Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 05, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001439095 | ||
Entity Registrant Name | MRC GLOBAL INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-35479 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-5956993 | ||
Entity Address, Address Line One | 1301 McKinney Street, Suite 2300 | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77010 | ||
City Area Code | 877 | ||
Local Phone Number | 294-7574 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | MRC | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 485,000,000 | ||
Entity Common Stock, Shares Outstanding | 82,098,966 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash | $ 119 | $ 32 |
Accounts receivable, net | 319 | 459 |
Inventories, net | 509 | 701 |
Other current assets | 19 | 26 |
Total current assets | 966 | 1,218 |
Long-term assets: | ||
Operating lease assets | 200 | 186 |
Property, plant and equipment, net | 103 | 138 |
Other assets | 19 | 19 |
Intangible assets: | ||
Goodwill, net | 264 | 483 |
Other intangible assets, net | 229 | 281 |
Assets, Total | 1,781 | 2,325 |
Current liabilities: | ||
Trade accounts payable | 264 | 357 |
Accrued expenses and other current liabilities | 94 | 91 |
Operating lease liabilities | 37 | 34 |
Current portion of long-term debt | 4 | 4 |
Total current liabilities | 399 | 486 |
Long-term obligations: | ||
Long-term debt, net | 379 | 547 |
Operating lease liabilities | 187 | 167 |
Deferred income taxes | 70 | 91 |
Other liabilities | 41 | 37 |
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, 106,315,296 and 105,624,750 issued, respectively | 1 | 1 |
Additional paid-in capital | 1,739 | 1,731 |
Retained deficit | (781) | (483) |
Treasury stock at cost: 24,216,330 shares | (375) | (375) |
Accumulated other comprehensive loss | (234) | (232) |
Stockholders' Equity Attributable to Parent, Ending Balance | 350 | 642 |
Liabilities and Equity, Total | $ 1,781 | $ 2,325 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Series A Convertible Perpetual Preferred Stock, dividend rate | 6.50% | 6.50% |
Series A Convertible Perpetual Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Series A Convertible Perpetual Preferred Stock, shares authorized (in shares) | 363,000 | 363,000 |
Series A Convertible Perpetual Preferred Stock, shares issued (in shares) | 363,000 | 363,000 |
Series A Convertible Perpetual Preferred Stock, shares outstanding (in shares) | 363,000 | 363,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 106,315,296 | 105,624,750 |
Treasury stock, shares (in shares) | 24,216,330 | 24,216,330 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Sales | $ 2,560 | $ 3,662 | $ 4,172 | |
Cost of sales | 2,129 | 3,009 | 3,483 | |
Gross profit | 431 | 653 | 689 | |
Selling, general and administrative expenses | 449 | 550 | 562 | |
Goodwill and intangible asset impairment | 242 | 0 | 0 | |
Operating (loss) income | (260) | 103 | 127 | |
Other (expense) income: | ||||
Interest expense | (28) | (40) | (38) | |
Write off of debt issuance costs | 0 | 0 | (1) | |
Other, net | 5 | 3 | 7 | |
(Loss) income before income taxes | (283) | 66 | 95 | |
Income tax (benefit) expense | (9) | 27 | 21 | |
Net (loss) income | (274) | 39 | 74 | |
Series A preferred stock dividends | 24 | 24 | 24 | |
Net (loss) income attributable to common stockholders | $ (298) | $ 15 | $ 50 | |
Basic (loss) earnings per common share (in dollars per share) | $ (3.63) | $ 0.18 | [1] | $ 0.55 |
Diluted (loss) earnings per common share (in dollars per share) | $ (3.63) | $ 0.18 | [1] | $ 0.54 |
Weighted-average common shares, basic (in shares) | 82 | 83 | 90.1 | |
Weighted-average common shares, diluted (in shares) | 82 | 83.9 | 91.8 | |
[1] | Earnings per share does not add across due to rounding and equity-related transactions resulting in differing weighted average shares outstanding on a quarterly basis. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net (loss) income | $ (274) | $ 39 | $ 74 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 2 | 5 | (20) |
Hedge accounting adjustments, net of tax | (4) | (5) | (2) |
Total other comprehensive loss, net of tax | (2) | 0 | (22) |
Comprehensive (loss) income | $ (276) | $ 39 | $ 52 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 103,000,000 | (12,000,000) | ||||
Balance at Dec. 31, 2017 | $ 1 | $ 1,691 | $ (548) | $ (175) | $ (210) | $ 759 |
Net (loss) income | 0 | 0 | 74 | 0 | 0 | 74 |
Foreign currency translation | 0 | 0 | 0 | 0 | (20) | (20) |
Hedge accounting adjustments | 0 | 0 | 0 | 0 | (2) | (2) |
Shares withheld for taxes | 0 | (5) | 0 | 0 | 0 | (5) |
Equity-based compensation expense | $ 0 | 14 | 0 | $ 0 | 0 | 14 |
Exercise and vesting of stock awards (in shares) | 2,000,000 | 0 | ||||
Exercise and vesting of stock awards | $ 0 | 21 | 0 | $ 0 | 0 | 21 |
Dividends declared on preferred stock | $ 0 | 0 | (24) | $ 0 | 0 | $ (24) |
Purchase of common stock (in shares) | 0 | (7,000,000) | (7,596,113) | |||
Purchase of common stock | $ 0 | 0 | 0 | $ (125) | 0 | $ (125) |
Balance (in shares) at Dec. 31, 2018 | 105,000,000 | (19,000,000) | ||||
Balance at Dec. 31, 2018 | $ 1 | 1,721 | (498) | $ (300) | (232) | 692 |
Net (loss) income | 0 | 0 | 39 | 0 | 0 | 39 |
Foreign currency translation | 0 | 0 | 0 | 0 | 5 | 5 |
Hedge accounting adjustments | 0 | 0 | 0 | 0 | (5) | (5) |
Shares withheld for taxes | 0 | (6) | 0 | 0 | 0 | (6) |
Equity-based compensation expense | 0 | 16 | 0 | 0 | 0 | 16 |
Dividends declared on preferred stock | $ 0 | 0 | (24) | $ 0 | 0 | $ (24) |
Purchase of common stock (in shares) | 0 | (5,000,000) | (4,868,491) | |||
Purchase of common stock | $ 0 | 0 | 0 | $ (75) | 0 | $ (75) |
Balance (in shares) at Dec. 31, 2019 | 106,000,000 | (24,000,000) | ||||
Balance at Dec. 31, 2019 | $ 1 | 1,731 | (483) | $ (375) | (232) | 642 |
Net (loss) income | 0 | 0 | (274) | 0 | 0 | (274) |
Foreign currency translation | 0 | 0 | 0 | 0 | 2 | 2 |
Hedge accounting adjustments | 0 | 0 | 0 | 0 | (4) | (4) |
Shares withheld for taxes | 0 | (4) | 0 | 0 | 0 | (4) |
Equity-based compensation expense | 0 | 12 | 0 | 0 | 0 | $ 12 |
Exercise and vesting of stock awards (in shares) | 0 | |||||
Dividends declared on preferred stock | $ 0 | 0 | (24) | $ 0 | 0 | $ (24) |
Purchase of common stock (in shares) | 0 | |||||
Purchase of common stock | $ 0 | |||||
Balance (in shares) at Dec. 31, 2020 | 106,000,000 | (24,000,000) | ||||
Balance at Dec. 31, 2020 | $ 1 | $ 1,739 | $ (781) | $ (375) | $ (234) | $ 350 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities | |||
Net (loss) income | $ (274) | $ 39 | $ 74 |
Adjustments to reconcile net income to net cash provided by (used in) operations: | |||
Depreciation and amortization | 20 | 21 | 23 |
Amortization of intangibles | 26 | 42 | 45 |
Equity-based compensation expense | 12 | 16 | 14 |
Deferred income tax benefit | (21) | (5) | (9) |
Amortization of debt issuance costs | 1 | 1 | 1 |
Write off of debt issuance costs | 0 | 0 | 1 |
(Decrease) increase in LIFO reserve | (19) | (2) | 62 |
Goodwill and intangible asset impairment | 242 | 0 | 0 |
Lease impairment and abandonment | 14 | 0 | 0 |
Inventory-related charges | 46 | 5 | 0 |
Change in fair value of derivative instruments | 0 | 0 | (1) |
Provision for credit losses | 2 | 2 | 1 |
Gain on sale leaseback | (5) | 0 | 0 |
Other non-cash items | (3) | 5 | 9 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 141 | 127 | (74) |
Inventories | 173 | 95 | (175) |
Other current assets | 7 | 10 | 8 |
Accounts payable | (98) | (79) | 27 |
Accrued expenses and other current liabilities | (3) | (35) | (17) |
Net cash provided by (used in) operations | 261 | 242 | (11) |
Investing activities | |||
Purchases of property, plant and equipment | (11) | (18) | (20) |
Proceeds from the disposition of property, plant and equipment | 30 | 1 | 6 |
Other investing activities | 0 | 1 | 0 |
Net cash provided by (used in) investing activities | 19 | (16) | (14) |
Financing activities | |||
Payments on revolving credit facilities | (819) | (1,145) | (1,118) |
Proceeds from revolving credit facilities | 658 | 1,016 | 1,280 |
Payments on long-term obligations | (6) | (4) | (4) |
Debt issuance costs paid | 0 | 0 | (1) |
Purchases of common stock | 0 | (75) | (125) |
Dividends paid on preferred stock | (24) | (24) | (24) |
Proceeds from exercise of stock options | 0 | 0 | 21 |
Repurchases of shares to satisfy tax withholdings | (4) | (6) | (5) |
Net cash (used in) provided by financing activities | (195) | (238) | 24 |
Increase (decrease) in cash | 85 | (12) | (1) |
Effect of foreign exchange rate on cash | 2 | 1 | (4) |
Cash beginning of year | 32 | 43 | 48 |
Cash end of year | 119 | 32 | 43 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 27 | 39 | 37 |
Cash paid for income taxes | $ 3 | $ 34 | $ 39 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1—SIGNIFICANT 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 infrastructure products and services across each of the gas utilities (storage and distribution of natural gas), downstream and industrial (crude oil refining and petrochemical and chemical processing and general industrials), upstream production (exploration, production and extraction of underground oil and gas) and midstream pipeline (gathering, processing and transmission of oil and gas) 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. We obtain products from a broad range of suppliers. Basis of Presentation : Use of Estimates : first Cash Equivalents : three Allowance for Credit Losses : may not may Inventories : December 31, 2020 2019 Reserves for excess and obsolete inventories are determined based on analyses comparing inventories on hand to sales activity over time. The reserve, which totaled $19 million and $35 million at December 31, 2020 2019 Debt Issuance Costs : not December 31, 2020 2019 December 31, 2020 2019 Property, Plant and Equipment : Certain systems development costs related to the purchase, development and installation of computer software are capitalized and amortized over the estimated useful life of the related asset. Costs incurred prior to the development stage, as well as maintenance, training costs and general and administrative expenses are expensed as incurred. Goodwill and Other Intangible Assets : may October 1 st The goodwill impairment test compares the carrying value of the reporting unit that has the goodwill with the estimated fair value of that reporting unit. To the extent the carrying value of a reporting unit is greater than its estimated fair value, a goodwill impairment charge is recorded for the difference, up to the carrying value of goodwill. Our impairment methodology uses discounted cash flow and multiples of cash earnings valuation techniques, acquisition control premium and valuation comparisons to similar businesses. Each of these methods involves Level 3 may Intangible assets with indefinite useful lives are tested for impairment annually or more frequently if circumstances indicate that impairment may 3 may Other intangible assets primarily include trade names, customer bases and noncompetition agreements resulting from business acquisitions. Other intangible assets are recorded at fair value at the date of acquisition. Amortization is provided using the straight-line method over their estimated useful lives, ranging from two twenty The carrying value of amortizable intangible assets is subject to an impairment test when events or circumstances indicate a possible impairment. When events or circumstances indicate a possible impairment, we assess recoverability from future operations using undiscounted cash flows derived from the lowest appropriate asset group. If the carrying value exceeds the undiscounted cash flows, an impairment charge would be recognized to the extent that the carrying value exceeds the fair value, which is determined based on a discounted cash flow analysis. While we believe that assumptions and estimates utilized in the impairment analysis are reasonable, the actual results may Derivatives and Hedging : 2017 12. 2 We utilize foreign exchange forward contracts (exchange contracts) and options to manage our foreign exchange rate risks resulting from purchase commitments and sales orders. Changes in the fair values of our exchange contracts are based upon independent market quotes. We do not Fair Value : three Level 1 Level 2 1 not Level 3 Certain assets and liabilities are measured at fair value on a nonrecurring basis. Our assets and liabilities measured at fair value on a nonrecurring basis include property, plant and equipment, goodwill and other intangible assets. We do not Our impairment methodology for goodwill and other indefinite-lived intangible assets uses both (i) a discounted cash flow analysis requiring certain assumptions and estimates to be made regarding the extent and timing of future cash flows, discount rates and growth trends and (ii) valuation based on our publicly traded common stock. As all of the assumptions employed to measure these assets and liabilities on a nonrecurring basis are based on management’s judgment using internal and external data, these fair value determinations are classified as Level 3. not Insurance : third not not December 31, 2020 2019 December 31, 2020 2019 Income Taxes : not not In determining the need for valuation allowances and our ability to utilize our deferred tax assets, we consider and make judgments regarding all the available positive and negative evidence, including the timing of the reversal of deferred tax liabilities, estimated future taxable income, ongoing, prudent and feasible tax planning strategies and recent financial results of operations. The amount of valuation allowances, however, could be adjusted in the future if objective negative evidence in the form of cumulative losses is no may Our tax provision is based upon our expected taxable income and statutory rates in effect in each country in which we operate. We are subject to the jurisdiction of numerous domestic and foreign tax authorities, as well as to tax agreements and treaties among these governments. Determination of taxable income in any jurisdiction requires the interpretation of the related tax laws and regulations and the use of estimates and assumptions regarding significant future events such as the amount, timing and character of deductions, permissible revenue recognition methods under the tax law and the sources and character of income and tax credits. Changes in tax laws, regulations, agreements and treaties, foreign currency exchange restrictions or our level of operations or profitability in each taxing jurisdiction could have an impact on the amount of income taxes we provide during any given year. A tax benefit from an uncertain tax position may not not may Foreign Currency Translation and Transactions : Equity-Based Compensation : Revenue Recognition : 30 third one Cost of Sales : not may not may Earnings per Share : Concentration of Credit Risk : not 2020 2019 2018 not one 10% no 10% We have a broad supplier base, sourcing our products in most regions of the world. During 2020 2019 2018 not one 10% no 10% We maintain the majority of our cash and cash equivalents with several financial institutions. These financial institutions are located in many different geographical regions with varying economic characteristics and risks. Deposits held with banks may Adoption of New Accounting Standards: In June 2016, issued 2016 13, Measurement of Credit Losses on Financial Instruments 2016 13 January 1, 2020. $1 2020. Recently Issued Accounting Standards August 2020, 2020 06, Debt – Debt with Conversion and Other Options and Derivative Hedging – Contracts in Entity’s Own Equity (Subtopic 815 40 2020 06" December 15, 2021, 2020 06 In March 2020, 2020 04, Reference Rate Reform (Topic 848 March 12, 2020 December 31, 2022. 2020 04 In December 2019, 2019 12, Income Taxes (Topic 740 740 December 15, 2020, not |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 2—REVENUE Contract Balances: Generally, revenue recognition and invoicing occur simultaneously as we transfer control of promised goods or services to our customers. We consider contract assets to be accounts receivable when we have an unconditional right to consideration and only the passage of time is required before payment is due. In certain cases, particularly those involving customer-specific documentation requirements, invoicing is delayed until we are able to meet the documentation requirements. In these cases, we recognize a contract asset separate from accounts receivable until those requirements are met, and we are able to invoice the customer. Our contract asset balance associated with these requirements, as of December 31, 2020 December 31, 2019 We record contract liabilities, or deferred revenue, when cash payments are received from customers in advance of our performance, including amounts which are refundable. The deferred revenue balance at December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Disaggregated Revenue: The following table presents our revenue disaggregated by revenue source (in millions): Year Ended December 31, U.S. Canada International Total 2020: Gas utilities $ 821 $ 11 $ — $ 832 Downstream & industrial 566 15 205 786 Upstream production 329 89 182 600 Midstream pipeline 307 13 22 342 $ 2,023 $ 128 $ 409 $ 2,560 2019: Gas utilities $ 841 $ 16 $ — $ 857 Downstream & industrial 854 22 229 1,105 Upstream production 723 162 222 1,107 Midstream pipeline 538 26 29 593 $ 2,956 $ 226 $ 480 $ 3,662 |
Note 3 - Accounts Receivable
Note 3 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 3—ACCOUNTS The rollforward of our allowance for credit losses is as follows (in millions): December 31, 2020 2019 2018 Beginning balance $ 4 $ 4 $ 4 Net charge-offs (4 ) (2 ) (1 ) Provision 2 2 1 Ending balance $ 2 $ 4 $ 4 Our accounts receivable is also presented net of sales returns and allowances. Those allowances approximated $1 million at December 31, 2020 2019 2018. |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4—INVENTORIES The composition of our inventory is as follows (in millions): December 31, 2020 2019 Finished goods inventory at average cost: Valves, automation, measurement and instrumentation $ 279 $ 355 Carbon steel pipe, fittings and flanges 156 268 All other products 229 268 664 891 Less: Excess of average cost over LIFO cost (LIFO reserve) (136 ) (155 ) Less: Other inventory reserves (19 ) (35 ) $ 509 $ 701 Our inventory quantities were reduced during 2020 2019, first not December 31, 2020 2019, December 31, 2018. During 2020, $28 may fourth 2019, |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5—PROPERTY, Property, plant and equipment consisted of the following (in millions): December 31, Depreciable Life (in years) 2020 2019 Land and improvements — $ 3 $ 12 Building and building improvements 40 45 70 Machinery and equipment 3 to 10 134 155 Enterprise resource planning software 10 56 56 Software in progress — 2 — 240 293 Allowances for depreciation and amortization (137 ) (155 ) $ 103 $ 138 Building and building improvements include $9 million and $10 million of non-cash leasehold improvements representing lease incentives as of December 31, 2020 December 31, 2019, |
Note 6 - Goodwill and Other Int
Note 6 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 6—GOODWILL The changes in the carrying amount of goodwill by segment for the years ended December 31, 2020 2019 2018 US Canada International Total Goodwill at December 31, 2017 (1) $ 441 $ — $ 45 $ 486 Effect of foreign currency translation — — (2 ) (2 ) Goodwill at December 31, 2018 441 — 43 484 Effect of foreign currency translation — — (1 ) (1 ) Goodwill at December 31, 2019 441 — 42 483 Impairment (177 ) — (40 ) (217 ) Effect of foreign currency translation — — (2 ) (2 ) Goodwill at December 31, 2020 $ 264 $ — $ — $ 264 ( 1 Net of prior years’ accumulated impairment losses of $350 million, $69 million and $183 million in the U.S., Canadian and International segments, respectively. Impairment of Goodwill and Other Intangible Assets We apply a fair value-based impairment test to the carrying value of goodwill and indefinite-lived intangible assets on an annual basis (as of October 1) may In 2020, 19 April 2020, second not April 30, 2020. December 31, 2020 Other Intangible Assets Other intangible assets by major classification consist of the following (in millions): Accumulated Net Book Gross Amortization Value December 31, 2020 Customer base (1) $ 418 $ (296 ) $ 122 Indefinite lived trade names (2) 107 — 107 $ 525 $ (296 ) $ 229 December 31, 2019 Customer base (1) $ 449 $ (300 ) $ 149 Indefinite lived trade names (2) 132 — 132 $ 581 $ (300 ) $ 281 ( 1 Net of accumulated impairment losses of $42 million as of December 31, 2020 2019 ( 2 Net of accumulated impairment losses of $229 million and $204 million as of December 31, 2020 2019 As a result of the same factors that necessitated an interim impairment test for goodwill, we completed an interim impairment test, as of April 30, 2020, December 31, 2020. $107 December 31, 2020. Our impairment test uses discounted cash flow and multiples of cash earnings valuation techniques, acquisition control premium and valuation comparisons to similar businesses to determine the fair value of a reporting unit. Each of these methods involves Level 3 April 30, 2020, third may Amortization of Intangible Assets Total amortization of intangible assets for each of the years ending December 31, 2021 2025 2021 $ 24 2022 21 2023 21 2024 19 2025 18 |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 7 We lease certain distribution centers, warehouses, office space, land and equipment. Substantially all of these leases are classified as operating leases. We recognize lease expense on a straight-line basis over the lease term. Leases with an initial term of 12 not Many of our facility leases include one one not not As most of our leases do not January 1, 2019. Our lease agreements do not Expense associated with our operating leases was $38 million and $42 million for the year ended December 31, 2020 2019, December 31, 2020 2019, The maturity of lease liabilities is as follows (in millions): Maturity of Operating Lease Liabilities 2021 $ 43 2022 35 2023 30 2024 25 2025 20 After 2025 202 Total lease payments 355 Less: Interest (131 ) Present value of lease liabilities $ 224 Amounts maturing after 2025 2049. The term and discount rate associated with leases are as follows: December 31, Operating Lease Term and Discount Rate 2020 Weighted-average remaining lease term (years) 13 Weighted-average discount rate 6.8 % During the year ended December 31, 2020, In December 2020, |
Note 8 - Long-term Debt
Note 8 - Long-term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 8—LONG The components of our long-term debt are as follows (in millions): December 31, 2020 2019 Senior Secured Term Loan B, net of discount and issuance costs of $2 $ 383 $ 390 Global ABL Facility — 161 383 551 Less: current portion 4 4 $ 379 $ 547 Senior Secured Term Loan B : May 2018, No. 2 November 9, 2012, seven September 22, 2024. first six not Accordion. first not 1.00. Maturity. September 22, 2024. Guarantees Security. first second first Interest Rates and Fees. Mandatory Prepayment no 2.75 1.00. 2.50 1.00. April 2021 December 31, 2020. Restrictive Covenants. not The Term Loan contains restrictive covenants (in each case, subject to exclusions) that limit, among other things, the ability of the Company and its restricted subsidiaries to: ● make investments, including acquisitions; ● prepay certain indebtedness; ● grant liens; ● incur additional indebtedness; ● sell assets; ● make fundamental changes to our business; ● enter into transactions with affiliates; and ● pay dividends. The Term Loan also contains other customary restrictive covenants. The covenants are subject to various baskets and materiality thresholds, with certain of the baskets permitted by the restrictions on the repayment of subordinated indebtedness, restricted payments and investments being available only when the senior secured leverage ratio of the Company and its restricted subsidiaries is less than 3.75 to 1.00. The Term Loan provides that the Company and its restricted subsidiaries may first pari passu 1.00. may second 1.00. may to1.00 1.00. may not The Term Loan contains certain customary representations and warranties, affirmative covenants and events of default, including, among other things, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to certain indebtedness, certain events of bankruptcy, certain events under ERISA, judgment defaults, actual or asserted failure of any material guaranty or security documents supporting the Term Loan to be in full force and effect and change of control. If such an event of default occurs, the Agent under the Term Loan is entitled to take various actions, including the acceleration of amounts due under the Term Loan and all other actions that a secured creditor is permitted to take following a default. In March 2020, December 31, 2020. Global ABL Credit Facility : September 2017, September 2022 July 2019. Guarantees No no Security. first first Borrowing Bases. may not Subject to the foregoing, our ability to borrow in each jurisdiction, other than Belgium, under the Global ABL Facility is limited by a borrowing base in that jurisdiction equal to 85% of eligible receivables, plus the lesser of 70% of eligible inventory and 85% of appraised net orderly liquidation value of the inventory. In Belgium, our borrowing is limited by a borrowing base determined under Belgian law. Interest Rates. Excess Availability December 31, 2020 Interest on Borrowings : December 31, 2020 2019 December 31, 2020 2019 Senior Secured Term Loan B 4.93 % 5.50 % Global ABL Facility — % 3.47 % Weighted average interest rate 4.93 % 4.91 % Maturities of Long-Term Debt : December 31, 2020 five 2021 $ 4 2022 4 2023 4 2024 371 2025 — Thereafter — |
