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Note 5 - Inventories | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Inventory Disclosure [Text Block] |
5. | Inventories:
Inventories consisted of the following:
|  | As of December 31, |
(in thousands) |  | 2020 |  |  | 2019 |
Unprocessed |  | $ | 194,614 |  |  | $ | 220,787 |
Processed and finished |  |  | 45,387 |  |  |  | 52,744 |
Total |  | $ | 240,001 |  |  | $ | 273,531 |
During 2020, the Company recorded $1.5 million of LIFO income as a result of decreased metals pricing during 2020. The LIFO income increased the Company’s inventory balance and decreased its cost of materials sold. During 2019, the Company recorded $3.7 million of LIFO income as a result of decreased metals pricing during 2019. The LIFO income increased the Company’s inventory balance and decreased its cost of materials sold. Our inventory quantities were reduced during 2020 and 2019 resulting in a liquidation of LIFO inventory layers (a “LIFO decrement”). A LIFO decrement results in the erosion of layers created in earlier years, and, therefore, a LIFO layer is not created for years that have decrements. For the years ended December 31, 2020 and 2019 the effect of the LIFO decrement impacted cost of materials sold by an immaterial amount. If the FIFO method had been in use, inventories would have been $2.1 million and $0.6 million lower than reported at December 31, 2020 and 2019, respectively.

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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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