MRC Global (MRC) 10-Q 4 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 28, 2016
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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		95,298,276
Restricted Stock [Member]
Entity Common Stock, Shares Outstanding		554,594

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash	$ 213	$ 69
Accounts receivable, net	448	533
Inventories, net	581	781
Other current assets	26	22
Total current assets	1,268	1,405
Other assets	22	22
Property, plant and equipment, net	135	127
Intangible assets:
Goodwill, net	485	484
Other intangible assets, net	425	459
Total assets	2,335	2,497
Current liabilities:
Trade accounts payable	344	327
Accrued expenses and other current liabilities	99	110
Current portion of long term debt	8	8
Total current liabilities	451	445
Long-term obligations:
Long-term debt, net	507	511
Deferred income taxes	197	208
Other liabilities	20	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, 102,513,201 and 102,202,599 issued, respectively	1	1
Additional paid-in capital	1,674	1,666
Retained deficit	(550)	(467)
Less: Treasury stock at cost: 7,215,774 and 816,389 shares, respectively	(100)	(12)
Accumulated other comprehensive loss	(220)	(232)
Total stockholders' equity	805	956
Total liabilities and stockholders' equity	$ 2,335	$ 2,497

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 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	102,513,201	102,202,599
Treasury stock, shares	7,215,774	816,389

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Condensed Consolidated Statements of Operations [Abstract]
Sales	$ 793	$ 1,071	$ 2,322	$ 3,562
Cost of sales	705	886	1,976	2,951
Gross profit	88	185	346	611
Selling, general and administrative expenses	124	142	396	460
Operating (loss) income	(36)	43	(50)	151
Other expense:
Interest expense	(9)	(10)	(26)	(38)
Other, net	3	3	2	(6)
(Loss) income before income taxes	(42)	36	(74)	107
Income tax (benefit) expense	(2)	20	(9)	46
Net (loss) income	(40)	16	(65)	61
Series A preferred stock dividends	6	6	18	7
Net (loss) income attributable to common stockholders	$ (46)	$ 10	$ (83)	$ 54
Basic (loss) earnings per common share	$ (0.48)	$ 0.10	$ (0.85)	$ 0.53
Diluted (loss) earnings per common share	$ (0.48)	$ 0.10	$ (0.85)	$ 0.53
Weighted-average common shares, basic	95.9	102.2	98.1	102.1
Weighted-average common shares, diluted	95.9	102.5	98.1	102.4

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Other Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Condensed Consolidated Statements of Other Comprehensive Income [Abstract]
Net (loss) income	$ (40)	$ 16	$ (65)	$ 61
Other comprehensive (loss) income
Foreign currency translation adjustments		(44)	12	(85)
Comprehensive loss	$ (40)	$ (28)	$ (53)	$ (24)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating activities
Net (loss) income	$ (65)	$ 61
Adjustments to reconcile net (loss) income to net cash provided by operations:
Depreciation and amortization	16	15
Amortization of intangibles	35	46
Equity-based compensation expense	9	8
Deferred income tax benefit	(12)	(17)
Amortization of debt issuance costs	3	3
Write off of debt issuance costs		3
Decrease in LIFO reserve	(7)	(30)
Inventory-related charges	45
Provision for uncollectible accounts	2	2
Foreign currency losses	1	4
Other non-cash items	2
Changes in operating assets and liabilities:
Accounts receivable	88	283
Inventories	119	289
Other current assets	1	(3)
Income taxes payable	(2)	(5)
Accounts payable	11	(136)
Accrued expenses and other current liabilities	(16)	(42)
Net cash provided by operations	230	481
Investing activities
Purchases of property, plant and equipment	(24)	(24)
Proceeds from the disposition of property, plant and equipment	1	1
Proceeds from the disposition of non-core product line	48
Other investing activities		(4)
Net cash provided by (used in) investing activities	25	(27)
Financing activities
Payments on revolving credit facilities	(32)	(1,102)
Proceeds from revolving credit facilities	32	567
Payments on long term obligations	(6)	(256)
Proceeds from issuance of preferred stock, net of issuance costs		355
Purchase of common stock	(88)
Dividends paid on preferred stock	(18)	(4)
Debt issuance costs paid		(1)
Net cash used in financing activities	(112)	(441)
Increase in cash	143	13
Effect of foreign exchange rate on cash	1	(5)
Cash -- beginning of period	69	25
Cash -- end of period	213	33
Supplemental disclosures of cash flow information:
Cash paid for interest	23	35
Cash paid for income taxes	$ 8	$ 70

