Toro 2013 Annual Report Download - page 51

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CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands) Fiscal years ended October 31 2013 2012 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 154,845 $129,541 $ 117,658
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for depreciation, amortization, and impairment losses 54,134 53,634 48,506
Noncash income from affiliates (7,097) (5,996) (5,682)
Decrease (increase) in deferred income taxes 149 (206) (2,006)
Stock-based compensation expense 10,237 9,503 8,533
Other 10 (132) (118)
Changes in operating assets and liabilities, net of effect of acquisitions:
Receivables, net (11,912) (495) (2,908)
Inventories 9,373 (21,973) (25,667)
Prepaid expenses and other assets (6,825) (6,741) (7,144)
Accounts payable, accrued liabilities, deferred revenue, and other long-term liabilities 18,962 28,663 (17,295)
Net cash provided by operating activities 221,876 185,798 113,877
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment (49,427) (43,242) (57,447)
Proceeds from asset disposals 413 491 653
Distributions from finance affiliate, net 6,342 5,091 3,034
Other – – (360)
Acquisitions, net of cash acquired (2,101) (9,663) (15,155)
Net cash used in investing activities (44,773) (47,323) (69,275)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of short-term debt, net (415) (922) (776)
Repayments of long-term debt (1,739) (1,858) (1,857)
Excess tax benefits from stock-based awards 6,134 9,017 2,988
Proceeds from exercise of stock options 9,808 20,347 14,467
Purchases of Toro common stock (99,587) (93,395) (129,955)
Dividends paid on Toro common stock (32,499) (26,230) (24,970)
Net cash used in financing activities (118,298) (93,041) (140,103)
Effect of exchange rates on cash (1,668) (464) (979)
Net increase (decrease) in cash and cash equivalents 57,137 44,970 (96,480)
Cash and cash equivalents as of the beginning of the fiscal year 125,856 80,886 177,366
Cash and cash equivalents as of the end of the fiscal year $ 182,993 $125,856 $ 80,886
Supplemental disclosures of cash flow information:
Cash paid during the fiscal year for:
Interest $ 17,054 $ 17,147 $ 17,120
Income taxes 76,186 58,709 60,296
Shares issued in connection with stock-based compensation plans 6,629 2,986 4,005
Payment obligations issued in connection with acquisitions 1,395 100 3,515
The financial statements should be read in conjunction with the Notes to Consolidated Financial Statements.
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