10-Q Filing

MRC GLOBAL INC. CIK: 1439095 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001439095-17-000022`
Period End Date	20170630
Filing Date	20170804
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	mrc-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 55 Cash Flow Statement 69 Comprehensive Income 12

Balance Sheet 54 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$69.00M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$109.00M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$37.00M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$167.00M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$522.00M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$399.00M	USD	Point-in-time
Inventories, net	`InventoryNet`	$592.00M	USD	Point-in-time
Inventories, net	`InventoryNet`	$561.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$47.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$48.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.12B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.20B	USD	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$19.00M	USD	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$21.00M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$135.00M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$138.00M	USD	Point-in-time
Goodwill, net	`Goodwill`	$482.00M	USD	Point-in-time
Goodwill, net	`Goodwill`	$485.00M	USD	Point-in-time
Other intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$390.00M	USD	Point-in-time
Other intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$411.00M	USD	Point-in-time
Total assets	`Assets`	$2.16B	USD	Point-in-time
Total assets	`Assets`	$2.23B	USD	Point-in-time
Trade accounts payable	`AccountsPayableTradeCurrent`	$388.00M	USD	Point-in-time
Trade accounts payable	`AccountsPayableTradeCurrent`	$314.00M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$111.00M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$114.00M	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`	$510.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$433.00M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$402.00M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$406.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$177.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$184.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$23.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$23.00M	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, 103,030,267 and 102,529,637 issued, respectively	`CommonStockValue`	$1.00M	USD	Point-in-time
Common stock, $0.01 par value per share: 500 million shares authorized, 103,030,267 and 102,529,637 issued, respectively	`CommonStockValue`	$1.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.68B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.68B	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-574.00M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-574.00M	USD	Point-in-time
Less: Treasury stock at cost: 8,537,410 and 7,677,580 shares, respectively	`TreasuryStockValue`	$125.00M	USD	Point-in-time
Less: Treasury stock at cost: 8,537,410 and 7,677,580 shares, respectively	`TreasuryStockValue`	$107.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-220.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-234.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$763.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$765.00M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.23B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.16B	USD	Point-in-time

Income Statement 55 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$922.00M	USD	1 Quarter
Sales	`SalesRevenueNet`	$1.78B	USD	2 Qtrs
Sales	`SalesRevenueNet`	$746.00M	USD	1 Quarter
Sales	`SalesRevenueNet`	$1.53B	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$1.27B	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$773.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.50B	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$621.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$125.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$289.00M	USD	2 Qtrs
Gross profit	`GrossProfit`	$149.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$258.00M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$258.00M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$135.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$132.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$272.00M	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$31.00M	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$-14.00M	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$-10.00M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$17.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$17.00M	USD	2 Qtrs
Interest expense	`InterestExpense`	$15.00M	USD	2 Qtrs
Interest expense	`InterestExpense`	$9.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$8.00M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-1.00M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-19.00M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$16.00M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-32.00M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.00M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$4.00M	USD	2 Qtrs
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-2.00M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$3.00M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-7.00M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-25.00M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$12.00M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$6.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-17.00M	USD	1 Quarter
Series A preferred stock dividends	`PreferredStockDividendsAndOtherAdjustments`	$12.00M	USD	2 Qtrs
Series A preferred stock dividends	`PreferredStockDividendsAndOtherAdjustments`	$12.00M	USD	2 Qtrs
Series A preferred stock dividends	`PreferredStockDividendsAndOtherAdjustments`	$6.00M	USD	1 Quarter
Series A preferred stock dividends	`PreferredStockDividendsAndOtherAdjustments`	$6.00M	USD	1 Quarter
Net income (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-23.00M	USD	1 Quarter
Net income (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-37.00M	USD	2 Qtrs
Basic income (loss) per common share	`EarningsPerShareBasic`	$-0.24	USD	1 Quarter
Basic income (loss) per common share	`EarningsPerShareBasic`	$-0.37	USD	2 Qtrs
Diluted income (loss) per common share	`EarningsPerShareDiluted`	$-0.37	USD	2 Qtrs
Diluted income (loss) per common share	`EarningsPerShareDiluted`	$-0.24	USD	1 Quarter
Weighted-average common shares, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	94.50M	shares	1 Quarter
Weighted-average common shares, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	99.20M	shares	2 Qtrs
Weighted-average common shares, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	97.70M	shares	1 Quarter
Weighted-average common shares, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	94.60M	shares	2 Qtrs
Weighted-average common shares, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	96.00M	shares	2 Qtrs
Weighted-average common shares, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	97.70M	shares	1 Quarter
Weighted-average common shares, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	99.20M	shares	2 Qtrs
Weighted-average common shares, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	95.60M	shares	1 Quarter

