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Note 5 - Inventories | 3 Months Ended
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Mar. 31, 2023
Notes to Financial Statements |
Inventory Disclosure [Text Block] |
5. | Inventories:
Inventories consisted of the following:
|  | Inventory as of |
(in thousands) |  | March 31, 2023 |  |  | December 31, 2022 |
Unprocessed |  | $ | 313,002 |  |  | $ | 356,588 |
Processed and finished |  |  | 94,981 |  |  |  | 60,343 |
Totals |  | $ | 407,983 |  |  | $ | 416,931 |
The Company values certain of its tubular and pipe products inventory at the last-in, first-out (LIFO) method. At March 31, 2023 and December 31, 2022, approximately $44.1 million, or 10.8% of consolidated inventory, and $46.3 million, or 11.1% 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, 2023 as current inventory price and volume projections anticipate no material change to the LIFO reserve by December 31, 2023. The Company did not record any LIFO expense or income for the three months ended March 31, 2022.

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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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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