10-Q Filing

MRC GLOBAL INC. CIK: 1439095 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001439095-16-000048`
Period End Date	20160331
Filing Date	20160503
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	mrc-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 31 Cash Flow Statement 62 Comprehensive Income 6

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, dividend rate	`PreferredStockDividendRatePercentage`	0.07	pure	Annual
Preferred stock, dividend rate	`PreferredStockDividendRatePercentage`	0.07	pure	1 Quarter
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$49.00M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	363,000.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$25.00M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$121.00M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$69.00M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	363,000.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$533.00M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	363,000.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$470.00M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	363,000.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$720.00M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	363,000.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	363,000.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$781.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$35.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$22.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.41B	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.35B	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	102.35M	shares	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$22.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	102.20M	shares	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$22.00M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$127.00M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$134.00M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	816,389.00	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	3.70M	shares	Point-in-time
Goodwill, net	`Goodwill`	$484.00M	USD	Point-in-time
Goodwill, net	`Goodwill`	$484.00M	USD	Point-in-time
Other intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$448.00M	USD	Point-in-time
Other intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$459.00M	USD	Point-in-time
Total assets	`Assets`	$2.43B	USD	Point-in-time
Total assets	`Assets`	$2.50B	USD	Point-in-time
Trade accounts payable	`AccountsPayableTradeCurrent`	$327.00M	USD	Point-in-time
Trade accounts payable	`AccountsPayableTradeCurrent`	$309.00M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$100.00M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$110.00M	USD	Point-in-time
Current portion of long term debt	`LongTermDebtCurrent`	$8.00M	USD	Point-in-time
Current portion of long term debt	`LongTermDebtCurrent`	$8.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$417.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$445.00M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$511.00M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$510.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$208.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$208.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$22.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$22.00M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
6.5% Series A Convertible Perpetual Preferred Stock, $0.01 par value; authorized 363,000 shares; 363,000 shares issued and outstanding	`PreferredStockValue`	$355.00M	USD	Point-in-time
6.5% Series A Convertible Perpetual Preferred Stock, $0.01 par value; authorized 363,000 shares; 363,000 shares issued and outstanding	`PreferredStockValue`	$355.00M	USD	Point-in-time
Common stock, $0.01 par value per share: 500 million shares authorized, 102,345,890 and 102,202,599 issued, respectively	`CommonStockValue`	$1.00M	USD	Point-in-time
Common stock, $0.01 par value per share: 500 million shares authorized, 102,345,890 and 102,202,599 issued, respectively	`CommonStockValue`	$1.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.67B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.67B	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-467.00M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-481.00M	USD	Point-in-time
Less: Treasury stock at cost: 3,695,263 and 816,389 shares, respectively	`TreasuryStockValue`	$12.00M	USD	Point-in-time
Less: Treasury stock at cost: 3,695,263 and 816,389 shares, respectively	`TreasuryStockValue`	$50.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-216.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-232.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$922.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$956.00M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.43B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.50B	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$1.29B	USD	1 Quarter
Sales	`SalesRevenueNet`	$783.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$650.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.07B	USD	1 Quarter
Gross profit	`GrossProfit`	$133.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$220.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$159.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$137.00M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$61.00M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-4.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$8.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$15.00M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-4.00M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-1.00M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-13.00M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$42.00M	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-5.00M	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$13.00M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-8.00M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$29.00M	USD	1 Quarter
