text: LIFO Inventory Valuation and Methodology 
  
  Inventories are valued at the lower of cost or market, using the 
  
  last-in, first-out (LIFO) method for U.S. inventories, and the 
  
  average cost method for foreign inventories. We adopted the 
  
  link chain dollar value LIFO method for accounting for U.S. 
  
  inventories in fiscal 1974. Approximately 37% of our domestic 
  
  inventory dollars relate to LIFO layers added in the 1970s. The 
  
  excess of current cost over LIFO cost is $144.8 million as reflected 
  
  in our consolidated balance sheet at June 30, 2012. The 
  
  Company maintains five LIFO pools based on the following 
  Purchase orders for inventory and other goods and services are 
  product groupings: bearings, power transmission products, 
  not included in our estimates as we are unable to aggregate the 
  rubber products, fluid power products and other products. 
  amount of such purchase orders that represent enforceable and 
  LIFO layers and/or liquidations are determined consistently year- 
  legally binding agreements specifying all significant terms. The 
  to-year. See the Inventories note to the consolidated financial 
  previous table includes the gross liability for unrecognized income 
  statements for further information. 
  tax benefits including interest and penalties in the “Other” 