Background and Basis of Present

Background and Basis of Presentation	9 Months Ended
	Sep. 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 nine months ended September 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 s 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 in the process of evaluating 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	9 Months Ended
	Sep. 30, 2016
Inventories [Abstract]
Inventories	NOTE 2 – INVENTORIES  The com position of our inventory is as follows (in millions ) :   September 30, December 31,  2016 2015  Finished goods inventory at average cost:  Energy carbon steel tubular products $ 142 $ 253  Valves, valve actuation and instrumentation 236 273  All other products 342 374  720 900  Less: Excess of average cost over LIFO cost (LIFO reserve) (74) (89)  Less: Other inventory reserves (65) (30)  $ 581 $ 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 nine months ended September 30, 2016 , the effec t of this LIFO decrement decreased cost of sales by approximately $8 million and $11 million, respectively . For the three and nine months ended September 30, 2015 , the effect of this LIFO decrement increased cost of sales by approximately $ 4 millio n and $8 million, respectively. In the third quarter of 2016, we incurred inventory-related charges totaling $45 million. These charges reflect adjustments necessary to reduce the carrying value of certain products determined to be excess or obsolete to their estimated net realizable value based on our current market outlook for certain products. This amount includes $24 million in the International segment primarily related to a restructuring of our Australian business and market conditions in Iraq. Reserves for excess and obsolete inventory were increased in the U.S. and Canada by $16 million and $5 million, respectively.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 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 ):    September 30, December 31,  2016 2015  Senior Secured Term Loan B, net of discount and issuance costs of $6 and $7 , respectively $ 515 $ 519  Global ABL Facility - -  515 519  Less: Current portion 8 8  $ 507 $ 511 Senior Secured Term Loan B : W e 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, 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 and debt issuance costs, was 5.41 % as of September 30, 2016 and 4.98% at December 31, 2015 . On November 2, 2016, the company provided notice of intent to voluntarily repay $100 million of the Term Loan with available cash on hand and expects to make the voluntary repayment on November 7, 2016.  Global ABL Facility : We have a $1. 0 5 b illion 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 m illion in Norway, $ 2 0 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 $ 475 million as of September 30, 2016 . Debt Issuance 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 milli on as of September 30, 2016 and December 31, 2015, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 were 5% and 12% , respectively. The effective tax rates for the three and nine months ended September 30, 2015 were 56% and 43% , 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 12% 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 millio n, which was increased in November 2016 to $125 million. The program is scheduled to expire on 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 Nine Months Ended  September 30, September 30, September 30, September 30,  2016 2015 2016 2015  Number of shares acquired on the open market 1,121,111 - 6,399,385 -  Average price per share $ 14.92 $ - $ 13.82 $ -  Total cost of acquired shares (in millions) $ 17 $ - $ 88 $ -  In total, we have acquired 7,215,774 shares under this program at a total cost of $100 million. There were 95,297,427 shares of common stock outstanding as of September 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, restricted 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 201 6 , 103,701 shares of restricted stock, 344,9 22 performance share unit awards and 1,151, 340 restricted stock units have been granted to employees . To date , before consideration of forfeitures , 5,08 7,035 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):    September 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 Nine Months Ended  September 30, September 30, September 30, September 30,  2016 2015 2016 2015    Net (loss) income $ (40) $ 16 $ (65) $ 61  Less: Dividends on Series A Preferred Stock 6 6 18 7  Net (loss) income attributable to common stockholders $ (46) $ 10 $ (83) $ 54   Weighted average basic shares outstanding 95.9 102.2 98.1 102.1  Effect of dilutive securities - 0.3 - 0.3  Weighted average diluted shares outstanding 95.9 102.5 98.1 102.4   Net (loss) income per share:  Basic $ (0.48) $ 0.10 $ (0.85) $ 0.53  Diluted $ (0.48) $ 0.10 $ (0.85) $ 0.53  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 nine months ended September 30, 2016 , all of the shares of the Preferred Stock were anti-dilutive. For the three and nine months ended September 30, 2016 , we had approximately 3.7 million and 3.6 million anti-dilutive stock options, respectively. For the three and nine months ended September 30, 201 5, we had approximately 3.8 million anti-dilutive stock options. T here w ere 1.0 mi llion and no anti-dilutive restricted stock , restricted units or performance stock unit awards for the three months ended September 30, 2016 and 2015 , respec tively . T here w ere 0.8 mi llion and no anti-dilutive restricted stock , restricted units or performance stock unit awards for the nine months ended September 30, 2016 and 2015 , respectively . 

Segment Information

Segment Information	9 Months Ended
	Sep. 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, as of April 1, 2016, 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 Nine Months Ended  September 30, September 30, September 30, September 30,  2016 2015 2016 2015  Sales  U.S. $ 590 $ 866 $ 1,747 $ 2,794  Canada 70 69 188 266  International 133 136 387 502  Sales $ 793 $ 1,071 $ 2,322 $ 3,562   Operating (loss) income  U.S. $ (4) $ 46 $ (2) $ 147  Canada (4) 1 (7) 9  International (28) (4) (41) (5)  Operating (loss) income (36) 43 (50) $ 151   Interest expense (9) (10) (26) (38)  Other, net 3 3 2 (6)  (Loss) income before income taxes $ (42) $ 36 $ (74) $ 107   Included in the operating results for the three and nine months ended September 30, 2016 are inventory-related charges of $45 million including $16 million, $5 million and $24 million in the U.S., Canada, and International segments, respectively.    September 30, December 31,  2016 2015  Total assets  U.S. $ 2,011 $ 2,135  Canada 142 142  International 182 220  Total assets $ 2,335 $ 2,497  Our sales by product line are as follows (in millions ):    Three Months Ended Nine Months Ended  September 30, September 30, September 30, September 30,  Type 2016 2015 2016 2015  Energy carbon steel tubular products:  Line pipe (1) $ 117 $ 195 $ 345 $ 702  Oil country tubular goods (OCTG) - 64 - 249  $ 117 $ 259 $ 345 $ 951    Valves, fittings, flanges and other products:  Valves, valve actuation and instrumentation $ 296 $ 360 $ 894 $ 1,167  Fittings, flanges and stainless steel and alloy pipe 177 222 508 741  Gas products 124 126 332 363  Other 79 104 243 340  $ 676 $ 812 $ 1,977 $ 2,611  (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 nine months ended September 30, 2016 . 

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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 September 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 $40 million and $41 million at September 30, 2016 and December 31, 2015 , respectively. We had approximate ly $0 million recorded as liabilities on our consolidated balance sheets as of September 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 $515 million and $519 m il lion at September 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 $513 million and $510 million at September 30, 2016 and December 31, 2015 , re spectively. 

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 30, 2016 , we are named a defendant in approximately 512 l awsuits involving approximately 1,132 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 March 2018 .  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 . 

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 2016
Restructuring [Abstract]
Restructuring	NOTE 11 – RESTRUCTURING In August 2016, we announced a plan to restructure and downsize our Australian operations in response to the continued downturn in the oil and gas and mining industries in the region. As a result of this plan, we originally expected to incur pre-tax charges of $18 million to $24 million, including cash expenditures of $11 million to $14 million. Components of these costs included $7 million to $10 million in inventory-related charges, $6 million to $7 million in lease termination costs, $3 million to $4 million for facilities relocations, and $2 million to $3 million for employee severance. In the third quarter of 2016, we recorded $10 million of charges associated with this plan, including $9 million of inventory-related charges and $1 million of employee severance. In the statement of operations, inventory-related charges are reflected in cost of sales while all other costs are reflected in selling, general and administrative expenses. We expect to incur an additional $8 million to $10 million of charges in the fourth quarter. The plan is expected to be completed by the first quarter of 2017.

