Toro 2014 Annual Report Download - page 70

The following table shows summarized financial information con- Sales to one customer in the Residential segment accounted for
cerning the company’s reportable segments: 11 percent, 10 percent, and 11 percent of total consolidated gross
sales in fiscal 2014, 2013, and 2012, respectively.
Fiscal years ended
October 31 Professional Residential Other Total Geographic Data
2014 The following geographic area data includes net sales based on
Net sales $1,477,578 $672,443 $ 22,670 $2,172,691 product shipment destination. Long-lived assets consist of net
Intersegment gross property, plant, and equipment, which is determined based on
sales 41,376 424 (41,800) – physical location in addition to allocated capital tooling from U.S.
Earnings (loss) before plant facilities.
income taxes 276,305 76,916 (96,776) 256,445
Total assets 573,086 172,984 446,345 1,192,415
Capital expenditures 25,226 12,417 33,495 71,138 United Foreign
Depreciation and Fiscal years ended October 31 States Countries Total
amortization 34,228 8,883 10,027 53,138 2014
2013 Net sales $1,550,077 $622,614 $2,172,691
Net sales $1,425,259 $594,411 $ 21,761 $2,041,431 Long-lived assets 169,797 35,398 205,195
Intersegment gross 2013
sales 40,416 402 (40,818) – Net sales $1,426,060 $615,371 $2,041,431
Earnings (loss) before Long-lived assets 143,547 41,549 185,096
income taxes 254,424 62,033 (89,744) 226,713
2012
Total assets 528,926 167,918 305,904 1,002,748
Net sales $1,364,377 $594,313 $1,958,690
Capital expenditures 32,362 7,838 9,227 49,427
Long-lived assets 137,708 42,815 180,523
Depreciation and
amortization 34,706 10,321 9,107 54,134
2012
Net sales $1,329,504 $607,435 $ 21,751 $1,958,690 COMMITMENTS AND CONTINGENT
Intersegment gross 13 LIABILITIES
sales 37,324 26 (37,350) –
Earnings (loss) before Leases
income taxes 232,104 57,889 (93,731) 196,262 Total rental expense for operating leases was $24,329, $24,399,
Total assets 527,159 169,899 238,141 935,199
Capital expenditures 29,313 4,164 9,765 43,242 and $22,166 for the fiscal years ended October 31, 2014, 2013,
Depreciation and and 2012, respectively. As of October 31, 2014, future minimum
amortization 34,876 10,919 7,839 53,634 lease payments under noncancelable operating leases amounted
to $67,522 as follows: 2015, $15,308; 2016, $11,427; 2017,
The following table presents the details of the Other segment $7,353; 2018, $5,344; 2019, $4,204 and after 2019, $23,886.
operating loss before income taxes:
Customer Financing
Fiscal years ended October 31 2014 2013 2012 Wholesale Financing. In fiscal 2009, Toro Credit Company sold
Corporate expenses $(88,539) $(85,359) $(81,376) its receivable portfolio to Red Iron, the company’s joint venture
Interest expense (15,426) (16,210) (16,906) with TCFIF. See Note 3 for additional information related to Red
Other income 7,189 11,825 4,551 Iron. Some products sold to independent dealers in Australia are
Total $(96,776) $(89,744) $(93,731) financed by a third party finance company. This third party financ-
ing company purchased $18,693 of receivables from the company
The following table presents net sales for groups of similar prod-
during fiscal 2014. As of October 31, 2014, $10,945 of receivables
ucts and services:
financed by the third party financing company, excluding Red Iron,
was outstanding.
Fiscal years ended October 31 2014 2013 2012 The company also enters into limited inventory repurchase
Equipment $1,765,845 $1,649,489 $1,586,864 agreements with third party financing companies and Red Iron for
Irrigation and lighting 406,846 391,942 371,826
receivables financed by third party financing companies and Red
Total $2,172,691 $2,041,431 $1,958,690 Iron. As of October 31, 2014, the company was contingently liable
to repurchase up to a maximum amount of $9,369 of inventory
related to receivables under these financing arrangements. The
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