XML 130 R19.htm IDEA: XBRL DOCUMENT
v3.22.4

Inventories, net | 12 Months Ended
--- | ---
Dec. 31, 2022
Inventory Disclosure [Abstract] |
Inventories, net | Inventories, net Inventories in the Consolidated Balance Sheets are summarized as follows:
|  | December 31,
(Thousands) |  | 2022 |  | 2021
Raw materials and supplies |  | $ | 113,694 |  |  | $ | 93,518 |
Work in process |  | 249,105 |  |  | 221,638 |
Finished goods |  | 60,281 |  |  | 45,959 |
Inventories, net |  | 423,080 |  |  | 361,115 |
Inventory balances are presented net of an excess and obsolete reserve totaling $19.8 million and $23.9 million at December 31, 2022 and December 31, 2021, respectively. The Company takes and records the results of a physical inventory count of its precious metals on a quarterly basis. The Company's precious metal operations include a refinery that processes precious metal-containing scrap and other materials from its customers, as well as its own internally generated scrap. The Company also outsources portions of its refining requirements to other vendors, particularly those materials with longer processing times. The precious metal content within these various refine streams may be in solutions, sludges, and other non-homogeneous forms and can vary over time based upon the input materials, yield rates, and other process parameters. The determination of the weight of the precious metal content within the refine streams as part of a physical inventory count requires the use of estimates and calculations based upon assays, assumed recovery percentages developed from actual historical data and other analyses, the total estimated volumes of solutions and other materials within the refinery, data from the Company's refine vendors, and other factors. The resulting calculated weight of the precious metals in the Company's refine operations may differ, in either direction, from what its records indicate that the Company should have on hand, which would then result in an adjustment to its pre-tax income in the period when the physical inventory was taken, and the related estimates were made. The Company maintains the majority of the precious metals and copper used in production on a consignment basis in order to reduce our exposure to metal price movements and to reduce our working capital investment. The notional value of off-balance sheet precious metals and copper was $373.1 million as of December 31, 2022 versus $480.2 million as of December 31, 2021.

X
- References No definition available. + Details
Name: | us-gaap_InventoryDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_InventoryDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration