Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 01, 2023 | |
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 | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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, par value $0.01 | |
Trading Symbol | MRC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 84,301,902 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash | $ 52 | $ 32 |
Accounts receivable, net | 518 | 501 |
Inventories, net | 620 | 578 |
Other current assets | 35 | 31 |
Total current assets | 1,225 | 1,142 |
Long-term assets: | ||
Operating lease assets | 206 | 202 |
Property, plant and equipment, net | 77 | 82 |
Other assets | 18 | 22 |
Intangible assets: | ||
Goodwill, net | 264 | 264 |
Other intangible assets, net | 168 | 183 |
Assets | 1,958 | 1,895 |
Current liabilities: | ||
Trade accounts payable | 438 | 410 |
Accrued expenses and other current liabilities | 111 | 115 |
Operating lease liabilities | 38 | 36 |
Current portion of long-term debt | 3 | 3 |
Total current liabilities | 590 | 564 |
Long-term liabilities: | ||
Long-term debt, net | 300 | 337 |
Operating lease liabilities | 184 | 182 |
Deferred income taxes | 46 | 49 |
Other liabilities | 20 | 22 |
Commitments and contingencies | ||
6.5% Series A Convertible Perpetual Preferred Stock, $0.01 par value; authorized 363,000 shares; 363,000 shares issued and outstanding | 355 | 355 |
Stockholders' equity: | ||
Common stock, $0.01 par value per share: 500 million shares authorized, 108,512,938 and 107,864,421 issued, respectively | 1 | 1 |
Additional paid-in capital | 1,764 | 1,758 |
Retained deficit | (693) | (768) |
Less: Treasury stock at cost: 24,216,330 shares | (375) | (375) |
Accumulated other comprehensive loss | (234) | (230) |
Equity, Attributable to Parent | 463 | 386 |
Liabilities and Equity | $ 1,958 | $ 1,895 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
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) | 108,512,938 | 107,864,421 |
Treasury stock, shares (in shares) | 24,216,330 | 24,216,330 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Sales | $ 888 | $ 904 | $ 2,644 | $ 2,494 |
Cost of sales | 705 | 739 | 2,107 | 2,042 |
Gross profit | 183 | 165 | 537 | 452 |
Selling, general and administrative expenses | 126 | 120 | 378 | 347 |
Operating income | 57 | 45 | 159 | 105 |
Other (expense) income: | ||||
Interest expense | (9) | (6) | (26) | (17) |
Other, net | 1 | (5) | (3) | (11) |
Income before income taxes | 49 | 34 | 130 | 77 |
Income tax expense | 14 | 10 | 37 | 23 |
Net income | 35 | 24 | 93 | 54 |
Series A preferred stock dividends | 6 | 6 | 18 | 18 |
Net income attributable to common stockholders | $ 29 | $ 18 | $ 75 | $ 36 |
Basic earnings per common share (in dollars per share) | $ 0.34 | $ 0.22 | $ 0.89 | $ 0.43 |
Diluted earnings per common share (in dollars per share) | $ 0.33 | $ 0.21 | $ 0.88 | $ 0.42 |
Weighted-average common shares, basic (in shares) | 84.3 | 83.6 | 84.2 | 83.5 |
Weighted-average common shares, diluted (in shares) | 105.9 | 85 | 105.8 | 84.8 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 35 | $ 24 | $ 93 | $ 54 |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | (4) | (5) | (4) | (9) |
Hedge accounting adjustments, net of tax | 0 | 0 | 0 | 6 |
Total other comprehensive loss, net of tax | (4) | (5) | (4) | (3) |
Comprehensive income | $ 31 | $ 19 | $ 89 | $ 51 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 106 | (24) | ||||
Balance at Dec. 31, 2021 | $ 1 | $ 1,747 | $ (819) | $ (375) | $ (231) | $ 323 |
Net income | 0 | 0 | 16 | 0 | 0 | 16 |
Foreign currency translation | 0 | 0 | 0 | 0 | 2 | 2 |
Shares withheld for taxes | 0 | (2) | 0 | 0 | 0 | (2) |
Equity-based compensation expense | 0 | 3 | 0 | 0 | 0 | 3 |
Dividends declared on preferred stock | 0 | 0 | (6) | 0 | 0 | (6) |
Hedge accounting adjustments | $ 0 | 0 | 0 | $ 0 | 3 | 3 |
Vesting of stock awards (in shares) | 2 | 0 | ||||
Balance (in shares) at Mar. 31, 2022 | 108 | (24) | ||||
Balance at Mar. 31, 2022 | $ 1 | 1,748 | (809) | $ (375) | (226) | 339 |
Balance (in shares) at Dec. 31, 2021 | 106 | (24) | ||||
Balance at Dec. 31, 2021 | $ 1 | 1,747 | (819) | $ (375) | (231) | 323 |
Net income | 54 | |||||
Foreign currency translation | (9) | |||||
Hedge accounting adjustments | 6 | |||||
Balance (in shares) at Sep. 30, 2022 | 108 | (24) | ||||
Balance at Sep. 30, 2022 | $ 1 | 1,754 | (783) | $ (375) | (234) | 363 |
Balance (in shares) at Mar. 31, 2022 | 108 | (24) | ||||
Balance at Mar. 31, 2022 | $ 1 | 1,748 | (809) | $ (375) | (226) | 339 |
Net income | 0 | 0 | 14 | 0 | 0 | 14 |
Foreign currency translation | 0 | 0 | 0 | 0 | (6) | (6) |
Equity-based compensation expense | 0 | 3 | 0 | 0 | 0 | 3 |
