Toro 2011 Annual Report Download - page 64

expenditures (finance, human resources, legal, information ser- The following table presents the details of the other segment
vices, public relations, and similar activities) and other unallocated operating loss before income taxes:
corporate assets and liabilities, such as corporate facilities, parts
inventory, and deferred tax assets. Fiscal years ended October 31 2011 2010 2009
The accounting policies of the segments are the same as those Corporate expenses $(72,726) $(74,758) $(70,802)
described in the summary of significant accounting policies in Interest expense (16,970) (17,113) (17,578)
Finance charge revenue – – 543
Note 1. The company evaluates the performance of its Profes-
Elimination of corporate financing
sional and Residential business segment results based on earn- expense – – 7,052
ings from operations plus other income (expense), net. Operating Other income 5,103 1,431 2,613
loss for the Other segment includes earnings (loss) from domestic Total $(84,593) $(90,440) $(78,172)
wholly owned distribution companies, corporate activities, other
The following table presents net sales for groups of similar prod-
income (expense), and interest expense. The business segment’s
ucts and services:
operating profits or losses include direct costs incurred at the seg-
ment’s operating level plus allocated expenses, such as profit
sharing and manufacturing expenses. The allocated expenses rep- Fiscal years ended October 31 2011 2010 2009
resent costs that these operations would have incurred otherwise Equipment $1,529,470 $1,371,615 $1,227,023
but do not include general corporate expenses, interest expense, Irrigation and lighting 354,483 318,763 296,424
and income taxes. The company accounts for intersegment gross Total $1,883,953 $1,690,378 $1,523,447
sales at current market prices. Sales to one customer accounted for 11 percent of consolidated
The following table shows summarized financial information con- net sales in fiscal 2011, 13 percent in fiscal 2010, and 14 percent
cerning the company’s reportable segments: in fiscal 2009.
Fiscal years ended Geographic Data
October 31 Professional Residential Other Total The following geographic area data includes net sales based on
2011 product shipment destination. Long-lived assets consist of net
Net sales $1,239,068 $623,889 $ 20,996 $1,883,953 property, plant, and equipment, which is determined based on
Intersegment gross physical location in addition to allocated capital tooling from U.S.
sales 35,539 3,560 (39,099) –
plant facilities.
Earnings (loss) before
income taxes 205,009 54,410 (84,593) 174,826
Total assets 497,388 202,222 171,053 870,663 United Foreign
Capital expenditures 43,933 5,615 7,899 57,447 Fiscal years ended October 31 States Countries Total
Depreciation and
2011
amortization 31,380 9,846 7,280 48,506
Net sales $1,276,038 $607,915 $1,883,953
2010 Long-lived assets 145,169 45,971 191,140
Net sales $1,085,457 $589,677 $ 15,244 $1,690,378
2010
Intersegment gross
Net sales $1,152,790 $537,588 $1,690,378
sales 17,271 487 (17,758) –
Long-lived assets 145,409 27,998 173,407
Earnings (loss) before
income taxes 173,752 57,956 (90,440) 141,268 2009
Total assets 437,987 173,919 273,716 885,622 Net sales $1,036,253 $487,194 $1,523,447
Capital expenditures 34,017 8,599 6,083 48,699 Long-lived assets 142,045 24,671 166,716
Depreciation and
amortization 27,261 10,259 7,491 45,011
2009 COMMITMENTS AND CONTINGENT
Net sales $ 965,935 $532,707 $ 24,805 $1,523,447 13 LIABILITIES
Intersegment gross
sales 20,208 1,079 (21,287) – Leases
Earnings (loss) before
Total rental expense for operating leases was $21,840, $19,401,
income taxes 127,609 46,351 (78,172) 95,788
Total assets 418,806 171,892 281,984 872,682 and $20,108 for the fiscal years ended October 31, 2011, 2010,
Capital expenditures 25,871 7,531 4,537 37,939 and 2009, respectively. As of October 31, 2011, future minimum
Depreciation and lease payments under noncancelable operating leases amounted
amortization 25,197 11,040 8,298 44,535 to $57,116 as follows: 2012, $13,572; 2013, $10,839; 2014,
$7,396; 2015, $6,124; 2016, $3,781 and after 2016, $15,404.
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