XML 148 R12.htm IDEA: XBRL DOCUMENT

Inventories

12 Months Ended

Jun. 30, 2013

Inventories consist of the following:



June 30,	2013		2012
U.S. inventories at current cost	$	323,642	$	302,465
Foreign inventories at average cost	103,483		70,797
	427,125		373,262
Less: Excess of current cost over LIFO cost for U.S. inventories	145,708		144,756
Inventories on consolidated balance sheets	$	281,417	$	228,506

In fiscal 2013, 2012 and 2011, reductions in U.S. inventories, primarily in the bearings pool, resulted in liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years. The overall impact of LIFO layer liquidations increased gross profit by $6,300, $3,400 and $12,300 in fiscal 2013, 2012 and 2011, respectively.

- 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