MRC Global (MRC) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
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		94,473,416
Restricted Stock [Member]
Entity Common Stock, Shares Outstanding		248,208

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash	$ 93	$ 109
Accounts receivable, net	476	399
Inventories, net	567	561
Other current assets	48	48
Total current assets	1,184	1,117
Other assets	22	19
Property, plant and equipment, net	140	135
Intangible assets:
Goodwill, net	483	482
Other intangible assets, net	400	411
Total assets	2,229	2,164
Current liabilities:
Trade accounts payable	390	314
Accrued expenses and other current liabilities	112	111
Current portion of long term debt	8	8
Total current liabilities	510	433
Long-term obligations:
Long-term debt, net	404	406
Deferred income taxes	184	184
Other liabilities	24	23
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, 102,927,696 and 102,529,637 issued, respectively	1	1
Additional paid-in capital	1,678	1,677
Retained deficit	(574)	(574)
Less: Treasury stock at cost: 8,537,410 and 7,677,580 shares, respectively	(125)	(107)
Accumulated other comprehensive loss	(228)	(234)
Total stockholders' equity	752	763
Total liabilities and stockholders' equity	$ 2,229	$ 2,164

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
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	102,927,696	102,529,637
Treasury stock, shares	8,537,410	7,677,580

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Consolidated Statements of Operations [Abstract]
Sales	$ 862	$ 783
Cost of sales	722	650
Gross profit	140	133
Selling, general and administrative expenses	126	137
Operating income (loss)	14	(4)
Other expense:
Interest expense	(7)	(8)
Other, net		(1)
Income (loss) before income taxes	7	(13)
Income tax expense (benefit)	1	(5)
Net income (loss)	6	(8)
Series A preferred stock dividends	6	6
Net income (loss) attributable to common stockholders		$ (14)
Basic income (loss) per common share		$ (0.14)
Diluted income (loss) per common share		$ (0.14)
Weighted-average common shares, basic	94.8	100.7
Weighted-average common shares, diluted	94.8	100.7

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Other Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Consolidated Statements of Other Comprehensive Income [Abstract]
Net income (loss)	$ 6	$ (8)
Other comprehensive income
Foreign currency translation adjustments	6	16
Comprehensive income	$ 12	$ 8

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net income (loss)	$ 6	$ (8)
Adjustments to reconcile net income (loss) to net cash provided by operations:
Depreciation and amortization	5	5
Amortization of intangibles	11	12
Equity-based compensation expense	4	3
Amortization of debt issuance costs	1
Increase (decrease) in LIFO reserve	1	(3)
Foreign currency losses		1
Other	2	3
Changes in operating assets and liabilities:
Accounts receivable	(75)	67
Inventories	(6)	24
Other current assets	(1)	(6)
Income taxes payable	2	(5)
Accounts payable	74	(22)
Accrued expenses and other current liabilities	(2)	(13)
Net cash provided by operations	22	58
Investing activities
Purchases of property, plant and equipment	(11)	(10)
Proceeds from the disposition of non-core product line		48
Net cash (used in) provided by investing activities	(11)	38
Financing activities
Payments on revolving credit facilities	(14)	(23)
Proceeds from revolving credit facilities	14	23
Payments on long term obligations	(2)	(2)
Purchase of common stock	(18)	(38)
Dividends paid on preferred stock	(6)	(6)
Repurchases of shares to satisfy tax withholdings	(3)
Net cash used in financing activities	(29)	(46)
(Decrease) increase in cash	(18)	50
Effect of foreign exchange rate on cash	2	2
Cash -- beginning of period	109	69
Cash -- end of period	93	121
Supplemental disclosures of cash flow information:
Cash paid for interest	$ 7	8
Cash paid for income taxes		$ 1

