$MRC
MRC GLOBAL INC.

2012 Q4 Form 10-K Financial Statement

#000119312513071478 Filed on February 22, 2013

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2012 Q2
Revenue $1.307M $1.451M $1.430M
YoY Change 0.02% 6.21% 22.47%
Cost Of Revenue $1.048B $1.174B $1.189B
YoY Change -6.31% 0.76% 19.43%
Gross Profit $258.3K $277.2K $241.7K
YoY Change 37.83% 37.84% 39.95%
Gross Profit Margin 19.77% 19.1% 16.9%
Selling, General & Admin $154.2M $155.0M $151.2M
YoY Change 12.15% 15.05% 21.84%
% of Gross Profit 59698.03% 55900.07% 62556.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.70M $17.00M $17.00M
YoY Change 3.51% -1.73% 0.59%
% of Gross Profit 6852.5% 6132.76% 7033.51%
Operating Expenses $154.3M $155.0M $151.2M
YoY Change 12.22% 15.05% 21.94%
Operating Profit -$154.0M $122.2M -$151.0M
YoY Change 12.18% 83.99% 21.91%
Interest Expense -$19.50M $28.18M -$31.90M
YoY Change -40.37% -17.97% -3.04%
% of Operating Profit 23.05%
Other Income/Expense, Net -$2.900M -$36.42M $600.0K
YoY Change -1550.0% 9.04% -33.33%
Pretax Income -$10.50M $85.82M $47.70M
YoY Change -160.34% 159.75% 562.5%
Income Tax -$4.000M $30.28M $16.40M
% Of Pretax Income 35.28% 34.38%
Net Earnings -$6.400K $55.50K $31.30K
YoY Change -282.86% 153.42% 565.96%
Net Earnings / Revenue -0.49% 3.82% 2.19%
Basic Earnings Per Share -$0.06 $0.55 $0.32
Diluted Earnings Per Share -$0.06 $0.54 $0.32
COMMON SHARES
Basic Shares Outstanding 101.6M shares 101.5M shares
Diluted Shares Outstanding 102.0M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.10M $36.80M $40.00M
YoY Change -19.52% -11.11% 1.52%
Cash & Equivalents $37.09M $36.84M
Short-Term Investments
Other Short-Term Assets $13.42M $17.56M $17.50M
YoY Change 17.31% 55.42% 31.58%
Inventory $970.2M $1.036B $1.071B
Prepaid Expenses
Receivables $823.2M $929.7M $879.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.851B $2.020B $2.008B
YoY Change 5.74% 14.06% 22.19%
LONG-TERM ASSETS
Property, Plant & Equipment $122.5M $120.9M $117.9M
YoY Change 13.99% 13.93% 8.26%
Goodwill $610.4M $580.4M
YoY Change 8.75%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $37.00M $38.60M $40.70M
YoY Change -5.61% -5.62% -6.22%
Total Long-Term Assets $1.519B $1.483B $1.490B
YoY Change 2.66% 1.82% -1.63%
TOTAL ASSETS
Total Short-Term Assets $1.851B $2.020B $2.008B
Total Long-Term Assets $1.519B $1.483B $1.490B
Total Assets $3.370B $3.503B $3.497B
YoY Change 4.33% 8.54% 10.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $438.3M $521.8M $547.1M
YoY Change -8.61% -0.53% 11.04%
Accrued Expenses $124.0M $134.6M $100.3M
YoY Change 13.81% -0.52% 1.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.500M
YoY Change
Total Short-Term Liabilities $650.1M $742.5M $724.5M
YoY Change -3.74% 1.01% 8.51%
LONG-TERM LIABILITIES
Long-Term Debt $1.250B $1.268B $1.355B
YoY Change -18.12% -15.78% -7.34%
Other Long-Term Liabilities $22.16M $16.69M $17.20M
YoY Change 23.59% -8.28% -11.34%
Total Long-Term Liabilities $1.534B $1.573B $1.372B
YoY Change -16.36% 3.22% -7.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $650.1M $742.5M $724.5M
Total Long-Term Liabilities $1.534B $1.573B $1.372B
Total Liabilities $2.184B $2.315B $2.379B
YoY Change -12.96% -9.14% -2.82%
SHAREHOLDERS EQUITY
Retained Earnings -$418.8M -$412.4M
YoY Change -21.98%
Common Stock $1.627B $1.623B
YoY Change 26.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.186B $1.188B $1.118B
YoY Change
Total Liabilities & Shareholders Equity $3.370B $3.503B $3.497B
YoY Change 4.33% 7.22% 10.77%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2012 Q2
OPERATING ACTIVITIES
Net Income -$6.400K $55.50K $31.30K
YoY Change -282.86% 153.42% 565.96%
Depreciation, Depletion And Amortization $17.70M $17.00M $17.00M
YoY Change 3.51% -1.73% 0.59%
Cash From Operating Activities $174.3M $112.4M -$64.90M
YoY Change -2278.75% -399.73% 2.69%
INVESTING ACTIVITIES
Capital Expenditures -$5.200M -$6.100M -$10.40M
YoY Change -35.0% 27.08% 215.15%
Acquisitions
YoY Change
Other Investing Activities -$65.50M -$400.0K -$15.60M
YoY Change 3175.0% -91.84% -57.84%
Cash From Investing Activities -$70.60M -$6.600M -$25.90M
YoY Change 613.13% -31.25% -35.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -103.7M -100.5M 68.10M
YoY Change -521.54% -311.58% -31.42%
NET CHANGE
Cash From Operating Activities 174.3M 112.4M -64.90M
Cash From Investing Activities -70.60M -6.600M -25.90M
Cash From Financing Activities -103.7M -100.5M 68.10M
Net Change In Cash 0.000 5.300M -22.70M
YoY Change -100.0% 1225.0% 427.91%
FREE CASH FLOW
Cash From Operating Activities $174.3M $112.4M -$64.90M
Capital Expenditures -$5.200M -$6.100M -$10.40M
Free Cash Flow $179.5M $118.5M -$54.50M
YoY Change 9636832870400000000.0% -462.39% -9.02%

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CY2012Q4 us-gaap Notional Amount Of Foreign Currency Derivatives
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CY2012Q4 us-gaap Common Stock Shares Issued
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CY2012Q4 us-gaap Goodwill
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CY2012Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
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CY2012Q4 us-gaap Liabilities Noncurrent
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CY2012Q4 us-gaap Inventory Lifo Reserve
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CY2012Q4 us-gaap Defined Benefit Plan Amounts Recognized In Balance Sheet
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CY2012Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2012Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2012Q4 us-gaap Debt Instrument Carrying Amount
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CY2012Q4 us-gaap Deferred Tax Assets Net Current
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CY2012Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2012Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2012Q4 us-gaap Preferred Stock Value
