Toro 2007 Annual Report Download - page 54

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42
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands) Fiscal years ended October 31 2007 2006 2005
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 142,436 $ 129,145 $ 114,082
Adjustments to reconcile net earnings to net cash provided by operating activities:
Non-cash asset impairment – – 23
Provision for depreciation and amortization 42,105 42,564 42,829
Equity losses from investments 361 1,559 1,468
Gain on disposal of property, plant, and equipment (194 ) (110) (260)
Increase in deferred income taxes (522 ) (1,709) (9,012)
Stock-based compensation expense 7,293 6,641 9,312
Changes in operating assets and liabilities, net of effect of acquisitions:
Receivables, net 9,033 75 7,381
Inventories, net (1,915 ) (522) (1,210)
Prepaid expenses and other assets (977 ) 9,390 462
Accounts payable, accrued expenses, and deferred revenue (14,046 ) 3,238 9,008
Net cash provided by operating activities 183,574 190,271 174,083
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment (42,168 ) (39,885) (37,432)
Proceeds from disposal of property, plant, and equipment 267 1,033 2,740
Investments in affiliates – (371) (757)
Decrease in other assets 1,494 1,161 1,550
Proceeds from sale of a business – – 765
Acquisitions, net of cash acquired (9,881 ) – (35,285)
Net cash used in investing activities (50,288 ) (38,062) (68,419)
CASH FLOWS FROM FINANCING ACTIVITIES:
Decrease in short-term debt, net (10 ) (5) (774)
Issuance of long-term debt, net of costs 121,491 – –
Repayments of long-term debt (75,000 ) (46) (45)
Excess tax benefits from stock-based awards 13,775 13,131 5,989
Proceeds from exercise of stock options 13,255 10,683 8,164
Purchases of Toro common stock (182,843 ) (146,543) (156,972)
Dividends paid on Toro common stock (19,459 ) (15,421) (10,755)
Net cash used in financing activities (128,791 ) (138,201) (154,393)
Effect of exchange rates on cash 2,029 113 (625)
Net increase (decrease) in cash and cash equivalents 6,524 14,121 (49,354)
Cash and cash equivalents as of the beginning of the fiscal year 55,523 41,402 90,756
Cash and cash equivalents as of the end of the fiscal year $ 62,047 $ 55,523 $ 41,402
Supplemental disclosures of cash flow information:
Cash paid during the fiscal year for:
Interest $ 18,234 $ 18,365 $ 18,310
Income taxes 61,257 56,985 46,761
Stock issued in connection with stock-based compensation plans 4,971 6,176 4,284
Long-term debt issued in connection with an acquisition 6,000 – –
The financial statements should be read in conjunction with the Notes to Consolidated Financial Statements.