XML 21 R11.htm IDEA: XBRL DOCUMENT

Note 5 - Inventories

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Inventory Disclosure [Text Block]

5.	*Inventories:*

Inventories consisted of the following:

		Inventory as of
(in thousands)		June 30, 2023				December 31, 2022
Unprocessed		$	300,686			$	356,588
Processed and finished			105,258				60,343
Totals		$	405,944			$	416,931

The Company values certain of its tubular and pipe products inventory at the last-in, first-out (LIFO) method. At June 30, 2023 and December 31, 2022, approximately $41.2 million, or 10.1% 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.

During the three and six months ended June 30, 2023, the Company recorded $1.0 million of LIFO income. The Company did not record any LIFO expense or income for the three and six months ended June 30, 2022.

If the FIFO method had been in use, inventories would have been $19.3 million higher than reported at June 30, 2023 and $20.3 million higher than reported at December 31, 2022.