Background and Basis of Present

Background and Basis of Presentation	3 Months Ended
	Mar. 31, 2017
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 and general industrials ) 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 sta tements 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 months ended March 31, 2017 are not necessarily indicative of the results that will be realized for the fiscal year ending December 31, 2017 . We have derived our condensed consolidated balance sheet as of December 31, 2016 from the audited consolidated financial statements for the year ended December 31, 2 016 . You should read these condensed consolidated financial statements in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2016 .  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.  Recent Accounting Pronouncements : In May 2014, the Financial Accounting Standards Board (“FASB”) issued a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The Accounting Standards Update (“ASU”) also provides guidance on accounting for certain contract costs and requires new disclosures. During fiscal 2016, the FASB issued additional clarification guidance on the new revenue recognition standard which also included certain scope improvements and practical expedients. The standard (including clarification guidance issued) is effective for fiscal periods beginning after December 15, 2017, which will be the Company’s first quarter of fiscal 2018, and allows for either full retrospective or modified retrospective adoption . For the year ended December 31, 2016, our 25 largest customers represented approximately 52% of our revenue. We expect this group of customers will constitute a similar portion of our revenue in future periods. During the first quarter of 2017, we performed a formal review of contracts with 20 of our largest customers which represented 40% of 2016 revenue. We anticipate completing a formal review with our remaining large customers to evaluate the impact of the new guidance and anticipate completing that review during the second quarter of 2017. The balance of our revenue is derived from thousands of customers with which we generally interact in a transactional relationship where goods are purchased from our branch locations. Based on our analysis to date , we do not expect the guidance to have a material impact on the timing of our revenue recognition. We have determined that we will utilize the modified retrospective transition method. We are still assessing the impact of the standard on our internal control processes and information systems. However, we do not currently believe that significant modifications of our systems will be required.  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 statements .  In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740). The guidance requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than inventory, in the income statement as income tax expense (or benefit) in the period in which the transfer occurs. The effective date will be the first quarter of fiscal year 2018, with early adoption permitted. The changes are required to be applied by means of a cumulative-effect adjustment recorded in retained earnings as of the beginning of the fiscal year of adoption. The Company is currently assessing the impact adoption of this guidance will have on its consolidated financial statements.  In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment . The amendments in ASU 2017-04 eliminate the current two-step approach used to test goodwill for impairment and require an entity to apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. ASU 2017-04 is effective for fiscal years, including interim periods within, beginning after December 15, 2019 (upon the first goodwill impairment test performed during that fiscal year). Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. A reporting entity must apply the amendments in ASU 2017-04 using a prospective approach. The Company does not expect the adoption of ASU 2017-04 to have a material impact to its consolidated financial statements .

Inventories

Inventories	3 Months Ended
	Mar. 31, 2017
Inventories [Abstract]
Inventories	NOTE 2 – INVENTORIES  The com position of our inventory is as follows (in millions ) :   March 31, December 31,  2017 2016  Finished goods inventory at average cost:  Line pipe $ 119 $ 124  Valves, automation, measurement and instrumentation 225 225  All other products 324 313  668 662  Less: Excess of average cost over LIFO cost (LIFO reserve) (68) (67)  Less: Other inventory reserves (33) (34)  $ 567 $ 561 In 2016, we experienced reductions in inventory quantities , 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 (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 months ended March 31, 2016 , the effec t of this LIFO decrement decreased cost of sales by approximately $1 million . We do not anticipate a LIFO decrement in 2017.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2017
Long-Term Debt [Abstract]
Long-Term Debt	 NOTE 3 – LONG-TERM DEBT The components of our long-term debt are as follows (in millions ):    March 31, December 31,  2017 2016  Senior Secured Term Loan B, net of discount and issuance costs of $4 , respectively $ 412 $ 414  Global ABL Facility - -  412 414  Less: current portion 8 8  $ 404 $ 406 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. 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 5.42 % as of March 31, 2017 and 5.51% at December 31, 2016 .  Global ABL Facility : We have a $1.05 b illion multi-currency global asset-based revolving credit facility (the “Global ABL Facility”) that matures in July 2019 . This facility is comprised of $977 million in revolver commitments in the United States, $30 millio n 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 $466 million as of March 31, 2017 .