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CY2012Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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CY2012Q4 us-gaap Commitments And Contingencies
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CY2012Q4 us-gaap Common Stock Shares Outstanding
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CY2012Q4 us-gaap Liabilities Fair Value Disclosure
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CY2012Q4 us-gaap Capital Leases Future Minimum Payments Due
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CY2012Q4 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
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CY2012Q4 us-gaap Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value
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CY2012Q4 us-gaap Stockholders Equity
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CY2012Q4 us-gaap Interest Rate Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value
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CY2012Q4 us-gaap Business Acquisition Purchase Price Allocation Goodwill Amount
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CY2012Q4 mrc Intangible Assets
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CY2012Q4 mrc Libor Floor Rate
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CY2012Q4 mrc Defined Benefit Plan Amounts Recognized In Other Comprehensive Income
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475000
CY2012Q4 us-gaap Assets Current
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CY2012Q4 us-gaap Operating Leases Future Minimum Payments Due
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CY2012Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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CY2012Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2012Q4 us-gaap Deferred Income Tax Liabilities
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CY2012Q4 us-gaap Capital Leases Future Minimum Payments Due Current
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CY2012Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2012Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2012Q4 us-gaap Deferred Tax Liabilities Other
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CY2012Q4 us-gaap Long Term Debt Noncurrent
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CY2012Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2012Q4 us-gaap Additional Paid In Capital Common Stock
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CY2012Q4 us-gaap Deferred Tax Liabilities Deferred Expense
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CY2012Q4 us-gaap Other Liabilities Noncurrent
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CY2012Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
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CY2012Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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CY2012Q4 mrc Business Acquisition Purchase Price Allocation Other Intangible Assets
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2600000
CY2012Q4 mrc Number Of Plaintiffs
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100 Plaintiff
CY2012Q4 mrc Share Based Compensation Arrangement Unrecognized Compensation Expense
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17131000
CY2012Q4 mrc Business Acquisition Purchase Price Allocation Other Long Term Assets
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11800000
CY2012Q4 mrc Initial Interest Rate Floor
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0.0225 pure
CY2012Q4 mrc Bank Guarantees Outstanding
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1900000
CY2012Q4 mrc Account Receivable Net Percentage
AccountReceivableNetPercentage
0.85 pure
CY2012Q4 mrc Commitments Outstanding Amount
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1300000000
CY2012Q4 mrc Available Revolving Credit Facility
AvailableRevolvingCreditFacility
429.6
CY2012Q4 mrc Entity Wide Purchase Major Vendor Percentage
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0.00 pure
CY2012Q4 mrc Percentage Of Liquidation Value Of Eligible Inventory Used To Determine Borrowings Available Under Credit Facility
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0.65 pure
CY2012Q4 mrc Percentage Of Fixed Assets
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CY2012Q4 mrc Inventory Not Valued At Last In First Out
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318900000
CY2012Q4 mrc Business Acquisition Purchase Price Allocation Other Long Term Liabilities
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8700000
CY2012Q4 mrc Business Acquisition Purchase Price Allocation Customer Base Intangibles
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
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CY2012Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
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CY2010 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
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CY2010 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2010 us-gaap Earnings Per Share Basic
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CY2010 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2010 us-gaap Income Tax Reconciliation Nondeductible Expense
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1024000
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
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CY2010 us-gaap Other Nonoperating Income Expense
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CY2010 us-gaap Increase Decrease In Income Taxes
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CY2010 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2010 us-gaap Depreciation Depletion And Amortization
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CY2010 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2010 us-gaap Proceeds From Repayments Of Lines Of Credit