Dividends declared on preferred stock | 0 | 0 | (6) | 0 | 0 | (6) |
Hedge accounting adjustments | $ 0 | 0 | 0 | $ 0 | 3 | 3 |
Balance (in shares) at Jun. 30, 2022 | 108 | (24) | ||||
Balance at Jun. 30, 2022 | $ 1 | 1,751 | (801) | $ (375) | (229) | 347 |
Net income | 0 | 0 | 24 | 0 | 0 | 24 |
Foreign currency translation | 0 | 0 | 0 | 0 | (5) | (5) |
Equity-based compensation expense | 0 | 3 | 0 | 0 | 0 | 3 |
Dividends declared on preferred stock | $ 0 | 0 | (6) | $ 0 | 0 | (6) |
Hedge accounting adjustments | 0 | |||||
Balance (in shares) at Sep. 30, 2022 | 108 | (24) | ||||
Balance at Sep. 30, 2022 | $ 1 | 1,754 | (783) | $ (375) | (234) | 363 |
Balance (in shares) at Dec. 31, 2022 | 108 | (24) | ||||
Balance at Dec. 31, 2022 | $ 1 | 1,758 | (768) | $ (375) | (230) | 386 |
Net income | 0 | 0 | 34 | 0 | 0 | 34 |
Foreign currency translation | 0 | 0 | 0 | 0 | (1) | (1) |
Shares withheld for taxes | 0 | (4) | 0 | 0 | 0 | (4) |
Equity-based compensation expense | 0 | 3 | 0 | 0 | 0 | 3 |
Dividends declared on preferred stock | $ 0 | 0 | (6) | $ 0 | 0 | (6) |
Balance (in shares) at Mar. 31, 2023 | 108 | (24) | ||||
Balance at Mar. 31, 2023 | $ 1 | 1,757 | (740) | $ (375) | (231) | 412 |
Balance (in shares) at Dec. 31, 2022 | 108 | (24) | ||||
Balance at Dec. 31, 2022 | $ 1 | 1,758 | (768) | $ (375) | (230) | 386 |
Net income | 93 | |||||
Foreign currency translation | (4) | |||||
Hedge accounting adjustments | 0 | |||||
Balance (in shares) at Sep. 30, 2023 | 108 | (24) | ||||
Balance at Sep. 30, 2023 | $ 1 | 1,764 | (693) | $ (375) | (234) | 463 |
Balance (in shares) at Mar. 31, 2023 | 108 | (24) | ||||
Balance at Mar. 31, 2023 | $ 1 | 1,757 | (740) | $ (375) | (231) | 412 |
Net income | 0 | 0 | 24 | 0 | 0 | 24 |
Foreign currency translation | 0 | 0 | 0 | 0 | 1 | 1 |
Equity-based compensation expense | 0 | 4 | 0 | 0 | 0 | 4 |
Dividends declared on preferred stock | $ 0 | 0 | (6) | $ 0 | 0 | (6) |
Balance (in shares) at Jun. 30, 2023 | 108 | (24) | ||||
Balance at Jun. 30, 2023 | $ 1 | 1,761 | (722) | $ (375) | (230) | 435 |
Net income | 0 | 0 | 35 | 0 | 0 | 35 |
Foreign currency translation | 0 | 0 | 0 | 0 | (4) | (4) |
Equity-based compensation expense | 0 | 3 | 0 | 0 | 0 | 3 |
Dividends declared on preferred stock | $ 0 | 0 | (6) | $ 0 | 0 | (6) |
Hedge accounting adjustments | 0 | |||||
Balance (in shares) at Sep. 30, 2023 | 108 | (24) | ||||
Balance at Sep. 30, 2023 | $ 1 | $ 1,764 | $ (693) | $ (375) | $ (234) | $ 463 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating activities | ||
Net income | $ 93 | $ 54 |
Adjustments to reconcile net income to net cash provided by (used in) operations: | ||
Depreciation and amortization | 15 | 14 |
Amortization of intangibles | 15 | 15 |
Equity-based compensation expense | 10 | 9 |
Deferred income tax benefit | (3) | (1) |
(Decrease) increase in LIFO reserve | (3) | 50 |
Other, net | 12 | 13 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (20) | (159) |
Inventories | (45) | (197) |
Other current assets | (4) | (11) |
Accounts payable | 27 | 165 |
Accrued expenses and other current liabilities | (5) | 18 |
Net cash provided by (used in) operations | 92 | (30) |
Investing activities | ||
Purchases of property, plant and equipment | (10) | (8) |
Other investing activities | (2) | (2) |
Net cash used in investing activities | (12) | (10) |
Financing activities | ||
Payments on revolving credit facilities | (776) | (523) |
Proceeds from revolving credit facilities | 743 | 569 |
Payments on long-term obligations | (2) | (2) |
Debt issuance costs paid | (1) | 0 |
Dividends paid on preferred stock | (18) | (18) |
Repurchases of shares to satisfy tax withholdings | (4) | (2) |
Net cash (used in) provided by financing activities | (58) | 24 |
Increase (decrease) in cash | 22 | (16) |
Effect of foreign exchange rate on cash | (2) | (3) |
Cash -- beginning of period | 32 | 48 |
Cash -- end of period | 52 | 29 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 25 | 16 |
Cash paid for income taxes | $ 44 | $ 25 |
Note 1 - Background and Basis o
