|12 Months Ended|
Dec. 31, 2018
|Inventory Disclosure [Abstract]|
Inventories were as follows:
We recorded adjustments for certain domestic, non-copper metal inventory during 2018, 2017 and 2016 resulting from the fluctuations in market value of these metals. These adjustments increased cost of sales by $2.9 million in 2018 and decreased cost of sales by $3.6 million and $1.7 million in 2017 and 2016, respectively.
During 2018, 2017 and 2016, we reduced the quantity of certain domestic metal inventory, resulting in a liquidation of LIFO inventory layers. These reductions increased cost of sales by $0.1 million, $1.0 million and $1.9 million in 2018, 2017 and 2016, respectively.
Below is a summary of inventories valued at period-end market values compared to the as reported values.
The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef