Annual report pursuant to Section 13 and 15(d)

Inventories, Net

v3.20.4
Inventories, Net
 12 Months Ended
Dec. 31, 2020
Inventory Disclosure [Abstract]  
Inventories
10. Inventories, Net:
Inventories, net are classified and valued as follows:
December 31,
2020 2019
Finished products and work in process $ 102,388  $ 106,980 
Raw materials 25,048 30,642 
$ 127,436  $ 137,622 
Valued at lower of cost or market:
LIFO basis $ 55,283  $ 60,190 
Valued at lower of cost and net realizable value:
FIFO or average cost basis 72,153  77,432 
$ 127,436  $ 137,622 
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 $4,255 lower and $974 higher than reported as of December 31, 2020 and 2019, respectively, driven primarily by the purchase accounting fair value step-up of the LIFO inventory base value associated with the business combination.