Note 9 - Derivative Financial I
Note 9 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 9—DERIVATIVE We use derivative financial instruments to help manage our exposure to interest rate risk and fluctuations in foreign currencies. Interest Rate Swap : March 2018, five March 31, 2018, 1 December 31, 2020 December 31, 2019 Foreign Exchange Forward and Option Contracts : not 2 December 31, 2020 2019 not December 31, 2020 2019 We recognized a gain of $1 million in the year ended December 31, 2018 December 31, 2020 2019, not |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10—INCOME The components of our income (loss) before income taxes were (in millions): Year Ended December 31, 2020 2019 2018 United States $ (216 ) $ 86 $ 95 Foreign (67 ) (20 ) — $ (283 ) $ 66 $ 95 Income taxes included in the consolidated statements of operations consist of (in millions): Year Ended December 31, 2020 2019 2018 Current: Federal $ 8 $ 22 $ 21 State 2 6 1 Foreign 2 4 8 12 32 30 Deferred: Federal (20 ) (4 ) (6 ) State — — (1 ) Foreign (1 ) (1 ) (2 ) (21 ) (5 ) (9 ) Income tax (benefit) expense $ (9 ) $ 27 $ 21 Our effective tax rate varied from the statutory federal income tax rate for the following reasons (in millions): Year Ended December 31, 2020 2019 2018 Federal tax (benefit) expense at statutory rates $ (60 ) $ 14 $ 20 State taxes — 4 2 Transition tax — — (4 ) Nondeductible expenses and other 5 3 2 Goodwill impairment charge 43 — — Change in valuation allowance related to foreign losses 3 6 1 Income tax (benefit) expense $ (9 ) $ 27 $ 21 Effective tax rate 3 % 41 % 22 % Significant components of our deferred tax assets and liabilities are as follows (in millions): December 31, 2020 2019 Deferred tax assets: Allowance for credit losses $ 1 $ 1 Accruals and reserves 17 20 Net operating loss and tax credit carryforwards 68 58 Other 2 1 Subtotal 88 80 Valuation allowance (71 ) (64 ) Total 17 16 Deferred tax liabilities: Inventory valuation (23 ) (29 ) Property, plant and equipment (10 ) (13 ) Intangible assets (50 ) (63 ) Total (83 ) (105 ) Net deferred tax liability $ (66 ) $ (89 ) We record a valuation allowance when it is more likely than not not In the United States, we had approximately $17 million of state net operating loss (“NOL”) carryforwards as of December 31, 2020 2032 2027. no 2030. not not Dividends from the earnings of our foreign subsidiaries subsequent to 2017 100% not not not not Our tax filings for various periods are subject to audit by the tax authorities in most jurisdictions where we conduct business. We are no 2016 six seven At December 31, 2020 2019 |
Note 11 - Redeemable Preferred
Note 11 - Redeemable Preferred Stock | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | NOTE 11—REDEEMABLE Preferred Stock Issuance In June 2015, June 2018, one six 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 $17.88 per share of common stock, subject to adjustment. Effective June 10, 2020, not may not Holders of the Preferred Stock may, $1,000 $1,000 not |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 12—STOCKHOLDERS’ Preferred Stock We have authorized 100,000,000 shares of preferred stock. Our Board of Directors has the authority to issue shares of the preferred stock. As of December 31, 2020 2019 11 Share Repurchase Programs From time to time, the Company’s board of directors has authorized repurchase programs for shares of the Company’s common stock. Under these plans, we have repurchased 24,216,330 shares of common stock at an average price per share of $15.48 for a total cost of $375 million. As of December 31, 2019, December 31, 2020 The following table summarizes the share repurchase activity: 2020 2019 2018 Number of shares acquired on the open market — 4,868,491 7,596,113 Average price per share $ — $ 15.38 $ 16.46 Total cost of acquired shares (in millions) $ — $ 75 $ 125 Accumulated Other Comprehensive Loss Accumulated other comprehensive loss in the accompanying consolidated balance sheets consists of the following (in millions): December 31, 2020 2019 Currency translation adjustments $ (222 ) $ (224 ) Hedge accounting adjustments (11 ) (7 ) Other adjustments (1 ) (1 ) Accumulated other comprehensive loss $ (234 ) $ (232 ) Earnings per Share Earnings per share are calculated in the table below (in millions, except per share amounts): Year Ended December 31, 2020 2019 2018 Net (loss) income attributable to common stockholders $ (298 ) $ 15 $ 50 Average basic shares outstanding 82.0 83.0 90.1 Effect of dilutive securities — 0.9 1.7 Average diluted shares outstanding 82.0 83.9 91.8 Net (loss) income per share: Basic $ (3.63 ) $ 0.18 $ 0.55 Diluted $ (3.63 ) $ 0.18 $ 0.54 Equity awards and shares of Preferred Stock are disregarded in this calculation if they are determined to be anti-dilutive. For the years ended December 31, 2020 2019 2018 December 31, 2020, 2019, 2018, |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 13—EMPLOYEE Equity Compensation Plans : 2007 not ten five 2020 Shares that do not not may In April 2012, 2007 2007 2011 2011 April 2015 2019, 2011 no may not ten three five one 2020 2019 Stock Options The following tables summarize award activity for stock options: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value Stock Options (years) (millions) Balance at December 31, 2019 2,218,906 $ 23.99 2.7 $ — Exercised — — Forfeited (74,711 ) 23.40 Expired — — Balance at December 31, 2020 2,144,195 $ 24.01 1.7 $ — At December 31, 2020 Options outstanding, vested and exercisable 2,144,195 $ 24.01 1.7 $ — Options outstanding, vested and expected to vest 2,144,195 $ 24.01 1.7 $ — Year Ended December 31, 2020 2019 2018 Stock Options Weighted-average, grant-date fair value of awards granted $ — $ — $ — Total intrinsic value of stock options exercised — 767 1,722,539 Total fair value of stock options vested — — — Restricted Stock Awards The following tables summarizes award activity for restricted stock awards: Weighted Average Grant-Date Shares Fair Value Restricted Stock Awards Nonvested at December 31, 2019 74,055 $ 18.05 Granted 169,603 4.59 Vested (74,055 ) 18.05 Forfeited — — Nonvested at December 31, 2020 169,603 $ 4.59 Year Ended December 31, 2020 2019 2018 Restricted Stock Awards Weighted-average, grant-date fair value of awards granted $ 4.59 $ 18.05 $ 19.28 Total fair value of restricted stock vested 396,935 1,461,431 4,986,620 Restricted Stock Unit Awards The following table summarizes award activity for restricted unit awards: Weighted Average Grant-Date Shares Fair Value Restricted Stock Unit Awards Nonvested at December 31, 2019 1,321,382 $ 15.96 Granted 1,373,575 8.30 Vested (729,309 ) 16.38 Forfeited (85,718 ) 11.84 Nonvested at December 31, 2020 1,879,930 $ 10.38 Year Ended December 31, 2020 2019 2018 Restricted Stock Unit Awards Weighted-average, grant-date fair value of awards granted $ 8.30 $ 15.25 $ 16.08 Total fair value of restricted stock units vested 7,918,337 9,619,773 9,187,360 Performance Share Unit Awards Performance share units have been granted to certain executive officers. The performance unit awards will be earned only to the extent that MRC Global attains specified performance goals over a three three not The following tables summarizes award activity for performance unit awards: Weighted Average Grant-Date Shares Fair Value Performance Share Unit Awards Nonvested at December 31, 2019 612,049 $ 20.60 Granted 277,106 12.25 Vested (1) (147,569 ) 24.39 Forfeited (49,366 ) 18.95 Nonvested at December 31, 2020 692,220 $ 16.57 ( 1 Excludes 68,109 shares awarded for performance above goals. Year Ended December 31, 2020 2019 2018 Performance Share Unit Awards Weighted-average, grant-date fair value of awards granted $ 12.25 $ 19.40 $ 18.87 Total fair value of performance share units vested 2,328,350 5,921,169 2,349,749 Recognized compensation expense and related income tax benefits under our equity-based compensation plans are set forth in the table below (in millions): Year Ended December 31, 2020 2019 2018 Equity-based compensation expense: Stock options $ — $ — $ — Restricted stock awards 1 1 2 Restricted stock unit awards 10 10 9 Performance share unit awards 1 5 3 Total equity-based compensation expense $ 12 $ 16 $ 14 Income tax benefits related to equity-based compensation $ 2 $ 4 $ 3 Unrecognized compensation expense under our equity-based compensation plans is set forth in the table below (in millions): Weighted- Average Vesting December 31, Period (in years) 2020 Unrecognized equity-based compensation expense: Restricted stock awards 0.3 $ — Restricted stock unit awards 1.0 8 Performance share unit awards 1.2 1 Total unrecognized equity-based compensation expense $ 9 Defined Contribution Employee Benefit Plans June 2020, December 31, 2020 2019 2018 |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 14—RELATED Leases We lease land and buildings at various locations from Hansford Associates Limited Partnership (“Hansford Associates”) and Prideco LLC (“Prideco”). Certain of our former directors participate in ownership of Hansford Associates and Prideco. Most of these leases are renewable for various periods through 2024 Rent expense attributable to related parties was $1 million for each of the years ended December 31, 2020 2019 December 31, 2018. Future minimum rental payments required under operating leases with related parties that have initial or remaining non-cancelable lease terms in excess of one 2021 2023. Customers Certain members of our Board of Directors are also on the board of directors of certain of our customers with which we do business in the ordinary course. We recognized revenue of $23 million, $18 million and $34 million from these customers for the years ended December 31, 2020 2019 2018 December 31, 2020 2019 |
Note 15 - Segment, Geographic a
