MRC Global (MRC) 10-Q 3 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 22, 2016
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	MRC GLOBAL INC.
Entity Central Index Key	1,439,095
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Common Stock [Member]
Entity Common Stock, Shares Outstanding		96,395,357
Restricted Stock [Member]
Entity Common Stock, Shares Outstanding		570,845

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash	$ 167	$ 69
Accounts receivable, net	430	533
Inventories, net	689	781
Other current assets	29	22
Total current assets	1,315	1,405
Other assets	21	22
Property, plant and equipment, net	131	127
Intangible assets:
Goodwill, net	484	484
Other intangible assets, net	436	459
Total assets	2,387	2,497
Current liabilities:
Trade accounts payable	320	327
Accrued expenses and other current liabilities	104	110
Current portion of long term debt	8	8
Total current liabilities	432	445
Long-term obligations:
Long-term debt, net	508	511
Deferred income taxes	204	208
Other liabilities	23	22
Commitments and contingencies
6.5% Series A Convertible Perpetual Preferred Stock, $0.01 par value; authorized 363,000 shares; 363,000 shares issued and outstanding	355	355
Stockholders' equity:
Common stock, $0.01 par value per share: 500 million shares authorized, 102,488,749 and 102,202,599 issued, respectively	1	1
Additional paid-in capital	1,671	1,666
Retained deficit	(504)	(467)
Less: Treasury stock at cost: 6,094,663 and 816,389 shares, respectively	(83)	(12)
Accumulated other comprehensive loss	(220)	(232)
Total stockholders' equity	865	956
Total liabilities and stockholders' equity	$ 2,387	$ 2,497

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Condensed Consolidated Balance Sheets [Abstract]
Preferred stock, dividend rate	6.50%	6.50%
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	363,000	363,000
Preferred stock, shares issued	363,000	363,000
Preferred stock, shares outstanding	363,000	363,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	102,488,749	102,202,599
Treasury stock, shares	6,094,663	816,389

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Condensed Consolidated Statements of Operations [Abstract]
Sales	$ 746	$ 1,198	$ 1,529	$ 2,490
Cost of sales	621	992	1,271	2,064
Gross profit	125	206	258	426
Selling, general and administrative expenses	135	159	272	318
Operating (loss) income	(10)	47	(14)	108
Other expense:
Interest expense	(9)	(13)	(17)	(28)
Other, net		(5)	(1)	(9)
Income (loss) before income taxes	(19)	29	(32)	71
Income tax (benefit) expense	(2)	13	(7)	26
Net (loss) income	(17)	16	(25)	45
Series A preferred stock dividends	6	1	12	1
Net (loss) income attributable to common stockholders	$ (23)	$ 15	$ (37)	$ 44
Basic (loss) earnings per common share	$ (0.24)	$ 0.15	$ (0.37)	$ 0.43
Diluted (loss) earnings per common share	$ (0.24)	$ 0.15	$ (0.37)	$ 0.43
Weighted-average common shares, basic	97.7	102.2	99.2	102.1
Weighted-average common shares, diluted	97.7	102.8	99.2	102.6

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net (loss) income	$ (17)	$ 16	$ (25)	$ 45
Other comprehensive (loss) income
Foreign currency translation adjustments	(4)	11	12	(42)
Comprehensive (loss) income	$ (21)	$ 27	$ (13)	$ 3

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities
Net (loss) income	$ (25)	$ 45
Adjustments to reconcile net (loss) income to net cash provided by operations:
Depreciation and amortization	10	10
Amortization of intangibles	23	31
Equity-based compensation expense	7	5
Deferred income tax benefit	(5)	(16)
Write off of debt issuance costs		3
Decrease in LIFO reserve	(4)	(15)
Provision for uncollectible accounts	2	2
Foreign currency losses	2	6
Other non-cash items	4	3
Changes in operating assets and liabilities:
Accounts receivable	104	207
Inventories	51	152
Other current assets	2	1
Income taxes payable	(6)	(7)
Accounts payable	(10)	(111)
Accrued expenses and other current liabilities	(7)	(39)
Net cash provided by operations	148	277
Investing activities
Purchases of property, plant and equipment	(14)	(13)
Proceeds from the disposition of non-core product line	48
Other investing activities	2	(2)
Net cash provided by (used in) investing activities	36	(15)
Financing activities
Payments on revolving credit facilities	(27)	(765)
Proceeds from revolving credit facilities	27	412
Payments on long term obligations	(4)	(254)
Proceeds from issuance of preferred stock, net of issuance costs		355
Purchases of common stock	(71)
Dividends paid on preferred stock	(12)
Net cash used in financing activities	(87)	(252)
Increase in cash	97	10
Effect of foreign exchange rate on cash	1	(2)
Cash -- beginning of period	69	25
Cash -- end of period	167	33
Supplemental disclosures of cash flow information:
Cash paid for interest	16	26
Cash paid for income taxes	$ 6	$ 50

