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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Toro Co | NYSE:TTC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-2.08 | -2.33% | 87.00 | 88.91 | 86.66 | 88.66 | 590,619 | 21:42:09 |
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Delaware
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1-8649
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41-0580470
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(State of Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification Number)
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Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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Emerging growth company
o
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Page Number
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Three Months Ended
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Nine Months Ended
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||||||||||||
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August 4,
2017 |
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July 29,
2016 |
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August 4,
2017 |
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July 29,
2016 |
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Net sales
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$
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627,943
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$
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600,980
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$
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2,016,549
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$
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1,923,819
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Cost of sales
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401,158
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384,363
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1,279,970
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1,221,361
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Gross profit
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226,785
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216,617
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736,579
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702,458
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Selling, general, and administrative expense
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139,001
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134,664
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428,929
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411,576
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Operating earnings
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87,784
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81,953
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307,650
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290,882
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Interest expense
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(4,750
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)
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(4,646
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)
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(14,309
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)
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(14,021
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)
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Other income, net
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5,349
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3,480
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12,916
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11,865
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Earnings before income taxes
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88,383
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80,787
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306,257
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288,726
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||||
Provision for income taxes
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19,979
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24,965
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72,388
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87,962
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Net earnings
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$
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68,404
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$
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55,822
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$
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233,869
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$
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200,764
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Basic net earnings per share of common stock
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$
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0.63
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$
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0.51
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$
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2.16
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$
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1.83
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Diluted net earnings per share of common stock
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$
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0.61
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$
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0.50
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$
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2.10
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$
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1.79
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Weighted-average number of shares of common stock outstanding — Basic
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108,456
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109,966