Note 15 - Segment, Geographic and Product Line Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 15—SEGMENT, Our business is comprised of three operating and reportable segments: U.S., 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 gas utilities (storage and distribution of natural gas), downstream and industrial (crude oil refining and petrochemical and chemical processing and general industrials), upstream production (exploration, production and extraction of underground oil and gas) and midstream pipeline (gathering, processing and transmission of oil and gas) sectors. The following table presents financial information for each segment (in millions): Year Ended December 31, 2020 2019 2018 Sales U.S. $ 2,023 $ 2,956 $ 3,321 Canada 128 226 315 International 409 480 536 Consolidated sales $ 2,560 $ 3,662 $ 4,172 Depreciation and amortization U.S. $ 15 $ 15 $ 16 Canada 1 1 1 International 4 5 6 Total depreciation and amortization expense $ 20 $ 21 $ 23 Amortization of intangibles U.S. $ 23 $ 39 $ 42 Canada 1 1 1 International 2 2 2 Total amortization of intangibles expense $ 26 $ 42 $ 45 Operating (loss) income U.S. $ (207 ) $ 104 $ 112 Canada (6 ) (1 ) 9 International (47 ) — 6 Total operating income (260 ) 103 127 Interest expense (28 ) (40 ) (38 ) Other income (expense) 5 3 6 Income before income taxes $ (283 ) $ 66 $ 95 Total assets by segment are as follows (in millions): December 31, 2020 2019 Total assets United States $ 1,506 $ 1,915 Canada 53 91 International 222 319 Total assets $ 1,781 $ 2,325 The percentages of our property, plant and equipment relating to the following geographic areas are as follows: December 31, 2020 2019 Property, plant and equipment United States 86 % 78 % Canada 2 % 10 % International 12 % 12 % Total property, plant and equipment 100 % 100 % Our net sales and percentage of total sales by product line are as follows (in millions): Year Ended December 31, 2020 2019 2018 Line pipe $ 308 12 % $ 560 15 % $ 728 18 % Carbon steel fittings and flanges 340 13 % 565 16 % 683 16 % Total carbon steel pipe, fittings and flanges 648 25 % 1,125 31 % 1,411 34 % Valves, automation, measurement and instrumentation 1,018 40 % 1,434 39 % 1,553 37 % Gas products 517 20 % 551 15 % 561 13 % Stainless steel alloy pipe and fittings 128 5 % 177 5 % 196 5 % General products 249 10 % 375 10 % 451 11 % $ 2,560 $ 3,662 $ 4,172 |
Note 16 - Fair Value Measuremen
Note 16 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 16—FAIR 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 $383 million and $551 million at December 31, 2020 2019 The fair value of our debt was $372 million and $554 million at December 31, 2020 2019 2 December 31, 2020 2019 |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 17—COMMITMENTS Legal Proceedings Asbestos Claims. one third December 31, 2020 No third We annually conduct analyses of our asbestos-related litigation to estimate the adequacy of the reserve for pending and probable asbestos-related claims. Given these estimated reserves and existing insurance coverage that has been available to cover substantial portions of these claims, we believe that our current accruals and associated estimates relating to pending and probable asbestos-related litigation likely to be asserted over the next 15 ● That our future settlement payments, disease mix and dismissal rates will be materially consistent with historic experience; ● That future incidences of asbestos-related diseases in the U.S. will be materially consistent with current public health estimates; ● That the rates at which future asbestos-related mesothelioma incidences result in compensable claims filings against us will be materially consistent with its historic experience; ● That insurance recoveries for settlement payments and defense costs will be materially consistent with historic experience; ● That legal standards (and the interpretation of these standards) applicable to asbestos litigation will not ● That there are no ● That key co-defendants in current and future claims remain solvent. If any of these assumptions prove to be materially different in light of future developments, liabilities related to asbestos-related litigation may may may not may not no Other Legal Claims and Proceedings. not no Product Claims. may may December 31, 2019. 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 may Letters of Credit Our letters of credit outstanding at December 31, 2020 Bank Guarantees Certain of our international subsidiaries have trade guarantees that banks have issued on their behalf. The amount of these guarantees at December 31, 2020 Purchase Commitments We have purchase obligations consisting primarily of inventory purchases made in the normal course of business to meet operating needs. While our vendors often allow us to cancel these purchase orders without penalty, in certain cases, cancellations may Warranty Claims We are involved from time to time in various warranty claims, which arise in the ordinary course of business. Historically, any settlements that have resulted from these warranty claims have been immaterial to our consolidated financial statements. |
Note 18 - Quarterly Information
Note 18 - Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 18—QUARTERLY Our quarterly financial information is presented in the table below (in millions, except per share amounts): First Second Third Fourth Year 2020 Revenue $ 794 $ 602 $ 585 $ 579 $ 2,560 Gross profit 148 79 114 90 431 Net income (loss) attributable to common stockholders 3 (287 ) (3 ) (11 ) (298 ) Earnings (loss) per share: Basic $ 0.04 $ (3.50 ) $ (0.04 ) $ (0.13 ) $ (3.63 ) Diluted $ 0.04 $ (3.50 ) $ (0.04 ) $ (0.13 ) $ (3.63 ) 2019 Revenue $ 970 $ 984 $ 942 $ 766 $ 3,662 Gross profit 174 174 174 131 653 Net income (loss) attributable to common stockholders 12 18 15 (30 ) 15 Earnings (loss) per share: Basic (1) $ 0.14 $ 0.22 $ 0.18 $ (0.37 ) $ 0.18 Diluted (1) $ 0.14 $ 0.21 $ 0.18 $ (0.37 ) $ 0.18 ( 1 Earnings per share does not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation : |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates : first |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents : three |
Accounts Receivable [Policy Text Block] | Allowance for Credit Losses : may not may |
Inventory, Policy [Policy Text Block] | Inventories : December 31, 2020 2019 Reserves for excess and obsolete inventories are determined based on analyses comparing inventories on hand to sales activity over time. The reserve, which totaled $19 million and $35 million at December 31, 2020 2019 |
Debt, Policy [Policy Text Block] | Debt Issuance Costs : not December 31, 2020 2019 December 31, 2020 2019 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment : Certain systems development costs related to the purchase, development and installation of computer software are capitalized and amortized over the estimated useful life of the related asset. Costs incurred prior to the development stage, as well as maintenance, training costs and general and administrative expenses are expensed as incurred. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets : may October 1 st The goodwill impairment test compares the carrying value of the reporting unit that has the goodwill with the estimated fair value of that reporting unit. To the extent the carrying value of a reporting unit is greater than its estimated fair value, a goodwill impairment charge is recorded for the difference, up to the carrying value of goodwill. Our impairment methodology uses discounted cash flow and multiples of cash earnings valuation techniques, acquisition control premium and valuation comparisons to similar businesses. Each of these methods involves Level 3 may Intangible assets with indefinite useful lives are tested for impairment annually or more frequently if circumstances indicate that impairment may 3 may Other intangible assets primarily include trade names, customer bases and noncompetition agreements resulting from business acquisitions. Other intangible assets are recorded at fair value at the date of acquisition. Amortization is provided using the straight-line method over their estimated useful lives, ranging from two twenty The carrying value of amortizable intangible assets is subject to an impairment test when events or circumstances indicate a possible impairment. When events or circumstances indicate a possible impairment, we assess recoverability from future operations using undiscounted cash flows derived from the lowest appropriate asset group. If the carrying value exceeds the undiscounted cash flows, an impairment charge would be recognized to the extent that the carrying value exceeds the fair value, which is determined based on a discounted cash flow analysis. While we believe that assumptions and estimates utilized in the impairment analysis are reasonable, the actual results may |
Derivatives, Policy [Policy Text Block] | Derivatives and Hedging : 2017 12. 2 We utilize foreign exchange forward contracts (exchange contracts) and options to manage our foreign exchange rate risks resulting from purchase commitments and sales orders. Changes in the fair values of our exchange contracts are based upon independent market quotes. We do not |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value : three Level 1 Level 2 1 not Level 3 Certain assets and liabilities are measured at fair value on a nonrecurring basis. Our assets and liabilities measured at fair value on a nonrecurring basis include property, plant and equipment, goodwill and other intangible assets. We do not Our impairment methodology for goodwill and other indefinite-lived intangible assets uses both (i) a discounted cash flow analysis requiring certain assumptions and estimates to be made regarding the extent and timing of future cash flows, discount rates and growth trends and (ii) valuation based on our publicly traded common stock. As all of the assumptions employed to measure these assets and liabilities on a nonrecurring basis are based on management’s judgment using internal and external data, these fair value determinations are classified as Level 3. not |
Insurance [Policy Text Block] | Insurance : third not not December 31, 2020 2019 December 31, 2020 2019 |
Income Tax, Policy [Policy Text Block] | Income Taxes : not not In determining the need for valuation allowances and our ability to utilize our deferred tax assets, we consider and make judgments regarding all the available positive and negative evidence, including the timing of the reversal of deferred tax liabilities, estimated future taxable income, ongoing, prudent and feasible tax planning strategies and recent financial results of operations. The amount of valuation allowances, however, could be adjusted in the future if objective negative evidence in the form of cumulative losses is no may Our tax provision is based upon our expected taxable income and statutory rates in effect in each country in which we operate. We are subject to the jurisdiction of numerous domestic and foreign tax authorities, as well as to tax agreements and treaties among these governments. Determination of taxable income in any jurisdiction requires the interpretation of the related tax laws and regulations and the use of estimates and assumptions regarding significant future events such as the amount, timing and character of deductions, permissible revenue recognition methods under the tax law and the sources and character of income and tax credits. Changes in tax laws, regulations, agreements and treaties, foreign currency exchange restrictions or our level of operations or profitability in each taxing jurisdiction could have an impact on the amount of income taxes we provide during any given year. A tax benefit from an uncertain tax position may not not may |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation and Transactions : |
Compensation Related Costs, Policy [Policy Text Block] | Equity-Based Compensation : |
Revenue [Policy Text Block] | Revenue Recognition : 30 third one |
Cost of Goods and Service [Policy Text Block] | Cost of Sales : not may not may |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share : |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk : not 2020 2019 2018 not one 10% no 10% We have a broad supplier base, sourcing our products in most regions of the world. During 2020 2019 2018 not one 10% no 10% We maintain the majority of our cash and cash equivalents with several financial institutions. These financial institutions are located in many different geographical regions with varying economic characteristics and risks. Deposits held with banks may |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Standards: In June 2016, issued 2016 13, Measurement of Credit Losses on Financial Instruments 2016 13 January 1, 2020. $1 2020. Recently Issued Accounting Standards August 2020, 2020 06, Debt – Debt with Conversion and Other Options and Derivative Hedging – Contracts in Entity’s Own Equity (Subtopic 815 40 2020 06" December 15, 2021, 2020 06 In March 2020, 2020 04, Reference Rate Reform (Topic 848 March 12, 2020 December 31, 2022. 2020 04 In December 2019, 2019 12, Income Taxes (Topic 740 740 December 15, 2020, not |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, U.S. Canada International Total 2020: Gas utilities $ 821 $ 11 $ — $ 832 Downstream & industrial 566 15 205 786 Upstream production 329 89 182 600 Midstream pipeline 307 13 22 342 $ 2,023 $ 128 $ 409 $ 2,560 2019: Gas utilities $ 841 $ 16 $ — $ 857 Downstream & industrial 854 22 229 1,105 Upstream production 723 162 222 1,107 Midstream pipeline 538 26 29 593 $ 2,956 $ 226 $ 480 $ 3,662 |
