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Note 5 - Inventories | 6 Months Ended
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Jun. 30, 2019
Notes to Financial Statements |
Inventory Disclosure [Text Block] |
5. | Inventories:
Inventories consisted of the following:
|  | Inventory as of |
(in thousands) |  | June 30, 2019 |  |  | December 31, 2018 |
Unprocessed |  | $ | 237,765 |  |  | $ | 306,953 |
Processed and finished |  |  | 50,418 |  |  |  | 61,785 |
Totals |  | $ | 288,183 |  |  | $ | 368,738 |
The Company values certain of its tubular and pipe products inventory at the last-in, first -out (LIFO) method. At June 30, 2019 and December 31, 2018, approximately $47.9 million, or 16.6% of consolidated inventory, and $51.1 million, or 13.9% 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. The Company recorded $0.3 million of LIFO income during the three and six months ended June 30, 2019, as current projections anticipate a decrease in the LIFO reserve by December 31, 2019. During the three and six months ended June 30, 2018, the Company recorded $0.5 million and $1.5 million of LIFO expense, respectively. If the FIFO method had been in use, inventories would have been $2.8 million higher than reported at June 30, 2019 and $3.1 million higher than reported at December 31, 2018.

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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 http://asc.fasb.org/topic&trid=2126998 + Details
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