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Note 5 - Inventories | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Inventory Disclosure [Text Block] |
5. | Inventories:
Inventories consisted of the following:
|  | Inventory as of |
(in thousands) |  | September 30, 2023 |  |  | December 31, 2022 |
Unprocessed |  | $ | 294,972 |  |  | $ | 356,588 |
Processed and finished |  |  | 97,382 |  |  |  | 60,343 |
Totals |  | $ | 392,354 |  |  | $ | 416,931 |
The Company values certain of its tubular and pipe products inventory at the last-in, first-out (LIFO) method. At September 30, 2023 and December 31, 2022, approximately $38.6 million, or 9.8% 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. During the three and nine months ended September 30, 2023, the Company recorded $2.0 million and $3.0 million of LIFO income, respectively. During the three and nine months ended September 30, 2022, the Company recorded $1.5 million of LIFO expense. If the FIFO method had been in use, inventories would have been $17.3 million higher than reported at September 30, 2023 and $20.3 million higher than reported at December 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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