Cash Flow Statement 69 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-25.00M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$12.00M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$6.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-17.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.00M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.00M	USD	2 Qtrs
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$22.00M	USD	2 Qtrs
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$23.00M	USD	2 Qtrs
Equity-based compensation expense	`ShareBasedCompensation`	$9.00M	USD	2 Qtrs
Equity-based compensation expense	`ShareBasedCompensation`	$7.00M	USD	2 Qtrs
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-5.00M	USD	2 Qtrs
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-7.00M	USD	2 Qtrs
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$2.00M	USD	2 Qtrs
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$2.00M	USD	2 Qtrs
Increase (decrease) in LIFO reserve	`InventoryLIFOReserveEffectOnIncomeNet`	$-4.00M	USD	2 Qtrs
Increase (decrease) in LIFO reserve	`InventoryLIFOReserveEffectOnIncomeNet`	$6.00M	USD	2 Qtrs
Foreign currency (gains) losses	`ForeignCurrencyTransactionGainLossBeforeTax`	$2.00M	USD	2 Qtrs
Foreign currency (gains) losses	`ForeignCurrencyTransactionGainLossBeforeTax`	$-2.00M	USD	2 Qtrs
Other	`OtherNoncashIncomeExpense`	$-4.00M	USD	2 Qtrs
Other	`OtherNoncashIncomeExpense`	$-4.00M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$117.00M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-104.00M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-51.00M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$33.00M	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherOperatingAssets`	$-7.00M	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherOperatingAssets`	$-2.00M	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-6.00M	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-12.00M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-10.00M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$68.00M	USD	2 Qtrs
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$6.00M	USD	2 Qtrs
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-7.00M	USD	2 Qtrs
Net cash (used in) provided by operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-24.00M	USD	2 Qtrs
Net cash (used in) provided by operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$148.00M	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$14.00M	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$14.00M	USD	2 Qtrs
Proceeds from the disposition of non-core product line	`ProceedsFromSaleOfOtherAssetsInvestingActivities`	$48.00M	USD	2 Qtrs
Other investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$-2.00M	USD	2 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$36.00M	USD	2 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-14.00M	USD	2 Qtrs
Payments on revolving credit facilities	`RepaymentsOfLinesOfCredit`	$223.00M	USD	2 Qtrs
Payments on revolving credit facilities	`RepaymentsOfLinesOfCredit`	$27.00M	USD	2 Qtrs
Proceeds from revolving credit facilities	`ProceedsFromLinesOfCredit`	$223.00M	USD	2 Qtrs
Proceeds from revolving credit facilities	`ProceedsFromLinesOfCredit`	$27.00M	USD	2 Qtrs
Payments on long term obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$4.00M	USD	2 Qtrs
Payments on long term obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$4.00M	USD	2 Qtrs
Purchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$71.00M	USD	2 Qtrs
Purchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$18.00M	USD	2 Qtrs
Dividends paid on preferred stock	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$12.00M	USD	2 Qtrs
Dividends paid on preferred stock	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$12.00M	USD	2 Qtrs
Repurchases of shares to satisfy tax withholdings	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$3.00M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-87.00M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-37.00M	USD	2 Qtrs
(Decrease) increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-75.00M	USD	2 Qtrs
(Decrease) increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$97.00M	USD	2 Qtrs
Effect of foreign exchange rate on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$1.00M	USD	2 Qtrs
Effect of foreign exchange rate on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$3.00M	USD	2 Qtrs
Cash -- beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$69.00M	USD	Point-in-time
Cash -- beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$109.00M	USD	Point-in-time
Cash -- beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$37.00M	USD	Point-in-time
Cash -- beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$167.00M	USD	Point-in-time
Cash -- end of period	`CashAndCashEquivalentsAtCarryingValue`	$69.00M	USD	Point-in-time
Cash -- end of period	`CashAndCashEquivalentsAtCarryingValue`	$109.00M	USD	Point-in-time
Cash -- end of period	`CashAndCashEquivalentsAtCarryingValue`	$37.00M	USD	Point-in-time
Cash -- end of period	`CashAndCashEquivalentsAtCarryingValue`	$167.00M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$13.00M	USD	2 Qtrs
Cash paid for interest	`InterestPaidNet`	$16.00M	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	$22.00M	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	$6.00M	USD	2 Qtrs

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-25.00M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$12.00M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$6.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-17.00M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$12.00M	USD	2 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-4.00M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$8.00M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$14.00M	USD	2 Qtrs
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$14.00M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-21.00M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$26.00M	USD	2 Qtrs
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-13.00M	USD	2 Qtrs

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