations:  MRC Global Inc. is a holding company headquartered in Houston, Texas. Our wholly owned subsidiaries, McJunkin Red Man Corporation and its subsidiaries, are global distributors of pipe, valves, fittings (“PVF”) and related products and services to the energy and industrial sectors, across each of the upstream (exploration, production and extraction of underground oil and gas), midstream (gathering and transmission of oil and gas, gas utilities and the storage and distribution of oil and gas) and downstream (crude oil refining, petrochemical processing and general industrials) sectors. We have branches in principal industrial, hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia and Australasia. Our products are obtained from a broad range of suppliers.
Basis of Presentation	'
	Basis of Presentation:  We have prepared our unaudited condensed consolidated financial statements in accordance with Rule 10-01 of Regulation S-X for interim financial statements.  These statements do not include all information and footnotes that generally accepted accounting principles require for complete annual financial statements. However, the information in these statements reflects all normal recurring adjustments which are, in our opinion, necessary for a fair presentation of the results for the interim periods. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that will be realized for the fiscal year ending December 31, 2013.  We have derived our condensed consolidated balance sheet as of December 31, 2012 from the audited consolidated financial statements for the year ended December 31, 2012.  You should read these condensed consolidated financial statements in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2012.
	The consolidated financial statements include the accounts of MRC Global Inc. and its wholly owned and majority owned subsidiaries (collectively referred to as the “Company” or by such terms as “we,” “our” or “us”). All material intercompany balances and transactions have been eliminated in consolidation.
Recently Issued Accounting Standards	'
	Recently Issued Accounting Standards: In February 2013, the Financial Accounting Standards Board (“FASB”) issued Standards Update No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (ASU 2013-05), which specifies that a cumulative translation adjustment (“CTA”) should be released into earnings when an entity ceases to have a controlling financial interest in a subsidiary or group of assets within a consolidated foreign entity and the sale or transfer results in the complete or substantially complete liquidation of the foreign entity.  For sales of an equity method investment that is a foreign entity, a pro rata portion of CTA attributable to the investment would be recognized in earnings upon sale of the investment.  When an entity sells either a part or all of its investment in a consolidated foreign entity, CTA would be recognized in earnings only if the sale results in the parent no longer having a controlling financial interest in the foreign entity.  CTA would be recognized in earnings in a business combination achieved in stages.  ASU 2013-05 will be effective for us prospectively in 2014.  We do not expect this update to have a material impact on our financial statements.
	In July 2013, the FASB issued Standards Update No. 2013-11, Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.  The objective of this update is to eliminate the diversity in practice in the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists.  Under this guidance, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, except in certain circumstances.  This update does not require any new disclosures and is effective for annual and interim periods beginning after December 31, 2013.  The amendments in this update will be applied prospectively to all unrecognized tax benefits that exist at the effective date.  We do not expect this update to have a material impact on our financial statements.

Inventories_Tables

Inventories (Tables)	9 Months Ended
	Sep. 30, 2013
Inventories [Abstract]	'
Composition of Inventory	'
		September 30,	December 31,
		2013	2012
	Finished goods inventory at average cost:
	Energy carbon steel tubular products	$         361,925	$        387,609
	Valves, fittings, flanges and all other products	718,854	752,630
		1,080,779	1,140,239
	Less: Excess of average cost over LIFO cost (LIFO reserve)	-129,735	-150,982
	Less: Other inventory reserves	-21,515	-19,029
		$         929,529	$        970,228

LongTerm_Debt_Tables

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2013
Long-Term Debt [Abstract]	'
Components of Long-Term Debt	'
		September 30,	December 31,
		2013	2012
	Senior Secured Term Loan B, net of discount of $5,649 and $6,345	$          637,851	$           642,030
	Global ABL Facility	405,732	608,006
	Other	181	6,553
		1,043,764	1,256,589
	Less current portion	6,500	6,500
		$       1,037,264	$        1,250,089

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity [Abstract]	'
Accumulated Other Comprehensive Loss in Accompanying Consolidated Balance Sheets	'
		September 30,	December 31,
		2013	2012
	Currency translation adjustments	$         (31,087)	$         (21,829)
	Pension related adjustments	-335	-335
	Accumulated other comprehensive loss	$         (31,422)	$         (22,164)
Earnings Per Share	'
		Three Months Ended		Nine Months Ended
		September 30,	September 30,	September 30,	September 30,
		2013	2012	2013	2012
	Net income	$            38,757	$            55,541	$          128,792	$          124,400
	Average basic shares outstanding	101,715	101,490	101,673	94,768
	Effect of dilutive securities	678	539	782	417
	Average diluted shares outstanding	102,393	102,029	102,455	95,185
	Net income per share:
	Basic	$                0.38	$                0.55	$                1.27	$                1.31
	Diluted	$                0.38	$                0.54	$                1.26	$                1.31

Segment_Information_Tables

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2013
Segment Information [Abstract]	'
Schedule of Financial Information for Each Segment	'
		Three Months Ended				Nine Months Ended
		September 30,		September 30,		September 30,		September 30,
		2013		2012		2013		2012
	Sales
	U.S.	$           1,015.0		$         1,111.9		$          2,955.8		$           3,284.2
	Canada	162.1		185.6		520.1		553.3
	International	136.6		153.6		410.7		426.6
	Consolidated	$           1,313.7		$         1,451.1		$          3,886.6		$           4,264.1
	Operating income
	U.S.	$                72.9		$            108.5		$             229.8		$              265.1
	Canada	3.2		5.7		14.6		17.5
	International	1.3		8.0		8.8		20.3
	Consolidated	77.4		122.2		253.2		302.9
	Interest expense	-15.5		-28.2		-46		-92.6
	Other, net	-1.9		-8.2		-12.9		-18.1
	Income before income taxes	$                60.0		$              85.8		$             194.3		$              192.2
						September 30,		December 31,
						2013		2012
	Total assets
	U.S.					$          2,753.0		$           2,732.4
	Canada					187.9		249.1
	International					382.6		388.2
	Total assets					$          3,323.5		$           3,369.7
Schedule of Net Sales by Product Line	'
			Three Months Ended				Nine Months Ended
			September 30,		September 30,		September 30,		September 30,
	Type		2013		2012		2013		2012
	Energy carbon steel tubular products:
	Line pipe		$         278,460		$           294,599		$           771,230		$            879,305
	Oil country tubular goods (OCTG)		105,500		186,367		345,139		600,955
			$         383,960		$           480,966		$        1,116,369		$         1,480,260
	Valves, fittings, flanges and other products:
	Valves and specialty products		$         355,726		$           373,512		$        1,071,205		$         1,073,435
	Carbon steel fittings and flanges and stainless steel and alloy pipe and fittings		286,732		311,162		869,995		887,678
	Other		287,293		285,474		829,020		822,752
			$         929,751		$           970,148		$        2,770,220		$         2,783,865

Acquisition_Details

Acquisition (Details) (USD $)	Jul. 02, 2013
In Millions, unless otherwise specified
Acquisition [Abstract]	'
Acquisition of Flow Control	$24

Inventories_Details

Inventories (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Finished goods inventory at average cost:	'	'
Finished goods inventory at average cost	$1,080,779	$1,140,239
Less: Excess of average cost over LIFO cost (LIFO reserve)	-129,735	-150,982
Less: Other inventory reserves	-21,515	-19,029
Inventories, net	929,529	970,228
Energy carbon steel tubular products [Member]	'	'
Finished goods inventory at average cost:	'	'
Finished goods inventory at average cost	361,925	387,609
Valves, fittings, flanges and all other products [Member]	'	'
Finished goods inventory at average cost:	'	'
Finished goods inventory at average cost	$718,854	$752,630

