XML 50 R12.htm IDEA: XBRL DOCUMENT v3.20.1
Inventories
3 Months Ended
Mar. 31, 2020
Inventory Disclosure [Abstract]  
Inventories
Inventories
Inventory costs are determined using the last-in, last-out ("LIFO") method for substantially all U.S. inventories. The current cost of the U.S. inventories under the FIFO method was $411,466 and $365,585 at March 31, 2020 and December 31, 2019, respectively. These FIFO values have been reduced by approximately $79,053 and $87,616 at March 31, 2020 and December 31, 2019, respectively, to arrive at the LIFO value reported on the Condensed Consolidated Balance Sheets. The remaining inventories have been valued under the FIFO method. All LIFO inventories are valued at the lower of cost or market. All other inventories are stated at the lower of cost or net realizable value.