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Note 6 - Inventories | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Inventory Disclosure [Text Block] |
6. | Inventories:
Inventories consisted of the following:
|  | As of December 31, |
(in thousands) |  | 2022 |  |  | 2021 |
Unprocessed |  | $ | 356,588 |  |  | $ | 417,595 |
Processed and finished |  |  | 60,343 |  |  |  | 67,434 |
Total |  | $ | 416,931 |  |  | $ | 485,029 |
During 2022, the Company recorded $0.6 million of LIFO expense as a result of increased metals pricing during 2022. The LIFO expense decreased the Company’s inventory balance and increased its cost of materials sold. During 2021, the Company recorded $21.9 million of LIFO expense as a result of increased metals pricing during 2021. The LIFO expense decreased the Company’s inventory balance and increased its cost of materials sold. Our pipe and tubular inventory quantities were reduced during 2022 and 2021 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, 2022 and 2021, 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 $20.3 million and $19.7 million higher than reported at December 31, 2022 and 2021, 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 https://asc.fasb.org/topic&trid=2126998 + Details
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