XML 75 R12.htm IDEA: XBRL DOCUMENT

Inventories

12 Months Ended

Dec. 31, 2014

NOTE 4—INVENTORIES

The composition of our inventory is as follows (in thousands):


	December 31,
	2014	2013
Finished goods inventory at average cost:
Energy carbon steel tubular products	$ 497,146	$ 362,449
Valves, fittings, flanges and all other products	857,063	763,119
	1,354,209	1,125,568
Less: Excess of average cost over LIFO cost (LIFO reserve)	(142,662)	(130,802)
Less: Other inventory reserves	(24,601)	(23,199)
	$ 1,186,946	$ 971,567

There was no LIFO decrement in 2014 or 2013.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

+ References+ Details