Note 1 - Background and Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 Business Operations : ● Gas Utilities (storage and distribution of natural gas) ● Downstream, Industrial and Energy Transition (crude oil refining, petrochemical and chemical processing, general industrials and energy transition projects) ● Production and Transmission Infrastructure (exploration, production and extraction, gathering, processing and transmission of oil and gas) We have service centers in industrial, chemical, gas distribution and hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia, Australasia and the Middle East. We obtain products from a broad range of suppliers. Basis of Presentation : 10 01 X not three nine September 30, 2023 not December 31, 2023. December 31, 2022 December 31, 2022 December 31, 2022 The condensed consolidated financial statements include the accounts of MRC Global Inc. and its wholly owned and majority owned subsidiaries (collectively referred to as the "Company" or by terms such as "we", "our" or "us"). All material intercompany balances and transactions have been eliminated in consolidation. Adoption of New Accounting Standards fourth 2022, No. 2020 04, Reference Rate Reform (Topic 848 not |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 2 We recognize revenue when we transfer control of promised goods or services to our customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. We recognize substantially all of our revenue when products are shipped or delivered to our customers, and payment is due from our customers at the time of billing with a majority of our customers having 30 third Our contracts with customers ordinarily involve performance obligations that are one 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, we delay invoicing 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 September 30, 2023 December 31, 2022 We record contract liabilities, or deferred revenue, when we receive cash payments from customers in advance of our performance, including amounts that are refundable. The deferred revenue balance at September 30, 2023 December 31, 2022 three nine September 30, 2023 December 31, 2022. three nine September 30, 2022 December 31, 2021. Disaggregated Revenue In the first 2023, one Our disaggregated revenue represents our business of selling PVF to energy and industrial end users across each of the Gas Utilities (storage and distribution of natural gas), Downstream, Industrial and Energy Transition (crude oil refining, petrochemical and chemical processing, general industrials and energy transition projects), and Production and Transmission Infrastructure (exploration, production and extraction, gathering, processing and transmission of oil and gas) sectors, in each of our reportable segments. Varying factors, including macroeconomic environment, commodity prices, maintenance and capital spending and exploration and production activity influence each of our end market sectors and geographical reportable segments. As such, we believe that this information is important in depicting the nature, amount, timing and uncertainty of our contracts with customers. The following table presents our revenue disaggregated by revenue source (in millions): Three Months Ended September 30, U.S. Canada International Total 2023: Gas Utilities $ 311 $ 2 $ 1 $ 314 Downstream, Industrial & Energy Transition 210 7 62 279 Production & Transmission Infrastructure 224 29 42 295 $ 745 $ 38 $ 105 $ 888 2022: Gas Utilities $ 355 $ 3 $ 1 $ 359 Downstream, Industrial & Energy Transition 209 6 61 276 Production & Transmission Infrastructure 204 28 37 269 $ 768 $ 37 $ 99 $ 904 Nine Months Ended September 30, U.S. Canada International Total 2023: Gas Utilities $ 938 $ 4 $ 2 $ 944 Downstream, Industrial & Energy Transition 599 16 187 802 Production & Transmission Infrastructure 675 98 125 898 $ 2,212 $ 118 $ 314 $ 2,644 2022: Gas Utilities $ 934 $ 9 $ 1 $ 944 Downstream, Industrial & Energy Transition 576 20 165 761 Production & Transmission Infrastructure 593 91 105 789 $ 2,103 $ 120 $ 271 $ 2,494 |
Note 3 - Inventories
Note 3 - Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 The composition of our inventory is as follows (in millions): September 30, December 31, 2023 2022 Finished goods inventory at average cost: Valves, automation, measurement and instrumentation $ 287 $ 271 Carbon steel pipe, fittings and flanges 210 201 Gas products 278 257 All other products 144 147 919 876 Less: Excess of average cost over LIFO cost (LIFO reserve) (276 ) (279 ) Less: Other inventory reserves (23 ) (19 ) $ 620 $ 578 The Company uses the last-in, first |
Note 4 - Leases