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108,434
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109,946
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Weighted-average number of shares of common stock outstanding — Diluted
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111,457
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112,112
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111,460
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112,154
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Three Months Ended
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Nine Months Ended
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August 4,
2017 |
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July 29,
2016 |
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August 4,
2017 |
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July 29,
2016 |
||||||||
Net earnings
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$
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68,404
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$
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55,822
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$
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233,869
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$
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200,764
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Other comprehensive income (loss), net of tax:
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Foreign currency translation adjustments
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12,300
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(5,753
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)
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13,017
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(4,803
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)
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Cash flow derivative instruments, net of tax of $(2,262), $652, $(2,236), and $(1,000), respectively
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(3,062
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)
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667
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(1,100
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)
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(1,925
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)
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Other comprehensive income (loss)
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9,238
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(5,086
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)
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11,917
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(6,728
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)
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Comprehensive income
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$
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77,642
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$
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50,736
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$
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245,786
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$
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194,036
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August 4,
2017 |
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July 29,
2016 |
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October 31,
2016 |
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ASSETS
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Cash and cash equivalents
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$
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335,026
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$
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277,243
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$
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273,555
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Receivables, net
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221,551
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202,389
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163,265
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Inventories, net
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349,022
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327,114
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307,034
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Prepaid expenses and other current assets
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42,550
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39,658
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35,155
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Total current assets
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948,149
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846,404
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779,009
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Property, plant, and equipment, gross
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890,585
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833,664
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838,036
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Less accumulated depreciation
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663,659
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612,788
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615,998
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Property, plant, and equipment, net
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226,926
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220,876
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222,038
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Long-term deferred income taxes
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59,754
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65,216
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57,228
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Other assets
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25,779
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26,148
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23,422
