Toro 2014 Annual Report Download - page 65

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Accumulated Other Comprehensive Loss.
Components of accumulated other comprehensive loss (‘‘AOCL’’),
net of tax, within the consolidated statements of stockholders’ 9INCOME TAXES
equity are as follows: A reconciliation of the statutory federal income tax rate to the com-
pany’s consolidated effective tax rate is summarized as follows:
As of October 31 2014 2013 2012
Foreign currency translation adjustments $12,536 $ 7,778 $5,436 Fiscal years ended October 31 2014 2013 2012
Pension and postretirement benefits 5,266 3,683 4,328
Statutory federal income tax rate 35.0% 35.0% 35.0%
Derivative instruments (2,097) 1,109 210
Increase (reduction) in income taxes resulting from:
Total accumulated other comprehensive loss $15,705 $12,570 $9,974 Domestic manufacturer’s deduction (1.9) (2.0) (2.0)
State and local income taxes, net of federal
The components and activity of AOCL are as follows: income tax benefit 1.5 1.5 1.5
Effect of foreign source income (1.2) (0.3) 0.2
Domestic research tax credit (0.2) (2.4) (0.2)
Foreign Pension
Other, net (1.0) (0.1) (0.5)
Currency and Post- Cash Flow
Translation retirement Derivative Consolidated effective tax rate 32.2% 31.7% 34.0%
Adjustments Benefits Instruments Total
AOCL as of October 31, 2012 $ 5,436 $4,328 $ 210 $ 9,974 Components of the provision for income taxes were as follows:
Other comprehensive loss before
reclassifications 2,342 – 1,870 4,212 Fiscal years ended October 31 2014 2013 2012
Amounts reclassified from AOCL – (645) (971) (1,616)
Provision for income taxes:
Net current period other Current –
comprehensive loss (income) $ 2,342 $ (645) $ 899 $ 2,596 Federal $75,815 $61,388 $59,405
AOCL as of October 31, 2013 $ 7,778 $3,683 $ 1,109 $12,570 State 5,997 5,108 4,609
Non-U.S.3,672 5,734 3,854
Other comprehensive loss
before reclassifications $ 4,758 $ – $(1,644) $ 3,114 Current provision $85,484 $72,230 $67,868
Amounts reclassified from Deferred –
AOCL – 1,583 (1,562) 21 Federal $ (3,047) $ 824 $ (685)
Net current period other State (81) 91 (132)
comprehensive loss (income) $ 4,758 $1,583 $(3,206) $ 3,135 Non-U.S.219 (1,277) (330)
AOCL as of October 31, 2014 $12,536 $5,266 $(2,097) $15,705 Deferred benefit (2,909) (362) (1,147)
Total provision for income taxes $82,575 $71,868 $66,721
AOCL associated with pension and postretirement benefits are
included in Note 11. Details of amounts reclassified from accumu- Earnings before income taxes were as follows:
lated other comprehensive loss to the respective line items in net
earnings for cash flow derivative instruments are included in Fiscal years ended October 31 2014 2013 2012
Note 14. Earnings before income taxes:
U.S.$239,501 $213,509 $189,206
Non-U.S.16,944 13,204 7,056
Total $256,445 $226,713 $196,262
During the fiscal years ended October 31, 2014, 2013, and
2012, respectively, $8,857, $6,134, and $9,017 was added to
stockholders’ equity reflecting the permanent book to tax difference
in accounting for tax benefits related to employee stock-based
award transactions.
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