Background and Basis of Present

Background and Basis of Presentation	6 Months Ended
	Jun. 30, 2016
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 and petrochemical processing) sectors. We have branches in principal industrial, hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia , Australasia , the Middle East and Caspian . 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 six months ended June 30, 2016 are not necessarily indicative of the results that will be realized for the fiscal year ending December 31, 2016 . We have derived our condensed consolidated balance sheet as of December 31, 2015 from the audited consolidated financial statements for the year ended December 31, 2015 . You should read these condensed consolidated financial statements in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2015 .  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.  Reclassifications : Certain prior-period amounts have been reclassified to conform to the current year presentation, which includes the adoption of Accounting Standards Update (“ASU”) 2015-03 Interest-Imputation of Interest (Subtopic 855-30): Simplifying the Presentation of Debt Issuance Costs .  Recent Accounting Pronouncements : In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides comprehensive guidance on the recognition of revenue from customers arising from the transfer of goods and services. The ASU also provides guidance on accounting for certain contract costs and requires new disclosures. The FASB voted to defer the effective date of ASU 2014-09 by one year to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. We are currently evaluating the effect of the adoption of ASU 2014-09 on our consolidated financial statements and the implementation approach to be used.  In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory . ASU 2015-11 provides guidance on simplifying the measurement of inventory. The current standard is to measure inventory at lower of cost or market; where market could be replacement cost, net realizable value or net realizable value less an approximately normal profit margin. ASU 2015-11 updates this guidance to measure inventory at the lower of cost or net realizable value; where net realizable value is considered to be the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal and transportation. We expect to adopt this guidance in 2017. This amendment is not expected to have a material impact on the Company's financial position, results of operation or cash flows. In February 2016, the FASB issued ASU 2016-02, Leases, which will replace the existing guidance in ASC 870, Leases. This ASU requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2018. We are beginning to evaluate the effect of the adoption of ASU 2016-02 on our consolidated financial results.  In Ma rch 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation , which simplifies the accounting for the taxes related to stock based compensation. Under the standard, excess tax benefits and certain tax deficiencies will no longer be recorded in additional paid-in capital (“APIC”), and APIC pools will be eliminated. Instead, all excess tax benefits and tax deficiencies will be recorded as income tax expense or benefit in the income statement. In addition, excess tax benefits are required to be presented as operating activities rather than financing activities in the statement of cash flows. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2016 . This amendment is not expected to have a material impact on the Company's financial position, results of operation s or cash flows.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2016
Inventories [Abstract]
Inventories	NOTE 2 – INVENTORIES  The com position of our inventory is as follows (in millions ) :   June 30, December 31,  2016 2015  Finished goods inventory at average cost:  Energy carbon steel tubular products $ 165 $ 253  Valves, valve actuation and instrumentation 246 273  All other products 388 374  799 900  Less: Excess of average cost over LIFO cost (LIFO reserve) (77) (89)  Less: Other inventory reserves (33) (30)  $ 689 $ 781 O ur inventory quantities are expected to be reduced for the year , resulting in a liquidation of a last-in, first out (“ LIFO ”) inventory layer that was carried at a lower cost prevailing from a prior year, as compared with current costs in the current year (a “LIFO decrement”). A LIFO decrement results in the erosion of layers created in earlier years, and, therefore, a LIFO layer is not created for years that have decrements. For the three and six months ended June 30, 2016, the effect of this LIFO decrement decreased cost of sales by approximately $2 million and $3 million, respectively. For the three and six months ended June 30, 2015 , the effect of this LIFO decrement increased cost of sales by approximately $ 4 millio n.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2016
Long-Term Debt [Abstract]
Long-Term Debt	 NOTE 3 – LONG-TERM DEBT The components of our long-term debt are as follows (in millions ):    June 30, December 31,  2016 2015  Senior Secured Term Loan B, net of discount and issuance costs of $6 and $7 , respectively $ 516 $ 519  Global ABL Facility - -  516 519  Less: Current portion 8 8  $ 508 $ 511 Senior Secured Term Loan B : We have a seven year Senior Secured Term Loan B (the “Term Loan”) with an original principal amount of $79 4 million 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, t he Term Loan allows for incremental increases in facility size 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 . MRC Global (US) Inc. 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. In certain circumstances, w e 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 and debt issuance costs , was 5 .41 % as of June 30, 2016 and 4.98% at December 31, 2015 . Global ABL Facility : We have a $1. 0 5 billion multi-currency global asset-based revolving credit facility (the “Global ABL Facility”) that matures in July 201 9 . This facility is comprised of $977 million in revolver commitments in the United States, $30 million in Norway, $20 million in Canada, $5 million in the United Kingdom, $10 million in Australia, $4 million in th e Netherlands and $4 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 . 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. Excess A vailability , as defined under our Global ABL Facility , was $478 million as of June 30, 2016 . Debt Issuanc e Costs : In the first quarter of 2016, we adopted ASU No. 2015-03 Interest-Imputation of Interest (Subtopic 855-30): Simplifying the Presentation of Debt Issuance Costs . This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability consistent with debt discounts. As a result of the adoption, we have reclassified debt issuance costs associated with our Term Loan of $5 million as of December 31, 2015, from other assets to long term debt in our balance sheet. Accordingly, long term debt reported as $524 million at December 31, 2015 has been revised to $519 million. Debt issuance costs associated with our Global ABL Facility will continue to be presented in other assets. These amounts were $7 million and $8 million as of June 30, 2016 and December 31, 2015, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Taxes [Abstract]
Income Taxes	NOTE 4- INCOME TAXES For interim periods, our income tax benefit or expense is computed based upon our estimated annual effective tax rate. Our effective tax rates for the three and six months ended June 30, 2016 were 11% and 22% , respectively. The effective tax rates for the three and six months ended June 30, 2015 were 45% and 37% , respectively. The decrease in our 2016 effective tax rates below their customary levels is the result of a lower expected tax rate for the full year of 22% primarily due to an increase in forecasted pre-tax losses across all segments , combined with an increase of the relative significance of pre-tax losses in certain foreign jurisdictions where the losses have no corresponding tax benefit.

