Annual report pursuant to Section 13 and 15(d)

Inventories

v3.8.0.1
Inventories
 12 Months Ended
Dec. 31, 2017
Inventory Disclosure [Abstract]  
Inventories
9. Inventories:
Inventories are classified and valued as follows:
 
 
December 31,
 
 
2017
 
2016
Finished products and work in process
 
$
199,919

 
$
175,182

Raw materials
 
62,469

 
51,866

 
 
$
262,388

 
$
227,048

 
 
 
 
 
Valued at lower of cost or market:
 
 
 
 
LIFO basis
 
$
162,315

 
$
135,605

Valued at lower of cost and net realizable value:
 
 
 
 
FIFO or average cost basis
 
100,073

 
91,443

 
 
$
262,388

 
$
227,048

 
 
 
 
 
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 $26,630 and $30,338 lower than reported as of December 31, 2017 and 2016, 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.