Toro 2010 Annual Report Download - page 48

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CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands) Fiscal years ended October 31 2010 2009 2008
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 93,237 $ 62,837 $ 119,651
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for depreciation and amortization 45,011 44,535 48,194
Equity (income) losses from affiliates (2,599) 136 859
Gain on disposal of property, plant, and equipment (85) (18) (196)
Gain on sale of a business – – (113)
Decrease (increase) in deferred income taxes 2,940 4,691 (5,466)
Stock-based compensation expense 6,442 4,116 5,684
Changes in operating assets and liabilities, net of effect of acquisitions:
Receivables, net (80) 126,721 14,770
Inventories, net (9,920) 40,036 29,949
Prepaid expenses and other assets 3,056 (4,360) 719
Accounts payable, accrued liabilities, deferred revenue, and other long-term liabilities 55,505 (27,224) 1,671
Net cash provided by operating activities 193,507 251,470 215,722
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment (48,699) (37,939) (48,914)
Proceeds from asset disposals 574 208 1,021
Increase in investments in affiliates (3,659) (3,811) (250)
Decrease (increase) in other assets 635 1,982 (35)
Proceeds from sale of a business – – 1,048
Acquisitions, net of cash acquired (9,657) (6,400) (4,430)
Net cash used in investing activities (60,806) (45,960) (51,560)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in short-term debt, net 776 (2,326) 2,887
Repayments of long-term debt (3,646) (3,422) (1,497)
Excess tax benefits from stock-based awards 3,396 7,403 3,522
Proceeds from exercise of stock options 16,680 13,726 3,997
Purchases of Toro common stock (135,777) (115,283) (110,355)
Dividends paid on Toro common stock (23,721) (21,403) (22,615)
Net cash used in financing activities (142,292) (121,305) (124,061)
Effect of exchange rates on cash (816) 4,209 (2,789)
Net (decrease) increase in cash and cash equivalents (10,407) 88,414 37,312
Cash and cash equivalents as of the beginning of the fiscal year 187,773 99,359 62,047
Cash and cash equivalents as of the end of the fiscal year $ 177,366 $ 187,773 $ 99,359
Supplemental disclosures of cash flow information:
Cash paid during the fiscal year for:
Interest $ 17,281 $ 17,724 $ 19,797
Income taxes 28,569 29,803 55,850
Shares issued in connection with stock-based compensation plans 903 1,524 2,305
Long-term debt issued in connection with acquisitions 440 1,500 3,130
The financial statements should be read in conjunction with the Notes to Consolidated Financial Statements.
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