Note 3 - Accounts Receivable (T
Note 3 - Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | December 31, 2020 2019 2018 Beginning balance $ 4 $ 4 $ 4 Net charge-offs (4 ) (2 ) (1 ) Provision 2 2 1 Ending balance $ 2 $ 4 $ 4 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2020 2019 Finished goods inventory at average cost: Valves, automation, measurement and instrumentation $ 279 $ 355 Carbon steel pipe, fittings and flanges 156 268 All other products 229 268 664 891 Less: Excess of average cost over LIFO cost (LIFO reserve) (136 ) (155 ) Less: Other inventory reserves (19 ) (35 ) $ 509 $ 701 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, Depreciable Life (in years) 2020 2019 Land and improvements — $ 3 $ 12 Building and building improvements 40 45 70 Machinery and equipment 3 to 10 134 155 Enterprise resource planning software 10 56 56 Software in progress — 2 — 240 293 Allowances for depreciation and amortization (137 ) (155 ) $ 103 $ 138 |
Note 6 - Goodwill and Other I_2
Note 6 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | US Canada International Total Goodwill at December 31, 2017 (1) $ 441 $ — $ 45 $ 486 Effect of foreign currency translation — — (2 ) (2 ) Goodwill at December 31, 2018 441 — 43 484 Effect of foreign currency translation — — (1 ) (1 ) Goodwill at December 31, 2019 441 — 42 483 Impairment (177 ) — (40 ) (217 ) Effect of foreign currency translation — — (2 ) (2 ) Goodwill at December 31, 2020 $ 264 $ — $ — $ 264 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | Accumulated Net Book Gross Amortization Value December 31, 2020 Customer base (1) $ 418 $ (296 ) $ 122 Indefinite lived trade names (2) 107 — 107 $ 525 $ (296 ) $ 229 December 31, 2019 Customer base (1) $ 449 $ (300 ) $ 149 Indefinite lived trade names (2) 132 — 132 $ 581 $ (300 ) $ 281 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2021 $ 24 2022 21 2023 21 2024 19 2025 18 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturity of Operating Lease Liabilities 2021 $ 43 2022 35 2023 30 2024 25 2025 20 After 2025 202 Total lease payments 355 Less: Interest (131 ) Present value of lease liabilities $ 224 |
Lease, Cost [Table Text Block] | December 31, Operating Lease Term and Discount Rate 2020 Weighted-average remaining lease term (years) 13 Weighted-average discount rate 6.8 % |
Note 8 - Long-term Debt (Tables
Note 8 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2020 2019 Senior Secured Term Loan B, net of discount and issuance costs of $2 $ 383 $ 390 Global ABL Facility — 161 383 551 Less: current portion 4 4 $ 379 $ 547 |
Schedule of Interest Rates on Borrowings [Table Text Block] | December 31, 2020 2019 Senior Secured Term Loan B 4.93 % 5.50 % Global ABL Facility — % 3.47 % Weighted average interest rate 4.93 % 4.91 % |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2021 $ 4 2022 4 2023 4 2024 371 2025 — Thereafter — |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 2020 2019 2018 United States $ (216 ) $ 86 $ 95 Foreign (67 ) (20 ) — $ (283 ) $ 66 $ 95 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2020 2019 2018 Current: Federal $ 8 $ 22 $ 21 State 2 6 1 Foreign 2 4 8 12 32 30 Deferred: Federal (20 ) (4 ) (6 ) State — — (1 ) Foreign (1 ) (1 ) (2 ) (21 ) (5 ) (9 ) Income tax (benefit) expense $ (9 ) $ 27 $ 21 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2020 2019 2018 Federal tax (benefit) expense at statutory rates $ (60 ) $ 14 $ 20 State taxes — 4 2 Transition tax — — (4 ) Nondeductible expenses and other 5 3 2 Goodwill impairment charge 43 — — Change in valuation allowance related to foreign losses 3 6 1 Income tax (benefit) expense $ (9 ) $ 27 $ 21 Effective tax rate 3 % 41 % 22 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2020 2019 Deferred tax assets: Allowance for credit losses $ 1 $ 1 Accruals and reserves 17 20 Net operating loss and tax credit carryforwards 68 58 Other 2 1 Subtotal 88 80 Valuation allowance (71 ) (64 ) Total 17 16 Deferred tax liabilities: Inventory valuation (23 ) (29 ) Property, plant and equipment (10 ) (13 ) Intangible assets (50 ) (63 ) Total (83 ) (105 ) Net deferred tax liability $ (66 ) $ (89 ) |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Class of Treasury Stock [Table Text Block] | 2020 2019 2018 Number of shares acquired on the open market — 4,868,491 7,596,113 Average price per share $ — $ 15.38 $ 16.46 Total cost of acquired shares (in millions) $ — $ 75 $ 125 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | December 31, 2020 2019 Currency translation adjustments $ (222 ) $ (224 ) Hedge accounting adjustments (11 ) (7 ) Other adjustments (1 ) (1 ) Accumulated other comprehensive loss $ (234 ) $ (232 ) |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2020 2019 2018 Net (loss) income attributable to common stockholders $ (298 ) $ 15 $ 50 Average basic shares outstanding 82.0 83.0 90.1 Effect of dilutive securities — 0.9 1.7 Average diluted shares outstanding 82.0 83.9 91.8 Net (loss) income per share: Basic $ (3.63 ) $ 0.18 $ 0.55 Diluted $ (3.63 ) $ 0.18 $ 0.54 |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value Stock Options (years) (millions) Balance at December 31, 2019 2,218,906 $ 23.99 2.7 $ — Exercised — — Forfeited (74,711 ) 23.40 Expired — — Balance at December 31, 2020 2,144,195 $ 24.01 1.7 $ — At December 31, 2020 Options outstanding, vested and exercisable 2,144,195 $ 24.01 1.7 $ — Options outstanding, vested and expected to vest 2,144,195 $ 24.01 1.7 $ — |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | Year Ended December 31, 2020 2019 2018 Stock Options Weighted-average, grant-date fair value of awards granted $ — $ — $ — Total intrinsic value of stock options exercised — 767 1,722,539 Total fair value of stock options vested — — — |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Weighted Average Grant-Date Shares Fair Value Restricted Stock Awards Nonvested at December 31, 2019 74,055 $ 18.05 Granted 169,603 4.59 Vested (74,055 ) 18.05 Forfeited — — Nonvested at December 31, 2020 169,603 $ 4.59 |
Share-based Compensation Arrangement by Share-based Payment Award, Other Than Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | Year Ended December 31, 2020 2019 2018 Restricted Stock Awards Weighted-average, grant-date fair value of awards granted $ 4.59 $ 18.05 $ 19.28 Total fair value of restricted stock vested 396,935 1,461,431 4,986,620 Year Ended December 31, 2020 2019 2018 Restricted Stock Unit Awards Weighted-average, grant-date fair value of awards granted $ 8.30 $ 15.25 $ 16.08 Total fair value of restricted stock units vested 7,918,337 9,619,773 9,187,360 Year Ended December 31, 2020 2019 2018 Performance Share Unit Awards Weighted-average, grant-date fair value of awards granted $ 12.25 $ 19.40 $ 18.87 Total fair value of performance share units vested 2,328,350 5,921,169 2,349,749 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted Average Grant-Date Shares Fair Value Restricted Stock Unit Awards Nonvested at December 31, 2019 1,321,382 $ 15.96 Granted 1,373,575 8.30 Vested (729,309 ) 16.38 Forfeited (85,718 ) 11.84 Nonvested at December 31, 2020 1,879,930 $ 10.38 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Weighted Average Grant-Date Shares Fair Value Performance Share Unit Awards Nonvested at December 31, 2019 612,049 $ 20.60 Granted 277,106 12.25 Vested (1) (147,569 ) 24.39 Forfeited (49,366 ) 18.95 Nonvested at December 31, 2020 692,220 $ 16.57 |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Year Ended December 31, 2020 2019 2018 Equity-based compensation expense: Stock options $ — $ — $ — Restricted stock awards 1 1 2 Restricted stock unit awards 10 10 9 Performance share unit awards 1 5 3 Total equity-based compensation expense $ 12 $ 16 $ 14 Income tax benefits related to equity-based compensation $ 2 $ 4 $ 3 |
Share-based Payment Arrangement, Nonvested Award, Cost [Table Text Block] | Weighted- Average Vesting December 31, Period (in years) 2020 Unrecognized equity-based compensation expense: Restricted stock awards 0.3 $ — Restricted stock unit awards 1.0 8 Performance share unit awards 1.2 1 Total unrecognized equity-based compensation expense $ 9 |
Note 15 - Segment, Geographic_2
Note 15 - Segment, Geographic and Product Line Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 2020 2019 2018 Sales U.S. $ 2,023 $ 2,956 $ 3,321 Canada 128 226 315 International 409 480 536 Consolidated sales $ 2,560 $ 3,662 $ 4,172 Depreciation and amortization U.S. $ 15 $ 15 $ 16 Canada 1 1 1 International 4 5 6 Total depreciation and amortization expense $ 20 $ 21 $ 23 Amortization of intangibles U.S. $ 23 $ 39 $ 42 Canada 1 1 1 International 2 2 2 Total amortization of intangibles expense $ 26 $ 42 $ 45 Operating (loss) income U.S. $ (207 ) $ 104 $ 112 Canada (6 ) (1 ) 9 International (47 ) — 6 Total operating income (260 ) 103 127 Interest expense (28 ) (40 ) (38 ) Other income (expense) 5 3 6 Income before income taxes $ (283 ) $ 66 $ 95 December 31, 2020 2019 Total assets United States $ 1,506 $ 1,915 Canada 53 91 International 222 319 Total assets $ 1,781 $ 2,325 |
Long-lived Assets by Geographic Areas [Table Text Block] | December 31, 2020 2019 Property, plant and equipment United States 86 % 78 % Canada 2 % 10 % International 12 % 12 % Total property, plant and equipment 100 % 100 % |
Schedule of Net Sales by Product Line [Table Text Block] | Year Ended December 31, 2020 2019 2018 Line pipe $ 308 12 % $ 560 15 % $ 728 18 % Carbon steel fittings and flanges 340 13 % 565 16 % 683 16 % Total carbon steel pipe, fittings and flanges 648 25 % 1,125 31 % 1,411 34 % Valves, automation, measurement and instrumentation 1,018 40 % 1,434 39 % 1,553 37 % Gas products 517 20 % 551 15 % 561 13 % Stainless steel alloy pipe and fittings 128 5 % 177 5 % 196 5 % General products 249 10 % 375 10 % 451 11 % $ 2,560 $ 3,662 $ 4,172 |
Note 18 - Quarterly Informati_2
Note 18 - Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Second Third Fourth Year 2020 Revenue $ 794 $ 602 $ 585 $ 579 $ 2,560 Gross profit 148 79 114 90 431 Net income (loss) attributable to common stockholders 3 (287 ) (3 ) (11 ) (298 ) Earnings (loss) per share: Basic $ 0.04 $ (3.50 ) $ (0.04 ) $ (0.13 ) $ (3.63 ) Diluted $ 0.04 $ (3.50 ) $ (0.04 ) $ (0.13 ) $ (3.63 ) 2019 Revenue $ 970 $ 984 $ 942 $ 766 $ 3,662 Gross profit 174 174 174 131 653 Net income (loss) attributable to common stockholders 12 18 15 (30 ) 15 Earnings (loss) per share: Basic (1) $ 0.14 $ 0.22 $ 0.18 $ (0.37 ) $ 0.18 Diluted (1) $ 0.14 $ 0.21 $ 0.18 $ (0.37 ) $ 0.18 |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted Average Cost Inventory and Net Realizable Value Inventory Amount | $ 145 | $ 181 |
Inventory Valuation Reserves, Ending Balance | 19 | 35 |
Insurance, Maximum Nonmaterial Deduction | 4 | |
Letters of Credit Securing Insurance Nonmaterial Deductible | 6 | |
Accrued Insurance | 12 | 11 |
Self Insurance Reserve | $ 2 | 2 |
Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |
Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | |
Senior Secured Term Loan B [Member] | Secured Debt [Member] | ||
Debt Issuance Costs, Noncurrent, Net, Total | $ 1 | 2 |
Global ABL Facility [Member] | ||
Debt Issuance Costs, Noncurrent, Net, Total | $ 2 | $ 2 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 17 | $ 26 |
Contract with Customer, Liability, Total | $ 6 | $ 4 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Sales | $ 579 | $ 585 | $ 602 | $ 794 | $ 766 | $ 942 | $ 984 | $ 970 | $ 2,560 | $ 3,662 | $ 4,172 |
Gas Utilities [Member] | |||||||||||
Sales | 832 | 857 | |||||||||