Background and Basis of Prese18

Background and Basis of Presentation (Policy)	9 Months Ended
	Sep. 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 nine months ended September 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 s 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 in the process of evaluating 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.  In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. This standard is effective for fiscal years beginning after December 15, 2017.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2016
Inventories [Abstract]
Composition of Inventory	  September 30, December 31,  2016 2015  Finished goods inventory at average cost:  Energy carbon steel tubular products $ 142 $ 253  Valves, valve actuation and instrumentation 236 273  All other products 342 374  720 900  Less: Excess of average cost over LIFO cost (LIFO reserve) (74) (89)  Less: Other inventory reserves (65) (30)  $ 581 $ 781 

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Long-Term Debt [Abstract]
Components of Long-Term Debt	  September 30, December 31,  2016 2015  Senior Secured Term Loan B, net of discount and issuance costs of $6 and $7 , respectively $ 515 $ 519  Global ABL Facility - -  515 519  Less: Current portion 8 8  $ 507 $ 511 

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity [Abstract]
Summary of Share Repurchase Activity	  Summary of share repurchase activity under the repurchase program:   Three Months Ended Nine Months Ended  September 30, September 30, September 30, September 30,  2016 2015 2016 2015  Number of shares acquired on the open market 1,121,111 - 6,399,385 -  Average price per share $ 14.92 $ - $ 13.82 $ -  Total cost of acquired shares (in millions) $ 17 $ - $ 88 $ - 
Accumulated Other Comprehensive Loss in Accompanying Consolidated Balance Sheets	   September 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 Nine Months Ended  September 30, September 30, September 30, September 30,  2016 2015 2016 2015    Net (loss) income $ (40) $ 16 $ (65) $ 61  Less: Dividends on Series A Preferred Stock 6 6 18 7  Net (loss) income attributable to common stockholders $ (46) $ 10 $ (83) $ 54   Weighted average basic shares outstanding 95.9 102.2 98.1 102.1  Effect of dilutive securities - 0.3 - 0.3  Weighted average diluted shares outstanding 95.9 102.5 98.1 102.4   Net (loss) income per share:  Basic $ (0.48) $ 0.10 $ (0.85) $ 0.53  Diluted $ (0.48) $ 0.10 $ (0.85) $ 0.53 

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Information [Abstract]
Schedule of Financial Information for Each Segment	   Three Months Ended Nine Months Ended  September 30, September 30, September 30, September 30,  2016 2015 2016 2015 Sales U.S. $ 590 $ 866 $ 1,747 $ 2,794 Canada 70 69 188 266 International 133 136 387 502 Sales $ 793 $ 1,071 $ 2,322 $ 3,562  Operating (loss) income U.S. $ (4) $ 46 $ (2) $ 147 Canada (4) 1 (7) 9 International (28) (4) (41) (5) Operating (loss) income (36) 43 (50) $ 151  Interest expense (9) (10) (26) (38) Other, net 3 3 2 (6) (Loss) income before income taxes $ (42) $ 36 $ (74) $ 107       September 30, December 31,  2016 2015 Total assets U.S. $ 2,011 $ 2,135 Canada 142 142 International 182 220 Total assets $ 2,335 $ 2,497 
Schedule of Net Sales by Product Line	  Three Months Ended Nine Months Ended  September 30, September 30, September 30, September 30,  Type 2016 2015 2016 2015  Energy carbon steel tubular products:  Line pipe (1) $ 117 $ 195 $ 345 $ 702  Oil country tubular goods (OCTG) - 64 - 249  $ 117 $ 259 $ 345 $ 951    Valves, fittings, flanges and other products:  Valves, valve actuation and instrumentation $ 296 $ 360 $ 894 $ 1,167  Fittings, flanges and stainless steel and alloy pipe 177 222 508 741  Gas products 124 126 332 363  Other 79 104 243 340  $ 676 $ 812 $ 1,977 $ 2,611  (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 nine months ended September 30, 2016 .