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CY2010 us-gaap Other Comprehensive Income Loss Tax
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CY2010 us-gaap Increase Decrease In Other Operating Assets
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CY2010 us-gaap Net Cash Provided By Used In Investing Activities
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CY2010 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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CY2010 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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1804000
CY2010 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
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CY2010 us-gaap Effect Of Lifo Inventory Liquidation On Income
EffectOfLIFOInventoryLiquidationOnIncome
14100000
CY2010 us-gaap Allowance For Doubtful Accounts Receivable Charge Offs
AllowanceForDoubtfulAccountsReceivableChargeOffs
2297000
CY2010 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
2000000
CY2010 us-gaap Other Income
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CY2010 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.311 pure
CY2010 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y2M12D
CY2010 us-gaap Goodwill Other Changes
GoodwillOtherChanges
687000
CY2010 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
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CY2010 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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CY2010 us-gaap Increase Decrease In Accounts Receivable
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CY2010 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2010 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2010 us-gaap Payments To Acquire Business Two Net Of Cash Acquired
PaymentsToAcquireBusinessTwoNetOfCashAcquired
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CY2010 us-gaap Interest Paid
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CY2010 us-gaap Cash Acquired From Acquisition
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CY2010 us-gaap Share Based Compensation
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CY2010 us-gaap Provision For Doubtful Accounts
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CY2010 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
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CY2010 us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
4060000
CY2010 us-gaap Depreciation And Amortization
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16600000
CY2010 us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
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CY2010 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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CY2010 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
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CY2010 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2010 us-gaap Other Noncash Income Expense
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CY2010 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
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CY2010 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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3744000
CY2010 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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1804000
CY2010 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
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CY2010 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
IncomeTaxReconciliationRepatriationOfForeignEarnings
701000
CY2010 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
431000
CY2010 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2010 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2010 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
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CY2010 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
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CY2010 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2010 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
11800000
CY2010 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2010 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1615000
CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.2207 pure
CY2010 us-gaap Gross Profit
GrossProfit
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CY2010 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2010 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CY2010 us-gaap Restricted Stock Award Forfeitures Dividends
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CY2010 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
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CY2010 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
200000
CY2010 us-gaap Increase Decrease In Inventories
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CY2010 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
1000
CY2010 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
2673000
CY2010 us-gaap Net Income Loss
NetIncomeLoss
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CY2010 us-gaap Entity Wide Revenue Major Customer Percentage
EntityWideRevenueMajorCustomerPercentage
0.00 pure
CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0254 pure
CY2010 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.61
CY2010 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14307000
CY2010 us-gaap Sales Revenue Net
SalesRevenueNet
3845536000
CY2010 us-gaap Gain Loss On Foreign Currency Derivative Instruments Not Designated As Hedging Instruments
GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments
622000
CY2010 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
5179000
CY2010 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
200000
CY2010 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
53852000
CY2010 us-gaap Sales Revenue Goods Net
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2384232000
CY2010 us-gaap Current Income Tax Expense Benefit
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CY2010 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-3233000
CY2010 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
1794000
CY2010 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-10250000
CY2010 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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CY2010 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
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CY2010 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
37804000
CY2010 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
4293000
CY2010 us-gaap Interest Expense
InterestExpense
139641000
CY2011 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3000
CY2010 mrc Threshold For Determining Concentration Of Credit Risk Based On Individual Customer Sales
ThresholdForDeterminingConcentrationOfCreditRiskBasedOnIndividualCustomerSales
0.10 pure
CY2010 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-813000
CY2010 us-gaap Gain Loss On Discontinuation Of Cash Flow Hedge Due To Forecasted Transaction Probable Of Not Occurring Net
GainLossOnDiscontinuationOfCashFlowHedgeDueToForecastedTransactionProbableOfNotOccurringNet
25038000
CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2010 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-26311000
CY2010 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3054000
CY2010 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
5801000
CY2010 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
112708000
CY2010 us-gaap Inventory Lifo Reserve Effect On Income Net
InventoryLIFOReserveEffectOnIncomeNet
74557000
CY2010 mrc Percentage Of Net Sales
PercentageOfNetSales
0.62 pure
CY2010 mrc Entity Wide Revenue Major Customer Number
EntityWideRevenueMajorCustomerNumber
1 Vendor
CY2010 mrc Forfeited Dividends On Forfeited Unvested Restricted Stock
ForfeitedDividendsOnForfeitedUnvestedRestrictedStock
0
CY2010 mrc Rental Expense To Related Parties
RentalExpenseToRelatedParties
6539000
CY2010 mrc Accounts Receivable Concentration Percentage
AccountsReceivableConcentrationPercentage
0.00 pure
CY2010 mrc Purchasing And Warehousing Costs
PurchasingAndWarehousingCosts
25500000
CY2010 mrc Entity Wide Accounts Payable Major Vendor Percentage
EntityWideAccountsPayableMajorVendorPercentage
0.00 pure
CY2010 mrc Threshold For Determining Concentration Of Credit Risk Based On Customer Accounts Receivable Balances
ThresholdForDeterminingConcentrationOfCreditRiskBasedOnCustomerAccountsReceivableBalances
0.10 pure
CY2010 mrc Threshold For Determining Concentration Of Credit Risk Based On Vendor Purchases
ThresholdForDeterminingConcentrationOfCreditRiskBasedOnVendorPurchases
0.10 pure
CY2010 mrc Threshold For Determining Concentration Of Credit Risk Based On Vendor Accounts Payable Balances
ThresholdForDeterminingConcentrationOfCreditRiskBasedOnVendorAccountsPayableBalances
0.10 pure
CY2010 mrc Number Of Acquisitions Occurring During Period
NumberOfAcquisitionsOccurringDuringPeriod
2 Acquisition
CY2011 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
429000
CY2011 us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
45333000
CY2011 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-1177000
CY2011 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
17046000
CY2011 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
5114000
CY2011 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
150428000
CY2011 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
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CY2011 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
35000
CY2011 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2011 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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CY2011 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-635000
CY2011 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
0.0527 pure
CY2011 us-gaap Defined Benefit Plan Target Plan Asset Allocations
DefinedBenefitPlanTargetPlanAssetAllocations
1.00 pure
CY2011 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3000
CY2011 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
50654000
CY2011 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84417000 shares
CY2011 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
1121000
CY2011 us-gaap Effect Of Lifo Inventory Liquidation On Income
EffectOfLIFOInventoryLiquidationOnIncome
0
CY2011 us-gaap Allowance For Doubtful Accounts Receivable Charge Offs
AllowanceForDoubtfulAccountsReceivableChargeOffs
69000
CY2011 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
2300000
CY2011 us-gaap Other Income
OtherIncome
2000000
CY2011 us-gaap Defined Benefit Plan Actual Return On Plan Assets
DefinedBenefitPlanActualReturnOnPlanAssets
2692000
CY2011 us-gaap Interest Paid
InterestPaid
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CY2011 us-gaap Defined Benefit Plan Amounts Recognized In Other Comprehensive Income Loss Net Gain Loss Before Tax
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CY2011 us-gaap Defined Benefit Plan Actuarial Gain Loss
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CY2011 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2012 dei Entity Central Index Key
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0001439095
CY2012 dei Entity Filer Category
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Large Accelerated Filer
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CY2012 dei Trading Symbol
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MRC
CY2012 dei Entity Registrant Name
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MRC GLOBAL INC.
