Company: ZEUS
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001437749-25-014325
Chunk: 4

Company: OLYMPIC STEEL INC
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 4
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 cannot guarantee that the rate of future credit losses will be similar to past experience. The Company considers all available information when assessing the adequacy of its allowance for credit losses and unissued credits.

    4.  Inventories: 

   Inventories consisted of the following:

       Inventory as of  
 (in thousands)   March 31, 2025    December 31, 2024  
 Unprocessed  $254,410  $273,668 
 Processed and finished   105,738   116,958 
 Totals  $360,148  $390,626 

   The Company values certain of its tubular and pipe products inventory at the last-in, first-out (LIFO) method. As of  March 31, 2025 and  December 31, 2024, approximately $32.0 million, or 8.9% of consolidated inventory, and $31.3 million, or 8.0% of consolidated inventory, respectively, was reported under the LIFO method of accounting. The cost of the remainder of the tubular and pipe products inventory is determined using a weighted average rolling first-in, first-out (FIFO) method.
    
   The Company did not record LIFO expense or income during the three months ended  March 31, 2025. During the three months ended  March 31, 2024, the Company recorded $0.4 million of LIFO expense.
    
   If the FIFO method had been in use, inventories would have been $6.3 million higher than reported as of  March 31, 2025 and  December 31, 2024.

    5.  Goodwill and Intangible Assets: 

   The Company's intangible assets were recorded in connection with its acquisitions of MetalWorks in 2024, Central Tube and Bar and Metal-Fab, Inc. in 2023, Shaw Stainless & Alloy, Inc. in 2021, Action Stainless & Alloys, Inc. in 2020, EZ Dumper® hydraulic dump inserts and McCullough Industries in 2019, Berlin Metals, LLC in 2018 and Chicago Tube and Iron in 2011. The intangible assets were evaluated on the premise of highest and best use to a market participant, primarily utilizing the income approach valuation methodology.
    
   Goodwill, by reportable unit, was as follows as