Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Dec. 19, 2013 | Apr. 30, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'TOLL BROTHERS INC | ' | ' |
Entity Central Index Key | '0000794170 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Oct-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--10-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 177,283,000 | ' |
Entity Information [Line Items] | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $5,268,597 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $772,972 | $778,824 |
Marketable securities | 52,508 | 439,068 |
Restricted cash | 32,036 | 47,276 |
Inventory | 4,650,412 | 3,732,703 |
Property, construction and office equipment, net | 131,320 | 109,971 |
Receivables, prepaid expenses and other assets | 229,295 | 173,042 |
Mortgage loans receivable | 113,517 | 86,386 |
Customer deposits held in escrow | 46,888 | 29,579 |
Investments in and advances to unconsolidated entities | 403,133 | 330,617 |
Investments in distressed loans | 36,374 | 37,169 |
Investments in foreclosed real estate | 72,972 | 58,353 |
Deferred tax assets, net | 286,032 | 358,056 |
Total assets | 6,827,459 | 6,181,044 |
Liabilities: | ' | ' |
Loans payable | 107,222 | 99,817 |
Senior notes | 2,321,442 | 2,080,463 |
Mortgage company warehouse loan | 75,000 | 72,664 |
Customer deposits | 212,669 | 142,977 |
Accounts payable | 167,787 | 99,911 |
Accrued expenses | 522,987 | 476,350 |
Income taxes payable | 81,188 | 80,991 |
Total liabilities | 3,488,295 | 3,053,173 |
Stockholders' equity: | ' | ' |
Preferred stock, none issued | 0 | 0 |
Common stock, 169,353 and 168,690 shares issued at October 31, 2013 and October 31, 2012, respectively | 1,694 | 1,687 |
Additional paid-in capital | 441,677 | 404,418 |
Retained earnings | 2,892,003 | 2,721,397 |
Treasury stock, at cost -- 0 shares and 53 shares at October 31, 2013 and October 31, 2012, respectively | 0 | -983 |
Accumulated other comprehensive loss | -2,387 | -4,819 |
Total stockholders' equity | 3,332,987 | 3,121,700 |
Noncontrolling interest | 6,177 | 6,171 |
Total equity | 3,339,164 | 3,127,871 |
Total liabilities and stockholders' equity | 6,827,459 | 6,181,044 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
ASSETS | ' | ' |
Mortgage loans receivable | $113,517 | $86,386 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) | Oct. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, shares issued | 0 | 0 |
Common stock, shares issued | 169,353 | 168,690 |
Treasury stock, at cost | 0 | 53 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Revenues | $1,044,534 | $689,160 | $516,004 | $424,601 | $632,826 | $554,319 | $373,681 | $321,955 | $2,674,299 | $1,882,781 | $1,475,881 |
Cost of revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,133,300 | 1,532,095 | 1,260,770 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 339,932 | 287,257 | 261,355 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 2,473,232 | 1,819,352 | 1,522,125 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 201,067 | 63,429 | -46,244 |
Other: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | 14,392 | 23,592 | -1,194 |
Other income - net | ' | ' | ' | ' | ' | ' | ' | ' | 52,238 | 25,921 | 23,403 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1,504 |
Expenses related to early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,827 |
Income (loss) before income taxes | 150,150 | 68,253 | 40,968 | 8,326 | 60,749 | 42,952 | 15,649 | -6,408 | 267,697 | 112,942 | -29,366 |
Income tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 97,091 | -374,204 | -69,161 |
Net income | $94,905 | $46,595 | $24,674 | $4,432 | $411,417 | $61,643 | $16,872 | ($2,786) | $170,606 | $487,146 | $39,795 |
Income (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.56 | $0.28 | $0.15 | $0.03 | $2.44 | $0.37 | $0.10 | ($0.02) | $1.01 | $2.91 | $0.24 |
Diluted | $0.54 | $0.26 | $0.14 | $0.03 | $2.35 | $0.36 | $0.10 | ($0.02) | $0.97 | $2.86 | $0.24 |
Weighted average number of shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | 169,440 | 169,268 | 169,380 | 169,064 | 168,416 | 167,664 | 166,994 | 166,311 | 169,288 | 167,346 | 167,140 |
Diluted | 177,952 | 178,001 | 178,136 | 171,903 | 174,775 | 170,229 | 168,503 | 166,311 | 177,963 | 170,154 | 168,381 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income Statement (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Net income | $170,606 | $487,146 | $39,795 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ' | ' |
Change in pension liability | 2,334 | -1,839 | -1,934 |
Change in fair value of available-for-sale securities | -186 | 476 | -192 |
Unrealized loss on derivative held by equity investee | 284 | -554 | ' |
Other Comprehensive Income (Loss), Net of Tax | 2,432 | -1,917 | -2,126 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $173,038 | $485,229 | $37,669 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Oct. 31, 2010 | $2,559,013,000 | $1,664,000 | $360,006,000 | $2,194,456,000 | ($96,000) | ($577,000) | $3,560,000 |
Shares, Issued | ' | 168,675,000 | ' | ' | ' | ' | ' |
Net Income Attributable to Parent | 39,795,000 | ' | ' | 39,795,000 | ' | ' | ' |
Treasury Stock, Shares, Acquired | -3,068,000 | ' | ' | ' | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | -49,103,000 | ' | -1,000 | ' | -49,102,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | 2,236,000 | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Stock Options Exercised | 25,119,000 | 23,000 | 23,156,000 | ' | 1,940,000 | ' | ' |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | ' | 15,000 | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 411,000 | ' | 285,000 | ' | 126,000 | ' | ' |
Stock Issued During Period, Shares, Conversion of Units | ' | 10,000 | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Conversion of Units | 275,000 | ' | 208,000 | ' | 67,000 | ' | ' |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 8,626,000 | ' | 8,626,000 | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | 1,000 | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 8,102,000 | ' | 8,102,000 | ' | ' | ' | ' |
Total comprehensive income (loss), net of tax | -2,325,000 | ' | ' | ' | ' | -2,325,000 | ' |
Other Comprehensive Income (Loss), Net of Tax | -2,126,000 | ' | ' | ' | ' | ' | ' |
Change in Capital Balance from a non-controlling intereset | 2,638,000 | ' | ' | ' | ' | ' | 2,638,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Oct. 31, 2011 | 2,592,551,000 | 1,687,000 | 400,382,000 | 2,234,251,000 | -47,065,000 | -2,902,000 | 6,198,000 |
Shares, Issued | ' | 168,690,000 | ' | ' | ' | ' | ' |
Net Income Attributable to Parent | 487,146,000 | ' | ' | 487,146,000 | ' | ' | ' |
Treasury Stock, Shares, Acquired | -20,000 | ' | ' | ' | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | -505,000 | ' | ' | ' | -505,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | 13,000 | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Stock Options Exercised | 34,641,000 | ' | -9,831,000 | ' | 44,472,000 | ' | ' |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 475,000 | ' | 174,000 | ' | 301,000 | ' | ' |
Stock Issued During Period, Shares, Conversion of Units | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Conversion of Units | 0 | ' | -1,814,000 | ' | 1,814,000 | ' | ' |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 7,411,000 | ' | 7,411,000 | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | 2,000 | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 8,096,000 | ' | 8,096,000 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -1,917,000 | ' | ' | ' | ' | -1,917,000 | ' |
Change in Capital Balance from a non-controlling intereset | -27,000 | ' | ' | ' | ' | ' | -27,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Oct. 31, 2012 | 3,127,871,000 | 1,687,000 | 404,418,000 | 2,721,397,000 | -983,000 | -4,819,000 | 6,171,000 |
Shares, Issued | ' | 169,353,000 | ' | ' | ' | ' | ' |
Net Income Attributable to Parent | 170,606,000 | ' | ' | 170,606,000 | ' | ' | ' |
Treasury Stock, Shares, Acquired | -498,000 | ' | ' | ' | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | -15,377,000 | ' | ' | ' | -15,377,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | 505,000 | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Stock Options Exercised | 36,954,000 | 6,000 | 20,952,000 | ' | 15,996,000 | ' | ' |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | ' | 9,000 | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 661,000 | ' | 299,000 | ' | 362,000 | ' | ' |
Stock Issued During Period, Shares, Conversion of Units | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Conversion of Units | 0 | ' | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 7,703,000 | ' | 7,703,000 | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | 149,000 | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 8,308,000 | 1,000 | 8,305,000 | ' | 2,000 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 2,432,000 | ' | ' | ' | ' | 2,432,000 | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | -27,000 | ' | ' | ' | ' | ' | -27,000 |
Change in Capital Balance from a non-controlling intereset | 33,000 | ' | ' | ' | ' | ' | 33,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Oct. 31, 2013 | $3,339,164,000 | $1,694,000 | $441,677,000 | $2,892,003,000 | $0 | ($2,387,000) | $6,177,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Cash flow (used in) provided by operating activities: | ' | ' | ' |
Net income | $170,606 | $487,146 | $39,795 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 25,210 | 22,586 | 23,142 |
Stock-based compensation | 19,041 | 15,575 | 12,494 |
Excess tax benefits from stock-based compensation | -24,417 | -5,776 | ' |
(Recovery) impairment of investment in unconsolidated entities | 0 | -2,311 | 40,870 |
Income from unconsolidated entities | -14,392 | -21,281 | -39,676 |
Distributions of earnings from unconsolidated entities | 23,468 | 5,258 | 12,081 |
Income from non-performing loan portfolios and foreclosed real estate | -16,312 | -12,444 | -5,113 |
Deferred tax benefit (provision) | 75,219 | 41,810 | -18,188 |
Deferred tax valuation allowances | -1,337 | -394,718 | 18,188 |
Inventory impairments and write-offs | 4,523 | 14,739 | 51,837 |
Change in fair value of mortgage loans receivable and derivative instruments | 174 | -670 | 475 |
Gain on marketable securities | -57 | -40 | ' |
Expenses related to early retirement of debt | ' | ' | 3,827 |
Changes in operating assets and liabilities | ' | ' | ' |
Increase in inventory | -941,314 | -195,948 | -215,738 |
Origination of mortgage loans | -743,497 | -651,618 | -630,294 |
Sale of mortgage loans | 716,586 | 629,397 | 659,610 |
(Increase) decrease in restricted cash | 15,240 | -27,516 | 41,146 |
(Increase) decrease in receivables, prepaid expenses and other assets | -51,794 | -36,497 | -5,619 |
Increase in customer deposits | 52,383 | 44,383 | 13,175 |
Decrease in accounts payable and accrued expenses | 100,463 | -58,537 | -28,624 |
Decrease in income tax refund recoverable | ' | 0 | 141,590 |
Decrease in income taxes payable | 21,244 | -25,075 | -56,225 |
Net cash (used in) provided by operating activities | -568,963 | -171,537 | 58,753 |
Cash flow used in investing activities: | ' | ' | ' |
Purchase of property and equipment - net | -26,567 | -11,920 | -15,456 |
Purchase of marketable securities | -36,202 | -579,958 | -452,864 |
Sale and redemption of marketable securities | 417,846 | 368,253 | 408,831 |
Investment in and advances to unconsolidated entities | -93,398 | -217,160 | -132 |
Return of investments in unconsolidated entities | 69,809 | 38,368 | 43,309 |
Investment in non-performing loan portfolios and foreclosed real estate | -26,155 | -30,090 | -66,867 |
Return of investments in non-performing loan portfolios and foreclosed real estate | 27,370 | 16,707 | 2,806 |
Acquisition of a business | 0 | -144,746 | 0 |
Net cash used in investing activities | 332,703 | -560,546 | -80,373 |
Cash flow provided by (used in) financing activities: | ' | ' | ' |
Net proceeds from issuance of senior notes | 400,383 | 578,696 | 0 |
Proceeds from loans payable | 1,164,531 | 1,002,934 | 921,251 |
Principal payments of loans payable | -1,195,524 | -1,016,081 | -952,621 |
Repayments of Senior Debt | -163,853 | 0 | -58,837 |
Proceeds from stock-based benefit plans | 15,798 | 33,747 | 25,531 |
Excess tax benefits from stock-based compensation | 24,417 | 5,776 | 0 |
Purchase of treasury stock | -15,377 | -505 | -49,102 |
Change in noncontrolling interest | 33 | ' | 2,678 |
Net cash provided by (used in) financing activities | 230,408 | 604,567 | -111,100 |
Net decrease in cash and cash equivalents | -5,852 | -127,516 | -132,720 |
Cash and cash equivalents, beginning of period | 778,824 | 906,340 | 1,039,060 |
Cash and cash equivalents, end of period | $772,972 | $778,824 | $906,340 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||
Oct. 31, 2013 | |||
Significant Accounting Policies [Abstract] | ' | ||
Significant Accounting Policies [Text Block] | ' | ||
Significant Accounting Policies | |||
Basis of Presentation | |||
The accompanying consolidated financial statements include the accounts of Toll Brothers, Inc. (the “Company”), a Delaware corporation, and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Investments in 50% or less owned partnerships and affiliates are accounted for using the equity method unless it is determined that the Company has effective control of the entity, in which case the entity would be consolidated. | |||
Use of Estimates | |||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||
Cash and Cash Equivalents | |||
Liquid investments or investments with original maturities of three months or less are classified as cash equivalents. The carrying value of these investments approximates their fair value. | |||
Marketable Securities | |||
Marketable securities are classified as available-for-sale, and accordingly, are stated at fair value, which is based on quoted market prices. Changes in unrealized gains and losses are excluded from earnings and are reported as other comprehensive income, net of income tax effects, if any. The cost of marketable securities sold is based on the specific identification method. | |||
Restricted Cash | |||
Restricted cash primarily represents cash deposits collateralizing certain deductibles under insurance policies, outstanding letters of credit outside of our bank revolving credit facility and cash deposited into a voluntary employee benefit association to fund certain future employee benefits. | |||
Inventory | |||
Inventory is stated at cost unless an impairment exists, in which case it is written down to fair value in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360, “Property, Plant and Equipment” (“ASC 360”). In addition to direct land acquisition costs, land development costs and home construction costs, costs also include interest, real estate taxes and direct overhead related to development and construction, which are capitalized to inventory during the period beginning with the commencement of development and ending with the completion of construction. For those communities that have been temporarily closed, no additional capitalized interest is allocated to a community’s inventory until it reopens. While the community remains closed, carrying costs such as real estate taxes are expensed as incurred. | |||
The Company capitalizes certain interest costs to qualified inventory during the development and construction period of its communities in accordance with ASC 835-20, “Capitalization of Interest” (“ASC 835-20”). Capitalized interest is charged to cost of revenues when the related inventory is delivered. Interest incurred on home building indebtedness in excess of qualified inventory, as defined in ASC 835-20, is charged to the Consolidated Statements of Operations in the period incurred. | |||
Once a parcel of land has been approved for development and the Company opens one of its typical communities, it may take four or more years to fully develop, sell and deliver all the homes in such community. Longer or shorter time periods are possible depending on the number of home sites in a community and the sales and delivery pace of the homes in a community. The Company’s master planned communities, consisting of several smaller communities, may take up to ten years or more to complete. Because the Company’s inventory is considered a long-lived asset under GAAP, the Company is required, under ASC 360, to regularly review the carrying value of each community and write down the value of those communities for which it believes the values are not recoverable. | |||
Current Communities: When the profitability of a current community deteriorates, the sales pace declines significantly, or some other factor indicates a possible impairment in the recoverability of the asset, the asset is reviewed for impairment by comparing the estimated future undiscounted cash flow for the community to its carrying value. If the estimated future undiscounted cash flow is less than the community’s carrying value, the carrying value is written down to its estimated fair value. Estimated fair value is primarily determined by discounting the estimated future cash flow of each community. The impairment is charged to cost of revenues in the period in which the impairment is determined. In estimating the future undiscounted cash flow of a community, the Company uses various estimates such as: (i) the expected sales pace in a community, based upon general economic conditions that will have a short-term or long-term impact on the market in which the community is located and on competition within the market, including the number of home sites available and pricing and incentives being offered in other communities owned by the Company or by other builders; (ii) the expected sales prices and sales incentives to be offered in a community; (iii) costs expended to date and expected to be incurred in the future, including, but not limited to, land and land development, home construction, interest and overhead costs; (iv) alternative product offerings that may be offered in a community that will have an impact on sales pace, sales price, building cost or the number of homes that can be built on a particular site; and (v) alternative uses for the property such as the possibility of a sale of the entire community to another builder or the sale of individual home sites. | |||
Future Communities: The Company evaluates all land held for future communities or future sections of current communities, whether owned or under contract, to determine whether or not it expects to proceed with the development of the land as originally contemplated. This evaluation encompasses the same types of estimates used for current communities described above, as well as an evaluation of the regulatory environment applicable to the land and the estimated probability of obtaining the necessary approvals, the estimated time and cost it will take to obtain the approvals and the possible concessions that will be required to be given in order to obtain them. Concessions may include cash payments to fund improvements to public places such as parks and streets, dedication of a portion of the property for use by the public or as open space or a reduction in the density or size of the homes to be built. Based upon this review, the Company decides (i) as to land under contract to be purchased, whether the contract will likely be terminated or renegotiated, and (ii) as to land owned, whether the land will likely be developed as contemplated or in an alternative manner, or should be sold. The Company then further determines whether costs that have been capitalized to the community are recoverable or should be written off. The write-off is charged to cost of revenues in the period in which the need for the write-off is determined. | |||
The estimates used in the determination of the estimated cash flows and fair value of both current and future communities are based on factors known to the Company at the time such estimates are made and its expectations of future operations and economic conditions. Should the estimates or expectations used in determining estimated fair value deteriorate in the future, the Company may be required to recognize additional impairment charges and write-offs related to current and future communities. | |||
Variable Interest Entities | |||
The Company is required to consolidate variable interest entities ("VIEs") in which it has a controlling financial interest in accordance with ASC 810, “Consolidation” (“ASC 810”). A controlling financial interest will have both of the following characteristics: (i) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. | |||
The Company's variable interest in VIEs may be in the form of equity ownership, contracts to purchase assets, management services and development agreements between the Company and a VIE, loans provided by the Company to a VIE or other member and/or guarantees provided by members to banks and other parties. | |||
The Company has a significant number of land purchase contracts and several investments in unconsolidated entities which it evaluates in accordance with ASC 810. The Company analyzes its land purchase contracts and the unconsolidated entities in which it has an investment to determine whether the land sellers and unconsolidated entities are VIEs and, if so, whether the Company is the primary beneficiary. The Company examines specific criteria and uses its judgment when determining if it is the primary beneficiary of a VIE. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of other member(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE's executive committee, existence of unilateral kick-out rights or voting rights, level of economic disproportionality between the Company and the other member(s) and contracts to purchase assets from VIEs. The determination whether an entity is a VIE and, if so, whether the Company is primary beneficiary may require significant judgment. | |||
Property, Construction and Office Equipment | |||
Property, construction and office equipment are recorded at cost and are stated net of accumulated depreciation of $159.5 million and $157.5 million at October 31, 2013 and 2012, respectively. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. In fiscal 2013, 2012 and 2011, the Company recognized $10.8 million, $8.1 million and $9.8 million of depreciation expense, respectively. | |||
Mortgage Loans Receivable | |||
Residential mortgage loans held for sale are measured at fair value in accordance with the provisions of ASC 825, “Financial Instruments” (“ASC 825”). The Company believes the use of ASC 825 improves consistency of mortgage loan valuations between the date the borrower locks in the interest rate on the pending mortgage loan and the date of the mortgage loan sale. At the end of the reporting period, the Company determines the fair value of its mortgage loans held for sale and the forward loan commitments it has entered into as a hedge against the interest rate risk of its mortgage loans using the market approach to determine fair value. The evaluation is based on the current market pricing of mortgage loans with similar terms and values as of the reporting date and by applying such pricing to the mortgage loan portfolio. The Company recognizes the difference between the fair value and the unpaid principal balance of mortgage loans held for sale as a gain or loss. In addition, the Company recognizes the fair value of its forward loan commitments as a gain or loss. Interest income on mortgage loans held for sale is calculated based upon the stated interest rate of each loan. In addition, the recognition of net origination costs and fees associated with residential mortgage loans originated are expensed as incurred. These gains and losses, interest income and origination costs and fees are recognized in other income - net in the accompanying Consolidated Statements of Operations. | |||
Investments in and Advances to Unconsolidated Entities | |||
In accordance with ASC 323, “Investments—Equity Method and Joint Ventures”, the Company reviews each of its investments on a quarterly basis for indicators of impairment. A series of operating losses of an investee, the inability to recover the Company’s invested capital, or other factors may indicate that a loss in value of the Company’s investment in the unconsolidated entity has occurred. If a loss exists, the Company further reviews to determine if the loss is other than temporary, in which case, it writes down the investment to its fair value. The evaluation of the Company’s investment in unconsolidated entities entails a detailed cash flow analysis using many estimates including but not limited to expected sales pace, expected sales prices, expected incentives, costs incurred and anticipated, sufficiency of financing and capital, competition, market conditions and anticipated cash receipts, in order to determine projected future distributions. | |||
Each of the unconsolidated entities evaluates its inventory in a similar manner as the Company. See “Inventory” above for more detailed disclosure on the Company’s evaluation of inventory. If a valuation adjustment is recorded by an unconsolidated entity related to its assets, the Company’s proportionate share is reflected in the Company’s income (loss) from unconsolidated entities with a corresponding decrease to its investment in unconsolidated entities. | |||
The Company is a party to several joint ventures with unrelated parties to develop and sell land that is owned by the joint ventures. The Company recognizes its proportionate share of the earnings from the sale of home sites to other builders, including our joint venture partners. The Company does not recognize earnings from the home sites it purchases from these ventures, but reduces its cost basis in the home sites by its share of the earnings from those home sites. | |||
The Company is also a party to several other joint ventures. The Company recognizes its proportionate share of the earnings and losses of its unconsolidated entities. | |||
Investments in Non-performing Loan Portfolios and Foreclosed Real Estate | |||
The Company’s investments in non-performing loan portfolios are initially recorded at cost which the Company believes is fair value. The fair value is determined by discounting the cash flows expected to be collected from the portfolios using a discount rate that management believes a market participant would use in determining fair value. Management estimates cash flows expected to be collected on a loan-by-loan basis considering the contractual terms of the loan, current and expected loan performance, the manner and timing of disposition, the nature and estimated fair value of real estate or other collateral, and other factors it deems appropriate. The estimated fair value of the loans at acquisition was significantly less than the contractual amounts due under the terms of the loan agreements. | |||
Since, at the acquisition date, the Company expects to collect less than the contractual amounts due under the terms of the loans based, at least in part, on the assessment of the credit quality of the borrowers, the loans are accounted for in accordance with ASC Topic 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” ("ASC 310-30"). Under ASC 310-30, the accretable yield, or the amount by which the cash flows expected to be collected at the acquisition date exceeds the estimated fair value of the loan, is recognized in other income - net over the estimated remaining life of the loan using a level yield methodology provided the Company does not presently have the intention to utilize real estate secured by the loans for use in its operations or significantly improving the collateral for resale. The difference between the contractually required payments of the loan as of the acquisition date and the total cash flows expected to be collected, or non-accretable difference, is not recognized. | |||
Pursuant to ASC 310-30, the Company aggregates loans with common risk characteristics into pools for purposes of recognizing interest income and evaluating changes in estimated cash flows. Loan pools are evaluated as a single loan for purposes of placing the pool on non-accrual status or evaluating loan impairment. Generally, a loan pool is classified as non-accrual when management is unable to reasonably estimate the timing or amount of cash flows expected to be collected from the loan pool or has serious doubts about further collectability of principal or interest. Proceeds received on non-accrual loan pools generally are either applied against principal or reported as other income - net, depending on management’s judgment as to the collectability of principal. For the fiscal years ended October 31, 2013, 2012 and 2011, none of the Company’s loan pools were on non-accrual status. | |||
A loan is removed from a loan pool only when the Company sells, forecloses or otherwise receives assets in satisfaction of the loan, or the loan is written off. Loans removed from a pool are removed at their amortized cost (unpaid principal balance less unamortized discount and provision for loan loss) as of the date of resolution. | |||
The Company periodically re-evaluates cash flows expected to be collected for each loan pool based upon all available information as of the measurement date. Subsequent increases in cash flows expected to be collected are recognized prospectively through an adjustment to the loan pool’s yield over its remaining life, which may result in a reclassification from non-accretable difference to accretable yield. Subsequent decreases in cash flows expected to be collected are evaluated to determine whether a provision for loan loss should be established. If decreases in expected cash flows result in a decrease in the estimated fair value of the loan pool below its amortized cost, the loan pool is deemed to be impaired and the Company will record a provision for loan losses to write the loan pool down to its estimated fair value. For the years ended October 31, 2013 and October 31, 2012, the Company recorded a provision for loan losses of $0.7 million and $2.3 million, respectively. There was no provision for loan losses recorded in the fiscal year ended October 31, 2011. | |||
The Company’s investments in non-performing loans are classified as held for investment because the Company has the intent and ability to hold them for the foreseeable future. | |||
Foreclosed Real Estate Owned ("REO") | |||
REO assets, either directly owned or owned through a participation arrangement, acquired through subsequent foreclosure or deed in lieu actions on non-performing loans are initially recorded at fair value based upon third-party appraisals, broker opinions of value, or internal valuation methodologies (which may include discounted cash flows, capitalization rate analysis or comparable transactional analysis). Unobservable inputs used in estimating the fair value of REO assets are based upon the best information available under the circumstances and take into consideration the financial condition and operating results of the asset, local market conditions, the availability of capital, interest and inflation rates and other factors deemed appropriate by management. REO assets acquired are reviewed to determine if they should be classified as “held and used” or “held for sale”. REO classified as “held and used” is stated at carrying cost unless an impairment exists, in which case it is written down to fair value in accordance with ASC 360-10-35. REO classified as “held for sale” is carried at the lower of carrying amount or fair value less cost to sell. An impairment charge is recognized for any decreases in estimated fair value subsequent to the acquisition date. For both classifications, carrying costs incurred after the acquisition, including property taxes and insurance, are expensed. | |||
Loan Sales | |||
As part of its disposition strategy for the loan portfolios, the Company may sell certain loans to third-party purchasers. The Company recognizes gains or losses on the sale of mortgage loans when the loans have been legally isolated from the Company and it no longer maintains effective control over the transferred assets. | |||
Fair Value Disclosures | |||
The Company uses ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), to measure the fair value of certain assets and liabilities. ASC 820 provides a framework for measuring fair value in accordance with GAAP, establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and requires certain disclosures about fair value measurements. | |||
The fair value hierarchy is summarized below: | |||
Level 1: | Fair value determined based on quoted prices in active markets for identical assets or liabilities. | ||
Level 2: | Fair value determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities or quoted prices in markets that are not active. | ||
Level 3: | Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows or similar techniques. | ||
Treasury Stock | |||
Treasury stock is recorded at cost. Issuance of treasury stock is accounted for on a first-in, first-out basis. Differences between the cost of treasury stock and the re-issuance proceeds are charged to additional paid-in capital. | |||
Revenue and Cost Recognition | |||
The construction time of the Company’s homes is generally less than one year, although some homes may take more than one year to complete. Revenues and cost of revenues from these home sales are recorded at the time each home is delivered and title and possession are transferred to the buyer. For single family detached homes, closing normally occurs shortly after construction is substantially completed. In addition, the Company has several high-rise/mid-rise projects that do not qualify for percentage of completion accounting in accordance with ASC 360, which are included in this category of revenues and costs. Based upon the current accounting rules and interpretations, the Company does not believe that any of its current or future communities currently qualify or will qualify in the future for percentage of completion accounting. | |||
For the Company’s standard attached and detached homes, land, land development and related costs, both incurred and estimated to be incurred in the future, are amortized to the cost of homes closed based upon the total number of homes to be constructed in each community. Any changes resulting from a change in the estimated number of homes to be constructed or in the estimated costs subsequent to the commencement of delivery of homes are allocated to the remaining undelivered homes in the community. Home construction and related costs are charged to the cost of homes closed under the specific identification method. The estimated land, common area development and related costs of master planned communities, including the cost of golf courses, net of their estimated residual value, are allocated to individual communities within a master planned community on a relative sales value basis. Any changes resulting from a change in the estimated number of homes to be constructed or in the estimated costs are allocated to the remaining home sites in each of the communities of the master planned community. | |||
For high-rise/mid-rise projects that do not qualify for percentage of completion accounting, land, land development, construction and related costs, both incurred and estimated to be incurred in the future, are generally amortized to the cost of units closed based upon an estimated relative sales value of the units closed to the total estimated sales value. Any changes resulting from a change in the estimated total costs or revenues of the project are allocated to the remaining units to be delivered. | |||
Forfeited customer deposits: Forfeited customer deposits are recognized in other income - net in the period in which the Company determines that the customer will not complete the purchase of the home and it has the right to retain the deposit. | |||
Sales Incentives: In order to promote sales of its homes, the Company grants its home buyers sales incentives from time to time. These incentives will vary by type of incentive and by amount on a community-by-community and home-by-home basis. Incentives that impact the value of the home or the sales price paid, such as special or additional options, are generally reflected as a reduction in sales revenues. Incentives that the Company pays to an outside party, such as paying some or all of a home buyer’s closing costs, are recorded as an additional cost of revenues. Incentives are recognized at the time the home is delivered to the home buyer and the Company receives the sales proceeds. | |||
Advertising Costs | |||
The Company expenses advertising costs as incurred. Advertising costs were $11.6 million, $11.4 million and $11.1 million for the years ended October 31, 2013, 2012 and 2011, respectively. | |||
Warranty Costs | |||
The Company provides all of its home buyers with a limited warranty as to workmanship and mechanical equipment. The Company also provides many of its home buyers with a limited ten-year warranty as to structural integrity. The Company accrues for expected warranty costs at the time each home is closed and title and possession is transferred to the buyer. Costs are accrued based upon historical experience. | |||
Insurance Costs | |||
The Company accrues for the expected costs associated with the deductibles and self-insured amounts under its various insurance policies. | |||
Stock-Based Compensation | |||
The Company accounts for its stock-based compensation in accordance with ASC 718, “Compensation — Stock Compensation” (“ASC 718”). The Company uses a lattice model for the valuation for its stock option grants. The option pricing models used are designed to estimate the value of options that, unlike employee stock options and restricted stock units, can be traded at any time and are transferable. In addition to restrictions on trading, employee stock options and restricted stock units may include other restrictions such as vesting periods. Further, such models require the input of highly subjective assumptions, including the expected volatility of the stock price. Stock-based compensation expense is generally included in the Company’s selling, general and administrative expenses in its Consolidated Statements of Operations. | |||
Income Taxes | |||
The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ASC 740”). Deferred tax assets and liabilities are recorded based on temporary differences between the amounts reported for financial reporting purposes and the amounts reported for income tax purposes. In accordance with the provisions of ASC 740, the Company assesses the realizability of its deferred tax assets. A valuation allowance must be established when, based upon available evidence, it is more-likely-than-not that all or a portion of the deferred tax assets will not be realized. See “Income Taxes — Valuation Allowance” below. | |||
Federal and state income taxes are calculated on reported pre-tax earnings (losses) based on current tax law and also include, in the applicable period, the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provisions (benefits) differ from the amounts currently receivable or payable because certain items of income and expense are recognized for financial reporting purposes in different periods than for income tax purposes. Significant judgment is required in determining income tax provisions (benefits) and evaluating tax positions. The Company establishes reserves for income taxes when, despite the belief that its tax positions are fully supportable, it believes that its positions may be challenged and disallowed by various tax authorities. The consolidated tax provisions (benefits) and related accruals include the impact of such reasonably estimable disallowances as deemed appropriate. To the extent that the probable tax outcome of these matters changes, such changes in estimates will impact the income tax provision (benefit) in the period in which such determination is made. | |||
ASC 740 clarifies the accounting for uncertainty in income taxes recognized and prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. ASC 740 requires a company to recognize the financial statement effect of a tax position when it is “more-likely-than-not” (defined as a substantiated likelihood of more than 50%), based on the technical merits of the position, that the position will be sustained upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to be recognized in the financial statements based upon the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. The inability of the Company to determine that a tax position meets the “more-likely-than-not” recognition threshold does not mean that the Internal Revenue Service (“IRS”) or any other taxing authority will disagree with the position that the Company has taken. | |||