Disposition Of Non-Core Product

Disposition Of Non-Core Product Line	6 Months Ended
	Jun. 30, 2016
Disposition Of Non-Core Product Line [Abstract]
Disposition Of Non-Core Product Line	NOTE 5 – DISPOSITION OF NON-CORE PRODUCT LINE In February 2016, we completed the disposition of our U.S. oil country tubular goods (“OCTG”) product line for $48 million . As a result of this transaction, we incurred a loss of $5 million that was reflected in our fourth quarter 2015 results . Net of reserves, including LIFO and an adjustment to write the inventory down to its net realizable value, the carrying value of the U.S. OCTG inventories as of December 31, 2015 was $50 million.

Redeemable Preferred Stock

Redeemable Preferred Stock	6 Months Ended
	Jun. 30, 2016
Redeemable Preferred Stock [Abstract]
Redeemable Preferred Stock	NOTE 6 – REDEEMABLE PREFERRED STOCK Preferred Stock Issuance In June 2015, we issued 363,000 shares of Series A Convertible Perpetual Preferred Stock (the “Preferred Stock”) and received gross proceeds of $363 million. The Preferred Stock ranks senior to our common stock with respect to dividend rights and rights on liquidation, winding-up and dissolution. The Preferred Stock has a stated value of $1,000 per share, and holders of Preferred Stock are entitled to cumulative dividends payable quarterly in cash at a rate of 6.50% per annum. Holders of Preferred Stock are entitled to vote together with the holders of the common stock as a single class, in each case, on an as-converted basis, except where a separate class vote of the common stockholders is required by law. Holders of Preferred Stock have certain limited special approval rights, including with respect to the issuance of pari passu or senior equity securities of the Company. The Preferred Stock is convertible at the option of the holders into shares of common stock at an initial conversion rate of 55.9284 shares of common stock for each share of Preferred Stock, which represents an initial conversion price of approximately $17.88 per share of common stock, subject to adjustment. On or after the fifth anniversary of the initial issuance of the Preferred Stock, the Company will have the option to redeem, in whole but not in part, all the outstanding shares of Preferred Stock, subject to certain redemption price adjustments on the basis of the date of the conversion. We may elect to convert the Preferred Stock, in whole but not in part, into the relevant number of shares of common stock on or after the 54th month after the initial issuance of the Preferred Stock if the last reported sale price of the common stock has been at least 150% of the conversion price then in effect for a specified period. The conversion rate is subject to customary anti-dilution and other adjustments. Holders of the Preferred Stock may, at their option, require the Company to repurchase their shares in the event of a fundamental change, as defined in the agreement. The repurchase price is based on the original $1,000 per share purchase price except in the case of a liquidation in which case they would receive the greater of $1,000 per share and the amount that would be received if they held common stock converted at the conversion rate in effect at the time of the fundamental change. Because this feature could require redemption as a result of the occurrence of an event not solely within the control of the Company, the Preferred Stock is classified as temporary equity on our balance sheet.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity [Abstract]
Stockholders' Equity	NOTE 7 – STOCKHOLDERS’ EQUITY Share Repurchase Program In November 2015 , the Company’s board of directors authorized a share repurchase program for common stock up to $100 million. The program is scheduled to expire December 31, 2017 . The shares may be repurchased at management’s discretion in the open market. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice.   Summary of share repurchase activity under the repurchase program:   Three Months Ended Six Months Ended  June 30, June 30, June 30, June 30,  2016 2015 2016 2015  Number of shares acquired on the open market 2,399,400 - 5,278,274 -  Average price per share $ 13.82 $ - $ 13.59 $ -  Total cost of acquired shares (in millions) $ 33 $ - $ 71 $ -  In total, we have acquired 6,094,663 shares under this program at a total cost of $83 million. There were 96,394,086 shares of common stock outstanding as of June 30, 2016 .   Equity Compensation Plans Our 2011 Omnibus Incentive Plan originally had 3 ,250,000 shares reserved for issuance under the plan. In April 2015, our shareholders approved an additional 4,250,000 shares for reservation for issuance under 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 , restricted stock awards, restric ted stock units and performance share units to directors and employees. Options and stock appreciation rights may not be granted at prices less than the fair market value of our common stock 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, restricted stock award, restricted stock unit and performance share unit award agreement s , subject to accelerated vesting under certain circumstances set forth in the agreements. Vesting for directors generally occurs on the on e -y ear anniversary of the grant date . In February 201 6 , 16,789 shares of restricted stock, 334,900 performance share unit awards and 1,149,039 restricted stock units were granted to employees . In the second quarter of 2016, 86,912 shares of restricted stock and 10,022 performance share unit awards were granted to employees. To date , before consideration of forfeitures , 5,084,734 shares have been granted to management, members of our Board of Directors and key employees under this plan. A Monte Carlo simulation is completed to estimate the fair value of performance share unit awards with a stock price performance component. A Black-Scholes option-pricing model is used to estimate the fair value of the stock options. We expense the fair value of all equity grants , including performance share unit awards, on a straight-line basis over the vesting period.  Accumulated Other Comprehensive Loss  Accumulated other comprehensive loss in the accompanying consolidated balance sheets consists of the following (in millions ):    June 30, December 31,  2016 2015   Currency translation adjustments $ (219) $ (231)  Pension related adjustments (1) (1)  Accumulated other comprehensive loss $ (220) $ (232) Earnings per Share Earnings per share are calculated in the table below (in millions , except per share amounts).    Three Months Ended Six Months Ended  June 30, June 30, June 30, June 30,  2016 2015 2016 2015    Net (loss) income $ (17) $ 16 $ (25) $ 45  Less: Dividends on Series A Preferred Stock 6 1 12 1  Net (loss) income attributable to common stockholders $ (23) $ 15 $ (37) $ 44   Weighted average basic shares outstanding 97.7 102.2 99.2 102.1  Effect of dilutive securities - 0.6 - 0.5  Weighted average diluted shares outstanding 97.7 102.8 99.2 102.6   Net (loss) income per share:  Basic $ (0.24) $ 0.15 $ (0.37) $ 0.43  Diluted $ (0.24) $ 0.15 $ (0.37) $ 0.43  Equity awards and shares of Preferred Stock are disregarded in the calculation of diluted earnings per share if they are determined to be anti-dilutive. For the three and six months ended June 30, 2016 and 2015 , all of the shares of the Preferred Stock were anti-dilutive. For the three and six months ended June 30, 2016 and 2015 , we had approximately 3.7 million and 3.9 million anti-dilutive stock options, respectively. T here w ere 0.8 mi llion and no anti-dilutive restricted stock , restricted units or performance stock unit awards for the three months ended June 30, 2016 and 2015. T here w ere 0. 7 mi llion and no anti-dilutive restricted stock , restricted units or performance stock unit awards for the six months ended June 30, 2016 and 2015 .