LongTerm_Debt_Narrative_Detail

Long-Term Debt (Narrative) (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Revolving credit facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, maturity date	31-Mar-17	'
Credit facility, maximum borrowing capacity	$1,250	'
Global ABL accordian feature	300	'
Revolving credit facility [Member] | U.S. [Member]	'	'
Debt Instrument [Line Items]	'	'
Credit facility, maximum borrowing capacity	977	'
Revolving credit facility [Member] | Canada [Member]	'	'
Debt Instrument [Line Items]	'	'
Credit facility, maximum borrowing capacity	170	'
Revolving credit facility [Member] | United Kingdom [Member]	'	'
Debt Instrument [Line Items]	'	'
Credit facility, maximum borrowing capacity	12	'
Revolving credit facility [Member] | Australia [Member]	'	'
Debt Instrument [Line Items]	'	'
Credit facility, maximum borrowing capacity	75	'
Revolving credit facility [Member] | Netherlands [Member]	'	'
Debt Instrument [Line Items]	'	'
Credit facility, maximum borrowing capacity	9	'
Revolving credit facility [Member] | Belgium [Member]	'	'
Debt Instrument [Line Items]	'	'
Credit facility, maximum borrowing capacity	7	'
Global ABL Facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, interest rate	2.10%	2.21%
Credit facility, remaining borrowing capacity	573	'
Senior Secured Term Loan B [Member]	'	'
Debt Instrument [Line Items]	'	'
New Term Loan	650	'
Debt maturity period	'7 years	'
Term loan annual amortization percentage	1.00%	'
Debt instrument, maturity date	30-Nov-19	'
Term Loan accordion feature	$200	'
Percentage of capital stock in foreign subsidiaries securing Term Loan B	65.00%	'
Debt instrument, interest rate	6.14%	6.39%
Senior Secured Term Loan B [Member] | Senior Secured Leverage Ratio Is No More Than 2.75 to 1.00 [Member]	'	'
Debt Instrument [Line Items]	'	'
Senior secured leverage ratio	2.75	'
Repayment of Term Loan, percentage	25.00%	'
Senior Secured Term Loan B [Member] | Senior Secured Leverage Ratio Is No More Than 2.50 to 1.00 [Member]	'	'
Debt Instrument [Line Items]	'	'
Senior secured leverage ratio	2.5	'
Repayment of Term Loan, percentage	0.00%	'
Senior Secured Term Loan B [Member] | Maximum [Member]	'	'
Debt Instrument [Line Items]	'	'
Senior secured leverage ratio	3.5	'
Repayment of Term Loan, percentage	50.00%	'

LongTerm_Debt_Components_of_Lo

Long-Term Debt (Components of Long-Term Debt) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Debt Instrument [Line Items]	'	'
Long-term debt	$1,043,764	$1,256,589
Less current portion	6,500	6,500
Long-term debt, net	1,037,264	1,250,089
Senior secured term loan [Member]	'	'
Debt Instrument [Line Items]	'	'
Long-term debt	637,851	642,030
Original issue discount on senior secured Term Loan B	5,649	6,345
Global ABL Facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Long-term debt	405,732	608,006
Other [Member]	'	'
Debt Instrument [Line Items]	'	'
Long-term debt	$181	$6,553

Stockholders_Equity_Narrative_

Stockholders' Equity (Narrative) (Details)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2013

Mar. 31, 2013

Sep. 30, 2013

Sep. 30, 2013

31-May-13

Mar. 31, 2013

Sep. 30, 2013

31-May-13

Sep. 30, 2013

Sep. 30, 2013

Stock Options [Member]

Stock Options [Member]

Stock Options [Member]

Stock Options [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

2011 Omnibus Incentive Plan [Member]

2011 Omnibus Incentive Plan [Member]

2011 Omnibus Incentive Plan [Member]

2011 Omnibus Incentive Plan [Member]

2011 Omnibus Incentive Plan [Member]

2011 Omnibus Incentive Plan [Member]

2011 Omnibus Incentive Plan [Member]

2011 Omnibus Incentive Plan [Member]

2011 Omnibus Incentive Plan [Member]

2011 Omnibus Incentive Plan [Member]

2011 Omnibus Incentive Plan [Member]

Director [Member]

Stock Options [Member]

Stock Options [Member]

Stock Options [Member]

Stock Options [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Restricted Stock [Member]

Minimum [Member]

Maximum [Member]

Director [Member]

Director [Member]

Pension Plans, Postretirement and Other Employee Benefits [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares reserved for Incentive Plan

'

'

'

'

'

'

'

'

3,250,000

'

'

'

'

'

'

'

'

'

'

Maximum term for stock option plan grant

'

'

'

'

'

'

'

'

'

'

'

'

'10 years

'

'

'

'

'

'

Vesting period

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'4 years

'5 years

Stock options issued or granted

'

'

'

'

'

'

'

'

1,891,670

'

641,294

13,574

'

71,878

'

'

'

'

'

Restricted stock issued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

87,914

1,836

9,413

'

'

Anti-dilutive securities

1,200,000

1,800,000

600,000

2,300,000

0

0

0

0

'

'

'

'

'

'

'

'

'

'

'

Stockholders_Equity_Accumulate

Stockholders' Equity (Accumulated Other Comprehensive Loss in Accompanying Consolidated Balance Sheets) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Stockholders' Equity [Abstract]	'	'
Currency translation adjustments	($31,087)	($21,829)
Pension related adjustments	-335	-335
Accumulated other comprehensive loss	($31,422)	($22,164)

Stockholders_Equity_Earnings_P

Stockholders' Equity (Earnings Per Share) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Stockholders' Equity [Abstract]	'	'	'	'
Net income	$38,757	$55,541	$128,792	$124,400
Average basic shares outstanding	101,715	101,490	101,673	94,768
Effect of dilutive securities	678	539	782	417
Average diluted shares outstanding	102,393	102,029	102,455	95,185
Net income per share:	'	'	'	'
Basic	$0.38	$0.55	$1.27	$1.31
Diluted	$0.38	$0.54	$1.26	$1.31

