MRC Global (MRC) 10-Q1 Aug 142014 Q2 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Jul. 25, 2014	Jul. 25, 2014
	Jun. 30, 2014	Common Stock [Member]	Restricted Stock [Member]
Document Type	'10-Q	'	'
Amendment Flag	'false	'	'
Document Period End Date	30-Jun-14	'	'
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'Q2	'	'
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	'	102,023,909	257,538

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Current assets:	'	'
Cash	$36,491	$25,188
Accounts receivable, net	1,008,369	812,147
Inventories, net	1,110,618	971,567
Other current assets	43,411	37,091
Total current assets	2,198,889	1,845,993
Other assets	26,738	30,473
Property, plant and equipment, net	120,980	118,923
Intangible assets:	'	'
Goodwill, net	865,512	632,284
Other intangible assets, net	756,372	708,009
Total assets	3,968,491	3,335,682
Current liabilities:	'	'
Trade accounts payable	652,912	550,393
Accrued expenses and other current liabilities	149,989	124,925
Deferred income taxes	77,824	78,844
Current portion of long term debt	7,935	7,935
Total current liabilities	888,660	762,097
Long-term obligations:	'	'
Long-term debt, net	1,389,908	978,899
Deferred income taxes	245,974	241,116
Other liabilities	28,256	15,302
Commitments and contingencies	'	'
Stockholders' equity:	'	'
Common stock, $0.01 par value per share: 500,000 shares authorized, 102,020 and 101,913 issued and outstanding, respectively	1,020	1,019
Preferred stock, $0.01 par value per share; 100,000 shares authorized, no shares issued and outstanding	'	'
Additional paid-in capital	1,649,880	1,644,406
Retained deficit	-203,915	-266,735
Accumulated other comprehensive loss	-31,292	-40,422
Total stockholders' equity	1,415,693	1,338,268
Total liabilities and stockholders' equity	$3,968,491	$3,335,682

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
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	102,020,000	101,913,000
Common stock, shares outstanding	102,020,000	101,913,000
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		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Condensed Consolidated Statements of Income [Abstract]	'	'	'	'
Sales	$1,497,295	$1,267,778	$2,802,974	$2,572,878
Cost of sales	1,237,873	1,023,845	2,311,420	2,082,374
Gross profit	259,422	243,933	491,554	490,504
Selling, general and administrative expenses	185,287	153,975	356,676	314,732
Operating income	74,135	89,958	134,878	175,772
Other income (expense):	'	'	'	'
Interest expense	-15,363	-15,223	-30,511	-30,525
Change in fair value of derivative instruments	-697	1,850	-4,260	2,417
Other, net	2,026	-13,500	-3,284	-13,384
Income before income taxes	60,101	63,085	96,823	134,280
Income tax expense	20,801	19,233	34,003	44,245
Net income	$39,300	$43,852	$62,820	$90,035
Basic earnings per common share	$0.39	$0.43	$0.62	$0.89
Diluted earnings per common share	$0.38	$0.43	$0.61	$0.88
Weighted-average common shares, basic	101,986	101,693	101,955	101,651
Weighted-average common shares, diluted	102,978	102,519	102,893	102,472

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Condensed Consolidated Statements of Comprehensive Income [Abstract]	'	'	'	'
Net income	$39,300	$43,852	$62,820	$90,035
Other comprehensive income (loss) before tax - Foreign currency translation adjustments	6,802	-16,305	9,130	-21,371
Comprehensive income	$46,102	$27,547	$71,950	$68,664