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2016
Segment Information [Abstract]
Segment Information	NOTE 8 – SEGMENT INFORMATION We operate as four business segments : U.S. East and Gulf Coast , U.S. West, Canada and International. Our International segment consists of our operations outside of the U.S. and Canada. These segments represent our business of selling PVF to the energy sector across each of the 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 and petrochemical processing) markets. Our two U.S. operating segments have been aggregated into a single reportable segment based on their economic similarities. As a result, we report segment information for the U.S., Canada and International. Prior to organizational changes that occurred in April 2016, our U.S. business consisted of a single operating segment. As a result of the separation of U.S. segment into two distinct operating segments based on our new management structure, we completed an interim goodwill impairment test and concluded that no indication of impairment existed as the fair values of each U.S. reporting unit significantly exceeded its carrying value.  The following table presents financial information for each reportable segment (in millions):   Three Months Ended Six Months Ended  June 30, June 30, June 30, June 30,  2016 2015 2016 2015  Sales  U.S. $ 551 $ 956 $ 1,157 $ 1,928  Canada 54 78 118 197  International 141 164 254 365  Sales $ 746 $ 1,198 $ 1,529 $ 2,490   Operating (loss) income  U.S. $ (2) $ 49 $ 2 $ 101  Canada (2) 2 (3) 8  International (6) (4) (13) (1)  Operating (loss) income (10) 47 (14) $ 108   Interest expense (9) (13) (17) (28)  Other, net - (5) (1) (9)  (Loss) i ncome before income taxes $ (19) $ 29 $ (32) $ 71    June 30, December 31,  2016 2015  Total assets  U.S. $ 2,011 $ 2,135  Canada 145 142  International 231 220  Total assets $ 2,387 $ 2,497  Our sales by product line are as follows (in millions ):    Three Months Ended Six Months Ended  June 30, June 30, June 30, June 30,  Type 2016 2015 2016 2015  Energy carbon steel tubular products:  Line pipe (1) $ 96 $ 242 $ 228 $ 508  Oil country tubular goods (OCTG) - 78 - 184  $ 96 $ 320 $ 228 $ 692    Valves, fittings, flanges and other products:  Valves, valve actuation and instrumentation $ 299 $ 396 $ 598 $ 807  Fittings, flanges and stainless steel and alloy pipe 163 250 331 519  Gas products 108 121 208 237  Other 80 111 164 235  $ 650 $ 878 $ 1,301 $ 1,798  (1) As a result of the disposition of our U.S. OCTG product line, as described in Note 5 , pre-disposition OCTG sales of $18 million have been included within line pipe sales for the six months ended June 30, 2016 .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Measurements [Abstract]
Fair Value Measurements	NOTE 9 – 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, 2016 , 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 $36 million and $41 million at June 30, 2016 and December 31, 2015 , respectively. We had approximate l y $0 million recorded as liabilities on our consolidated balance sheets as of June 30, 2016 and December 31, 2015 . 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 $5 16 million and $519 m illion at June 30, 2016 and December 31, 2015 , 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 $507 m illion and $510 m illion at June 30, 2016 and December 31, 2015 , respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies [Abstract]
Commitments and Contingencies	 NOTE 10 – COMMITMENTS AND CONTINGENCIES Litigation As bestos 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 MRC Global (US) Inc. subsidiary purportedly distributed. As of June 30, 2016 , we are named a defendant in approximately 497 l awsuits involving approximately 1,121 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, th e likelihood that the ultimate disposition of any of these claims and legal proceeding s 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, th e likelihood that the ultimate disposition of any of these claims and legal proceeding s 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, th e likelihood that the ultimate disposition of any of these claims and legal proceeding s will have a material adverse effect on our consolidated financial statements is remote . Weatherford Claim. In addition to PVF, our Canad ian subsidiary, Midfield Supply (“Midfield”), now known as MRC Global (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. I n 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. A subsidiary of Halliburton Company purchased Europump in 2014. 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 2016. In April 2016, the court dismissed two suppliers from the case. Weatherford has appealed this dismissal. The case is scheduled for trial in January 2017.  While the Company believes Weatherford’s claims are without merit and we intend to defend against them vigorously, in November 2015, the Company filed with the Court a formal offer of settlement for $2 million plus one half of the Weatherford party’s costs and interest under the Judgment Interest A ct and reserved $ 3  million for the offer. Weatherford declined to accept the offer.  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 ha v e 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 Prese17

Background and Basis of Presentation (Policy)	6 Months Ended
	Jun. 30, 2016
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 and petrochemical processing) sectors. We have branches in principal industrial, hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia , Australasia , the Middle East and Caspian . 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 six months ended June 30, 2016 are not necessarily indicative of the results that will be realized for the fiscal year ending December 31, 2016 . We have derived our condensed consolidated balance sheet as of December 31, 2015 from the audited consolidated financial statements for the year ended December 31, 2015 . You should read these condensed consolidated financial statements in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2015 .  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.
Reclassifications	Reclassifications : Certain prior-period amounts have been reclassified to conform to the current year presentation, which includes the adoption of Accounting Standards Update (“ASU”) 2015-03 Interest-Imputation of Interest (Subtopic 855-30): Simplifying the Presentation of Debt Issuance Costs .
Recent Accounting Pronouncements	Recent Accounting Pronouncements : In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides comprehensive guidance on the recognition of revenue from customers arising from the transfer of goods and services. The ASU also provides guidance on accounting for certain contract costs and requires new disclosures. The FASB voted to defer the effective date of ASU 2014-09 by one year to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. We are currently evaluating the effect of the adoption of ASU 2014-09 on our consolidated financial statements and the implementation approach to be used.  In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory . ASU 2015-11 provides guidance on simplifying the measurement of inventory. The current standard is to measure inventory at lower of cost or market; where market could be replacement cost, net realizable value or net realizable value less an approximately normal profit margin. ASU 2015-11 updates this guidance to measure inventory at the lower of cost or net realizable value; where net realizable value is considered to be the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal and transportation. We expect to adopt this guidance in 2017. This amendment is not expected to have a material impact on the Company's financial position, results of operation or cash flows. In February 2016, the FASB issued ASU 2016-02, Leases, which will replace the existing guidance in ASC 870, Leases. This ASU requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2018. We are beginning to evaluate the effect of the adoption of ASU 2016-02 on our consolidated financial results.  In Ma rch 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation , which simplifies the accounting for the taxes related to stock based compensation. Under the standard, excess tax benefits and certain tax deficiencies will no longer be recorded in additional paid-in capital (“APIC”), and APIC pools will be eliminated. Instead, all excess tax benefits and tax deficiencies will be recorded as income tax expense or benefit in the income statement. In addition, excess tax benefits are required to be presented as operating activities rather than financing activities in the statement of cash flows. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2016 . This amendment is not expected to have a material impact on the Company's financial position, results of operation s or cash flows.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2016
Inventories [Abstract]
Composition of Inventory	  June 30, December 31,  2016 2015  Finished goods inventory at average cost:  Energy carbon steel tubular products $ 165 $ 253  Valves, valve actuation and instrumentation 246 273  All other products 388 374  799 900  Less: Excess of average cost over LIFO cost (LIFO reserve) (77) (89)  Less: Other inventory reserves (33) (30)  $ 689 $ 781 

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Long-Term Debt [Abstract]
Components of Long-Term Debt	  June 30, December 31,  2016 2015  Senior Secured Term Loan B, net of discount and issuance costs of $6 and $7 , respectively $ 516 $ 519  Global ABL Facility - -  516 519  Less: Current portion 8 8  $ 508 $ 511 

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity [Abstract]
Summary of Share Repurchase Activity	  Summary of share repurchase activity under the repurchase program:   Three Months Ended Six Months Ended  June 30, June 30, June 30, June 30,  2016 2015 2016 2015  Number of shares acquired on the open market 2,399,400 - 5,278,274 -  Average price per share $ 13.82 $ - $ 13.59 $ -  Total cost of acquired shares (in millions) $ 33 $ - $ 71 $ - 
Accumulated Other Comprehensive Loss in Accompanying Consolidated Balance Sheets	   June 30, December 31,  2016 2015   Currency translation adjustments $ (219) $ (231)  Pension related adjustments (1) (1)  Accumulated other comprehensive loss $ (220) $ (232) 
Earnings Per Share	   Three Months Ended Six Months Ended  June 30, June 30, June 30, June 30,  2016 2015 2016 2015    Net (loss) income $ (17) $ 16 $ (25) $ 45  Less: Dividends on Series A Preferred Stock 6 1 12 1  Net (loss) income attributable to common stockholders $ (23) $ 15 $ (37) $ 44   Weighted average basic shares outstanding 97.7 102.2 99.2 102.1  Effect of dilutive securities - 0.6 - 0.5  Weighted average diluted shares outstanding 97.7 102.8 99.2 102.6   Net (loss) income per share:  Basic $ (0.24) $ 0.15 $ (0.37) $ 0.43  Diluted $ (0.24) $ 0.15 $ (0.37) $ 0.43 

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Information [Abstract]
Schedule of Financial Information for Each Segment	  Three Months Ended Six Months Ended  June 30, June 30, June 30, June 30,  2016 2015 2016 2015  Sales  U.S. $ 551 $ 956 $ 1,157 $ 1,928  Canada 54 78 118 197  International 141 164 254 365  Sales $ 746 $ 1,198 $ 1,529 $ 2,490   Operating (loss) income  U.S. $ (2) $ 49 $ 2 $ 101  Canada (2) 2 (3) 8  International (6) (4) (13) (1)  Operating (loss) income (10) 47 (14) $ 108   Interest expense (9) (13) (17) (28)  Other, net - (5) (1) (9)  (Loss) i ncome before income taxes $ (19) $ 29 $ (32) $ 71    June 30, December 31,  2016 2015  Total assets  U.S. $ 2,011 $ 2,135  Canada 145 142  International 231 220  Total assets $ 2,387 $ 2,497 
Schedule of Net Sales by Product Line	  Three Months Ended Six Months Ended  June 30, June 30, June 30, June 30,  Type 2016 2015 2016 2015  Energy carbon steel tubular products:  Line pipe (1) $ 96 $ 242 $ 228 $ 508  Oil country tubular goods (OCTG) - 78 - 184  $ 96 $ 320 $ 228 $ 692    Valves, fittings, flanges and other products:  Valves, valve actuation and instrumentation $ 299 $ 396 $ 598 $ 807  Fittings, flanges and stainless steel and alloy pipe 163 250 331 519  Gas products 108 121 208 237  Other 80 111 164 235  $ 650 $ 878 $ 1,301 $ 1,798  As a result of the disposition of our U.S. OCTG product line, as described in Note 5 , pre-disposition OCTG sales of $18 million have been included within line pipe sales for the six months ended June 30, 2016 .