If a tax position does not meet the “more-likely-than-not” recognition threshold, despite the Company’s belief that its filing position is supportable, the benefit of that tax position is not recognized in the Consolidated Statements of Operations and the Company is required to accrue potential interest and penalties until the uncertainty is resolved. Potential interest and penalties are recognized as a component of the provision for income taxes which is consistent with the Company’s historical accounting policy. Differences between amounts taken in a tax return and amounts recognized in the financial statements are considered unrecognized tax benefits. The Company believes that it has a reasonable basis for each of its filing positions and intends to defend those positions if challenged by the IRS or other taxing jurisdiction. If the IRS or other taxing authorities do not disagree with the Company’s position, and after the statute of limitations expires, the Company will recognize the unrecognized tax benefit in the period that the uncertainty of the tax position is eliminated. | |||
Income Taxes — Valuation Allowance | |||
Significant judgment is applied in assessing the realizability of deferred tax assets. In accordance with GAAP, a valuation allowance is established against a deferred tax asset if, based on the available evidence, it is more-likely-than-not that such asset will not be realized. The realization of a deferred tax asset ultimately depends on the existence of sufficient taxable income in either the carryback or carryforward periods under tax law. The Company assesses the need for valuation allowances for deferred tax assets based on GAAP's “more-likely-than-not” realization threshold criteria. In the Company's assessment, appropriate consideration is given to all positive and negative evidence related to the realization of the deferred tax assets. Forming a conclusion that a valuation allowance is not needed is difficult when there is significant negative evidence such as cumulative losses in recent years. This assessment considers, among other matters, the nature, consistency and magnitude of current and cumulative income and losses, forecasts of future profitability, the duration of statutory carryback or carryforward periods, the Company's experience with operating loss and tax credit carryforwards being used before expiration, and tax planning alternatives. | |||
The Company's assessment of the need for a valuation allowance on its deferred tax assets includes assessing the likely future tax consequences of events that have been recognized in its consolidated financial statements or tax returns. Changes in existing tax laws or rates could affect the Company's actual tax results and its future business results may affect the amount of its deferred tax liabilities or the valuation of its deferred tax assets over time. The Company's accounting for deferred tax assets represents its best estimate of future events. | |||
Due to uncertainties in the estimation process, particularly with respect to changes in facts and circumstances in future reporting periods (carryforward period assumptions), actual results could differ from the estimates used in the Company's analysis. The Company's assumptions require significant judgment because the residential home building industry is cyclical and is highly sensitive to changes in economic conditions. If the Company's results of operations are less than projected and there is insufficient objectively verifiable positive evidence to support the “more-likely-than-not” realization of its deferred tax assets, a valuation allowance would be required to reduce or eliminate its deferred tax assets. | |||
Noncontrolling Interest | |||
The Company has a 67% interest in an entity that is developing land. The financial statements of this entity are consolidated in the Company’s consolidated financial statements. The amounts shown in the Company’s Consolidated Balance Sheets under “Noncontrolling interest” represent the noncontrolling interest attributable to the 33% minority interest not owned by the Company. | |||
Segment Reporting | |||
At October 31, 2013, the Company determined that it operates in two segments: Traditional Home Building and Urban Infill ("City Living"). Amounts reported in prior years have been reclassified to conform to the fiscal 2013 presentation. | |||
The Company has determined that its Traditional Home Building operations operate in four geographic segments: North, Mid-Atlantic, South and West. The states comprising each geographic segment are as follows: | |||
North: Connecticut, Illinois, Massachusetts, Michigan, Minnesota, New Jersey and New York | |||
Mid-Atlantic: Delaware, Maryland, Pennsylvania and Virginia | |||
South: Florida, North Carolina and Texas | |||
West: Arizona, California, Colorado, Nevada and Washington | |||
In fiscal 2011, the Company discontinued the sale of homes in South Carolina. The operations in South Carolina were immaterial to the South geographic segments. | |||
Related Party Transactions | |||
See Note 4, “Investments in and Advances to Unconsolidated Entities” for information regarding Toll Brothers Realty Trust ("Trust"). | |||
Recent Accounting Pronouncements | |||
In April 2013, the FASB issued Accounting Standards Update ("ASU") 2013-04, "Liabilities" ("ASU 2013-04"), which provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. ASU 2013-04 is effective for the Company beginning November 1, 2014. The adoption of ASU 2013-04 is not expected to have a material effect on our consolidated financial statements or disclosures. | |||
In February 2013, the FASB issued ASU No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" ("ASU 2013-02"). ASU 2013-02 requires entities to present information about reclassification adjustments from accumulated other comprehensive income in their financial statements, in a single note or on the face of the financial statements. The Company adopted ASU 2013-02 in its quarter beginning February 1, 2013. The adoption of this guidance, which relates to disclosure only, did not have a material impact on the Company's consolidated financial position, results of operations or cash flows. | |||
Subsequent Events | |||
Acquisition of Shapell Industries, Inc. | |||
On November 6, 2013, the Company entered into a purchase and sale agreement (the “Purchase Agreement”) with Shapell Investment Properties, Inc. to acquire all of the equity interests in Shapell Industries, Inc. (“Shapell”), for an aggregate all-cash purchase price of $1.60 billion (the “Acquisition”), subject to certain adjustments. Pursuant to the Purchase Agreement, the Company has agreed to acquire the single-family residential real property development business of Shapell, including a portfolio of approximately 5,200 home sites in California. The Purchase Agreement contains customary representations, warranties and covenants of the parties. The closing of the Acquisition is subject to the the completion of the separation of Shapell’s commercial and multi-family units to be retained by Shapell, subject to limited exceptions, the completion of pending buy-outs by Shapell of minority interests in certain joint ventures and other customary closing conditions and is expected to occur in the first calendar quarter of 2014. The Company intends to use the net proceeds of the equity offering and senior note offerings completed in November 2013, borrowings under its $1.04 billion credit facility, other financial resources available to it, and, if needed, borrowings under the 364-day unsecured revolving credit facility as more fully described below, to finance the Acquisition and to pay related fees and expenses. | |||
Equity Offering | |||
In November 2013, the Company issued 7.2 million shares of its common stock, par value $.01 per share, at a price to the public of $32.00 per share (the “equity offering”). The Company received $220.8 million of net proceeds from the issuance. | |||
Senior Note Offerings | |||
In November 2013, the Company issued $350 million principal amount of 4.0% Senior Notes due 2018 (the “4.0% Senior Notes”) and $250 million principal amount of 5.625% Senior Notes due 2024 (the “5.625% Senior Notes”) through Toll Brothers Finance Corp. The Company received $596.2 million of net proceeds from the issuance of the 4.0% Senior Notes and the 5.625% Senior Notes. If (i) the Purchase Agreement is terminated on any date prior to May 31, 2014, (ii) the Company publicly announces on any date prior to May 31, 2014 that the Acquisition will not be pursued or (iii) the Acquisition is not consummated prior to May 31, 2014, then the Company will be required to redeem each series of notes at 100% of the aggregate principal amount of such series, together with accrued and unpaid interest on such notes from November 21, 2013 up to, but not including, the applicable special mandatory redemption date. | |||
364-Day Senior Unsecured Revolving Credit Facility | |||
The Company has received a definitive financing commitment from a number of banks for a $500 million, 364-day senior unsecured revolving credit facility. The availability of borrowings under this facility is subject to the Company entering into a definitive agreement with the banks and will be subject to customary conditions. Amounts borrowed thereunder are expected to accrue interest at the London interbank offered rate plus a margin determined pursuant to a leverage ratio-based pricing grid expected to range from 1.25% to 2.25% per annum. | |||
Sale of Toll Brothers Realty Trust II Assets | |||
In December 2013, Trust II sold substantially all of its assets to an unrelated party. As a result of this sale, the Company expects to realize a profit of approximately $20 million in the first quarter of fiscal 2014 representing its share of the gain on the sale. This gain will be included in income from unconsolidated entities in the Company's Consolidated Statements of Operations. | |||
Reclassification | |||
Certain prior period amounts have been reclassified to conform to the fiscal 2013 presentation. |
Acquisition
Acquisition | 12 Months Ended |
Oct. 31, 2013 | |
Business Combinations [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
Acquisition | |
In November 2011, the Company acquired substantially all of the assets of CamWest Development LLC (“CamWest”) for approximately $144.7 million in cash. The assets acquired were primarily inventory. As part of the acquisition, the Company assumed contracts to deliver approximately 29 homes with an aggregate value of $13.7 million. The average price of the undelivered homes at the date of acquisition was approximately $471,000. The assets the Company acquired included approximately 1,245 home sites owned and 254 home sites controlled through land purchase agreements. The Company’s selling community count increased by 15 communities at the acquisition date. The acquisition of the assets of CamWest was not material to the Company’s results of operations or its financial condition. In fiscal 2012, the Company delivered 201 homes and generated revenues of $99.7 million through its CamWest operations. |
Inventory
Inventory | 12 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Inventory | ' | |||||||||||
Inventory | ||||||||||||
Inventory at October 31, 2013 and 2012 consisted of the following (amounts in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Land controlled for future communities | $ | 99,802 | $ | 54,624 | ||||||||
Land owned for future communities | 1,287,630 | 1,013,565 | ||||||||||
Operating communities | 3,262,980 | 2,664,514 | ||||||||||
$ | 4,650,412 | $ | 3,732,703 | |||||||||
Operating communities include communities offering homes for sale, communities that have sold all available home sites but have not completed delivery of the homes, communities that were previously offering homes for sale but are temporarily closed due to business conditions or non-availability of improved home sites and that are expected to reopen within twelve months of the end of the fiscal year being reported on and communities preparing to open for sale. The carrying value attributable to operating communities includes the cost of homes under construction, land and land development costs, the carrying cost of home sites in current and future phases of these communities and the carrying cost of model homes. | ||||||||||||
Communities that were previously offering homes for sale but are temporarily closed due to business conditions that do not have any remaining backlog and are not expected to reopen within twelve months of the end of the fiscal period being reported on have been classified as land owned for future communities. Backlog consists of homes under contract but not yet delivered to the Company's home buyers ("backlog"). | ||||||||||||
Information regarding the classification, number and carrying value of these temporarily closed communities at October 31, 2013, 2012 and 2011 is provided in the table below ($ amounts in thousands). | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Land owned for future communities: | ||||||||||||
Number of communities | 25 | 40 | 43 | |||||||||
Carrying value (in thousands) | $ | 153,498 | $ | 240,307 | $ | 256,468 | ||||||
Operating communities: | ||||||||||||
Number of communities | 15 | 5 | 2 | |||||||||
Carrying value (in thousands) | $ | 88,534 | $ | 34,685 | $ | 11,076 | ||||||
The Company provided for inventory impairment charges and the expensing of costs that it believed not to be recoverable in each of the three fiscal years ended October 31, 2013, 2012 and 2011 as shown in the table below (amounts in thousands). | ||||||||||||
Charge: | 2013 | 2012 | 2011 | |||||||||
Land controlled for future communities | $ | 1,183 | $ | 451 | $ | 17,752 | ||||||
Land owned for future communities | — | 1,218 | 17,000 | |||||||||
Operating communities | 3,340 | 13,070 | 17,085 | |||||||||
$ | 4,523 | $ | 14,739 | $ | 51,837 | |||||||
See Note 12, "Fair Value Disclosures", for information regarding the number of operating communities that the Company tested for potential impairment, the number of operating communities in which it recognized impairment charges, the amount of impairment charges recognized, and the fair value of those communities, net of impairment charges. | ||||||||||||
See Note 15, "Commitments and Contingencies" for information regarding land purchase commitments. | ||||||||||||
At October 31, 2013, the Company evaluated its land purchase contracts to determine if any of the selling entities were variable interest entities ("VIEs") and, if they were, whether the Company was the primary beneficiary of any of them. Under these land purchase contracts, the Company does not possess legal title to the land and its risk is generally limited to deposits paid to the sellers and the creditors of the sellers generally have no recourse against the Company. At October 31, 2013, the Company determined that 87 land purchase contracts, with an aggregate purchase price of $1.12 billion, on which it had made aggregate deposits totaling $51.9 million, were VIEs and that it was not the primary beneficiary of any VIE related to its land purchase contracts. | ||||||||||||
Interest incurred, capitalized and expensed in each of the three fiscal years ended October 31, 2013, 2012 and 2011 was as follows (amounts in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest capitalized, beginning of year | $ | 330,581 | $ | 298,757 | $ | 267,278 | ||||||
Interest incurred | 134,198 | 125,783 | 114,761 | |||||||||
Interest expensed to cost of revenues | (112,321 | ) | (87,117 | ) | (77,623 | ) | ||||||
Interest directly expensed in the consolidated statements of operations | — | — | (1,504 | ) | ||||||||
Write-off against other income | (2,917 | ) | (3,404 | ) | (1,155 | ) | ||||||
Interest reclassified to property, construction and office equipment | (3,000 | ) | ||||||||||
Capitalized interest applicable to investments in unconsolidated entities | (6,464 | ) | (3,438 | ) | ||||||||
Interest capitalized, end of year | $ | 343,077 | $ | 330,581 | $ | 298,757 | ||||||
Inventory impairment charges are recognized against all inventory costs of a community, such as land, land improvements, cost of home construction and capitalized interest. The amounts included in the table directly above reflect the gross amount of capitalized interest without allocation of any impairment charges recognized. The Company estimates that, had inventory impairment charges been allocated on a pro rata basis to the individual components of inventory, capitalized interest at October 31, 2013, 2012 and 2011 would have been reduced by approximately $38.2 million, $47.9 million and $54.0 million, respectively. | ||||||||||||
During fiscal 2013, the Company reclassified $28.5 million of land inventory primarily related to commercial properties located in two of its master planned communities to receivables, prepaid expenses and other assets. The $28.5 million was reclassified due to the substantial completion of the home building operations in the communities where the land is located. The consolidated balance sheet as of October 31, 2012 was reclassified to conform to the fiscal 2013 presentation. | ||||||||||||
During fiscal 2013 and 2012, the Company contributed $54.8 million and $5.8 million, respectively, of inventory and other assets to several unconsolidated entities. See Note 4, "Investments in and Advances to Unconsolidated Entities" for more information related these transfers. | ||||||||||||
During fiscal 2013 and 2011, the Company reclassified $5.6 million and $20.0 million, respectively, of inventory related to commercial retail space located in two of its high-rise projects to property, construction and office equipment. The amounts were reclassified due to the substantial completion of these projects. |
Investments_in_and_Advances_to
Investments in and Advances to Unconsolidated Entities | 12 Months Ended | |||||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities [Abstract] | ' | |||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | ' | |||||||||||||||||||
Investments in and Advances to Unconsolidated Entities | ||||||||||||||||||||
The Company has investments in and advances to various unconsolidated entities. The Company’s investments in these entities are accounted for using the equity method of accounting. These entities include development joint ventures, home building joint ventures, rental joint ventures, the Trust, Trust II and a structured asset joint venture. At October 31, 2013, the Company had investments in and advances to these unconsolidated entities of $403.1 million and was committed to invest or advance up to an additional $92.1 million to these entities if they require additional funding. At October 31, 2013, the Company has guaranteed approximately $25.2 million of loans, $9.6 million of ground lease payments and $2.0 million of insurance policy deductibles. | ||||||||||||||||||||
In fiscal 2013 and 2012, the Company recognized income from the unconsolidated entities in which it had an investment of $14.4 million and $23.6 million, respectively. In fiscal 2011, the Company recognized a loss from the unconsolidated entities in which it had an investment of $1.2 million including $40.9 million of impairment losses related to the settlement of a lawsuit by one of its development joint ventures and an impairment of one of its home building joint ventures. The Company did not recognize any impairment charges in connection with its joint ventures in fiscal 2013 or 2012. In fiscal 2012, the Company recovered $2.3 million of costs it previously incurred. | ||||||||||||||||||||
In fiscal 2011, the Company recognized impairment charges in connection with the settlement of a lawsuit by one of its development joint ventures as noted above. As a result of the settlement, the Company recorded a charge of $25.7 million above amounts previously provided. This fiscal 2011 impairment and recovery in fiscal 2012 was attributable to the Company’s investment in South Edge LLC, and its successor entity, Inspirada Builders, LLC (collectively, "Inspirada"). Inspirada settled litigation regarding a loan made by a syndicate of lenders to it having a principal balance of $327.9 million, for which the Company had executed certain completion guarantees and conditional repayment guarantees. The Company paid $57.6 million in November 2011 to settle this matter. The disposition of the above matter did not have a material adverse effect on the Company’s results of operations and liquidity or on its financial condition. | ||||||||||||||||||||
In addition, in fiscal 2011, due to the deterioration of the market in which one of its home building joint ventures operates, the Company determined that there was an other than temporary impairment of its investment in this joint venture. Based on this determination, the Company recognized $15.2 million of impairment charges against the carrying value of the Company's investment in this joint venture. | ||||||||||||||||||||
More specific information regarding its investments in, advances to and future commitments to these entities is provided below. | ||||||||||||||||||||
Development Joint Ventures | ||||||||||||||||||||
The Company has investments in and advances to a number of joint ventures with unrelated parties to develop land (“Development Joint Ventures”). Some of these Development Joint Ventures develop land for the sole use of the venture participants, including the Company, and others develop land for sale to the joint venture participants and to unrelated builders. The Company recognizes its share of earnings from the sale of home sites by the Development Joint Ventures to other builders. With regard to home sites the Company purchases from the Development Joint Ventures, the Company reduces its cost basis in those home sites by its share of the earnings on the home sites. At October 31, 2013, the Company had approximately $142.4 million invested in or advanced to its Development Joint Ventures. In addition, the Company has a funding commitment of $26.0 million to three Development Joint Ventures should an additional investment in these ventures be required. | ||||||||||||||||||||
In the fourth quarter of fiscal 2013, the Company entered into a joint venture with an unrelated party to develop a parcel of land in Maryland. The property consists of 945 acres which the joint venture expects to develop into approximately 1,300 home sites. The Company has a 50% interest in this joint venture. The current plan is to develop the property and sell approximately 50% of the home sites to each of the members of the joint venture. The Company contributed $11.8 million of cash to the joint venture. | ||||||||||||||||||||
In the second quarter of fiscal 2013, the Company entered into a joint venture with an unrelated party to develop a parcel of land in Texas as a master planned community consisting of approximately 2,900 home sites. The Company has a 50% interest in this joint venture. The current plan is to develop the property in multiple phases and sell groups of home sites to the members of the joint venture and to other home builders. The Company contributed $15.5 million of cash to the joint venture. The joint venture entered into a $25.0 million line of credit with a bank, secured by a deed of trust on the property, which can be expanded up to $40.0 million under certain conditions. At October 31, 2013, the joint venture had $22.9 million of borrowings under this line of credit. At October 31, 2013, the Company had an investment of $20.1 million in this joint venture and was committed to make additional contributions to this joint venture of up to $12.5 million. | ||||||||||||||||||||
In the third quarter of fiscal 2012, the Company acquired for approximately $110.0 million, a 50% interest in a joint venture with an unrelated party that owns and is developing over 2,000 home sites in Orange County, California. Under the terms of the operating agreement, the Company will acquire 266 home sites in the first phase of the property from the joint venture. The Company intends to acquire approximately 545 additional home sites in future phases from the joint venture. At October 31, 2013, the Company had an investment of $105.2 million in this joint venture and was committed to make additional contributions of up to $10.0 million to this joint venture, if needed. The joint venture has an $80.0 million credit facility from a bank to fund the development of the property. At October 31, 2013, the venture had borrowed $42.8 million under the facility. | ||||||||||||||||||||
Home Building Joint Ventures | ||||||||||||||||||||
At October 31, 2013, the Company had an aggregate of $166.3 million of investments in and advances to various joint ventures with unrelated parties to develop luxury for-sale homes. At October 31, 2013, the Company had $38.2 million of funding commitments to three of these joint ventures. One of the joint ventures expects to finance future construction with external financing. | ||||||||||||||||||||
In the first quarter of fiscal 2012, the Company entered into a joint venture in which it has a 50% interest to develop a high-rise luxury for-sale/rental project in the metro-New York market. At October 31, 2013, the Company had an investment of $119.5 million and was committed to make additional investments of $8.1 million in this joint venture. Under the terms of the agreement, upon completion of the construction of the building the Company will acquire ownership of the top 18 floors of the building to sell, for its own account, luxury condominium units and its partner will receive ownership of the lower floors containing residential rental units and retail space. | ||||||||||||||||||||
In the third quarter of fiscal 2012, the Company invested in a joint venture in which it has a 50% interest that will develop a high-rise luxury condominium project in the metro-New York market. At October 31, 2013, the Company had invested $8.3 million in this joint venture. The Company expects to make additional investments of approximately $21.8 million for the development of this property. The joint venture expects to borrow additional funds to complete the construction of this project. The Company has also guaranteed approximately $7.4 million of payments related to the ground lease on this project. | ||||||||||||||||||||
Rental Joint Ventures | ||||||||||||||||||||
At October 31, 2013, the Company had an aggregate of $68.7 million of investments in and advances to several joint ventures with unrelated parties to develop luxury for-rent apartments, commercial space and a hotel. At October 31, 2013, the Company had funding commitments to these joint ventures of $27.9 million. At October 31, 2013, three of these joint ventures had aggregate loan commitments of $193.8 million and outstanding borrowings against these commitments of $14.4 million. | ||||||||||||||||||||
In the fourth quarter of fiscal 2013, the Company entered into a joint venture with an unrelated party to develop a luxury, 287-unit apartment building in the Capitol Riverfront of Washington, D.C. on land that the Company owned and conveyed to the joint venture. The Company has a 50% interest in this joint venture. As part of the Company's initial capital contribution, it contributed land and improvements with a fair value of $27.1 million to the joint venture and subsequently received a cash distribution of $12.5 million to align the capital accounts of each of the members of the joint venture. The joint venture entered into a $54 million construction loan agreement with a bank to finance the development of this project. At October 31, 2013, the joint venture had no borrowings under the construction loan agreement. At October 31, 2013, the Company had an investment of $14.7 million in this joint venture. | ||||||||||||||||||||
In the second quarter of fiscal 2013, the Company entered into a joint venture with an unrelated party to develop a luxury, 38-story apartment building and retail space in Jersey City, New Jersey on land that the Company owned and conveyed to the joint venture. The Company has a 50% interest in this joint venture. As part of the Company's initial capital contribution, it contributed land and improvements with a fair value of $27.6 million to the joint venture and subsequently received cash distributions of $10.6 million and a $1.2 million cash payment by the joint venture on the Company's behalf to align the capital accounts of each of the members of the joint venture. The joint venture entered into a $120 million construction loan agreement with a bank to finance the development of this project. At October 31, 2013, the joint venture had no borrowings under the construction loan agreement. At October 31, 2013, the Company had an investment of $22.5 million in this joint venture and was committed to make additional contributions to this joint venture of up to $8.0 million. | ||||||||||||||||||||
In the fourth quarter of fiscal 2012, the Company invested in a joint venture in which it has a 50% interest that will develop a multi-family residential apartment project containing approximately 398 units in suburban Philadelphia. At October 31, 2013, the Company had an investment of $15.6 million in this joint venture. The joint venture expects to borrow funds to complete the construction of this project. The Company does not have any additional commitment to fund this joint venture. | ||||||||||||||||||||
In the third quarter of fiscal 2012, the Company invested in a joint venture in which it has a 50% interest that will develop a luxury hotel in conjunction with a high-rise luxury condominium project in the metro-New York market. At October 31, 2013, the Company had invested $4.9 million in this joint venture. The Company expects to make additional investments of approximately $17.8 million for the development of this property. The joint venture expects to borrow additional funds to complete the construction of this project. The Company has also guaranteed approximately $2.1 million of payments related to the ground lease on this project. | ||||||||||||||||||||
Structured Asset Joint Venture | ||||||||||||||||||||
In July 2010, the Company, through Gibraltar Capital and Asset Management LLC (“Gibraltar”), invested in a joint venture in which it is a 20% participant with two unrelated parties to purchase a 40% interest in an entity that owns and controls a portfolio of loans and real estate (“Structured Asset Joint Venture”). At October 31, 2013, the Company had an investment of $25.7 million in this Structured Asset Joint Venture. At October 31, 2013, the Company did not have any commitments to make additional contributions to the joint venture and has not guaranteed any of the joint venture’s liabilities. | ||||||||||||||||||||
Toll Brothers Realty Trust and Toll Brothers Realty Trust II | ||||||||||||||||||||
In fiscal 2005, the Company, together with the Pennsylvania State Employees Retirement System (“PASERS”), formed Trust II to be in a position to invest in commercial real estate opportunities. Trust II is owned 50% by the Company and 50% by an affiliate of PASERS. At October 31, 2013, the Company had an investment of $2.2 million in Trust II. In December 2013, Trust II sold substantially all of its assets to an unrelated party. See Note 1 - "Significant Accounting Policies - Subsequent Events" for more information. | ||||||||||||||||||||
Prior to the formation of Trust II, the Company formed the Trust in 1998 to invest in commercial real estate opportunities. The Trust is effectively owned one-third by the Company; one-third by Robert I. Toll, Bruce E. Toll (and members of his family), Douglas C. Yearley, Jr. and former members of the Company’s senior management; and one-third by an affiliate of PASERS (collectively, the “Shareholders”). As of October 31, 2013, the Company had a negative investment in the Trust of $0.9 million resulting from a loss recognized by the Trust in the fourth quarter of fiscal 2013 due to the expensing of financing costs incurred in the refinancing of its debt. The Company expects that the Trust will return to profitability in fiscal 2014. The Company provides development, finance and management services to the Trust and recognized fees under the terms of various agreements in the amounts of $4.2 million, $2.7 million and $2.9 million in fiscal 2013, 2012 and 2011, respectively. | ||||||||||||||||||||
Guarantees | ||||||||||||||||||||
The unconsolidated entities in which the Company has investments generally finance their activities with a combination of partner equity and debt financing. In some instances, the Company and its partners have guaranteed debt of certain unconsolidated entities which may include any or all of the following: (i) project completion including any cost overruns, in whole or in part, (ii) repayment guarantees, generally covering a percentage of the outstanding loan, (iii) indemnification of the lender as to environmental matters affecting the unconsolidated entity and (iv) indemnification of the lender from “bad boy acts” of the unconsolidated entity. | ||||||||||||||||||||
In some instances, the guarantees provided in connection with loans to an unconsolidated entity are joint and several. In these situations, the Company generally has a reimbursement agreement with its partner that provides that neither party is responsible for more than its proportionate share of the guarantee; however, if the joint venture partner does not have adequate financial resources to meet its obligations under the reimbursement agreement, the Company may be liable for more than its proportionate share. | ||||||||||||||||||||
The Company believes that as of October 31, 2013, in the event it becomes legally obligated to perform under a guarantee of the obligation of an unconsolidated entity due to a triggering event, the collateral should be sufficient to repay a significant portion of the obligation. If it is not, the Company and its partners would need to contribute additional capital to the venture. At October 31, 2013, the unconsolidated entities that have guarantees related to debt had loan commitments aggregating $279.0 million and had borrowed an aggregate of $65.7 million. The term of these guarantees generally range from 30 months to 48 months. The Company estimates that the maximum potential exposure under these guarantees, if the full amount of the loan commitments were borrowed, would be $279.0 million before any reimbursement from the Company's partners. Based on the amounts borrowed at October 31, 2013, the Company's maximum potential exposure under these guarantees is estimated to be approximately $65.7 million before any reimbursement from the Company's partners. | ||||||||||||||||||||
In addition, the Company has guaranteed approximately $11.6 million of ground lease payments and insurance deductibles for three joint ventures. | ||||||||||||||||||||
As of October 31, 2013, the estimated aggregate fair value of the guarantees was approximately $1.6 million. The Company has not made payments under any of the guarantees, nor has it been called upon to do so. | ||||||||||||||||||||
Variable Interest Entities | ||||||||||||||||||||
At October 31, 2013, the Company determined that three of its joint ventures were VIEs under the guidance within ASC 810. The Company has, however, concluded that it was not the primary beneficiary of the VIEs because the power to direct the activities of these VIEs that most significantly impact their performance was shared by the Company and the VIEs' other members. Business plans, budgets and other major decisions are required to be unanimously approved by all members. Management and other fees earned by the Company are nominal and believed to be at market rates and there is no significant economic disproportionality between the Company and other members. | ||||||||||||||||||||
The information presented below regarding the investments, commitments and guarantees in unconsolidated entities deemed to be VIEs is also included in the information provided above. At October 31, 2013 and 2012, the Company's investments in its unconsolidated joint ventures deemed to be VIEs, which are included in investments in and advances to unconsolidated entities in the accompanying balance sheets, totaled $22.9 million and $26.5 million, respectively. At October 31, 2013, the maximum exposure of loss to the Company's investments in unconsolidated joint ventures that are VIEs is limited to its investment in the unconsolidated VIEs, except with regard to $41.7 million of additional commitments to the VIEs and a $9.6 million guaranty of ground lease payments. At October 31, 2012, the maximum exposure to loss of the Company's investments in unconsolidated joint ventures that are VIEs was limited to its investment in the unconsolidated VIEs, except with regard to a $47.7 million additional commitment to fund the joint ventures and a $9.8 million guaranty of ground lease payments. | ||||||||||||||||||||
Joint Venture Condensed Financial Information | ||||||||||||||||||||
The condensed balance sheets, as of the dates indicated, and the condensed statements of operations, for the periods indicated, for the Company’s unconsolidated entities in which it has an investment, aggregated by type of business, are included below (in thousands). The column titled "Rental Property Joint Ventures" includes the Rental Joint Ventures, the Trust and Trust II described above. | ||||||||||||||||||||
Condensed Balance Sheets: | ||||||||||||||||||||
October 31, 2013 | ||||||||||||||||||||
Develop- | Home | Rental Property Joint Ventures | Structured | Total | ||||||||||||||||
ment Joint | Building | Asset | ||||||||||||||||||
Ventures | Joint | Joint | ||||||||||||||||||
Ventures | Venture | |||||||||||||||||||
Cash and cash equivalents | $ | 30,826 | $ | 31,164 | $ | 35,014 | $ | 40,097 | $ | 137,101 | ||||||||||
Inventory | 350,150 | 338,814 | 4,998 | 693,962 | ||||||||||||||||
Non-performing loan portfolio | 107,411 | 107,411 | ||||||||||||||||||
Rental properties | 164,325 | 164,325 | ||||||||||||||||||
Rental properties under development | 133,081 | 133,081 | ||||||||||||||||||
Real estate owned (“REO”) | 202,259 | 202,259 | ||||||||||||||||||
Other assets (1) | 12,700 | 70,180 | 18,526 | 155,921 | 257,327 | |||||||||||||||
Total assets | $ | 393,676 | $ | 440,158 | $ | 355,944 | $ | 505,688 | $ | 1,695,466 | ||||||||||
Debt (1) | 135,200 | 11,977 | 235,226 | 155,900 | 538,303 | |||||||||||||||
Other liabilities | 21,015 | 19,636 | 9,461 | 379 | 50,491 | |||||||||||||||
Members’ equity | 237,461 | 408,545 | 111,257 | 139,764 | 897,027 | |||||||||||||||
Noncontrolling interest | 209,645 | 209,645 | ||||||||||||||||||
Total liabilities and equity | $ | 393,676 | $ | 440,158 | $ | 355,944 | $ | 505,688 | $ | 1,695,466 | ||||||||||
Company’s net investment in unconsolidated entities (2) | $ | 142,448 | $ | 166,271 | $ | 68,711 | $ | 25,703 | $ | 403,133 | ||||||||||
October 31, 2012 | ||||||||||||||||||||
Develop- | Home | Rental Property Joint Ventures | Structured | Total | ||||||||||||||||
ment Joint | Building | Asset | ||||||||||||||||||
Ventures | Joint | Joint | ||||||||||||||||||
Ventures | Venture | |||||||||||||||||||
Cash and cash equivalents | $ | 17,189 | $ | 24,964 | $ | 26,167 | $ | 44,176 | $ | 112,496 | ||||||||||
Inventory | 255,561 | 251,030 | 5,643 | 512,234 | ||||||||||||||||
Non-performing loan portfolio | 226,315 | 226,315 | ||||||||||||||||||
Rental properties | 173,767 | 173,767 | ||||||||||||||||||
Rental properties under development | 43,695 | 43,695 | ||||||||||||||||||
Real estate owned (“REO”) | 254,250 | 254,250 | ||||||||||||||||||
Other assets (1) | 12,427 | 72,289 | 9,193 | 237,476 | 331,385 | |||||||||||||||
Total assets | $ | 285,177 | $ | 348,283 | $ | 258,465 | $ | 762,217 | $ | 1,654,142 | ||||||||||
Debt (1) | $ | 96,362 | $ | 11,755 | $ | 213,725 | $ | 311,801 | $ | 633,643 | ||||||||||
Other liabilities | 14,390 | 9,438 | 5,534 | 561 | 29,923 | |||||||||||||||
Members’ equity | 174,425 | 327,090 | 39,206 | 179,942 | 720,663 | |||||||||||||||
Noncontrolling interest | 269,913 | 269,913 | ||||||||||||||||||
Total liabilities and equity | $ | 285,177 | $ | 348,283 | $ | 258,465 | $ | 762,217 | $ | 1,654,142 | ||||||||||
Company’s net investment in unconsolidated entities (2) | $ | 116,452 | $ | 135,688 | $ | 41,134 | $ | 37,343 | $ | 330,617 | ||||||||||
-1 | Included in other assets at October 31, 2013 and 2012 of the Structured Asset Joint Venture is $155.9 million and $237.5 million, respectively, of restricted cash held in a defeasance account which will be used to repay debt of the Structured Asset Joint Venture. | |||||||||||||||||||
-2 | Differences between the Company’s net investment in unconsolidated entities and its underlying equity in the net assets of the entities are primarily a result of the difference in the purchase price of a joint venture interest and its underlying equity, impairments related to the Company’s investments in unconsolidated entities, a loan made to one of the entities by the Company, interest capitalized on the Company's investment and distributions from entities in excess of the carrying amount of the Company’s net investment. | |||||||||||||||||||
Condensed Statements of Operations: | ||||||||||||||||||||
For the year ended October 31, 2013 | ||||||||||||||||||||