Note 4 - Leases | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 4 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 not Expense associated with our operating leases was $11 million and $31 million for the three nine September 30, 2023 three nine September 30, 2022 three nine September 30, 2023 three nine September 30, 2022 The maturity of lease liabilities is as follows (in millions): Maturity of Operating Lease Liabilities Remainder of 2023 $ 11 2024 43 2025 36 2026 30 2027 27 After 2027 184 Total lease payments 331 Less: Interest (109 ) Present value of lease liabilities $ 222 The term and discount rate associated with leases are as follows: September 30, Operating Lease Term and Discount Rate 2023 Weighted-average remaining lease term (years) 12 Weighted-average discount rate 6.6 % Amounts maturing after 2027 2048. |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | NOTE 5 The components of our long-term debt are as follows (in millions): September 30, December 31, 2023 2022 Senior Secured Term Loan B, net of discount and issuance costs of $ 1 $ 293 $ 295 Global ABL Facility 10 45 303 340 Less: current portion 3 3 $ 300 $ 337 Senior Secured Term Loan B : September 2024, 470, September 30, 2023, July 1, 2023, 1 3 6 first not 1.00. second first first first no 2.75 1.00. first 2.50 1.00. Global ABL Facility : September 2026. first December 2022, September 30, 2023 Interest on Borrowings : The interest rates on our outstanding borrowings at September 30, 2023 , including a floating to fixed interest rate swap at December 31, 2022, March 2023, September 30, December 31, 2023 2022 Senior Secured Term Loan B 8.86 % 6.05 % Global ABL Facility 6.35 % 5.20 % Weighted average interest rate 8.78 % 5.94 % |
Note 6 - Redeemable Preferred S
Note 6 - Redeemable Preferred Stock | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | NOTE 6 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. The Company currently has the option to redeem, in whole but not may not Holders of the Preferred Stock may, $1,000 $1,000 not MRC Global Inc. may not |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | NOTE 7 Equity Compensation Plans The Company's Omnibus Incentive Plan permits the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units and other stock-based and cash-based awards. Since the adoption of the Plan, the Company’s board of directors has periodically granted stock options, restricted stock awards, restricted stock units and performance share units to directors and employees, but no may not ten three no one one 2023 Accumulated Other Comprehensive Loss Accumulated other comprehensive loss in the accompanying condensed consolidated balance sheets consists of the following (in millions): September 30, December 31, 2023 2022 Currency translation adjustments $ (234 ) $ (230 ) Hedge accounting adjustments 1 1 Other adjustments (1 ) (1 ) Accumulated other comprehensive loss $ (234 ) $ (230 ) Earnings per Share Earnings per share are calculated in the table below (in millions, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Net income $ 35 $ 24 $ 93 $ 54 Less: Dividends on Series A Preferred Stock 6 6 18 18 Net income attributable to common stockholders $ 29 $ 18 $ 75 $ 36 Weighted average basic shares outstanding 84.3 83.6 84.2 83.5 Effect of dilutive securities 21.6 1.4 21.6 1.3 Weighted average diluted shares outstanding 105.9 85.0 105.8 84.8 Net income per share: Basic $ 0.34 $ 0.22 $ 0.89 $ 0.43 Diluted $ 0.33 $ 0.21 $ 0.88 $ 0.42 Equity awards and shares of Preferred Stock are disregarded in the calculation of diluted earnings per share if they are determined to be anti-dilutive. For the three nine September 30, 2023 three nine September 30, 2022, three nine September 30, 2023 three nine September 30, 2022, 1.3 |
Note 8 - Segment Information
Note 8 - Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 8 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, Downstream, Industrial and Energy Transition, and Production and Transmission Infrastructure sectors. The following table presents financial information for each reportable segment (in millions): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Sales U.S. $ 745 $ 768 $ 2,212 $ 2,103 Canada 38 37 118 120 International 105 99 314 271 Consolidated sales $ 888 $ 904 $ 2,644 $ 2,494 Operating income (loss) U.S. $ 54 $ 40 $ 149 $ 99 Canada (2 ) - (6 ) (1 ) International 5 5 16 7 Total operating income 57 45 159 105 Interest expense (9 ) (6 ) (26 ) (17 ) Other, net 1 (5 ) (3 ) (11 ) Income before income taxes $ 49 $ 34 $ 130 $ 77 September 30, December 31, 2023 2022 Total assets U.S. $ 1,579 $ 1,518 Canada 98 101 International 281 276 Total assets $ 1,958 $ 1,895 Our sales by product line are as follows (in millions): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Type 2023 2022 2023 2022 Line Pipe $ 164 $ 173 $ 433 $ 417 Carbon Fittings and Flanges 117 119 353 335 Total Carbon Pipe, Fittings and Flanges 281 292 786 752 Valves, Automation, Measurement and Instrumentation 306 290 920 821 Gas Products 191 205 612 587 Stainless Steel and Alloy Pipe and Fittings 40 53 108 147 General Products 70 64 218 187 $ 888 $ 904 $ 2,644 $ 2,494 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 9 From time to time, 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 We designated the interest rate swap as an effective cash flow hedge utilizing the guidance under ASU 2017 12. 