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Taxes [Abstract]
Income Taxes	NOTE 4 – INCOME TAXES In the first quarter of 2017, we adopted ASU 2016-09, Compensation - Stock Compensation , which simplified the accounting for taxes related to stock based compensation. Under the standard, excess tax benefits and certain tax deficiencies are no longer recorded in additional paid-in capita l (“APIC”), and APIC pools are eliminated. Instead, all excess tax benefits and tax deficiencies are recorded as income tax expense or benefit in the income statement. In addition, excess tax benefits are presented as operating activities rather than financing activities in the statement of cash flows. For the three months ended March 31, 2017, we recorded a tax benefit of $2 million related to the vesting of stock awards. The impacts of this standard are reflected in the consolidated financial statements on a prospective basis. For interim periods, our income tax expense is computed based upon our estimated annual effective tax rate. Our effective tax rates for the three months ended March 31, 2017 and 2016 were 14% and 38% , respectively. The decrease in our 2017 effective tax rate is primarily due to the discrete impact of the implementation of ASU 2016-09.

Redeemable Preferred Stock

Redeemable Preferred Stock	3 Months Ended
	Mar. 31, 2017
Redeemable Preferred Stock [Abstract]
Redeemable Preferred Stock	NOTE 5 – 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	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity [Abstract]
Stockholders' Equity	NOTE 6 – 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  March 31, March 31,  2017 2016  Number of shares acquired on the open market 859,830 2,878,874  Average price per share $ 20.54 $ 13.39  Total cost of acquired shares (in millions) $ 18 $ 38  In total, we have acquired 8,537,410 shares under this program at an average price per share of $14.64 for a total cost of $1 25 million . There were 94,390,286 shares of common stock outstanding as of March 31, 2017 .  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 7 , 164, 098 performance share unit awards and 540, 765 restricted stock units have been granted to employees . To date , before consideration of forfeitures , 5,793 ,172 shares have been granted to management, members of our Board of Directors and key employees under this plan. A Black-Scholes option-pricing model is used to estimate the fair value of the stock options. A Monte Carlo simulation is completed to estimate the fair value of performance share unit awards with a stock price performance component. 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):    March 31, December 31,  2017 2016   Currency translation adjustments $ (227) $ (233)  Pension related adjustments (1) (1)  Accumulated other comprehensive loss $ (228) $ (234) Earnings per Share Earnings per share are calculated in the table below (in millions , except per share amounts).    Three Months Ended  March 31, March 31,  2017 2016    Net income (loss) $ 6 $ (8)  Less: Dividends on Series A Preferred Stock 6 6  Net income (loss) attributable to common stockholders $ - $ (14)   Weighted average basic shares outstanding 94.8 100.7  Effect of dilutive securities - -  Weighted average diluted shares outstanding 94.8 100.7   Net income (loss) per share:  Basic $ - $ (0.14)  Diluted $ - $ (0.14)  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 months ended March 31, 2017 and 2016 , all of the shares of the Preferred Stock were anti-dilutive. For the three months ended March 31, 2017 and 2016 , we had approximately 2.1 million and 3.8 million anti-dilutive stock options , respectively . T here were 1.4 mill ion an d 0.6 million anti- dilutive restricted stock , restricted units or performance stock unit awards for the three months ended March 31, 2017 and 2016, respectively .

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Information [Abstract]
Segment Information	NOTE 7 – SEGMENT INFORMATION Our business is comprised of four operating segments : U.S. Eastern Region and Gulf Coast , U.S. Western Region, 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 and general industrials ) 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.  The following table presents financial information for each reportable segment (in millions):    Three Months Ended  March 31, March 31,  2017 2016  Sales  U.S. $ 666 $ 606  Canada 77 64  International 119 113  Consolidated sales $ 862 $ 783   Operating income (loss)  U.S. $ 11 $ 4  Canada 3 (1)  International - (7)  Total operating income (loss) $ 14 $ (4)   Interest expense (7) (8)  Other, net - (1)  Income (loss) before income taxes $ 7 $ (13)    March 31, December 31,  2017 2016  Total assets  U.S. $ 1,918 $ 1,862  Canada 149 139  International 162 163  Total assets $ 2,229 $ 2,164   Our sales by product line are as follows (in millions ):    Three Months Ended  March 31, March 31,  Type 2017 2016   Valves, automation, measurement and instrumentation $ 322 $ 299  Line pipe (1) 146 132  Gas products 134 101  Carbon steel fittings and flanges 123 120  Stainless steel and alloy pipe and fittings 41 48  Other 96 83  $ 862 $ 783  (1) As a result of the February 2016 disposition of our U.S. OCTG product line , pre-disposition OCTG sales of $18 million have been included within line pipe sales for the three months ended March 31, 201 6 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Measurements [Abstract]
Fair Value Measurements	NOTE 8 – 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 March 31, 2017 , 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 $38 million and $36 million at March 31, 2017 and December 31, 2016 , respectively. We had approximate ly $0 million recorded as liabilities on our consolidated balance sheets as of March 31, 2017 and December 31, 2016 . 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 $412 million and $414 m il lion at March 31, 2017 and December 31, 2016 , 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 $418 million and $417 million at March 31, 2017 and December 31, 2016 , re spectively. 

