10-Q Filing

MRC GLOBAL INC. CIK: 1439095 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001439095-18-000020`
Period End Date	20180331
Filing Date	20180503
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	mrc-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 28 Cash Flow Statement 57 Comprehensive Income 9

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`	$109.00M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	363,000.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$45.00M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$48.00M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	363,000.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$93.00M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	363,000.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$621.00M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$522.00M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	363,000.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$811.00M	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`	$701.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$47.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$49.00M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.32B	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.53B	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	103.10M	shares	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$21.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	104.01M	shares	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$21.00M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	11.75M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$147.00M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	13.48M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$146.00M	USD	Point-in-time
Goodwill, net	`Goodwill`	$486.00M	USD	Point-in-time
Goodwill, net	`Goodwill`	$488.00M	USD	Point-in-time
Other intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$368.00M	USD	Point-in-time
Other intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$357.00M	USD	Point-in-time
Total assets	`Assets`	$2.34B	USD	Point-in-time
Total assets	`Assets`	$2.54B	USD	Point-in-time
Trade accounts payable	`AccountsPayableTradeCurrent`	$415.00M	USD	Point-in-time
Trade accounts payable	`AccountsPayableTradeCurrent`	$523.00M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$136.00M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$143.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$4.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$4.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$663.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$562.00M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$635.00M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$522.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$106.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$106.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$36.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$36.00M	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, 104,006,870 and 103,099,692 issued, respectively	`CommonStockValue`	$1.00M	USD	Point-in-time
Common stock, $0.01 par value per share: 500 million shares authorized, 104,006,870 and 103,099,692 issued, respectively	`CommonStockValue`	$1.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.70B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.69B	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-548.00M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-536.00M	USD	Point-in-time
Less: Treasury stock at cost: 13,478,551 and 11,751,726 shares, respectively	`TreasuryStockValue`	$205.00M	USD	Point-in-time
Less: Treasury stock at cost: 13,478,551 and 11,751,726 shares, respectively	`TreasuryStockValue`	$175.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-210.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-212.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$759.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$743.00M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.54B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.34B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$1.01B	USD	1 Quarter
Sales	`SalesRevenueNet`	$862.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$722.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$841.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$140.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$169.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$126.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$138.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$31.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$14.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$7.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$8.00M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$2.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$25.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$7.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$7.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.00M	USD	1 Quarter
Series A preferred stock dividends	`PreferredStockDividendsAndOtherAdjustments`	$6.00M	USD	1 Quarter
Series A preferred stock dividends	`PreferredStockDividendsAndOtherAdjustments`	$6.00M	USD	1 Quarter
Net income attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$12.00M	USD	1 Quarter
Basic income per common share	`EarningsPerShareBasic`	$0.13	USD	1 Quarter
Diluted income per common share	`EarningsPerShareDiluted`	$0.13	USD	1 Quarter
Weighted-average common shares, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	91.40M	shares	1 Quarter
Weighted-average common shares, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	94.80M	shares	1 Quarter
Weighted-average common shares, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	92.50M	shares	1 Quarter
Weighted-average common shares, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	94.80M	shares	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$6.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$6.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.00M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$11.00M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$11.00M	USD	1 Quarter
Equity-based compensation expense	`ShareBasedCompensation`	$4.00M	USD	1 Quarter
Equity-based compensation expense	`ShareBasedCompensation`	$4.00M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.00M	USD	1 Quarter
Increase in LIFO reserve	`InventoryLIFOReserveEffectOnIncomeNet`	$7.00M	USD	1 Quarter
Increase in LIFO reserve	`InventoryLIFOReserveEffectOnIncomeNet`	$1.00M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-2.00M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-2.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$98.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$75.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$6.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$117.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherOperatingAssets`	$4.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherOperatingAssets`	$1.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$106.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$74.00M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-9.00M	USD	1 Quarter
Net cash (used in) provided by operations	`NetCashProvidedByUsedInOperatingActivities`	$22.00M	USD	1 Quarter
Net cash (used in) provided by operations	`NetCashProvidedByUsedInOperatingActivities`	$-74.00M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.00M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.00M	USD	1 Quarter
Payments on revolving credit facilities	`RepaymentsOfLinesOfCredit`	$14.00M	USD	1 Quarter
Payments on revolving credit facilities	`RepaymentsOfLinesOfCredit`	$194.00M	USD	1 Quarter
Proceeds from revolving credit facilities	`ProceedsFromLinesOfCredit`	$14.00M	USD	1 Quarter
Proceeds from revolving credit facilities	`ProceedsFromLinesOfCredit`	$307.00M	USD	1 Quarter
Payments on long term obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$1.00M	USD	1 Quarter
Payments on long term obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$2.00M	USD	1 Quarter
Purchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$18.00M	USD	1 Quarter
Purchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$30.00M	USD	1 Quarter
Dividends paid on preferred stock	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$6.00M	USD	1 Quarter
Dividends paid on preferred stock	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$6.00M	USD	1 Quarter
Repurchases of shares to satisfy tax withholdings	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$5.00M	USD	1 Quarter
Repurchases of shares to satisfy tax withholdings	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$3.00M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$5.00M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-29.00M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$76.00M	USD	1 Quarter
Decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-3.00M	USD	1 Quarter
Decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-18.00M	USD	1 Quarter
Effect of foreign exchange rate on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$2.00M	USD	1 Quarter
Cash -- beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$109.00M	USD	Point-in-time
Cash -- beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$45.00M	USD	Point-in-time
Cash -- beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$48.00M	USD	Point-in-time
Cash -- beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$93.00M	USD	Point-in-time
Cash -- end of period	`CashAndCashEquivalentsAtCarryingValue`	$109.00M	USD	Point-in-time
Cash -- end of period	`CashAndCashEquivalentsAtCarryingValue`	$45.00M	USD	Point-in-time
Cash -- end of period	`CashAndCashEquivalentsAtCarryingValue`	$48.00M	USD	Point-in-time
Cash -- end of period	`CashAndCashEquivalentsAtCarryingValue`	$93.00M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$8.00M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$7.00M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$1.00M	USD	1 Quarter

Comprehensive Income 9 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$6.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.00M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.00M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$6.00M	USD	1 Quarter
Hedge accounting adjustments	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$-1.00M	USD	1 Quarter
Total other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-2.00M	USD	1 Quarter
Total other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$6.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$12.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$16.00M	USD	1 Quarter

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