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Public Utilities Inventory [Line Items]
Effect of LIFO decrement on cost of sales	$ (8)	$ 4	$ (11)	$ 8
Inventory-related charges	45		45
International [Member]
Public Utilities Inventory [Line Items]
Inventory-related charges	24		24
U.S. [Member]
Public Utilities Inventory [Line Items]
Inventory-related charges	16		16
Canada [Member]
Public Utilities Inventory [Line Items]
Inventory-related charges	$ 5		$ 5

Inventories (Composition of Inv

Inventories (Composition of Inventory) (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Finished goods inventory at average cost:
Finished goods inventory at average cost	$ 720	$ 900
Less: Excess of average cost over LIFO cost (LIFO reserve)	(74)	(89)
Less: Other inventory reserves	(65)	(30)
Inventories, net	581	781
Energy carbon steel tubular products [Member]
Finished goods inventory at average cost:
Finished goods inventory at average cost	142	253
Valves, Valve Actuation And Instrumentation [Member]
Finished goods inventory at average cost:
Finished goods inventory at average cost	236	273
All Other Products [Member]
Finished goods inventory at average cost:
Finished goods inventory at average cost	$ 342	$ 374

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions	Nov. 07, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Proceeds from revolving credit facilities		$ 32	$ 567
Reclassified debt issuance costs				$ 5
Long-term debt		$ 515		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		475
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] | Forecast [Member]
Debt Instrument [Line Items]
Repayments of term loan	$ 100
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	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term debt	$ 515	$ 519
Less: Current portion	8	8
Long-term debt, net	507	511
Senior secured term loan [Member]
Debt Instrument [Line Items]
Long-term debt	515	519
Original issue discount on senior secured Term Loan B	$ 6	$ 7

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2016
Operating Loss Carryforwards [Line Items]
Effective tax rate	5.00%	56.00%	12.00%	43.00%
Forecast [Member]
Operating Loss Carryforwards [Line Items]
Effective tax rate					12.00%

Disposition Of Non-Core Produ28

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		9 Months Ended		12 Months Ended	69 Months Ended
	Apr. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2016	Nov. 30, 2016	Nov. 30, 2015
Stockholders Equity [Line Items]
Share repurchase program, total shares acquired						7,215,774
Share repurchase program, cost of total shares acquired						$ 100,000,000
Common stock, shares outstanding		95,297,427		95,297,427		95,297,427	95,297,427
2015 Share Repurchase Program [Member]
Stockholders Equity [Line Items]
Share repurchase program, authorized amount									$ 100,000,000
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							5,087,035
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	3,800,000	3,600,000	3,800,000
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				103,701
Performance Shares [Member] | 2011 Omnibus Incentive Plan [Member]
Stockholders Equity [Line Items]
Stock granted				344,922
Restricted Stock Units (RSUs) [Member] | 2011 Omnibus Incentive Plan [Member]
Stockholders Equity [Line Items]
Stock granted				1,151,340
Restricted Stock, Restricted Unites And Performance Stock Units [Member]
Stockholders Equity [Line Items]
Anti-dilutive securities		1,000,000	0	800,000	0
Forecast [Member] | 2015 Share Repurchase Program [Member]
Stockholders Equity [Line Items]
Share repurchase program, authorized amount								$ 125,000,000

Stockholders' Equity (Summary o

Stockholders' Equity (Summary of Share Repurchase Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Equity, Class of Treasury Stock [Line Items]
Total cost of acquired shares			$ 88
2015 Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares acquired on the open market	1,121,111		6,399,385
Average price per share	$ 14.92		$ 13.82
Total cost of acquired shares	$ 17		$ 88

