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Note 4 - Inventories | 3 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Inventory Disclosure [Text Block] | NOTE 4 – INVENTORIES The composition of our inventory is as follows (in millions):
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Finished goods inventory at average cost: |  |  |  |  |  |  |  |
Valves, automation, measurement and instrumentation |  | $ | 212 |  |  | $ | 206 |
Carbon steel pipe, fittings and flanges |  |  | 147 |  |  |  | 135 |
Gas products |  |  | 277 |  |  |  | 265 |
All other products |  |  | 121 |  |  |  | 104 |
|  |  | 757 |  |  |  | 710 |
Less: Excess of weighted-average cost over LIFO cost (LIFO reserve) |  |  | (281 | ) |  |  | (280 | )
Less: Other inventory reserves |  |  | (16 | ) |  |  | (15 | )
|  | $ | 460 |  |  | $ | 415 |
The Company uses the last-in, first-out (“LIFO”) method of valuing U.S. inventories. The use of the LIFO method has the effect of reducing net income during periods of rising inventory costs (inflationary periods) and increasing net income during periods of falling inventory costs (deflationary periods). Valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, we base interim LIFO calculations using current month end perpetual inventory balances, except in those instances where better information regarding projected year-end balances is available.

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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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