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Note 4 - Inventories

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Inventory Disclosure [Text Block]

4.	*Inventories:*

Inventories consisted of the following:

		Inventory as of
(in thousands)		June 30, 2022				December 31, 2021
Unprocessed		$	407,121			$	417,595
Processed and finished			104,014				67,434
Totals		$	511,135			$	485,029

The Company values certain of its tubular and pipe products inventory at the last-in, first-out (LIFO) method. At June 30, 2022 and December 31, 2021, approximately $57.1 million, or 11.2% 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 and six months ended June 30, 2022 as current inventory price and volume projections anticipate no material change to the LIFO reserve by December 31, 2022. During the three and six months ended June 30, 2021, the Company recorded $4.0 million and $5.0 million of LIFO expense, respectively.

If the FIFO method had been in use, inventories would have been $19.7 million higher than reported at June 30, 2022 and December 31, 2021.