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Operating activities	'	'
Net income	$62,820	$90,035
Adjustments to reconcile net income to net cash (used in) provided by operations:	'	'
Depreciation and amortization	10,574	11,162
Amortization of intangibles	33,880	26,028
Equity-based compensation expense	4,066	4,639
Deferred income tax benefit	-15,338	-11,004
Amortization of debt issuance costs	2,704	2,909
Increase (decrease) in LIFO reserve	2,067	-15,566
Change in fair value of derivative instruments	4,260	-2,417
Provision for uncollectible accounts	561	-864
Foreign currency (gains) losses	-3,117	13,441
Other non-cash items	1,232	247
Changes in operating assets and liabilities:	'	'
Accounts receivable	-128,760	6,785
Inventories	-90,702	27,024
Income taxes payable	8,245	-4,681
Other current assets	-2,463	-8,952
Accounts payable	64,222	58,485
Accrued expenses and other current liabilities	-6,105	-15,371
Net cash (used in) provided by operations	-51,854	181,900
Investing activities	'	'
Purchases of property, plant and equipment	-4,586	-10,642
Proceeds from the disposition of property, plant and equipment	836	227
Acquisitions, net of cash acquired	-346,672	'
Other investment and notes receivable transactions	-774	-374
Net cash used in investing activities	-351,196	-10,789
Financing activities	'	'
Payments on revolving credit facilities	-806,768	-994,207
Proceeds from revolving credit facilities	1,221,386	827,548
Payments on long term obligations	-3,968	-3,250
Debt issuance costs paid	-349	-181
Proceeds from exercise of stock options	1,498	1,634
Tax benefit on stock options	141	226
Other financing activities	'	-6
Net cash provided by (used in) financing activities	411,940	-168,236
Increase in cash	8,890	2,875
Effect of foreign exchange rate on cash	2,413	-2,153
Cash -- beginning of period	25,188	37,090
Cash -- end of period	36,491	37,812
Supplemental disclosures of cash flow information:	'	'
Cash paid for interest	27,913	27,696
Cash paid for income taxes	$40,960	$59,569

Background_and_Basis_of_Presen

Background and Basis of Presentation	6 Months Ended
Background and Basis of Presentation	Jun. 30, 2014
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 are global distributors of pipe, valves, fittings (“PVF”) and related products and services 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, Australasia and the Middle East. 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 six months ended June 30, 2014 are not necessarily indicative of the results that will be realized for the fiscal year ending December 31, 2014. We have derived our condensed consolidated balance sheet as of December 31, 2013 from the audited consolidated financial statements for the year ended December 31, 2013. You should read these condensed consolidated financial statements in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2013.

	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.

Transactions

Transactions	6 Months Ended
Transactions	Jun. 30, 2014
Transactions [Abstract]	'
Transactions	'
	NOTE 2 – TRANSACTIONS

	In January 2014, we completed the acquisition of Stream AS (“Stream”). Headquartered in Norway, Stream AS (now known as MRC Global Norway AS) is the leading pipe, valve and fittings distributor and provider of flow control products, solutions and services to the offshore oil and gas industry on the Norwegian Continental Shelf. The purchase price for this acquisition was $260 million including the assumption of certain tax obligations and pension liabilities.

	In January 2014, we sold our progressive cavity pump (“PCP”) distribution and servicing business to Europump Systems, Inc., our primary supplier of PCP pumps. We believe this divestiture will allow us to focus on our core business of supplying PVF products and services to the energy and industrial markets. We recorded a pre-tax charge of $6.2 million associated with the termination of a related profit sharing agreement during the first quarter of 2014.

	In May 2014, we completed the acquisition of MSD Engineering Pte. Limited (“MSD”). Located in Singapore, MSD is a major distributor and regional service provider of valve and valve automation solutions to customers in Singapore, Brunei, China, Malaysia, Indonesia, Thailand, Vietnam and Taiwan.

	In June 2014, we completed the acquisition of Metron Holding AS, the parent company of Hypteck AS (“Hypteck”). Headquartered in Norway, Hypteck is a Norwegian provider of instrumentation and process control products to the offshore, marine and onshore industries with a focus on the Norwegian Continental Shelf. The company also provides instrumentation and process and control system solutions to capital offshore projects around the world.

	The purchase price for the MSD and Hypteck acquisitions totaled $102.2 million. The Hypteck purchase price is subject to an earnout provision which could result in additional contingent consideration of up to $8 million. Because we recently consummated the three acquisitions described above, we have not yet finalized the determination of the fair values of certain tangible and intangible assets acquired and liabilities assumed. The amounts currently recorded are based on estimates and are subject to change once the valuation procedures have been completed.

