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Inventories | 12 Months Ended
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Dec. 31, 2023
Inventory Disclosure [Abstract] |
Inventories | Inventories: Inventories are measured using the last-in, first-out (LIFO) method of valuation. The excess of current costs over our carrying value of inventories was approxim ately $36,133,000 a nd $45,545,000 at December 31, 2023 and 2022, respectively. The use of the LIFO valuation method as compared to the FIFO method had a positive impact on our cost of goods sold of approximately $9,412,000 in 2023, and a negative impact of approximately $10,841,000 in 2022 and $12,310,000 in 2021. During 2023, there were liquidations of LIFO inventory layers. The effect of the liquidations during 2023 (included in the preceding LIFO impact amount) decreased cost of goods sold by approximately $410,000 or $0.02 per diluted share of common stock. We believe this information is meaningful to the users of these consolidated financial statements for analyzing the effects of price changes, for better understanding our financial position and for comparing such effects with other companies.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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