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Note 4 - Inventories

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Inventory Disclosure [Text Block]

4.	*Inventories:*

Inventories consisted of the following:

		*Inventory as of*
(in thousands)		*March 31, 2024*				*December 31, 2023*
Unprocessed		$	290,058			$	282,565
Processed and finished			107,509				103,970
Totals		$	397,567			$	386,535

The Company values certain of its tubular and pipe products inventory at the last-in, first-out (LIFO) method. As of March 31, 2024 and December 31, 2023, approximately $37.1 million, or 9.3% of consolidated inventory, and $38.2 million, or 9.9% 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 months ended March 31, 2024, the Company recorded $0.4 million of LIFO expense. The Company did not record LIFO expense or income during the three months ended March 31, 2023.

If the FIFO method had been in use, inventories would have been $12.4 million higher than reported as of March 31, 2024 and $12.0 million higher than reported at December 31, 2023.