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Note 4 - Inventories

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Inventory Disclosure [Text Block]

4.	*Inventories:*

Inventories consisted of the following:

		Inventory as of
(in thousands)		March 31, 2022				December 31, 2021
Unprocessed		$	372,767			$	417,595
Processed and finished			102,680				67,434
Totals		$	475,447			$	485,029

The Company values certain of its tubular and pipe products inventory at the last-in, first-out (LIFO) method. At March 31, 2022 and December 31, 2021, approximately $57.7 million, or 12.1% of consolidated inventory, and $55.4 million, or 11.4% 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 did not record any LIFO expense or income for the three months ended March 31, 2022 as current inventory price and volume projections anticipate no material change to the LIFO reserve by December 31, 2022. During the three months ended March 31, 2021, the Company recorded $1.0 million of LIFO expense.

If the FIFO method had been in use, inventories would have been $19.7 million higher than reported at March 31, 2022 and December 31, 2021, respectively.