Question

What is the financial leverage ratio for the year ending 10/31/2011? Toro Co. (The) (NYS: TTC)...

What is the financial leverage ratio for the year ending 10/31/2011?

Toro Co. (The) (NYS: TTC)
Exchange rate used is that of the Year End reported date
As Reported Annual Balance Sheet
Report Date 10/31/2011
Currency USD
Audit Status Not Qualified
Consolidated Yes
Scale Thousands
Cash & cash equivalents 80,886
Customer receivables, gross 144,364
Less: allowance for doubtful accounts 1,964
Customers receivables, net 142,400
Other receivables, net 5,740
Total receivables, net 148,140
Inventories, net 223,030
Prepaid expenses & other current assets 18,303
Deferred income taxes 62,523
Total current assets 532,882
Land & land improvements 26,776
Buildings & leasehold improvements 129,252
Machinery & equipment 434,796
Computer hardware & software 63,826
Property, plant & equipment, gross 654,650
Less: accumulated depreciation 463,510
Property, plant & equipment, net 191,140
Deferred income taxes -
Other assets 19,075
Goodwill 92,020
Other intangible assets, net 35,546
Total assets 870,663
Current portion of long-term debt 1,978
Short-term debt 41
Accounts payable 118,036
Other accrued liabilities 53,560
Total current liabilities 359,080
Debentures 100,000
Senior notes 123,420
Senior unsecured debt -
Other long-term debt 3,736
Total long-term debt 227,156
Less current portion 1,978
Long-term debt, less current portion 225,178
Deferred revenue 10,619
Long-term deferred income taxes 1,368
Other long-term liabilities 7,651
Deferred revenue & other long-term liabilities -
Common stock 29,603
Retained earnings (accumulated deficit) 243,990
Accumulated comprehensive income (loss) (6,826)
Total stockholders' equity (deficit) 266,767
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Answer #1

Financial Leverage Ratio = Average Total Assets / Average Total Equity (Stockholder's Equity) = 870663 / 266767 ~ 3.264

Hence, the financial leverage ratio for the year ended 10/31/2011 is 3.264 approximately.

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