Note 9 - Segment Information

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 9 – SEGMENT INFORMATION

Our business is comprised of three operating and reportable segments: U.S., Canada and International. Our International segment consists of our operations outside of the U.S. and Canada. These segments represent our business of selling PVF to the energy sector across each of the gas utilities (gas utilities and the storage and distribution of oil and gas), downstream and industrial (crude oil refining and petrochemical and chemical processing and general industrials), upstream production (exploration, production and extraction of underground oil and gas) and midstream pipeline (gathering and transmission of oil and gas) sectors.

The following table presents financial information for each reportable segment (in millions):

	Three Months Ended						Nine Months Ended
	September 30,			September 30,			September 30,			September 30,
	2020			2019			2020			2019
Sales
U.S.	$	463		$	763		$	1,575		$	2,348
Canada		27			57			105			183
International		95			122			301			365
Consolidated sales	$	585		$	942		$	1,981		$	2,896
Operating income (loss)
U.S.	$	13		$	31		$	(195	)	$	102
Canada		(1	)		1			(3	)		1
International		2			5			(55	)		10
Total operating income (loss)		14			37			(253	)		113
Interest expense		(7	)		(10	)		(22	)		(31	)
Other, net		1			2			(1	)		3
Income (loss) before income taxes	$	8		$	29		$	(276	)	$	85

	September 30,		December 31,
	2020		2019
Total assets
U.S.	$	1,514	$	1,915
Canada		65		91
International		226		319
Total assets	$	1,805	$	2,325

Our sales by product line are as follows (in millions):

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
Type	2020		2019		2020		2019
Line pipe	$	63	$	153	$	243	$	468
Carbon fittings and flanges		76		145		264		456
Total carbon pipe, fittings and flanges		139		298		507		924
Valves, automation, measurement and instrumentation		230		362		802		1,125
Gas products		131		147		379		425
Stainless steel and alloy pipe and fittings		29		43		96		135
General products		56		92		197		287
	$	585	$	942	$	1,981	$	2,896