2 December 31, 2022 On March 31, 2023, not March 31, 2023. Foreign Exchange Forward Contracts : Foreign exchange forward contracts are reported at fair value utilizing Level 2 not no September 30, 2023. December 31, 2022 December 31, 2022 . 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 $303 million and $340 million at September 30, 2023 December 31, 2022 2 September 30, 2023 December 31, 2022 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 Litigation Asbestos Claims. one third September 30, 2023 No third not Other Legal Claims and Proceedings. not Product Claims. may may Customer Contracts We have contracts and agreements with many of our customers that dictate certain terms of our sales arrangements (pricing, deliverables, etc not 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 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 5. Item 5.03 On November 3, 2023, ● address the universal proxy rules adopted by the U.S. Securities and Exchange Commission (the “SEC”), by clarifying that no may 14a 19 ● require that a stockholder directly or indirectly soliciting proxies from other stockholders use a proxy card color other than white, which shall be reserved for exclusive use by the Board; and ● enhance procedural mechanics and disclosure requirements in connection with stockholder nominations of directors and submissions of proposals regarding other business at stockholder meetings, including requiring additional background information and disclosures regarding proposing stockholders, proposed nominees and business, and other persons related to a stockholder’s solicitation of proxies, such as additional information about the ownership of securities and material litigation, relationships and interests in material agreements with or involving the Company. The Amended and Restated Bylaws also include certain technical, modernizing and clarifying changes. The foregoing description of the Amended and Restated Bylaws does not 3.1, | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation : 10 01 X not three nine September 30, 2023 not December 31, 2023. December 31, 2022 December 31, 2022 December 31, 2022 The condensed consolidated financial statements include the accounts of MRC Global Inc. and its wholly owned and majority owned subsidiaries (collectively referred to as the "Company" or by terms such as "we", "our" or "us"). All material intercompany balances and transactions have been eliminated in consolidation. |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Standards fourth 2022, No. 2020 04, Reference Rate Reform (Topic 848 not |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, U.S. Canada International Total 2023: Gas Utilities $ 311 $ 2 $ 1 $ 314 Downstream, Industrial & Energy Transition 210 7 62 279 Production & Transmission Infrastructure 224 29 42 295 $ 745 $ 38 $ 105 $ 888 2022: Gas Utilities $ 355 $ 3 $ 1 $ 359 Downstream, Industrial & Energy Transition 209 6 61 276 Production & Transmission Infrastructure 204 28 37 269 $ 768 $ 37 $ 99 $ 904 Nine Months Ended September 30, U.S. Canada International Total 2023: Gas Utilities $ 938 $ 4 $ 2 $ 944 Downstream, Industrial & Energy Transition 599 16 187 802 Production & Transmission Infrastructure 675 98 125 898 $ 2,212 $ 118 $ 314 $ 2,644 2022: Gas Utilities $ 934 $ 9 $ 1 $ 944 Downstream, Industrial & Energy Transition 576 20 165 761 Production & Transmission Infrastructure 593 91 105 789 $ 2,103 $ 120 $ 271 $ 2,494 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2023 2022 Finished goods inventory at average cost: Valves, automation, measurement and instrumentation $ 287 $ 271 Carbon steel pipe, fittings and flanges 210 201 Gas products 278 257 All other products 144 147 919 876 Less: Excess of average cost over LIFO cost (LIFO reserve) (276 ) (279 ) Less: Other inventory reserves (23 ) (19 ) $ 620 $ 578 |
Note 4 - Leases (Tables)
Note 4 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Maturity of Operating Lease Liabilities Remainder of 2023 $ 11 2024 43 2025 36 2026 30 2027 27 After 2027 184 Total lease payments 331 Less: Interest (109 ) Present value of lease liabilities $ 222 |
Lease, Cost [Table Text Block] | September 30, Operating Lease Term and Discount Rate 2023 Weighted-average remaining lease term (years) 12 Weighted-average discount rate 6.6 % |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | September 30, December 31, 2023 2022 Senior Secured Term Loan B, net of discount and issuance costs of $ 1 $ 293 $ 295 Global ABL Facility 10 45 303 340 Less: current portion 3 3 $ 300 $ 337 |