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies [Abstract]
Commitments and Contingencies	NOTE 9 – 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 March 31, 2017 , we are named a defendant in approximately 515 l awsuits involving approximately 1,135 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 substantially complete . In April 2016, the court dismissed two suppliers from the case. Weatherford appealed this dismissal, but the appellate court ruled in favor of the suppliers. 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 . Weatherford declined to accept the offer. As of March 31, 2017 and December 31, 2016, the Company had recorded a re ser ve of $ 3  million associated with this claim .  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 Prese16

Background and Basis of Presentation (Policy)	3 Months Ended
	Mar. 31, 2017
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 and general industrials ) 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 sta tements 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 months ended March 31, 2017 are not necessarily indicative of the results that will be realized for the fiscal year ending December 31, 2017 . We have derived our condensed consolidated balance sheet as of December 31, 2016 from the audited consolidated financial statements for the year ended December 31, 2 016 . You should read these condensed consolidated financial statements in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2016 .  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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements : In May 2014, the Financial Accounting Standards Board (“FASB”) issued a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The Accounting Standards Update (“ASU”) also provides guidance on accounting for certain contract costs and requires new disclosures. During fiscal 2016, the FASB issued additional clarification guidance on the new revenue recognition standard which also included certain scope improvements and practical expedients. The standard (including clarification guidance issued) is effective for fiscal periods beginning after December 15, 2017, which will be the Company’s first quarter of fiscal 2018, and allows for either full retrospective or modified retrospective adoption . For the year ended December 31, 2016, our 25 largest customers represented approximately 52% of our revenue. We expect this group of customers will constitute a similar portion of our revenue in future periods. During the first quarter of 2017, we performed a formal review of contracts with 20 of our largest customers which represented 40% of 2016 revenue. We anticipate completing a formal review with our remaining large customers to evaluate the impact of the new guidance and anticipate completing that review during the second quarter of 2017. The balance of our revenue is derived from thousands of customers with which we generally interact in a transactional relationship where goods are purchased from our branch locations. Based on our analysis to date , we do not expect the guidance to have a material impact on the timing of our revenue recognition. We have determined that we will utilize the modified retrospective transition method. We are still assessing the impact of the standard on our internal control processes and information systems. However, we do not currently believe that significant modifications of our systems will be required.  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 statements .  In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740). The guidance requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than inventory, in the income statement as income tax expense (or benefit) in the period in which the transfer occurs. The effective date will be the first quarter of fiscal year 2018, with early adoption permitted. The changes are required to be applied by means of a cumulative-effect adjustment recorded in retained earnings as of the beginning of the fiscal year of adoption. The Company is currently assessing the impact adoption of this guidance will have on its consolidated financial statements.  In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment . The amendments in ASU 2017-04 eliminate the current two-step approach used to test goodwill for impairment and require an entity to apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. ASU 2017-04 is effective for fiscal years, including interim periods within, beginning after December 15, 2019 (upon the first goodwill impairment test performed during that fiscal year). Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. A reporting entity must apply the amendments in ASU 2017-04 using a prospective approach. The Company does not expect the adoption of ASU 2017-04 to have a material impact to its consolidated financial statements . 

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2017
Inventories [Abstract]
Composition of Inventory	  March 31, December 31,  2017 2016  Finished goods inventory at average cost:  Line pipe $ 119 $ 124  Valves, automation, measurement and instrumentation 225 225  All other products 324 313  668 662  Less: Excess of average cost over LIFO cost (LIFO reserve) (68) (67)  Less: Other inventory reserves (33) (34)  $ 567 $ 561 

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Long-Term Debt [Abstract]
Components of Long-Term Debt	  March 31, December 31,  2017 2016  Senior Secured Term Loan B, net of discount and issuance costs of $4 , respectively $ 412 $ 414  Global ABL Facility - -  412 414  Less: current portion 8 8  $ 404 $ 406 

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity [Abstract]
Summary of Share Repurchase Activity	  Summary of share repurchase activity under the repurchase program:   Three Months Ended  March 31, March 31,  2017 2016  Number of shares acquired on the open market 859,830 2,878,874  Average price per share $ 20.54 $ 13.39  Total cost of acquired shares (in millions) $ 18 $ 38 
Accumulated Other Comprehensive Loss in Accompanying Consolidated Balance Sheets	   March 31, December 31,  2017 2016   Currency translation adjustments $ (227) $ (233)  Pension related adjustments (1) (1)  Accumulated other comprehensive loss $ (228) $ (234) 
Earnings Per Share	   Three Months Ended  March 31, March 31,  2017 2016    Net income (loss) $ 6 $ (8)  Less: Dividends on Series A Preferred Stock 6 6  Net income (loss) attributable to common stockholders $ - $ (14)   Weighted average basic shares outstanding 94.8 100.7  Effect of dilutive securities - -  Weighted average diluted shares outstanding 94.8 100.7   Net income (loss) per share:  Basic $ - $ (0.14)  Diluted $ - $ (0.14) 

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Information [Abstract]
Schedule of Financial Information for Each Segment	  Three Months Ended  March 31, March 31,  2017 2016  Sales  U.S. $ 666 $ 606  Canada 77 64  International 119 113  Consolidated sales $ 862 $ 783   Operating income (loss)  U.S. $ 11 $ 4  Canada 3 (1)  International - (7)  Total operating income (loss) $ 14 $ (4)   Interest expense (7) (8)  Other, net - (1)  Income (loss) before income taxes $ 7 $ (13)    March 31, December 31,  2017 2016  Total assets  U.S. $ 1,918 $ 1,862  Canada 149 139  International 162 163  Total assets $ 2,229 $ 2,164 
Schedule of Net Sales by Product Line	  Three Months Ended  March 31, March 31,  Type 2017 2016   Valves, automation, measurement and instrumentation $ 322 $ 299  Line pipe (1) 146 132  Gas products 134 101  Carbon steel fittings and flanges 123 120  Stainless steel and alloy pipe and fittings 41 48  Other 96 83  $ 862 $ 783  (1) As a result of the February 2016 disposition of our U.S. OCTG product line , pre-disposition OCTG sales of $18 million have been included within line pipe sales for the three months ended March 31, 201 6 .

Background and Basis of Prese21

Background and Basis of Presentation (Details) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] - customer	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Concentration Risk [Line Items]
Number of large customers	20	25
Percentage of revenue from largest customers	40.00%	52.00%

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Inventories [Abstract]
Effect of LIFO decrement on cost of sales	$ (1)

Inventories (Composition of Inv

Inventories (Composition of Inventory) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Finished goods inventory at average cost:
Finished goods inventory at average cost	$ 668	$ 662
Less: Excess of average cost over LIFO cost (LIFO reserve)	(68)	(67)
Less: Other inventory reserves	(33)	(34)
Inventories, net	567	561
Line pipe [Member]
Finished goods inventory at average cost:
Finished goods inventory at average cost	119	124
Valves, Automation, Measurement And Instrumentation [Member]
Finished goods inventory at average cost:
Finished goods inventory at average cost	225	225
All Other Products [Member]
Finished goods inventory at average cost:
Finished goods inventory at average cost	$ 324	$ 313

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Proceeds from revolving credit facilities	$ 14	$ 23
Long-term debt	$ 412		$ 414
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	466
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	5.42%		5.51%
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	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt	$ 412	$ 414
Less: current portion	8	8
Long-term debt, net	404	406
Senior secured term loan [Member]
Debt Instrument [Line Items]
Long-term debt	412	414
Original issue discount on senior secured Term Loan B	$ 4	$ 4

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating Loss Carryforwards [Line Items]
Effective tax rate	14.00%	38.00%
Accounting Standards Update 2016-09 [Member]
Operating Loss Carryforwards [Line Items]
Tax benefit	$ 2

