Toro 2014 Annual Report Download - page 54

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CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands) Fiscal years ended October 31 2014 2013 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 173,870 $ 154,845 $129,541
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for depreciation, amortization, and impairment losses 53,138 54,134 53,634
Noncash income from finance affiliate (7,262) (7,097) (5,996)
(Increase) decrease in deferred income taxes (4,700) 149 (206)
Stock-based compensation expense 11,291 10,237 9,503
Other 28 10 (132)
Changes in operating assets and liabilities, net of effect of acquisitions:
Receivables, net (5,042) (11,912) (495)
Inventories, net (37,183) 9,373 (21,973)
Prepaid expenses and other assets (3,245) (6,825) (6,741)
Accounts payable, accrued liabilities, deferred revenue, and other long-term liabilities 1,470 18,962 28,663
Net cash provided by operating activities 182,365 221,876 185,798
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment (71,138) (49,427) (43,242)
Proceeds from asset disposals 479 413 491
Distributions from finance affiliate, net 5,672 6,342 5,091
Acquisitions, net of cash acquired (715) (2,101) (9,663)
Net cash used in investing activities (65,702) (44,773) (47,323)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in (repayments of) short-term debt 19,498 (415) (922)
Increase in (repayments of) long-term debt 129,557 (1,739) (1,858)
Excess tax benefits from stock-based awards 8,857 6,134 9,017
Proceeds from exercise of stock options 7,192 9,808 20,347
Purchases of Toro common stock (103,039) (99,587) (93,395)
Dividends paid on Toro common stock (45,048) (32,499) (26,230)
Net cash provided by (used in) financing activities 17,017 (118,298) (93,041)
Effect of exchange rates on cash and cash equivalents (1,800) (1,668) (464)
Net increase in cash and cash equivalents 131,880 57,137 44,970
Cash and cash equivalents as of the beginning of the fiscal year 182,993 125,856 80,886
Cash and cash equivalents as of the end of the fiscal year $ 314,873 $ 182,993 $125,856
Supplemental disclosures of cash flow information:
Cash paid during the fiscal year for:
Interest $ 16,925 $ 17,054 $ 17,147
Income taxes 76,325 76,186 58,709
Shares issued in connection with stock-based compensation plans 6,619 6,629 2,986
Payment obligations issued in connection with acquisitions 420 1,395 100
The financial statements should be read in conjunction with the Notes to Consolidated Financial Statements.
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