Inventories

Inventories	6 Months Ended
Inventories	Jun. 30, 2014
Inventories [Abstract]	'
Inventories	'
	NOTE 3 – INVENTORIES

	The composition of our inventory is as follows (in thousands):

		June 30,	December 31,
		2014	2013
	Finished goods inventory at average cost:
	Energy carbon steel tubular products	$ 445,781	$ 362,449
	Valves, fittings, flanges and all other products	822,087	763,119
		1,267,868	1,125,568
	Less: Excess of average cost over LIFO cost (LIFO reserve)	-132,869	-130,802
	Less: Other inventory reserves	-24,381	-23,199
		$ 1,110,618	$ 971,567

LongTerm_Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2014
Long-Term Debt [Abstract]	'
Long-Term Debt	'
	NOTE 4 – LONG-TERM DEBT
	The components of our long-term debt are as follows (in thousands):


		June 30,	December 31,
		2014	2013
	Senior Secured Term Loan B, net of discount of $4,075 and $4,457	$ 783,474	$ 787,059
	Global ABL Facility	614,286	199,630
	Other	83	145
		1,397,843	986,834
	Less: Current portion	7,935	7,935
		$ 1,389,908	$ 978,899
	Senior Secured Term Loan B: We have a $793.5 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 $793.5 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. McJunkin Red Man Corporation is the borrower under this facility, which is guaranteed by MRC Global Inc. as well as all of its wholly owned U.S. subsidiaries. In addition, it is secured by a second lien on the assets securing our Global ABL Facility (which includes accounts receivable, inventory and related assets) and a first lien on substantially all of the other assets of MRC Global Inc. and those of its 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 5.09% as of June 30, 2014 and December 31, 2013.
	Global ABL Facility: In July 2014, we amended our revolving credit facility. We have a $1.05 billion multi-currency global asset-based revolving credit facility (the “Global ABL Facility”) that matures in July 2019. This facility is comprised of $977 million in revolver commitments in the United States, $20 million in Canada, $5 million in the United Kingdom, $10 million in Australia, $4 million in the Netherlands, $4 million in Belgium, and $30 million in Norway. 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.
	MRC Global Inc. and each of its 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 2.03% and 2.12% as of June 30, 2014 and December 31, 2013, respectively. Availability under our Global ABL Facility was $362.1 million as of June 30, 2014.

	Stream Facility: In conjunction with the acquisition of Stream, we assumed a credit facility, denominated in Norwegian Krone, comprised of subfacilities for revolving credit of $28 million, guarantees of $33 million and foreign exchange of $2 million. Subsequent to the close of the acquisition, this facility was amended and, as of July 2014, consists of a guarantee facility of $29 million and an overdraft facility of $11 million. These facilities are secured by standby letters of credit drawn against our Global ABL Facility and have no financial maintenance covenants.

Stockholders_Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2014
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 ratably over a three to five year period on the anniversaries of the date specified in the employees’ respective stock option and restricted stock agreements, subject to accelerated vesting under certain circumstances set forth in the agreements. Vesting for directors generally occurs on the one-year anniversary of the grant date. In February 2014, 421,405 stock options and 157,800 shares of restricted stock were granted to employees. In the second quarter of 2014, 1,187 stock options previously granted were declined, and 36,704 shares of restricted stock were granted to members of the Board of Directors. To date, 2,505,392 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):



		June 30,	December 31,
		2014	2013

	Currency translation adjustments	$ (31,043)	$ (40,173)
	Pension related adjustments	-249	-249
	Accumulated other comprehensive loss	$ (31,292)	$ (40,422)
	Earnings per Share
	Earnings per share are calculated in the table below (in thousands, except per share amounts).


		Three Months Ended		Six Months Ended
		June 30,	June 30,	June 30,	June 30,
		2014	2013	2014	2013

	Net income	$ 39,300	$ 43,852	$ 62,820	$ 90,035

	Average basic shares outstanding	101,986	101,693	101,955	101,651
	Effect of dilutive securities	992	826	938	821
	Average diluted shares outstanding	102,978	102,519	102,893	102,472

	Net income per share:
	Basic	$ 0.39	$ 0.43	$ 0.62	$ 0.89
	Diluted	$ 0.38	$ 0.43	$ 0.61	$ 0.88

	Stock options and shares of restricted stock are disregarded in this calculation if they are determined to be anti-dilutive. For the three months ended June 30, 2014 and 2013, we had approximately 1.1 million and 0.7 million anti-dilutive stock options, respectively. For the six months ended June 30, 2014 and 2013, we had approximately 1.0 million and 0.7 million anti-dilutive stock options, respectively. There was no anti-dilutive restricted stock for the three and six months ended June 30, 2014 and 2013.

Segment_Information

Segment Information	6 Months Ended
Segment Information	Jun. 30, 2014
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, Australasia and the Middle East. 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				Six Months Ended
		June 30,		June 30,		June 30,		June 30,
		2014		2013		2014		2013
	Sales
	U.S.	$ 1,115.6		$ 975.2		$ 2,063.5		$ 1,940.8
	Canada	150.0		153.6		316.3		358.0
	International	231.7		139.0		423.2		274.1
	Sales	$ 1,497.3		$ 1,267.8		$ 2,803.0		$ 2,572.9

	Operating income
	U.S.	$ 64.6		$ 82.5		$ 118.8		$ 156.8
	Canada	5.5		3.2		12.8		11.4
	International	4.0		4.2		3.3		7.5
	Operating income	74.1		89.9		134.9		175.7

	Interest expense	-15.3		-15.2		-30.5		-30.5
	Other, net	1.3		-11.6		-7.6		-11
	Income before income taxes	$ 60.1		$ 63.1		$ 96.8		$ 134.2


						June 30,		December 31,
						2014		2013
	Total assets
	U.S.					$ 3,186.1		$ 2,732.3
	Canada					192.6		204.7
	International					589.8		398.7
	Total assets					$ 3,968.5		$ 3,335.7

	Our sales by product line are as follows (in thousands):


			Three Months Ended				Six Months Ended
			June 30,		June 30,		June 30,		June 30,
	Type		2014		2013		2014		2013
	Energy carbon steel tubular products:
	Line pipe		$ 288,122		$ 231,146		$ 495,361		$ 492,771
	Oil country tubular goods (OCTG)		133,910		113,523		264,129		239,637
			$ 422,032		$ 344,669		$ 759,490		$ 732,408


	Valves, fittings, flanges and other products:
	Valves and specialty products		$ 489,489		$ 352,760		$ 918,712		$ 715,479
	Carbon steel fittings and flanges and stainless steel and alloy pipe and fittings		308,564		293,497		598,906		583,264
	Other		277,210		276,852		525,866		541,727
			$ 1,075,263		$ 923,109		$ 2,043,484		$ 1,840,470

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2014
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 June 30, 2014, we do not have any interest rate swap agreements. Foreign exchange forward contracts and options 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 and options was approximately $72.7 million and $331.3 million at June 30, 2014 and December 31, 2013, respectively. We had approximately $1.4 million recorded as liabilities and $4.6 million recorded as assets on our consolidated balance sheets as of June 30, 2014 and December 31, 2013, 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 $1.398 billion and $0.987 billion at June 30, 2014 and December 31, 2013, 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 $1.404 billion and $0.997 billion at June 30, 2014 and December 31, 2013, respectively.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2014
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 our McJunkin Red Man Corporation subsidiary purportedly distributed. As of June 30, 2014, we are named a defendant in approximately 328 lawsuits involving approximately 973 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, the likelihood that the ultimate disposition of any of these claims and legal proceedings will have a material adverse effect on our consolidated financial statements is remote.
	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, the likelihood that the ultimate disposition of any of these claims and legal proceedings will have a material adverse effect on our consolidated financial statements is remote.
	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 our opinion, the likelihood that the ultimate disposition of any of these claims and legal proceedings will have a material adverse effect on our consolidated financial statements is remote.
	Weatherford Claim. In addition to PVF, our Canadian subsidiary, Midfield Supply (“Midfield”), now known as MRC Canada ULC, also distributed progressive cavity pumps and related equipment (“PCPs”) under a distribution agreement with Weatherford Canada Partnership (“Weatherford”) within a certain geographical area located in southern Alberta, Canada. In late 2005 and early 2006, Midfield hired new employees, including former Weatherford employees, as part of Midfield’s desire to expand its PVF business into northern Alberta. Shortly thereafter, many of these employees left Midfield and formed a PCP manufacturing, distribution and service company named Europump Systems Inc. (“Europump”) in 2006. The distribution agreement with Weatherford expired in 2006. Midfield supplied Europump with PVF products that Europump distributed along with PCP pumps. In April 2007, Midfield purchased Europump’s distribution branches and began distributing and servicing Europump PCPs.
	Pursuant to a complaint that Weatherford filed on April 11, 2006 in the Court of Queen’s Bench of Alberta, Judicial Bench of Edmonton (Action No. 060304628), Weatherford sued Europump, three of Europump’s part suppliers, Midfield, certain current and former employees of Midfield, and other related entities, asserting a host of claims including breach of contract, breach of fiduciary duty, misappropriation of confidential information related to the PCPs, unlawful interference with economic relations and conspiracy. The Company denies these allegations and contends that Midfield’s expansion and subsequent growth was the result of fair competition.
	From 2006 through 2012, the case focused largely on Weatherford’s questioning of defense witnesses. In 2013, the defendants began substantive questioning of Weatherford and its witnesses. Discovery is ongoing and expected to last through early 2015.
	Due to ongoing discovery, and the limited information available related to any claimed damages, we cannot reasonably estimate potential loss at this time. The Company believes Weatherford’s claims are without merit and intends to defend them vigorously.