Develop- | Home | Rental Property Joint Ventures | Structured | Total | ||||||||||||||||
ment Joint | Building | Asset | ||||||||||||||||||
Ventures | Joint | Joint | ||||||||||||||||||
Ventures | Venture | |||||||||||||||||||
Revenues | $ | 43,937 | $ | 40,386 | $ | 38,727 | $ | 37,492 | $ | 160,542 | ||||||||||
Cost of revenues | 20,142 | 36,208 | 16,704 | 30,496 | 103,550 | |||||||||||||||
Other expenses | 1,146 | 2,554 | 20,875 | 3,399 | 27,974 | |||||||||||||||
Total expenses | 21,288 | 38,762 | 37,579 | 33,895 | 131,524 | |||||||||||||||
Gain on disposition of loans and REO | 68,323 | 68,323 | ||||||||||||||||||
Income from operations | 22,649 | 1,624 | 1,148 | 71,920 | 97,341 | |||||||||||||||
Other income | 11 | 571 | 86 | 329 | 997 | |||||||||||||||
Net income | 22,660 | 2,195 | 1,234 | 72,249 | 98,338 | |||||||||||||||
Less: income attributable to noncontrolling interest | (43,349 | ) | (43,349 | ) | ||||||||||||||||
Net income attributable to controlling interest | 22,660 | 2,195 | 1,234 | 28,900 | 54,989 | |||||||||||||||
Other comprehensive income | 922 | 922 | ||||||||||||||||||
Total comprehensive income | $ | 22,660 | $ | 2,195 | $ | 2,156 | $ | 28,900 | $ | 55,911 | ||||||||||
Company’s equity in earnings of unconsolidated entities (3) | $ | 3,288 | $ | 1,471 | $ | 3,965 | $ | 5,668 | $ | 14,392 | ||||||||||
For the year ended October 31, 2012 | ||||||||||||||||||||
Develop- | Home | Rental Property Joint Ventures | Structured | Total | ||||||||||||||||
ment Joint | Building | Asset | ||||||||||||||||||
Ventures | Joint | Joint | ||||||||||||||||||
Ventures | Venture | |||||||||||||||||||
Revenues | $ | 39,278 | $ | 89,947 | $ | 37,035 | $ | 31,686 | $ | 197,946 | ||||||||||
Cost of revenues | 36,315 | 65,068 | 13,985 | 32,828 | 148,196 | |||||||||||||||
Other expenses | 1,414 | 3,477 | 21,226 | 8,646 | 34,763 | |||||||||||||||
Total expenses | 37,729 | 68,545 | 35,211 | 41,474 | 182,959 | |||||||||||||||
Gain on disposition of loans and REO | 42,244 | 42,244 | ||||||||||||||||||
Income from operations | 1,549 | 21,402 | 1,824 | 32,456 | 57,231 | |||||||||||||||
Other income | 2,658 | 153 | 4 | 691 | 3,506 | |||||||||||||||
Net income | 4,207 | 21,555 | 1,828 | 33,147 | 60,737 | |||||||||||||||
Less: income attributable to noncontrolling interest | (19,888 | ) | (19,888 | ) | ||||||||||||||||
Net income attributable to controlling interest | 4,207 | 21,555 | 1,828 | 13,259 | 40,849 | |||||||||||||||
Other comprehensive income | — | |||||||||||||||||||
Total comprehensive income | $ | 4,207 | $ | 21,555 | $ | 1,828 | $ | 13,259 | $ | 40,849 | ||||||||||
Company’s equity in earnings of unconsolidated entities (3) | $ | 3,995 | $ | 15,303 | $ | 1,602 | $ | 2,692 | $ | 23,592 | ||||||||||
For the year ended October 31, 2011 | ||||||||||||||||||||
Develop- | Home | Rental Property Joint Ventures | Structured | Total | ||||||||||||||||
ment Joint | Building | Asset | ||||||||||||||||||
Ventures | Joint | Joint | ||||||||||||||||||
Ventures | Venture | |||||||||||||||||||
Revenues | $ | 4,624 | $ | 242,326 | $ | 37,728 | $ | 46,187 | $ | 330,865 | ||||||||||
Cost of revenues | 3,996 | 191,922 | 15,365 | 30,477 | 241,760 | |||||||||||||||
Other expenses | 1,527 | 6,988 | 20,774 | 10,624 | 39,913 | |||||||||||||||
Total expenses | 5,523 | 198,910 | 36,139 | 41,101 | 281,673 | |||||||||||||||
Gain on disposition of loans and REO | 61,406 | 61,406 | ||||||||||||||||||
Income from operations | (899 | ) | 43,416 | 1,589 | 66,492 | 110,598 | ||||||||||||||
Other income | 9,498 | 68 | 1,537 | 252 | 11,355 | |||||||||||||||
Net income | 8,599 | 43,484 | 3,126 | 66,744 | 121,953 | |||||||||||||||
Less: income attributable to noncontrolling interest | (40,048 | ) | (40,048 | ) | ||||||||||||||||
Net income attributable to controlling interest | 8,599 | 43,484 | 3,126 | 26,696 | 81,905 | |||||||||||||||
Other comprehensive income | — | |||||||||||||||||||
Total comprehensive income | $ | 8,599 | $ | 43,484 | $ | 3,126 | $ | 26,696 | $ | 81,905 | ||||||||||
Company’s equity in earnings of unconsolidated entities (3) | $ | (25,272 | ) | $ | 14,895 | $ | 3,844 | $ | 5,339 | $ | (1,194 | ) | ||||||||
-3 | Differences between the Company’s equity in earnings (losses) of unconsolidated entities and the underlying net income of the entities are primarily a result of impairments related to the Company’s investments in unconsolidated entities, distributions from entities in excess of the carrying amount of the Company’s net investment and the Company’s share of the entities profits related to home sites purchased by the Company that reduces the Company’s cost basis of the home sites. |
Investments_in_Distressed_Loan
Investments in Distressed Loans and Foreclosed Real Estate | 12 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Investments in Distressed Loans and Foreclosed Real Estate [Abstract] | ' | |||||||||||
Investments in Distressed Loans and Foreclosed Real Estate | ' | |||||||||||
Investments in Distressed Loans and Foreclosed Real Estate | ||||||||||||
Investments in Distressed Loans | ||||||||||||
The Company’s investment in distressed loans consisted of the following at October 31, 2013 and 2012 (amounts in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Unpaid principal balance | $ | 63,381 | $ | 99,693 | ||||||||
Discount on acquired loans | (27,007 | ) | (62,524 | ) | ||||||||
Carrying value | $ | 36,374 | $ | 37,169 | ||||||||
The Company's investment in distressed loans includes performing loans and non-performing loans and also includes investments in loan participations classified as secured borrowings under ASC 860, "Transfers and Servicing." | ||||||||||||
For acquired distressed loans where it is probable that the Company will collect less than the contractual amounts due under the terms of the loan based, at least in part, on the assessment of the credit quality of the borrowers, the loans are accounted for under ASC 310-30. Under ASC 310-30, provided the Company does not presently have the intention to utilize real estate secured by the loans for use in its operations or to significantly improve the collateral for resale, the amount by which the future cash flows expected to be collected at the acquisition date exceeds the estimated fair value of the loan, or accretable yield, is recognized in other income - net over the estimated remaining life of the loan using a level yield methodology. The difference between the contractually required payments of the loan as of the acquisition date and the total cash flows expected to be collected, or nonaccretable difference, is not recognized. | ||||||||||||
The Company may acquire distressed loans where it has determined that (1) it is possible to collect all contractual amounts due under the terms of the loan, (2) it expects to utilize the real estate secured by the loans in its operations, or (3) forecasted cash flows cannot be reasonably estimated. For non-performing loans acquired meeting any of these conditions, in accordance with ASC 310-10, "Receivable," ("ASC 310-10") the loans are classified as nonaccrual and interest income is not recognized. When a loan is classified as non-accrual, any subsequent cash receipt is accounted for using the cost recovery method. For performing loans, payments are applied to principal and interest in accordance with the terms of the loan when received. As of October 31, 2013, the Company had investments in performing and non-performing loans, accounted for in accordance with ASC 310-10, of $0.8 million and $21.4 million, respectively. At October 31, 2012, the Company had investments in non-performing loans, accounted for in accordance with ASC 310-10, of $9.2 million. The Company had no investments in performing loans at October 31, 2012. | ||||||||||||
For the year ended October 31, 2013, the Company, through Gibraltar purchased distressed loans for approximately $26.0 million. The purchases included performing and non-performing loans secured by retail shopping centers, residential land and golf courses located in seven states. | ||||||||||||
The following table summarizes, for the distressed loans acquired in fiscal 2012 that were accounted for in accordance with ASC 310-30, the accretable yield and the nonaccretable difference of the Company's investment in these loans as of their acquisition date (amounts in thousands). | ||||||||||||
2012 | ||||||||||||
Contractually required payments, including interest | $ | 58,234 | ||||||||||
Non-accretable difference | (8,235 | ) | ||||||||||
Cash flows expected to be collected | 49,999 | |||||||||||
Accretable yield | (20,514 | ) | ||||||||||
Distressed loans carrying amount | $ | 29,485 | ||||||||||
There were no distressed loans purchased during the year ended October 31, 2013 that met the requirements of ASC 310-30. | ||||||||||||
The accretable yield activity for the Company’s investment in distressed loans accounted for under ASC 310-30 for the years ended October 31, 2013 and 2012 was as follows (amounts in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Balance, beginning of period | $ | 17,196 | $ | 42,326 | ||||||||
Loans acquired | 20,514 | |||||||||||
Additions | 1,654 | 5,539 | ||||||||||
Deletions | (7,728 | ) | (40,227 | ) | ||||||||
Accretion | (4,516 | ) | (10,956 | ) | ||||||||
Balance, end of period | $ | 6,606 | $ | 17,196 | ||||||||
Additions primarily represent the reclassification to accretable yield from nonaccretable yield and the impact of impairments. Deletions primarily represent loan dispositions, which include foreclosure of the underlying collateral and resulting removal of the loans from the accretable yield portfolios, and reclassifications from accretable yield to nonaccretable yield. The reclassifications between accretable and nonaccretable yield and the accretion of interest income are based on various estimates regarding loan performance and the value of the underlying real estate securing the loans. As the Company continues to gather additional information regarding the loans and the underlying collateral, the accretable yield may change. Therefore, the amount of accretable income recorded in the years ended October 31, 2013 and 2012 is not necessarily indicative of future results. | ||||||||||||
Foreclosed Real Estate Owned | ||||||||||||
The following table presents the activity in REO at October 31, 2013, 2012 and 2011 (amounts in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance, beginning of period | $ | 58,353 | $ | 5,939 | $ | — | ||||||
Additions | 23,470 | 54,174 | 5,939 | |||||||||
Sales | (7,842 | ) | (1,353 | ) | ||||||||
Impairments | (505 | ) | (126 | ) | ||||||||
Depreciation | (504 | ) | (281 | ) | ||||||||
Balance, end of period | $ | 72,972 | $ | 58,353 | $ | 5,939 | ||||||
As of October 31, 2013, approximately $7.6 million and $65.3 million of REO was classified as held-for-sale and held-and-used, respectively. As of October 31, 2012, approximately $5.9 million and $52.4 million of REO was classified as held-for-sale and held-and-used, respectively. For the years ended October 31, 2013 and October 31, 2012, the Company recorded gains of $3.6 million and $0.6 million from acquisitions of REO through foreclosure, respectively. | ||||||||||||
General | ||||||||||||
The Company’s earnings from Gibraltar's operations, excluding its investment in the Structured Asset Joint Venture, are included in other income - net in its Condensed Consolidated Statements of Operations. In the years ended October 31, 2013 and 2012, the Company recognized $10.2 million and $4.5 million of earnings (excluding earnings from its investment in the Structured Asset Joint Venture), respectively, from Gibraltar's operations. |
Credit_Facility_Loans_Payable_
Credit Facility, Loans Payable, Senior Notes, and Mortgage Company Warehouse Loan | 12 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt disclosure | ' | |||||||
Credit Facility, Loans Payable, Senior Notes and Mortgage Company Warehouse Loan | ||||||||
Credit Facility | ||||||||
On August 1, 2013, the Company entered into a $1.04 billion ("Aggregate Credit Commitment") unsecured, five-year credit facility ("Credit Facility") with 15 banks which extends to August 1, 2018. Up to 75% of the Aggregate Credit Commitment is available for letters of credit. The Credit Facility has an accordion feature under which the Company may, subject to certain conditions set forth in the agreement, increase the Credit Facility up to a maximum aggregate amount of $2.0 billion. The Company may select interest rates for the Credit Facility equal to (i) LIBOR plus an applicable margin or (ii) the lenders' base rate plus an applicable margin, which in each case is based on the Company's credit rating and leverage ratio. The Company is obligated to pay an undrawn commitment fee which is based on the average daily unused amount of the Aggregate Credit Commitment and the Company's credit ratings and leverage ratio. Any proceeds from borrowings under the Credit Facility may be used for general corporate purposes. | ||||||||
Under the terms of the Credit Facility, the Company is not permitted to allow its maximum leverage ratio (as defined in the Credit Agreement) to exceed 1.75 to 1.00 and is required to maintain a minimum tangible net worth (as defined in the Credit Facility) of no less than approximately $2.28 billion. Under the terms of the Credit Agreement, at October 31, 2013, the Company’s leverage ratio was approximately 0.49 to 1.00 and its tangible net worth was approximately $3.28 billion. Based upon the minimum tangible net worth requirement at October 31, 2013, the Company’s ability to pay dividends would have been limited to an aggregate amount of approximately $1.0 billion or the repurchase of our common stock of approximately $1.49 billion. | ||||||||
The Credit Facility replaced the Company's revolving credit facility entered into as of October 22, 2010 (the "2010 Facility"). Upon entering into the Credit Facility, the Company voluntarily terminated the 2010 Facility on August 1, 2013. No early termination penalties were incurred by the Company as a result of the termination of the 2010 Facility. At October 31, 2013, the Company had no outstanding borrowings under the Credit Facility but had outstanding letters of credit of approximately $76.6 million. | ||||||||
Loans Payable | ||||||||
The Company’s loans payable represent purchase money mortgages on properties the Company has acquired that the seller has financed and various revenue bonds that were issued by government entities on behalf of the Company to finance community infrastructure and the Company’s manufacturing facilities. Information regarding the Company’s loans payable at October 31, 2013 and 2012 is included in the table below ($ amounts in thousands). | ||||||||
2013 | 2012 | |||||||
Aggregate loans payable at October 31 | $ | 107,222 | $ | 99,817 | ||||
Weighted-average interest rate | 4.53 | % | 3.64 | % | ||||
Interest rate range | 0.14% - 7.87% | 0.26% - 7.87% | ||||||
Loans secured by assets | ||||||||
Carrying value of loans secured by assets | $ | 106,358 | $ | 98,952 | ||||
Carrying value of assets securing loans | $ | 372,833 | $ | 311,104 | ||||
The contractual maturities of loans payable as of October 31, 2013 ranged from less than 1 month to 22 years. | ||||||||
Senior Notes | ||||||||
At October 31, 2013 and 2012, the Company’s senior notes consisted of the following (amounts in thousands): | ||||||||
2013 | 2012 | |||||||
6.875% Senior Notes due November 15, 2012 | $ | 59,068 | ||||||
5.95% Senior Notes due September 15, 2013 | 104,785 | |||||||
4.95% Senior Notes due March 15, 2014 | $ | 267,960 | 267,960 | |||||
5.15% Senior Notes due May 15, 2015 | 300,000 | 300,000 | ||||||
8.91% Senior Notes due October 15, 2017 | 400,000 | 400,000 | ||||||
6.75% Senior Notes due November 1, 2019 | 250,000 | 250,000 | ||||||
5.875% Senior Notes due February 15, 2022 | 419,876 | 419,876 | ||||||
0.5% Exchangeable Senior Notes due September 15, 2032 | 287,500 | 287,500 | ||||||
4.375% Senior Notes due April 15, 2023 | 400,000 | |||||||
Bond discount | (3,894 | ) | (8,726 | ) | ||||
$ | 2,321,442 | $ | 2,080,463 | |||||
The senior notes are the unsecured obligations of Toll Brothers Finance Corp., a 100%-owned subsidiary of the Company. The payment of principal and interest is fully and unconditionally guaranteed, jointly and severally, by the Company and a majority of its home building subsidiaries (together with Toll Brothers Finance Corp., the “Senior Note Parties”). The senior notes rank equally in right of payment with all the Senior Note Parties’ existing and future unsecured senior indebtedness, including the Credit Facility. The senior notes are structurally subordinated to the prior claims of creditors, including trade creditors, of the subsidiaries of the Company that are not guarantors of the senior notes. The senior notes, other than the 0.5% Exchangeable Senior Notes due 2032 (“0.5% Senior Notes”), are redeemable in whole or in part at any time at the option of the Company, at prices that vary based upon the then-current rates of interest and the remaining original term of the notes. The 0.5% Senior Notes are not redeemable by the Company prior to September 15, 2017. | ||||||||
In September 2013, the Company repaid the outstanding $104.8 million of its 5.95% Senior Notes due September 15, 2013. | ||||||||
On April 3, 2013, the Company, through Toll Brothers Finance Corp., issued $300.0 million principal amount of 4.375% Senior Notes due 2023 (the "4.375% Senior Notes") at par. The Company received $298.1 million of net proceeds from this issuance of 4.375% Senior Notes. | ||||||||
On May 13, 2013, the Company, through Toll Brothers Finance Corp., issued an additional $100.0 million principal amount of 4.375% Senior Notes at a price equal to 103% of par value. The Company received $102.3 million of net proceeds from this additional issuance of 4.375% Senior Notes. | ||||||||
In November 2012, the Company repaid the $59.1 million of outstanding 6.875% Senior Notes due November 15, 2012. | ||||||||
In September 2012, the Company, through Toll Brothers Finance Corp., issued $287.5 million principal amount of 0.5% Senior Notes. The Company received $282.5 million of net proceeds from the issuance of the 0.5% Senior Notes. The 0.5% Senior Notes are exchangeable into shares of the Company's common stock at an exchange rate of 20.3749 shares per $1,000 principal amount of notes, corresponding to an initial exchange price of approximately $49.08 per share of the Company's common stock. If all of the 0.5% Senior Notes are exchanged, the Company would issue approximately 5.9 million shares of its common stock. Shares issuable upon conversion of the 0.5% Senior Notes are included in the calculation of diluted earnings per share. See Note 11, "Income Per Share Information" for more information regarding the number of shares included in the calculation of diluted earnings per share. Holders of the 0.5% Senior Notes will have the right to require Toll Brothers Finance Corp. to repurchase their notes for cash equal to 100% of their principal amount, plus accrued but unpaid interest, on each of December 15, 2017, September 15, 2022 and September 15, 2027. Toll Brothers Finance Corp. will have the right to redeem the 0.5% Senior Notes on or after September 15, 2017 for cash equal to 100% of their principal amount, plus accrued but unpaid interest. | ||||||||
In February 2012, the Company, through Toll Brothers Finance Corp., issued $300 million principal amount of 5.875% Senior Notes due 2022 (the “5.875% Senior Notes”). The Company received $296.2 million of net proceeds from the issuance of the 5.875% Senior Notes. In March 2012, the Company, through Toll Brothers Finance Corp., issued an additional $119.9 million principal amount of its 5.875% Senior Notes in exchange for $80.7 million principal amount of its 6.875% Senior Notes due 2012 and $36.9 million principal amount of its 5.95% Senior Notes due 2013. The Company recognized a charge of $1.2 million in fiscal 2012 representing the aggregate costs associated with the exchange of both series of notes; these expenses are included in selling, general and administrative expenses in the Consolidated Statement of Operations. | ||||||||
The Company repurchased $55.1 million of its 6.875% Senior Notes due 2012 in fiscal 2011 and $45.5 million ($13.5 million of its 5.95% Senior notes due 2013 and $32.0 million of its 4.95% Senior Notes due 2014) of its senior notes in fiscal 2010. In fiscal 2011 and 2010, the Company recognized $3.8 million and $1.2 million, respectively, of expenses related to the retirement of these notes. Expenses related to the retirement of notes include, if any, premium paid, write-off of unamortized debt issuance costs and other debt redemption costs. | ||||||||
In November 2013, the Company issued $600 million of senior notes. See Note 1 - "Significant Accounting Policies - Subsequent Events" for more information. | ||||||||
Mortgage Company Loan Facility | ||||||||
TBI Mortgage Company (“TBI Mortgage”), the Company’s wholly-owned mortgage subsidiary, has a Master Repurchase Agreement (the “Repurchase Agreement”) with Comerica Bank. The purpose of the Repurchase Agreement is to finance the origination of mortgage loans by TBI Mortgage and it is accounted for as a secured borrowing under ASC 860. The Repurchase Agreement, as amended, provides for loan purchases up to $50 million, subject to certain sublimits. In addition, the Repurchase Agreement provides for an accordion feature under which TBI Mortgage may request that the aggregate commitments under the Repurchase Agreement be increased to an amount up to $75 million for a short period of time. The Repurchase Agreement, as amended, expires on July 22, 2014 and bears interest at LIBOR plus 2.00%, with a minimum rate of 3.00%. Borrowings under this facility are included in the fiscal 2013 maturities. | ||||||||
At October 31, 2013 and 2012, there were $75.0 million and $72.7 million, respectively, outstanding under the Repurchase Agreement, which are included in liabilities in the accompanying Consolidated Balance Sheets. At October 31, 2013 and 2012, amounts outstanding under the Repurchase Agreement were collateralized by $113.5 million and $86.4 million, respectively, of mortgage loans held for sale, which are included in assets in the Company’s Consolidated Balance Sheets. As of October 31, 2013, there were no aggregate outstanding purchase price limitations reducing the amount available to TBI Mortgage. There are several restrictions on purchased loans under the Repurchase Agreement, including that they cannot be sold to others, they cannot be pledged to anyone other than the agent and they cannot support any other borrowing or repurchase agreement. | ||||||||
General | ||||||||
As of October 31, 2013, the annual aggregate maturities of the Company’s loans and notes during each of the next five fiscal years are as follows (amounts in thousands): | ||||||||
Amount | ||||||||
2014 | 373,049 | |||||||
2015 | 317,365 | |||||||
2016 | 9,332 | |||||||
2017 | 404,415 | |||||||
2018 | 1,989 | |||||||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Payables and Accruals [Abstract] | ' | |||||||||||
Accrued Expenses | ' | |||||||||||
Accrued Expenses | ||||||||||||
Accrued expenses at October 31, 2013 and 2012 consisted of the following (amounts in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Land, land development and construction | $ | 152,674 | $ | 124,731 | ||||||||
Compensation and employee benefit | 111,561 | 111,093 | ||||||||||
Insurance and litigation | 89,104 | 101,908 | ||||||||||
Warranty | 43,819 | 41,706 | ||||||||||
Interest | 25,675 | 28,204 | ||||||||||
Commitments to unconsolidated entities | 3,804 | 2,135 | ||||||||||
Other | 96,350 | 66,573 | ||||||||||
$ | 522,987 | $ | 476,350 | |||||||||
The Company accrues for expected warranty costs at the time each home is closed and title and possession are transferred to the home buyer. Warranty costs are accrued based upon historical experience. The table below provides a reconciliation of the changes in the Company's warranty accrual during fiscal 2013, 2012 and 2011 as follows (amounts in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance, beginning of year | $ | 41,706 | $ | 42,474 | $ | 45,835 | ||||||
Additions - homes closed during the year | 14,652 | 10,560 | 8,809 | |||||||||
Addition - liabilities acquired | 731 | |||||||||||
(Decrease) increase in accruals for homes closed in prior years | (184 | ) | 479 | (828 | ) | |||||||
Charges incurred | (12,355 | ) | (12,538 | ) | (11,342 | ) | ||||||
Balance, end of year | $ | 43,819 | $ | 41,706 | $ | 42,474 | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||
Income Tax Disclosure [Text Block] | ' | |||||||||||||||||
Income Taxes | ||||||||||||||||||
The following table provides a reconciliation of the Company’s effective tax rate from the federal statutory tax rate for the fiscal years ended October 31, 2013, 2012 and 2011 ($ amounts in thousands). | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
$ | %* | $ | %* | $ | %* | |||||||||||||
Federal tax provision (benefit) at statutory rate | 93,694 | 35 | 39,530 | 35 | (10,278 | ) | 35 | |||||||||||
State tax provision (benefit), net of federal benefit | 11,363 | 4.2 | 4,711 | 4.2 | (954 | ) | 3.2 | |||||||||||
Reversal of accrual for uncertain tax positions | (5,580 | ) | (2.1 | ) | (34,167 | ) | (30.3 | ) | (52,306 | ) | 178.1 | |||||||
Accrued interest on anticipated tax assessments | 3,704 | 1.4 | 5,000 | 4.4 | 3,055 | (10.4 | ) | |||||||||||
Increase in unrecognized tax benefits | — | 5,489 | 4.9 | — | ||||||||||||||
Increase in deferred tax assets, net | (4,914 | ) | (1.8 | ) | — | (25,948 | ) | 88.4 | ||||||||||
Valuation allowance — recognized | 3,232 | 1.2 | — | 43,876 | (149.4 | ) | ||||||||||||
Valuation allowance — reversed | (4,569 | ) | (1.7 | ) | (394,718 | ) | (349.5 | ) | (25,689 | ) | 87.5 | |||||||
Other | 161 | 0.1 | (49 | ) | — | (917 | ) | 3.1 | ||||||||||
Income tax provision (benefit)* | 97,091 | 36.3 | (374,204 | ) | (331.3 | ) | (69,161 | ) | 235.5 | |||||||||
* | Due to rounding, amounts may not add. | |||||||||||||||||
The Company currently operates in 19 states and is subject to various state tax jurisdictions. The Company estimates its state tax liability based upon the individual taxing authorities’ regulations, estimates of income by taxing jurisdiction and the Company’s ability to utilize certain tax-saving strategies. Based on the Company's estimate of the allocation of income or loss among the various taxing jurisdictions and changes in tax regulations and their impact on the Company’s tax strategies, the Company estimated its rate for state income taxes at 6.5%, 6.5% and 5.0% in fiscal 2013, 2012 and 2011. | ||||||||||||||||||
The following table provides information regarding the provision (benefit) for income taxes for each of the fiscal years ended October 31, 2013, 2012 and 2011 (amounts in thousands). | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Federal | $ | 93,451 | $ | (329,277 | ) | $ | (21,517 | ) | ||||||||||
State | 3,640 | (44,927 | ) | (47,644 | ) | |||||||||||||
$ | 97,091 | $ | (374,204 | ) | $ | (69,161 | ) | |||||||||||
Current | $ | 23,209 | $ | (21,296 | ) | $ | (43,212 | ) | ||||||||||
Deferred | 73,882 | (352,908 | ) | (25,949 | ) | |||||||||||||
$ | 97,091 | $ | (374,204 | ) | $ | (69,161 | ) | |||||||||||
In November 2009, the Worker, Homeownership, and Business Assistance Act of 2009 was enacted into law which allowed the Company to carry back its fiscal 2010 taxable loss against taxable income reported in fiscal 2006 and receive a federal tax refund in its second quarter of fiscal 2011 of $154.3 million. The tax losses generated in fiscal 2010 were primarily from the recognition for tax purposes of previously recognized book impairments and the recognition of stock option expenses recognized for book purposes in prior years. | ||||||||||||||||||
The following table provides a reconciliation of the change in the unrecognized tax benefits for the years ended October 31, 2013, 2012 and 2011 (amounts in thousands). | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Balance, beginning of year | $ | 80,991 | $ | 104,669 | $ | 160,446 | ||||||||||||
Increase in benefit as a result of tax positions taken in prior years | 5,699 | 5,000 | 8,168 | |||||||||||||||
Increase in benefit as a result of tax positions taken in current year | 5,489 | |||||||||||||||||
Decrease in benefit as a result of settlements | (17,954 | ) | ||||||||||||||||
Decrease in benefit as a result of completion of audits | (1,782 | ) | (33,370 | ) | ||||||||||||||
Decrease in benefit as a result of lapse of statute of limitation | (8,585 | ) | (32,385 | ) | (12,621 | ) | ||||||||||||
Balance, end of year | $ | 78,105 | $ | 80,991 | $ | 104,669 | ||||||||||||
The statute of limitation has expired on the Company's federal tax returns for fiscal years through 2009. | ||||||||||||||||||
The Company’s unrecognized tax benefits are included in “Income taxes payable” on the Company’s consolidated balance sheets. If these unrecognized tax benefits reverse in the future, they would have a beneficial impact on the Company’s effective tax rate at that time. During the next twelve months, it is reasonably possible that the amount of unrecognized tax benefits will change but we are not able to provide a range of such change. The anticipated changes will be principally due to the expiration of tax statutes, settlements with taxing jurisdictions, increases due to new tax positions taken and the accrual of estimated interest and penalties. | ||||||||||||||||||
The Company recognizes in its tax provision (benefit), potential interest and penalties. The following table provides information as to the amounts recognized in its tax provision (benefit), before reduction for applicable taxes and reversal of previously accrued interest and penalties, of potential interest and penalties in the twelve-month periods ended October 31, 2013, 2012 and 2011, and the amounts accrued for potential interest and penalties at October 31, 2013 and 2012 (amounts in thousands). | ||||||||||||||||||
Expense recognized in statements of operations | ||||||||||||||||||
Fiscal year | ||||||||||||||||||
2013 | $ | 5,699 | ||||||||||||||||
2012 | $ | 5,000 | ||||||||||||||||
2011 | $ | 4,700 | ||||||||||||||||
Accrued at: | ||||||||||||||||||
October 31, 2013 | $ | 28,362 | ||||||||||||||||
October 31, 2012 | $ | 24,906 | ||||||||||||||||
The amounts accrued for interest and penalties are included in “Income taxes payable” on the Company’s consolidated balance sheets. | ||||||||||||||||||
The components of net deferred tax assets and liabilities at October 31, 2013 and 2012 are set forth below (amounts in thousands). | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Deferred tax assets: | ||||||||||||||||||
Accrued expenses | $ | 53,992 | $ | 56,598 | ||||||||||||||
Impairment charges | 262,346 | 319,818 | ||||||||||||||||
Inventory valuation differences | 28,448 | 30,424 | ||||||||||||||||
Stock-based compensation expense | 48,014 | 44,336 | ||||||||||||||||
Amounts related to unrecognized tax benefits | 35,603 | 36,934 | ||||||||||||||||
State tax, net operating loss carryforward | 55,763 | 50,006 | ||||||||||||||||
Federal tax net operating loss carryforward | 25,170 | |||||||||||||||||
Other | 20,369 | 21,345 | ||||||||||||||||
Total assets | 504,535 | 584,631 | ||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||
Capitalized interest | 100,514 | 102,713 | ||||||||||||||||
Deferred income | 7,388 | 7,784 | ||||||||||||||||
Expenses taken for tax purposes not for book | 29,257 | 36,811 | ||||||||||||||||
Depreciation | 4,548 | 3,994 | ||||||||||||||||
Deferred marketing | 21,089 | 18,229 | ||||||||||||||||
Total liabilities | 162,796 | 169,531 | ||||||||||||||||
Net deferred tax assets before valuation allowances | 341,739 | 415,100 | ||||||||||||||||
Cumulative valuation allowance - state | (55,707 | ) | (57,044 | ) | ||||||||||||||
Net deferred tax assets | $ | 286,032 | $ | 358,056 | ||||||||||||||
As of October 31, 2012, the Company reclassed $1.1 million of deferred tax assets from accrued expenses to inventory valuation differences and $1.2 million of deferred tax liabilities from other to deferred income. These amounts were reclassified to conform to the fiscal 2013 presentation. | ||||||||||||||||||
Since the beginning of fiscal 2007, the Company recorded significant deferred tax assets as a result of the recognition of inventory impairments and impairments of investments in and advances to unconsolidated entities. In accordance with GAAP, the Company assessed whether a valuation allowance should be established based on its determination of whether it is “more likely than not” that some portion or all of the deferred tax assets would not be realized. In fiscal 2009, the Company recorded valuation allowances against its deferred tax assets due to its belief that the continued downturn in the housing market, the uncertainty as to its length and magnitude, the Company's continued recognition of impairment charges, and its operating losses were significant negative evidence of the need for a valuation allowance against its net deferred tax assets. | ||||||||||||||||||
At October 31, 2012, the Company considered the need for a valuation allowance against its deferred tax assets considering all available and objectively verifiable positive and negative evidence. That evidence principally consisted of (i) an indication that the events and conditions that gave rise to significant losses in prior years were unlikely to recur in the foreseeable future, (ii) a return to profitability in fiscal 2012 together with expectations of continuing profitability in fiscal 2013, supported by existing backlog, and beyond, and (iii) the term of the statutory operating loss carry-forward periods provide evidence that it is more likely than not that these deferred tax assets will be realized. At October 31, 2012, the Company determined that the valuation allowance on its federal deferred tax assets and certain state valuation allowances were no longer needed. Accordingly, in fiscal 2012, the Company reversed a valuation allowance in the amount of $394.7 million; this has been reported as a component of income tax provision (benefit) in the accompanying Consolidated Statements of Operations. During fiscal 2013, the Company continued to re-evaluate the need for its remaining state valuation allowance and updated its fiscal 2012 analysis. Based upon the Company's better than forecasted operating results in fiscal 2013, its significantly higher backlog at October 31, 2013 and improved forecast of results of operations in fiscal 2014, it reversed an additional $4.6 million of state deferred tax asset valuation allowance in fiscal 2013. The Company will continue to review its deferred tax assets in accordance with ASC 740. The remaining valuation allowance at October 31, 2013 of $55.7 million relates to deferred tax assets in states that had not met the “more-likely-than-not” realization threshold criteria. | ||||||||||||||||||
At October 31, 2013, the Company expects to utilize all prior year federal tax loss carryforwards resulting from losses incurred for federal income tax purposes during fiscal years 2011 and 2012 on its fiscal 2013 federal income tax return. | ||||||||||||||||||
We file tax returns in the various states in which we do business. Each state has its own statutes regarding the use of tax loss carryforwards. Some of the states in which we do business do not allow for the carryforward of losses while others allow for carryforwards for 5 years to 20 years. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Stock Repurchase Program [Abstract] | ' | |||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||
Stockholders’ Equity | ||||||||||||
The Company’s authorized capital stock consists of 400 million shares of common stock, $.01 par value per share and 15 million shares of preferred stock, $.01 par value per share. At October 31, 2013, the Company had 169.4 million shares of common stock issued and outstanding, 11.0 million shares of common stock reserved for outstanding stock options and restricted stock units, 4.4 million shares of common stock reserved for future stock option and award issuances, 5.9 million shares of common stock reserved for the conversion of its 0.5% senior notes and 0.6 million shares of common stock reserved for issuance under the Company’s employee stock purchase plan. As of October 31, 2013, the Company had issued no shares of preferred stock. | ||||||||||||
In November 2013, the Company issued 7.2 million shares of its common stock in a public offering. See Note 1 - "Significant Accounting Policies - Subsequent Events" for more information. | ||||||||||||
Issuance of Restricted Common Stock | ||||||||||||
In fiscal 2012 and 2011, the Company issued 1,350 and 1,250 shares of restricted common stock, respectively, pursuant to its stock incentive plans to certain outside directors. The Company is amortizing the fair market value of the awards on the date of grant over the period of time that each award vests. At October 31, 2013, 675 shares of the restricted stock awards were unvested. | ||||||||||||
Stock Repurchase Program | ||||||||||||
In March 2003, the Company’s Board of Directors authorized the repurchase of up to 20 million shares of its common stock from time to time, in open market transactions or otherwise, for the purpose of providing shares for its various benefit plans. | ||||||||||||
The following table provides information about the Company’s share repurchase program for the fiscal years ended October 31, 2013, 2012 and 2011. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Number of shares purchased (in thousands) | 498 | 20 | 3,068 | |||||||||
Average price per share | $ | 30.9 | $ | 25.62 | $ | 16 | ||||||
Remaining authorization at October 31 (in thousands) | 8,268 | 8,766 | 8,786 | |||||||||
Stockholder Rights Plan and Transfer Restriction | ||||||||||||
In June 2007, the Company adopted a shareholder rights plan (“2007 Rights Plan”). The rights issued pursuant to the 2007 Rights Plan will become exercisable upon the earlier of (i) ten days following a public announcement that a person or group of affiliated or associated persons has acquired, or obtained the right to acquire, beneficial ownership of 15% or more of the outstanding shares of the Company’s common stock or (ii) ten business days following the commencement of a tender offer or exchange offer that would result in a person or group beneficially owning 15% or more of the outstanding shares of common stock. No rights were exercisable at October 31, 2013. | ||||||||||||
On March 17, 2010, the Board of Directors of the Company adopted a Certificate of Amendment to the Second Restated Certificate of Incorporation of the Company (the “Certificate of Amendment”). The Certificate of Amendment includes an amendment approved by the Company’s stockholders at the 2010 Annual Meeting of Stockholders that restricts certain transfers of the Company’s common stock in order to preserve the tax treatment of the Company’s net operating and unrealized tax losses. The Certificate of Amendment’s transfer restrictions generally restrict any direct or indirect transfer of the Company’s common stock if the effect would be to increase the direct or indirect ownership of any Person (as defined in the Certificate of Amendment) from less than 4.95% to 4.95% or more of the Company’s common stock or increase the ownership percentage of a person owning or deemed to own 4.95% or more of the Company’s common stock. Any direct or indirect transfer attempted in violation of this restriction would be void as of the date of the prohibited transfer as to the purported transferee. |
StockBased_Benefit_Plans
Stock-Based Benefit Plans | 12 Months Ended | ||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||
Stock-Based Benefit Plans [Abstract] | ' | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||
Stock-Based Benefit Plans | |||||||||||||||||||||
The Company has two active stock incentive plans, one for employees (including officers) and one for non-employee directors. The Company’s active stock incentive plans provide for the granting of incentive stock options (solely to employees) and non-qualified stock options with a term of up to ten years at a price not less than the market price of the stock at the date of grant. The Company’s active stock incentive plans also provide for the issuance of stock appreciation rights and restricted and unrestricted stock awards and stock units, which may be performance-based. | |||||||||||||||||||||
The Company grants stock options, restricted stock and various types of restricted stock units to its employees and its non-employee directors under its stock incentive plans. Beginning in fiscal 2012, the Company changed the mix of stock-based compensation to its employees by reducing the number of stock options it grants and, in their place, issued non-performance- based restricted stock units as a form of compensation. At October 31, 2013, 2012 and 2011, the Company had 4,397,000, 5,489,000 and 6,712,000 shares, respectively, available for grant under its stock incentive plans. | |||||||||||||||||||||
The Company has one additional stock incentive plan for employees, officers and directors that is inactive except for outstanding stock option awards at October 31, 2013. No additional options may be granted under this plan. Stock options granted under this plan were made with a term of up to ten years at a price not less than the market price of the stock at the date of grant and generally vested over a four-year period for employees and a two-year period for non-employee directors. | |||||||||||||||||||||
The following table provides information regarding the amount of total stock-based compensation expense recognized by the Company for fiscal 2013, 2012 and 2011 (amounts in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Total stock-based compensation expense recognized | $ | 19,041 | $ | 15,575 | $ | 12,548 | |||||||||||||||
Income tax benefit recognized | $ | 7,378 | $ | 5,711 | $ | 4,793 | |||||||||||||||
At October 31, 2013, 2012 and 2011, the aggregate unamortized value of outstanding stock-based compensation awards was approximately $19.9 million, $14.2 million and $12.7 million, respectively. | |||||||||||||||||||||
Information about the Company’s more significant stock-based compensation programs is outlined below. | |||||||||||||||||||||
Stock Options: | |||||||||||||||||||||
Stock options granted to employees generally vest over a four-year period, although certain grants may vest over a longer or shorter period, and stock options granted to non-employee directors generally vest over a two-year period. Shares issued upon the exercise of a stock option are either from shares held in treasury or newly issued shares. | |||||||||||||||||||||
The fair value of each option award is estimated on the date of grant using a lattice-based option valuation model that uses assumptions noted in the following table. Expected volatilities were based on implied volatilities from traded options on the Company’s stock, historical volatility of the Company’s stock and other factors. The expected lives of options granted were derived from the historical exercise patterns and anticipated future patterns and represent the period of time that options granted are expected to be outstanding; the range given below results from certain groups of employees exhibiting different behaviors. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||||||||||
The following table summarizes the weighted-average assumptions and fair value used for stock option grants in each of the fiscal years ended October 31, 2013, 2012 and 2011. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Expected volatility | 44.04% - 48.13% | 44.20% - 50.24% | 45.38% - 49.46% | ||||||||||||||||||
Weighted-average volatility | 46.70% | 46.99% | 47.73% | ||||||||||||||||||
Risk-free interest rate | 0.64% - 1.56% | 0.78% - 1.77% | 1.64% - 3.09% | ||||||||||||||||||
Expected life (years) | 4.48 - 8.88 | 4.59 - 9.06 | 4.29 - 8.75 | ||||||||||||||||||
Dividends | none | none | none | ||||||||||||||||||
Weighted-average fair value per share of options granted | $13.05 | $8.70 | $7.94 | ||||||||||||||||||
The fair value of stock option grants is recognized evenly over the vesting period of the options or over the period between the grant date and the time the option becomes non-forfeitable by the employee, whichever is shorter. Information regarding the stock compensation expense, related to stock options, for fiscal 2013, 2012 and 2011 was as follows (amounts in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Stock compensation expense recognized - options | $ | 7,703 | $ | 7,411 | $ | 8,626 | |||||||||||||||
At October 31, 2013, total compensation cost related to non-vested stock option awards not yet recognized was approximately $9.8 million and the weighted-average period over which the Company expects to recognize such compensation costs and tax benefit is approximately 2.6 years. | |||||||||||||||||||||
The following table summarizes stock option activity for the Company’s plans during each of the fiscal years ended October 31, 2013, 2012 and 2011 (amounts in thousands, except per share amounts): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Number | Weighted- | Number | Weighted- | Number | Weighted- | ||||||||||||||||
of | average | of | average | of | average | ||||||||||||||||
options | exercise | options | exercise | options | exercise | ||||||||||||||||
price | price | price | |||||||||||||||||||
Balance, beginning | 10,669 | $ | 23.23 | 12,868 | $ | 20.94 | 14,339 | $ | 19.36 | ||||||||||||
Granted | 768 | 32.22 | 777 | 20.5 | 1,103 | 19.32 | |||||||||||||||
Exercised | (1,454 | ) | 19.21 | (2,941 | ) | 12.52 | (2,467 | ) | 11.07 | ||||||||||||
Canceled | (59 | ) | 25.09 | (35 | ) | 20.67 | (107 | ) | 20.12 | ||||||||||||
Balance, ending | 9,924 | $ | 24.51 | 10,669 | $ | 23.23 | 12,868 | $ | 20.94 | ||||||||||||
Options exercisable, at October 31, | 7,996 | $ | 24.49 | 8,540 | $ | 24.09 | 10,365 | $ | 21.24 | ||||||||||||
The weighted average remaining contractual life (in years) for options outstanding and exercisable at October 31, 2013 was 4.3 and 3.4, respectively. | |||||||||||||||||||||
The intrinsic value of options outstanding and exercisable is the difference between the fair market value of the Company’s common stock on the applicable date (“Measurement Value”) and the exercise price of those options that had an exercise price that was less than the Measurement Value. The intrinsic value of options exercised is the difference between the fair market value of the Company’s common stock on the date of exercise and the exercise price. | |||||||||||||||||||||
The following table provides information pertaining to the intrinsic value of options outstanding and exercisable at October 31, 2013, 2012 and 2011 (amounts in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Intrinsic value of options outstanding | $ | 84,938 | $ | 106,084 | $ | 16,839 | |||||||||||||||
Intrinsic value of options exercisable | $ | 68,920 | $ | 77,936 | $ | 16,839 | |||||||||||||||
Information pertaining to the intrinsic value of options exercised and the fair value of options that became vested or modified in each of the fiscal years ended October 31, 2013, 2012 and 2011 is provided below (amounts in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Intrinsic value of options exercised | $ | 19,632 | $ | 39,730 | $ | 23,573 | |||||||||||||||
Fair value of options vested | $ | 8,334 | $ | 10,079 | $ | 11,027 | |||||||||||||||
The Company’s stock incentive plans permit optionees to exercise stock options using a “net exercise” method at the discretion of the Executive Compensation Committee of the Board of Directors (“Executive Compensation Committee”). In a net exercise, the Company withholds from the total number of shares that otherwise would be issued to an optionee upon exercise of the stock option that number of shares having a fair market value at the time of exercise equal to the option exercise price and applicable income tax withholdings and remits the remaining shares to the optionee. | |||||||||||||||||||||
The following table provides information regarding the use of the net exercise method for fiscal 2013, 2012 and 2011. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Options exercised | 531,000 | 303,412 | 194,000 | ||||||||||||||||||
Shares withheld | 405,838 | 151,889 | 98,918 | ||||||||||||||||||
Shares issued | 125,162 | 151,523 | 95,082 | ||||||||||||||||||
Average market value per share withheld | $ | 32.22 | $ | 22.68 | $ | 18.94 | |||||||||||||||
Aggregate market value of shares withheld (in thousands) | $ | 13,076 | $ | 3,445 | $ | 1,873 | |||||||||||||||
In addition, pursuant to the provisions of the Company’s stock incentive plans, optionees are permitted to use the value of the Company’s common stock that they own to pay for the exercise of options (“stock swap method”). | |||||||||||||||||||||
The following table provides information regarding the use of the stock swap method for fiscal 2013, 2012 and 2011. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Options exercised | 6,534 | 19,686 | 28,900 | ||||||||||||||||||
Shares tendered | 4,034 | 8,224 | 14,807 | ||||||||||||||||||
Shares issued | 2,500 | 11,462 | 14,093 | ||||||||||||||||||
Average market value per share withheld | $ | 32.61 | $ | 25.52 | $ | 20.53 | |||||||||||||||
Aggregate market value of shares tendered (in thousands) | $ | 132 | $ | 210 | $ | 304 | |||||||||||||||
Performance Based Restricted Stock Units: | |||||||||||||||||||||
In fiscal 2013 and 2012, the Executive Compensation Committee approved awards of performance-based restricted stock units (“Performance-Based RSUs”) relating to shares of the Company’s common stock to certain of its senior management. The use of Performance-Based RSUs replaced the use of stock price-based restricted stock units awarded in prior years. The Performance-Based RSUs are based on the attainment of certain performance metrics of the Company in year of grant. The number of shares underlying the Performance-Based RSUs that will be issued to the recipients may range from 90% to 110% of the base award depending on actual performance metrics as compared to the target performance metrics. The Performance-Based RSUs vest over a four-year period provided the recipients continue to be employed by the Company or serve on the Board of Directors of the Company (as applicable) as specified in the award document. | |||||||||||||||||||||
The value of the Performance-Based RSUs was determined to be equal to the estimated number of shares of the Company’s common stock to be issued multiplied by the closing price of the Company’s common stock on the New York Stock Exchange ("NYSE") on the date the Performance-Based RSU awards were approved by the Executive Compensation Committee. The Company evaluates the performance-based metrics quarterly and estimates the number of shares underlying the RSUs that are probable of being issued. The following table provides information regarding the issuance, valuation assumptions and amortization of the Company’s Performance-Based RSUs issued in fiscal 2013 and 2012. | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Number of shares underlying Performance-Based RSUs to be issued | 302,511 | 370,176 | |||||||||||||||||||
Closing price of the Company’s common stock on date performance goals were approved | $ | 37.78 | $ | 20.5 | |||||||||||||||||
Estimated aggregate fair value of Performance-Based RSUs issued (in thousands) | $ | 11,429 | $ | 7,589 | |||||||||||||||||
Aggregate number of Performance-Based RSUs outstanding at October 31 | 672,687 | 370,176 | |||||||||||||||||||
Performance-Based RSU expense recognized (in thousands) | $ | 6,946 | $ | 3,952 | |||||||||||||||||
Unamortized value of Performance-Based RSUs at October 31 (in thousands) | $ | 8,120 | $ | 3,636 | |||||||||||||||||
Stock Price-Based Restricted Stock Units: | |||||||||||||||||||||
In each of December 2010, 2009 and 2008, the Executive Compensation Committee approved awards to certain of its executives of market performance-based restricted stock units (“Stock Price-Based RSUs”) relating to shares of the Company’s common stock. In fiscal 2012, the Company adopted a Performance-Based Restricted Stock Award program to replace the Stock Price-Based RSU program. The Stock Price-Based RSUs will vest and the recipients will be entitled to receive the underlying shares if the average closing price of the Company’s common stock on the NYSE, measured over any 20 consecutive trading days ending on or prior to five years from date of issuance of the Stock Price-Based RSUs increases 30% or more over the closing price of the Company’s common stock on the NYSE on the date of issuance (“Target Price”), provided the recipients continue to be employed by the Company or serve on the Board of Directors of the Company (as applicable) as specified in the award document. | |||||||||||||||||||||
In fiscal 2012, the Target Price of the Stock Price-Based RSUs issued in December 2010, 2009 and 2008 were met. The Stock Price-Based RSUs issued in December 2008 were paid in fiscal 2012. The recipient of this RSU elected to use a portion of the shares underlying the RSUs to pay the required income withholding taxes on the payout. The gross value of the RSU payout was $5.9 million (200,000 shares), the income tax withholding was $2.4 million (81,200 shares) and the net value of the shares delivered was $3.5 million (118,800 shares). | |||||||||||||||||||||
The Stock Price-Based RSUs issued in December 2009 were paid in fiscal 2013. The recipient of these RSUs elected to use a portion of the shares underlying the RSUs to pay the required income withholding taxes on the payout. The gross value of the payout was $6.5 million (200,000 shares), the income tax withholding was $2.6 million (81,201 shares) and the net value of the shares delivered was $3.8 million (118,799 shares). | |||||||||||||||||||||
In December 2010, the Executive Compensation Committee approved the award of a Stock Price-Based RSUs relating to 306,000 shares of the Company’s common stock to certain senior management of the Company; the closing price of the Company’s common stock on the NYSE on the date of the award was $19.32 and the Target Price was $25.12. Using a lattice based option pricing model and assuming an expected volatility of 48.22%, a risk-free interest rate of 1.99%, and an expected life of 3.0 years, the Company determined the aggregate value of the Stock Price-Based RSUs to be $5.0 million. At October 31, 2013, 306,000 Stock Price-Based RSUs were outstanding and the unamortized value of these RSUs was $0.2 million. In fiscal 2013, the Company recognized $1.8 million of expense related to Stock Price-Based RSUs. The Company expects to distribute these Stock Price-Based RSUs in December 2013. | |||||||||||||||||||||
Non-performance Based Restricted Stock Units: | |||||||||||||||||||||
In December 2013, 2012 and 2011, the Company issued restricted stock units (“RSUs”) to various officers, employees and directors. These RSUs generally vest in annual installments over a two- to four-year period. The value of the RSUs was determined to be equal to the number of shares of the Company’s common stock to be issued pursuant to the RSUs, multiplied by the closing price of the Company’s common stock on the NYSE on the date the RSUs were awarded. The following table provides information regarding these RSUs for fiscal 2013, 2012 and 2011. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Non-performance-Based RSUs issued: | |||||||||||||||||||||
Number issued | 94,080 | 107,820 | 15,497 | ||||||||||||||||||
Closing price of the Company’s common stock on date of issuance | $ | 32.22 | $ | 20.5 | $ | 19.32 | |||||||||||||||
Aggregate fair value of RSUs issued (in thousands) | $ | 3,031 | $ | 2,210 | $ | 299 | |||||||||||||||
Non-performance-Based RSU expense recognized (in thousands): | $ | 2,490 | $ | 156 | $ | 144 | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
At October 31: | |||||||||||||||||||||
Aggregate Non-performance-Based RSUs outstanding | 225,252 | 137,764 | 30,994 | ||||||||||||||||||
Cumulative unamortized value of Non-performance-Based RSUs (in thousands) | $ | 1,706 | $ | 1,326 | $ | 379 | |||||||||||||||
Restricted Stock Units in Lieu of Compensation | |||||||||||||||||||||
In December 2008, the Company issued restricted stock units (“RSUs in Lieu”) relating to 62,051 shares of the Company’s common stock to a number of employees in lieu of a portion of the employees’ bonuses and in lieu of a portion of one employee’s 2009 salary. These RSUs in Lieu vested in annual installments over a four-year period. Because the RSUs in Lieu are non-forfeitable, the value of the RSUs in Lieu was determined to be equal to the number of shares of the Company’s common stock to be issued pursuant to the RSUs in Lieu multiplied by $21.70, the closing price of the Company’s common stock on the NYSE on December 19, 2008, the date the RSUs in Lieu were awarded. The amount applicable to employee bonuses was charged to the Company’s accrual for bonuses that it made in fiscal 2008 and the amount applicable to salary deferral ($130,000) was charged to selling, general and administrative expense in the three-month period ended January 31, 2009. The Company’s stock incentive plan permits the Company to withhold from the total number of shares that otherwise would be issued to a RSUs in Lieu recipient upon distribution that number of shares having a fair value at the time of distribution equal to the applicable income tax withholdings due and remit the remaining shares to the RSUs in Lieu participant. | |||||||||||||||||||||
The following table provides information relating to the distribution of shares and the withholding of taxes on the RSUs in Lieu for fiscal 2013, 2012 and 2011. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares withheld | 8,509 | 356 | 741 | ||||||||||||||||||
Shares issued | 29,460 | 7,982 | 8,975 | ||||||||||||||||||
Value of shares withheld (in thousands) | $ | 308 | $ | 10 | $ | 15 | |||||||||||||||
At October 31, 2013, 2012 and 2011, 0, 38,000 and 46,000 RSUs in Lieu, respectively, were outstanding. | |||||||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||||||
The Company’s employee stock purchase plan enables substantially all employees to purchase the Company’s common stock at 95% of the market price of the stock on specified offering dates without restriction or at 85% of the market price of the stock on specified offering dates subject to restrictions. The plan, which terminates in December 2017, provides that 1.2 million shares be reserved for purchase. At October 31, 2013, 574,000 shares were available for issuance. | |||||||||||||||||||||
The following table provides information regarding the Company’s employee stock purchase plan for fiscal 2013, 2012 and 2011. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares issued | 20,362 | 18,456 | 23,079 | ||||||||||||||||||
Average price per share | $ | 28.71 | $ | 22.58 | $ | 15.59 | |||||||||||||||
Compensation expense recognized (in thousands) | $ | 77 | $ | 63 | $ | 54 | |||||||||||||||
Income_Per_Share_Information
Income Per Share Information | 12 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Income per Share Information | ' | |||||||||||
Income Per Share Information | ||||||||||||
Information pertaining to the calculation of income per share for each of the fiscal years ended October 31, 2013, 2012 and 2011 is as follows (amounts in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Net income as reported | $ | 170,606 | $ | 487,146 | $ | 39,795 | ||||||
Plus: Interest and costs attributable to 0.5% Exchangeable Senior Notes, net of income tax benefit | 1,604 | 78 | ||||||||||
Numerator for diluted earnings per share | $ | 172,210 | $ | 487,224 | $ | 39,795 | ||||||
Denominator: | ||||||||||||
Basic weighted-average shares | $ | 169,288 | 167,346 | 167,140 | ||||||||
Common stock equivalents (a) | 2,817 | 1,996 | 1,241 | |||||||||
Shares attributable to 0.5% Exchangeable Senior Notes | 5,858 | 812 | ||||||||||
Diluted weighted-average shares | 177,963 | 170,154 | 168,381 | |||||||||
Other information: | ||||||||||||
Weighted-average number of anti-dilutive options and restricted stock units (b) | 1,509 | 3,646 | 7,936 | |||||||||
Shares issued under stock incentive and employee stock purchase plans | 1,213 | 2,927 | 2,390 | |||||||||
(a) | Common stock equivalents represent the dilutive effect of outstanding in-the-money stock options using the treasury stock method, Stock Price-Based RSUs whose Target Price criteria have been met but are unpaid and shares expected to be issued under Performance-Based Restricted Stock Units. | |||||||||||
(b) | Based upon the average of the average quarterly closing prices of the Company’s common stock on the NYSE for the year. |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | |||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||||||||
Fair Value Disclosures | ||||||||||||||||||
Financial Instruments | ||||||||||||||||||
A summary of assets and (liabilities) at October 31, 2013 and 2012 related to the Company’s financial instruments, measured at fair value on a recurring basis, is set forth below (amounts in thousands). | ||||||||||||||||||
Fair value | ||||||||||||||||||
Financial Instrument | Fair value hierarchy | October 31, 2013 | October 31, 2012 | |||||||||||||||
Corporate Securities | Level 2 | $ | 52,508 | $ | 260,772 | |||||||||||||
Certificates of Deposit | Level 2 | $ | 148,112 | |||||||||||||||
Short-Term Tax-Exempt Bond Fund | Level 1 | $ | 30,184 | |||||||||||||||
Residential Mortgage Loans Held for Sale | Level 2 | $ | 113,517 | $ | 86,386 | |||||||||||||
Forward Loan Commitments - Residential Mortgage Loans Held for Sale | Level 2 | $ | (496 | ) | $ | (102 | ) | |||||||||||
Interest Rate Lock Commitments (“IRLCs”) | Level 2 | $ | (181 | ) | $ | (202 | ) | |||||||||||
Forward Loan Commitments—IRLCs | Level 2 | $ | 181 | $ | 202 | |||||||||||||
At October 31, 2013 and 2012, the carrying value of cash and cash equivalents and restricted cash approximated fair value. | ||||||||||||||||||
Mortgage Loans Held for Sale | ||||||||||||||||||
At the end of the reporting period, the Company determines the fair value of its mortgage loans held for sale and the forward loan commitments it has entered into as a hedge against the interest rate risk of its mortgage loans using the market approach to determine fair value. The evaluation is based on the current market pricing of mortgage loans with similar terms and values as of the reporting date and by applying such pricing to the mortgage loan portfolio. The Company recognizes the difference between the fair value and the unpaid principal balance of mortgage loans held for sale as a gain or loss. In addition, the Company recognizes the fair value of its forward loan commitments as a gain or loss. These gains and losses are included in other income - net. Interest income on mortgage loans held for sale is calculated based upon the stated interest rate of each loan and is included in other income - net. | ||||||||||||||||||
The table below provides, for the periods indicated, the aggregate unpaid principal and fair value of mortgage loans held for sale as of the date indicated (amounts in thousands). | ||||||||||||||||||
Aggregate unpaid | Fair value | Excess | ||||||||||||||||
principal balance | ||||||||||||||||||
At October 31, 2013 | $ | 111,896 | $ | 113,517 | $ | 1,621 | ||||||||||||
At October 31, 2012 | $ | 84,986 | $ | 86,386 | $ | 1,400 | ||||||||||||
IRLCs represent individual borrower agreements that commit the Company to lend at a specified price for a specified period as long as there is no violation of any condition established in the commitment contract. These commitments have varying degrees of interest rate risk. The Company utilizes best-efforts forward loan commitments (“Forward Commitments”) to hedge the interest rate risk of the IRLCs and residential mortgage loans held for sale. Forward Commitments represent contracts with third-party investors for the future delivery of loans whereby the Company agrees to make delivery at a specified future date at a specified price. The IRLCs and Forward Commitments are considered derivative financial instruments under ASC 815, “Derivatives and Hedging”, which requires derivative financial instruments to be recorded at fair value. The Company estimates the fair value of such commitments based on the estimated fair value of the underlying mortgage loan and, in the case of IRLCs, the probability that the mortgage loan will fund within the terms of the IRLC. To manage the risk of non-performance of investors regarding the Forward Commitments, the Company assesses the credit worthiness of the investors on a periodic basis. | ||||||||||||||||||
Marketable Securities | ||||||||||||||||||
As of October 31, 2013 and 2012, the amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value of marketable securities were as follows (amounts in thousands): | ||||||||||||||||||
October 31, 2013 | October 31, 2012 | |||||||||||||||||
Amortized cost | $ | 52,502 | $ | 438,755 | ||||||||||||||
Gross unrealized holding gains | 71 | 451 | ||||||||||||||||
Gross unrealized holding losses | (65 | ) | (138 | ) | ||||||||||||||
Fair value | $ | 52,508 | $ | 439,068 | ||||||||||||||
The estimated fair values of corporate securities and certificates of deposit are based on quoted prices provided by brokers. The remaining contractual maturities of marketable securities as of October 31, 2013 ranged from 3 months to 25 months. | ||||||||||||||||||
Inventory | ||||||||||||||||||
The Company recognizes inventory impairment charges based on the difference in the carrying value of the inventory and its fair value at the time of the evaluation. The fair value of the aforementioned inventory was determined using Level 3 criteria. See Note 1, “Significant Accounting Policies - Inventory” for additional information regarding the Company’s methodology on determining fair value. As further discussed in Note 1, determining the fair value of a community's inventory involves a number of variables, many of which are interrelated. If the Company used a different input for any of the various unobservable inputs used in its impairment analysis, the results of the analysis may have been different, absent any other changes. The table below summarizes, for the periods indicated, the ranges of certain quantitative unobservable inputs utilized in determining the fair value of impaired communities. | ||||||||||||||||||
Selling price per unit (in thousands) | Sales pace per year | Discount rate | ||||||||||||||||
(in units) | ||||||||||||||||||
Three months ended October 31, 2013 | $315 - $362 | 7-Feb | 15.00% | |||||||||||||||
Three months ended July 31, 2013 | $475 - $500 | 2 | 15.00% | |||||||||||||||
Three months ended April 30, 2013 | — | — | —% | |||||||||||||||
Three months ended January 31, 2013 | $303 - $307 | 15 | 15.30% | |||||||||||||||
Three months ended October 31, 2012 | $501 - $536 | 11 | 18.30% | |||||||||||||||
Three months ended July 31, 2012 | $175 - $571 | 12-Apr | 14.0% - 17.5% | |||||||||||||||
Three months ended April 30, 2012 | $413 - $472 | 17-Jun | 17.50% | |||||||||||||||
Three months ended January 31, 2012 | $344 - $2,287 | 25-Jan | 13.0% - 18.8% | |||||||||||||||
The table below provides, for the periods indicated, the fair value of operating communities whose carrying value was adjusted and the amount of impairment charges recognized on operating communities ($ amounts in thousands). | ||||||||||||||||||
Impaired operating communities | ||||||||||||||||||
Three months ended: | Number of | Number of communities | Fair value of | Impairment charges recognized | ||||||||||||||
communities tested | communities, net | |||||||||||||||||
of impairment charges | ||||||||||||||||||
Fiscal 2013: | ||||||||||||||||||
31-Jan | 60 | 2 | $ | 5,377 | $ | 700 | ||||||||||||
30-Apr | 79 | 1 | $ | 749 | 340 | |||||||||||||
31-Jul | 76 | 1 | $ | 191 | 100 | |||||||||||||
31-Oct | 63 | 2 | $ | 6,798 | 2,200 | |||||||||||||
$ | 3,340 | |||||||||||||||||
Fiscal 2012: | ||||||||||||||||||
31-Jan | 113 | 8 | $ | 49,758 | $ | 6,425 | ||||||||||||
30-Apr | 115 | 2 | $ | 22,962 | 2,560 | |||||||||||||
31-Jul | 115 | 4 | $ | 6,609 | 2,685 | |||||||||||||
31-Oct | 108 | 3 | $ | 9,319 | 1,400 | |||||||||||||
$ | 13,070 | |||||||||||||||||
Fiscal 2011: | ||||||||||||||||||
31-Jan | 143 | 6 | $ | 56,105 | $ | 5,475 | ||||||||||||
30-Apr | 142 | 9 | $ | 40,765 | 10,725 | |||||||||||||
31-Jul | 129 | 2 | $ | 867 | 175 | |||||||||||||
31-Oct | 114 | 3 | $ | 3,367 | 710 | |||||||||||||
$ | 17,085 | |||||||||||||||||
Investments in Distressed Loans and REO | ||||||||||||||||||
Gibraltar’s distressed loans were recorded at estimated fair value at inception based on the acquisition price as determined by Level 3 inputs and was based on the estimated discounted future cash flows to be generated by the loans discounted at the rates used to value the portfolios at the acquisition dates. The table below provides, as of the dates indicated, the carrying amount and estimated fair value of distressed loans (amounts in thousands). | ||||||||||||||||||
October 31, 2013 | October 31, 2012 | |||||||||||||||||
Carrying amount | $ | 36,374 | $ | 37,169 | ||||||||||||||
Estimated fair value | $ | 45,355 | $ | 38,109 | ||||||||||||||
Gibraltar's REO was recorded at estimated fair value at the time it was acquired through foreclosure or deed in lieu actions using Level 3 inputs. The valuation techniques used to estimate fair value are third-party appraisals, broker opinions of value, or internal valuation methodologies (which may include discounted cash flows, capitalization rate analysis or comparable transactional analysis). Unobservable inputs used in estimating the fair value of REO assets are based upon the best information available under the circumstances and take into consideration the financial condition and operating results of the asset, local market conditions, the availability of capital, interest and inflation rates and other factors deemed appropriate by management. | ||||||||||||||||||
Acquisition of CamWest | ||||||||||||||||||
The purchase price allocation performed in connection with our acquisition of CamWest was primarily based on Level 3 inputs. The assets acquired were primarily inventory. The valuation techniques used to value this inventory were similar to the criteria used in valuing inventory as described in Note 1, "Significant Accounting Policies - Inventory". | ||||||||||||||||||
Debt | ||||||||||||||||||
The table below provides, as of the dates indicated, the book value and estimated fair value of the Company’s debt at October 31, 2013 and 2012 (amounts in thousands). | ||||||||||||||||||
October 31, 2013 | October 31, 2012 | |||||||||||||||||
Fair value hierarchy | Book value | Estimated | Book value | Estimated | ||||||||||||||
fair value | fair value | |||||||||||||||||
Loans payable (a) | Level 2 | $ | 107,222 | $ | 106,988 | $ | 99,817 | $ | 99,093 | |||||||||
Senior notes (b) | Level 1 | 2,325,336 | 2,458,737 | 2,089,189 | 2,340,189 | |||||||||||||
Mortgage company warehouse loan (c) | Level 2 | 75,000 | 75,000 | 72,664 | 72,664 | |||||||||||||
$ | 2,507,558 | $ | 2,640,725 | $ | 2,261,670 | $ | 2,511,946 | |||||||||||
(a) | The estimated fair value of loans payable was based upon interest rates that the Company believed were available to it for loans with similar terms and remaining maturities as of the applicable valuation date. | |||||||||||||||||
(b) | The estimated fair value of the Company’s senior notes is based upon their indicated market prices. | |||||||||||||||||
(c) | The Company believes that the carrying value of its mortgage company loan borrowings approximates their fair value. |
Employee_Retirement_and_Deferr
Employee Retirement and Deferred Compensation Plans | 12 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||
Pension and Other Postretirement Benefits Disclosure | ' | |||||||||||
Employee Retirement and Deferred Compensation Plans | ||||||||||||
Salary Deferral Savings Plans | ||||||||||||
The Company maintains salary deferral savings plans covering substantially all employees. During the first quarter of fiscal 2009, due to the continued downturn in the Company’s business, the Company suspended its matching contributions and discretionary contributions to one of the plans. In fiscal 2011, the Company elected to make a discretionary contribution of 1% of eligible compensation for the plan year ended December 31, 2010. The Company made a 1% discretionary contribution for the plan year ended December 31, 2011, made a contribution of 2% of eligible compensation for the plan year ended December 31, 2012, and intends to make a 2% contribution for the plan year ending December 31, 2013. Beginning in the third quarter of fiscal 2011, the Company resumed a matching contribution of up to 1% of eligible compensation for employees electing to contribute via salary deferrals and increased the matching contribution to 2% in January 2012. The Company recognized an expense, net of plan forfeitures, with respect to the plans of $6.4 million, $5.0 million and $2.7 million for the fiscal years ended October 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Deferred Compensation Plan | ||||||||||||
The Company has an unfunded, non-qualified deferred compensation plan that permits eligible employees to defer a portion of their compensation. The deferred compensation, together with certain Company contributions, earns various rates of return depending upon when the compensation was deferred and the length of time that it has been deferred. A portion of the deferred compensation and interest earned may be forfeited by a participant if he or she elects to withdraw the compensation prior to the end of the deferral period. At October 31, 2013 and 2012, the Company had accrued $20.4 million and $20.7 million, respectively, for its obligations under the plan. | ||||||||||||
Defined Benefit Retirement Plans | ||||||||||||
The Company has two unfunded defined benefit retirement plans. Retirement benefits generally vest when the participant has completed 15 or 20 years of service with the Company and reaches normal retirement age (age 62). Unrecognized prior service costs are being amortized over the period from the date participants enter the plans until their interests are fully vested. The Company used a 4.01%, 3.07% and 4.06% discount rate in its calculation of the present value of its projected benefit obligations at October 31, 2013, 2012 and 2011, respectively. The rates represent the approximate long-term investment rate at October 31 of the fiscal year for which the present value was calculated. Information related to the plans is based on actuarial information calculated as of October 31, 2013, 2012 and 2011. | ||||||||||||
Information related to the Company’s retirement plans for each of the fiscal years ended October 31, 2013, 2012 and 2011 is as follows (amounts in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Plan costs: | ||||||||||||
Service cost | $ | 471 | $ | 389 | $ | 305 | ||||||
Interest cost | 1,044 | 1,212 | 1,290 | |||||||||
Amortization of prior service cost | 843 | 737 | 694 | |||||||||
Amortization of unrecognized losses | 144 | 66 | ||||||||||
$ | 2,502 | $ | 2,404 | $ | 2,289 | |||||||
Projected benefit obligation: | ||||||||||||
Beginning of year | $ | 34,319 | $ | 29,766 | $ | 26,037 | ||||||
Plan amendments adopted during year | 826 | 575 | ||||||||||
Service cost | 471 | 389 | 305 | |||||||||
Interest cost | 1,044 | 1,212 | 1,290 | |||||||||
Benefit payments | (888 | ) | (731 | ) | (504 | ) | ||||||
Change in unrecognized loss (gain) | (3,636 | ) | 3,108 | 2,638 | ||||||||
Projected benefit obligation, end of year | $ | 32,136 | $ | 34,319 | $ | 29,766 | ||||||
Unamortized prior service cost: | ||||||||||||
Beginning of year | $ | 3,171 | $ | 3,333 | $ | 4,027 | ||||||
Plan amendments adopted during year | 826 | 575 | ||||||||||
Amortization of prior service cost | (843 | ) | (737 | ) | (694 | ) | ||||||
Unamortized prior service cost, end of year | $ | 3,154 | $ | 3,171 | $ | 3,333 | ||||||
Accumulated unrecognized (loss) gain, October 31 | $ | (527 | ) | $ | (4,307 | ) | $ | (1,265 | ) | |||
Accumulated benefit obligation, October 31 | $ | 32,136 | $ | 34,319 | $ | 29,766 | ||||||
Accrued benefit obligation, October 31 | $ | 32,136 | $ | 34,319 | $ | 29,766 | ||||||
The table below provides, based upon the estimated retirement dates of the participants in the retirement plans, the amounts of benefits the Company would be required to pay in each of the next five fiscal years and for the five fiscal years ended October 31, 2023 in the aggregate (in thousands). | ||||||||||||
Year ending October 31, | Amount | |||||||||||
2014 | $ | 888 | ||||||||||
2015 | $ | 1,645 | ||||||||||
2016 | $ | 1,770 | ||||||||||
2017 | $ | 2,008 | ||||||||||
2018 | $ | 2,104 | ||||||||||
November 1, 2018 - October 31, 2023 | $ | 12,968 | ||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss and Total Comprehensive Income (Loss) | 12 Months Ended | |||||||||||||||
Oct. 31, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Loss and Total Comprehensive Income (Loss) | ' | |||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||
The table below provides, for the fiscal year ended October 31, 2013, the components of accumulated other comprehensive (loss) income (amounts in thousands): | ||||||||||||||||
Employee retirement plans | Available-for-sale securities | Derivative instruments | Total | |||||||||||||
Balance, beginning of period | $ | (4,446 | ) | $ | 181 | $ | (554 | ) | $ | (4,819 | ) | |||||
Other comprehensive income (loss) before reclassifications | 2,810 | (231 | ) | 435 | 3,014 | |||||||||||
Gross amounts reclassified from accumulated other comprehensive income (loss) | 987 | (57 | ) | 930 | ||||||||||||
Income tax (expense) benefit | (1,463 | ) | 102 | (151 | ) | (1,512 | ) | |||||||||
Other comprehensive income (loss), net of tax | 2,334 | (186 | ) | 284 | 2,432 | |||||||||||
Balance, end of period | $ | (2,112 | ) | $ | (5 | ) | $ | (270 | ) | $ | (2,387 | ) | ||||
Reclassifications for the amortization of the employee retirement plans are included in selling, general and administrative expense in the Consolidated Statements of Operations. See Note 13 - "Employee Retirement and Deferred Compensation Plans" for additional information. Reclassifications for the realized loss on available-for-sale securities are included in other income - net in the Consolidated Statements of Operations. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Commitments and Contingencies [Abstract] | ' | |||||||
Commitments and Contingencies Disclosure [Text Block] | ' | |||||||
Commitments and Contingencies | ||||||||
Land Purchase Commitments | ||||||||
Generally, the Company’s option and purchase agreements to acquire land parcels do not require the Company to purchase those land parcels, although the Company may, in some cases, forfeit any deposit balance outstanding if and when it terminates an option and purchase agreement. If market conditions are weak, approvals needed to develop the land are uncertain or other factors exist that make the purchase undesirable, the Company may not expect to acquire the land. Whether an option and purchase agreement is legally terminated or not, the Company reviews the amount recorded for the land parcel subject to the option and purchase agreement to determine if the amount is recoverable. While the Company may not have formally terminated the option and purchase agreements for those land parcels that it does not expect to acquire, it has written off any non-refundable deposits and costs previously capitalized to such land parcels in the periods that it determined such costs were not recoverable. | ||||||||
Information regarding the Company’s land purchase commitments at October 31, 2013 and 2012 is provided in the table below (amounts in thousands). | ||||||||
2013 | 2012 | |||||||
Aggregate purchase commitments: | ||||||||
Unrelated parties | $ | 1,301,987 | $ | 742,918 | ||||
Unconsolidated entities that the Company has investments in | 61,738 | 4,067 | ||||||
Total | $ | 1,363,725 | $ | 746,985 | ||||
Deposits against aggregate purchase commitments | $ | 76,986 | $ | 42,921 | ||||
Additional cash required to acquire land | 1,286,739 | 704,064 | ||||||
Total | $ | 1,363,725 | $ | 746,985 | ||||
Amount of additional cash required to acquire land included in accrued expenses | $ | 1,439 | $ | 4,328 | ||||
In addition, the Company expects to purchase approximately 545 additional home sites from a joint venture in which it has a 50% interest. The purchase price of the home sites will be determined at a future date. | ||||||||
At October 31, 2013, the Company had purchase commitments to acquire land for apartment developments of approximately $56.0 million, of which it had outstanding deposits in the amount of $2.5 million. At October 31, 2013, the Company also had a purchase commitment to acquire a parcel of land for approximately $79.3 million which it intends to develop with a joint venture partner; the Company expects to purchase up to 1,750 home sites from the joint venture and the joint venture expects to sell the remaining home sites to outside builders. In December 2013, the joint venture was formed and the joint venture acquired the land. In November 2013, the Company entered into an agreement to acquire Shapell for $1.60 billion. See Note 1 - "Significant Accounting Policies - Subsequent Events" for more information on the Shapell acquisition. | ||||||||
The Company has additional land parcels under option that have been excluded from the aforementioned aggregate purchase amounts since it does not believe that it will complete the purchase of these land parcels and no additional funds will be required from the Company to terminate these contracts. | ||||||||
Legal Proceedings | ||||||||