Series A preferred stock dividends	`PreferredStockDividendsIncomeStatementImpact`	$6.00M	USD	1 Quarter
Net (loss) income attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$29.00M	USD	1 Quarter
Net (loss) income attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-14.00M	USD	1 Quarter
Basic (loss) earnings per common share	`EarningsPerShareBasic`	$-0.14	USD	1 Quarter
Basic (loss) earnings per common share	`EarningsPerShareBasic`	$0.28	USD	1 Quarter
Diluted (loss) earnings per common share	`EarningsPerShareDiluted`	$0.28	USD	1 Quarter
Diluted (loss) earnings per common share	`EarningsPerShareDiluted`	$-0.14	USD	1 Quarter
Weighted-average common shares, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	102.10M	shares	1 Quarter
Weighted-average common shares, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	100.70M	shares	1 Quarter
Weighted-average common shares, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	100.70M	shares	1 Quarter
Weighted-average common shares, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	102.20M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-8.00M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$29.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.00M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$16.00M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$12.00M	USD	1 Quarter
Equity-based compensation expense	`ShareBasedCompensation`	$3.00M	USD	1 Quarter
Equity-based compensation expense	`ShareBasedCompensation`	$2.00M	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-8.00M	USD	1 Quarter
Decrease in LIFO reserve	`InventoryLIFOReserveEffectOnIncomeNet`	$-3.00M	USD	1 Quarter
Provision for uncollectible accounts	`ProvisionForDoubtfulAccounts`	$1.00M	USD	1 Quarter
Provision for uncollectible accounts	`ProvisionForDoubtfulAccounts`	$1.00M	USD	1 Quarter
Foreign currency losses	`ForeignCurrencyTransactionGainLossBeforeTax`	$-4.00M	USD	1 Quarter
Foreign currency losses	`ForeignCurrencyTransactionGainLossBeforeTax`	$-1.00M	USD	1 Quarter
Other non-cash items	`NonoperatingLossesAndOtherNonCashIncomeExpense`	$2.00M	USD	1 Quarter
Other non-cash items	`NonoperatingLossesAndOtherNonCashIncomeExpense`	$3.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-103.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-67.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-24.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$9.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherOperatingAssets`	$6.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherOperatingAssets`	$4.00M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$11.00M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-5.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-6.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-22.00M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-32.00M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-13.00M	USD	1 Quarter
Net cash provided by operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$115.00M	USD	1 Quarter
Net cash provided by operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$58.00M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.00M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.00M	USD	1 Quarter
Proceeds from the disposition of non-core product line	`ProceedsFromSaleOfOtherAssetsInvestingActivities`	$48.00M	USD	1 Quarter
Other investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$3.00M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$38.00M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-7.00M	USD	1 Quarter
Payments on revolving credit facilities	`RepaymentsOfLinesOfCredit`	$321.00M	USD	1 Quarter
Payments on revolving credit facilities	`RepaymentsOfLinesOfCredit`	$23.00M	USD	1 Quarter
Proceeds from revolving credit facilities	`ProceedsFromLinesOfCredit`	$23.00M	USD	1 Quarter
Proceeds from revolving credit facilities	`ProceedsFromLinesOfCredit`	$243.00M	USD	1 Quarter
Payments on long term obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$2.00M	USD	1 Quarter
Payments on long term obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$2.00M	USD	1 Quarter
Purchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$38.00M	USD	1 Quarter
Dividends paid on preferred stock	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$6.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-46.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-80.00M	USD	1 Quarter
Increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$50.00M	USD	1 Quarter
Increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$28.00M	USD	1 Quarter
Effect of foreign exchange rate on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-4.00M	USD	1 Quarter
Effect of foreign exchange rate on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$2.00M	USD	1 Quarter
Cash -- beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$49.00M	USD	Point-in-time
Cash -- beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$25.00M	USD	Point-in-time
Cash -- beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$121.00M	USD	Point-in-time
Cash -- beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$69.00M	USD	Point-in-time
Cash -- end of period	`CashAndCashEquivalentsAtCarryingValue`	$49.00M	USD	Point-in-time
Cash -- end of period	`CashAndCashEquivalentsAtCarryingValue`	$25.00M	USD	Point-in-time
Cash -- end of period	`CashAndCashEquivalentsAtCarryingValue`	$121.00M	USD	Point-in-time
Cash -- end of period	`CashAndCashEquivalentsAtCarryingValue`	$69.00M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$8.00M	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$14.00M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$1.00M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$10.00M	USD	1 Quarter

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-8.00M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$29.00M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-53.00M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$16.00M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-24.00M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$8.00M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.