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Goodwill
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202,678
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195,016
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194,782
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Other intangible assets, net
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106,258
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110,785
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108,093
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Total assets
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$
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1,569,544
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$
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1,464,445
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$
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1,384,572
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||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current portion of long-term debt
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$
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23,056
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$
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22,627
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$
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22,484
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Accounts payable
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211,453
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172,156
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174,668
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Accrued liabilities
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309,385
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318,628
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266,687
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Total current liabilities
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543,894
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513,411
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463,839
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|||
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||||||
Long-term debt, less current portion
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308,793
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331,641
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328,477
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Deferred revenue
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24,964
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11,958
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11,830
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|
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Other long-term liabilities
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31,971
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|
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29,585
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30,391
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||||||
Stockholders’ equity:
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Preferred stock, par value $1.00 per share, authorized 1,000,000 voting and 850,000 non-voting shares, none issued and outstanding
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—
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—
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—
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Common stock, par value $1.00 per share, authorized 175,000,000 shares; issued and outstanding 107,883,039 shares as of August 4, 2017, 109,289,956 shares as of July 29, 2016, and 108,427,393 shares as of October 31, 2016
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107,883
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109,290
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|
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108,427
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Retained earnings
|
|
578,558
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505,131
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480,044
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Accumulated other comprehensive loss
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(26,519
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)
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(36,571
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)
|
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(38,436
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)
|
|||
Total stockholders’ equity
|
|
659,922
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|
|
577,850
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|
|
550,035
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|
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Total liabilities and stockholders’ equity
|
|
$
|
1,569,544
|
|
|
$
|
1,464,445
|
|
|
$
|
1,384,572
|
|
|
|
Nine Months Ended
|
||||||
|
|
August 4,
2017 |
|
July 29,
2016 |
||||
Cash flows from operating activities:
|
|
|
|
|
|
|
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Net earnings
|
|
$
|
233,869
|
|
|
$
|
200,764
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Non-cash income from finance affiliate
|
|
(7,566
|
)
|
|
(7,302
|
)
|
||
Provision for depreciation, amortization, and impairment loss
|
|
47,713
|
|
|
46,332
|
|
||
Stock-based compensation expense
|
|
9,691
|
|
|
7,723
|
|
||
Provision for deferred income taxes
|
|
(2,121
|
)
|
|
256
|
|
||
Other
|
|
71
|
|
|
(464
|
)
|
||
Changes in operating assets and liabilities, net of effect of acquisitions:
|
|
|
|
|
|
|
||
Receivables, net
|
|
(54,935
|
)
|
|
(23,699
|
)
|
||
Inventories, net
|
|
(34,069
|
)
|
|
3,428
|
|
||
Prepaid expenses and other assets
|
|
(7,625
|
)
|
|
(2,108
|
)
|
||
Accounts payable, accrued liabilities, deferred revenue, and other long-term liabilities
|
|
86,991
|
|
|
79,055
|
|
||
Net cash provided by operating activities
|
|
272,019
|
|
|
303,985
|
|
||
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
|
||
Purchases of property, plant, and equipment
|
|
(36,572
|
)
|
|
(34,601
|
)
|
||
Proceeds from asset disposals
|
|
74
|
|
|
232
|
|
||
Distributions from finance affiliate, net
|
|
4,617
|
|
|
3,594
|
|
||
Proceeds from sale of a business
|
|
—
|
|