The Company is involved in various claims and litigation arising principally in the ordinary course of business. The Company believes that adequate provision for resolution of all current claims and pending litigation has been made for probable losses and the disposition of these matters will not have a material adverse effect on the Company’s results of operations and liquidity or on its financial condition. | ||||||||
Investments in and Advances to Unconsolidated Entities | ||||||||
At October 31, 2013, the Company had investments in and advances to a number of unconsolidated entities, was committed to invest or advance additional funds and had guaranteed a portion of the indebtedness and/or loan commitments of these entities. See Note 4, “Investments in and Advances to Unconsolidated Entities,” for more information regarding the Company’s commitments to these entities. | ||||||||
Surety Bonds and Letters of Credit | ||||||||
At October 31, 2013, the Company had outstanding surety bonds amounting to $409.6 million, primarily related to its obligations to various governmental entities to construct improvements in the Company’s various communities. The Company estimates that $290.9 million of work remains on these improvements. The Company has an additional $62.2 million of surety bonds outstanding that guarantee other obligations of the Company. The Company does not believe it is probable that any outstanding bonds will be drawn upon. | ||||||||
At October 31, 2013, the Company had outstanding letters of credit of $89.3 million, including $76.6 million under its Credit Facility and $12.7 million collateralized by restricted cash. These letters of credit were issued to secure various financial obligations of the Company including insurance policy deductibles and other claims, land deposits and security to complete improvements in communities in which it is operating. The Company believes it is not probable that any outstanding letters of credit will be drawn upon. | ||||||||
Backlog | ||||||||
At October 31, 2013, the Company had agreements of sale outstanding to deliver 3,679 homes with an aggregate sales value of $2.63 billion. | ||||||||
Mortgage Commitments | ||||||||
The Company’s mortgage subsidiary provides mortgage financing for a portion of the Company’s home closings. For those home buyers to whom the Company’s mortgage subsidiary provides mortgages, it determines whether the home buyer qualifies for the mortgage he or she is seeking based upon information provided by the home buyer and other sources. For those home buyers who qualify, the Company’s mortgage subsidiary provides the home buyer with a mortgage commitment that specifies the terms and conditions of a proposed mortgage loan based upon then-current market conditions. Prior to the actual closing of the home and funding of the mortgage, the home buyer will lock in an interest rate based upon the terms of the commitment. At the time of rate lock, the Company’s mortgage subsidiary agrees to sell the proposed mortgage loan to one of several outside recognized mortgage financing institutions (“investors”) that are willing to honor the terms and conditions, including interest rate, committed to the home buyer. The Company believes that these investors have adequate financial resources to honor their commitments to its mortgage subsidiary. | ||||||||
Information regarding the Company’s mortgage commitments at October 31, 2013 and 2012 is provided in the table below (amounts in thousands). | ||||||||
2013 | 2012 | |||||||
Aggregate mortgage loan commitments: | ||||||||
IRLCs | $ | 247,995 | $ | 111,173 | ||||
Non-IRLCs | 645,288 | 456,825 | ||||||
Total | $ | 893,283 | $ | 567,998 | ||||
Investor commitments to purchase: | ||||||||
IRLCs | $ | 247,995 | $ | 111,173 | ||||
Mortgage loans receivable | 107,873 | 80,697 | ||||||
Total | $ | 355,868 | $ | 191,870 | ||||
Rent Expense and Future Rent Payments | ||||||||
The Company leases certain facilities and equipment under non-cancelable operating leases. Rental expense incurred by the Company under these operating leases were (amounts in thousands): | ||||||||
Year ending October 31, | Amount | |||||||
2013 | $ | 10,973 | ||||||
2012 | $ | 11,183 | ||||||
2011 | $ | 12,405 | ||||||
At October 31, 2013, future minimum rent payments under the Company’s operating leases were (amounts in thousands): | ||||||||
Year ending October 31, | Amount | |||||||
2014 | $ | 9,619 | ||||||
2015 | 8,137 | |||||||
2016 | 6,619 | |||||||
2017 | 5,141 | |||||||
2018 | 4,111 | |||||||
Thereafter | 3,659 | |||||||
$ | 37,286 | |||||||
Other_Income_Net
Other Income - Net | 12 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Other Income - Net [Abstract] | ' | |||||||||||
Other Income and Other Expense Disclosure [Text Block] | ' | |||||||||||
Other Income - Net | ||||||||||||
The table below provides the components of other income - net for the years ended October 31, 2013, 2012 and 2011 (amounts in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest income | $ | 4,457 | $ | 4,677 | $ | 5,210 | ||||||
Income from ancillary businesses | 9,912 | 6,608 | 3,734 | |||||||||
Gibraltar | 10,185 | 4,476 | 1,522 | |||||||||
Management fee income | 2,890 | 2,212 | 5,137 | |||||||||
Retained customer deposits | 2,534 | 3,247 | 2,076 | |||||||||
Land sales, net | 4,435 | 1,425 | 1,350 | |||||||||
Income recognized from settlement of litigation | 13,229 | |||||||||||
Other | 4,596 | 3,276 | 4,374 | |||||||||
Total other income - net | $ | 52,238 | $ | 25,921 | $ | 23,403 | ||||||
Income recognized from the settlement of litigation was the result of the settlement of three derivative lawsuits brought on behalf of the Company against certain officers and directors of the Company. The gross settlement of $16.2 million was reduced by the payment of attorney's fees of $3.0 million. The Company's insurance carriers paid approximately $9.8 million and certain officers and former officers paid the remainder. | ||||||||||||
Income from ancillary businesses includes the activity of the Company’s non-core businesses which include its mortgage, title, landscaping, security monitoring, and golf course and country club operations. The table below provides revenues and expenses for the Company's non-core ancillary businesses for the years ended October 31, 2013, 2012 and 2011 (amounts in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue | $ | 89,182 | $ | 67,137 | $ | 60,021 | ||||||
Expense | $ | 79,270 | $ | 60,529 | $ | 56,287 | ||||||
Information_on_Geographic_Segm
Information on Geographic Segments | 12 Months Ended | |||||||||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||||||||
Geographic Segments [Abstract] | ' | |||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||||||||||
Information on Operating Segments | ||||||||||||||||||||||||
The table below summarizes revenue and income (loss) before income taxes for each of the Company’s reportable segments for each of the fiscal years ended October 31, 2013, 2012 and 2011 (amounts in thousands): | ||||||||||||||||||||||||
Revenues | Income (loss) before income taxes | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Traditional Home Building: | ||||||||||||||||||||||||
North | $ | 485,052 | $ | 350,639 | $ | 320,797 | $ | 32,648 | $ | 13,913 | $ | 11,504 | ||||||||||||
Mid-Atlantic | 652,855 | 535,710 | 465,142 | 79,801 | 62,970 | 48,762 | ||||||||||||||||||
South | 641,331 | 361,810 | 273,303 | 67,934 | 18,928 | (25,272 | ) | |||||||||||||||||
West | 724,370 | 437,922 | 309,553 | 111,301 | 39,383 | (27,113 | ) | |||||||||||||||||
Traditional Home Building | 2,503,608 | 1,686,081 | 1,368,795 | 291,684 | 135,194 | 7,881 | ||||||||||||||||||
City Living | 170,691 | 196,700 | 107,086 | 53,345 | 61,910 | 39,201 | ||||||||||||||||||
Corporate and other | (77,332 | ) | (84,162 | ) | (76,448 | ) | ||||||||||||||||||
Total | $ | 2,674,299 | $ | 1,882,781 | $ | 1,475,881 | $ | 267,697 | $ | 112,942 | $ | (29,366 | ) | |||||||||||
“Corporate and other” is comprised principally of general corporate expenses such as the Offices of the Executive Chairman, the Chief Executive Officer, and the corporate finance, accounting, audit, tax, human resources, risk management, marketing and legal groups, directly expensed interest, offset, in part, by interest income and income from the Company’s ancillary businesses and income from a number of its unconsolidated entities. | ||||||||||||||||||||||||
Total assets for each of the Company’s operating segments at October 31, 2013 and 2012 are shown in the table below (amounts in thousands): | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Traditional Home Building: | ||||||||||||||||||||||||
North | $ | 963,597 | $ | 757,412 | ||||||||||||||||||||
Mid-Atlantic | 1,231,438 | 1,155,715 | ||||||||||||||||||||||
South | 953,955 | 800,268 | ||||||||||||||||||||||
West | 1,290,388 | 904,374 | ||||||||||||||||||||||
Traditional Home Building | 4,439,378 | 3,617,769 | ||||||||||||||||||||||
City Living | 674,302 | 486,970 | ||||||||||||||||||||||
Corporate and other | 1,713,779 | 2,076,305 | ||||||||||||||||||||||
Total | $ | 6,827,459 | $ | 6,181,044 | ||||||||||||||||||||
“Corporate and other” is comprised principally of cash and cash equivalents, marketable securities, deferred tax assets and the assets of the Company’s Gibraltar investments, manufacturing facilities and mortgage subsidiary. | ||||||||||||||||||||||||
The Company provided for inventory impairment charges and the expensing of costs that it believed not to be recoverable and write-downs of investments in unconsolidated entities (including the Company’s pro-rata share of impairment charges recognized by the unconsolidated entities in which it has an investment) for the years ended October 31, 2013, 2012 and 2011, as shown in the table below; the net carrying value of inventory and investments in and advances to unconsolidated entities for each of the Company’s geographic segments at October 31, 2013 and 2012 is also shown (amounts in thousands). | ||||||||||||||||||||||||
Net Carrying Value | Impairments | |||||||||||||||||||||||
At October 31, | Year ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Inventory: | ||||||||||||||||||||||||
Land controlled for future communities: | ||||||||||||||||||||||||
Traditional Home Building: | ||||||||||||||||||||||||
North | $ | 16,267 | $ | 10,606 | $ | 822 | $ | (907 | ) | $ | 906 | |||||||||||||
Mid-Atlantic | 29,423 | 25,573 | 322 | 238 | 307 | |||||||||||||||||||
South | 14,606 | 7,724 | 400 | 800 | 313 | |||||||||||||||||||
West | 13,371 | 8,131 | (361 | ) | 205 | 16,184 | ||||||||||||||||||
Traditional Home Building | 73,667 | 52,034 | 1,183 | 336 | 17,710 | |||||||||||||||||||
City Living | 26,135 | 2,590 | 115 | 42 | ||||||||||||||||||||
99,802 | 54,624 | 1,183 | 451 | 17,752 | ||||||||||||||||||||
Land owned for future communities: | ||||||||||||||||||||||||
Traditional Home Building: | ||||||||||||||||||||||||
North | 135,282 | 29,791 | ||||||||||||||||||||||
Mid-Atlantic | 308,585 | 396,562 | 300 | 300 | ||||||||||||||||||||
South | 158,457 | 141,644 | 918 | 16,700 | ||||||||||||||||||||
West | 448,125 | 232,546 | ||||||||||||||||||||||
Traditional Home Building | 1,050,449 | 800,543 | — | 1,218 | 17,000 | |||||||||||||||||||
City Living | 237,181 | 213,022 | ||||||||||||||||||||||
1,287,630 | 1,013,565 | — | 1,218 | 17,000 | ||||||||||||||||||||
Operating communities: | ||||||||||||||||||||||||
Traditional Home Building: | ||||||||||||||||||||||||
North | 785,175 | 701,253 | 940 | 2,725 | 2,885 | |||||||||||||||||||
Mid-Atlantic | 866,256 | 707,873 | 200 | 5,500 | 3,700 | |||||||||||||||||||
South | 690,302 | 597,840 | 2,000 | 3,445 | 3,800 | |||||||||||||||||||
West | 697,573 | 528,451 | 200 | 600 | 6,700 | |||||||||||||||||||
Traditional Home Building | 3,039,306 | 2,535,417 | 3,340 | 12,270 | 17,085 | |||||||||||||||||||
City Living | 223,674 | 129,097 | 800 | |||||||||||||||||||||
3,262,980 | 2,664,514 | 3,340 | 13,070 | 17,085 | ||||||||||||||||||||
Total | $ | 4,650,412 | $ | 3,732,703 | $ | 4,523 | $ | 14,739 | $ | 51,837 | ||||||||||||||
Investments in and advances to unconsolidated entities: | ||||||||||||||||||||||||
Traditional Home Building: | ||||||||||||||||||||||||
Mid-Atlantic | $ | 11,850 | ||||||||||||||||||||||
South | 50,452 | $ | 31,252 | $ | 15,170 | |||||||||||||||||||
West | 110,467 | 116,452 | $ | (2,311 | ) | 25,700 | ||||||||||||||||||
Traditional Home Building | 172,769 | 147,704 | — | (2,311 | ) | 40,870 | ||||||||||||||||||
City Living | 135,950 | 104,436 | ||||||||||||||||||||||
Corporate and other | 94,414 | 78,477 | ||||||||||||||||||||||
Total | $ | 403,133 | $ | 330,617 | $ | — | $ | (2,311 | ) | $ | 40,870 | |||||||||||||
Supplemental_Disclosure_to_Sta
Supplemental Disclosure to Statements of Cash Flows | 12 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
Cash Flow, Supplemental Disclosures [Text Block] | ' | |||||||||||
Supplemental Disclosure to Consolidated Statements of Cash Flows | ||||||||||||
The following are supplemental disclosures to the Consolidated Statements of Cash Flows for each of the fiscal years ended October 31, 2013, 2012 and 2011 (amounts in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash flow information: | ||||||||||||
Interest paid, net of amount capitalized | $ | 18,187 | $ | 1,223 | $ | 18,666 | ||||||
Income tax payment | $ | 3,130 | 4,264 | |||||||||
Income tax refunds | $ | 1,190 | $ | 154,524 | ||||||||
Non-cash activity: | ||||||||||||
Cost of inventory acquired through seller financing or municipal bonds, net | $ | 45,726 | $ | 26,059 | $ | 29,320 | ||||||
Financed portion of land sale | $ | 7,200 | ||||||||||
Reduction in inventory for Company's share of earnings in land purchased from unconsolidated entities | $ | 3,035 | ||||||||||
Transfer of investment in REO to inventory | $ | 764 | ||||||||||
Reclassification of deferred income from inventory to accrued liabilities | $ | 4,545 | ||||||||||
Miscellaneous (decreases) increases to inventory | $ | (478 | ) | $ | 1,781 | |||||||
Reclassification of inventory to property, construction and office equipment | $ | 5,576 | $ | 20,005 | ||||||||
Increase (decrease) in unrecognized losses in defined benefit plans | $ | (3,636 | ) | $ | 3,108 | $ | 2,638 | |||||
Defined benefit plan amendment | $ | 826 | 575 | |||||||||
Income tax benefit related to exercise of employee stock options | $ | 24,417 | 3,885 | |||||||||
Increase in accrued expenses related to Stock Price-Based RSUs paid | $ | 2,942 | ||||||||||
Income tax (expense) benefit recognized in total comprehensive income | $ | (1,512 | ) | $ | 1,263 | |||||||
(Increase) reduction of investments in unconsolidated entities due to increase/reduction in letters of credit or accrued liabilities | $ | 448 | $ | 13,423 | ||||||||
Transfer of inventory to investment in distressed loans and foreclosed real estate | $ | (802 | ) | |||||||||
Transfer of inventory to investment in unconsolidated entities | $ | 54,761 | $ | 5,793 | ||||||||
Reclassification of deferred income from investment in unconsolidated entities to accrued liabilities | $ | 2,943 | ||||||||||
Reclassification of stock-based compensation from accrued liabilities to additional paid-in capital | 4,233 | |||||||||||
Unrealized gain (loss) on derivative held by equity investee | $ | 435 | $ | (875 | ) | |||||||
Increase in investments in unconsolidated entities for change in the fair value of debt guarantees | $ | 1,582 | ||||||||||
Miscellaneous decreases to investments in unconsolidated entities | $ | (1,811 | ) | $ | (276 | ) | $ | (2,212 | ) | |||
Acquisition of Business: | ||||||||||||
Fair value of assets purchased | 149,959 | |||||||||||
Liabilities assumed | 5,213 | |||||||||||
Cash paid | $ | — | 144,746 | — | ||||||||
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 12 Months Ended | |||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | |||||||||||||||||
Supplemental Guarantor Information [Text Block] | ' | |||||||||||||||||
. Supplemental Guarantor Information | ||||||||||||||||||
A 100% - owned subsidiary of the Company, Toll Brothers Finance Corp. (the “Subsidiary Issuer”), has issued the following Senior Notes (amounts in thousands): | ||||||||||||||||||
Original Amount Issued | Amount outstanding at October 31, 2013 | |||||||||||||||||
4.95% Senior Notes due 2014 | $ | 300,000 | $ | 267,960 | ||||||||||||||
5.15% Senior Notes due 2015 | $ | 300,000 | $ | 300,000 | ||||||||||||||
8.91% Senior Notes due 2017 | $ | 400,000 | $ | 400,000 | ||||||||||||||
6.75% Senior Notes due 2019 | $ | 250,000 | $ | 250,000 | ||||||||||||||
5.875% Senior Notes due 2022 | $ | 419,876 | $ | 419,876 | ||||||||||||||
0.50% Exchangeable Senior Notes due 2032 | $ | 287,500 | $ | 287,500 | ||||||||||||||
4.375% Senior Notes due 2023 | $ | 400,000 | $ | 400,000 | ||||||||||||||
The obligations of the Subsidiary Issuer to pay principal, premiums, if any, and interest are guaranteed jointly and severally on a senior basis by the Company and substantially all of the Company’s 100% owned home building subsidiaries (the “Guarantor Subsidiaries”). The guarantees are full and unconditional. The Company’s non-home building subsidiaries and several of its home building subsidiaries (together, the “Non-Guarantor Subsidiaries”) do not guarantee the debt. The Subsidiary Issuer generates no operating revenues and does not have any independent operations other than the financing of other subsidiaries of the Company by lending the proceeds from the above described debt issuances. | ||||||||||||||||||
Separate financial statements and other disclosures concerning the Guarantor Subsidiaries are not presented because management has determined that such disclosures would not be material to investors. | ||||||||||||||||||
The condensed consolidating balance sheet at October 31, 2012 has been revised in order to reflect an inventory reclass between Guarantor Subsidiaries and Non-Guarantor subsidiaries of $44.3 million as of October 31, 2012 as a result of an error made when certain non-guarantor subsidiaries became guarantor subsidiaries as of April 30, 2013. This change has no impact or effect on Toll Brothers, Inc.'s consolidated financial statements for any period presented, including the Consolidated Balance Sheets, Statements of Operations, Statements of Comprehensive Income, or Statements of Cash Flows. | ||||||||||||||||||
The table below provides information regarding the correction made to the previously reported fiscal 2012 condensed consolidating balance sheet. The Increase/Decrease column also includes reclassifications made in order to conform the 2012 condensed consolidating balance sheet to the fiscal 2013 presentation related to (i) the reclassification of $28.5 million of land inventory primarily related to commercial properties located in two of its master planned communities to receivables, prepaid expenses and other assets (see Note 3, "Inventory") and (ii) the reclassification of $3.8 million of in-process fixed asset project costs from receivables, prepaid expenses and other assets to property, construction and office equipment. The condensed consolidating statements of cash flows for the years ended October 31, 2012 and 2011, have also been revised to reflect these changes. | ||||||||||||||||||
As previously reported | Increase (Decrease) | As reclassified | ||||||||||||||||
Inventory | ||||||||||||||||||
Guarantor Subsidiaries | $ | 3,695,895 | $ | 15,784 | $ | 3,711,679 | ||||||||||||
Non-Guarantor Subsidiaries | $ | 65,292 | $ | (44,268 | ) | $ | 21,024 | |||||||||||
Property, construction and office equipment, net | ||||||||||||||||||
Guarantor Subsidiaries | $ | 103,206 | $ | 3,757 | $ | 106,963 | ||||||||||||
Receivables, prepaid and other assets | ||||||||||||||||||
Guarantor Subsidiaries | $ | 79,949 | $ | 22,460 | $ | 102,409 | ||||||||||||
Non-Guarantor Subsidiaries | $ | 64,543 | $ | 2,267 | $ | 66,810 | ||||||||||||
Customer deposits held in escrow | ||||||||||||||||||
Guarantor Subsidiaries | $ | 27,312 | $ | 2,267 | $ | 29,579 | ||||||||||||
Non-Guarantor Subsidiaries | $ | 2,267 | $ | (2,267 | ) | $ | — | |||||||||||
Total assets | ||||||||||||||||||
Guarantor Subsidiaries | $ | 5,199,704 | $ | 44,268 | $ | 5,243,972 | ||||||||||||
Non-Guarantor Subsidiaries | $ | 595,933 | $ | (44,268 | ) | $ | 551,665 | |||||||||||
Advances from consolidated entities | ||||||||||||||||||
Guarantor Subsidiaries | $ | 1,341,189 | $ | 44,268 | $ | 1,385,457 | ||||||||||||
Non-Guarantor Subsidiaries | $ | 393,195 | $ | (44,268 | ) | $ | 348,927 | |||||||||||
Total liabilities | ||||||||||||||||||
Guarantor Subsidiaries | $ | 2,028,369 | $ | 44,268 | $ | 2,072,637 | ||||||||||||
Non-Guarantor Subsidiaries | $ | 581,861 | $ | (44,268 | ) | $ | 537,593 | |||||||||||
Supplemental consolidating financial information of Toll Brothers, Inc., the Subsidiary Issuer, the Guarantor Subsidiaries, the Non-Guarantor Subsidiaries and the eliminations to arrive at Toll Brothers, Inc. on a consolidated basis is presented below ($ amounts in thousands). | ||||||||||||||||||
Consolidating Balance Sheet at October 31, 2013 | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
ASSETS | ||||||||||||||||||
Cash and cash equivalents | — | — | 670,102 | 102,870 | — | 772,972 | ||||||||||||
Marketable securities | 42,491 | 10,017 | 52,508 | |||||||||||||||
Restricted cash | 15,182 | 16,007 | 847 | 32,036 | ||||||||||||||
Inventory | 4,625,252 | 25,160 | 4,650,412 | |||||||||||||||
Property, construction and office equipment, net | 116,809 | 14,511 | 131,320 | |||||||||||||||
Receivables, prepaid expenses and other assets | 33 | 15,675 | 101,321 | 131,701 | (19,435 | ) | 229,295 | |||||||||||
Mortgage loans receivable | 113,517 | 113,517 | ||||||||||||||||
Customer deposits held in escrow | 46,888 | 46,888 | ||||||||||||||||
Investments in and advances to unconsolidated entities | 175,159 | 227,974 | 403,133 | |||||||||||||||
Investments in distressed loans | 36,374 | 36,374 | ||||||||||||||||
Investments in foreclosed real estate | 72,972 | 72,972 | ||||||||||||||||
Investments in and advances to consolidated entities | 3,113,203 | 2,334,503 | 4,740 | (5,452,446 | ) | — | ||||||||||||
Deferred tax assets, net of valuation allowances | 286,032 | 286,032 | ||||||||||||||||
3,414,450 | 2,350,178 | 5,798,769 | 735,943 | (5,471,881 | ) | 6,827,459 | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Liabilities | ||||||||||||||||||
Loans payable | 107,222 | 107,222 | ||||||||||||||||
Senior notes | 2,282,719 | 38,723 | 2,321,442 | |||||||||||||||
Mortgage company warehouse loan | 75,000 | 75,000 | ||||||||||||||||
Customer deposits | 212,669 | 212,669 | ||||||||||||||||
Accounts payable | 167,733 | 54 | 167,787 | |||||||||||||||
Accrued expenses | 25,045 | 355,590 | 161,402 | (19,050 | ) | 522,987 | ||||||||||||
Investments in and advances to consolidated entities | 1,627,130 | 467,929 | (2,095,059 | ) | — | |||||||||||||
Income taxes payable | 81,188 | 81,188 | ||||||||||||||||
Total liabilities | 81,188 | 2,307,764 | 2,470,344 | 704,385 | (2,075,386 | ) | 3,488,295 | |||||||||||
Equity | ||||||||||||||||||
Stockholders’ equity | ||||||||||||||||||
Common stock | 1,694 | 48 | 3,006 | (3,054 | ) | 1,694 | ||||||||||||
Additional paid-in capital | 441,677 | 49,400 | 1,734 | (51,134 | ) | 441,677 | ||||||||||||
Retained earnings | 2,892,003 | (6,986 | ) | 3,328,629 | 20,664 | (3,342,307 | ) | 2,892,003 | ||||||||||
Treasury stock, at cost | — | |||||||||||||||||
Accumulated other comprehensive loss | (2,112 | ) | (252 | ) | (23 | ) | (2,387 | ) | ||||||||||
Total stockholders’ equity | 3,333,262 | 42,414 | 3,328,425 | 25,381 | (3,396,495 | ) | 3,332,987 | |||||||||||
Noncontrolling interest | 6,177 | 6,177 | ||||||||||||||||
Total equity | 3,333,262 | 42,414 | 3,328,425 | 31,558 | (3,396,495 | ) | 3,339,164 | |||||||||||
3,414,450 | 2,350,178 | 5,798,769 | 735,943 | (5,471,881 | ) | 6,827,459 | ||||||||||||
Consolidating Balance Sheet at October 31, 2012 | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
ASSETS | ||||||||||||||||||
Cash and cash equivalents | — | — | 712,024 | 66,800 | — | 778,824 | ||||||||||||
Marketable securities | 378,858 | 60,210 | 439,068 | |||||||||||||||
Restricted cash | 28,268 | 17,561 | 1,447 | 47,276 | ||||||||||||||
Inventory | 3,711,679 | 21,024 | 3,732,703 | |||||||||||||||
Property, construction and office equipment, net | 106,963 | 3,008 | 109,971 | |||||||||||||||
Receivables, prepaid expenses and other assets | 134 | 15,130 | 102,409 | 66,810 | (11,441 | ) | 173,042 | |||||||||||
Mortgage loans receivable | 86,386 | 86,386 | ||||||||||||||||
Customer deposits held in escrow | 29,579 | 29,579 | ||||||||||||||||
Investments in and advances to unconsolidated entities | 180,159 | 150,458 | 330,617 | |||||||||||||||
Investments in distressed loans | 37,169 | 37,169 | ||||||||||||||||
Investments in foreclosed real estate | 58,353 | 58,353 | ||||||||||||||||
Investments in and advances to consolidated entities | 2,816,607 | 2,092,810 | 4,740 | (4,914,157 | ) | — | ||||||||||||
Deferred tax assets, net of valuation allowances | 358,056 | 358,056 | ||||||||||||||||
3,203,065 | 2,107,940 | 5,243,972 | 551,665 | (4,925,598 | ) | 6,181,044 | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Liabilities | ||||||||||||||||||
Loans payable | 99,817 | 99,817 | ||||||||||||||||
Senior notes | 2,032,335 | 48,128 | 2,080,463 | |||||||||||||||
Mortgage company warehouse loan | 72,664 | 72,664 | ||||||||||||||||
Customer deposits | 142,919 | 58 | 142,977 | |||||||||||||||
Accounts payable | 99,889 | 22 | 99,911 | |||||||||||||||
Accrued expenses | 27,476 | 344,555 | 115,922 | (11,603 | ) | 476,350 | ||||||||||||
Advances from consolidated entities | 1,385,457 | 348,927 | (1,734,384 | ) | — | |||||||||||||
Income taxes payable | 80,991 | 80,991 | ||||||||||||||||
Total liabilities | 80,991 | 2,059,811 | 2,072,637 | 537,593 | (1,697,859 | ) | 3,053,173 | |||||||||||
Equity | ||||||||||||||||||
Stockholders’ equity | ||||||||||||||||||
Common stock | 1,687 | 48 | 3,006 | (3,054 | ) | 1,687 | ||||||||||||
Additional paid-in capital | 404,418 | 49,400 | 1,734 | (51,134 | ) | 404,418 | ||||||||||||
Retained earnings | 2,721,397 | (1,271 | ) | 3,171,654 | 3,168 | (3,173,551 | ) | 2,721,397 | ||||||||||
Treasury stock, at cost | (983 | ) | (983 | ) | ||||||||||||||
Accumulated other comprehensive loss | (4,445 | ) | (367 | ) | (7 | ) | (4,819 | ) | ||||||||||
Total stockholders’ equity | 3,122,074 | 48,129 | 3,171,335 | 7,901 | (3,227,739 | ) | 3,121,700 | |||||||||||
Noncontrolling interest | 6,171 | 6,171 | ||||||||||||||||
Total equity | 3,122,074 | 48,129 | 3,171,335 | 14,072 | (3,227,739 | ) | 3,127,871 | |||||||||||
3,203,065 | 2,107,940 | 5,243,972 | 551,665 | (4,925,598 | ) | 6,181,044 | ||||||||||||
Consolidating Statement of Operations for the fiscal year ended October 31, 2013 | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Revenues | 2,711,438 | 70,107 | (107,246 | ) | 2,674,299 | |||||||||||||
Cost of revenues | 2,149,554 | 10,043 | (26,297 | ) | 2,133,300 | |||||||||||||
Selling, general and administrative | 188 | 2,963 | 364,256 | 48,413 | (75,888 | ) | 339,932 | |||||||||||
188 | 2,963 | 2,513,810 | 58,456 | (102,185 | ) | 2,473,232 | ||||||||||||
Income (loss) from operations | (188 | ) | (2,963 | ) | 197,628 | 11,651 | (5,061 | ) | 201,067 | |||||||||
Other: | ||||||||||||||||||
Income from unconsolidated entities | 9,318 | 5,074 | 14,392 | |||||||||||||||
Other income - net | 9,433 | 32,217 | 12,616 | (2,028 | ) | 52,238 | ||||||||||||
Intercompany interest income | 127,057 | (127,057 | ) | — | ||||||||||||||
Interest expense | (133,500 | ) | (646 | ) | 134,146 | — | ||||||||||||
Income from consolidated subsidiaries | 258,452 | 19,289 | (277,741 | ) | — | |||||||||||||
Income (loss) before income taxes | 267,697 | (9,406 | ) | 258,452 | 28,695 | (277,741 | ) | 267,697 | ||||||||||
Income tax provision (benefit) | 97,091 | (3,691 | ) | 101,416 | 11,260 | (108,985 | ) | 97,091 | ||||||||||
Net income (loss) | 170,606 | (5,715 | ) | 157,036 | 17,435 | (168,756 | ) | 170,606 | ||||||||||
Other comprehensive income (loss) | 2,334 | 114 | (16 | ) | 2,432 | |||||||||||||
Total comprehensive income (loss) | 172,940 | (5,715 | ) | 157,150 | 17,419 | (168,756 | ) | 173,038 | ||||||||||
Consolidating Statement of Operations for the fiscal year ended October 31, 2012 | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Revenues | 1,903,177 | 57,581 | (77,977 | ) | 1,882,781 | |||||||||||||
Cost of revenues | 1,541,937 | 10,597 | (20,439 | ) | 1,532,095 | |||||||||||||
Selling, general and administrative | 95 | 2,965 | 309,923 | 38,424 | (64,150 | ) | 287,257 | |||||||||||
95 | 2,965 | 1,851,860 | 49,021 | (84,589 | ) | 1,819,352 | ||||||||||||
Income (loss) from operations | (95 | ) | (2,965 | ) | 51,317 | 8,560 | 6,612 | 63,429 | ||||||||||
Other: | ||||||||||||||||||
Income from unconsolidated entities | 18,342 | 5,250 | 23,592 | |||||||||||||||
Other income - net | 1,327 | 20,032 | 10,181 | (5,619 | ) | 25,921 | ||||||||||||
Intercompany interest income | 116,835 | (116,835 | ) | — | ||||||||||||||
Interest expense | (115,141 | ) | (701 | ) | 115,842 | — | ||||||||||||
Income from consolidated subsidiaries | 111,710 | 22,019 | (133,729 | ) | — | |||||||||||||
Income (loss) before income taxes | 112,942 | (1,271 | ) | 111,710 | 23,290 | (133,729 | ) | 112,942 | ||||||||||
Income tax (benefit) provision | (374,204 | ) | 25,515 | 5,319 | (30,834 | ) | (374,204 | ) | ||||||||||
Net income (loss) | 487,146 | (1,271 | ) | 86,195 | 17,971 | (102,895 | ) | 487,146 | ||||||||||
Other comprehensive loss | (1,839 | ) | (71 | ) | (7 | ) | (1,917 | ) | ||||||||||
Total comprehensive income (loss) | 485,307 | (1,271 | ) | 86,124 | 17,964 | (102,895 | ) | 485,229 | ||||||||||
Consolidating Statement of Operations for the fiscal year ended October 31, 2011 | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Revenues | 1,502,147 | 48,365 | (74,631 | ) | 1,475,881 | |||||||||||||
Cost of revenues | 1,274,173 | 4,314 | (17,717 | ) | 1,260,770 | |||||||||||||
Selling, general and administrative | 137 | 1,345 | 279,131 | 33,605 | (52,863 | ) | 261,355 | |||||||||||
137 | 1,345 | 1,553,304 | 37,919 | (70,580 | ) | 1,522,125 | ||||||||||||
(Loss) income from operations | (137 | ) | (1,345 | ) | (51,157 | ) | 10,446 | (4,051 | ) | (46,244 | ) | |||||||
Other: | ||||||||||||||||||
(Loss) Income from unconsolidated entities | (18,905 | ) | 17,711 | (1,194 | ) | |||||||||||||
Other income - net | 15,784 | (1,359 | ) | 8,978 | 23,403 | |||||||||||||
Intercompany interest income | 108,776 | (108,776 | ) | — | ||||||||||||||
Interest expense | (103,604 | ) | (1,504 | ) | (245 | ) | 103,849 | (1,504 | ) | |||||||||
Expenses related to early retirement of debt | (3,827 | ) | (3,827 | ) | ||||||||||||||
(Loss) income from consolidated subsidiaries | (29,229 | ) | 26,553 | 2,676 | — | |||||||||||||
(Loss) income before income taxes | (29,366 | ) | — | (29,229 | ) | 26,553 | 2,676 | (29,366 | ) | |||||||||
Income tax (benefit) provision | (69,161 | ) | (68,837 | ) | 62,536 | 6,301 | (69,161 | ) | ||||||||||
Net income (loss) | 39,795 | — | 39,608 | (35,983 | ) | (3,625 | ) | 39,795 | ||||||||||
Other comprehensive loss | (1,934 | ) | (192 | ) | (2,126 | ) | ||||||||||||
Total comprehensive income (loss) | 37,861 | — | 39,416 | (35,983 | ) | (3,625 | ) | 37,669 | ||||||||||
Consolidating Statement of Cash Flows for the fiscal year ended October 31, 2013 | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Net cash (used in) provided by operating activities | 116,508 | 5,163 | (587,032 | ) | (92,899 | ) | (10,703 | ) | (568,963 | ) | ||||||||
Cash flow provided by (used in) investing activities: | ||||||||||||||||||
Purchase of property and equipment — net | (15,038 | ) | (11,529 | ) | (26,567 | ) | ||||||||||||
Purchase of marketable securities | (25,938 | ) | (10,264 | ) | (36,202 | ) | ||||||||||||
Sale and redemption of marketable securities | 357,583 | 60,263 | 417,846 | |||||||||||||||
Investment in and advances to unconsolidated entities | (34,071 | ) | (59,327 | ) | (93,398 | ) | ||||||||||||
Return of investments in unconsolidated entities | 43,405 | 26,404 | 69,809 | |||||||||||||||
Investment in non-performing loan portfolios and foreclosed real estate | (26,155 | ) | (26,155 | ) | ||||||||||||||
Return of investments in non-performing loan portfolios and foreclosed real estate | 27,370 | 27,370 | ||||||||||||||||
Intercompany advances | (141,346 | ) | (241,693 | ) | 383,039 | — | ||||||||||||
Net cash provided by (used in) investing activities | (141,346 | ) | (241,693 | ) | 325,941 | 6,762 | 383,039 | 332,703 | ||||||||||
Cash flow provide by (used in) financing activities: | ||||||||||||||||||
Net proceeds from issuance of senior notes | 400,383 | 400,383 | ||||||||||||||||
Proceeds from loans payable | 1,164,531 | 1,164,531 | ||||||||||||||||
Principal payments of loans payable | (33,329 | ) | (1,162,195 | ) | (1,195,524 | ) | ||||||||||||
Redemption of senior notes | (163,853 | ) | (163,853 | ) | ||||||||||||||
Proceeds from stock-based benefit plans | 15,798 | 15,798 | ||||||||||||||||
Excess tax benefits from stock-based compensation | 24,417 | 24,417 | ||||||||||||||||
Purchase of treasury stock | (15,377 | ) | (15,377 | ) | ||||||||||||||
Change in noncontrolling interest | 33 | 33 | ||||||||||||||||
Intercompany advances | 252,498 | 119,838 | (372,336 | ) | — | |||||||||||||
Net cash provided by (used in) financing activities | 24,838 | 236,530 | 219,169 | 122,207 | (372,336 | ) | 230,408 | |||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | (41,922 | ) | 36,070 | — | (5,852 | ) | ||||||||||
Cash and cash equivalents, beginning of year | — | — | 712,024 | 66,800 | — | 778,824 | ||||||||||||
Cash and cash equivalents, end of year | — | — | 670,102 | 102,870 | — | 772,972 | ||||||||||||
Consolidating Statement of Cash Flows for the fiscal year ended October 31, 2012 | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Net cash (used in) provided by operating activities | 4,365 | 5,564 | (100,007 | ) | (78,750 | ) | (2,709 | ) | (171,537 | ) | ||||||||
Cash flow used in investing activities: | ||||||||||||||||||
Purchase of property and equipment — net | (12,012 | ) | 92 | (11,920 | ) | |||||||||||||
Purchase of marketable securities | (519,737 | ) | (60,221 | ) | (579,958 | ) | ||||||||||||
Sale and redemption of marketable securities | 368,253 | 368,253 | ||||||||||||||||
Investment in and advances to unconsolidated entities | (113,651 | ) | (103,509 | ) | (217,160 | ) | ||||||||||||
Return of investments in unconsolidated entities | 34,408 | 3,960 | 38,368 | |||||||||||||||
Investment in non-performing loan portfolios and foreclosed real estate | (30,090 | ) | (30,090 | ) | ||||||||||||||
Return of investments in non-performing loan portfolios and foreclosed real estate | 16,707 | 16,707 | ||||||||||||||||
Acquisition of a business | (144,746 | ) | (144,746 | ) | ||||||||||||||
Intercompany advances | (43,383 | ) | (584,260 | ) | 627,643 | — | ||||||||||||
Net cash used in investing activities | (43,383 | ) | (584,260 | ) | (387,485 | ) | (173,061 | ) | 627,643 | (560,546 | ) | |||||||
Cash flow provided by financing activities: | ||||||||||||||||||
Net proceeds from issuance of senior notes | 578,696 | 578,696 | ||||||||||||||||
Proceeds from loans payable | 1,002,934 | 1,002,934 | ||||||||||||||||
Principal payments of loans payable | (28,402 | ) | (987,679 | ) | (1,016,081 | ) | ||||||||||||
Proceeds from stock-based benefit plans | 33,747 | 33,747 | ||||||||||||||||
Excess tax benefits from stock-based compensation | 5,776 | 5,776 | ||||||||||||||||
Purchase of treasury stock | (505 | ) | (505 | ) | ||||||||||||||
Intercompany advances | 450,906 | 174,028 | (624,934 | ) | — | |||||||||||||
Net cash provided by financing activities | 39,018 | 578,696 | 422,504 | 189,283 | (624,934 | ) | 604,567 | |||||||||||
Net decrease in cash and cash equivalents | — | — | (64,988 | ) | (62,528 | ) | — | (127,516 | ) | |||||||||
Cash and cash equivalents, beginning of year | — | — | 777,012 | 129,328 | — | 906,340 | ||||||||||||
Cash and cash equivalents, end of year | — | — | 712,024 | 66,800 | — | 778,824 | ||||||||||||
Consolidating Statement of Cash Flows for the fiscal year ended October 31, 2011 | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Net cash provided by (used in) operating activities | 100,568 | 5,279 | (276,839 | ) | 229,737 | 8 | 58,753 | |||||||||||
Cash flow (used in) provided by investing activities: | ||||||||||||||||||
Purchase of property and equipment — net | (12,025 | ) | (3,431 | ) | (15,456 | ) | ||||||||||||
Purchase of marketable securities | (452,864 | ) | (452,864 | ) | ||||||||||||||
Sale and redemption of marketable securities | 408,831 | 408,831 | ||||||||||||||||
Investment in and advances to unconsolidated entities | (70 | ) | (62 | ) | (132 | ) | ||||||||||||
Return of investments in unconsolidated entities | 23,859 | 19,450 | 43,309 | |||||||||||||||
Investment in non-performing loan portfolios and foreclosed real estate | (66,867 | ) | (66,867 | ) | ||||||||||||||
Return of investments in non-performing loan portfolios and foreclosed real estate | 2,806 | 2,806 | ||||||||||||||||
Intercompany advances | (76,997 | ) | 53,558 | 23,439 | — | |||||||||||||
Net cash (used in) provided by investing activities | (76,997 | ) | 53,558 | (32,269 | ) | (48,104 | ) | 23,439 | (80,373 | ) | ||||||||
Cash flow (used in) provided by financing activities: | ||||||||||||||||||
Proceeds from loans payable | 921,251 | 921,251 | ||||||||||||||||
Principal payments of loans payable | (16,412 | ) | (936,209 | ) | (952,621 | ) | ||||||||||||
Redemption of senior notes | (58,837 | ) | (58,837 | ) | ||||||||||||||
Proceeds from stock-based benefit plans | 25,531 | 25,531 | ||||||||||||||||
Purchase of treasury stock | (49,102 | ) | (49,102 | ) | ||||||||||||||
Change in noncontrolling interest | 2,678 | 2,678 | ||||||||||||||||
Intercompany advances | 172,127 | (148,680 | ) | (23,447 | ) | — | ||||||||||||
Net cash (used in) provided by financing activities | (23,571 | ) | (58,837 | ) | 155,715 | (160,960 | ) | (23,447 | ) | (111,100 | ) | |||||||
Net (decrease) increase in cash and cash equivalents | — | — | (153,393 | ) | 20,673 | — | (132,720 | ) | ||||||||||
Cash and cash equivalents, beginning of year | — | — | 930,405 | 108,655 | — | 1,039,060 | ||||||||||||
Cash and cash equivalents, end of year | — | — | 777,012 | 129,328 | — | 906,340 | ||||||||||||
Summary_Consolidated_Quarterly
Summary Consolidated Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Oct. 31, 2013 | ||||||||||||||||
Summary Consolidated Quarterly Financial Data (Unaudited) [Abstract] | ' | |||||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||||
Summary Consolidated Quarterly Financial Data (Unaudited) | ||||||||||||||||
The table below provides summary income statement data for each quarter of fiscal 2013 and 2012 (amounts in thousands, except per share data). | ||||||||||||||||
Three Months Ended, | ||||||||||||||||
31-Oct | 31-Jul | 30-Apr | 31-Jan | |||||||||||||
Fiscal 2013: | ||||||||||||||||
Revenue | $ | 1,044,534 | $ | 689,160 | $ | 516,004 | $ | 424,601 | ||||||||
Gross profit | $ | 222,273 | $ | 144,071 | $ | 95,991 | $ | 78,664 | ||||||||
Income before income taxes | $ | 150,150 | $ | 68,253 | $ | 40,968 | $ | 8,326 | ||||||||
Net income | $ | 94,905 | $ | 46,595 | $ | 24,674 | $ | 4,432 | ||||||||
Income per share (1) | ||||||||||||||||
Basic | $ | 0.56 | $ | 0.28 | $ | 0.15 | $ | 0.03 | ||||||||
Diluted | $ | 0.54 | $ | 0.26 | $ | 0.14 | $ | 0.03 | ||||||||
Weighted-average number of shares | ||||||||||||||||
Basic | 169,440 | 169,268 | 169,380 | 169,064 | ||||||||||||
Diluted (2) | 177,952 | 178,001 | 178,136 | 171,903 | ||||||||||||
Fiscal 2012: | ||||||||||||||||
Revenue | $ | 632,826 | $ | 554,319 | $ | 373,681 | $ | 321,955 | ||||||||
Gross profit | $ | 127,088 | $ | 106,391 | $ | 66,860 | $ | 50,347 | ||||||||
Income (loss) before income taxes | $ | 60,749 | $ | 42,952 | $ | 15,649 | $ | (6,408 | ) | |||||||
Net income (loss) | $ | 411,417 | $ | 61,643 | $ | 16,872 | $ | (2,786 | ) | |||||||
Income (loss) per share (1) | ||||||||||||||||
Basic | $ | 2.44 | $ | 0.37 | $ | 0.1 | $ | (0.02 | ) | |||||||
Diluted | $ | 2.35 | $ | 0.36 | $ | 0.1 | $ | (0.02 | ) | |||||||
Weighted-average number of shares | ||||||||||||||||
Basic | 168,416 | 167,664 | 166,994 | 166,311 | ||||||||||||
Diluted (2) | 174,775 | 170,229 | 168,503 | 166,311 | ||||||||||||
-1 | Due to rounding, the sum of the quarterly earnings per share amounts may not equal the reported earnings per share for the year. | |||||||||||||||
-2 | For the three months ended January 31, 2012, there were no common stock equivalents used in the calculation of diluted loss per share because the Company reported a net loss for the period, and any common stock equivalents would be anti-dilutive. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||
Oct. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Basis of Presentation Policy [Text Block] | ' | ||
Basis of Presentation | |||
The accompanying consolidated financial statements include the accounts of Toll Brothers, Inc. (the “Company”), a Delaware corporation, and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Investments in 50% or less owned partnerships and affiliates are accounted for using the equity method unless it is determined that the Company has effective control of the entity, in which case the entity would be consolidated. | |||