Schedule of Interest Rates on Borrowings [Table Text Block] | September 30, December 31, 2023 2022 Senior Secured Term Loan B 8.86 % 6.05 % Global ABL Facility 6.35 % 5.20 % Weighted average interest rate 8.78 % 5.94 % |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | September 30, December 31, 2023 2022 Currency translation adjustments $ (234 ) $ (230 ) Hedge accounting adjustments 1 1 Other adjustments (1 ) (1 ) Accumulated other comprehensive loss $ (234 ) $ (230 ) |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Net income $ 35 $ 24 $ 93 $ 54 Less: Dividends on Series A Preferred Stock 6 6 18 18 Net income attributable to common stockholders $ 29 $ 18 $ 75 $ 36 Weighted average basic shares outstanding 84.3 83.6 84.2 83.5 Effect of dilutive securities 21.6 1.4 21.6 1.3 Weighted average diluted shares outstanding 105.9 85.0 105.8 84.8 Net income per share: Basic $ 0.34 $ 0.22 $ 0.89 $ 0.43 Diluted $ 0.33 $ 0.21 $ 0.88 $ 0.42 |
Note 8 - Segment Information (T
Note 8 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Sales U.S. $ 745 $ 768 $ 2,212 $ 2,103 Canada 38 37 118 120 International 105 99 314 271 Consolidated sales $ 888 $ 904 $ 2,644 $ 2,494 Operating income (loss) U.S. $ 54 $ 40 $ 149 $ 99 Canada (2 ) - (6 ) (1 ) International 5 5 16 7 Total operating income 57 45 159 105 Interest expense (9 ) (6 ) (26 ) (17 ) Other, net 1 (5 ) (3 ) (11 ) Income before income taxes $ 49 $ 34 $ 130 $ 77 September 30, December 31, 2023 2022 Total assets U.S. $ 1,579 $ 1,518 Canada 98 101 International 281 276 Total assets $ 1,958 $ 1,895 |
Schedule of Net Sales by Product Line [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Type 2023 2022 2023 2022 Line Pipe $ 164 $ 173 $ 433 $ 417 Carbon Fittings and Flanges 117 119 353 335 Total Carbon Pipe, Fittings and Flanges 281 292 786 752 Valves, Automation, Measurement and Instrumentation 306 290 920 821 Gas Products 191 205 612 587 Stainless Steel and Alloy Pipe and Fittings 40 53 108 147 General Products 70 64 218 187 $ 888 $ 904 $ 2,644 $ 2,494 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Contract with Customer, Asset, after Allowance for Credit Loss | $ 12,000 | $ 12,000 | $ 24,000 | ||
Contract with Customer, Liability | 6,000 | 6,000 | $ 9,000 | ||
Contract with Customer, Liability, Revenue Recognized | $ 3,000 | $ 0 | $ 8,000 | $ 3,000 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Sales | $ 888 | $ 904 | $ 2,644 | $ 2,494 |
Gas Utilities [Member] | ||||
Sales | 314 | 359 | 944 | 944 |
Downstream, Industrial and Energy Transition [Member] | ||||
Sales | 279 | 276 | 802 | 761 |
Production and Transmission Infrastructure [Member] | ||||
Sales | 295 | 269 | 898 | 789 |
UNITED STATES | ||||
Sales | 745 | 768 | 2,212 | 2,103 |
UNITED STATES | Gas Utilities [Member] | ||||
Sales | 311 | 355 | 938 | 934 |
UNITED STATES | Downstream, Industrial and Energy Transition [Member] | ||||
Sales | 210 | 209 | 599 | 576 |
UNITED STATES | Production and Transmission Infrastructure [Member] | ||||
Sales | 224 | 204 | 675 | 593 |
CANADA | ||||
Sales | 38 | 37 | 118 | 120 |
CANADA | Gas Utilities [Member] | ||||
Sales | 2 | 3 | 4 | 9 |
CANADA | Downstream, Industrial and Energy Transition [Member] | ||||
Sales | 7 | 6 | 16 | 20 |
CANADA | Production and Transmission Infrastructure [Member] | ||||
Sales | 29 | 28 | 98 | 91 |
International [Member] | ||||
Sales | 105 | 99 | 314 | 271 |
International [Member] | Gas Utilities [Member] | ||||
Sales | 1 | 1 | 2 | 1 |
International [Member] | Downstream, Industrial and Energy Transition [Member] | ||||
Sales | 62 | 61 | 187 | 165 |
International [Member] | Production and Transmission Infrastructure [Member] | ||||
Sales | $ 42 | $ 37 | $ 125 | $ 105 |
Note 3 - Inventories - Inventor
Note 3 - Inventories - Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Finished goods inventory at average cost | $ 919 | $ 876 |
Less: Excess of average cost over LIFO cost (LIFO reserve) | (276) | (279) |
Less: Other inventory reserves | (23) | (19) |
Inventory, Net | 620 | 578 |
Valves, Automation, Measurement and Instrumentation [Member] | ||
Finished goods inventory at average cost | 287 | 271 |
Carbon Steel Pipe, Fittings and Flanges [Member] | ||
Finished goods inventory at average cost | 210 | 201 |
Gas Products [Member] | ||
Finished goods inventory at average cost | 278 | 257 |
All Other Products [Member] | ||
Finished goods inventory at average cost | $ 144 | $ 147 |
Note 4 - Leases (Details Textua
Note 4 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Lease, Payments | $ 10 | $ 10 | $ 30 | $ 31 |
Selling, General and Administrative Expenses [Member] | ||||
Operating Lease, Expense | $ 11 | $ 10 | $ 31 | $ 30 |
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 | ||