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Finished goods inventory at average cost:
Finished goods inventory at average cost	$ 799		$ 799		$ 900
Less: Excess of average cost over LIFO cost (LIFO reserve)	(77)		(77)		(89)
Less: Other inventory reserves	(33)		(33)		(30)
Inventories, net	689		689		781
Effect of LIFO decrement on cost of sales	(2)	$ 4	(3)	$ 4
Energy carbon steel tubular products [Member]
Finished goods inventory at average cost:
Finished goods inventory at average cost	165		165		253
Valves, Valve Actuation And Instrumentation [Member]
Finished goods inventory at average cost:
Finished goods inventory at average cost	246		246		273
All Other Products [Member]
Finished goods inventory at average cost:
Finished goods inventory at average cost	$ 388		$ 388		$ 374

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Proceeds from revolving credit facilities	$ 27	$ 412
Reclassified debt issuance costs			$ 5
Long-term debt	$ 516		519
Scenario, Previously Reported [Member]
Debt Instrument [Line Items]
Long-term debt			524
Revolving credit facility [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Jul. 31, 2019
Credit facility, maximum borrowing capacity	$ 1,050
Proceeds from revolving credit facilities	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	20
Revolving credit facility [Member] | United Kingdom [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	5
Revolving credit facility [Member] | Australia [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	10
Revolving credit facility [Member] | Netherlands [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	4
Revolving credit facility [Member] | Belgium [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	4
Revolving credit facility [Member] | Norway [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	30
Global ABL Facility [Member]
Debt Instrument [Line Items]
Credit facility, remaining borrowing capacity	478
Debt issuance costs	7		$ 8
Senior Secured Term Loan B [Member]
Debt Instrument [Line Items]
New Term Loan	$ 794
Debt maturity period	7 years
Term loan annual amortization percentage	1.00%
Debt instrument, maturity date	Nov. 30, 2019
Term Loan accordion feature	$ 200
Percentage of capital stock in foreign subsidiaries securing Term Loan B	65.00%
Debt instrument, interest rate	5.41%		4.98%
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	2.50
Repayment of Term Loan, percentage	0.00%
Senior Secured Term Loan B [Member] | Maximum [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio	3.50
Repayment of Term Loan, percentage	50.00%

Long-Term Debt (Components of L

Long-Term Debt (Components of Long-Term Debt) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term debt	$ 516	$ 519
Less: Current portion	8	8
Long-term debt, net	508	511
Senior secured term loan [Member]
Debt Instrument [Line Items]
Long-term debt	516	519
Original issue discount on senior secured Term Loan B	$ 6	$ 7

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2016
Operating Loss Carryforwards [Line Items]
Effective tax rate	11.00%	45.00%	22.00%	37.00%
Forecast [Member]
Operating Loss Carryforwards [Line Items]
Effective tax rate					22.00%

Disposition Of Non-Core Produ26

Disposition Of Non-Core Product Line (Details) - Disposal Group, Not Discontinued Operations [Member] - U.S. Oil Country Tubular Goods [Member] - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2015	Feb. 29, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposition of product line		$ 48
Inventory	$ 50
Loss on disposition	$ 5

Redeemable Preferred Stock (Det

Redeemable Preferred Stock (Details) $ / shares in Units, $ in Millions	1 Months Ended
	Jun. 30, 2015USD ($)$ / sharesshares
Stockholders' Equity [Abstract]
Preferred stock, issued | shares	363,000
Gross proceeds from issuance of Series A Preferred Stock | $	$ 363
Preferred stock, stated value | $ / shares	$ 1,000
Preferred stock, dividend rate	6.50%
Preferred stock, initial conversion rate | shares	55.9284
Preferred stock, initial conversion price | $ / shares	$ 17.88
Preferred stock, common stock as percentage of conversion price	150.00%

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended		9 Months Ended	66 Months Ended
	Feb. 29, 2016	Apr. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2016	Nov. 30, 2015
Stockholders Equity [Line Items]
Share repurchase program, total shares acquired							6,094,663
Share repurchase program, cost of total shares acquired							$ 83,000,000
Common stock, shares outstanding			96,394,086		96,394,086		96,394,086	96,394,086
2015 Share Repurchase Program [Member]
Stockholders Equity [Line Items]
Share repurchase program, authorized amount									$ 100,000,000
Share repurchase program, expiration date					Dec. 31, 2017
2011 Omnibus Incentive Plan [Member]
Stockholders Equity [Line Items]
Shares reserved for Incentive Plan			3,250,000		3,250,000		3,250,000	3,250,000
Additional shares reserved for Incentive Plan		4,250,000
Stock granted								5,084,734
Director [Member] | 2011 Omnibus Incentive Plan [Member]
Stockholders Equity [Line Items]
Vesting period					1 year
Minimum [Member] | 2011 Omnibus Incentive Plan [Member]
Stockholders Equity [Line Items]
Vesting period					3 years
Maximum [Member] | 2011 Omnibus Incentive Plan [Member]
Stockholders Equity [Line Items]
Vesting period					5 years
Stock Options [Member]
Stockholders Equity [Line Items]
Anti-dilutive securities			3,700,000	3,900,000	3,700,000	3,900,000
Stock Options [Member] | 2011 Omnibus Incentive Plan [Member]
Stockholders Equity [Line Items]
Maximum term for stock option plan grant					10 years
Restricted Stock [Member] | 2011 Omnibus Incentive Plan [Member]
Stockholders Equity [Line Items]
Stock granted	16,789		86,912
Performance Shares [Member] | 2011 Omnibus Incentive Plan [Member]
Stockholders Equity [Line Items]
Stock granted	334,900		10,022
Restricted Stock Units (RSUs) [Member] | 2011 Omnibus Incentive Plan [Member]
Stockholders Equity [Line Items]
Stock granted	1,149,039
Restricted Stock, Restricted Unites And Performance Stock Units [Member]
Stockholders Equity [Line Items]
Anti-dilutive securities			800,000	0	700,000	0