Downstream [Member] | |||||||||||
Sales | 786 | 1,105 | |||||||||
Upstream [Member] | |||||||||||
Sales | 600 | 1,107 | |||||||||
Midstream [Member] | |||||||||||
Sales | 342 | 593 | |||||||||
UNITED STATES | |||||||||||
Sales | 2,023 | 2,956 | |||||||||
UNITED STATES | Gas Utilities [Member] | |||||||||||
Sales | 821 | 841 | |||||||||
UNITED STATES | Downstream [Member] | |||||||||||
Sales | 566 | 854 | |||||||||
UNITED STATES | Upstream [Member] | |||||||||||
Sales | 329 | 723 | |||||||||
UNITED STATES | Midstream [Member] | |||||||||||
Sales | 307 | 538 | |||||||||
CANADA | |||||||||||
Sales | 128 | 226 | |||||||||
CANADA | Gas Utilities [Member] | |||||||||||
Sales | 11 | 16 | |||||||||
CANADA | Downstream [Member] | |||||||||||
Sales | 15 | 22 | |||||||||
CANADA | Upstream [Member] | |||||||||||
Sales | 89 | 162 | |||||||||
CANADA | Midstream [Member] | |||||||||||
Sales | 13 | 26 | |||||||||
International [Member] | |||||||||||
Sales | 409 | 480 | |||||||||
International [Member] | Gas Utilities [Member] | |||||||||||
Sales | 0 | 0 | |||||||||
International [Member] | Downstream [Member] | |||||||||||
Sales | 205 | 229 | |||||||||
International [Member] | Upstream [Member] | |||||||||||
Sales | 182 | 222 | |||||||||
International [Member] | Midstream [Member] | |||||||||||
Sales | $ 22 | $ 29 |
Note 3 - Accounts Receivable (D
Note 3 - Accounts Receivable (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance for Doubtful Accounts, Premiums and Other Receivables | $ 1 | $ 1 | $ 1 |
Note 3 - Accounts Receivable -
Note 3 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance | $ 4 | $ 4 | $ 4 |
Net charge-offs | (4) | (2) | (1) |
Provision for credit losses | 2 | 2 | 1 |
Ending balance | $ 2 | $ 4 | $ 4 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventory, LIFO Reserve, Period Charge | $ 29,000 | $ 5,000 | $ 0 | |
Inventory Write-down | 46,000 | $ 5,000 | $ 0 | |
CANADA | ||||
Inventory Write-down | 2,000 | |||
International [Member] | ||||
Inventory Write-down | $ 5,000 | 16,000 | ||
UNITED STATES | ||||
Inventory Write-down | $ 28,000 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Finished goods inventory at average cost | $ 664 | $ 891 |
Less: Excess of average cost over LIFO cost (LIFO reserve) | (136) | (155) |
Less: Other inventory reserves | (19) | (35) |
Inventory, Net, Total | 509 | 701 |
Valves, Automation, Measurement and Instrumentation [Member] | ||
Finished goods inventory at average cost | 279 | 355 |
Carbon Steel Pipe, Fittings and Flanges [Member] | ||
Finished goods inventory at average cost | 156 | 268 |
All Other Products [Member] | ||
Finished goods inventory at average cost | $ 229 | $ 268 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Leasehold Improvements, Gross | $ 9 | $ 10 |
Note 5 - Property, Plant and _4
Note 5 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, plant and equipment, gross | $ 240 | $ 293 |
Allowances for depreciation and amortization | (137) | (155) |
Property, plant and equipment, net | 103 | 138 |
Land and Land Improvements [Member] | ||
Property, plant and equipment, gross | 3 | 12 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | $ 45 | 70 |
Depreciable life (Year) | 40 years | |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | $ 134 | 155 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Depreciable life (Year) | 3 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Depreciable life (Year) | 10 years | |
Enterprise Resource Planning Software [Member] | ||
Property, plant and equipment, gross | $ 56 | 56 |
Depreciable life (Year) | 10 years | |
Software Development [Member] | ||
Property, plant and equipment, gross | $ 2 | $ 0 |
Note 6 - Goodwill and Other I_3
Note 6 - Goodwill and Other Intangible Assets (Details Textual) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Apr. 30, 2020 | Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) | ||
Goodwill, Impairment Loss | $ 217 | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 25 | ||||
Minimum [Member] | Measurement Input, Discount Rate [Member] | |||||
Reporting Units, Measurement Input | 9.75 | ||||
Maximum [Member] | Measurement Input, Discount Rate [Member] | |||||
Reporting Units, Measurement Input | 11.25 | ||||
Trade Names [Member] | |||||
Goodwill, Impaired, Accumulated Impairment Loss | 229 | $ 204 | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Ending Balance | [1] | 107 | 132 | ||
Customer Base [Member] | |||||
Goodwill, Impaired, Accumulated Impairment Loss | 42 | $ 42 | |||
UNITED STATES | |||||
Goodwill, Impaired, Accumulated Impairment Loss | $ 350 | ||||
Goodwill, Impairment Loss | 177 | ||||
CANADA | |||||
Goodwill, Impaired, Accumulated Impairment Loss | 69 | ||||
Goodwill, Impairment Loss | 0 | ||||
International [Member] | |||||
Goodwill, Impaired, Accumulated Impairment Loss | $ 183 | ||||
Goodwill, Impairment Loss | $ 40 | ||||
[1] | Net of accumulated impairment losses of $229 million and $204 million as of December 31, 2020 and 2019, respectively. |
Note 6 - Goodwill and Other I_4
Note 6 - Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Goodwill | $ 483 | $ 484 | $ 486 | [1] |
Effect of foreign currency translation | (2) | (1) | (2) | |
Impairment | (217) | |||
Goodwill | 264 | 483 | 484 | |
UNITED STATES | ||||
Goodwill | 441 | 441 | 441 | [1] |
Effect of foreign currency translation | 0 | 0 | 0 | |
Impairment | (177) | |||
Goodwill | 264 | 441 | 441 | |
CANADA | ||||
Goodwill | 0 | 0 | 0 | [1] |
Effect of foreign currency translation | 0 | 0 | 0 | |
Impairment | 0 | |||
Goodwill | 0 | 0 | 0 | |
International [Member] | ||||
Goodwill | 42 | 43 | 45 | [1] |
Effect of foreign currency translation | (2) | (1) | (2) | |
Impairment | (40) | |||
Goodwill | $ 0 | $ 42 | $ 43 | |
[1] | Net of prior years’ accumulated impairment losses of $350 million, $69 million and $183 million in the U.S., Canadian and International segments, respectively. |
Note 6 - Goodwill and Other I_5
Note 6 - Goodwill and Other Intangible Assets - Other Intangible Assets by Major Class (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-lived, accumulated amortization | $ 296 | $ 300 | |
Intangible assets, gross | 525 | 581 | |
Intangible assets, net book value | 229 | 281 | |
Trade Names [Member] | |||
Indefinite lived | [1] | 107 | 132 |
Customer Base [Member] | |||
Finite lived, gross | [2] | 418 | 449 |
Finite-lived, accumulated amortization | [2] | 296 | 300 |
Finite lived, net book value | [2] | $ 122 | $ 149 |
[1] | Net of accumulated impairment losses of $229 million and $204 million as of December 31, 2020 and 2019, respectively. | ||
[2] | Net of accumulated impairment losses of $42 million as of December 31, 2020 and 2019. |
Note 6 - Goodwill and Other I_6
Note 6 - Goodwill and Other Intangible Assets - Amortization of Intangible Assets (Details) $ in Millions | Dec. 31, 2020USD ($) |
2021 | $ 24 |
2022 | 21 |
2023 | 21 |
2024 | 19 |
2025 | $ 18 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Lease, Expense | $ 38 | $ 42 | ||
Operating Lease, Payments | 43 | 46 | ||
Operating Lease, Impairment Loss | 14 | 0 | $ 0 | |
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 29 | 30 | 1 | 6 |
Sale and Leaseback Transaction, Gain (Loss), Net | 5 | 0 | $ 0 | |
Operating Lease, Liability, Total | 224 | 224 | ||
Operating Lease, Right-of-Use Asset | 200 | 200 | $ 186 | |
Sell and Leaseback Office and Warehouse Facilities [Member] | ||||
Operating Lease, Liability, Total | 24 | 24 | ||
Operating Lease, Right-of-Use Asset | 24 | 24 | ||
Selling, General and Administrative Expenses [Member] | ||||
Operating Lease, Impairment Loss | 14 | |||
Selling, General and Administrative Expenses [Member] | UNITED STATES | ||||
Operating Lease, Impairment Loss | 3 | |||
Selling, General and Administrative Expenses [Member] | CANADA | ||||
Operating Lease, Impairment Loss | 1 | |||
Selling, General and Administrative Expenses [Member] | International [Member] | ||||
Operating Lease, Impairment Loss | $ 10 | |||
Other Income [Member] | ||||
Sale and Leaseback Transaction, Gain (Loss), Net | $ 5 | |||
Minimum [Member] | ||||
Lessee, Operating Lease, Renewal Term (Year) | 1 year | 1 year | ||
Maximum [Member] | ||||
Lessee, Operating Lease, Renewal Term (Year) | 15 years | 15 years | ||
Lessee, Operating Lease, Term of Contract (Year) | 30 years | 30 years |
Note 7 - Leases - Maturity of L
Note 7 - Leases - Maturity of Lease Liabilities (Details) $ in Millions | Dec. 31, 2020USD ($) |
2021 | $ 43 |
2022 | 35 |
2023 | 30 |
2024 | 25 |
2025 | 20 |
After 2025 | 202 |
Total lease payments | 355 |
Less: Interest | (131) |
Present value of lease liabilities | $ 224 |
Note 7 - Leases - Term and Disc
Note 7 - Leases - Term and Discount Rate Associated with Leases (Details) | Dec. 31, 2020 |
Weighted-average remaining lease term (Year) | 13 years |
Weighted-average discount rate | 6.80% |
Note 8 - Long-term Debt (Detail
Note 8 - Long-term Debt (Details Textual) - USD ($) $ in Millions | May 01, 2018 | Nov. 09, 2012 | Apr. 30, 2021 | Mar. 31, 2020 | May 31, 2018 | Dec. 31, 2020 | Sep. 16, 2017 |
Global ABL Facility [Member] | |||||||
Debt Instrument, Covenant, Indebtedness, Maximum Percent of Accounts Receivable | 85.00% | ||||||
Debt Instrument, Covenant, Indebtedness, Maximum Percentage of Inventory | 70.00% | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 800 | $ 1,050 | |||||
Line of Credit Facility, Additional Borrowing Capacity subject to Additional Commitments | $ 200 | ||||||
Debt Instrument, Covenant, Indebtedness, Maximum Percentage of Appraised Net Orderly Liquidation Value of Inventory | 85.00% | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 432 | ||||||
Global ABL Facility [Member] | UNITED STATES | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 675 | ||||||
Global ABL Facility [Member] | CANADA | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 65 | ||||||
Global ABL Facility [Member] | NORWAY | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 18 | ||||||
Global ABL Facility [Member] | AUSTRALIA | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 15 | ||||||
Global ABL Facility [Member] | NETHERLANDS | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 13 | ||||||
Global ABL Facility [Member] | UNITED KINGDOM | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 7 | ||||||
Global ABL Facility [Member] | BELGIUM | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7 | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Global ABL Facility [Member] | UNITED STATES | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Global ABL Facility [Member] | UNITED STATES | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||
BA Rate [Member] | Maximum [Member] | Global ABL Facility [Member] | CANADA | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||
BA Rate [Member] | Minimum [Member] | Global ABL Facility [Member] | CANADA | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||
Various Benchmark Rates [Member] | Maximum [Member] | Global ABL Facility [Member] | International [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||
Various Benchmark Rates [Member] | Minimum [Member] | Global ABL Facility [Member] | International [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||
Senior Secured Term Loan B [Member] | |||||||
Extinguishment of Debt, Amount | $ 3 | ||||||
Repayments of Long-term Debt, Total | $ 2 | ||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 1 | ||||||
Secured Debt [Member] | Senior Secured Term Loan B [Member] | |||||||
Debt Instrument, Face Amount | $ 400 | ||||||
Debt Instrument, Term (Year) | 7 years | ||||||
Senior Secured Term Loan Maximum Borrowing Capacity | $ 200 | ||||||
Debt Instrument, Covenant, Net Leverage Ratio, Maximum Unrestricted Cash | $ 75 | $ 75 | |||||
Term Loan Senior Secured Leverage Ratio | 4 | ||||||
Debt Instrument, Amortization Percentage | 1.00% | ||||||
Percentage Of Capital Stock In Foreign Subsidiaries | 65.00% | ||||||
Repayment Percentage Requirement Based on Excess Cash Flow and Leverage Ratio No More Than 2.75 | 25.00% | ||||||
Repayment Percentage Requirement Based on Excess Cash Flow and Leverage Ratio Less Than or Equal 2.50 | 0.00% | ||||||
Debt Instrument, Covenant, Maximum Senior Secured Leverage Ratio | 3.75 | ||||||