	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)	6 Months Ended
Background and Basis of Presentation (Policy)	Jun. 30, 2014
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 are global distributors of pipe, valves, fittings (“PVF”) and related products and services 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, Australasia and the Middle East. 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 six months ended June 30, 2014 are not necessarily indicative of the results that will be realized for the fiscal year ending December 31, 2014. We have derived our condensed consolidated balance sheet as of December 31, 2013 from the audited consolidated financial statements for the year ended December 31, 2013. You should read these condensed consolidated financial statements in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2013.

	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.

Inventories_Tables

Inventories (Tables)	6 Months Ended
Inventories (Tables)	Jun. 30, 2014
Inventories [Abstract]	'
Composition of Inventory	'

		June 30,	December 31,
		2014	2013
	Finished goods inventory at average cost:
	Energy carbon steel tubular products	$ 445,781	$ 362,449
	Valves, fittings, flanges and all other products	822,087	763,119
		1,267,868	1,125,568
	Less: Excess of average cost over LIFO cost (LIFO reserve)	-132,869	-130,802
	Less: Other inventory reserves	-24,381	-23,199
		$ 1,110,618	$ 971,567

LongTerm_Debt_Tables

Long-Term Debt (Tables)	6 Months Ended
Long-Term Debt (Tables)	Jun. 30, 2014
Long-Term Debt [Abstract]	'
Components of Long-Term Debt	'

		June 30,	December 31,
		2014	2013
	Senior Secured Term Loan B, net of discount of $4,075 and $4,457	$ 783,474	$ 787,059
	Global ABL Facility	614,286	199,630
	Other	83	145
		1,397,843	986,834
	Less: Current portion	7,935	7,935
		$ 1,389,908	$ 978,899

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	6 Months Ended
Stockholders' Equity (Tables)	Jun. 30, 2014
Stockholders' Equity [Abstract]	'
Accumulated Other Comprehensive Loss in Accompanying Consolidated Balance Sheets	'


		June 30,	December 31,
		2014	2013

	Currency translation adjustments	$ (31,043)	$ (40,173)
	Pension related adjustments	-249	-249
	Accumulated other comprehensive loss	$ (31,292)	$ (40,422)


Earnings Per Share	'


		Three Months Ended		Six Months Ended
		June 30,	June 30,	June 30,	June 30,
		2014	2013	2014	2013

	Net income	$ 39,300	$ 43,852	$ 62,820	$ 90,035

	Average basic shares outstanding	101,986	101,693	101,955	101,651
	Effect of dilutive securities	992	826	938	821
	Average diluted shares outstanding	102,978	102,519	102,893	102,472