Stockholders' Equity (Accumulat

Stockholders' Equity (Accumulated Other Comprehensive Loss in Accompanying Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	Sep. 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Stockholders' Equity [Abstract]
Net (loss) income	$ (40)	$ 16	$ (65)	$ 61
Less: Dividends on Series A Preferred Stock	6	6	18	7
Net (loss) income attributable to common stockholders	$ (46)	$ 10	$ (83)	$ 54
Weighted average basic shares outstanding	95.9	102.2	98.1	102.1
Effect of dilutive securities		0.3		0.3
Weighted average diluted shares outstanding	95.9	102.5	98.1	102.4
Net (loss) income per share:
Basic	$ (0.48)	$ 0.10	$ (0.85)	$ 0.53
Diluted	$ (0.48)	$ 0.10	$ (0.85)	$ 0.53

Segment Information (Narrative)

Segment Information (Narrative) (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2016USD ($)segment
Segment Information [Line Items]
Inventory-related charges	$ 45	$ 45
U.S., Canada And International [Member]
Segment Information [Line Items]
Number of operating segments | segment		4
U.S. [Member]
Segment Information [Line Items]
Number of operating segments | segment		2
Number of Reportable Segments | segment		1
Inventory-related charges	16	$ 16
Canada [Member]
Segment Information [Line Items]
Inventory-related charges	5	5
International [Member]
Segment Information [Line Items]
Inventory-related charges	$ 24	$ 24

Segment Information (Schedule o

Segment Information (Schedule of Financial Information for Each Segment) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Sales
Sales	$ 793	$ 1,071	$ 2,322	$ 3,562
Operating (loss) income
Operating (loss) income	(36)	43	(50)	151
Interest expense	(9)	(10)	(26)	(38)
Other, net	3	3	2	(6)
(Loss) income before income taxes	(42)	36	(74)	107
Total assets
Total assets	2,335		2,335		$ 2,497
U.S. [Member]
Sales
Sales	590	866	1,747	2,794
Operating (loss) income
Operating (loss) income	(4)	46	(2)	147
Total assets
Total assets	2,011		2,011		2,135
Canada [Member]
Sales
Sales	70	69	188	266
Operating (loss) income
Operating (loss) income	(4)	1	(7)	9
Total assets
Total assets	142		142		142
International [Member]
Sales
Sales	133	136	387	502
Operating (loss) income
Operating (loss) income	(28)	$ (4)	(41)	$ (5)
Total assets
Total assets	$ 182		$ 182		$ 220

Segment Information (Schedule36

Segment Information (Schedule of Net Sales by Product Line) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Energy carbon steel tubular products [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	$ 117	$ 259	$ 345	$ 951
Energy carbon steel tubular products [Member] | Line pipe [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	117	195	345	702
Energy carbon steel tubular products [Member] | Oil country tubular goods (OCTG) [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales		64		249
Valves, fittings, flanges and all other products [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	676	812	1,977	2,611
Valves, fittings, flanges and all other products [Member] | Valves, Valvue Actuation And Instrumentation [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	296	360	894	1,167
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	177	222	508	741
Valves, fittings, flanges and all other products [Member] | Gas Products [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	124	126	332	363
Valves, fittings, flanges and all other products [Member] | Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	$ 79	$ 104	243	$ 340
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	Sep. 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	$ 515	$ 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	513	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	40	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 ($)	Sep. 30, 2016claimlawsuit
Commitments and Contingencies [Abstract]
Number of lawsuits | lawsuit			512
Asbestos related pending claims | claim			1,132
Suppliers dismissed from case | item	2
Settlement offer		$ 2
Litigation reserve		$ 3

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Millions	3 Months Ended		8 Months Ended	9 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Mar. 31, 2017	Sep. 30, 2016
Restructuring Cost and Reserve [Line Items]
Inventory-related charges		$ 45		$ 45
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Pre-tax charges		10
Inventory-related charges		9
Severance		$ 1
Minimum [Member] | Forecast [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Pre-tax charges			$ 18
Cash expenditures			11
Inventory-related charges			7
Lease termination costs			6
Facility relocation costs			3
Severance			2
Additional restructuring charges	$ 8
Maximum [Member] | Forecast [Member] | Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Pre-tax charges			24
Cash expenditures			14
Inventory-related charges			10
Lease termination costs			7
Facility relocation costs			4
Severance			$ 3
Additional restructuring charges	$ 10