|
1,500
|
|
||
Acquisition, net of cash acquired
|
|
(24,181
|
)
|
|
—
|
|
||
Net cash used in investing activities
|
|
(56,062
|
)
|
|
(29,275
|
)
|
||
|
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|
||
Repayments of short-term debt
|
|
—
|
|
|
(1,161
|
)
|
||
Repayments of long-term debt
|
|
(19,158
|
)
|
|
(20,713
|
)
|
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Proceeds from exercise of stock options
|
|
9,756
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|
|
19,691
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|
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Purchases of Toro common stock
|
|
(96,059
|
)
|
|
(69,189
|
)
|
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Dividends paid on Toro common stock
|
|
(56,926
|
)
|
|
(49,488
|
)
|
||
Net cash used in financing activities
|
|
(162,387
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)
|
|
(120,860
|
)
|
||
|
|
|
|
|
||||
Effect of exchange rates on cash and cash equivalents
|
|
7,901
|
|
|
(2,882
|
)
|
||
|
|
|
|
|
||||
Net increase in cash and cash equivalents
|
|
61,471
|
|
|
150,968
|
|
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Cash and cash equivalents as of the beginning of the fiscal period
|
|
273,555
|
|
|
126,275
|
|
||
Cash and cash equivalents as of the end of the fiscal period
|
|
$
|
335,026
|
|
|
$
|
277,243
|
|
|
|
August 4,
2017 |
|
July 29,
2016 |
|
October 31,
2016 |
||||||
(Dollars in thousands)
|
|
|
|
|||||||||
Raw materials and work in process
|
|
$
|
88,440
|
|
|
$
|
88,581
|
|
|
$
|
90,463
|
|
Finished goods and service parts
|
|
318,940
|
|
|
302,573
|
|
|
274,929
|
|
|||
Total FIFO value
|
|
407,380
|
|
|
391,154
|
|
|
365,392
|
|
|||
Less: Adjustment to LIFO value
|
|
58,358
|
|
|
64,040
|
|
|
58,358
|
|
|||
Total inventories, net
|
|
$
|
349,022
|
|
|
$
|
327,114
|
|
|
$
|
307,034
|
|
(Dollars in thousands)
|
|
Professional Segment
|
|
Residential Segment
|
|
Total
|
||||||
Balance as of October 31, 2016
|
|
$
|
184,338
|
|
|
$
|
10,444
|
|
|
$
|
194,782
|
|
Goodwill acquired
|
|
6,678
|
|
|
—
|
|
|
6,678
|
|
|||
Translation adjustments
|
|
1,080
|
|
|
138
|
|
|
1,218
|
|
|||
Balance as of August 4, 2017
|
|
$
|
192,096
|
|
|
$
|
10,582
|
|
|
$
|
202,678
|
|
(Dollars in thousands)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net
|
||||||
Patents
|
|
$
|
15,155
|
|
|
$
|
(11,419
|
)
|
|
$
|
3,736
|
|
Non-compete agreements
|
|
6,890
|
|
|
(6,764
|
)
|
|
126
|
|
|||
Customer-related
|
|
87,507
|
|
|
(17,812
|
)
|
|
69,695
|
|
|||
Developed technology
|
|
30,232
|
|
|
(26,180
|
)
|
|
4,052
|
|
|||
Trade names
|
|
30,096
|
|
|
(5,889
|
)
|
|
24,207
|
|
|||
Other
|
|
800
|
|
|
(800
|
)
|
|
—
|
|
|||
Total amortizable
|
|
170,680
|
|
|
(68,864
|
)
|
|
101,816
|
|
|||
Non-amortizable - trade names
|
|
4,442
|
|
|
—
|
|
|
4,442
|
|
|||
Total other intangible assets, net
|
|
$
|
175,122
|
|
|
$
|
(68,864
|
)
|
|
$
|
106,258
|
|
(Dollars in thousands)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net
|
||||||
Patents
|
|
$
|
15,151
|
|
|
$
|
(10,866
|
)
|
|
$
|
4,285
|
|
Non-compete agreements
|
|
6,886
|
|
|
(6,681
|
)
|
|
205
|
|
|||
Customer-related
|
|
84,353
|
|
|
(14,434
|
)
|
|
69,919
|
|
|||
Developed technology
|
|
28,648
|
|
|
(23,712
|
)
|
|
4,936
|
|
|||
Trade names
|
|
28,715
|
|
|
(4,235
|
)
|
|
24,480
|
|
|||
Other
|
|
800
|
|
|
(800
|
)
|
|
—
|
|
|||
Total amortizable
|
|
164,553
|
|
|
(60,728
|
)
|
|
103,825
|
|
|||
Non-amortizable - trade names
|
|
4,268
|
|
|
—
|
|
|
4,268
|
|
|||
Total other intangible assets, net
|
|
$
|
168,821
|
|
|
$
|
(60,728
|
)
|
|
$
|
108,093
|
|
|
|
August 4,
2017 |
|
July 29,
2016 |
|
October 31,
2016 |
||||||
(Dollars in thousands)
|
|
|
|
|||||||||
Foreign currency translation adjustments
|
|
$
|
18,089
|
|
|
$
|
29,636
|
|
|
$
|
31,430
|
|
Pension and post-retirement benefits
|
|
6,683
|
|
|
4,881
|
|
|
6,359
|
|
|||
Cash flow derivative instruments
|
|
1,747
|
|
|
2,054
|
|
|
647
|
|
|||
Total accumulated other comprehensive loss
|
|
$
|
26,519
|
|
|
$
|
36,571
|
|
|
$
|
38,436
|
|
(Dollars in thousands)
|
|
Foreign Currency
Translation
Adjustments
|
|
Pension and
Post-retirement
Benefits
|
|
Cash Flow
Derivative
Instruments
|
|
Total
|
||||||||
Balance as of October 31, 2016
|
|
$
|
31,430
|
|
|
$
|
6,359
|
|
|
$
|
647
|
|
|
$
|
38,436
|
|
Other comprehensive loss (income) before reclassifications
|
|
(13,341
|
)
|
|
324
|
|
|
2,092
|
|
|
(10,925
|
)
|
||||
Amounts reclassified from AOCL
|
|
—
|
|
|
—
|
|
|
(992
|
)
|
|
(992
|
)
|
||||
Net current period other comprehensive loss (income)
|
|
(13,341
|
)
|
|
324
|
|
|
1,100
|
|
|
(11,917
|
)
|
||||
Balance as of August 4, 2017
|
|
$
|
18,089
|
|
|
$
|
6,683
|
|
|
$
|
1,747
|
|
|
$
|
26,519
|
|
(Dollars in thousands)
|
|
Foreign Currency
Translation
Adjustments
|
|
Pension and
Post-retirement
Benefits
|
|
Cash Flow
Derivative
Instruments
|
|
Total
|
||||||||
Balance as of October 31, 2015
|
|
$
|
24,328
|
|
|
$
|
5,386
|
|
|
$
|
129
|
|
|
$
|
29,843
|
|
Other comprehensive loss (income) before reclassifications
|
|
5,308
|
|
|
(505
|
)
|
|
2,140
|
|
|
6,943
|
|
||||
Amounts reclassified from AOCL
|
|
—
|
|
|
—
|
|
|
(215
|
)
|
|
(215
|
)
|
||||
Net current period other comprehensive loss (income)
|
|
5,308
|
|
|
(505
|
)
|
|
1,925
|
|
|
6,728
|
|
||||
Balance as of July 29, 2016
|
|
$
|
29,636
|
|
|
$
|
4,881
|
|
|
$
|
2,054
|
|
|
$
|
36,571
|
|
|
|
Fiscal 2017
|
|
Fiscal 2016
|
Expected life of option in years
|
|
6.02
|
|
5.97
|
Expected stock price volatility
|
|
22.15%
|
|
24.04%
|
Risk-free interest rate
|
|
2.03%
|
|
1.80%
|
Expected dividend yield
|
|
1.01%
|
|
1.24%
|
Weighted-average fair value at date of grant
|
|
$12.55
|
|
$8.79
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
|
August 4,
2017 |
|
July 29,
2016 |
|
August 4,
2017 |
|
July 29,
2016 |
||||
(Shares in thousands)
|
|
|
|
|
||||||||
Basic
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of shares of common stock
|
|
108,456
|
|
|
109,966
|
|
|
108,417
|
|
|
109,910
|
|
Assumed issuance of contingent shares
|
|
—
|
|
|
—
|
|
|
17
|
|
|
36
|
|
Weighted-average number of shares of common stock and assumed issuance of contingent shares
|
|
108,456
|
|
|
109,966
|
|
|
108,434
|
|
|
109,946
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of shares of common stock and assumed issuance of contingent shares
|
|
108,456
|
|
|
109,966
|
|
|
108,434
|
|
|
109,946
|
|
Effect of dilutive securities
|
|
3,001
|
|
|
2,146
|
|
|
3,026
|
|
|
2,208
|
|
