Toro 2010 Annual Report Download - page 62

The following table shows summarized financial information con- Sales to one customer accounted for 13 percent of consolidated
cerning the company’s reportable segments: net sales in fiscal 2010, 14 percent in fiscal 2009, and 10 percent
in fiscal 2008.
Fiscal years ended
October 31 Professional Residential Other Total Geographic Data
The following geographic area data includes net sales based on
2010
Net sales $1,085,457 $589,677 $ 15,244 $1,690,378 product shipment destination. Long-lived assets consist of net
Intersegment gross property, plant, and equipment, which is determined based on
sales 17,271 487 (17,758) – physical location in addition to allocated capital tooling from U.S.
Earnings (loss) before plant facilities.
income taxes 173,752 57,956 (90,440) 141,268
Total assets 437,987 173,919 273,716 885,622
Capital expenditures 34,017 8,599 6,083 48,699 United Foreign
Depreciation and Fiscal years ended October 31 States Countries Total
amortization 27,261 10,259 7,491 45,011 2010
Net sales $1,152,790 $537,588 $1,690,378
2009
Long-lived assets 145,409 27,998 173,407
Net sales $ 965,935 $532,707 $ 24,805 $1,523,447
Intersegment gross 2009
sales 20,208 1,079 (21,287) – Net sales $1,036,253 $487,194 $1,523,447
Earnings (loss) before Long-lived assets 142,045 24,671 166,716
income taxes 127,609 46,351 (78,172) 95,788 2008
Total assets 418,806 171,892 281,984 872,682 Net sales $1,269,905 $608,279 $1,878,184
Capital expenditures 25,871 7,531 4,537 37,939 Long-lived assets 140,723 28,144 168,867
Depreciation and
amortization 25,197 11,040 8,298 44,535
2008 COMMITMENTS AND CONTINGENT
Net sales $1,304,101 $542,886 $ 31,197 $1,878,184
Intersegment gross 13 LIABILITIES
sales 29,849 8,337 (38,186) –
Earnings (loss) before Leases
income taxes 233,359 35,304 (87,374) 181,289 Total rental expense for operating leases was $19,401, $20,108,
Total assets 460,241 187,371 284,648 932,260 and $20,428 for the fiscal years ended October 31, 2010, 2009,
Capital expenditures 35,140 8,948 4,826 48,914 and 2008, respectively. As of October 31, 2010, future minimum
Depreciation and
amortization 22,841 16,403 8,950 48,194 lease payments under noncancelable operating leases amounted
to $55,461 as follows: 2011, $12,956; 2012, $9,812; 2013, $8,042;
The following table presents the details of the other segment 2014, $5,036; 2015, $4,092 and after 2015, $15,523.
operating loss before income taxes:
Customer Financing
Fiscal years ended October 31 2010 2009 2008 Wholesale Financing. During October 2009, Toro Credit Com-
Corporate expenses $(74,758) $(70,802) $(77,297) pany (‘‘TCC’’) sold its receivable portfolio to Red Iron, the com-
Interest expense (17,113) (17,578) (19,333) pany’s joint venture with TCFIF. See Note 3 for additional informa-
Finance charge revenue – 543 1,032 tion related to Red Iron. Independent Toro dealers that did not
Elimination of corporate financing
expense – 7,052 9,960 finance through TCC, as well as Exmark distributors and dealers,
Other income (expense) 1,431 2,613 (1,736) financed their inventories with third party financing sources. Begin-
Total $(90,440) $(78,172) $(87,374) ning in the first quarter of fiscal 2010, Red Iron began financing
open account receivables, as well as floor plan receivables previ-
The following table presents net sales for groups of similar prod- ously financed by a third party financing company. Some products
ucts and services: sold to independent dealers in Australia finance their products with
third party sources. Excluding Red Iron, third party financing com-
Fiscal years ended October 31 2010 2009 2008 panies purchased $11,090 of receivables from the company during
Equipment $1,371,615 $1,227,023 $1,511,230 fiscal 2010. As of October 31, 2010, $12,711 of receivables
Irrigation 318,763 296,424 366,954 financed by third party financing companies, excluding Red Iron,
Total $1,690,378 $1,523,447 $1,878,184 was outstanding.
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