Annual report [Section 13 and 15(d), not S-K Item 405]

Inventories, Net

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Inventories, Net
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Inventories
9. Inventories, Net:
Inventories, net are classified and valued as follows:
December 31,
2024 2023
Finished products and work in process $ 54,124  $ 41,658 
Raw materials 3,002  3,457 
Total inventory, net $ 57,126  $ 45,115 
Valued at lower of cost or market:
LIFO basis $ 31,650  $ 24,815 
Valued at lower of cost and net realizable value:
FIFO or average cost basis 25,476  20,300 
Total inventory, net $ 57,126  $ 45,115 
The domestic inventory acquired as a result of the combination of the businesses of PQ Holdings Inc. and Eco Services Operations LLC in May 2016 (“the 2016 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 $5,700 and $3,529 lower than reported as of December 31, 2024 and 2023, respectively, driven primarily by the purchase accounting fair value step-up of the LIFO inventory base value associated with the 2016 business combination.