Toro 2011 Annual Report Download - page 49

Download and view the complete annual report

Please find page 49 of the 2011 Toro annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 80

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands) Fiscal years ended October 31 2011 2010 2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 117,658 $ 93,237 $ 62,837
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for depreciation, amortization, and impairment losses 48,506 45,011 44,535
Noncash (income) loss from affiliates (5,682) (2,599) 136
Gain on disposal of property, plant, and equipment (118) (85) (18)
(Increase) decrease in deferred income taxes (2,006) 2,940 4,691
Stock-based compensation expense 8,533 6,442 4,116
Changes in operating assets and liabilities, net of effect of acquisitions:
Receivables, net (2,908) (80) 126,721
Inventories, net (25,667) (9,920) 40,036
Prepaid expenses and other assets (7,144) 3,056 (4,360)
Accounts payable, accrued liabilities, deferred revenue, and other long-term liabilities (17,295) 55,505 (27,224)
Net cash provided by operating activities 113,877 193,507 251,470
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment, net (57,447) (48,699) (37,939)
Proceeds from asset disposals 653 574 208
Distributions from (investments in) finance affiliate, net 3,034 (3,659) (3,811)
(Increase) decrease in other assets (360) 635 1,982
Acquisitions, net of cash acquired (15,155) (9,657) (6,400)
Net cash used in investing activities (69,275) (60,806) (45,960)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Decrease) increase in short-term debt, net (776) 776 (2,326)
Repayments of long-term debt (1,857) (3,646) (3,422)
Excess tax benefits from stock-based awards 2,988 3,396 7,403
Proceeds from exercise of stock options 14,467 16,680 13,726
Purchases of Toro common stock (129,955) (135,777) (115,283)
Dividends paid on Toro common stock (24,970) (23,721) (21,403)
Net cash used in financing activities (140,103) (142,292) (121,305)
Effect of exchange rates on cash (979) (816) 4,209
Net (decrease) increase in cash and cash equivalents (96,480) (10,407) 88,414
Cash and cash equivalents as of the beginning of the fiscal year 177,366 187,773 99,359
Cash and cash equivalents as of the end of the fiscal year $ 80,886 $ 177,366 $ 187,773
Supplemental disclosures of cash flow information:
Cash paid during the fiscal year for:
Interest $ 17,120 $ 17,281 $ 17,724
Income taxes 60,296 28,569 29,803
Shares issued in connection with stock-based compensation plans 4,005 903 1,524
Long-term debt issued in connection with acquisitions 3,515 440 1,500
The financial statements should be read in conjunction with the Notes to Consolidated Financial Statements.
43