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0.00 pure
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FY
CY2012 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
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Yes
CY2012 dei Amendment Flag
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false
CY2012 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012 dei Document Type
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10-K
CY2012 dei Document Period End Date
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2012-12-31
CY2011 mrc Purchasing And Warehousing Costs
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CY2011 mrc Entity Wide Accounts Payable Major Vendor Percentage
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0.00 pure
CY2011 mrc Threshold For Determining Concentration Of Credit Risk Based On Individual Customer Sales
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CY2011 mrc Threshold For Determining Concentration Of Credit Risk Based On Customer Accounts Receivable Balances
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CY2011 mrc Threshold For Determining Concentration Of Credit Risk Based On Vendor Purchases
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CY2011 mrc Threshold For Determining Concentration Of Credit Risk Based On Vendor Accounts Payable Balances
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CY2011 mrc Number Of Acquisitions Occurring During Period
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CY2012 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
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--12-31
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CY2012 us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Concentration of Credit Risk</u>:</b> Most of our business activity is with customers in the energy and industrial sectors. In the normal course of business, we grant credit to these customers in the form of trade accounts receivable. These receivables could potentially subject us to concentrations of credit risk; however, we minimize this risk by closely monitoring extensions of trade credit. We generally do not require collateral on trade receivables. We have a broad customer base doing business in many regions of the world. During 2012, 2011 and 2010, we did not have sales to any one customer in excess of 10% of gross sales. At those respective year-ends, no individual customer balances exceeded 10% of gross accounts receivable.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">We have a broad supplier base, sourcing our products in most regions of the world. During 2012 and 2011, we did not have purchases from any one vendor in excess of 10% of our gross purchases, while during 2010 we had purchases from one vendor in excess of 10% of our gross purchases (11%). At those respective year-ends no individual vendor balance exceeded 10% of gross accounts payable.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">We maintain the majority of our cash and cash equivalents with several financial institutions. These financial institutions are located in many different geographical regions with varying economic characteristics and risks. Deposits held with banks may exceed insurance limits. We believe the risk of loss associated with our cash equivalents to be remote.</font></p> </div>
CY2012 us-gaap Proceeds From Stock Options Exercised
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<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Reclassifications</u>:</b> Certain immaterial amounts in the prior years&#x2019; balance sheet, statements of operations and statements of cash flows have been reclassified to conform to the current year&#x2019;s presentation.</font></p> </div>
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CY2012 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
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0.4187 pure
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4174000
CY2012 us-gaap Defined Benefit Plan Settlements Plan Assets
DefinedBenefitPlanSettlementsPlanAssets
32546000
CY2012 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 Segment
CY2012 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
333342000
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
26189000
CY2012 us-gaap Sales Revenue Net
SalesRevenueNet
5570858000
CY2012 us-gaap Gain Loss On Foreign Currency Derivative Instruments Not Designated As Hedging Instruments
GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments
176000
CY2012 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
1437000
CY2012 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
9016000
CY2012 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease
0.0200 pure
CY2012 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
49466000
CY2012 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3697238000
CY2012 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
1135223000
CY2012 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
84170000
CY2012 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P15Y7M6D
CY2012 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
4149000
CY2012 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
We are no longer subject to U.S. federal income tax examination for all years through 2007 and the statute of limitations at our international locations is generally six to seven years.