Weighted-average number of shares of common stock, assumed issuance of contingent shares, and effect of dilutive securities
|
|
111,457
|
|
|
112,112
|
|
|
111,460
|
|
|
112,154
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
||||||||
Three months ended July 29, 2016
|
|
Professional
|
|
Residential
|
|
Other
|
|
Total
|
||||||||
Net sales
|
|
$
|
427,784
|
|
|
$
|
167,815
|
|
|
$
|
5,381
|
|
|
$
|
600,980
|
|
Intersegment gross sales
|
|
6,134
|
|
|
92
|
|
|
(6,226
|
)
|
|
—
|
|
||||
Earnings (loss) before income taxes
|
|
$
|
89,096
|
|
|
$
|
12,767
|
|
|
$
|
(21,076
|
)
|
|
$
|
80,787
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
||||||||
Nine months ended August 4, 2017
|
|
Professional
|
|
Residential
|
|
Other
|
|
Total
|
||||||||
Net sales
|
|
$
|
1,451,269
|
|
|
$
|
550,651
|
|
|
$
|
14,629
|
|
|
$
|
2,016,549
|
|
Intersegment gross sales
|
|
23,767
|
|
|
270
|
|
|
(24,037
|
)
|
|
—
|
|
||||
Earnings (loss) before income taxes
|
|
314,545
|
|
|
62,965
|
|
|
(71,253
|
)
|
|
306,257
|
|
||||
Total assets
|
|
$
|
852,919
|
|
|
$
|
207,452
|
|
|
$
|
509,173
|
|
|
$
|
1,569,544
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
||||||||
Nine months ended July 29, 2016
|
|
Professional
|
|
Residential
|
|
Other
|
|
Total
|
||||||||
Net sales
|
|
$
|
1,361,829
|
|
|
$
|
550,330
|
|
|
$
|
11,660
|
|
|
$
|
1,923,819
|
|
Intersegment gross sales
|
|
24,100
|
|
|
289
|
|
|
(24,389
|
)
|
|
—
|
|
||||
Earnings (loss) before income taxes
|
|
292,311
|
|
|
64,494
|
|
|
(68,079
|
)
|
|
288,726
|
|
||||
Total assets
|
|
$
|
803,414
|
|
|
$
|
215,509
|
|
|
$
|
445,522
|
|
|
$
|
1,464,445
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
August 4,
2017 |
|
July 29,
2016 |
|
August 4,
2017 |
|
July 29,
2016 |
||||||||
(Dollars in thousands)
|
|
|
|
|
||||||||||||
Corporate expenses
|
|
$
|
(22,174
|
)
|
|
$
|
(19,903
|
)
|
|
$
|
(72,385
|
)
|
|
$
|
(68,270
|
)
|
Interest expense, net
|
|
(4,750
|
)
|
|
(4,646
|
)
|
|
(14,309
|
)
|
|
(14,021
|
)
|
||||
Other
|
|
6,579
|
|
|
3,473
|
|
|
15,441
|
|
|
14,212
|
|
||||
Total Other loss before income taxes
|
|
$
|
(20,345
|
)
|
|
$
|
(21,076
|
)
|
|
$
|
(71,253
|
)
|
|
$
|
(68,079
|
)
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
August 4,
2017 |
|
July 29,
2016 |
|
August 4,
2017 |
|
July 29,
2016 |
||||||||
(Dollars in thousands)
|
|
|
|
|
||||||||||||
Beginning balance
|
|
$
|
81,993
|
|
|
$
|
79,658
|
|
|
$
|
72,158
|
|
|
$
|
70,734
|
|
Warranty provisions
|
|
11,208
|
|
|
10,869
|
|
|
38,003
|
|
|
36,673
|
|
||||
Warranty claims
|
|
(11,381
|
)
|
|
(11,894
|
)
|
|
(29,682
|
)
|
|
(28,596
|
)
|
||||
Changes in estimates
|
|
(662
|
)
|
|
2,780
|
|
|
679
|
|
|
2,602
|
|
||||
Ending balance
|
|
$
|
81,158
|
|
|
$
|
81,413
|
|
|
$
|
81,158
|
|
|
$
|
81,413
|
|
|
|
Fair Value at
|
|
Fair Value at
|
|
Fair Value at
|
||||||
(Dollars in thousands)
|
|
August 4, 2017
|
|
July 29, 2016
|
|
October 31, 2016
|
||||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
|||
Derivatives designated as cash flow hedging instruments
|
|
|
|
|
|
|
|
|
|
|||
Prepaid expenses and other current assets
|
|
|
|
|
|
|
|
|
|
|||
Forward currency contracts
|
|
$
|
1,998
|
|
|
$
|
114
|
|
|
$
|
1,535
|
|
Derivatives not designated as cash flow hedging instruments
|
|
|
|
|
|
|
|
|
|
|||
Prepaid expenses and other current assets
|
|
|
|
|
|
|
|
|
|
|||
Forward currency contracts
|
|
166
|
|
|
532
|
|
|
432
|
|
|||
Total assets
|
|
$
|
2,164
|
|
|
$
|
646
|
|
|
$
|
1,967
|
|
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|||
Derivatives designated as cash flow hedging instruments
|
|
|
|
|
|
|
|
|
|
|||
Accrued liabilities
|
|
|
|
|
|
|
|
|
|
|||
Forward currency contracts
|
|
$
|
5,173
|
|
|
$
|
2,070
|
|
|
$
|
973
|
|
Derivatives not designated as cash flow hedging instruments
|
|
|
|
|
|
|
|
|
|
|||
Accrued liabilities
|
|
|
|
|
|
|
|
|
|
|||
Forward currency contracts
|
|
1,481
|
|
|
402
|
|
|
792
|
|
|||
Total liabilities
|
|
$
|
6,654
|
|
|
$
|
2,472
|
|
|
$
|
1,765
|
|
|
|
Effective Portion
|
|
Ineffective Portion and Excluded from
Effectiveness Testing
|
||||||||||||||||||||||||
|
|
Gain (Loss)
Recognized in OCI on
Derivatives
|
|
Location of Gain (Loss)
Reclassified from
AOCL
into Income
|
|
Gain (Loss) Reclassified
from AOCL into Income
|
|
Location of Gain
(Loss) Recognized in
Income on Derivatives
|
|
Gain (Loss) Recognized
in Income on Derivatives
|
||||||||||||||||||
(Dollars in thousands)
|
|
August 4,
2017 |
|
July 29,
2016 |
|
|
|
August 4,
2017 |
|
July 29,
2016 |
|
|
|
August 4,
2017 |
|
July 29,
2016 |
||||||||||||
Three months ended
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Forward currency contracts
|
|
$
|
(3,531
|
)
|
|
$
|
983
|
|
|
Net sales
|
|
$
|
153
|
|
|
$
|
(192
|
)
|
|
Other income, net
|
|
$
|
(179
|
)
|
|
$
|
(69
|
)
|
Forward currency contracts
|
|
469
|
|
|
(317
|
)
|
|
Cost of sales
|
|
96
|
|
|
(931
|
)
|
|
|
|
|
|
|
|
|
||||||
Total derivatives designated as cash flow hedging instruments
|
|
$
|
(3,062
|
)
|
|
$
|
666
|
|
|
Total
|
|
$
|
249
|
|
|
$
|
(1,123
|
)
|
|
Total
|
|
$
|
(179
|
)
|
|
$
|
(69
|
)
|
|
|
Effective Portion
|
|
Ineffective Portion and Excluded from
Effectiveness Testing
|
||||||||||||||||||||||||
|
|
Gain (Loss)
Recognized in OCI on
Derivatives
|
|
Location of Gain (Loss)
Reclassified from
AOCL
into Income
|
|
Gain (Loss) Reclassified
from AOCL into Income
|
|
Location of Gain
(Loss) Recognized in
Income on Derivatives
|
|
Gain (Loss) Recognized
in Income on Derivatives
|
||||||||||||||||||
(Dollars in thousands)
|
|
August 4,
2017 |
|
July 29,
2016 |
|
|
|
August 4,
2017 |
|
July 29,
2016 |
|
|
|
August 4,
2017 |
|
July 29,
2016 |
||||||||||||
Nine months ended
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Forward currency contracts
|
|
$
|
(3,685
|
)
|
|
$
|
(1,647
|
)
|
|
Net sales
|
|
$
|
2,219
|
|
|
$
|
1,809
|
|
|
Other income, net
|
|
$
|
190
|
|
|
$
|
162
|
|
Forward currency contracts
|
|
2,585
|
|
|
(537
|
)
|
|
Cost of sales
|
|
(1,227
|
)
|
|
(1,930
|
)
|
|
|
|
|
|
|
|
|
||||||
Cross currency contracts
|
|
—
|
|
|
255
|
|
|
Other income, net
|
|
—
|
|
|
(94
|
)
|
|
|
|
|
|
|
|
|
||||||
Total derivatives designated as cash flow hedging instruments
|
|
$
|
(1,100
|
)
|
|
$
|
(1,929
|
)
|
|
Total
|
|
$
|
992
|
|
|
$
|
(215
|
)
|
|
Total
|
|
$
|
190
|
|
|
$
|
162
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
Location of Gain (Loss)
|
|
August 4,
2017 |
|
July 29,
2016 |
|
August 4,
2017 |
|
July 29,
2016 |
||||||||
(Dollars in thousands)
|
|
|
|
|
|
|||||||||||||
