Toro 2009 Annual Report Download - page 49

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CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands) Fiscal years ended October 31 2009 2008 2007
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 62,837 $ 119,651 $ 142,436
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for depreciation and amortization 44,535 48,194 42,105
Equity losses from affiliates 136 859 361
Gain on disposal of property, plant, and equipment (18) (196) (194)
Gain on sale of a business – (113) –
Decrease (increase) in deferred income taxes 4,691 (5,466) (522)
Stock-based compensation expense 4,116 5,684 7,293
Changes in operating assets and liabilities, net of effect of acquisitions:
Receivables, net 126,721 14,770 9,033
Inventories, net 40,036 29,949 (1,915)
Prepaid expenses and other assets (4,360) 719 (977)
Accounts payable, accrued liabilities, deferred revenue, and other long-term liabilities (27,224) 1,671 (14,046)
Net cash provided by operating activities 251,470 215,722 183,574
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment (37,939) (48,914) (42,168)
Proceeds from asset disposals 208 1,021 267
Increase in investments in affiliates (3,811) (250) –
Decrease (increase) in other assets 1,982 (35) 1,494
Proceeds from sale of a business – 1,048 –
Acquisitions, net of cash acquired (6,400) (4,430) (9,881)
Net cash used in investing activities (45,960) (51,560) (50,288)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Decrease) increase in short-term debt, net (2,326) 2,887 (10)
Issuance of long-term debt, net of costs – – 121,491
Repayments of long-term debt (3,422) (1,497) (75,000)
Excess tax benefits from stock-based awards 7,403 3,522 13,775
Proceeds from exercise of stock options 13,726 3,997 13,255
Purchases of Toro common stock (115,283) (110,355) (182,843)
Dividends paid on Toro common stock (21,403) (22,615) (19,459)
Net cash used in financing activities (121,305) (124,061) (128,791)
Effect of exchange rates on cash 4,209 (2,789) 2,029
Net increase in cash and cash equivalents 88,414 37,312 6,524
Cash and cash equivalents as of the beginning of the fiscal year 99,359 62,047 55,523
Cash and cash equivalents as of the end of the fiscal year $ 187,773 $ 99,359 $ 62,047
Supplemental disclosures of cash flow information:
Cash paid during the fiscal year for:
Interest $ 17,724 $ 19,797 $ 18,234
Income taxes 29,803 55,850 61,257
Shares issued in connection with stock-based compensation plans 1,524 2,305 4,971
Long-term debt issued in connection with acquisitions 1,500 3,130 6,000
The financial statements should be read in conjunction with the Notes to Consolidated Financial Statements.
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