Debt Instrument, Covenant, Maximum Pro Forma Senior Secured Leverage Ratio | 4 | ||||||
Debt Instrument, Covenant, Maximum Pro Forma Junior Secured Leverage Ratio | 4.75 | ||||||
Debt Instrument, Covenant, Maximum Total Leverage Ratio | 5 | ||||||
Debt Instrument, Covenant, Minimum Pro Forma Consolidated Interest Coverage Ratio | 2 | ||||||
Debt Instrument, Covenant, Maximum Indebtedness in Credit Facility | $ 1,300 | ||||||
Debt Instrument, Covenant, Indebtedness, Maximum Percent of Accounts Receivable | 85.00% | ||||||
Debt Instrument, Covenant, Indebtedness, Maximum Percentage of Inventory | 65.00% | ||||||
Secured Debt [Member] | Senior Secured Term Loan B [Member] | Forecast [Member] | |||||||
Debt Instrument, Excess Cash Flow Fee | $ 105 | ||||||
Secured Debt [Member] | Senior Secured Term Loan B [Member] | Maximum [Member] | |||||||
Repayment Percentage Requirement Based on Excess Cash Flow and Leverage Ratio | 50.00% | ||||||
Secured Debt [Member] | Senior Secured Term Loan B [Member] | Measurement Input, Prepayment Rate [Member] | |||||||
Debt Instrument, Measurement Input | 0.01 | ||||||
Secured Debt [Member] | Senior Secured Term Loan B [Member] | Base Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 2.00% | |||||
Debt Instrument, Variable Rate Floor | 2.00% | 1.00% | |||||
Secured Debt [Member] | Senior Secured Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | 3.00% | |||||
Debt Instrument, Variable Rate Floor | 1.00% | 0.00% |
Note 8 - Long-term Debt - Compo
Note 8 - Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term debt | $ 383 | $ 551 |
Less: current portion | 4 | 4 |
Long-term Debt, Excluding Current Maturities, Total | 379 | 547 |
Global ABL Facility [Member] | ||
Long-term debt | 0 | 161 |
Secured Debt [Member] | ||
Long-term debt | $ 383 | $ 390 |
Note 8 - Long-term Debt - Com_2
Note 8 - Long-term Debt - Components of Long-term Debt (Details) (Parentheticals) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Secured Debt [Member] | ||
Long-term debt, discount and issuance costs | $ 2 | $ 2 |
Note 8 - Long-term Debt - Inter
Note 8 - Long-term Debt - Interest on Borrowings (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Senior Secured Term Loan B and Global ABL Facility [Member] | ||
Weighted average interest rate | 4.93% | 4.91% |
Global ABL Facility [Member] | ||
Weighted average interest rate | 0.00% | 3.47% |
Senior Secured Term Loan B [Member] | ||
Weighted average interest rate | 4.93% | 5.50% |
Note 8 - Long-term Debt - Matur
Note 8 - Long-term Debt - Maturities of Long-term Debt (Details) $ in Millions | Dec. 31, 2020USD ($) |
2021 | $ 4 |
2022 | 4 |
2023 | 4 |
2024 | 371 |
2025 | 0 |
Thereafter | $ 0 |
Note 9 - Derivative Financial_2
Note 9 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Rate Swap [Member] | ||||
Derivative, Term of Contract (Year) | 5 years | |||
Derivative, Notional Amount | $ 250,000 | |||
Derivative, Fixed Interest Rate | 2.7145% | |||
Derivative Liability, Fair Value, Gross Liability, Total | $ 0 | $ 14,000 | $ 9,000 | |
Foreign Exchange Forward [Member] | ||||
Derivative, Notional Amount | $ 3,000 | $ 21,000 | ||
Derivative, Gain (Loss) on Derivative, Net, Total | $ 1,000 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Unrecognized Tax Benefits, Ending Balance | $ 1 | $ 4 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards, Total | $ 17 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Open Tax Year | 2017 2018 2019 2020 | |
Domestic Tax Authority [Member] | Foreign Tax Credit [Member] | ||
Tax Credit Carryforward, Amount | $ 5 | |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards, Total | 213 | |
Operating Loss Carryforwards, Not Subject to Expiration | 170 | |
Operating Loss Carryforwards, Subject to Expiration | $ 43 |
Note 10 - Income Taxes - Compon
Note 10 - Income Taxes - Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
United States | $ (216) | $ 86 | $ 95 |
Foreign | (67) | (20) | 0 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total | $ (283) | $ 66 | $ 95 |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income Taxes Included in the Consolidated Statements of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal | $ 8 | $ 22 | $ 21 |
State | 2 | 6 | 1 |
Foreign | 2 | 4 | 8 |
Current Income Tax Expense (Benefit), Total | 12 | 32 | 30 |
Federal | (20) | (4) | (6) |
State | 0 | 0 | (1) |
Foreign | (1) | (1) | (2) |
Deferred Income Tax Expense (Benefit), Total | (21) | (5) | (9) |
Income tax (benefit) expense | $ (9) | $ 27 | $ 21 |
Note 10 - Income Taxes - Reconc
Note 10 - Income Taxes - Reconciliation of Income Tax Rate (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal tax (benefit) expense at statutory rates | $ (60) | $ 14 | $ 20 |
State taxes | 0 | 4 | 2 |
Transition tax | 0 | 0 | (4) |
Nondeductible expenses and other | 5 | 3 | 2 |
Goodwill impairment charge | 43 | 0 | 0 |
Change in valuation allowance related to foreign losses | 3 | 6 | 1 |
Income tax (benefit) expense | $ (9) | $ 27 | $ 21 |
Effective tax rate | 3.00% | 41.00% | 22.00% |
Note 10 - Income Taxes - Signif
Note 10 - Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for credit losses | $ 1 | $ 1 |
Accruals and reserves | 17 | 20 |
Net operating loss and tax credit carryforwards | 68 | 58 |
Other | 2 | 1 |
Subtotal | 88 | 80 |
Valuation allowance | (71) | (64) |
Total | 17 | 16 |
Inventory valuation | (23) | (29) |
Property, plant and equipment | (10) | (13) |
Intangible assets | (50) | (63) |
Total | (83) | (105) |
Net deferred tax liability | $ (66) | $ (89) |
Note 11 - Redeemable Preferre_2
Note 11 - Redeemable Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | |
Temporary Equity, Shares Issued (in shares) | 363,000 | 363,000 | |
Temporary Equity, Dividend Rate, Percentage | 6.50% | 6.50% | |
Series A Preferred Stock [Member] | |||
Temporary Equity, Shares Issued (in shares) | 363,000 | ||
Proceeds from Issuance of Preferred Stock and Preference Stock, Before Issuance Costs | $ 363 | ||
Temporary Equity, Redemption Price Per Share (in dollars per share) | $ 1,000 | ||
Temporary Equity, Dividend Rate, Percentage | 6.50% | ||
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 55.9284 | ||
Convertible Preferred Stock, Initial Conversion Price (in dollars per share) | $ 17.88 | ||
Convertible Preferred Stock, Redemption Option, Percentage of Par Value | 105.00% | ||
Convertible Preferred Stock, Common Stock as Percentage of Conversion Price | 150.00% |
Note 12 - Stockholders' Equit_2
Note 12 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 63 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Preferred Stock, Shares Authorized (in shares) | 100,000,000 | 100,000,000 | ||
Preferred Stock, Shares Issued, Total (in shares) | 363,000 | 363,000 | 363,000 | |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 363,000 | 363,000 | 363,000 | |
Treasury Stock, Shares, Acquired (in shares) | 0 | 4,868,491 | 7,596,113 | 24,216,330 |
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 0 | $ 15.38 | $ 16.46 | $ 15.48 |
Treasury Stock, Value, Acquired, Cost Method | $ 0 | $ 75,000 | $ 125,000 | $ 375,000 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 0 | $ 0 | ||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 82,098,966 | 82,098,966 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 3,600,000 | 2,500,000 | 3,100,000 |
Note 12 - Stockholders' Equit_3
Note 12 - Stockholders' Equity - Summary of Share Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 63 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Number of shares acquired on the open market (in shares) | 0 | 4,868,491 | 7,596,113 | 24,216,330 |
Average price per share (in dollars per share) | $ 0 | $ 15.38 | $ 16.46 | $ 15.48 |
Total cost of acquired shares (in millions) | $ 0 | $ 75 | $ 125 | $ 375 |
Note 12 - Stockholders' Equit_4
Note 12 - Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accumulated other comprehensive loss | $ 350 | $ 642 | $ 692 | $ 759 |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Accumulated other comprehensive loss | (222) | (224) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Accumulated other comprehensive loss | (11) | (7) | ||
Accumulated Other Comprehensive Income, Including Portion Attributable to Noncontrolling Interest, Other Adjustments [Member] | ||||
Accumulated other comprehensive loss | (1) | (1) | ||
AOCI Attributable to Parent [Member] | ||||
Accumulated other comprehensive loss | $ (234) | $ (232) | $ (232) | $ (210) |
Note 12 - Stockholders' Equit_5
Note 12 - Stockholders' Equity - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||
Net (loss) income attributable to common stockholders | $ (11) | $ (3) | $ (287) | $ 3 | $ (30) | $ 15 | $ 18 | $ 12 | $ (298) | $ 15 | $ 50 | |||||
Average basic shares outstanding (in shares) | 82 | 83 | 90.1 | |||||||||||||
Effect of dilutive securities (in shares) | 0 | 0.9 | 1.7 | |||||||||||||
Average diluted shares outstanding (in shares) | 82 | 83.9 | 91.8 | |||||||||||||
Basic (in dollars per share) | $ (0.13) | $ (0.04) | $ (3.50) | $ 0.04 | $ (0.37) | [1] | $ 0.18 | [1] | $ 0.22 | [1] | $ 0.14 | [1] | $ (3.63) | $ 0.18 | [1] | $ 0.55 |
Diluted (in dollars per share) | $ (0.13) | $ (0.04) | $ (3.50) | $ 0.04 | $ (0.37) | [1] | $ 0.18 | [1] | $ 0.21 | [1] | $ 0.14 | [1] | $ (3.63) | $ 0.18 | [1] | $ 0.54 |
[1] | Earnings per share does not add across due to rounding and equity-related transactions resulting in differing weighted average shares outstanding on a quarterly basis. |
Note 13 - Employee Benefit Pl_3
Note 13 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | 104 Months Ended | |||||
Apr. 30, 2019 | Apr. 30, 2015 | Apr. 30, 2012 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2007 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0 | |||||||
Defined Contribution Plan, Cost | $ 5 | $ 9 | $ 10 | |||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 169,603 | |||||||
Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 277,106 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 3 years | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,373,575 | |||||||
Performance Above Goals Shares [Member] | ||||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | 68,109 | |||||||
Maximum [Member] | ||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 15.50% | |||||||
Maximum [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Goal Target, Percentage | 200.00% | |||||||
Minimum [Member] | ||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 1.00% | |||||||
Minimum [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Goal Target, Percentage | 0.00% | |||||||
The 2007 Stock Option Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 3,750,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total (in shares) | 0 | |||||||
The 2007 Stock Option Plan [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||
The 2007 Stock Option Plan and 2007 Restricted Stock Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | |||||||
The 2011 Omnibus Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 3,250,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 2,500,000 | 4,250,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 9,531,643 | |||||||
The 2011 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 169,603 | 74,055 | ||||||
The 2011 Omnibus Incentive Plan [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 277,106 | 242,290 | ||||||
The 2011 Omnibus Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,373,575 | 712,600 | ||||||
The 2011 Omnibus Incentive Plan [Member] | Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||||
The 2011 Omnibus Incentive Plan [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||||||
The 2011 Omnibus Incentive Plan [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years |
Note 13 - Employee Benefit Pl_4
Note 13 - Employee Benefit Plans - Summary of Award Activity for Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance, options (in shares) | 2,218,906 | |
Balance, weighted average exercise price (in dollars per share) | $ 23.99 | |
Balance, weighted average remaining contractual term (Year) | 1 year 8 months 12 days | 2 years 8 months 12 days |