CY2012 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
12038000
CY2012 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Derivatives and Hedging</u>:</b> From time to time, we utilize interest rate swaps to reduce our exposure to potential interest rate increases. Changes in the fair values of our derivative instruments are based upon independent market quotes. We do not designate our interest rate swaps as hedging instruments; therefore, we record our interest rate swaps on the consolidated balance sheets at fair value, with the gains and losses recognized in earnings in the period of change.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">We utilize foreign exchange forward contracts (exchange contracts) to manage our foreign exchange rate risks resulting from purchase commitments and sales orders. Changes in the fair values of our exchange contracts are based upon independent market quotes. We do not designate our exchange contracts as hedging instruments; therefore, we record our exchange contracts on the consolidated balance sheets at fair value, with the gains and losses recognized in earnings in the period of change.</font></p> </div>
CY2012 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
96526000
CY2012 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
6755000
CY2012 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-3400000
CY2012 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
48321000
CY2012 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Use of Estimates</u>:</b> The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. We believe that our most significant estimates and assumptions are related to estimated losses on accounts receivable, the last-in, first-out (&#x201C;LIFO&#x201D;) inventory costing methodology, estimated realizable value on excess and obsolete inventories, goodwill, intangibles, deferred taxes and self-insurance programs. Actual results could differ materially from those estimates.</font></p> </div>
CY2012 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
10031000
CY2012 us-gaap Interest Expense
InterestExpense
112519000
CY2012 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-113961000
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
3453000
CY2012 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
333342000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
63474000
CY2012 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2272000
CY2012 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-15776000
CY2012 us-gaap Defined Contribution Plan Employers Matching Contribution Annual Vesting Percentage
DefinedContributionPlanEmployersMatchingContributionAnnualVestingPercentage
0.10 pure
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
240072000
CY2012 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
DefinedBenefitPlanRecognizedNetGainLossDueToCurtailments
1518000
CY2012 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
1322000
CY2012 us-gaap Inventory Lifo Reserve Effect On Income Net
InventoryLIFOReserveEffectOnIncomeNet
-24140000
CY2012 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
643500000
CY2012 mrc Cash Equivalents Maturity Period
CashEquivalentsMaturityPeriod
Three months or less
CY2012 mrc Percentage Of Net Sales
PercentageOfNetSales
0.66 pure
CY2012 mrc Defined Benefit Plan Percentage Of Participants Contribution
DefinedBenefitPlanPercentageOfParticipantsContribution
0.10 pure
CY2012 mrc Premium Payment On Senior Secured Notes
PremiumPaymentOnSeniorSecuredNotes
68900000
CY2012 mrc Basis Point Over Libor
BasisPointOverLibor
5 pure
CY2012 mrc Expense Recognized For Redemption Of Senior Secured Notes
ExpenseRecognizedForRedemptionOfSeniorSecuredNotes
650000000
CY2012 mrc Basis Point Reduction In Interest Rate
BasisPointReductionInInterestRate
0.0025 pure
CY2012 mrc Ability To Borrow Under Any Jurisdiction
AbilityToBorrowUnderAnyJurisdiction
Subject to the foregoing, our ability to borrow in each jurisdiction, other than Belgium, under the Global ABL Facility is limited by a borrowing base in that jurisdiction equal to 85% of eligible receivables, plus the lesser of 70% of eligible inventory and 85% of appraised net orderly liquidation value of the inventory.
