XML 23 R11.htm IDEA: XBRL DOCUMENT

Note 5 - Inventories

9 Months Ended

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.