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Inventories | 3 Months Ended
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Mar. 31, 2023
Inventory Disclosure [Abstract] |
Inventories |
5. | INVENTORIES
Inventories valued at LIFO (last-in, first-out), consist of the following (in thousands):
|  | March 31, 2023 |  |  | December 31, 2022 |
Finished goods |  | $ | 98,573 |  |  | $ | 107,114 |
Raw materials |  |  | 64,262 |  |  |  | 69,292 |
Total FIFO (first-in, first-out) inventories |  |  | 162,835 |  |  |  | 176,406 |
Reserve to adjust inventories to LIFO value |  |  | (35,051 | ) |  |  | (35,051 | )
Total LIFO inventories |  | $ | 127,784 |  |  | $ | 141,355 |
The Company utilizes the LIFO method of accounting related to its Trex Residential wood-alternative decking and residential railing products, which generally provides for the matching of current costs with current revenues. However, under the LIFO method, reductions in annual inventory balances cause a portion of the Company’s cost of sales to be based on historical costs rather than current year costs (LIFO liquidation). Reductions in interim inventory balances expected to be replenished by year-end do not result in a LIFO liquidation. Accordingly, interim LIFO calculations are based, in part, on management’s estimates of expected year-end inventory levels and costs and may differ from actual results. Since inventory levels and costs are subject to factors beyond management’s control, interim results are subject to the final year-end LIFO inventory valuation. In the three months ended March 31, 2023, the Company had a reduction in inventory that it does not expect will be replenished by year end. However, the Company estimates that the LIFO liquidation will not have a material impact on cost of sales for the year ended December 31, 2023 and, accordingly, it did not impact the cost of sales for the three months ended March 31, 2023.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI https://asc.fasb.org/topic&trid=2126998 + Details
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