Forward currency contracts
|
|
Other income, net
|
|
$
|
(4,513
|
)
|
|
$
|
788
|
|
|
$
|
(3,959
|
)
|
|
$
|
(553
|
)
|
Cross currency contracts
|
|
Other income, net
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(191
|
)
|
||||
Total derivatives not designated as cash flow hedging instruments
|
|
|
|
$
|
(4,513
|
)
|
|
$
|
780
|
|
|
$
|
(3,959
|
)
|
|
$
|
(744
|
)
|
(Dollars in thousands)
|
|
August 4, 2017
|
|
July 29, 2016
|
|
October 31, 2016
|
||||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
|||
Forward currency contracts
|
|
|
|
|
|
|
|
|
|
|||
Gross amounts of recognized assets
|
|
$
|
2,164
|
|
|
$
|
885
|
|
|
$
|
2,264
|
|
Gross liabilities offset in the balance sheets
|
|
—
|
|
|
(239
|
)
|
|
(297
|
)
|
|||
Net amounts of assets presented in the Consolidated Balance Sheets
|
|
$
|
2,164
|
|
|
$
|
646
|
|
|
$
|
1,967
|
|
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|||
Forward currency contracts
|
|
|
|
|
|
|
|
|
|
|||
Gross amounts of recognized liabilities
|
|
$
|
(6,654
|
)
|
|
$
|
(2,475
|
)
|
|
$
|
(1,765
|
)
|
Gross assets offset in the balance sheets
|
|
—
|
|
|
3
|
|
|
—
|
|
|||
Net amounts of liabilities presented in the Consolidated Balance Sheets
|
|
$
|
(6,654
|
)
|
|
$
|
(2,472
|
)
|
|
$
|
(1,765
|
)
|
(Dollars in thousands)
|
|
|
|
Fair Value Measurements Using Inputs Considered as:
|
||||||||||||
July 29, 2016
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
277,243
|
|
|
$
|
277,243
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Forward currency contracts
|
|
646
|
|
|
—
|
|
|
646
|
|
|
—
|
|
||||
Total assets
|
|
$
|
277,889
|
|
|
$
|
277,243
|
|
|
$
|
646
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Forward currency contracts
|
|
$
|
2,472
|
|
|
$
|
—
|
|
|
$
|
2,472
|
|
|
$
|
—
|
|
Deferred compensation liabilities
|
|
1,275
|
|
|
—
|
|
|
1,275
|
|
|
—
|
|
||||
Total liabilities
|
|
$
|
3,747
|
|
|
$
|
—
|
|
|
$
|
3,747
|
|
|
$
|
—
|
|
(Dollars in thousands)
|
|
|
|
Fair Value Measurements Using Inputs Considered as:
|
||||||||||||
October 31, 2016
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
273,555
|
|
|
$
|
273,555
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Forward currency contracts
|
|
1,967
|
|
|
—
|
|
|
1,967
|
|
|
—
|
|
||||
Total assets
|
|
$
|
275,522
|
|
|
$
|
273,555
|
|
|
$
|
1,967
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Forward currency contracts
|
|
$
|
1,765
|
|
|
$
|
—
|
|
|
$
|
1,765
|
|
|
$
|
—
|
|
Deferred compensation liabilities
|
|
1,149
|
|
|
—
|
|
|
1,149
|
|
|
—
|
|
||||
Total liabilities
|
|
$
|
2,914
|
|
|
$
|
—
|
|
|
$
|
2,914
|
|
|
$
|
—
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
|
August 4, 2017
|
|
July 29, 2016
|
|
August 4, 2017
|
|
July 29, 2016
|
||||
Net sales
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of sales
|
|
63.9
|
|
|
64.0
|
|
|
63.5
|
|
|
63.5
|
|
Gross profit
|
|
36.1
|
|
|
36.0
|
|
|
36.5
|
|
|
36.5
|
|
Selling, general, and administrative expense
|
|
22.1
|
|
|
22.4
|
|
|
21.2
|
|
|
21.4
|
|
Operating earnings
|
|
14.0
|
|
|
13.6
|
|
|
15.3
|
|
|
15.1
|
|
Interest expense
|
|
(0.8
|
)
|
|
(0.8
|
)
|
|
(0.7
|
)
|
|
(0.7
|
)
|
Other income, net
|
|
0.9
|
|
|
0.6
|
|
|
0.6
|
|
|
0.6
|
|
Provision for income taxes
|
|
3.2
|
|
|
4.1
|
|
|
3.6
|
|
|
4.6
|
|
Net earnings
|
|
10.9
|
%
|
|
9.3
|
%
|
|
11.6
|
%
|
|
10.4
|
%
|
|
|
Three Months Ended
|
|||||||||||||
(Dollars in thousands)
|
|
August 4, 2017
|
|
July 29, 2016
|
|
$ Change
|
|
% Change
|
|||||||
Professional
|
|
$
|
468,564
|
|
|
$
|
427,784
|
|
|
$
|
40,780
|
|
|
9.5
|
%
|
Residential
|
|
152,127
|
|
|
167,815
|
|
|
(15,688
|
)
|
|
(9.3
|
)%
|
|||
Other
|
|
7,252
|
|
|
5,381
|
|
|
1,871
|
|
|
34.8
|
%
|
|||
Total net sales*
|
|
$
|
627,943
|
|
|
$
|
600,980
|
|
|
$
|
26,963
|
|
|
4.5
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
* Includes international net sales of:
|
|
$
|
139,434
|
|
|
$
|
126,975
|
|
|
$
|
12,459
|
|
|
9.8
|
%
|
|
|
Nine Months Ended
|
|||||||||||||
(Dollars in thousands)
|
|
August 4, 2017
|
|
July 29, 2016
|
|
$ Change
|
|
% Change
|
|||||||
Professional
|
|
$
|
1,451,269
|
|
|
$
|
1,361,829
|
|
|
$
|
89,440
|
|
|
6.6
|
%
|
Residential
|
|
550,651
|
|
|
550,330
|
|
|
321
|
|
|
0.1
|
%
|
|||
Other
|
|
14,629
|
|
|
11,660
|
|
|
2,969
|
|
|
25.5
|
%
|
|||
Total net sales*
|
|
$
|
2,016,549
|
|
|
$
|
1,923,819
|
|
|
$
|
92,730
|
|
|
4.8
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
* Includes international net sales of:
|
|
$
|
472,317
|
|
|
$
|
450,577
|
|
|
$
|
21,740
|
|
|
4.8
|
%
|
|
|
Three Months Ended
|
|||||||||||||
(Dollars in thousands)
|
|
August 4, 2017
|
|
July 29, 2016
|
|
$ Change
|
|
% Change
|
|||||||
Professional
|
|
$
|
97,368
|
|
|
$
|
89,096
|
|
|
$
|
8,272
|
|
|
9.3
|
%
|
Residential
|
|
11,360
|
|
|
12,767
|
|
|
(1,407
|
)
|
|
(11.0
|
)%
|
|||
Other
|
|
(20,345
|
)
|
|
(21,076
|
)
|
|
731
|
|
|
3.5
|
%
|
|||
Total earnings before income taxes
|
|
$
|
88,383
|
|
|
$
|
80,787
|
|
|
$
|
7,596
|
|
|
9.4
|
%
|
|
|
Nine Months Ended
|
|||||||||||||
(Dollars in thousands)
|
|
August 4, 2017
|
|
July 29, 2016
|
|
$ Change
|
|
% Change
|
|||||||
Professional
|
|
$
|
314,545
|
|
|
$
|
292,311
|
|
|
$
|
22,234
|
|
|
7.6
|
%
|
Residential
|
|
62,965
|
|
|
64,494
|
|
|
(1,529
|
)
|
|
(2.4
|
)%
|
|||
Other
|
|
(71,253
|
)
|
|
(68,079
|
)
|
|
(3,174
|
)
|
|
(4.7
|
)%
|
|||
Total earnings before income taxes
|
|
$
|
306,257
|
|
|
$
|
288,726
|
|
|
$
|
17,531
|
|
|
6.1
|
%
|
•
|
Adverse economic conditions and outlook in the United States and in other countries in which we conduct business could adversely affect our net sales and earnings, which include but are not limited to recessionary conditions; slow or negative economic growth rates; the impact of U.S. federal debt, state debt and sovereign debt defaults and austerity measures by certain European countries; slow down or reductions in levels of golf course development, renovation, and improvement; golf course closures; reduced levels of home ownership, construction, and sales; home foreclosures; negative consumer confidence; reduced consumer spending levels resulting from tax increases or other factors; prolonged high unemployment rates; higher commodity and component costs and fuel prices; inflationary or deflationary pressures; reduced credit availability or unfavorable credit terms for our distributors, dealers, and end-user customers; higher short-term, mortgage, and other interest rates; and general economic and political conditions and expectations.
