Annual report pursuant to Section 13 and 15(d)

Inventories, Net

v3.19.3.a.u2
Inventories, Net
 12 Months Ended
Dec. 31, 2019
Inventory Disclosure [Abstract]  
Inventories
10. Inventories, Net:
Inventories, net are classified and valued as follows:
 
 
December 31,
 
 
2019
 
2018
Finished products and work in process
 
$
222,940

 
$
206,188

Raw materials
 
58,005

 
58,560

 
 
$
280,945

 
$
264,748

 
 
 
 
 
Valued at lower of cost or market:
 
 
 
 
LIFO basis
 
$
168,935

 
$
160,863

Valued at lower of cost and net realizable value:
 
 
 
 
FIFO or average cost basis
 
112,010

 
103,885

 
 
$
280,945

 
$
264,748

 
 
 
 
 
The domestic inventory acquired as part of a previous business combination is valued based on the LIFO method. Therefore, the fair value allocated to the acquired LIFO inventory was treated as the new base inventory value. If inventories valued under the LIFO basis had been valued using the FIFO method, inventories would have been $7,164 and $18,263 lower than reported as of December 31, 2019 and 2018, respectively, driven primarily by the purchase accounting fair value step-up of the LIFO inventory base value associated with the business combination.