Stockholders' Equity (Summary o

Stockholders' Equity (Summary of Share Repurchase Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Equity, Class of Treasury Stock [Line Items]
Total cost of acquired shares			$ 71
2015 Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares acquired on the open market	2,399,400		5,278,274
Average price per share	$ 13.82		$ 13.59
Total cost of acquired shares	$ 33		$ 71

Stockholders' Equity (Accumulat

Stockholders' Equity (Accumulated Other Comprehensive Loss in Accompanying Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Stockholders' Equity [Abstract]
Currency translation adjustments	$ (219)	$ (231)
Pension related adjustments	(1)	(1)
Accumulated other comprehensive loss	$ (220)	$ (232)

Stockholders' Equity (Earnings

Stockholders' Equity (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Stockholders' Equity [Abstract]
Net (loss) income	$ (17)	$ 16	$ (25)	$ 45
Less: Dividends on Series A Preferred Stock	6	1	12	1
Net (loss) income attributable to common stockholders	$ (23)	$ 15	$ (37)	$ 44
Weighted average basic shares outstanding	97.7	102.2	99.2	102.1
Effect of dilutive securities		0.6		0.5
Weighted average diluted shares outstanding	97.7	102.8	99.2	102.6
Net (loss) income per share:
Basic	$ (0.24)	$ 0.15	$ (0.37)	$ 0.43
Diluted	$ (0.24)	$ 0.15	$ (0.37)	$ 0.43

Segment Information (Narrative)

Segment Information (Narrative) (Details)	6 Months Ended
	Jun. 30, 2016segment
U.S., Canada And International [Member]
Segment Information [Line Items]
Number of operating segments	4
U.S. [Member]
Segment Information [Line Items]
Number of operating segments	2
Number of Reportable Segments	1

Segment Information (Schedule o

Segment Information (Schedule of Financial Information for Each Segment) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Sales
Sales	$ 746	$ 1,198	$ 1,529	$ 2,490
Operating (loss) income
Operating (loss) income	(10)	47	(14)	108
Interest expense	(9)	(13)	(17)	(28)
Other, net		(5)	(1)	(9)
Income (loss) before income taxes	(19)	29	(32)	71
Total assets
Total assets	2,387		2,387		$ 2,497
U.S. [Member]
Sales
Sales	551	956	1,157	1,928
Operating (loss) income
Operating (loss) income	(2)	49	2	101
Total assets
Total assets	2,011		2,011		2,135
Canada [Member]
Sales
Sales	54	78	118	197
Operating (loss) income
Operating (loss) income	(2)	2	(3)	8
Total assets
Total assets	145		145		142
International [Member]
Sales
Sales	141	164	254	365
Operating (loss) income
Operating (loss) income	(6)	$ (4)	(13)	$ (1)
Total assets
Total assets	$ 231		$ 231		$ 220

Segment Information (Schedule34

Segment Information (Schedule of Net Sales by Product Line) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Energy carbon steel tubular products [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	$ 96	$ 320	$ 228	$ 692
Energy carbon steel tubular products [Member] | Line pipe [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	96	242	228	508
Energy carbon steel tubular products [Member] | Oil country tubular goods (OCTG) [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		78		184
Valves, fittings, flanges and all other products [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	650	878	1,301	1,798
Valves, fittings, flanges and all other products [Member] | Valves, Valvue Actuation And Instrumentation [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	299	396	598	807
Valves, fittings, flanges and all other products [Member] | Fittings, Flanges And Stainless Steel And Alloy Pipe [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	163	250	331	519
Valves, fittings, flanges and all other products [Member] | Gas Products [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	108	121	208	237
Valves, fittings, flanges and all other products [Member] | Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	$ 80	$ 111	164	$ 235
U.S. Oil Country Tubular Goods [Member] | Disposal Group, Not Discontinued Operations [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Pre-disposition sales			$ 18

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Long-term Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of debt	$ 516	$ 519
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	507	510
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 and options	36	41
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	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	1 Months Ended
	Apr. 30, 2016item	Nov. 30, 2015USD ($)	Jun. 30, 2016claimlawsuit
Commitments and Contingencies [Abstract]
Number of lawsuits | lawsuit			497
Asbestos related pending claims | claim			1,121
Suppliers dismissed from case | item	2
Settlement offer		$ 2
Litigation reserve		$ 3