|
•
|
Weather conditions, including unfavorable weather conditions exacerbated by global climate changes or otherwise, may reduce demand for some of our products and adversely affect our net sales and operating results, or may affect the timing of demand for some of our products and may adversely affect net sales and operating results in subsequent periods.
|
•
|
Fluctuations in foreign currency exchange rates have affected our operating results and could continue to result in declines in our reported net sales and net earnings.
|
•
|
Increases in the cost, or disruption in the availability, of raw materials, components, and parts containing various commodities that we purchase, such as steel, aluminum, petroleum and natural gas-based resins, linerboard, copper, lead, rubber, engines, transmissions, transaxles, hydraulics, electric motors, and other commodities and components, and increases in our other costs of doing business, such as transportation costs or increased tariffs, duties or other charges as a result of changes to international trade agreements may adversely affect our profit margins and business.
|
•
|
Our Professional segment net sales are dependent upon certain factors, including golf course revenues and the amount of investment in golf course renovations and improvements; the level of new golf course development and golf course closures; the level of property owners who outsource their lawn care and snow and ice removal activities; the level of residential and commercial construction; continued acceptance of and demand for micro-irrigation solutions for agricultural markets; the timing and occurrence of winter weather conditions; demand for our products in the rental and specialty construction market; availability of cash or credit to Professional segment customers on acceptable terms to finance new product purchases; and the amount of government revenues, budget, and spending levels for grounds maintenance equipment.
|
•
|
Our Residential segment net sales are dependent upon consumers buying our products at dealers, mass retailers, and home centers, such as The Home Depot, Inc.; the amount of product placement at mass retailers and home centers; consumer confidence and spending levels, changing buying patterns of customers, and timing of sales incentive programs.
|
•
|
Changes in our product mix impact our financial performance, including profit margins and net earnings, as our Professional segment products generally have higher profit margins than our Residential segment products.
|
•
|
We intend to grow our business in part through acquisitions and alliances, strong customer relations, and new joint ventures and partnerships, which could be risky and harm our business reputation, financial condition, and operating results, particularly if we are not able to successfully integrate such acquisitions and alliances, joint ventures, and partnerships. If previous or future acquisitions do not produce the expected results or integration into our operations takes more time than expected, our business could be harmed. We cannot guarantee previous or future acquisitions, alliances, joint ventures or partnerships will in fact produce any benefits.
|
•
|
Our ability to manage our inventory levels to meet our customers' demand for our products is important for our business. If we underestimate or overestimate demand for our products and do not maintain appropriate inventory levels, our net sales and/or working capital could be negatively impacted.
|
•
|
Our business and operating results are subject to the inventory management decisions of our distribution channel customers. Any adjustments in the carrying amount of inventories by our distribution channel customers may impact our inventory management and working capital goals as well as operating results.
|
•
|
We face intense competition in all of our product lines with numerous manufacturers, including from some competitors that have larger operations and financial resources than us. We may not be able to compete effectively against competitors’ actions, which could harm our business and operating results.
|
•
|
A significant percentage of our consolidated net sales are generated outside of the United States, and we intend to continue to expand our international operations. Our international operations also require significant management attention and financial resources; expose us to difficulties presented by international economic, political, legal, regulatory, accounting, and business factors, including implications of withdrawal by the U.S. from, or revision to, international trade agreements, foreign policy changes between the U.S. and other countries, weakened international economic conditions, or the United Kingdom’s process for exiting the European Union; and may not be successful or produce desired levels of net sales. In addition, a portion of our international net sales are financed by third parties. The termination of our agreements with these third parties, any material change to the terms of our agreements with these third parties or in the availability or terms of credit offered to our international customers by these third parties, or any delay in securing replacement credit sources, could adversely affect our sales and operating results.
|
•
|
If we are unable to continue to enhance existing products and develop and market new products that respond to customer needs and preferences and achieve market acceptance, or if we experience unforeseen product quality or other problems in the development, production, or use of new and existing products, we may experience a decrease in demand for our products, and our net sales and business could suffer.
|
•
|
We manufacture our products at and distribute our products from several locations in the United States and internationally. Any disruption at any of these facilities or our inability to cost-effectively expand existing facilities, open and manage new facilities, and/or move production between manufacturing facilities could adversely affect our business and operating results.
|
•
|
Our production labor needs fluctuate throughout the year, with a sharp increase in the number of production staff, some of which may be new to our manufacturing processes and safety protocols, during periods of peak manufacturing activity and any failure by our production labor force to adequately and safely perform their jobs could adversely affect our business, operating results, and reputation.
|
•
|
Management information systems are critical to our business. If our information systems or those of our business partners or third party service providers fail to adequately perform, or if we, our business partners or third party service providers experience an interruption in their operation, including by theft, loss or damage from unauthorized access, security breaches, natural or man-made disasters, cyber attacks, computer viruses, phishing, power loss or other disruptive events, our business, reputation, financial condition, and operating results could be adversely affected.
|
•
|
Our reliance upon patents, trademark laws, and contractual provisions to protect our proprietary rights may not be sufficient to protect our intellectual property from others who may sell similar products. Our products may infringe the proprietary rights of others.
|
•
|
Our business, properties, and products are subject to governmental regulation with which compliance may require us to incur expenses or modify our products or operations and non-compliance may result in harm to our reputation and/or expose us to penalties. Governmental regulation may also adversely affect the demand for some of our products and our operating results. In addition, changes in laws and regulations in the U.S. or other countries in which we conduct business also may adversely affect our operating results, including, (i) taxation and tax policy changes, tax rate changes, new tax laws, revised tax law interpretations, which individually or in combination may cause our effective tax rate to increase, (ii) healthcare laws or regulations, which may cause us to incur higher employee healthcare and other costs, or (iii) changes to international trade agreements that could result in additional duties or other charges on raw materials, whole goods or components we import.