	Net income per share:
	Basic	$ 0.39	$ 0.43	$ 0.62	$ 0.89
	Diluted	$ 0.38	$ 0.43	$ 0.61	$ 0.88

Segment_Information_Tables

Segment Information (Tables)	6 Months Ended
Segment Information (Tables)	Jun. 30, 2014
Segment Information [Abstract]	'
Schedule of Financial Information for Each Segment	'

		Three Months Ended				Six Months Ended
		June 30,		June 30,		June 30,		June 30,
		2014		2013		2014		2013
	Sales
	U.S.	$ 1,115.6		$ 975.2		$ 2,063.5		$ 1,940.8
	Canada	150.0		153.6		316.3		358.0
	International	231.7		139.0		423.2		274.1
	Sales	$ 1,497.3		$ 1,267.8		$ 2,803.0		$ 2,572.9

	Operating income
	U.S.	$ 64.6		$ 82.5		$ 118.8		$ 156.8
	Canada	5.5		3.2		12.8		11.4
	International	4.0		4.2		3.3		7.5
	Operating income	74.1		89.9		134.9		175.7

	Interest expense	-15.3		-15.2		-30.5		-30.5
	Other, net	1.3		-11.6		-7.6		-11
	Income before income taxes	$ 60.1		$ 63.1		$ 96.8		$ 134.2


						June 30,		December 31,
						2014		2013
	Total assets
	U.S.					$ 3,186.1		$ 2,732.3
	Canada					192.6		204.7
	International					589.8		398.7
	Total assets					$ 3,968.5		$ 3,335.7


Schedule of Net Sales by Product Line	'

			Three Months Ended				Six Months Ended
			June 30,		June 30,		June 30,		June 30,
	Type		2014		2013		2014		2013
	Energy carbon steel tubular products:
	Line pipe		$ 288,122		$ 231,146		$ 495,361		$ 492,771
	Oil country tubular goods (OCTG)		133,910		113,523		264,129		239,637
			$ 422,032		$ 344,669		$ 759,490		$ 732,408


	Valves, fittings, flanges and other products:
	Valves and specialty products		$ 489,489		$ 352,760		$ 918,712		$ 715,479
	Carbon steel fittings and flanges and stainless steel and alloy pipe and fittings		308,564		293,497		598,906		583,264
	Other		277,210		276,852		525,866		541,727
			$ 1,075,263		$ 923,109		$ 2,043,484		$ 1,840,470

Transactions_Details

Transactions (Details) (USD $)	3 Months Ended	1 Months Ended	6 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Jan. 31, 2014	Jun. 30, 2014	Jun. 30, 2014
	Mar. 31, 2014	Stream [Member]	MSD Engineering (Pte) Limited and Hyptek AS [Member]	Hyptek AS [Member]
Significant Acquisitions and Disposals [Line Items]	'	'	'	'
Business acquisition, purchase price	'	$260	$102.20	'
Business acquisition, additional contingent consideration	'	'	'	8
Pre-tax charge associated with termination of profit sharing agreement	$6.20	'	'	'

Inventories_Details

Inventories (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Finished goods inventory at average cost:	'	'
Finished goods inventory at average cost	$1,267,868	$1,125,568
Less: Excess of average cost over LIFO cost (LIFO reserve)	-132,869	-130,802
Less: Other inventory reserves	-24,381	-23,199
Inventories, net	1,110,618	971,567
Energy Carbon Steel Tubular Products [Member]	'	'
Finished goods inventory at average cost:	'	'
Finished goods inventory at average cost	445,781	362,449
Valves, Fittings, Flanges and all Other Products [Member]	'	'
Finished goods inventory at average cost:	'	'
Finished goods inventory at average cost	$822,087	$763,119

LongTerm_Debt_Narrative_Detail

Long-Term Debt (Narrative) (Details) (USD $)

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Dec. 31, 2013

Jan. 31, 2014

Jul. 31, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Revolving Credit Facility [Member]

Global ABL Facility [Member]

Sub-Facilities [Member]

Guarantee Sub-Facility [Member]

Foreign Exchange Sub-Facility [Member]

Revolving Credit Facility Guarantee Facility [Member]

