Toro 2015 Annual Report Download - page 70

The following table shows summarized financial information con- Geographic Data
cerning the company’s reportable segments: The following geographic area data includes net sales based on
product shipment destination. Long-lived assets consist of net
Fiscal years ended property, plant, and equipment, which is determined based on
October 31 Professional Residential Other Total physical location in addition to allocated capital tooling from U.S.
plant facilities.
2015
Net sales $1,639,659 $725,682 $ 25,534 $2,390,875
Intersegment gross United Foreign
sales 45,634 406 (46,040) – Fiscal years ended October 31 States Countries Total
Earnings (loss) before 2015
income taxes 308,010 84,956 (101,935) 291,031 Net sales $1,780,240 $610,635 $2,390,875
Total assets 805,686 217,093 280,879 1,303,658 Long-lived assets 190,262 34,733 224,995
Capital expenditures 29,016 9,953 17,405 56,374
Depreciation and 2014
amortization 42,799 9,131 11,213 63,143 Net sales $1,550,077 $622,614 $2,172,691
Long-lived assets 169,797 35,398 205,195
2014
Net sales $1,477,578 $672,443 $ 22,670 $2,172,691 2013
Intersegment gross sales 41,376 424 (41,800) – Net sales $1,426,060 $615,371 $2,041,431
Earnings (loss) before Long-lived assets 143,547 41,549 185,096
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 COMMITMENTS AND CONTINGENT
Depreciation and 13 LIABILITIES
amortization 34,228 8,883 10,027 53,138
2013 Leases
Net sales $1,425,259 $594,411 $ 21,761 $2,041,431
Total rental expense for operating leases was $24,986, $24,329,
Intersegment gross sales 40,416 402 (40,818) –
Earnings (loss) before and $24,399 for the fiscal years ended October 31, 2015, 2014,
income taxes 254,424 62,033 (89,744) 226,713 and 2013, respectively. As of October 31, 2015, future minimum
Total assets 528,926 167,918 305,904 1,002,748 lease payments under noncancelable operating leases amounted
Capital expenditures 32,362 7,838 9,227 49,427 to $77,685 as follows: 2016, $13,956; 2017, $10,220; 2018,
Depreciation and $8,219; 2019, $6,827; 2020, $6,350; and after 2020, $32,113.
amortization 34,706 10,321 9,107 54,134
The following table presents the details of the Other segment Customer Financing
operating loss before income taxes: Wholesale Financing. The company is party to a joint venture
with TCFIF established as Red Iron. See Note 3 for additional
Fiscal years ended October 31 2015 2014 2013 information related to Red Iron. Some products sold to indepen-
dent dealers in Australia are financed by a third party finance com-
Corporate expenses $ (95,167) $(88,539) $(85,359) pany. This third party financing company purchased $24,979 of
Interest expense (18,757) (15,426) (16,210)
Other income 11,989 7,189 11,825 receivables from the company during fiscal 2015. As of Octo-
ber 31, 2015, $10,576 of receivables financed by the third party
Total $(101,935) $(96,776) $(89,744)
financing company, excluding Red Iron, was outstanding.
The following table presents net sales for groups of similar prod- The company also enters into limited inventory repurchase
ucts and services: agreements with third party financing companies and Red Iron for
receivables financed by third party financing companies and Red
Fiscal years ended October 31 2015 2014 2013 Iron. As of October 31, 2015, the company was contingently liable
to repurchase up to a maximum amount of $9,998 of inventory
Equipment $2,004,274 $1,765,845 $1,649,489 related to receivables under these financing arrangements. The
Irrigation and lighting 386,601 406,846 391,942
company has repurchased only immaterial amounts of inventory
Total $2,390,875 $2,172,691 $2,041,431 under these repurchase agreements since inception.
Sales to one customer in the Residential segment accounted for End-User Financing. The company has agreements with third
11 percent of total consolidated gross sales in both fiscal 2015 and party financing companies to provide lease-financing options to golf
2014, and 10 percent in fiscal 2013. course and sports fields and grounds equipment customers in the
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