|
•
|
Climate change and climate change regulations may adversely impact our operations.
|
•
|
Costs of complying with the various environmental laws related to our ownership and/or lease of real property, such as clean-up costs and liability that may be associated with certain hazardous waste disposal activities, could adversely affect our financial condition and operating results.
|
•
|
Legislative enactments could impact the competitive landscape within our markets and affect demand for our products.
|
•
|
We operate in many different jurisdictions and we could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-corruption laws. The continued expansion of our international operations could increase the risk of violations of these laws in the future.
|
•
|
We are required to comply with “conflict minerals” rules promulgated by the SEC, which has imposed costs on us and could raise reputational and other risks. We have, and we expect that we will continue to, incur additional costs and expenses, which may be significant in order to comply with these rules. Since our supply chain is complex, ultimately
|
•
|
We are subject to product liability claims, product quality issues, and other litigation from time to time that could adversely affect our business, reputation, operating results, or financial condition.
|
•
|
If we are unable to retain our executive officers or other key employees, attract and retain other qualified personnel, or successfully implement executive officer, key employee or other qualified personnel transitions, we may not be able to meet strategic objectives and our business could suffer.
|
•
|
As a result of our Red Iron joint venture, we are dependent upon the joint venture to provide competitive inventory financing programs to certain distributors and dealers of our products. Any material change in the availability or terms of credit offered to our customers by the joint venture, challenges or delays in transferring new distributors and dealers from any business we might acquire to this financing platform, any termination or disruption of our joint venture relationship or any delay in securing replacement credit sources could adversely affect our net sales and operating results.
|
•
|
The terms of our credit arrangements and the indentures governing our senior notes and debentures could limit our ability to conduct our business, take advantage of business opportunities, and respond to changing business, market, and economic conditions. Additionally, we are subject to counterparty risk in our credit arrangements. If we are unable to comply with the terms of our credit arrangements and indentures, especially the financial covenants, our credit arrangements could be terminated and our senior notes, debentures, term loan, and any amounts outstanding under our revolving credit facility could become due and payable.
|
•
|
We are expanding and renovating our corporate facilities and could experience disruptions to our operations in connection with such efforts.
|
•
|
Our business is subject to a number of other factors that may adversely affect our operating results, financial condition, or business, such as: our ability to achieve the revenue growth, operating earnings, and working capital goals of our “Destination PRIME” initiative or any quarterly financial guidance; man-made or natural disasters, such as Hurricane Harvey or Hurricane Irma, or global pandemics that may result in shortages of raw materials and components, higher fuel and commodity costs, delays in shipments to customers, and increases in insurance premiums; financial viability of our distributors and dealers, changes in distributor ownership, changes in channel distribution of our products, relationships with our distribution channel partners, our success in partnering with new dealers, and our customers’ ability to pay amounts owed to us; a decline in retail sales or financial difficulties of our distributors or dealers, which would cause us to repurchase financed product; new or revised accounting standards, including standards related to stock-based compensation and revenue recognition; and the threat of terrorist acts and war that may result in heightened security and higher costs for import and export shipments of components or finished goods, reduced leisure travel, and contraction of the U.S. and world economies.
|
(Dollars in thousands, except average
contracted rate)
|
|
Average
Contracted
Rate
|
|
Notional
Amount
|
|
Pre-tax Value in Accumulated Other
Comprehensive Loss
|
|
Fair Value
Impact (Loss)
Gain
|
||||
Buy US dollar/Sell Australian dollar
|
|
0.7644
|
|
|
60,830.9
|
|
|
(1,646.1
|
)
|
|
(1,321.1
|
)
|
Buy US dollar/Sell Canadian dollar
|
|
1.3118
|
|
|
9,468.2
|
|
|
(443.2
|
)
|
|
216.0
|
|
Buy US dollar/Sell Euro
|
|
1.1461
|
|
|
70,634.0
|
|
|
(2,752.3
|
)
|
|
1,211.2
|
|
Buy US dollar/Sell British pound
|
|
1.3109
|
|
|
24,960.1
|
|
|
(388.3
|
)
|
|
449.2
|
|
Buy Mexican peso/Sell US dollar
|
|
20.9055
|
|
|
15,522.7
|
|
|
1,700.0
|
|
|
(633.1
|
)
|
Period
|
|
Total Number of Shares (or Units)
Purchased
(1) (2)
|
|
Average
Price Paid
per Share
(or Unit)
|
|
Total Number of Shares
(or Units) Purchased As
Part of Publicly
Announced Plans or
Programs (1)
|
|
Maximum Number of
Shares (or Units) that
May Yet Be Purchased
Under the Plans or
Programs (1)
|
|||||
May 6, 2017 through June 2, 2017
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
6,169,162
|
|
June 3, 2017 through June 30, 2017
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,169,162
|
|
|
July 1, 2017 through August 4, 2017
|
|
144,201
|
|
|
70.44
|
|
|
143,010
|
|
|
6,026,152
|
|
|
Total
|
|
144,201
|
|
|
$
|
70.44
|
|
|
143,010
|
|
|
|
|
Date: September 7, 2017
|
By:
|
/s/ Renee J. Peterson
|
|
|
|
Renee J. Peterson
|
|
|
|
Vice President, Treasurer and Chief Financial Officer
|
|
|
|
(duly authorized officer, principal financial officer, and principal accounting officer)
|
1 Year Toro Chart |
1 Month Toro Chart |
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