Toro 2013 Annual Report Download - page 59

a maximum amount of $465 and $211 as of October 31, 2013 and
GOODWILL AND OTHER INTANGIBLE
2012, respectively.
Under the repurchase agreement between Red Iron and the 5ASSETS
company, Red Iron provides financing for certain dealers and dis- Goodwill – The changes in the net carrying amount of goodwill for
tributors. These transactions are structured as an advance in the fiscal 2013 and 2012 were as follows:
form of a payment by Red Iron to the company on behalf of a
distributor or dealer with respect to invoices financed by Red Iron. Professional Residential
These payments extinguish the obligation of the dealer or distribu- Segment Segment Total
tor to make payment to the company under the terms of the appli- Balance as of October 31, 2011 $80,990 $11,030 $92,020
cable invoice. Under separate agreements between Red Iron and Translation adjustments (6) (14) (20)
the dealers and distributors, Red Iron provides loans to the dealers Balance as of October 31, 2012 $80,984 $11,016 $92,000
and distributors for the advances paid by Red Iron to the company. Translation adjustments (22) (64) (86)
The net amount of new receivables financed for dealers and dis- Balance as of October 31, 2013 $80,962 $10,952 $91,914
tributors under this arrangement during fiscal 2013, 2012, and
2011 was $1,211,470, $1,191,343, and $1,111,778, respectively. Other Intangible Assets – The components of other intangible
Summarized financial information for Red Iron is presented as assets were as follows:
follows:
Estimated Gross
For the twelve months ended October 31 2013 2012 2011 Life Carrying Accumulated
October 31, 2013 (Years) Amount Amortization Net
Revenue $22,418 $19,765 $ 17,116
Net income 15,776 13,326 11,070 Patents 1.5-13 $10,213 $ (8,537) $ 1,676
Non-compete agreements 1.5-10 6,849 (4,488) 2,361
Customer-related 1.5-13 8,654 (4,660) 3,994
As of October 31 2013 2012 Developed technology 1.5-10 28,224 (13,478) 14,746
Finance receivables, net $260,319 $239,008 Trade names 1.5-5 1,515 (865) 650
Other assets 4,040 1,274 Other 800 (800) –
Total liabilities 234,804 212,408 Total amortizable 56,255 (32,828) 23,427
Non-amortizable – trade
names 4,881 – 4,881
Total other intangible
4OTHER INCOME, NET assets, net $61,136 $(32,828) $28,308
Other income (expense) is as follows:
Estimated Gross
Fiscal years ended October 31 2013 2012 2011 Life Carrying Accumulated
October 31, 2012 (Years) Amount Amortization Net
Interest income $ 447 $ 786 $ 1,072
Retail financing revenue 1,093 1,106 966 Patents 1.5-13 $ 9,593 $ (8,031) $ 1,562
Foreign currency exchange rate loss (702) (1,786) (1,751) Non-compete agreements 1.5-10 6,303 (3,656) 2,647
Income from affiliates 7,097 5,996 5,682 Customer-related 1.5-13 8,312 (3,826) 4,486
Litigation recovery (settlements), net 3,071 (36) 543 Developed technology 1.5-10 27,727 (10,196) 17,531
Miscellaneous 1,255 1,489 797 Trade names 1.5-5 1,515 (557) 958
Other 800 (800) –
Total other income, net $12,261 $ 7,555 $ 7,309
Total amortizable 54,250 (27,066) 27,184
Non-amortizable – trade
names 4,881 – 4,881
Total other intangible
assets, net $59,131 $(27,066) $32,065
The change in gross carrying amount of other intangible assets
of $2,005 from October 31, 2013 compared to October 31, 2012
was the result of intangible assets acquired from a company
located in China and changes in foreign currency exchange rates.
Amortization expense for intangible assets for the fiscal years
ended October 31, 2013, 2012, and 2011 was $5,769, $6,008, and
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