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Inventories

12 Months Ended

Jun. 30, 2014

Inventories consist of the following:



June 30,	2014		2013
U.S. inventories at current cost	$	363,692	$	323,642
Foreign inventories at average cost	123,468		103,483
	487,160		427,125
Less: Excess of current cost over LIFO cost for U.S. inventories	151,413		145,708
Inventories on consolidated balance sheets	$	335,747	$	281,417

In fiscal 2013 and 2012, 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 and $3,400 in fiscal 2013 and 2012, respectively. There were no LIFO layer liquidations in fiscal 2014.

- 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.

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