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 $4,907 and $336 lower than reported as of December 31, 2020 and 2019, respectively, driven primarily by the purchase accounting fair value of the LIFO inventory base value associated with the business combination.