Annual report pursuant to Section 13 and 15(d)

Inventories

v3.10.0.1
Inventories
 12 Months Ended
Dec. 31, 2018
Inventory Disclosure [Abstract]  
Inventories
10. Inventories:
Inventories are classified and valued as follows:
 
 
December 31,
 
 
2018
 
2017
Finished products and work in process
 
$
206,188

 
$
199,919

Raw materials
 
58,560

 
62,469

 
 
$
264,748

 
$
262,388

 
 
 
 
 
Valued at lower of cost or market:
 
 
 
 
LIFO basis
 
$
160,863

 
$
162,315

Valued at lower of cost and net realizable value:
 
 
 
 
FIFO or average cost basis
 
103,885

 
100,073

 
 
$
264,748

 
$
262,388

 
 
 
 
 
The domestic inventory acquired as part of the 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 $18,263 and $26,630 lower than reported as of December 31, 2018 and 2017, respectively, driven primarily by the purchase accounting fair value step-up of the LIFO inventory base value associated with the Business Combination. As of December 31, 2016, inventory quantities for one of the Company’s LIFO pools were reduced below their levels at the Business Combination date. As a result of this reduction, LIFO inventory costs charged to cost of goods sold were computed based on the lower base layer costs at the Business Combination date. The impact on cost of goods sold and net loss for the year ended December 31, 2016 was not material.