Segment_Information_Narrative_

Segment Information (Narrative) (Details)	9 Months Ended
	Sep. 30, 2013
	segment
Segment Information [Abstract]	'
Number of operating segments	3

Segment_Information_Schedule_o

Segment Information (Schedule of Financial Information for Each Segment) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Sales	'	'	'	'	'
Consolidated revenues	$1,313,711,000	$1,451,114,000	$3,886,589,000	$4,264,125,000	'
Operating income	'	'	'	'	'
Total operating income	77,383,000	122,243,000	253,155,000	302,911,000	'
Interest expense	-15,463,000	-28,177,000	-45,988,000	-92,621,000	'
Other, net	-1,900,000	-8,200,000	-12,900,000	-18,100,000	'
Income before income taxes	60,005,000	85,821,000	194,285,000	192,183,000	'
Total assets	'	'	'	'	'
Total assets	3,323,557,000	'	3,323,557,000	'	3,369,727,000
U.S. [Member]	'	'	'	'	'
Sales	'	'	'	'	'
Consolidated revenues	1,015,000,000	1,111,900,000	2,955,800,000	3,284,200,000	'
Operating income	'	'	'	'	'
Total operating income	72,900,000	108,500,000	229,800,000	265,100,000	'
Total assets	'	'	'	'	'
Total assets	2,753,000,000	'	2,753,000,000	'	2,732,400,000
Canada [Member]	'	'	'	'	'
Sales	'	'	'	'	'
Consolidated revenues	162,100,000	185,600,000	520,100,000	553,300,000	'
Operating income	'	'	'	'	'
Total operating income	3,200,000	5,700,000	14,600,000	17,500,000	'
Total assets	'	'	'	'	'
Total assets	187,900,000	'	187,900,000	'	249,100,000
International [Member]	'	'	'	'	'
Sales	'	'	'	'	'
Consolidated revenues	136,600,000	153,600,000	410,700,000	426,600,000	'
Operating income	'	'	'	'	'
Total operating income	1,300,000	8,000,000	8,800,000	20,300,000	'
Total assets	'	'	'	'	'
Total assets	$382,600,000	'	$382,600,000	'	$388,200,000

Segment_Information_Schedule_o1

Segment Information (Schedule of Net Sales by Product Line) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Energy carbon steel tubular products [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net Sales	$383,960,000	$480,966,000	$1,116,369,000	$1,480,260,000
Energy carbon steel tubular products [Member] | Line pipe [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net Sales	278,460,000	294,599,000	771,230,000	879,305,000
Energy carbon steel tubular products [Member] | Oil country tubular goods (OCTG) [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net Sales	105,500,000	186,367,000	345,139,000	600,955,000
Valves, fittings, flanges and all other products [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net Sales	929,751,000	970,148,000	2,770,220,000	2,783,865,000
Valves, fittings, flanges and all other products [Member] | Valves and Specialty Products [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net Sales	355,726,000	373,512,000	1,071,205,000	1,073,435,000
Valves, fittings, flanges and all other products [Member] | Carbon steel fittings and flanges and stainless steel and alloy pipe and fittings [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net Sales	286,732,000	311,162,000	869,995,000	887,678,000
Valves, fittings, flanges and all other products [Member] | Other [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net Sales	$287,293,000	$285,474,000	$829,020,000	$822,752,000

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Long-term Debt [Member]	'	'
Fair Value Disclosures [Line Items]	'	'
Carrying value of debt	$1,044,000,000	$1,257,000,000
Long-term Debt [Member] | Level 2 [Member]	'	'
Fair Value Disclosures [Line Items]	'	'
Fair value of our debt	1,051,000,000	1,261,000,000
Foreign exchange forward contracts [Member]	'	'
Fair Value Disclosures [Line Items]	'	'
Notional amount of forward foreign exchange contracts	48,000,000	69,000,000
Foreign exchange forward contracts [Member] | Level 2 [Member]	'	'
Fair Value Disclosures [Line Items]	'	'
Fair value of forward foreign exchange contracts	$0	$3,000

Commitments_and_Contingencies_

Commitments and Contingencies (Details)	9 Months Ended
	Sep. 30, 2013
	lawsuit
	claim
Commitments And Contingencies [Abstract]	'
Number of lawsuits	282
Asbestos related pending claims	934