Use of Estimates, Policy [Policy Text Block] | ' | ||
Use of Estimates | |||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||
Cash and Cash Equivalents | |||
Liquid investments or investments with original maturities of three months or less are classified as cash equivalents. The carrying value of these investments approximates their fair value. | |||
Marketable Securities, Policy [Policy Text Block] | ' | ||
Marketable Securities | |||
Marketable securities are classified as available-for-sale, and accordingly, are stated at fair value, which is based on quoted market prices. Changes in unrealized gains and losses are excluded from earnings and are reported as other comprehensive income, net of income tax effects, if any. The cost of marketable securities sold is based on the specific identification method. | |||
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||
Restricted Cash | |||
Restricted cash primarily represents cash deposits collateralizing certain deductibles under insurance policies, outstanding letters of credit outside of our bank revolving credit facility and cash deposited into a voluntary employee benefit association to fund certain future employee benefits. | |||
Inventory [Policy Text Block] | ' | ||
Inventory | |||
Inventory is stated at cost unless an impairment exists, in which case it is written down to fair value in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360, “Property, Plant and Equipment” (“ASC 360”). In addition to direct land acquisition costs, land development costs and home construction costs, costs also include interest, real estate taxes and direct overhead related to development and construction, which are capitalized to inventory during the period beginning with the commencement of development and ending with the completion of construction. For those communities that have been temporarily closed, no additional capitalized interest is allocated to a community’s inventory until it reopens. While the community remains closed, carrying costs such as real estate taxes are expensed as incurred. | |||
The Company capitalizes certain interest costs to qualified inventory during the development and construction period of its communities in accordance with ASC 835-20, “Capitalization of Interest” (“ASC 835-20”). Capitalized interest is charged to cost of revenues when the related inventory is delivered. Interest incurred on home building indebtedness in excess of qualified inventory, as defined in ASC 835-20, is charged to the Consolidated Statements of Operations in the period incurred. | |||
Once a parcel of land has been approved for development and the Company opens one of its typical communities, it may take four or more years to fully develop, sell and deliver all the homes in such community. Longer or shorter time periods are possible depending on the number of home sites in a community and the sales and delivery pace of the homes in a community. The Company’s master planned communities, consisting of several smaller communities, may take up to ten years or more to complete. Because the Company’s inventory is considered a long-lived asset under GAAP, the Company is required, under ASC 360, to regularly review the carrying value of each community and write down the value of those communities for which it believes the values are not recoverable. | |||
Current Communities: When the profitability of a current community deteriorates, the sales pace declines significantly, or some other factor indicates a possible impairment in the recoverability of the asset, the asset is reviewed for impairment by comparing the estimated future undiscounted cash flow for the community to its carrying value. If the estimated future undiscounted cash flow is less than the community’s carrying value, the carrying value is written down to its estimated fair value. Estimated fair value is primarily determined by discounting the estimated future cash flow of each community. The impairment is charged to cost of revenues in the period in which the impairment is determined. In estimating the future undiscounted cash flow of a community, the Company uses various estimates such as: (i) the expected sales pace in a community, based upon general economic conditions that will have a short-term or long-term impact on the market in which the community is located and on competition within the market, including the number of home sites available and pricing and incentives being offered in other communities owned by the Company or by other builders; (ii) the expected sales prices and sales incentives to be offered in a community; (iii) costs expended to date and expected to be incurred in the future, including, but not limited to, land and land development, home construction, interest and overhead costs; (iv) alternative product offerings that may be offered in a community that will have an impact on sales pace, sales price, building cost or the number of homes that can be built on a particular site; and (v) alternative uses for the property such as the possibility of a sale of the entire community to another builder or the sale of individual home sites. | |||
Future Communities: The Company evaluates all land held for future communities or future sections of current communities, whether owned or under contract, to determine whether or not it expects to proceed with the development of the land as originally contemplated. This evaluation encompasses the same types of estimates used for current communities described above, as well as an evaluation of the regulatory environment applicable to the land and the estimated probability of obtaining the necessary approvals, the estimated time and cost it will take to obtain the approvals and the possible concessions that will be required to be given in order to obtain them. Concessions may include cash payments to fund improvements to public places such as parks and streets, dedication of a portion of the property for use by the public or as open space or a reduction in the density or size of the homes to be built. Based upon this review, the Company decides (i) as to land under contract to be purchased, whether the contract will likely be terminated or renegotiated, and (ii) as to land owned, whether the land will likely be developed as contemplated or in an alternative manner, or should be sold. The Company then further determines whether costs that have been capitalized to the community are recoverable or should be written off. The write-off is charged to cost of revenues in the period in which the need for the write-off is determined. | |||
Capitalization of Interest Costs Policy [Text Block] | ' | ||
The Company capitalizes certain interest costs to qualified inventory during the development and construction period of its communities in accordance with ASC 835-20, “Capitalization of Interest” (“ASC 835-20”). Capitalized interest is charged to cost of revenues when the related inventory is delivered. Interest incurred on home building indebtedness in excess of qualified inventory, as defined in ASC 835-20, is charged to the Consolidated Statements of Operations in the period incurred. | |||
Estimated fair values Policy [Text Block] | ' | ||
The estimates used in the determination of the estimated cash flows and fair value of both current and future communities are based on factors known to the Company at the time such estimates are made and its expectations of future operations and economic conditions. Should the estimates or expectations used in determining estimated fair value deteriorate in the future, the Company may be required to recognize additional impairment charges and write-offs related to current and future communities. | |||
Consolidation, Policy [Policy Text Block] | ' | ||
Variable Interest Entities | |||
The Company is required to consolidate variable interest entities ("VIEs") in which it has a controlling financial interest in accordance with ASC 810, “Consolidation” (“ASC 810”). A controlling financial interest will have both of the following characteristics: (i) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. | |||
The Company's variable interest in VIEs may be in the form of equity ownership, contracts to purchase assets, management services and development agreements between the Company and a VIE, loans provided by the Company to a VIE or other member and/or guarantees provided by members to banks and other parties. | |||
The Company has a significant number of land purchase contracts and several investments in unconsolidated entities which it evaluates in accordance with ASC 810. The Company analyzes its land purchase contracts and the unconsolidated entities in which it has an investment to determine whether the land sellers and unconsolidated entities are VIEs and, if so, whether the Company is the primary beneficiary. The Company examines specific criteria and uses its judgment when determining if it is the primary beneficiary of a VIE. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of other member(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE's executive committee, existence of unilateral kick-out rights or voting rights, level of economic disproportionality between the Company and the other member(s) and contracts to purchase assets from VIEs. The determination whether an entity is a VIE and, if so, whether the Company is primary beneficiary may require significant judgment. | |||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||
Property, Construction and Office Equipment | |||
Property, construction and office equipment are recorded at cost and are stated net of accumulated depreciation of $159.5 million and $157.5 million at October 31, 2013 and 2012, respectively. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. In fiscal 2013, 2012 and 2011, the Company recognized $10.8 million, $8.1 million and $9.8 million of depreciation expense, respectively. | |||
Mortgage Loans Receivable [Policy Text Block] | ' | ||
Mortgage Loans Receivable | |||
Residential mortgage loans held for sale are measured at fair value in accordance with the provisions of ASC 825, “Financial Instruments” (“ASC 825”). The Company believes the use of ASC 825 improves consistency of mortgage loan valuations between the date the borrower locks in the interest rate on the pending mortgage loan and the date of the mortgage loan sale. At the end of the reporting period, the Company determines the fair value of its mortgage loans held for sale and the forward loan commitments it has entered into as a hedge against the interest rate risk of its mortgage loans using the market approach to determine fair value. The evaluation is based on the current market pricing of mortgage loans with similar terms and values as of the reporting date and by applying such pricing to the mortgage loan portfolio. The Company recognizes the difference between the fair value and the unpaid principal balance of mortgage loans held for sale as a gain or loss. In addition, the Company recognizes the fair value of its forward loan commitments as a gain or loss. Interest income on mortgage loans held for sale is calculated based upon the stated interest rate of each loan. In addition, the recognition of net origination costs and fees associated with residential mortgage loans originated are expensed as incurred. These gains and losses, interest income and origination costs and fees are recognized in other income - net in the accompanying Consolidated Statements of Operations. | |||
Investments in and Advances to Unconsolidated Entities [Policy Text Block] | ' | ||
Investments in and Advances to Unconsolidated Entities | |||
In accordance with ASC 323, “Investments—Equity Method and Joint Ventures”, the Company reviews each of its investments on a quarterly basis for indicators of impairment. A series of operating losses of an investee, the inability to recover the Company’s invested capital, or other factors may indicate that a loss in value of the Company’s investment in the unconsolidated entity has occurred. If a loss exists, the Company further reviews to determine if the loss is other than temporary, in which case, it writes down the investment to its fair value. The evaluation of the Company’s investment in unconsolidated entities entails a detailed cash flow analysis using many estimates including but not limited to expected sales pace, expected sales prices, expected incentives, costs incurred and anticipated, sufficiency of financing and capital, competition, market conditions and anticipated cash receipts, in order to determine projected future distributions. | |||
Each of the unconsolidated entities evaluates its inventory in a similar manner as the Company. See “Inventory” above for more detailed disclosure on the Company’s evaluation of inventory. If a valuation adjustment is recorded by an unconsolidated entity related to its assets, the Company’s proportionate share is reflected in the Company’s income (loss) from unconsolidated entities with a corresponding decrease to its investment in unconsolidated entities. | |||
The Company is a party to several joint ventures with unrelated parties to develop and sell land that is owned by the joint ventures. The Company recognizes its proportionate share of the earnings from the sale of home sites to other builders, including our joint venture partners. The Company does not recognize earnings from the home sites it purchases from these ventures, but reduces its cost basis in the home sites by its share of the earnings from those home sites. | |||
The Company is also a party to several other joint ventures. The Company recognizes its proportionate share of the earnings and losses of its unconsolidated entities. | |||
Investment in Non Performing Loan Portfolio Policy and Foreclosed Real Estate [Policy Text Block] | 'Investments in Non-performing Loan Portfolios and Foreclosed Real EstateThe Companybs investments in non-performing loan portfolios are initially recorded at cost which the Company believes is fair value. The fair value is determined by discounting the cash flows expected to be collected from the portfolios using a discount rate that management believes a market participant would use in determining fair value. Management estimates cash flows expected to be collected on a loan-by-loan basis considering the contractual terms of the loan, current and expected loan performance, the manner and timing of disposition, the nature and estimated fair value of real estate or other collateral, and other factors it deems appropriate. The estimated fair value of the loans at acquisition was significantly less than the contractual amounts due under the terms of the loan agreements.Since, at the acquisition date, the Company expects to collect less than the contractual amounts due under the terms of the loans based, at least in part, on the assessment of the credit quality of the borrowers, the loans are accounted for in accordance with ASC Topic 310-30, bLoans and Debt Securities Acquired with Deteriorated Credit Qualityb ("ASC 310-30"). Under ASC 310-30, the accretable yield, or the amount by which the cash flows expected to be collected at the acquisition date exceeds the estimated fair value of the loan, is recognized in other income - net over the estimated remaining life of the loan using a level yield methodology provided the Company does not presently have the intention to utilize real estate secured by the loans for use in its operations or significantly improving the collateral for resale. The difference between the contractually required payments of the loan as of the acquisition date and the total cash flows expected to be collected, or non-accretable difference, is not recognized.Pursuant to ASC 310-30, the Company aggregates loans with common risk characteristics into pools for purposes of recognizing interest income and evaluating changes in estimated cash flows. Loan pools are evaluated as a single loan for purposes of placing the pool on non-accrual status or evaluating loan impairment. Generally, a loan pool is classified as non-accrual when management is unable to reasonably estimate the timing or amount of cash flows expected to be collected from the loan pool or has serious doubts about further collectability of principal or interest. Proceeds received on non-accrual loan pools generally are either applied against principal or reported as other income - net, depending on managementbs judgment as to the collectability of principal. For the fiscal years ended OctoberB 31, 2013, 2012 and 2011, none of the Companybs loan pools were on non-accrual status.A loan is removed from a loan pool only when the Company sells, forecloses or otherwise receives assets in satisfaction of the loan, or the loan is written off. Loans removed from a pool are removed at their amortized cost (unpaid principal balance less unamortized discount and provision for loan loss) as of the date of resolution.The Company periodically re-evaluates cash flows expected to be collected for each loan pool based upon all available information as of the measurement date. Subsequent increases in cash flows expected to be collected are recognized prospectively through an adjustment to the loan poolbs yield over its remaining life, which may result in a reclassification from non-accretable difference to accretable yield. Subsequent decreases in cash flows expected to be collected are evaluated to determine whether a provision for loan loss should be established. If decreases in expected cash flows result in a decrease in the estimated fair value of the loan pool below its amortized cost, the loan pool is deemed to be impaired and the Company will record a provision for loan losses to write the loan pool down to its estimated fair value. For the years ended OctoberB 31, 2013 and OctoberB 31, 2012, the Company recorded a provision for loan losses of $0.7 million and $2.3 million, respectively. There was no provision for loan losses recorded in the fiscal year ended October 31, 2011.The Companybs investments in non-performing loans are classified as held for investment because the Company has the intent and ability to hold them for the foreseeable future.Foreclosed Real Estate Owned ("REO")REO assets, either directly owned or owned through a participation arrangement, acquired through subsequent foreclosure or deed in lieu actions on non-performing loans are initially recorded at fair value based upon third-party appraisals, broker opinions of value, or internal valuation methodologies (which may include discounted cash flows, capitalization rate analysis or comparable transactional analysis). Unobservable inputs used in estimating the fair value of REO assets are based upon the best information available under the circumstances and take into consideration the financial condition and operating results of the asset, local market conditions, the availability of capital, interest and inflation rates and other factors deemed appropriate by management. REO assets acquired are reviewed to determine if they should be classified as bheld and usedb or bheld for saleb. REO classified as bheld and usedb is stated at carrying cost unless an impairment exists, in which case it is written down to fair value in accordance with ASC 360-10-35. REO classified as bheld for saleb is carried at the lower of carrying amount or fair value less cost to sell. An impairment charge is recognized for any decreases in estimated fair value subsequent to the acquisition date. For both classifications, carrying costs incurred after the acquisition, including property taxes and insurance, are expensed.Loan SalesAs part of its disposition strategy for the loan portfolios, the Company may sell certain loans to third-party purchasers. The Company recognizes gains or losses on the sale of mortgage loans when the loans have been legally isolated from the Company and it no longer maintains effective control over the transferred assets. | ||
Fair Value Disclosures [Policy Text Block] | ' | ||
Fair Value Disclosures | |||
The Company uses ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), to measure the fair value of certain assets and liabilities. ASC 820 provides a framework for measuring fair value in accordance with GAAP, establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and requires certain disclosures about fair value measurements. | |||
The fair value hierarchy is summarized below: | |||
Level 1: | Fair value determined based on quoted prices in active markets for identical assets or liabilities. | ||
Level 2: | Fair value determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities or quoted prices in markets that are not active. | ||
Level 3: | Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows or similar techniques. | ||
Treasury Stock Policy [Text Block] | ' | ||
Treasury Stock | |||
Treasury stock is recorded at cost. Issuance of treasury stock is accounted for on a first-in, first-out basis. Differences between the cost of treasury stock and the re-issuance proceeds are charged to additional paid-in capital. | |||
Revenue Recognition, Policy [Policy Text Block] | ' | ||
Revenue and Cost Recognition | |||
The construction time of the Company’s homes is generally less than one year, although some homes may take more than one year to complete. Revenues and cost of revenues from these home sales are recorded at the time each home is delivered and title and possession are transferred to the buyer. For single family detached homes, closing normally occurs shortly after construction is substantially completed. In addition, the Company has several high-rise/mid-rise projects that do not qualify for percentage of completion accounting in accordance with ASC 360, which are included in this category of revenues and costs. Based upon the current accounting rules and interpretations, the Company does not believe that any of its current or future communities currently qualify or will qualify in the future for percentage of completion accounting. | |||
For the Company’s standard attached and detached homes, land, land development and related costs, both incurred and estimated to be incurred in the future, are amortized to the cost of homes closed based upon the total number of homes to be constructed in each community. Any changes resulting from a change in the estimated number of homes to be constructed or in the estimated costs subsequent to the commencement of delivery of homes are allocated to the remaining undelivered homes in the community. Home construction and related costs are charged to the cost of homes closed under the specific identification method. The estimated land, common area development and related costs of master planned communities, including the cost of golf courses, net of their estimated residual value, are allocated to individual communities within a master planned community on a relative sales value basis. Any changes resulting from a change in the estimated number of homes to be constructed or in the estimated costs are allocated to the remaining home sites in each of the communities of the master planned community. | |||
For high-rise/mid-rise projects that do not qualify for percentage of completion accounting, land, land development, construction and related costs, both incurred and estimated to be incurred in the future, are generally amortized to the cost of units closed based upon an estimated relative sales value of the units closed to the total estimated sales value. Any changes resulting from a change in the estimated total costs or revenues of the project are allocated to the remaining units to be delivered. | |||
Forfeited customer deposits: Forfeited customer deposits are recognized in other income - net in the period in which the Company determines that the customer will not complete the purchase of the home and it has the right to retain the deposit. | |||
Sales Incentives: In order to promote sales of its homes, the Company grants its home buyers sales incentives from time to time. These incentives will vary by type of incentive and by amount on a community-by-community and home-by-home basis. Incentives that impact the value of the home or the sales price paid, such as special or additional options, are generally reflected as a reduction in sales revenues. Incentives that the Company pays to an outside party, such as paying some or all of a home buyer’s closing costs, are recorded as an additional cost of revenues. Incentives are recognized at the time the home is delivered to the home buyer and the Company receives the sales proceeds. | |||
Advertising Costs, Policy [Policy Text Block] | ' | ||
Advertising Costs | |||
The Company expenses advertising costs as incurred. Advertising costs were $11.6 million, $11.4 million and $11.1 million for the years ended October 31, 2013, 2012 and 2011, respectively. | |||
Warranty Costs Policy [Text Block] | ' | ||
Warranty Costs | |||
The Company provides all of its home buyers with a limited warranty as to workmanship and mechanical equipment. The Company also provides many of its home buyers with a limited ten-year warranty as to structural integrity. The Company accrues for expected warranty costs at the time each home is closed and title and possession is transferred to the buyer. Costs are accrued based upon historical experience. | |||
Insurance Cost Policy [Text Block] | ' | ||
Insurance Costs | |||
The Company accrues for the expected costs associated with the deductibles and self-insured amounts under its various insurance policies. | |||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||
Stock-Based Compensation | |||
The Company accounts for its stock-based compensation in accordance with ASC 718, “Compensation — Stock Compensation” (“ASC 718”). The Company uses a lattice model for the valuation for its stock option grants. The option pricing models used are designed to estimate the value of options that, unlike employee stock options and restricted stock units, can be traded at any time and are transferable. In addition to restrictions on trading, employee stock options and restricted stock units may include other restrictions such as vesting periods. Further, such models require the input of highly subjective assumptions, including the expected volatility of the stock price. Stock-based compensation expense is generally included in the Company’s selling, general and administrative expenses in its Consolidated Statements of Operations. | |||
Income Tax, Policy [Policy Text Block] | ' | ||
Income Taxes | |||
The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ASC 740”). Deferred tax assets and liabilities are recorded based on temporary differences between the amounts reported for financial reporting purposes and the amounts reported for income tax purposes. In accordance with the provisions of ASC 740, the Company assesses the realizability of its deferred tax assets. A valuation allowance must be established when, based upon available evidence, it is more-likely-than-not that all or a portion of the deferred tax assets will not be realized. See “Income Taxes — Valuation Allowance” below. | |||
Federal and state income taxes are calculated on reported pre-tax earnings (losses) based on current tax law and also include, in the applicable period, the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provisions (benefits) differ from the amounts currently receivable or payable because certain items of income and expense are recognized for financial reporting purposes in different periods than for income tax purposes. Significant judgment is required in determining income tax provisions (benefits) and evaluating tax positions. The Company establishes reserves for income taxes when, despite the belief that its tax positions are fully supportable, it believes that its positions may be challenged and disallowed by various tax authorities. The consolidated tax provisions (benefits) and related accruals include the impact of such reasonably estimable disallowances as deemed appropriate. To the extent that the probable tax outcome of these matters changes, such changes in estimates will impact the income tax provision (benefit) in the period in which such determination is made. | |||
ASC 740 clarifies the accounting for uncertainty in income taxes recognized and prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. ASC 740 requires a company to recognize the financial statement effect of a tax position when it is “more-likely-than-not” (defined as a substantiated likelihood of more than 50%), based on the technical merits of the position, that the position will be sustained upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to be recognized in the financial statements based upon the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. The inability of the Company to determine that a tax position meets the “more-likely-than-not” recognition threshold does not mean that the Internal Revenue Service (“IRS”) or any other taxing authority will disagree with the position that the Company has taken. | |||
If a tax position does not meet the “more-likely-than-not” recognition threshold, despite the Company’s belief that its filing position is supportable, the benefit of that tax position is not recognized in the Consolidated Statements of Operations and the Company is required to accrue potential interest and penalties until the uncertainty is resolved. Potential interest and penalties are recognized as a component of the provision for income taxes which is consistent with the Company’s historical accounting policy. Differences between amounts taken in a tax return and amounts recognized in the financial statements are considered unrecognized tax benefits. The Company believes that it has a reasonable basis for each of its filing positions and intends to defend those positions if challenged by the IRS or other taxing jurisdiction. If the IRS or other taxing authorities do not disagree with the Company’s position, and after the statute of limitations expires, the Company will recognize the unrecognized tax benefit in the period that the uncertainty of the tax position is eliminated. | |||
Income Taxes - Valuation Allowance [Policy Text Block] | ' | ||
Income Taxes — Valuation Allowance | |||
Significant judgment is applied in assessing the realizability of deferred tax assets. In accordance with GAAP, a valuation allowance is established against a deferred tax asset if, based on the available evidence, it is more-likely-than-not that such asset will not be realized. The realization of a deferred tax asset ultimately depends on the existence of sufficient taxable income in either the carryback or carryforward periods under tax law. The Company assesses the need for valuation allowances for deferred tax assets based on GAAP's “more-likely-than-not” realization threshold criteria. In the Company's assessment, appropriate consideration is given to all positive and negative evidence related to the realization of the deferred tax assets. Forming a conclusion that a valuation allowance is not needed is difficult when there is significant negative evidence such as cumulative losses in recent years. This assessment considers, among other matters, the nature, consistency and magnitude of current and cumulative income and losses, forecasts of future profitability, the duration of statutory carryback or carryforward periods, the Company's experience with operating loss and tax credit carryforwards being used before expiration, and tax planning alternatives. | |||
The Company's assessment of the need for a valuation allowance on its deferred tax assets includes assessing the likely future tax consequences of events that have been recognized in its consolidated financial statements or tax returns. Changes in existing tax laws or rates could affect the Company's actual tax results and its future business results may affect the amount of its deferred tax liabilities or the valuation of its deferred tax assets over time. The Company's accounting for deferred tax assets represents its best estimate of future events. | |||
Due to uncertainties in the estimation process, particularly with respect to changes in facts and circumstances in future reporting periods (carryforward period assumptions), actual results could differ from the estimates used in the Company's analysis. The Company's assumptions require significant judgment because the residential home building industry is cyclical and is highly sensitive to changes in economic conditions. If the Company's results of operations are less than projected and there is insufficient objectively verifiable positive evidence to support the “more-likely-than-not” realization of its deferred tax assets, a valuation allowance would be required to reduce or eliminate its deferred tax assets. | |||
Noncontrolling Interest [Policy Text Block] | ' | ||
Noncontrolling Interest | |||
The Company has a 67% interest in an entity that is developing land. The financial statements of this entity are consolidated in the Company’s consolidated financial statements. The amounts shown in the Company’s Consolidated Balance Sheets under “Noncontrolling interest” represent the noncontrolling interest attributable to the 33% minority interest not owned by the Company. | |||
Geographic Segment Reporting Policy [Text Block] | ' | ||
Segment Reporting | |||
At October 31, 2013, the Company determined that it operates in two segments: Traditional Home Building and Urban Infill ("City Living"). Amounts reported in prior years have been reclassified to conform to the fiscal 2013 presentation. | |||
The Company has determined that its Traditional Home Building operations operate in four geographic segments: North, Mid-Atlantic, South and West. The states comprising each geographic segment are as follows: | |||
North: Connecticut, Illinois, Massachusetts, Michigan, Minnesota, New Jersey and New York | |||
Mid-Atlantic: Delaware, Maryland, Pennsylvania and Virginia | |||
South: Florida, North Carolina and Texas | |||
West: Arizona, California, Colorado, Nevada and Washington | |||
In fiscal 2011, the Company discontinued the sale of homes in South Carolina. The operations in South Carolina were immaterial to the South geographic segments. | |||
Related Party Transactions [Policy Text Block] | ' | ||
Related Party Transactions | |||
See Note 4, “Investments in and Advances to Unconsolidated Entities” for information regarding Toll Brothers Realty Trust ("Trust"). | |||
Recent Accounting Pronouncements [Policy Text Block] | ' | ||
Recent Accounting Pronouncements | |||
In April 2013, the FASB issued Accounting Standards Update ("ASU") 2013-04, "Liabilities" ("ASU 2013-04"), which provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. ASU 2013-04 is effective for the Company beginning November 1, 2014. The adoption of ASU 2013-04 is not expected to have a material effect on our consolidated financial statements or disclosures. | |||
In February 2013, the FASB issued ASU No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" ("ASU 2013-02"). ASU 2013-02 requires entities to present information about reclassification adjustments from accumulated other comprehensive income in their financial statements, in a single note or on the face of the financial statements. The Company adopted ASU 2013-02 in its quarter beginning February 1, 2013. The adoption of this guidance, which relates to disclosure only, did not have a material impact on the Company's consolidated financial position, results of operations or cash flows. | |||
Subsequent Events, Policy [Policy Text Block] | ' | ||
Subsequent Events | |||
Acquisition of Shapell Industries, Inc. | |||
On November 6, 2013, the Company entered into a purchase and sale agreement (the “Purchase Agreement”) with Shapell Investment Properties, Inc. to acquire all of the equity interests in Shapell Industries, Inc. (“Shapell”), for an aggregate all-cash purchase price of $1.60 billion (the “Acquisition”), subject to certain adjustments. Pursuant to the Purchase Agreement, the Company has agreed to acquire the single-family residential real property development business of Shapell, including a portfolio of approximately 5,200 home sites in California. The Purchase Agreement contains customary representations, warranties and covenants of the parties. The closing of the Acquisition is subject to the the completion of the separation of Shapell’s commercial and multi-family units to be retained by Shapell, subject to limited exceptions, the completion of pending buy-outs by Shapell of minority interests in certain joint ventures and other customary closing conditions and is expected to occur in the first calendar quarter of 2014. The Company intends to use the net proceeds of the equity offering and senior note offerings completed in November 2013, borrowings under its $1.04 billion credit facility, other financial resources available to it, and, if needed, borrowings under the 364-day unsecured revolving credit facility as more fully described below, to finance the Acquisition and to pay related fees and expenses. | |||
Equity Offering | |||
In November 2013, the Company issued 7.2 million shares of its common stock, par value $.01 per share, at a price to the public of $32.00 per share (the “equity offering”). The Company received $220.8 million of net proceeds from the issuance. | |||
Senior Note Offerings | |||
In November 2013, the Company issued $350 million principal amount of 4.0% Senior Notes due 2018 (the “4.0% Senior Notes”) and $250 million principal amount of 5.625% Senior Notes due 2024 (the “5.625% Senior Notes”) through Toll Brothers Finance Corp. The Company received $596.2 million of net proceeds from the issuance of the 4.0% Senior Notes and the 5.625% Senior Notes. If (i) the Purchase Agreement is terminated on any date prior to May 31, 2014, (ii) the Company publicly announces on any date prior to May 31, 2014 that the Acquisition will not be pursued or (iii) the Acquisition is not consummated prior to May 31, 2014, then the Company will be required to redeem each series of notes at 100% of the aggregate principal amount of such series, together with accrued and unpaid interest on such notes from November 21, 2013 up to, but not including, the applicable special mandatory redemption date. | |||
364-Day Senior Unsecured Revolving Credit Facility | |||
The Company has received a definitive financing commitment from a number of banks for a $500 million, 364-day senior unsecured revolving credit facility. The availability of borrowings under this facility is subject to the Company entering into a definitive agreement with the banks and will be subject to customary conditions. Amounts borrowed thereunder are expected to accrue interest at the London interbank offered rate plus a margin determined pursuant to a leverage ratio-based pricing grid expected to range from 1.25% to 2.25% per annum. | |||
Reclassification Policy [Text Block] | ' | ||
Reclassification | |||
Certain prior period amounts have been reclassified to conform to the fiscal 2013 presentation. |
Inventory_Tables
Inventory (Tables) | 12 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Inventory | ' | |||||||||||
Inventory at October 31, 2013 and 2012 consisted of the following (amounts in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Land controlled for future communities | $ | 99,802 | $ | 54,624 | ||||||||
Land owned for future communities | 1,287,630 | 1,013,565 | ||||||||||
Operating communities | 3,262,980 | 2,664,514 | ||||||||||
$ | 4,650,412 | $ | 3,732,703 | |||||||||
Temporarily Closed communities | ' | |||||||||||
Information regarding the classification, number and carrying value of these temporarily closed communities at October 31, 2013, 2012 and 2011 is provided in the table below ($ amounts in thousands). | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Land owned for future communities: | ||||||||||||
Number of communities | 25 | 40 | 43 | |||||||||
Carrying value (in thousands) | $ | 153,498 | $ | 240,307 | $ | 256,468 | ||||||
Operating communities: | ||||||||||||
Number of communities | 15 | 5 | 2 | |||||||||
Carrying value (in thousands) | $ | 88,534 | $ | 34,685 | $ | 11,076 | ||||||
Inventory impairment charges and expensing of costs that it is believed not to be recoverable | ' | |||||||||||
The Company provided for inventory impairment charges and the expensing of costs that it believed not to be recoverable in each of the three fiscal years ended October 31, 2013, 2012 and 2011 as shown in the table below (amounts in thousands). | ||||||||||||
Charge: | 2013 | 2012 | 2011 | |||||||||
Land controlled for future communities | $ | 1,183 | $ | 451 | $ | 17,752 | ||||||
Land owned for future communities | — | 1,218 | 17,000 | |||||||||
Operating communities | 3,340 | 13,070 | 17,085 | |||||||||
$ | 4,523 | $ | 14,739 | $ | 51,837 | |||||||
Interest incurred, capitalized and expensed | ' | |||||||||||