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		18 Months Ended	75 Months Ended
	Apr. 30, 2015	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2017	Nov. 30, 2016	Nov. 30, 2015
Stockholders Equity [Line Items]
Share repurchase program, total shares acquired				8,537,410
Share repurchase program, average cost per share				$ 14.64
Share repurchase program, cost of total shares acquired				$ 125,000,000
Common stock, shares outstanding		94,390,286		94,390,286	94,390,286
2015 Share Repurchase Program [Member]
Stockholders Equity [Line Items]
Share repurchase program, authorized amount						$ 125,000,000	$ 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
Additional shares reserved for Incentive Plan	4,250,000
Stock granted					5,793,172
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		2,100,000	3,800,000
Stock Options [Member] | 2011 Omnibus Incentive Plan [Member]
Stockholders Equity [Line Items]
Maximum term for stock option plan grant		10 years
Performance Shares [Member] | 2011 Omnibus Incentive Plan [Member]
Stockholders Equity [Line Items]
Stock granted		164,098
Restricted Stock Units (RSUs) [Member] | 2011 Omnibus Incentive Plan [Member]
Stockholders Equity [Line Items]
Stock granted		540,765
Restricted Stock, Restricted Unites And Performance Stock Units [Member]
Stockholders Equity [Line Items]
Anti-dilutive securities		1,400,000	600,000

Stockholders' Equity (Summary o

Stockholders' Equity (Summary of Share Repurchase Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Equity, Class of Treasury Stock [Line Items]
Total cost of acquired shares	$ 18	$ 38
2015 Share Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares acquired on the open market	859,830	2,878,874
Average price per share	$ 20.54	$ 13.39
Total cost of acquired shares	$ 18	$ 38

Stockholders' Equity (Accumulat

Stockholders' Equity (Accumulated Other Comprehensive Loss in Accompanying Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Stockholders' Equity [Abstract]
Currency translation adjustments	$ (227)	$ (233)
Pension related adjustments	(1)	(1)
Accumulated other comprehensive loss	$ (228)	$ (234)

Stockholders' Equity (Earnings

Stockholders' Equity (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Stockholders' Equity [Abstract]
Net income (loss)	$ 6	$ (8)
Less: Dividends on Series A Preferred Stock	6	6
Net income (loss) attributable to common stockholders		$ (14)
Weighted average basic shares outstanding	94.8	100.7
Effect of dilutive securities
Weighted average diluted shares outstanding	94.8	100.7
Net income (loss) per share:
Basic		$ (0.14)
Diluted		$ (0.14)

Segment Information (Narrative)

Segment Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2017segment
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
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Sales
Consolidated sales	$ 862	$ 783
Operating (loss) income
Total operating income (loss)	14	(4)
Interest expense	(7)	(8)
Other, net		(1)
Income (loss) before income taxes	7	(13)
Total assets
Total assets	2,229		$ 2,164
U.S. [Member]
Sales
Consolidated sales	666	606
Operating (loss) income
Total operating income (loss)	11	4
Total assets
Total assets	1,918		1,862
Canada [Member]
Sales
Consolidated sales	77	64
Operating (loss) income
Total operating income (loss)	3	(1)
Total assets
Total assets	149		139
International [Member]
Sales
Consolidated sales	119	113
Operating (loss) income
Total operating income (loss)		$ (7)
Total assets
Total assets	$ 162		$ 163

Segment Information (Schedule34

Segment Information (Schedule of Net Sales by Product Line) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting, Revenue Reconciling Item [Line Items]
Sales	$ 862	$ 783
Valves, Automation, Measurement And Instrumentation [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Sales	322	299
Line pipe [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Sales	146	132
Gas Products [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Sales	134	101
Carbon Steel Fittings And Flanges [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Sales	123	120
Stainless Steel Alloy Pipe And Fittings [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Sales	41	48
Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Sales	$ 96	83
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	Mar. 31, 2017	Dec. 31, 2016
Long-term Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of debt	$ 412	$ 414
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	418	417
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	38	36
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 ($)	Mar. 31, 2017USD ($)claimlawsuit	Dec. 31, 2016USD ($)
Commitments and Contingencies [Abstract]
Number of lawsuits | lawsuit			515
Asbestos related pending claims | claim			1,135
Suppliers dismissed from case | item	2
Settlement offer		$ 2
Litigation reserve			$ 3	$ 3