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Inventories | 12 Months Ended
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Dec. 31, 2015
Inventories |
Inventories | Note 4. Inventories Our inventories are primarily stated on the last‑in, first‑out (“LIFO”) method, which is not in excess of market. We use the LIFO method of inventory valuation because it results in a better matching of costs and revenues. As of December 31, 2015 cost on the first‑in, first‑out (“FIFO”) method was lower than the LIFO value of inventories by $26.1 million. As of December 31, 2014, cost on the FIFO method exceeded the LIFO value of inventories by $143.1 million. Inventories of $304.6 million and $305.9 million as of December 31, 2015 and 2014, respectively, were stated on the FIFO method, which is not in excess of realizable value. Due to a significant decline in metals pricing that resulted in our LIFO inventory valuation exceeding current replacement cost, we recorded a lower of cost or market charge of $69.1 million related to our inventories measured using the LIFO method in 2015. Cost decreases in 2015 and 2013 for the majority of our products were the primary cause of the $186.1 million and $50.2 million reductions in the LIFO valuation reserve, respectively, which decreased cost of sales. The 2015 amount, however, was net of the impact of inventory quantity reductions, which resulted in a liquidation of LIFO inventory quantities carried at higher costs prevailing in prior years as compared with the cost of 2015 purchases, the effect of which increased cost of sales by approximately $38.7 million in 2015. Cost increases in 2014 for the majority of our products were the primary cause of the $54.5 million increase in the LIFO valuation reserve, which increased cost of sales. There were insignificant liquidations of LIFO inventory quantities in 2014 and 2013.

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- Definition The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 + Details
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