Interest incurred, capitalized and expensed in each of the three fiscal years ended October 31, 2013, 2012 and 2011 was as follows (amounts in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest capitalized, beginning of year | $ | 330,581 | $ | 298,757 | $ | 267,278 | ||||||
Interest incurred | 134,198 | 125,783 | 114,761 | |||||||||
Interest expensed to cost of revenues | (112,321 | ) | (87,117 | ) | (77,623 | ) | ||||||
Interest directly expensed in the consolidated statements of operations | — | — | (1,504 | ) | ||||||||
Write-off against other income | (2,917 | ) | (3,404 | ) | (1,155 | ) | ||||||
Interest reclassified to property, construction and office equipment | (3,000 | ) | ||||||||||
Capitalized interest applicable to investments in unconsolidated entities | (6,464 | ) | (3,438 | ) | ||||||||
Interest capitalized, end of year | $ | 343,077 | $ | 330,581 | $ | 298,757 | ||||||
Investments_in_and_Advances_to1
Investments in and Advances to Unconsolidated Entities (Tables) | 12 Months Ended | |||||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ' | |||||||||||||||||||
Condensed balance sheet aggregated by type of business | ' | |||||||||||||||||||
Condensed Balance Sheets: | ||||||||||||||||||||
October 31, 2013 | ||||||||||||||||||||
Develop- | Home | Rental Property Joint Ventures | Structured | Total | ||||||||||||||||
ment Joint | Building | Asset | ||||||||||||||||||
Ventures | Joint | Joint | ||||||||||||||||||
Ventures | Venture | |||||||||||||||||||
Cash and cash equivalents | $ | 30,826 | $ | 31,164 | $ | 35,014 | $ | 40,097 | $ | 137,101 | ||||||||||
Inventory | 350,150 | 338,814 | 4,998 | 693,962 | ||||||||||||||||
Non-performing loan portfolio | 107,411 | 107,411 | ||||||||||||||||||
Rental properties | 164,325 | 164,325 | ||||||||||||||||||
Rental properties under development | 133,081 | 133,081 | ||||||||||||||||||
Real estate owned (“REO”) | 202,259 | 202,259 | ||||||||||||||||||
Other assets (1) | 12,700 | 70,180 | 18,526 | 155,921 | 257,327 | |||||||||||||||
Total assets | $ | 393,676 | $ | 440,158 | $ | 355,944 | $ | 505,688 | $ | 1,695,466 | ||||||||||
Debt (1) | 135,200 | 11,977 | 235,226 | 155,900 | 538,303 | |||||||||||||||
Other liabilities | 21,015 | 19,636 | 9,461 | 379 | 50,491 | |||||||||||||||
Members’ equity | 237,461 | 408,545 | 111,257 | 139,764 | 897,027 | |||||||||||||||
Noncontrolling interest | 209,645 | 209,645 | ||||||||||||||||||
Total liabilities and equity | $ | 393,676 | $ | 440,158 | $ | 355,944 | $ | 505,688 | $ | 1,695,466 | ||||||||||
Company’s net investment in unconsolidated entities (2) | $ | 142,448 | $ | 166,271 | $ | 68,711 | $ | 25,703 | $ | 403,133 | ||||||||||
October 31, 2012 | ||||||||||||||||||||
Develop- | Home | Rental Property Joint Ventures | Structured | Total | ||||||||||||||||
ment Joint | Building | Asset | ||||||||||||||||||
Ventures | Joint | Joint | ||||||||||||||||||
Ventures | Venture | |||||||||||||||||||
Cash and cash equivalents | $ | 17,189 | $ | 24,964 | $ | 26,167 | $ | 44,176 | $ | 112,496 | ||||||||||
Inventory | 255,561 | 251,030 | 5,643 | 512,234 | ||||||||||||||||
Non-performing loan portfolio | 226,315 | 226,315 | ||||||||||||||||||
Rental properties | 173,767 | 173,767 | ||||||||||||||||||
Rental properties under development | 43,695 | 43,695 | ||||||||||||||||||
Real estate owned (“REO”) | 254,250 | 254,250 | ||||||||||||||||||
Other assets (1) | 12,427 | 72,289 | 9,193 | 237,476 | 331,385 | |||||||||||||||
Total assets | $ | 285,177 | $ | 348,283 | $ | 258,465 | $ | 762,217 | $ | 1,654,142 | ||||||||||
Debt (1) | $ | 96,362 | $ | 11,755 | $ | 213,725 | $ | 311,801 | $ | 633,643 | ||||||||||
Other liabilities | 14,390 | 9,438 | 5,534 | 561 | 29,923 | |||||||||||||||
Members’ equity | 174,425 | 327,090 | 39,206 | 179,942 | 720,663 | |||||||||||||||
Noncontrolling interest | 269,913 | 269,913 | ||||||||||||||||||
Total liabilities and equity | $ | 285,177 | $ | 348,283 | $ | 258,465 | $ | 762,217 | $ | 1,654,142 | ||||||||||
Company’s net investment in unconsolidated entities (2) | $ | 116,452 | $ | 135,688 | $ | 41,134 | $ | 37,343 | $ | 330,617 | ||||||||||
-1 | Included in other assets at October 31, 2013 and 2012 of the Structured Asset Joint Venture is $155.9 million and $237.5 million, respectively, of restricted cash held in a defeasance account which will be used to repay debt of the Structured Asset Joint Venture. | |||||||||||||||||||
-2 | Differences between the Company’s net investment in unconsolidated entities and its underlying equity in the net assets of the entities are primarily a result of the difference in the purchase price of a joint venture interest and its underlying equity, impairments related to the Company’s investments in unconsolidated entities, a loan made to one of the entities by the Company, interest capitalized on the Company's investment and distributions from entities in excess of the carrying amount of the Company’s net investment. | |||||||||||||||||||
Condensed statements of operations aggregate by type of business | ' | |||||||||||||||||||
Condensed Statements of Operations: | ||||||||||||||||||||
For the year ended October 31, 2013 | ||||||||||||||||||||
Develop- | Home | Rental Property Joint Ventures | Structured | Total | ||||||||||||||||
ment Joint | Building | Asset | ||||||||||||||||||
Ventures | Joint | Joint | ||||||||||||||||||
Ventures | Venture | |||||||||||||||||||
Revenues | $ | 43,937 | $ | 40,386 | $ | 38,727 | $ | 37,492 | $ | 160,542 | ||||||||||
Cost of revenues | 20,142 | 36,208 | 16,704 | 30,496 | 103,550 | |||||||||||||||
Other expenses | 1,146 | 2,554 | 20,875 | 3,399 | 27,974 | |||||||||||||||
Total expenses | 21,288 | 38,762 | 37,579 | 33,895 | 131,524 | |||||||||||||||
Gain on disposition of loans and REO | 68,323 | 68,323 | ||||||||||||||||||
Income from operations | 22,649 | 1,624 | 1,148 | 71,920 | 97,341 | |||||||||||||||
Other income | 11 | 571 | 86 | 329 | 997 | |||||||||||||||
Net income | 22,660 | 2,195 | 1,234 | 72,249 | 98,338 | |||||||||||||||
Less: income attributable to noncontrolling interest | (43,349 | ) | (43,349 | ) | ||||||||||||||||
Net income attributable to controlling interest | 22,660 | 2,195 | 1,234 | 28,900 | 54,989 | |||||||||||||||
Other comprehensive income | 922 | 922 | ||||||||||||||||||
Total comprehensive income | $ | 22,660 | $ | 2,195 | $ | 2,156 | $ | 28,900 | $ | 55,911 | ||||||||||
Company’s equity in earnings of unconsolidated entities (3) | $ | 3,288 | $ | 1,471 | $ | 3,965 | $ | 5,668 | $ | 14,392 | ||||||||||
For the year ended October 31, 2012 | ||||||||||||||||||||
Develop- | Home | Rental Property Joint Ventures | Structured | Total | ||||||||||||||||
ment Joint | Building | Asset | ||||||||||||||||||
Ventures | Joint | Joint | ||||||||||||||||||
Ventures | Venture | |||||||||||||||||||
Revenues | $ | 39,278 | $ | 89,947 | $ | 37,035 | $ | 31,686 | $ | 197,946 | ||||||||||
Cost of revenues | 36,315 | 65,068 | 13,985 | 32,828 | 148,196 | |||||||||||||||
Other expenses | 1,414 | 3,477 | 21,226 | 8,646 | 34,763 | |||||||||||||||
Total expenses | 37,729 | 68,545 | 35,211 | 41,474 | 182,959 | |||||||||||||||
Gain on disposition of loans and REO | 42,244 | 42,244 | ||||||||||||||||||
Income from operations | 1,549 | 21,402 | 1,824 | 32,456 | 57,231 | |||||||||||||||
Other income | 2,658 | 153 | 4 | 691 | 3,506 | |||||||||||||||
Net income | 4,207 | 21,555 | 1,828 | 33,147 | 60,737 | |||||||||||||||
Less: income attributable to noncontrolling interest | (19,888 | ) | (19,888 | ) | ||||||||||||||||
Net income attributable to controlling interest | 4,207 | 21,555 | 1,828 | 13,259 | 40,849 | |||||||||||||||
Other comprehensive income | — | |||||||||||||||||||
Total comprehensive income | $ | 4,207 | $ | 21,555 | $ | 1,828 | $ | 13,259 | $ | 40,849 | ||||||||||
Company’s equity in earnings of unconsolidated entities (3) | $ | 3,995 | $ | 15,303 | $ | 1,602 | $ | 2,692 | $ | 23,592 | ||||||||||
For the year ended October 31, 2011 | ||||||||||||||||||||
Develop- | Home | Rental Property Joint Ventures | Structured | Total | ||||||||||||||||
ment Joint | Building | Asset | ||||||||||||||||||
Ventures | Joint | Joint | ||||||||||||||||||
Ventures | Venture | |||||||||||||||||||
Revenues | $ | 4,624 | $ | 242,326 | $ | 37,728 | $ | 46,187 | $ | 330,865 | ||||||||||
Cost of revenues | 3,996 | 191,922 | 15,365 | 30,477 | 241,760 | |||||||||||||||
Other expenses | 1,527 | 6,988 | 20,774 | 10,624 | 39,913 | |||||||||||||||
Total expenses | 5,523 | 198,910 | 36,139 | 41,101 | 281,673 | |||||||||||||||
Gain on disposition of loans and REO | 61,406 | 61,406 | ||||||||||||||||||
Income from operations | (899 | ) | 43,416 | 1,589 | 66,492 | 110,598 | ||||||||||||||
Other income | 9,498 | 68 | 1,537 | 252 | 11,355 | |||||||||||||||
Net income | 8,599 | 43,484 | 3,126 | 66,744 | 121,953 | |||||||||||||||
Less: income attributable to noncontrolling interest | (40,048 | ) | (40,048 | ) | ||||||||||||||||
Net income attributable to controlling interest | 8,599 | 43,484 | 3,126 | 26,696 | 81,905 | |||||||||||||||
Other comprehensive income | — | |||||||||||||||||||
Total comprehensive income | $ | 8,599 | $ | 43,484 | $ | 3,126 | $ | 26,696 | $ | 81,905 | ||||||||||
Company’s equity in earnings of unconsolidated entities (3) | $ | (25,272 | ) | $ | 14,895 | $ | 3,844 | $ | 5,339 | $ | (1,194 | ) | ||||||||
-3 | Differences between the Company’s equity in earnings (losses) of unconsolidated entities and the underlying net income of the entities are primarily a result of impairments related to the Company’s investments in unconsolidated entities, distributions from entities in excess of the carrying amount of the Company’s net investment and the Company’s share of the entities profits related to home sites purchased by the Company that reduces the Company’s cost basis of the home sites. |
Investments_in_Distressed_Loan1
Investments in Distressed Loans and Foreclosed Real Estate (Tables) | 12 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Investments in Distressed Loans and Foreclosed Real Estate [Abstract] | ' | |||||||||||
Summary of accretable yield and nonaccretable difference on investments in non-performing loans portfolios | ' | |||||||||||
The following table summarizes, for the distressed loans acquired in fiscal 2012 that were accounted for in accordance with ASC 310-30, the accretable yield and the nonaccretable difference of the Company's investment in these loans as of their acquisition date (amounts in thousands). | ||||||||||||
2012 | ||||||||||||
Contractually required payments, including interest | $ | 58,234 | ||||||||||
Non-accretable difference | (8,235 | ) | ||||||||||
Cash flows expected to be collected | 49,999 | |||||||||||
Accretable yield | (20,514 | ) | ||||||||||
Distressed loans carrying amount | $ | 29,485 | ||||||||||
Investment in non-performing loan portfolios | ' | |||||||||||
The Company’s investment in distressed loans consisted of the following at October 31, 2013 and 2012 (amounts in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Unpaid principal balance | $ | 63,381 | $ | 99,693 | ||||||||
Discount on acquired loans | (27,007 | ) | (62,524 | ) | ||||||||
Carrying value | $ | 36,374 | $ | 37,169 | ||||||||
Activity in accretable yield for investment in non-performing loan portfolios | ' | |||||||||||
The accretable yield activity for the Company’s investment in distressed loans accounted for under ASC 310-30 for the years ended October 31, 2013 and 2012 was as follows (amounts in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Balance, beginning of period | $ | 17,196 | $ | 42,326 | ||||||||
Loans acquired | 20,514 | |||||||||||
Additions | 1,654 | 5,539 | ||||||||||
Deletions | (7,728 | ) | (40,227 | ) | ||||||||
Accretion | (4,516 | ) | (10,956 | ) | ||||||||
Balance, end of period | $ | 6,606 | $ | 17,196 | ||||||||
Schedule of Changes in Real Estate Owned [Table Text Block] | ' | |||||||||||
The following table presents the activity in REO at October 31, 2013, 2012 and 2011 (amounts in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance, beginning of period | $ | 58,353 | $ | 5,939 | $ | — | ||||||
Additions | 23,470 | 54,174 | 5,939 | |||||||||
Sales | (7,842 | ) | (1,353 | ) | ||||||||
Impairments | (505 | ) | (126 | ) | ||||||||
Depreciation | (504 | ) | (281 | ) | ||||||||
Balance, end of period | $ | 72,972 | $ | 58,353 | $ | 5,939 | ||||||
Credit_Facility_Loans_Payable_1
Credit Facility, Loans Payable, Senior Notes, and Mortgage Company Warehouse Loan (Tables) | 12 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Credit Facility, Loans Payable, Senior Notes, and Mortgage Company Warehouse Loan [Abstract] | ' | |||||||
Schedule of Debt [Table Text Block] | ' | |||||||
Information regarding the Company’s loans payable at October 31, 2013 and 2012 is included in the table below ($ amounts in thousands). | ||||||||
2013 | 2012 | |||||||
Aggregate loans payable at October 31 | $ | 107,222 | $ | 99,817 | ||||
Weighted-average interest rate | 4.53 | % | 3.64 | % | ||||
Interest rate range | 0.14% - 7.87% | 0.26% - 7.87% | ||||||
Loans secured by assets | ||||||||
Carrying value of loans secured by assets | $ | 106,358 | $ | 98,952 | ||||
Carrying value of assets securing loans | $ | 372,833 | $ | 311,104 | ||||
Schedule of Debt Instrument [Table Text Block] | ' | |||||||
At October 31, 2013 and 2012, the Company’s senior notes consisted of the following (amounts in thousands): | ||||||||
2013 | 2012 | |||||||
6.875% Senior Notes due November 15, 2012 | $ | 59,068 | ||||||
5.95% Senior Notes due September 15, 2013 | 104,785 | |||||||
4.95% Senior Notes due March 15, 2014 | $ | 267,960 | 267,960 | |||||
5.15% Senior Notes due May 15, 2015 | 300,000 | 300,000 | ||||||
8.91% Senior Notes due October 15, 2017 | 400,000 | 400,000 | ||||||
6.75% Senior Notes due November 1, 2019 | 250,000 | 250,000 | ||||||
5.875% Senior Notes due February 15, 2022 | 419,876 | 419,876 | ||||||
0.5% Exchangeable Senior Notes due September 15, 2032 | 287,500 | 287,500 | ||||||
4.375% Senior Notes due April 15, 2023 | 400,000 | |||||||
Bond discount | (3,894 | ) | (8,726 | ) | ||||
$ | 2,321,442 | $ | 2,080,463 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||
As of October 31, 2013, the annual aggregate maturities of the Company’s loans and notes during each of the next five fiscal years are as follows (amounts in thousands): | ||||||||
Amount | ||||||||
2014 | 373,049 | |||||||
2015 | 317,365 | |||||||
2016 | 9,332 | |||||||
2017 | 404,415 | |||||||
2018 | 1,989 | |||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Payables and Accruals [Abstract] | ' | |||||||||||
Accrued expenses | ' | |||||||||||
Accrued expenses at October 31, 2013 and 2012 consisted of the following (amounts in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Land, land development and construction | $ | 152,674 | $ | 124,731 | ||||||||
Compensation and employee benefit | 111,561 | 111,093 | ||||||||||
Insurance and litigation | 89,104 | 101,908 | ||||||||||
Warranty | 43,819 | 41,706 | ||||||||||
Interest | 25,675 | 28,204 | ||||||||||
Commitments to unconsolidated entities | 3,804 | 2,135 | ||||||||||
Other | 96,350 | 66,573 | ||||||||||
$ | 522,987 | $ | 476,350 | |||||||||
Changes in the warranty accrual | ' | |||||||||||
The Company accrues for expected warranty costs at the time each home is closed and title and possession are transferred to the home buyer. Warranty costs are accrued based upon historical experience. The table below provides a reconciliation of the changes in the Company's warranty accrual during fiscal 2013, 2012 and 2011 as follows (amounts in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance, beginning of year | $ | 41,706 | $ | 42,474 | $ | 45,835 | ||||||
Additions - homes closed during the year | 14,652 | 10,560 | 8,809 | |||||||||
Addition - liabilities acquired | 731 | |||||||||||
(Decrease) increase in accruals for homes closed in prior years | (184 | ) | 479 | (828 | ) | |||||||
Charges incurred | (12,355 | ) | (12,538 | ) | (11,342 | ) | ||||||
Balance, end of year | $ | 43,819 | $ | 41,706 | $ | 42,474 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||
Reconciliation of Company's effective tax rate from federal statutory rate | ' | |||||||||||||||||
The following table provides a reconciliation of the Company’s effective tax rate from the federal statutory tax rate for the fiscal years ended October 31, 2013, 2012 and 2011 ($ amounts in thousands). | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
$ | %* | $ | %* | $ | %* | |||||||||||||
Federal tax provision (benefit) at statutory rate | 93,694 | 35 | 39,530 | 35 | (10,278 | ) | 35 | |||||||||||
State tax provision (benefit), net of federal benefit | 11,363 | 4.2 | 4,711 | 4.2 | (954 | ) | 3.2 | |||||||||||
Reversal of accrual for uncertain tax positions | (5,580 | ) | (2.1 | ) | (34,167 | ) | (30.3 | ) | (52,306 | ) | 178.1 | |||||||
Accrued interest on anticipated tax assessments | 3,704 | 1.4 | 5,000 | 4.4 | 3,055 | (10.4 | ) | |||||||||||
Increase in unrecognized tax benefits | — | 5,489 | 4.9 | — | ||||||||||||||
Increase in deferred tax assets, net | (4,914 | ) | (1.8 | ) | — | (25,948 | ) | 88.4 | ||||||||||
Valuation allowance — recognized | 3,232 | 1.2 | — | 43,876 | (149.4 | ) | ||||||||||||
Valuation allowance — reversed | (4,569 | ) | (1.7 | ) | (394,718 | ) | (349.5 | ) | (25,689 | ) | 87.5 | |||||||
Other | 161 | 0.1 | (49 | ) | — | (917 | ) | 3.1 | ||||||||||
Income tax provision (benefit)* | 97,091 | 36.3 | (374,204 | ) | (331.3 | ) | (69,161 | ) | 235.5 | |||||||||
* | Due to rounding, amounts may not add. | |||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||||||||
The following table provides information regarding the provision (benefit) for income taxes for each of the fiscal years ended October 31, 2013, 2012 and 2011 (amounts in thousands). | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Federal | $ | 93,451 | $ | (329,277 | ) | $ | (21,517 | ) | ||||||||||
State | 3,640 | (44,927 | ) | (47,644 | ) | |||||||||||||
$ | 97,091 | $ | (374,204 | ) | $ | (69,161 | ) | |||||||||||
Current | $ | 23,209 | $ | (21,296 | ) | $ | (43,212 | ) | ||||||||||
Deferred | 73,882 | (352,908 | ) | (25,949 | ) | |||||||||||||
$ | 97,091 | $ | (374,204 | ) | $ | (69,161 | ) | |||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | |||||||||||||||||
The following table provides a reconciliation of the change in the unrecognized tax benefits for the years ended October 31, 2013, 2012 and 2011 (amounts in thousands). | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Balance, beginning of year | $ | 80,991 | $ | 104,669 | $ | 160,446 | ||||||||||||
Increase in benefit as a result of tax positions taken in prior years | 5,699 | 5,000 | 8,168 | |||||||||||||||
Increase in benefit as a result of tax positions taken in current year | 5,489 | |||||||||||||||||
Decrease in benefit as a result of settlements | (17,954 | ) | ||||||||||||||||
Decrease in benefit as a result of completion of audits | (1,782 | ) | (33,370 | ) | ||||||||||||||
Decrease in benefit as a result of lapse of statute of limitation | (8,585 | ) | (32,385 | ) | (12,621 | ) | ||||||||||||
Balance, end of year | $ | 78,105 | $ | 80,991 | $ | 104,669 | ||||||||||||
Tax Benefits potential interest and penalties | ' | |||||||||||||||||
The following table provides information as to the amounts recognized in its tax provision (benefit), before reduction for applicable taxes and reversal of previously accrued interest and penalties, of potential interest and penalties in the twelve-month periods ended October 31, 2013, 2012 and 2011, and the amounts accrued for potential interest and penalties at October 31, 2013 and 2012 (amounts in thousands). | ||||||||||||||||||
Expense recognized in statements of operations | ||||||||||||||||||
Fiscal year | ||||||||||||||||||
2013 | $ | 5,699 | ||||||||||||||||
2012 | $ | 5,000 | ||||||||||||||||
2011 | $ | 4,700 | ||||||||||||||||
Accrued at: | ||||||||||||||||||
October 31, 2013 | $ | 28,362 | ||||||||||||||||
October 31, 2012 | $ | 24,906 | ||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||||||||||
The components of net deferred tax assets and liabilities at October 31, 2013 and 2012 are set forth below (amounts in thousands). | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Deferred tax assets: | ||||||||||||||||||
Accrued expenses | $ | 53,992 | $ | 56,598 | ||||||||||||||
Impairment charges | 262,346 | 319,818 | ||||||||||||||||
Inventory valuation differences | 28,448 | 30,424 | ||||||||||||||||
Stock-based compensation expense | 48,014 | 44,336 | ||||||||||||||||
Amounts related to unrecognized tax benefits | 35,603 | 36,934 | ||||||||||||||||
State tax, net operating loss carryforward | 55,763 | 50,006 | ||||||||||||||||
Federal tax net operating loss carryforward | 25,170 | |||||||||||||||||
Other | 20,369 | 21,345 | ||||||||||||||||
Total assets | 504,535 | 584,631 | ||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||
Capitalized interest | 100,514 | 102,713 | ||||||||||||||||
Deferred income | 7,388 | 7,784 | ||||||||||||||||
Expenses taken for tax purposes not for book | 29,257 | 36,811 | ||||||||||||||||
Depreciation | 4,548 | 3,994 | ||||||||||||||||
Deferred marketing | 21,089 | 18,229 | ||||||||||||||||
Total liabilities | 162,796 | 169,531 | ||||||||||||||||
Net deferred tax assets before valuation allowances | 341,739 | 415,100 | ||||||||||||||||
Cumulative valuation allowance - state | (55,707 | ) | (57,044 | ) | ||||||||||||||
Net deferred tax assets | $ | 286,032 | $ | 358,056 | ||||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Stock Repurchase Program [Abstract] | ' | |||||||||||
Stock repurchase program | ' | |||||||||||
The following table provides information about the Company’s share repurchase program for the fiscal years ended October 31, 2013, 2012 and 2011. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Number of shares purchased (in thousands) | 498 | 20 | 3,068 | |||||||||
Average price per share | $ | 30.9 | $ | 25.62 | $ | 16 | ||||||
Remaining authorization at October 31 (in thousands) | 8,268 | 8,766 | 8,786 | |||||||||
StockBased_Benefit_Plans_Table
Stock-Based Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Stock-based compensation expense recognized | ' | ||||||||||||||||||||
The following table provides information regarding the amount of total stock-based compensation expense recognized by the Company for fiscal 2013, 2012 and 2011 (amounts in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Total stock-based compensation expense recognized | $ | 19,041 | $ | 15,575 | $ | 12,548 | |||||||||||||||
Income tax benefit recognized | $ | 7,378 | $ | 5,711 | $ | 4,793 | |||||||||||||||
Information regarding the stock compensation expense, related to stock options, for fiscal 2013, 2012 and 2011 was as follows (amounts in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Stock compensation expense recognized - options | $ | 7,703 | $ | 7,411 | $ | 8,626 | |||||||||||||||
Weighted-average assumptions and the fair value used for stock option grants | ' | ||||||||||||||||||||
The following table summarizes the weighted-average assumptions and fair value used for stock option grants in each of the fiscal years ended October 31, 2013, 2012 and 2011. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Expected volatility | 44.04% - 48.13% | 44.20% - 50.24% | 45.38% - 49.46% | ||||||||||||||||||
Weighted-average volatility | 46.70% | 46.99% | 47.73% | ||||||||||||||||||
Risk-free interest rate | 0.64% - 1.56% | 0.78% - 1.77% | 1.64% - 3.09% | ||||||||||||||||||
Expected life (years) | 4.48 - 8.88 | 4.59 - 9.06 | 4.29 - 8.75 | ||||||||||||||||||
Dividends | none | none | none | ||||||||||||||||||
Weighted-average fair value per share of options granted | $13.05 | $8.70 | $7.94 | ||||||||||||||||||
Performance-based restricted stock units | ' | ||||||||||||||||||||
The following table provides information regarding the issuance, valuation assumptions and amortization of the Company’s Performance-Based RSUs issued in fiscal 2013 and 2012. | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Number of shares underlying Performance-Based RSUs to be issued | 302,511 | 370,176 | |||||||||||||||||||
Closing price of the Company’s common stock on date performance goals were approved | $ | 37.78 | $ | 20.5 | |||||||||||||||||
Estimated aggregate fair value of Performance-Based RSUs issued (in thousands) | $ | 11,429 | $ | 7,589 | |||||||||||||||||
Aggregate number of Performance-Based RSUs outstanding at October 31 | 672,687 | 370,176 | |||||||||||||||||||
Performance-Based RSU expense recognized (in thousands) | $ | 6,946 | $ | 3,952 | |||||||||||||||||
Unamortized value of Performance-Based RSUs at October 31 (in thousands) | $ | 8,120 | $ | 3,636 | |||||||||||||||||
Non-performance based restricted stock units | ' | ||||||||||||||||||||
The following table provides information regarding these RSUs for fiscal 2013, 2012 and 2011. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Non-performance-Based RSUs issued: | |||||||||||||||||||||
Number issued | 94,080 | 107,820 | 15,497 | ||||||||||||||||||
Closing price of the Company’s common stock on date of issuance | $ | 32.22 | $ | 20.5 | $ | 19.32 | |||||||||||||||
Aggregate fair value of RSUs issued (in thousands) | $ | 3,031 | $ | 2,210 | $ | 299 | |||||||||||||||
Non-performance-Based RSU expense recognized (in thousands): | $ | 2,490 | $ | 156 | $ | 144 | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
At October 31: | |||||||||||||||||||||
Aggregate Non-performance-Based RSUs outstanding | 225,252 | 137,764 | 30,994 | ||||||||||||||||||
Cumulative unamortized value of Non-performance-Based RSUs (in thousands) | $ | 1,706 | $ | 1,326 | $ | 379 | |||||||||||||||
The following table provides information relating to the distribution of shares and the withholding of taxes on the RSUs in Lieu for fiscal 2013, 2012 and 2011. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares withheld | 8,509 | 356 | 741 | ||||||||||||||||||
Shares issued | 29,460 | 7,982 | 8,975 | ||||||||||||||||||
Value of shares withheld (in thousands) | $ | 308 | $ | 10 | $ | 15 | |||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||||
The following table summarizes stock option activity for the Company’s plans during each of the fiscal years ended October 31, 2013, 2012 and 2011 (amounts in thousands, except per share amounts): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Number | Weighted- | Number | Weighted- | Number | Weighted- | ||||||||||||||||
of | average | of | average | of | average | ||||||||||||||||
options | exercise | options | exercise | options | exercise | ||||||||||||||||
price | price | price | |||||||||||||||||||
Balance, beginning | 10,669 | $ | 23.23 | 12,868 | $ | 20.94 | 14,339 | $ | 19.36 | ||||||||||||
Granted | 768 | 32.22 | 777 | 20.5 | 1,103 | 19.32 | |||||||||||||||
Exercised | (1,454 | ) | 19.21 | (2,941 | ) | 12.52 | (2,467 | ) | 11.07 | ||||||||||||
Canceled | (59 | ) | 25.09 | (35 | ) | 20.67 | (107 | ) | 20.12 | ||||||||||||
Balance, ending | 9,924 | $ | 24.51 | 10,669 | $ | 23.23 | 12,868 | $ | 20.94 | ||||||||||||
Options exercisable, at October 31, | 7,996 | $ | 24.49 | 8,540 | $ | 24.09 | 10,365 | $ | 21.24 | ||||||||||||
Intrinsic Value of Options Outstanding and Exercisable [Table Text Block] | ' | ||||||||||||||||||||
The following table provides information pertaining to the intrinsic value of options outstanding and exercisable at October 31, 2013, 2012 and 2011 (amounts in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Intrinsic value of options outstanding | $ | 84,938 | $ | 106,084 | $ | 16,839 | |||||||||||||||
Intrinsic value of options exercisable | $ | 68,920 | $ | 77,936 | $ | 16,839 | |||||||||||||||
Intrinsic Value of Options Exercised and Fair Value of Options [Table Text Block] | ' | ||||||||||||||||||||
Information pertaining to the intrinsic value of options exercised and the fair value of options that became vested or modified in each of the fiscal years ended October 31, 2013, 2012 and 2011 is provided below (amounts in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Intrinsic value of options exercised | $ | 19,632 | $ | 39,730 | $ | 23,573 | |||||||||||||||
Fair value of options vested | $ | 8,334 | $ | 10,079 | $ | 11,027 | |||||||||||||||
Information Regarding the Use of the Net Exercise Method [Text Block] | ' | ||||||||||||||||||||
The following table provides information regarding the use of the net exercise method for fiscal 2013, 2012 and 2011. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Options exercised | 531,000 | 303,412 | 194,000 | ||||||||||||||||||
Shares withheld | 405,838 | 151,889 | 98,918 | ||||||||||||||||||
Shares issued | 125,162 | 151,523 | 95,082 | ||||||||||||||||||
Average market value per share withheld | $ | 32.22 | $ | 22.68 | $ | 18.94 | |||||||||||||||
Aggregate market value of shares withheld (in thousands) | $ | 13,076 | $ | 3,445 | $ | 1,873 | |||||||||||||||
Information Regarding the Use of the Stock Swap Method [Text Block] | ' | ||||||||||||||||||||
The following table provides information regarding the use of the stock swap method for fiscal 2013, 2012 and 2011. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Options exercised | 6,534 | 19,686 | 28,900 | ||||||||||||||||||
Shares tendered | 4,034 | 8,224 | 14,807 | ||||||||||||||||||
Shares issued | 2,500 | 11,462 | 14,093 | ||||||||||||||||||
Average market value per share withheld | $ | 32.61 | $ | 25.52 | $ | 20.53 | |||||||||||||||
Aggregate market value of shares tendered (in thousands) | $ | 132 | $ | 210 | $ | 304 | |||||||||||||||
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] | ' | ||||||||||||||||||||
The following table provides information regarding the Company’s employee stock purchase plan for fiscal 2013, 2012 and 2011. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares issued | 20,362 | 18,456 | 23,079 | ||||||||||||||||||
Average price per share | $ | 28.71 | $ | 22.58 | $ | 15.59 | |||||||||||||||
Compensation expense recognized (in thousands) | $ | 77 | $ | 63 | $ | 54 | |||||||||||||||
Income_Per_Share_Information_T
Income Per Share Information (Tables) | 12 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Calculation of income per share | ' | |||||||||||
Information pertaining to the calculation of income per share for each of the fiscal years ended October 31, 2013, 2012 and 2011 is as follows (amounts in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Net income as reported | $ | 170,606 | $ | 487,146 | $ | 39,795 | ||||||
Plus: Interest and costs attributable to 0.5% Exchangeable Senior Notes, net of income tax benefit | 1,604 | 78 | ||||||||||
Numerator for diluted earnings per share | $ | 172,210 | $ | 487,224 | $ | 39,795 | ||||||
Denominator: | ||||||||||||
Basic weighted-average shares | $ | 169,288 | 167,346 | 167,140 | ||||||||
Common stock equivalents (a) | 2,817 | 1,996 | 1,241 | |||||||||
Shares attributable to 0.5% Exchangeable Senior Notes | 5,858 | 812 | ||||||||||
Diluted weighted-average shares | 177,963 | 170,154 | 168,381 | |||||||||
Other information: | ||||||||||||
Weighted-average number of anti-dilutive options and restricted stock units (b) | 1,509 | 3,646 | 7,936 | |||||||||
Shares issued under stock incentive and employee stock purchase plans | 1,213 | 2,927 | 2,390 | |||||||||
(a) | Common stock equivalents represent the dilutive effect of outstanding in-the-money stock options using the treasury stock method, Stock Price-Based RSUs whose Target Price criteria have been met but are unpaid and shares expected to be issued under Performance-Based Restricted Stock Units. | |||||||||||
(b) | Based upon the average of the average quarterly closing prices of the Company’s common stock on the NYSE for the year. |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | |||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ' | |||||||||||||||||
A summary of assets and (liabilities) at October 31, 2013 and 2012 related to the Company’s financial instruments, measured at fair value on a recurring basis, is set forth below (amounts in thousands). | ||||||||||||||||||
Fair value | ||||||||||||||||||
Financial Instrument | Fair value hierarchy | October 31, 2013 | October 31, 2012 | |||||||||||||||
Corporate Securities | Level 2 | $ | 52,508 | $ | 260,772 | |||||||||||||
Certificates of Deposit | Level 2 | $ | 148,112 | |||||||||||||||
Short-Term Tax-Exempt Bond Fund | Level 1 | $ | 30,184 | |||||||||||||||
Residential Mortgage Loans Held for Sale | Level 2 | $ | 113,517 | $ | 86,386 | |||||||||||||
Forward Loan Commitments - Residential Mortgage Loans Held for Sale | Level 2 | $ | (496 | ) | $ | (102 | ) | |||||||||||
Interest Rate Lock Commitments (“IRLCs”) | Level 2 | $ | (181 | ) | $ | (202 | ) | |||||||||||
Forward Loan Commitments—IRLCs | Level 2 | $ | 181 | $ | 202 | |||||||||||||
Aggregate unpaid principal and fair value of mortgage loans held for sale | ' | |||||||||||||||||
The table below provides, for the periods indicated, the aggregate unpaid principal and fair value of mortgage loans held for sale as of the date indicated (amounts in thousands). | ||||||||||||||||||
Aggregate unpaid | Fair value | Excess | ||||||||||||||||
principal balance | ||||||||||||||||||
At October 31, 2013 | $ | 111,896 | $ | 113,517 | $ | 1,621 | ||||||||||||
At October 31, 2012 | $ | 84,986 | $ | 86,386 | $ | 1,400 | ||||||||||||
Summary of amortized cost gross unrealized holding gains and losses | ' | |||||||||||||||||
As of October 31, 2013 and 2012, the amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value of marketable securities were as follows (amounts in thousands): | ||||||||||||||||||
October 31, 2013 | October 31, 2012 | |||||||||||||||||
Amortized cost | $ | 52,502 | $ | 438,755 | ||||||||||||||
Gross unrealized holding gains | 71 | 451 | ||||||||||||||||
Gross unrealized holding losses | (65 | ) | (138 | ) | ||||||||||||||
Fair value | $ | 52,508 | $ | 439,068 | ||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | ' | |||||||||||||||||
The table below summarizes, for the periods indicated, the ranges of certain quantitative unobservable inputs utilized in determining the fair value of impaired communities. | ||||||||||||||||||
Selling price per unit (in thousands) | Sales pace per year | Discount rate | ||||||||||||||||
(in units) | ||||||||||||||||||
Three months ended October 31, 2013 | $315 - $362 | 7-Feb | 15.00% | |||||||||||||||
Three months ended July 31, 2013 | $475 - $500 | 2 | 15.00% | |||||||||||||||
Three months ended April 30, 2013 | — | — | —% | |||||||||||||||
Three months ended January 31, 2013 | $303 - $307 | 15 | 15.30% | |||||||||||||||
Three months ended October 31, 2012 | $501 - $536 | 11 | 18.30% | |||||||||||||||
Three months ended July 31, 2012 | $175 - $571 | 12-Apr | 14.0% - 17.5% | |||||||||||||||
Three months ended April 30, 2012 | $413 - $472 | 17-Jun | 17.50% | |||||||||||||||
Three months ended January 31, 2012 | $344 - $2,287 | 25-Jan | 13.0% - 18.8% | |||||||||||||||
Fair value of inventory adjusted for impairment | ' | |||||||||||||||||
The table below provides, for the periods indicated, the fair value of operating communities whose carrying value was adjusted and the amount of impairment charges recognized on operating communities ($ amounts in thousands). | ||||||||||||||||||
Impaired operating communities | ||||||||||||||||||
Three months ended: | Number of | Number of communities | Fair value of | Impairment charges recognized | ||||||||||||||
communities tested | communities, net | |||||||||||||||||
of impairment charges | ||||||||||||||||||
Fiscal 2013: | ||||||||||||||||||
31-Jan | 60 | 2 | $ | 5,377 | $ | 700 | ||||||||||||
30-Apr | 79 | 1 | $ | 749 | 340 | |||||||||||||
31-Jul | 76 | 1 | $ | 191 | 100 | |||||||||||||
31-Oct | 63 | 2 | $ | 6,798 | 2,200 | |||||||||||||
$ | 3,340 | |||||||||||||||||
Fiscal 2012: | ||||||||||||||||||
31-Jan | 113 | 8 | $ | 49,758 | $ | 6,425 | ||||||||||||
30-Apr | 115 | 2 | $ | 22,962 | 2,560 | |||||||||||||
31-Jul | 115 | 4 | $ | 6,609 | 2,685 | |||||||||||||
31-Oct | 108 | 3 | $ | 9,319 | 1,400 | |||||||||||||
$ | 13,070 | |||||||||||||||||
Fiscal 2011: | ||||||||||||||||||
31-Jan | 143 | 6 | $ | 56,105 | $ | 5,475 | ||||||||||||
30-Apr | 142 | 9 | $ | 40,765 | 10,725 | |||||||||||||
31-Jul | 129 | 2 | $ | 867 | 175 | |||||||||||||
31-Oct | 114 | 3 | $ | 3,367 | 710 | |||||||||||||
$ | 17,085 | |||||||||||||||||
Carrying value and estimated fair value of non performing loan portfolio | ' | |||||||||||||||||
The table below provides, as of the dates indicated, the carrying amount and estimated fair value of distressed loans (amounts in thousands). | ||||||||||||||||||
October 31, 2013 | October 31, 2012 | |||||||||||||||||
Carrying amount | $ | 36,374 | $ | 37,169 | ||||||||||||||
Estimated fair value | $ | 45,355 | $ | 38,109 | ||||||||||||||
Book value and estimated fair value of the Company's debt | ' | |||||||||||||||||
The table below provides, as of the dates indicated, the book value and estimated fair value of the Company’s debt at October 31, 2013 and 2012 (amounts in thousands). | ||||||||||||||||||
October 31, 2013 | October 31, 2012 | |||||||||||||||||
Fair value hierarchy | Book value | Estimated | Book value | Estimated | ||||||||||||||
fair value | fair value | |||||||||||||||||
Loans payable (a) | Level 2 | $ | 107,222 | $ | 106,988 | $ | 99,817 | $ | 99,093 | |||||||||
Senior notes (b) | Level 1 | 2,325,336 | 2,458,737 | 2,089,189 | 2,340,189 | |||||||||||||
Mortgage company warehouse loan (c) | Level 2 | 75,000 | 75,000 | 72,664 | 72,664 | |||||||||||||
$ | 2,507,558 | $ | 2,640,725 | $ | 2,261,670 | $ | 2,511,946 | |||||||||||
(a) | The estimated fair value of loans payable was based upon interest rates that the Company believed were available to it for loans with similar terms and remaining maturities as of the applicable valuation date. | |||||||||||||||||
(b) | The estimated fair value of the Company’s senior notes is based upon their indicated market prices. | |||||||||||||||||
(c) | The Company believes that the carrying value of its mortgage company loan borrowings approximates their fair value. |
Employee_Retirement_and_Deferr1
Employee Retirement and Deferred Compensation Plans (Tables) | 12 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||
Defined Benefit Plan Net Periodic Benefit Cost | ' | |||||||||||
Information related to the Company’s retirement plans for each of the fiscal years ended October 31, 2013, 2012 and 2011 is as follows (amounts in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Plan costs: | ||||||||||||
Service cost | $ | 471 | $ | 389 | $ | 305 | ||||||
Interest cost | 1,044 | 1,212 | 1,290 | |||||||||
Amortization of prior service cost | 843 | 737 | 694 | |||||||||
Amortization of unrecognized losses | 144 | 66 | ||||||||||
$ | 2,502 | $ | 2,404 | $ | 2,289 | |||||||
Projected benefit obligation: | ||||||||||||
Beginning of year | $ | 34,319 | $ | 29,766 | $ | 26,037 | ||||||
Plan amendments adopted during year | 826 | 575 | ||||||||||
Service cost | 471 | 389 | 305 | |||||||||
Interest cost | 1,044 | 1,212 | 1,290 | |||||||||
Benefit payments | (888 | ) | (731 | ) | (504 | ) | ||||||
Change in unrecognized loss (gain) | (3,636 | ) | 3,108 | 2,638 | ||||||||
Projected benefit obligation, end of year | $ | 32,136 | $ | 34,319 | $ | 29,766 | ||||||
Unamortized prior service cost: | ||||||||||||
Beginning of year | $ | 3,171 | $ | 3,333 | $ | 4,027 | ||||||
Plan amendments adopted during year | 826 | 575 | ||||||||||
Amortization of prior service cost | (843 | ) | (737 | ) | (694 | ) | ||||||
Unamortized prior service cost, end of year | $ | 3,154 | $ | 3,171 | $ | 3,333 | ||||||
Accumulated unrecognized (loss) gain, October 31 | $ | (527 | ) | $ | (4,307 | ) | $ | (1,265 | ) | |||
Accumulated benefit obligation, October 31 | $ | 32,136 | $ | 34,319 | $ | 29,766 | ||||||
Accrued benefit obligation, October 31 | $ | 32,136 | $ | 34,319 | $ | 29,766 | ||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | |||||||||||
The table below provides, based upon the estimated retirement dates of the participants in the retirement plans, the amounts of benefits the Company would be required to pay in each of the next five fiscal years and for the five fiscal years ended October 31, 2023 in the aggregate (in thousands). | ||||||||||||
Year ending October 31, | Amount | |||||||||||
2014 | $ | 888 | ||||||||||
2015 | $ | 1,645 | ||||||||||
2016 | $ | 1,770 | ||||||||||
2017 | $ | 2,008 | ||||||||||
2018 | $ | 2,104 | ||||||||||
November 1, 2018 - October 31, 2023 | $ | 12,968 | ||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss and Total Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||
Oct. 31, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive (Loss) Income | ' | |||||||||||||||
The table below provides, for the fiscal year ended October 31, 2013, the components of accumulated other comprehensive (loss) income (amounts in thousands): | ||||||||||||||||
Employee retirement plans | Available-for-sale securities | Derivative instruments | Total | |||||||||||||
Balance, beginning of period | $ | (4,446 | ) | $ | 181 | $ | (554 | ) | $ | (4,819 | ) | |||||
Other comprehensive income (loss) before reclassifications | 2,810 | (231 | ) | 435 | 3,014 | |||||||||||
Gross amounts reclassified from accumulated other comprehensive income (loss) | 987 | (57 | ) | 930 | ||||||||||||
