NOTE 1 – BACKGROUND AND BASIS OF PRESENTATION
Business Operations : MRC Global Inc. is a holding company headquartered in Houston, Texas. We are a majority owned
subsidiary of PVF Holdings LLC. Our wholly owned subsidiaries, McJunkin Red Man Corporation and its subsidiaries, are global distributors of pipe, valves, fittings (“PVF”) and related products and services across each of the upstream
(exploration, production and extraction of underground oil and gas), midstream (gathering and transmission of oil and gas, gas utilities, and the storage and distribution of oil and gas) and downstream (crude oil refining, petrochemical processing
and general industrials) markets. We have branches in principal industrial, hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia and Australasia. Our products are obtained from a broad range of suppliers.
Basis of Presentation : The consolidated financial statements include the accounts of MRC Global Inc. and its wholly owned and
majority owned subsidiaries (collectively referred to as the “Company” or by such terms as “we,” “our” or “us”). All material intercompany balances and transactions have been eliminated in consolidation.
Investments in our unconsolidated joint ventures, over which we exercise significant influence, but do not control, are accounted for by the equity method. Our unconsolidated joint ventures, along with our percentage of ownership of each, are:
(a) TFCX Finland Oy (50%) and (b) Transmark DRW GmbH (50%). As of March 31, 2012 and December 31, 2011, our total investment in these entities was insignificant. In April 2012, we sold our interest in Transmark DRW GmbH.
Free historical financial statements for MRC Global Inc..
See how revenue, income, cash flow, and balance sheet financials have changed over 51 quarters since 2012. Compare with MRC stock chart to see long term trends.
Data imported from MRC Global Inc. SEC filings. Check original filings before making any investment decision.