CY2012 mrc Forfeited Dividends On Forfeited Unvested Restricted Stock
ForfeitedDividendsOnForfeitedUnvestedRestrictedStock
3000
CY2012 mrc Prepayment Premium Percentage Of Principal Amount
PrepaymentPremiumPercentageOfPrincipalAmount
0.01 pure
CY2012 mrc Weighted Average Price Of Purchase Of Senior Notes
WeightedAveragePriceOfPurchaseOfSeniorNotes
108.65 per $100 of principal amount
CY2012 mrc Percentage Of First Reduction On Basis Of First Lien Secured Leverage Ratio
PercentageOfFirstReductionOnBasisOfFirstLienSecuredLeverageRatio
0.25 pure
CY2012 mrc Percentage Of Second Reduction On Basis Of First Lien Secured Leverage Ratio
PercentageOfSecondReductionOnBasisOfFirstLienSecuredLeverageRatio
0.00 pure
CY2012 mrc Rental Expense To Related Parties
RentalExpenseToRelatedParties
4323000
CY2012 mrc Claim Period
ClaimPeriod
P15Y
CY2012 mrc Accounts Receivable Concentration Percentage
AccountsReceivableConcentrationPercentage
0.00 pure
CY2012 mrc Purchasing And Warehousing Costs
PurchasingAndWarehousingCosts
34800000
CY2012 mrc Number Of Acquisitions Occurring During Period
NumberOfAcquisitionsOccurringDuringPeriod
3 Acquisition
CY2012 mrc Entity Wide Accounts Payable Major Vendor Percentage
EntityWideAccountsPayableMajorVendorPercentage
0.00 pure
CY2012 mrc Maximum Leverage Ratio For Repayment Of Term Loan As Percentage Of Excess Cash Flow
MaximumLeverageRatioForRepaymentOfTermLoanAsPercentageOfExcessCashFlow
0.50 pure
CY2012 mrc Debt Instrument Interest Base Rate Basis Points
DebtInstrumentInterestBaseRateBasisPoints
4 pure
CY2012 mrc Letters Of Credit Securing Nonmaterial Deductible Program
LettersOfCreditSecuringNonmaterialDeductibleProgram
5600000
CY2012 mrc Threshold For Determining Concentration Of Credit Risk Based On Individual Customer Sales
ThresholdForDeterminingConcentrationOfCreditRiskBasedOnIndividualCustomerSales
0.10 pure
CY2012 mrc Threshold For Determining Concentration Of Credit Risk Based On Customer Accounts Receivable Balances
ThresholdForDeterminingConcentrationOfCreditRiskBasedOnCustomerAccountsReceivableBalances
0.10 pure
CY2012 mrc Threshold For Determining Concentration Of Credit Risk Based On Vendor Purchases
ThresholdForDeterminingConcentrationOfCreditRiskBasedOnVendorPurchases
0.10 pure
CY2012 mrc Threshold For Determining Concentration Of Credit Risk Based On Vendor Accounts Payable Balances
ThresholdForDeterminingConcentrationOfCreditRiskBasedOnVendorAccountsPayableBalances
0.10 pure
CY2012 mrc Restricted Stock Reserved For Incentive Plans
RestrictedStockReservedForIncentivePlans
500000 shares
CY2011Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2011Q1 us-gaap Net Income Loss
NetIncomeLoss
-1100
CY2011Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2011Q1 us-gaap Gross Profit
GrossProfit
147000
CY2011Q1 us-gaap Sales Revenue Net
SalesRevenueNet
991800
CY2011Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
4700
CY2011Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2011Q2 us-gaap Gross Profit
GrossProfit
172700
CY2011Q2 us-gaap Sales Revenue Net
SalesRevenueNet
1168000
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.44
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
37500
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.44
CY2012Q1 us-gaap Gross Profit
GrossProfit
236600
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
1382600
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.32
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
31300
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.32
CY2012Q2 us-gaap Gross Profit
GrossProfit
241700
CY2012Q2 us-gaap Sales Revenue Net
SalesRevenueNet
1430400
CY2011Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.26
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
21900
CY2011Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
CY2011Q3 us-gaap Gross Profit
GrossProfit
201100
CY2011Q3 us-gaap Sales Revenue Net
SalesRevenueNet
1366200
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.55
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
55500
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54
CY2012Q3 us-gaap Gross Profit
GrossProfit
277200
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
1451100
CY2011Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2011Q4 us-gaap Net Income Loss
NetIncomeLoss
3500
CY2011Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2011Q4 us-gaap Gross Profit
GrossProfit
187400
CY2011Q4 us-gaap Sales Revenue Net
SalesRevenueNet
1306400
CY2012Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
-6400
CY2012Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
CY2012Q4 us-gaap Gross Profit
GrossProfit
258300
CY2012Q4 us-gaap Sales Revenue Net
SalesRevenueNet
1306700

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