Weighted Average [Member] | ||||
Lessee, Operating Lease, Remaining Lease Term (Year) | 6 years | 6 years |
Note 4 - Leases - Maturity of L
Note 4 - Leases - Maturity of Lease Liabilities (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Remainder of 2023 | $ 11 |
2024 | 43 |
2025 | 36 |
2026 | 30 |
2027 | 27 |
After 2027 | 184 |
Total lease payments | 331 |
Less: Interest | (109) |
Present value of lease liabilities | $ 222 |
Note 4 - Leases - Term and Disc
Note 4 - Leases - Term and Discount Rate Associated with Leases (Details) | Sep. 30, 2023 |
Weighted-average remaining lease term (Year) | 12 years |
Weighted-average discount rate | 6.60% |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) $ in Millions | 1 Months Ended | 9 Months Ended | ||
May 01, 2018 USD ($) | May 31, 2018 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2021 USD ($) | |
Global ABL Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750 | |||
Line of Credit Facility, Additional Borrowing Capacity Subject to Additional Commitments | 250 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 696 | |||
Global ABL Facility [Member] | UNITED STATES | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 705 | |||
Global ABL Facility [Member] | CANADA | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 30 | |||
Global ABL Facility [Member] | NORWAY | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 12 | |||
Global ABL Facility [Member] | AUSTRALIA | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 10 | |||
Global ABL Facility [Member] | NETHERLANDS | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 10.5 | |||
Global ABL Facility [Member] | UNITED KINGDOM | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 7.5 | |||
Global ABL Facility [Member] | BELGIUM | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5 | |||
Secured Overnight Financing Rate (SOFR) [Member] | Maximum [Member] | Global ABL Facility [Member] | UNITED STATES | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
Secured Overnight Financing Rate (SOFR) [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] | Non-US [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
Various Benchmark Rates [Member] | Minimum [Member] | Global ABL Facility [Member] | Non-US [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Secured Debt [Member] | Senior Secured Term Loan B [Member] | ||||
Debt Instrument, Face Amount | $ 400 | |||
Senior Secured Term Loan Additional Maximum Borrowing Capacity | $ 200 | |||
Term Loan Senior Secured Leverage Ratio | 4 | |||
Percentage Of Capital Stock In Foreign Subsidiaries | 65% | |||
Repayment Percentage Requirement Based on Excess Cash Flow and Leverage Ratio No More Than 2.75 | 25% | |||
Repayment Percentage Requirement Based on Excess Cash Flow and Leverage Ratio Less Than or Equal 2.50 | 0% | |||
Debt Instrument, Covenant, Net Leverage Ratio, Maximum Unrestricted Cash | $ 75 | |||
Secured Debt [Member] | Senior Secured Term Loan B [Member] | Maximum [Member] | ||||
Repayment Percentage Requirement Based on Excess Cash Flow and Leverage Ratio | 50% | |||
Secured Debt [Member] | Senior Secured Term Loan B [Member] | London Interbank Offered Rate (LIBOR) 1 [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3% | |||
Secured Debt [Member] | Senior Secured Term Loan B [Member] | Base Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2% | |||
Secured Debt [Member] | Senior Secured Term Loan B [Member] | Measurement Input, Prepayment Rate [Member] | ||||
Debt Instrument, Measurement Input | 0.01 |
Note 5 - Long-term Debt - Compo
Note 5 - Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Long-term debt | $ 303 | $ 340 |
Less: current portion | (3) | (3) |
Long-Term Debt, Excluding Current Maturities | 300 | 337 |
Global ABL Facility [Member] | ||
Long-term debt | 10 | 45 |
Secured Debt [Member] | ||
Long-term debt | $ 293 | $ 295 |
Note 5 - Long-term Debt - Com_2
Note 5 - Long-term Debt - Components of Long-term Debt (Details) (Parentheticals) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Secured Debt [Member] | ||
Long-term debt, discount and issuance costs | $ 1 | $ 1 |
Note 5 - Long-term Debt - Inter
Note 5 - Long-term Debt - Interest on Borrowings (Details) | Sep. 30, 2023 | Dec. 31, 2022 |
Senior Secured Term Loan B and Global ABL Facility [Member] | ||
Weighted average interest rate | 8.78% | 5.94% |
Global ABL Facility [Member] | ||
Weighted average interest rate | 6.35% | 5.20% |
Senior Secured Term Loan B [Member] | ||
Weighted average interest rate | 8.86% | 6.05% |
Note 6 - Redeemable Preferred_2
Note 6 - Redeemable Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||
Jun. 30, 2015 | Sep. 30, 2023 | Dec. 31, 2022 | |