Balance, aggregate intrinsic value | $ 0 | $ 0 |
Exercised, options (in shares) | 0 | |
Exercised, weighted average exercise price (in dollars per share) | $ 0 | |
Forfeited, options (in shares) | (74,711) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 23.40 | |
Expired, options (in shares) | 0 | |
Expired, weighted average exercise price (in dollars per share) | $ 0 | |
Balance, options (in shares) | 2,144,195 | 2,218,906 |
Balance, weighted average exercise price (in dollars per share) | $ 24.01 | $ 23.99 |
Options outstanding, vested and exercisable (in shares) | 2,144,195 | |
Options outstanding, vested and exercisable, weighted average exercise price (in dollars per share) | $ 24.01 | |
Options outstanding, vested and exercisable, weighted average remaining contractual term (Year) | 1 year 8 months 12 days | |
Options outstanding, vested and exercisable, aggregate intrinsic value | $ 0 | |
Options outstanding, vested and expected to vest (in shares) | 2,144,195 | |
Options outstanding, vested and expected to vest, weighted average exercise price (in dollars per share) | $ 24.01 | |
Options outstanding, vested and expected to vest, weighted average remaining contractual term (Year) | 1 year 8 months 12 days |
Note 13 - Employee Benefit Pl_5
Note 13 - Employee Benefit Plans - Stock Option Assumptions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted-average, grant-date fair value of awards granted (in dollars per share) | $ 0 | $ 0 | $ 0 |
Total intrinsic value of stock options exercised | $ 0 | $ 767 | $ 1,722,539 |
Total fair value of stock options vested | $ 0 | $ 0 | $ 0 |
Note 13 - Employee Benefit Pl_6
Note 13 - Employee Benefit Plans - Summary of Award Activity for Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Nonvested, shares (in shares) | 74,055 | ||
Nonvested, weighted average grant-date fair value (in dollars per share) | $ 18.05 | ||
Granted, shares (in shares) | 169,603 | ||
Weighted-average, grant-date fair value of awards granted (in dollars per share) | $ 4.59 | $ 18.05 | $ 19.28 |
Vested, shares (in shares) | (74,055) | ||
Vested, weighted average grant-date fair value (in dollars per share) | $ 18.05 | ||
Forfeited, shares (in shares) | 0 | ||
Forfeited, weighted average grant-date fair value (in dollars per share) | $ 0 | ||
Nonvested, shares (in shares) | 169,603 | 74,055 | |
Nonvested, weighted average grant-date fair value (in dollars per share) | $ 4.59 | $ 18.05 |
Note 13 - Employee Benefit Pl_7
Note 13 - Employee Benefit Plans - Summary of Assumptions for Award Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Performance Shares [Member] | |||
Weighted-average, grant-date fair value of awards granted (in dollars per share) | $ 12.25 | $ 19.40 | $ 18.87 |
Total fair value of stock vested | $ 2,328,350 | $ 5,921,169 | $ 2,349,749 |
Restricted Stock [Member] | |||
Weighted-average, grant-date fair value of awards granted (in dollars per share) | $ 4.59 | $ 18.05 | $ 19.28 |
Total fair value of stock vested | $ 396,935 | $ 1,461,431 | $ 4,986,620 |
Restricted Stock Units (RSUs) [Member] | |||
Weighted-average, grant-date fair value of awards granted (in dollars per share) | $ 8.30 | $ 15.25 | $ 16.08 |
Total fair value of stock vested | $ 7,918,337 | $ 9,619,773 | $ 9,187,360 |
Note 13 - Employee Benefit Pl_8
Note 13 - Employee Benefit Plans - Summary of Award Activity for Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Nonvested, shares (in shares) | 1,321,382 | ||
Nonvested, weighted average grant-date fair value (in dollars per share) | $ 15.96 | ||
Granted, shares (in shares) | 1,373,575 | ||
Weighted-average, grant-date fair value of awards granted (in dollars per share) | $ 8.30 | $ 15.25 | $ 16.08 |
Vested, shares (in shares) | (729,309) | ||
Vested, weighted average grant-date fair value (in dollars per share) | $ 16.38 | ||
Forfeited, shares (in shares) | (85,718) | ||
Forfeited, weighted average grant-date fair value (in dollars per share) | $ 11.84 | ||
Nonvested, shares (in shares) | 1,879,930 | 1,321,382 | |
Nonvested, weighted average grant-date fair value (in dollars per share) | $ 10.38 | $ 15.96 |
Note 13 - Employee Benefit Pl_9
Note 13 - Employee Benefit Plans - Summary of Award Activity for Performance Share Units (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Nonvested, shares (in shares) | 612,049 | |||
Nonvested, weighted average grant-date fair value (in dollars per share) | $ 20.60 | |||
Granted, shares (in shares) | 277,106 | |||
Weighted-average, grant-date fair value of awards granted (in dollars per share) | $ 12.25 | $ 19.40 | $ 18.87 | |
Vested, shares (in shares) | [1] | (147,569) | ||
Vested, weighted average grant-date fair value (in dollars per share) | [1] | $ 24.39 | ||
Forfeited, shares (in shares) | (49,366) | |||
Forfeited, weighted average grant-date fair value (in dollars per share) | $ 18.95 | |||
Nonvested, shares (in shares) | 692,220 | 612,049 | ||
Nonvested, weighted average grant-date fair value (in dollars per share) | $ 16.57 | $ 20.60 | ||
[1] | Excludes 68,109 shares awarded for performance above goals. |
Note 13 - Employee Benefit P_10
Note 13 - Employee Benefit Plans - Recognized Compensation Expense and Related Income Tax Benefits under Equity-based Compensation Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity-based compensation expense | $ 12 | $ 16 | $ 14 |
Income tax benefits related to equity-based compensation | 2 | 4 | 3 |
Share-based Payment Arrangement, Option [Member] | |||
Equity-based compensation expense | 0 | 0 | 0 |
Restricted Stock [Member] | |||
Equity-based compensation expense | 1 | 1 | 2 |
Restricted Stock Units (RSUs) [Member] | |||
Equity-based compensation expense | 10 | 10 | 9 |
Performance Shares [Member] | |||
Equity-based compensation expense | $ 1 | $ 5 | $ 3 |
Note 13 - Employee Benefit P_11
Note 13 - Employee Benefit Plans - Unrecognized Compensation Expense under Equity-based Compensation Plans (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Unrecognized equity-based compensation expense | $ 9 |
Restricted Stock [Member] | |
Unrecognized equity-based compensation expense, weighted average vesting period (Year) | 3 months 18 days |
Unrecognized equity-based compensation expense | $ 0 |
Restricted Stock Units (RSUs) [Member] | |
Unrecognized equity-based compensation expense, weighted average vesting period (Year) | 1 year |
Unrecognized equity-based compensation expense | $ 8 |
Performance Shares [Member] | |
Unrecognized equity-based compensation expense, weighted average vesting period (Year) | 1 year 2 months 12 days |
Unrecognized equity-based compensation expense | $ 1 |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Lease, Expense | $ 38 | $ 42 | |
Lessee, Operating Lease, Liability, to be Paid, Year One | 43 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Two | 35 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Three | 30 | ||
Hansford Associates and Prideco [Member] | |||
Operating Lease, Expense | 1 | 1 | $ 2 |
Lessee, Operating Lease, Liability, to be Paid, Year One | 1 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Two | 1 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Three | 1 | ||
Certain Members of Board of Directors [Member] | |||
Revenue from Related Parties | 23 | 18 | $ 34 |
Accounts Receivable, Related Parties | $ 1 | $ 1 |
Note 15 - Segment, Geographic_3
Note 15 - Segment, Geographic and Product Line Information (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 15 - Segment, Geographic_4
Note 15 - Segment, Geographic and Product Line Information - Financial Information for Each Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Sales | $ 579 | $ 585 | $ 602 | $ 794 | $ 766 | $ 942 | $ 984 | $ 970 | $ 2,560 | $ 3,662 | $ 4,172 |
Depreciation and amortization expense | 20 | 21 | 23 | ||||||||
Amortization of intangibles | 26 | 42 | 45 | ||||||||
Operating income (loss) | (260) | 103 | 127 | ||||||||
Interest expense | (28) | (40) | (38) | ||||||||
Other income (expense) | 5 | 3 | 6 | ||||||||
Income before income taxes | (283) | 66 | 95 | ||||||||
Total assets | 1,781 | 2,325 | 1,781 | 2,325 | |||||||
United States [Member] | |||||||||||
Sales | 2,023 | 2,956 | 3,321 | ||||||||
Depreciation and amortization expense | 15 | 15 | 16 | ||||||||
Amortization of intangibles | 23 | 39 | 42 | ||||||||
Operating income (loss) | (207) | 104 | 112 | ||||||||
Total assets | 1,506 | 1,915 | 1,506 | 1,915 | |||||||
Canada [Member] | |||||||||||
Sales | 128 | 226 | 315 | ||||||||
Depreciation and amortization expense | 1 | 1 | 1 | ||||||||
Amortization of intangibles | 1 | 1 | 1 | ||||||||
Operating income (loss) | (6) | (1) | 9 | ||||||||
Total assets | 53 | 91 | 53 | 91 | |||||||
International [Member] | |||||||||||
Sales | 409 | 480 | 536 | ||||||||
Depreciation and amortization expense | 4 | 5 | 6 | ||||||||
Amortization of intangibles | 2 | 2 | 2 | ||||||||
Operating income (loss) | (47) | 0 | $ 6 | ||||||||
Total assets | $ 222 | $ 319 | $ 222 | $ 319 |
Note 15 - Segment, Geographic_5
Note 15 - Segment, Geographic and Product Line Information - Percentages of Property, Plant and Equipment by Geographic Areas (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Property, plant and equipment | 100.00% | 100.00% |
UNITED STATES | ||
Property, plant and equipment | 86.00% | 78.00% |
CANADA | ||
Property, plant and equipment | 2.00% | 10.00% |
International [Member] | ||
Property, plant and equipment | 12.00% | 12.00% |
Note 15 - Segment, Geographic_6
Note 15 - Segment, Geographic and Product Line Information - Sales by Product Line (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Sales | $ 579 | $ 585 | $ 602 | $ 794 | $ 766 | $ 942 | $ 984 | $ 970 | $ 2,560 | $ 3,662 | $ 4,172 |
Line Pipe [Member] | |||||||||||
Sales | $ 308 | $ 560 | $ 728 | ||||||||
Sales, percent | 12.00% | 15.00% | 18.00% | ||||||||
Carbon Fittings and Flanges [Member] | |||||||||||
Sales | $ 340 | $ 565 | $ 683 | ||||||||
Sales, percent | 13.00% | 16.00% | 16.00% | ||||||||
Carbon Steel Pipe, Fittings and Flanges [Member] | |||||||||||
Sales | $ 648 | $ 1,125 | $ 1,411 | ||||||||
Sales, percent | 25.00% | 31.00% | 34.00% | ||||||||
Valves, Automation, Measurement and Instrumentation [Member] | |||||||||||
Sales | $ 1,018 | $ 1,434 | $ 1,553 | ||||||||
Sales, percent | 40.00% | 39.00% | 37.00% | ||||||||
Gas Products [Member] | |||||||||||
Sales | $ 517 | $ 551 | $ 561 | ||||||||
Sales, percent | 20.00% | 15.00% | 13.00% | ||||||||
Stainless Steel and Alloy Pipe and Fittings [Member] | |||||||||||
Sales | $ 128 | $ 177 | $ 196 | ||||||||
Sales, percent | 5.00% | 5.00% | 5.00% | ||||||||
General Oilfield Products [Member] | |||||||||||
Sales | $ 249 | $ 375 | $ 451 | ||||||||
Sales, percent | 10.00% | 10.00% | 11.00% |
Note 16 - Fair Value Measurem_2
Note 16 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term Debt, Gross | $ 383 | $ 551 |
Fair Value, Inputs, Level 2 [Member] | ||
Long-term Debt, Fair Value | $ 372 | $ 554 |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of Lawsuits Filed | 578 | ||
Loss Contingency, Pending Claims, Number, Ending Balance | 1,153 | ||
Inventory Write-down | $ 46 | $ 5 | $ 0 |
Letters of Credit Outstanding, Amount | 16 | ||
Bank Guarantees Outstanding | $ 4 |
Note 18 - Quarterly Informati_3
Note 18 - Quarterly Information (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||
Sales | $ 579 | $ 585 | $ 602 | $ 794 | $ 766 | $ 942 | $ 984 | $ 970 | $ 2,560 | $ 3,662 | $ 4,172 | |||||
Gross profit | 90 | 114 | 79 | 148 | 131 | 174 | 174 | 174 | 431 | 653 | 689 | |||||
Net income (loss) attributable to common stockholders | $ (11) | $ (3) | $ (287) | $ 3 | $ (30) | $ 15 | $ 18 | $ 12 | $ (298) | $ 15 | $ 50 | |||||
Basic (in dollars per share) | $ (0.13) | $ (0.04) | $ (3.50) | $ 0.04 | $ (0.37) | [1] | $ 0.18 | [1] | $ 0.22 | [1] | $ 0.14 | [1] | $ (3.63) | $ 0.18 | [1] | $ 0.55 |
Diluted (in dollars per share) | $ (0.13) | $ (0.04) | $ (3.50) | $ 0.04 | $ (0.37) | [1] | $ 0.18 | [1] | $ 0.21 | [1] | $ 0.14 | [1] | $ (3.63) | $ 0.18 | [1] | $ 0.54 |
[1] | Earnings per share does not add across due to rounding and equity-related transactions resulting in differing weighted average shares outstanding on a quarterly basis. |