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Note 3 - Inventories | 6 Months Ended
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Jun. 30, 2013
Inventory Disclosure [Abstract] |
Inventory Disclosure [Text Block] |
3. | Inventories:
Inventories consisted of the following:
|  | Inventory as of |
(in thousands) |  | June 30, 2013 |  |  | December 31, 2012 |
Unprocessed |  | $ | 186,367 |  |  | $ | 215,526 |
Processed and finished |  |  | 62,420 |  |  |  | 74,497 |
Totals |  | $ | 248,787 |  |  | $ | 290,023 |
The Company values certain of its tubular and pipe products inventory at the last-in, first-out (LIFO) method. At June 30, 2013 and December 31, 2012, approximately $44.9 million, or 18.1% of consolidated inventory, and $46.7 million, or 16.1% of consolidated inventory, respectively, was reported under the LIFO method of accounting. The cost of the remainder of the tubular and pipe products inventory is determined using a weighted average rolling first-in, first-out (FIFO) method. In the first quarter of 2013, the Company made an out-of-period adjustment to record previously unrecognized LIFO income of $1.9 million, which resulted in an increase to after-tax income of $1.2 million. The Company determined that this adjustment was not material to its current or prior period consolidated financial statements. In the second quarter of 2013, the Company recorded $375 thousand of LIFO income as a result of the continued decline of metals pricing in 2013. The LIFO income increased the Company’s inventory balance and decreased its cost of materials sold. If the FIFO method had been in use, inventories would have been $2.3 million lower than reported at June 30, 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 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 2: 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 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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