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, Common Stock as Percentage of Conversion Price | 150% |
Note 7 - Stockholders' Equity_2
Note 7 - Stockholders' Equity (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Stock Options, Restricted Stock Units, and Performance Units [Member] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 1,200,000 | 1,400,000 | 1,300,000 | 1,300,000 |
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) | 335,959 | |||
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) | 135,019 | |||
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) | 745,039 | |||
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) | 3 years |
Note 7 - Stockholders' Equity -
Note 7 - Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Accumulated other comprehensive loss | $ 463 | $ 435 | $ 412 | $ 386 | $ 363 | $ 347 | $ 339 | $ 323 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||
Accumulated other comprehensive loss | (234) | (230) | ||||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||||
Accumulated other comprehensive loss | 1 | 1 | ||||||
Accumulated Other Adjustments Attributable to Parent [Member] | ||||||||
Accumulated other comprehensive loss | (1) | (1) | ||||||
AOCI Attributable to Parent [Member] | ||||||||
Accumulated other comprehensive loss | $ (234) | $ (230) | $ (231) | $ (230) | $ (234) | $ (229) | $ (226) | $ (231) |
Note 7 - Stockholders' Equity_3
Note 7 - Stockholders' Equity - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 35 | $ 24 | $ 34 | $ 24 | $ 14 | $ 16 | $ 93 | $ 54 |
Less: Dividends on Series A Preferred Stock | 6 | 6 | 18 | 18 | ||||
Net income attributable to common stockholders | $ 29 | $ 18 | $ 75 | $ 36 | ||||
Weighted average basic shares outstanding (in shares) | 84.3 | 83.6 | 84.2 | 83.5 | ||||
Effect of dilutive securities (in shares) | 21.6 | 1.4 | 21.6 | 1.3 | ||||
Weighted average diluted shares outstanding (in shares) | 105.9 | 85 | 105.8 | 84.8 | ||||
Basic (in dollars per share) | $ 0.34 | $ 0.22 | $ 0.89 | $ 0.43 | ||||
Diluted (in dollars per share) | $ 0.33 | $ 0.21 | $ 0.88 | $ 0.42 |
Note 8 - Segment Information (D
Note 8 - Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2023 | |
Number of Operating Segments | 3 |
Note 8 - Segment Information -
Note 8 - Segment Information - Financial Information for Each Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Sales | $ 888 | $ 904 | $ 2,644 | $ 2,494 | |
Operating income (loss) | 57 | 45 | 159 | 105 | |
Interest expense | (9) | (6) | (26) | (17) | |
Other, net | 1 | (5) | (3) | (11) | |
Income before income taxes | 49 | 34 | 130 | 77 | |
Total assets | 1,958 | 1,958 | $ 1,895 | ||
United States [Member] | |||||
Sales | 745 | 768 | 2,212 | 2,103 | |
Depreciation and amortization expense | 54 | 40 | 149 | 99 | |
Total assets | 1,579 | 1,579 | 1,518 | ||
Canada [Member] | |||||
Sales | 38 | 37 | 118 | 120 | |
Depreciation and amortization expense | (2) | 0 | (6) | (1) | |
Total assets | 98 | 98 | 101 | ||
International [Member] | |||||
Sales | 105 | 99 | 314 | 271 | |
Depreciation and amortization expense | 5 | $ 5 | 16 | $ 7 | |
Total assets | $ 281 | $ 281 | $ 276 |
Note 8 - Segment Information _2
Note 8 - Segment Information - Sales by Product Line (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Sales | $ 888 | $ 904 | $ 2,644 | $ 2,494 |
Line Pipe [Member] | ||||
Sales | 164 | 173 | 433 | 417 |
Carbon Fittings and Flanges [Member] | ||||
Sales | 117 | 119 | 353 | 335 |
Carbon Pipe, Fittings and Flanges [Member] | ||||
Sales | 281 | 292 | 786 | 752 |
Valves, Automation, Measurement and Instrumentation [Member] | ||||
Sales | 306 | 290 | 920 | 821 |
Gas Products [Member] | ||||
Sales | 191 | 205 | 612 | 587 |
Stainless Steel and Alloy Pipe and Fittings [Member] | ||||
Sales | 40 | 53 | 108 | 147 |
General Oilfield Products [Member] | ||||
Sales | $ 70 | $ 64 | $ 218 | $ 187 |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | ||
Mar. 31, 2018 | Sep. 30, 2023 | Dec. 31, 2022 | |
Long-Term Debt, Gross | $ 303,000 | $ 340,000 | |
Fair Value, Inputs, Level 2 [Member] | |||
Long-Term Debt, Fair Value | $ 301,000 | 337,000 | |
Interest Rate Swap [Member] | |||
Derivative, Term of Contract (Year) | 5 years | ||
Derivative, Notional Amount | $ 250,000 | ||
Derivative, Fixed Interest Rate | 2.7145% | ||
Derivative, Fair Value, Net | 1,000 | ||
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Derivative, Notional Amount | 3,000 | ||
Derivative Liability | $ 0 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) - Litigation Case, Asbestos Claims [Member] | Sep. 30, 2023 |
Number of Lawsuits Filed | 548 |
Loss Contingency, Pending Claims, Number | 1,113 |