Revolving Credit Facility Overdraft Facility [Member]

Senior Secured Term Loan B [Member]

U.S. [Member]

Canada [Member]

United Kingdom [Member]

Australia [Member]

Netherlands [Member]

Belgium [Member]

Norway [Member]

Subsequent Event [Member]

Senior Secured Leverage Ratio Is No More Than 2.75 to 1.00 [Member]

Senior Secured Leverage Ratio Is No More Than 2.50 to 1.00 [Member]

Maximum [Member]

Debt Instrument [Line Items]

New Term Loan

$793,500,000

Debt maturity period

'7 years

Term loan annual amortization percentage

1.00%

Debt instrument, maturity date

31-Jul-19

30-Nov-19

Term Loan accordion feature

200,000,000

Senior secured leverage ratio

2.75

2.5

3.5

Percentage of capital stock in foreign subsidiaries securing Term Loan B

65.00%

Repayment of Term Loan, percentage

25.00%

0.00%

50.00%

Debt instrument, interest rate

2.03%

2.12%

5.09%

Credit facility, maximum borrowing capacity

1,050,000,000

977,000,000

20,000,000

5,000,000

10,000,000

4,000,000

30,000,000

28,000,000

33,000,000

2,000,000

29,000,000

11,000,000

Proceeds from revolving credit facilities

1,221,386,000

827,548,000

300,000,000

Credit facility, remaining borrowing capacity

$362,100,000

LongTerm_Debt_Components_of_Lo

Long-Term Debt (Components of Long-Term Debt) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Debt Instrument [Line Items]	'	'
Long-term debt	$1,397,843	$986,834
Less: Current portion	7,935	7,935
Long-term debt, net	1,389,908	978,899
Senior Secured Term Loan [Member]	'	'
Debt Instrument [Line Items]	'	'
Long-term debt	783,474	787,059
Original issue discount on senior secured Term Loan B	4,075	4,457
Global ABL Facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Long-term debt	614,286	199,630
Other [Member]	'	'
Debt Instrument [Line Items]	'	'
Long-term debt	$83	$145

Stockholders_Equity_Narrative_

Stockholders' Equity (Narrative) (Details)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Feb. 28, 2014

Jun. 30, 2014

Feb. 28, 2014

Jun. 30, 2014

Stock Options [Member]

Restricted Stock [Member]

2011 Omnibus Incentive Plan [Member]

Director [Member]

Stock Options [Member]

Restricted Stock [Member]

Minimum [Member]

Maximum [Member]

Stockholders Equity [Line Items]

Shares reserved for Incentive Plan

3,250,000

Maximum term for stock option plan grant

'10 years

Vesting period

'1 year

'3 years

'5 years

Stock options issued or granted

421,405

Stock options declined

1,187

Restricted stock issued

36,704

2,505,392

157,800

Anti-dilutive securities

1,100,000

700,000

1,000,000

700,000

Stockholders_Equity_Accumulate

Stockholders' Equity (Accumulated Other Comprehensive Loss in Accompanying Consolidated Balance Sheets) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Stockholders' Equity [Abstract]	'	'
Currency translation adjustments	($31,043)	($40,173)
Pension related adjustments	-249	-249
Accumulated other comprehensive loss	($31,292)	($40,422)

Stockholders_Equity_Earnings_P

Stockholders' Equity (Earnings Per Share) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Stockholders' Equity [Abstract]	'	'	'	'
Net income	$39,300	$43,852	$62,820	$90,035
Average basic shares outstanding	101,986	101,693	101,955	101,651
Effect of dilutive securities	992	826	938	821
Average diluted shares outstanding	102,978	102,519	102,893	102,472
Net income per share:	'	'	'	'
Basic	$0.39	$0.43	$0.62	$0.89
Diluted	$0.38	$0.43	$0.61	$0.88

Segment_Information_Narrative_

Segment Information (Narrative) (Details)	6 Months Ended
	Jun. 30, 2014
	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		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Sales	'	'	'	'	'
Sales	$1,497,295,000	$1,267,778,000	$2,802,974,000	$2,572,878,000	'
Operating income	'	'	'	'	'
Operating income	74,135,000	89,958,000	134,878,000	175,772,000	'
Interest expense	-15,363,000	-15,223,000	-30,511,000	-30,525,000	'
Other, net	1,300,000	-11,600,000	-7,600,000	-11,000,000	'
Income before income taxes	60,101,000	63,085,000	96,823,000	134,280,000	'
Total assets	'	'	'	'	'
Total assets	3,968,491,000	'	3,968,491,000	'	3,335,682,000
U.S. [Member]	'	'	'	'	'
Sales	'	'	'	'	'
Sales	1,115,600,000	975,200,000	2,063,500,000	1,940,800,000	'
Operating income	'	'	'	'	'
Operating income	64,600,000	82,500,000	118,800,000	156,800,000	'
Total assets	'	'	'	'	'
Total assets	3,186,100,000	'	3,186,100,000	'	2,732,300,000
Canada [Member]	'	'	'	'	'
Sales	'	'	'	'	'
Sales	150,000,000	153,600,000	316,300,000	358,000,000	'
Operating income	'	'	'	'	'
Operating income	5,500,000	3,200,000	12,800,000	11,400,000	'
Total assets	'	'	'	'	'
Total assets	192,600,000	'	192,600,000	'	204,700,000
International [Member]	'	'	'	'	'
Sales	'	'	'	'	'
Sales	231,700,000	139,000,000	423,200,000	274,100,000	'
Operating income	'	'	'	'	'
Operating income	4,000,000	4,200,000	3,300,000	7,500,000	'
Total assets	'	'	'	'	'
Total assets	$589,800,000	'	$589,800,000	'	$398,700,000

Segment_Information_Schedule_o1

Segment Information (Schedule of Net Sales by Product Line) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Energy Carbon Steel Tubular Products [Member]	'	'	'	'
Segment Reporting, Revenue Reconciling Item [Line Items]	'	'	'	'
Net Sales	$422,032	$344,669	$759,490	$732,408
Energy Carbon Steel Tubular Products [Member] \| Line pipe [Member]	'	'	'	'
Segment Reporting, Revenue Reconciling Item [Line Items]	'	'	'	'
Net Sales	288,122	231,146	495,361	492,771
Energy Carbon Steel Tubular Products [Member] \| Oil country tubular goods (OCTG) [Member]	'	'	'	'
Segment Reporting, Revenue Reconciling Item [Line Items]	'	'	'	'
Net Sales	133,910	113,523	264,129	239,637
Valves, Fittings, Flanges and all Other Products [Member]	'	'	'	'
Segment Reporting, Revenue Reconciling Item [Line Items]	'	'	'	'
Net Sales	1,075,263	923,109	2,043,484	1,840,470
Valves, Fittings, Flanges and all Other Products [Member] \| Valves and Specialty Products [Member]	'	'	'	'
Segment Reporting, Revenue Reconciling Item [Line Items]	'	'	'	'
Net Sales	489,489	352,760	918,712	715,479
Valves, Fittings, Flanges and all Other Products [Member] \| Carbon Steel Fittings and Flanges and Stainless Steel and Alloy Pipe and Fittings [Member]	'	'	'	'
Segment Reporting, Revenue Reconciling Item [Line Items]	'	'	'	'
Net Sales	308,564	293,497	598,906	583,264
Valves, Fittings, Flanges and all Other Products [Member] \| Other [Member]	'	'	'	'
Segment Reporting, Revenue Reconciling Item [Line Items]	'	'	'	'
Net Sales	$277,210	$276,852	$525,866	$541,727

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Millions, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Long-term Debt [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Carrying value of debt	$1,398	$987
Long-term Debt [Member] \| Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of our debt	1,404	997
Foreign Exchange Forward Contracts [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Notional amount of forward foreign exchange contracts	72.7	331.3
Foreign Exchange Forward Contracts [Member] \| Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of forward foreign exchange contracts and options	$1.40	$4.60

Commitments_and_Contingencies_

Commitments and Contingencies (Details)	Jun. 30, 2014
	claim
	lawsuit
Commitments and Contingencies [Abstract]	'
Number of lawsuits	328
Asbestos related pending claims	973