Toro 2014 Annual Report Download - page 75

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Assets and liabilities measured at fair value on a recurring basis,
as of October 31, 2014 and 2013, respectively, are summarized
below: 15 SUBSEQUENT EVENTS
On November 14, 2014, subsequent to fiscal 2014 year end and
Fair during the first quarter of fiscal 2015, the company acquired the
October 31, 2014 Value Level 1 Level 2 Level 3 BOSS professional snow and ice management business from pri-
Assets: vately held Northern Star Industries, Inc. Further information
Cash and cash equivalents $314,873 $314,873 $ – – regarding this acquisition is presented in Note 2. The company
Forward currency contracts 6,030 – 6,030 – evaluated all other subsequent events and concluded that no other
Cross currency contracts 831 – 831 –
subsequent events have occurred that would require recognition in
Total assets $321,734 $314,873 $6,861 – the financial statements or disclosure in the notes to the financial
Liabilities: statements.
Forward currency contracts $ 9 – $ 9 –
Cross currency contracts 536 – 536 –
Deferred compensation
liabilities 2,141 – 2,141 – 16 QUARTERLY FINANCIAL DATA (unaudited)
Total liabilities $ 2,686 – $2,686 –
Summarized quarterly financial data for fiscal 2014 and 2013 are
as follows:
Fair
October 31, 2013 Value Level 1 Level 2 Level 3
Fiscal year ended
Assets:
October 31, 2014
Cash and cash equivalents $182,993 $182,993 $ – –
Quarter First Second Third Fourth
Forward currency contracts 1,266 – 1,266 –
Net sales $445,981 $745,030 $567,540 $414,140
Total assets $184,259 $182,993 $1,266 –
Gross profit 163,514 264,540 202,080 143,137
Liabilities: Net earnings 25,869 87,086 50,013 10,902
Forward currency contracts $ 1,931 – $1,931 – Basic net earnings per share
1
0.45 1.54 0.89 0.19
Cross currency contracts 443 – 443 – Diluted net earnings per share
1
0.44 1.51 0.87 0.19
Deferred compensation
liabilities 2,777 – 2,777 –
Fiscal year ended
Total liabilities $ 5,151 – $5,151 –
October 31, 2013
Quarter First Second Third Fourth
There were no transfers between Level 1 and Level 2 during the
fiscal years ended October 31, 2014 and 2013. Net sales $444,661 $704,486 $509,918 $382,366
Gross profit 165,817 252,301 178,031 128,648
As of October 31, 2014, the estimated fair value of long-term
Net earnings 31,396 78,402 40,097 4,950
debt with fixed interest rates was $260,970 compared to its carry- Basic net earnings per share
1
0.54 1.35 0.70 0.09
ing amount of $223,956. As of October 31, 2013, the estimated fair Diluted net earnings per share
1
0.53 1.32 0.68 0.08
value of long-term debt with fixed interest rates was $243,074
1
Net earnings per share amounts do not sum to equal full year total due to
compared to its carrying amount of $223,544. The fair value is changes in the number of shares outstanding during the periods and rounding.
estimated by discounting the projected cash flows using the rate at
which similar amounts of debt could currently be borrowed.
Long-term debt is a Level 2 liability in the fair value hierarchy.
69