Income tax (expense) benefit | (1,463 | ) | 102 | (151 | ) | (1,512 | ) | |||||||||
Other comprehensive income (loss), net of tax | 2,334 | (186 | ) | 284 | 2,432 | |||||||||||
Balance, end of period | $ | (2,112 | ) | $ | (5 | ) | $ | (270 | ) | $ | (2,387 | ) |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Company purchase commitments | ' | |||||||
Information regarding the Company’s land purchase commitments at October 31, 2013 and 2012 is provided in the table below (amounts in thousands). | ||||||||
2013 | 2012 | |||||||
Aggregate purchase commitments: | ||||||||
Unrelated parties | $ | 1,301,987 | $ | 742,918 | ||||
Unconsolidated entities that the Company has investments in | 61,738 | 4,067 | ||||||
Total | $ | 1,363,725 | $ | 746,985 | ||||
Deposits against aggregate purchase commitments | $ | 76,986 | $ | 42,921 | ||||
Additional cash required to acquire land | 1,286,739 | 704,064 | ||||||
Total | $ | 1,363,725 | $ | 746,985 | ||||
Amount of additional cash required to acquire land included in accrued expenses | $ | 1,439 | $ | 4,328 | ||||
Company mortgage commitments | ' | |||||||
Information regarding the Company’s mortgage commitments at October 31, 2013 and 2012 is provided in the table below (amounts in thousands). | ||||||||
2013 | 2012 | |||||||
Aggregate mortgage loan commitments: | ||||||||
IRLCs | $ | 247,995 | $ | 111,173 | ||||
Non-IRLCs | 645,288 | 456,825 | ||||||
Total | $ | 893,283 | $ | 567,998 | ||||
Investor commitments to purchase: | ||||||||
IRLCs | $ | 247,995 | $ | 111,173 | ||||
Mortgage loans receivable | 107,873 | 80,697 | ||||||
Total | $ | 355,868 | $ | 191,870 | ||||
Operating Leases of Lessee Disclosure [Table Text Block] | ' | |||||||
Rental expense incurred by the Company under these operating leases were (amounts in thousands): | ||||||||
Year ending October 31, | Amount | |||||||
2013 | $ | 10,973 | ||||||
2012 | $ | 11,183 | ||||||
2011 | $ | 12,405 | ||||||
Future minimum rent payments under these operating leases [Text Block] | ' | |||||||
At October 31, 2013, future minimum rent payments under the Company’s operating leases were (amounts in thousands): | ||||||||
Year ending October 31, | Amount | |||||||
2014 | $ | 9,619 | ||||||
2015 | 8,137 | |||||||
2016 | 6,619 | |||||||
2017 | 5,141 | |||||||
2018 | 4,111 | |||||||
Thereafter | 3,659 | |||||||
$ | 37,286 | |||||||
Other_Income_Net_Tables
Other Income - Net (Tables) | 12 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Other Income - Net [Abstract] | ' | |||||||||||
Other Income - net [Table Text Block] | ' | |||||||||||
The table below provides the components of other income - net for the years ended October 31, 2013, 2012 and 2011 (amounts in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest income | $ | 4,457 | $ | 4,677 | $ | 5,210 | ||||||
Income from ancillary businesses | 9,912 | 6,608 | 3,734 | |||||||||
Gibraltar | 10,185 | 4,476 | 1,522 | |||||||||
Management fee income | 2,890 | 2,212 | 5,137 | |||||||||
Retained customer deposits | 2,534 | 3,247 | 2,076 | |||||||||
Land sales, net | 4,435 | 1,425 | 1,350 | |||||||||
Income recognized from settlement of litigation | 13,229 | |||||||||||
Other | 4,596 | 3,276 | 4,374 | |||||||||
Total other income - net | $ | 52,238 | $ | 25,921 | $ | 23,403 | ||||||
Revenues and Expenses of Non Core Ancillary Businesses [Table Text Block] | ' | |||||||||||
The table below provides revenues and expenses for the Company's non-core ancillary businesses for the years ended October 31, 2013, 2012 and 2011 (amounts in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue | $ | 89,182 | $ | 67,137 | $ | 60,021 | ||||||
Expense | $ | 79,270 | $ | 60,529 | $ | 56,287 | ||||||
Information_on_Geographic_Segm1
Information on Geographic Segments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Revenue and income (loss) before income taxes and total assets | ' | |||||||||||||||||||||||
The table below summarizes revenue and income (loss) before income taxes for each of the Company’s reportable segments for each of the fiscal years ended October 31, 2013, 2012 and 2011 (amounts in thousands): | ||||||||||||||||||||||||
Revenues | Income (loss) before income taxes | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Traditional Home Building: | ||||||||||||||||||||||||
North | $ | 485,052 | $ | 350,639 | $ | 320,797 | $ | 32,648 | $ | 13,913 | $ | 11,504 | ||||||||||||
Mid-Atlantic | 652,855 | 535,710 | 465,142 | 79,801 | 62,970 | 48,762 | ||||||||||||||||||
South | 641,331 | 361,810 | 273,303 | 67,934 | 18,928 | (25,272 | ) | |||||||||||||||||
West | 724,370 | 437,922 | 309,553 | 111,301 | 39,383 | (27,113 | ) | |||||||||||||||||
Traditional Home Building | 2,503,608 | 1,686,081 | 1,368,795 | 291,684 | 135,194 | 7,881 | ||||||||||||||||||
City Living | 170,691 | 196,700 | 107,086 | 53,345 | 61,910 | 39,201 | ||||||||||||||||||
Corporate and other | (77,332 | ) | (84,162 | ) | (76,448 | ) | ||||||||||||||||||
Total | $ | 2,674,299 | $ | 1,882,781 | $ | 1,475,881 | $ | 267,697 | $ | 112,942 | $ | (29,366 | ) | |||||||||||
Total assets for each of the Company’s operating segments at October 31, 2013 and 2012 are shown in the table below (amounts in thousands): | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Traditional Home Building: | ||||||||||||||||||||||||
North | $ | 963,597 | $ | 757,412 | ||||||||||||||||||||
Mid-Atlantic | 1,231,438 | 1,155,715 | ||||||||||||||||||||||
South | 953,955 | 800,268 | ||||||||||||||||||||||
West | 1,290,388 | 904,374 | ||||||||||||||||||||||
Traditional Home Building | 4,439,378 | 3,617,769 | ||||||||||||||||||||||
City Living | 674,302 | 486,970 | ||||||||||||||||||||||
Corporate and other | 1,713,779 | 2,076,305 | ||||||||||||||||||||||
Total | $ | 6,827,459 | $ | 6,181,044 | ||||||||||||||||||||
Segment Reporting Inventory impairment charges and Costs of Inventory and Investments [Text Block] | ' | |||||||||||||||||||||||
The Company provided for inventory impairment charges and the expensing of costs that it believed not to be recoverable and write-downs of investments in unconsolidated entities (including the Company’s pro-rata share of impairment charges recognized by the unconsolidated entities in which it has an investment) for the years ended October 31, 2013, 2012 and 2011, as shown in the table below; the net carrying value of inventory and investments in and advances to unconsolidated entities for each of the Company’s geographic segments at October 31, 2013 and 2012 is also shown (amounts in thousands). | ||||||||||||||||||||||||
Net Carrying Value | Impairments | |||||||||||||||||||||||
At October 31, | Year ended October 31, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Inventory: | ||||||||||||||||||||||||
Land controlled for future communities: | ||||||||||||||||||||||||
Traditional Home Building: | ||||||||||||||||||||||||
North | $ | 16,267 | $ | 10,606 | $ | 822 | $ | (907 | ) | $ | 906 | |||||||||||||
Mid-Atlantic | 29,423 | 25,573 | 322 | 238 | 307 | |||||||||||||||||||
South | 14,606 | 7,724 | 400 | 800 | 313 | |||||||||||||||||||
West | 13,371 | 8,131 | (361 | ) | 205 | 16,184 | ||||||||||||||||||
Traditional Home Building | 73,667 | 52,034 | 1,183 | 336 | 17,710 | |||||||||||||||||||
City Living | 26,135 | 2,590 | 115 | 42 | ||||||||||||||||||||
99,802 | 54,624 | 1,183 | 451 | 17,752 | ||||||||||||||||||||
Land owned for future communities: | ||||||||||||||||||||||||
Traditional Home Building: | ||||||||||||||||||||||||
North | 135,282 | 29,791 | ||||||||||||||||||||||
Mid-Atlantic | 308,585 | 396,562 | 300 | 300 | ||||||||||||||||||||
South | 158,457 | 141,644 | 918 | 16,700 | ||||||||||||||||||||
West | 448,125 | 232,546 | ||||||||||||||||||||||
Traditional Home Building | 1,050,449 | 800,543 | — | 1,218 | 17,000 | |||||||||||||||||||
City Living | 237,181 | 213,022 | ||||||||||||||||||||||
1,287,630 | 1,013,565 | — | 1,218 | 17,000 | ||||||||||||||||||||
Operating communities: | ||||||||||||||||||||||||
Traditional Home Building: | ||||||||||||||||||||||||
North | 785,175 | 701,253 | 940 | 2,725 | 2,885 | |||||||||||||||||||
Mid-Atlantic | 866,256 | 707,873 | 200 | 5,500 | 3,700 | |||||||||||||||||||
South | 690,302 | 597,840 | 2,000 | 3,445 | 3,800 | |||||||||||||||||||
West | 697,573 | 528,451 | 200 | 600 | 6,700 | |||||||||||||||||||
Traditional Home Building | 3,039,306 | 2,535,417 | 3,340 | 12,270 | 17,085 | |||||||||||||||||||
City Living | 223,674 | 129,097 | 800 | |||||||||||||||||||||
3,262,980 | 2,664,514 | 3,340 | 13,070 | 17,085 | ||||||||||||||||||||
Total | $ | 4,650,412 | $ | 3,732,703 | $ | 4,523 | $ | 14,739 | $ | 51,837 | ||||||||||||||
Investments in and advances to unconsolidated entities: | ||||||||||||||||||||||||
Traditional Home Building: | ||||||||||||||||||||||||
Mid-Atlantic | $ | 11,850 | ||||||||||||||||||||||
South | 50,452 | $ | 31,252 | $ | 15,170 | |||||||||||||||||||
West | 110,467 | 116,452 | $ | (2,311 | ) | 25,700 | ||||||||||||||||||
Traditional Home Building | 172,769 | 147,704 | — | (2,311 | ) | 40,870 | ||||||||||||||||||
City Living | 135,950 | 104,436 | ||||||||||||||||||||||
Corporate and other | 94,414 | 78,477 | ||||||||||||||||||||||
Total | $ | 403,133 | $ | 330,617 | $ | — | $ | (2,311 | ) | $ | 40,870 | |||||||||||||
Supplemental_Disclosure_to_Sta1
Supplemental Disclosure to Statements of Cash Flows (Tables) | 12 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
Supplemental disclosures to the statements of cash flows | ' | |||||||||||
The following are supplemental disclosures to the Consolidated Statements of Cash Flows for each of the fiscal years ended October 31, 2013, 2012 and 2011 (amounts in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash flow information: | ||||||||||||
Interest paid, net of amount capitalized | $ | 18,187 | $ | 1,223 | $ | 18,666 | ||||||
Income tax payment | $ | 3,130 | 4,264 | |||||||||
Income tax refunds | $ | 1,190 | $ | 154,524 | ||||||||
Non-cash activity: | ||||||||||||
Cost of inventory acquired through seller financing or municipal bonds, net | $ | 45,726 | $ | 26,059 | $ | 29,320 | ||||||
Financed portion of land sale | $ | 7,200 | ||||||||||
Reduction in inventory for Company's share of earnings in land purchased from unconsolidated entities | $ | 3,035 | ||||||||||
Transfer of investment in REO to inventory | $ | 764 | ||||||||||
Reclassification of deferred income from inventory to accrued liabilities | $ | 4,545 | ||||||||||
Miscellaneous (decreases) increases to inventory | $ | (478 | ) | $ | 1,781 | |||||||
Reclassification of inventory to property, construction and office equipment | $ | 5,576 | $ | 20,005 | ||||||||
Increase (decrease) in unrecognized losses in defined benefit plans | $ | (3,636 | ) | $ | 3,108 | $ | 2,638 | |||||
Defined benefit plan amendment | $ | 826 | 575 | |||||||||
Income tax benefit related to exercise of employee stock options | $ | 24,417 | 3,885 | |||||||||
Increase in accrued expenses related to Stock Price-Based RSUs paid | $ | 2,942 | ||||||||||
Income tax (expense) benefit recognized in total comprehensive income | $ | (1,512 | ) | $ | 1,263 | |||||||
(Increase) reduction of investments in unconsolidated entities due to increase/reduction in letters of credit or accrued liabilities | $ | 448 | $ | 13,423 | ||||||||
Transfer of inventory to investment in distressed loans and foreclosed real estate | $ | (802 | ) | |||||||||
Transfer of inventory to investment in unconsolidated entities | $ | 54,761 | $ | 5,793 | ||||||||
Reclassification of deferred income from investment in unconsolidated entities to accrued liabilities | $ | 2,943 | ||||||||||
Reclassification of stock-based compensation from accrued liabilities to additional paid-in capital | 4,233 | |||||||||||
Unrealized gain (loss) on derivative held by equity investee | $ | 435 | $ | (875 | ) | |||||||
Increase in investments in unconsolidated entities for change in the fair value of debt guarantees | $ | 1,582 | ||||||||||
Miscellaneous decreases to investments in unconsolidated entities | $ | (1,811 | ) | $ | (276 | ) | $ | (2,212 | ) | |||
Acquisition of Business: | ||||||||||||
Fair value of assets purchased | 149,959 | |||||||||||
Liabilities assumed | 5,213 | |||||||||||
Cash paid | $ | — | 144,746 | — | ||||||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 12 Months Ended | |||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | |||||||||||||||||
Supplemental information balance sheet reconciliation [Table Text Block] | ' | |||||||||||||||||
The table below provides information regarding the correction made to the previously reported fiscal 2012 condensed consolidating balance sheet. The Increase/Decrease column also includes reclassifications made in order to conform the 2012 condensed consolidating balance sheet to the fiscal 2013 presentation related to (i) the reclassification of $28.5 million of land inventory primarily related to commercial properties located in two of its master planned communities to receivables, prepaid expenses and other assets (see Note 3, "Inventory") and (ii) the reclassification of $3.8 million of in-process fixed asset project costs from receivables, prepaid expenses and other assets to property, construction and office equipment. The condensed consolidating statements of cash flows for the years ended October 31, 2012 and 2011, have also been revised to reflect these changes. | ||||||||||||||||||
As previously reported | Increase (Decrease) | As reclassified | ||||||||||||||||
Inventory | ||||||||||||||||||
Guarantor Subsidiaries | $ | 3,695,895 | $ | 15,784 | $ | 3,711,679 | ||||||||||||
Non-Guarantor Subsidiaries | $ | 65,292 | $ | (44,268 | ) | $ | 21,024 | |||||||||||
Property, construction and office equipment, net | ||||||||||||||||||
Guarantor Subsidiaries | $ | 103,206 | $ | 3,757 | $ | 106,963 | ||||||||||||
Receivables, prepaid and other assets | ||||||||||||||||||
Guarantor Subsidiaries | $ | 79,949 | $ | 22,460 | $ | 102,409 | ||||||||||||
Non-Guarantor Subsidiaries | $ | 64,543 | $ | 2,267 | $ | 66,810 | ||||||||||||
Customer deposits held in escrow | ||||||||||||||||||
Guarantor Subsidiaries | $ | 27,312 | $ | 2,267 | $ | 29,579 | ||||||||||||
Non-Guarantor Subsidiaries | $ | 2,267 | $ | (2,267 | ) | $ | — | |||||||||||
Total assets | ||||||||||||||||||
Guarantor Subsidiaries | $ | 5,199,704 | $ | 44,268 | $ | 5,243,972 | ||||||||||||
Non-Guarantor Subsidiaries | $ | 595,933 | $ | (44,268 | ) | $ | 551,665 | |||||||||||
Advances from consolidated entities | ||||||||||||||||||
Guarantor Subsidiaries | $ | 1,341,189 | $ | 44,268 | $ | 1,385,457 | ||||||||||||
Non-Guarantor Subsidiaries | $ | 393,195 | $ | (44,268 | ) | $ | 348,927 | |||||||||||
Total liabilities | ||||||||||||||||||
Guarantor Subsidiaries | $ | 2,028,369 | $ | 44,268 | $ | 2,072,637 | ||||||||||||
Non-Guarantor Subsidiaries | $ | 581,861 | $ | (44,268 | ) | $ | 537,593 | |||||||||||
Senior Notes issued by Subsidiary Issuer [Table Text Block] | ' | |||||||||||||||||
A 100% - owned subsidiary of the Company, Toll Brothers Finance Corp. (the “Subsidiary Issuer”), has issued the following Senior Notes (amounts in thousands): | ||||||||||||||||||
Original Amount Issued | Amount outstanding at October 31, 2013 | |||||||||||||||||
4.95% Senior Notes due 2014 | $ | 300,000 | $ | 267,960 | ||||||||||||||
5.15% Senior Notes due 2015 | $ | 300,000 | $ | 300,000 | ||||||||||||||
8.91% Senior Notes due 2017 | $ | 400,000 | $ | 400,000 | ||||||||||||||
6.75% Senior Notes due 2019 | $ | 250,000 | $ | 250,000 | ||||||||||||||
5.875% Senior Notes due 2022 | $ | 419,876 | $ | 419,876 | ||||||||||||||
0.50% Exchangeable Senior Notes due 2032 | $ | 287,500 | $ | 287,500 | ||||||||||||||
4.375% Senior Notes due 2023 | $ | 400,000 | $ | 400,000 | ||||||||||||||
Supplemental Consolidated Financial Information | ' | |||||||||||||||||
Supplemental consolidating financial information of Toll Brothers, Inc., the Subsidiary Issuer, the Guarantor Subsidiaries, the Non-Guarantor Subsidiaries and the eliminations to arrive at Toll Brothers, Inc. on a consolidated basis is presented below ($ amounts in thousands). | ||||||||||||||||||
Consolidating Balance Sheet at October 31, 2013 | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
ASSETS | ||||||||||||||||||
Cash and cash equivalents | — | — | 670,102 | 102,870 | — | 772,972 | ||||||||||||
Marketable securities | 42,491 | 10,017 | 52,508 | |||||||||||||||
Restricted cash | 15,182 | 16,007 | 847 | 32,036 | ||||||||||||||
Inventory | 4,625,252 | 25,160 | 4,650,412 | |||||||||||||||
Property, construction and office equipment, net | 116,809 | 14,511 | 131,320 | |||||||||||||||
Receivables, prepaid expenses and other assets | 33 | 15,675 | 101,321 | 131,701 | (19,435 | ) | 229,295 | |||||||||||
Mortgage loans receivable | 113,517 | 113,517 | ||||||||||||||||
Customer deposits held in escrow | 46,888 | 46,888 | ||||||||||||||||
Investments in and advances to unconsolidated entities | 175,159 | 227,974 | 403,133 | |||||||||||||||
Investments in distressed loans | 36,374 | 36,374 | ||||||||||||||||
Investments in foreclosed real estate | 72,972 | 72,972 | ||||||||||||||||
Investments in and advances to consolidated entities | 3,113,203 | 2,334,503 | 4,740 | (5,452,446 | ) | — | ||||||||||||
Deferred tax assets, net of valuation allowances | 286,032 | 286,032 | ||||||||||||||||
3,414,450 | 2,350,178 | 5,798,769 | 735,943 | (5,471,881 | ) | 6,827,459 | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Liabilities | ||||||||||||||||||
Loans payable | 107,222 | 107,222 | ||||||||||||||||
Senior notes | 2,282,719 | 38,723 | 2,321,442 | |||||||||||||||
Mortgage company warehouse loan | 75,000 | 75,000 | ||||||||||||||||
Customer deposits | 212,669 | 212,669 | ||||||||||||||||
Accounts payable | 167,733 | 54 | 167,787 | |||||||||||||||
Accrued expenses | 25,045 | 355,590 | 161,402 | (19,050 | ) | 522,987 | ||||||||||||
Investments in and advances to consolidated entities | 1,627,130 | 467,929 | (2,095,059 | ) | — | |||||||||||||
Income taxes payable | 81,188 | 81,188 | ||||||||||||||||
Total liabilities | 81,188 | 2,307,764 | 2,470,344 | 704,385 | (2,075,386 | ) | 3,488,295 | |||||||||||
Equity | ||||||||||||||||||
Stockholders’ equity | ||||||||||||||||||
Common stock | 1,694 | 48 | 3,006 | (3,054 | ) | 1,694 | ||||||||||||
Additional paid-in capital | 441,677 | 49,400 | 1,734 | (51,134 | ) | 441,677 | ||||||||||||
Retained earnings | 2,892,003 | (6,986 | ) | 3,328,629 | 20,664 | (3,342,307 | ) | 2,892,003 | ||||||||||
Treasury stock, at cost | — | |||||||||||||||||
Accumulated other comprehensive loss | (2,112 | ) | (252 | ) | (23 | ) | (2,387 | ) | ||||||||||
Total stockholders’ equity | 3,333,262 | 42,414 | 3,328,425 | 25,381 | (3,396,495 | ) | 3,332,987 | |||||||||||
Noncontrolling interest | 6,177 | 6,177 | ||||||||||||||||
Total equity | 3,333,262 | 42,414 | 3,328,425 | 31,558 | (3,396,495 | ) | 3,339,164 | |||||||||||
3,414,450 | 2,350,178 | 5,798,769 | 735,943 | (5,471,881 | ) | 6,827,459 | ||||||||||||
Consolidating Balance Sheet at October 31, 2012 | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
ASSETS | ||||||||||||||||||
Cash and cash equivalents | — | — | 712,024 | 66,800 | — | 778,824 | ||||||||||||
Marketable securities | 378,858 | 60,210 | 439,068 | |||||||||||||||
Restricted cash | 28,268 | 17,561 | 1,447 | 47,276 | ||||||||||||||
Inventory | 3,711,679 | 21,024 | 3,732,703 | |||||||||||||||
Property, construction and office equipment, net | 106,963 | 3,008 | 109,971 | |||||||||||||||
Receivables, prepaid expenses and other assets | 134 | 15,130 | 102,409 | 66,810 | (11,441 | ) | 173,042 | |||||||||||
Mortgage loans receivable | 86,386 | 86,386 | ||||||||||||||||
Customer deposits held in escrow | 29,579 | 29,579 | ||||||||||||||||
Investments in and advances to unconsolidated entities | 180,159 | 150,458 | 330,617 | |||||||||||||||
Investments in distressed loans | 37,169 | 37,169 | ||||||||||||||||
Investments in foreclosed real estate | 58,353 | 58,353 | ||||||||||||||||
Investments in and advances to consolidated entities | 2,816,607 | 2,092,810 | 4,740 | (4,914,157 | ) | — | ||||||||||||
Deferred tax assets, net of valuation allowances | 358,056 | 358,056 | ||||||||||||||||
3,203,065 | 2,107,940 | 5,243,972 | 551,665 | (4,925,598 | ) | 6,181,044 | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Liabilities | ||||||||||||||||||
Loans payable | 99,817 | 99,817 | ||||||||||||||||
Senior notes | 2,032,335 | 48,128 | 2,080,463 | |||||||||||||||
Mortgage company warehouse loan | 72,664 | 72,664 | ||||||||||||||||
Customer deposits | 142,919 | 58 | 142,977 | |||||||||||||||
Accounts payable | 99,889 | 22 | 99,911 | |||||||||||||||
Accrued expenses | 27,476 | 344,555 | 115,922 | (11,603 | ) | 476,350 | ||||||||||||
Advances from consolidated entities | 1,385,457 | 348,927 | (1,734,384 | ) | — | |||||||||||||
Income taxes payable | 80,991 | 80,991 | ||||||||||||||||
Total liabilities | 80,991 | 2,059,811 | 2,072,637 | 537,593 | (1,697,859 | ) | 3,053,173 | |||||||||||
Equity | ||||||||||||||||||
Stockholders’ equity | ||||||||||||||||||
Common stock | 1,687 | 48 | 3,006 | (3,054 | ) | 1,687 | ||||||||||||
Additional paid-in capital | 404,418 | 49,400 | 1,734 | (51,134 | ) | 404,418 | ||||||||||||
Retained earnings | 2,721,397 | (1,271 | ) | 3,171,654 | 3,168 | (3,173,551 | ) | 2,721,397 | ||||||||||
Treasury stock, at cost | (983 | ) | (983 | ) | ||||||||||||||
Accumulated other comprehensive loss | (4,445 | ) | (367 | ) | (7 | ) | (4,819 | ) | ||||||||||
Total stockholders’ equity | 3,122,074 | 48,129 | 3,171,335 | 7,901 | (3,227,739 | ) | 3,121,700 | |||||||||||
Noncontrolling interest | 6,171 | 6,171 | ||||||||||||||||
Total equity | 3,122,074 | 48,129 | 3,171,335 | 14,072 | (3,227,739 | ) | 3,127,871 | |||||||||||
3,203,065 | 2,107,940 | 5,243,972 | 551,665 | (4,925,598 | ) | 6,181,044 | ||||||||||||
Consolidating Statement of Operations for the fiscal year ended October 31, 2013 | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Revenues | 2,711,438 | 70,107 | (107,246 | ) | 2,674,299 | |||||||||||||
Cost of revenues | 2,149,554 | 10,043 | (26,297 | ) | 2,133,300 | |||||||||||||
Selling, general and administrative | 188 | 2,963 | 364,256 | 48,413 | (75,888 | ) | 339,932 | |||||||||||
188 | 2,963 | 2,513,810 | 58,456 | (102,185 | ) | 2,473,232 | ||||||||||||
Income (loss) from operations | (188 | ) | (2,963 | ) | 197,628 | 11,651 | (5,061 | ) | 201,067 | |||||||||
Other: | ||||||||||||||||||
Income from unconsolidated entities | 9,318 | 5,074 | 14,392 | |||||||||||||||
Other income - net | 9,433 | 32,217 | 12,616 | (2,028 | ) | 52,238 | ||||||||||||
Intercompany interest income | 127,057 | (127,057 | ) | — | ||||||||||||||
Interest expense | (133,500 | ) | (646 | ) | 134,146 | — | ||||||||||||
Income from consolidated subsidiaries | 258,452 | 19,289 | (277,741 | ) | — | |||||||||||||
Income (loss) before income taxes | 267,697 | (9,406 | ) | 258,452 | 28,695 | (277,741 | ) | 267,697 | ||||||||||
Income tax provision (benefit) | 97,091 | (3,691 | ) | 101,416 | 11,260 | (108,985 | ) | 97,091 | ||||||||||
Net income (loss) | 170,606 | (5,715 | ) | 157,036 | 17,435 | (168,756 | ) | 170,606 | ||||||||||
Other comprehensive income (loss) | 2,334 | 114 | (16 | ) | 2,432 | |||||||||||||
Total comprehensive income (loss) | 172,940 | (5,715 | ) | 157,150 | 17,419 | (168,756 | ) | 173,038 | ||||||||||
Consolidating Statement of Operations for the fiscal year ended October 31, 2012 | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Revenues | 1,903,177 | 57,581 | (77,977 | ) | 1,882,781 | |||||||||||||
Cost of revenues | 1,541,937 | 10,597 | (20,439 | ) | 1,532,095 | |||||||||||||
Selling, general and administrative | 95 | 2,965 | 309,923 | 38,424 | (64,150 | ) | 287,257 | |||||||||||
95 | 2,965 | 1,851,860 | 49,021 | (84,589 | ) | 1,819,352 | ||||||||||||
Income (loss) from operations | (95 | ) | (2,965 | ) | 51,317 | 8,560 | 6,612 | 63,429 | ||||||||||
Other: | ||||||||||||||||||
Income from unconsolidated entities | 18,342 | 5,250 | 23,592 | |||||||||||||||
Other income - net | 1,327 | 20,032 | 10,181 | (5,619 | ) | 25,921 | ||||||||||||
Intercompany interest income | 116,835 | (116,835 | ) | — | ||||||||||||||
Interest expense | (115,141 | ) | (701 | ) | 115,842 | — | ||||||||||||
Income from consolidated subsidiaries | 111,710 | 22,019 | (133,729 | ) | — | |||||||||||||
Income (loss) before income taxes | 112,942 | (1,271 | ) | 111,710 | 23,290 | (133,729 | ) | 112,942 | ||||||||||
Income tax (benefit) provision | (374,204 | ) | 25,515 | 5,319 | (30,834 | ) | (374,204 | ) | ||||||||||
Net income (loss) | 487,146 | (1,271 | ) | 86,195 | 17,971 | (102,895 | ) | 487,146 | ||||||||||
Other comprehensive loss | (1,839 | ) | (71 | ) | (7 | ) | (1,917 | ) | ||||||||||
Total comprehensive income (loss) | 485,307 | (1,271 | ) | 86,124 | 17,964 | (102,895 | ) | 485,229 | ||||||||||
Consolidating Statement of Operations for the fiscal year ended October 31, 2011 | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Revenues | 1,502,147 | 48,365 | (74,631 | ) | 1,475,881 | |||||||||||||
Cost of revenues | 1,274,173 | 4,314 | (17,717 | ) | 1,260,770 | |||||||||||||
Selling, general and administrative | 137 | 1,345 | 279,131 | 33,605 | (52,863 | ) | 261,355 | |||||||||||
137 | 1,345 | 1,553,304 | 37,919 | (70,580 | ) | 1,522,125 | ||||||||||||
(Loss) income from operations | (137 | ) | (1,345 | ) | (51,157 | ) | 10,446 | (4,051 | ) | (46,244 | ) | |||||||
Other: | ||||||||||||||||||
(Loss) Income from unconsolidated entities | (18,905 | ) | 17,711 | (1,194 | ) | |||||||||||||
Other income - net | 15,784 | (1,359 | ) | 8,978 | 23,403 | |||||||||||||
Intercompany interest income | 108,776 | (108,776 | ) | — | ||||||||||||||
Interest expense | (103,604 | ) | (1,504 | ) | (245 | ) | 103,849 | (1,504 | ) | |||||||||
Expenses related to early retirement of debt | (3,827 | ) | (3,827 | ) | ||||||||||||||
(Loss) income from consolidated subsidiaries | (29,229 | ) | 26,553 | 2,676 | — | |||||||||||||
(Loss) income before income taxes | (29,366 | ) | — | (29,229 | ) | 26,553 | 2,676 | (29,366 | ) | |||||||||
Income tax (benefit) provision | (69,161 | ) | (68,837 | ) | 62,536 | 6,301 | (69,161 | ) | ||||||||||
Net income (loss) | 39,795 | — | 39,608 | (35,983 | ) | (3,625 | ) | 39,795 | ||||||||||
Other comprehensive loss | (1,934 | ) | (192 | ) | (2,126 | ) | ||||||||||||
Total comprehensive income (loss) | 37,861 | — | 39,416 | (35,983 | ) | (3,625 | ) | 37,669 | ||||||||||
Consolidating Statement of Cash Flows for the fiscal year ended October 31, 2013 | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Net cash (used in) provided by operating activities | 116,508 | 5,163 | (587,032 | ) | (92,899 | ) | (10,703 | ) | (568,963 | ) | ||||||||
Cash flow provided by (used in) investing activities: | ||||||||||||||||||
Purchase of property and equipment — net | (15,038 | ) | (11,529 | ) | (26,567 | ) | ||||||||||||
Purchase of marketable securities | (25,938 | ) | (10,264 | ) | (36,202 | ) | ||||||||||||
Sale and redemption of marketable securities | 357,583 | 60,263 | 417,846 | |||||||||||||||
Investment in and advances to unconsolidated entities | (34,071 | ) | (59,327 | ) | (93,398 | ) | ||||||||||||
Return of investments in unconsolidated entities | 43,405 | 26,404 | 69,809 | |||||||||||||||
Investment in non-performing loan portfolios and foreclosed real estate | (26,155 | ) | (26,155 | ) | ||||||||||||||
Return of investments in non-performing loan portfolios and foreclosed real estate | 27,370 | 27,370 | ||||||||||||||||
Intercompany advances | (141,346 | ) | (241,693 | ) | 383,039 | — | ||||||||||||
Net cash provided by (used in) investing activities | (141,346 | ) | (241,693 | ) | 325,941 | 6,762 | 383,039 | 332,703 | ||||||||||
Cash flow provide by (used in) financing activities: | ||||||||||||||||||
Net proceeds from issuance of senior notes | 400,383 | 400,383 | ||||||||||||||||
Proceeds from loans payable | 1,164,531 | 1,164,531 | ||||||||||||||||
Principal payments of loans payable | (33,329 | ) | (1,162,195 | ) | (1,195,524 | ) | ||||||||||||
Redemption of senior notes | (163,853 | ) | (163,853 | ) | ||||||||||||||
Proceeds from stock-based benefit plans | 15,798 | 15,798 | ||||||||||||||||
Excess tax benefits from stock-based compensation | 24,417 | 24,417 | ||||||||||||||||
Purchase of treasury stock | (15,377 | ) | (15,377 | ) | ||||||||||||||
Change in noncontrolling interest | 33 | 33 | ||||||||||||||||
Intercompany advances | 252,498 | 119,838 | (372,336 | ) | — | |||||||||||||
Net cash provided by (used in) financing activities | 24,838 | 236,530 | 219,169 | 122,207 | (372,336 | ) | 230,408 | |||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | (41,922 | ) | 36,070 | — | (5,852 | ) | ||||||||||
Cash and cash equivalents, beginning of year | — | — | 712,024 | 66,800 | — | 778,824 | ||||||||||||
Cash and cash equivalents, end of year | — | — | 670,102 | 102,870 | — | 772,972 | ||||||||||||
Consolidating Statement of Cash Flows for the fiscal year ended October 31, 2012 | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Net cash (used in) provided by operating activities | 4,365 | 5,564 | (100,007 | ) | (78,750 | ) | (2,709 | ) | (171,537 | ) | ||||||||
Cash flow used in investing activities: | ||||||||||||||||||
Purchase of property and equipment — net | (12,012 | ) | 92 | (11,920 | ) | |||||||||||||
Purchase of marketable securities | (519,737 | ) | (60,221 | ) | (579,958 | ) | ||||||||||||
Sale and redemption of marketable securities | 368,253 | 368,253 | ||||||||||||||||
Investment in and advances to unconsolidated entities | (113,651 | ) | (103,509 | ) | (217,160 | ) | ||||||||||||
Return of investments in unconsolidated entities | 34,408 | 3,960 | 38,368 | |||||||||||||||
Investment in non-performing loan portfolios and foreclosed real estate | (30,090 | ) | (30,090 | ) | ||||||||||||||
Return of investments in non-performing loan portfolios and foreclosed real estate | 16,707 | 16,707 | ||||||||||||||||
Acquisition of a business | (144,746 | ) | (144,746 | ) | ||||||||||||||
Intercompany advances | (43,383 | ) | (584,260 | ) | 627,643 | — | ||||||||||||
Net cash used in investing activities | (43,383 | ) | (584,260 | ) | (387,485 | ) | (173,061 | ) | 627,643 | (560,546 | ) | |||||||
Cash flow provided by financing activities: | ||||||||||||||||||
Net proceeds from issuance of senior notes | 578,696 | 578,696 | ||||||||||||||||
Proceeds from loans payable | 1,002,934 | 1,002,934 | ||||||||||||||||
Principal payments of loans payable | (28,402 | ) | (987,679 | ) | (1,016,081 | ) | ||||||||||||
Proceeds from stock-based benefit plans | 33,747 | 33,747 | ||||||||||||||||
Excess tax benefits from stock-based compensation | 5,776 | 5,776 | ||||||||||||||||
Purchase of treasury stock | (505 | ) | (505 | ) | ||||||||||||||
Intercompany advances | 450,906 | 174,028 | (624,934 | ) | — | |||||||||||||
Net cash provided by financing activities | 39,018 | 578,696 | 422,504 | 189,283 | (624,934 | ) | 604,567 | |||||||||||
Net decrease in cash and cash equivalents | — | — | (64,988 | ) | (62,528 | ) | — | (127,516 | ) | |||||||||
Cash and cash equivalents, beginning of year | — | — | 777,012 | 129,328 | — | 906,340 | ||||||||||||
Cash and cash equivalents, end of year | — | — | 712,024 | 66,800 | — | 778,824 | ||||||||||||
Consolidating Statement of Cash Flows for the fiscal year ended October 31, 2011 | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Net cash provided by (used in) operating activities | 100,568 | 5,279 | (276,839 | ) | 229,737 | 8 | 58,753 | |||||||||||
Cash flow (used in) provided by investing activities: | ||||||||||||||||||
Purchase of property and equipment — net | (12,025 | ) | (3,431 | ) | (15,456 | ) | ||||||||||||
Purchase of marketable securities | (452,864 | ) | (452,864 | ) | ||||||||||||||
Sale and redemption of marketable securities | 408,831 | 408,831 | ||||||||||||||||
Investment in and advances to unconsolidated entities | (70 | ) | (62 | ) | (132 | ) | ||||||||||||
Return of investments in unconsolidated entities | 23,859 | 19,450 | 43,309 | |||||||||||||||
Investment in non-performing loan portfolios and foreclosed real estate | (66,867 | ) | (66,867 | ) | ||||||||||||||
Return of investments in non-performing loan portfolios and foreclosed real estate | 2,806 | 2,806 | ||||||||||||||||
Intercompany advances | (76,997 | ) | 53,558 | 23,439 | — | |||||||||||||
Net cash (used in) provided by investing activities | (76,997 | ) | 53,558 | (32,269 | ) | (48,104 | ) | 23,439 | (80,373 | ) | ||||||||
Cash flow (used in) provided by financing activities: | ||||||||||||||||||
Proceeds from loans payable | 921,251 | 921,251 | ||||||||||||||||
Principal payments of loans payable | (16,412 | ) | (936,209 | ) | (952,621 | ) | ||||||||||||
Redemption of senior notes | (58,837 | ) | (58,837 | ) | ||||||||||||||
Proceeds from stock-based benefit plans | 25,531 | 25,531 | ||||||||||||||||
Purchase of treasury stock | (49,102 | ) | (49,102 | ) | ||||||||||||||
Change in noncontrolling interest | 2,678 | 2,678 | ||||||||||||||||
Intercompany advances | 172,127 | (148,680 | ) | (23,447 | ) | — | ||||||||||||
Net cash (used in) provided by financing activities | (23,571 | ) | (58,837 | ) | 155,715 | (160,960 | ) | (23,447 | ) | (111,100 | ) | |||||||
Net (decrease) increase in cash and cash equivalents | — | — | (153,393 | ) | 20,673 | — | (132,720 | ) | ||||||||||
Cash and cash equivalents, beginning of year | — | — | 930,405 | 108,655 | — | 1,039,060 | ||||||||||||
Cash and cash equivalents, end of year | — | — | 777,012 | 129,328 | — | 906,340 | ||||||||||||
Summary_Consolidated_Quarterly1
Summary Consolidated Quarterly Financial Data (Unaudited) Summary Consolidated Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Oct. 31, 2013 | ||||||||||||||||
Summary Consolidated Quarterly Financial Data (Unaudited) [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||||
The table below provides summary income statement data for each quarter of fiscal 2013 and 2012 (amounts in thousands, except per share data). | ||||||||||||||||
Three Months Ended, | ||||||||||||||||
31-Oct | 31-Jul | 30-Apr | 31-Jan | |||||||||||||
Fiscal 2013: | ||||||||||||||||
Revenue | $ | 1,044,534 | $ | 689,160 | $ | 516,004 | $ | 424,601 | ||||||||
Gross profit | $ | 222,273 | $ | 144,071 | $ | 95,991 | $ | 78,664 | ||||||||
Income before income taxes | $ | 150,150 | $ | 68,253 | $ | 40,968 | $ | 8,326 | ||||||||
Net income | $ | 94,905 | $ | 46,595 | $ | 24,674 | $ | 4,432 | ||||||||
Income per share (1) | ||||||||||||||||
Basic | $ | 0.56 | $ | 0.28 | $ | 0.15 | $ | 0.03 | ||||||||
Diluted | $ | 0.54 | $ | 0.26 | $ | 0.14 | $ | 0.03 | ||||||||
Weighted-average number of shares | ||||||||||||||||
Basic | 169,440 | 169,268 | 169,380 | 169,064 | ||||||||||||
Diluted (2) | 177,952 | 178,001 | 178,136 | 171,903 | ||||||||||||
Fiscal 2012: | ||||||||||||||||
Revenue | $ | 632,826 | $ | 554,319 | $ | 373,681 | $ | 321,955 | ||||||||
Gross profit | $ | 127,088 | $ | 106,391 | $ | 66,860 | $ | 50,347 | ||||||||
Income (loss) before income taxes | $ | 60,749 | $ | 42,952 | $ | 15,649 | $ | (6,408 | ) | |||||||
Net income (loss) | $ | 411,417 | $ | 61,643 | $ | 16,872 | $ | (2,786 | ) | |||||||
Income (loss) per share (1) | ||||||||||||||||
Basic | $ | 2.44 | $ | 0.37 | $ | 0.1 | $ | (0.02 | ) | |||||||
Diluted | $ | 2.35 | $ | 0.36 | $ | 0.1 | $ | (0.02 | ) | |||||||
Weighted-average number of shares | ||||||||||||||||
Basic | 168,416 | 167,664 | 166,994 | 166,311 | ||||||||||||
Diluted (2) | 174,775 | 170,229 | 168,503 | 166,311 | ||||||||||||
-1 | Due to rounding, the sum of the quarterly earnings per share amounts may not equal the reported earnings per share for the year. | |||||||||||||||
-2 | For the three months ended January 31, 2012, there were no common stock equivalents used in the calculation of diluted loss per share because the Company reported a net loss for the period, and any common stock equivalents would be anti-dilutive. |
Significant_Accounting_Policie2
Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Entity Information [Line Items] | ' | ' | ' |
Number of loan pools on non-accrual status | 0 | ' | ' |
Additional Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Number of years to complete a community | '4 years | ' | ' |
Number of years to complete a master planned community | '10 years | ' | ' |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $159,500,000 | $157,500,000 | ' |
Depreciation | 10,800,000 | 8,100,000 | 9,800,000 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 700,000 | 2,300,000 | 0 |
Advertising Expense | $11,600,000 | $11,400,000 | $11,100,000 |
More Likely Than Not Definition Threshold | 50.00% | ' | ' |
Condition for accounting in investments as per equity method | 'Investments in 50% or less owned partnerships and affiliates are accounted for using the equity method unless it is determined that the Company has effective control of the entity, in which case the entity would be consolidated | ' | ' |
Percentage Investment in Partnerships and Affiliates up to which Accounted as Equity Method Investment | 50.00% | ' | ' |
Minimum Period to Develop Sell and Deliver Home in Community after Land Development Approval | ' | ' | ' |
Minimum Period to Develop Master Planned Communities | ' | ' | ' |
Consolidated venture [Member] | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 67.00% | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 33.00% | ' | ' |
Significant_Accounting_Policie3
Significant Accounting Policies Significant Accounting Policies (Subsequent Events) (Details Textuals 2) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Share data in Millions, except Per Share data, unless otherwise specified | Nov. 30, 2011 | Jan. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Nov. 30, 2013 | Nov. 07, 2013 | Sep. 05, 2012 |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | $144,700,000 | ' | $0 | $144,746,000 | $0 | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | 7.2 | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | ' | ' | $0.01 | ' | ' | ' | $0.01 | ' |
Sale of Stock, Price Per Share | ' | ' | ' | ' | ' | $32 | ' | ' |
Proceeds from Issuance of Common Stock | ' | 220,800,000 | ' | ' | ' | ' | ' | ' |
Senior notes | ' | ' | 2,321,442,000 | 2,080,463,000 | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 0.50% |
Proceeds from Issuance of Senior Long-term Debt | ' | ' | 400,383,000 | 578,696,000 | 0 | ' | ' | ' |
Line of Credit Facility, term of contract | ' | ' | '364 days | ' | ' | ' | ' | ' |
Income (loss) from unconsolidated entities | ' | ' | 14,392,000 | 23,592,000 | -1,194,000 | ' | ' | ' |
Shapell [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | 1,600,000,000 | ' | ' | ' | ' | ' | ' |
Number of home sites included in acquisition | ' | 5,200 | ' | ' | ' | ' | ' | ' |
4.0% Senior Notes due 2018 [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' | ' | 350,000,000 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | 4.00% | ' | ' |
5.625% Senior Notes due 2024 [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' | ' | 250,000,000 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | 5.63% | ' | ' |
Senior Notes subsequent to YE combined total [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' | ' | 600,000,000 | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | ' | 596,000,000 | ' | ' | ' | ' | ' | ' |
three hundred sixty four day senior uncedured revolving credit facility [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | 500,000,000 | ' | ' | ' | ' | ' |
Minimum [Member] | three hundred sixty four day senior uncedured revolving credit facility [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate on Loan Commitments in Addition to Libor | ' | ' | 1.25% | ' | ' | ' | ' | ' |
Maximum [Member] | three hundred sixty four day senior uncedured revolving credit facility [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate on Loan Commitments in Addition to Libor | ' | ' | 2.25% | ' | ' | ' | ' | ' |
New Credit Facility [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | 1,035,000,000 | ' | ' | ' | ' | ' |
Line of Credit Facility, term of contract | ' | ' | '5 years | ' | ' | ' | ' | ' |
Trust Two [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from unconsolidated entities | ' | $20,000,000 | ' | ' | ' | ' | ' | ' |
Acquisition_Details
Acquisition (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Acquisition (Textual) [Abstract] | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | $144,700 | $0 | $144,746 | $0 |
Number of homes delivered | 29 | ' | 201 | ' |
Aggregate value of homes delivered | 13,700 | ' | 99,653 | ' |
Average price of the homes in backlog | $471 | ' | ' | ' |
Number of home sites owned included in assets | 1,245 | ' | ' | ' |
Number of home sites controlled through land purchase agreements | 254 | ' | ' | ' |
Increase in Number of Selling Community Count | 15 | ' | ' | ' |
Inventory_Details
Inventory (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Total Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | $4,650,412 | ' | ' | ' | $3,732,703 | ' | ' | ' | ' | ' | ' | ' | $4,650,412 | $3,732,703 | ' |
Inventory impairment charges and expensing of costs that not to be recoverable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,523 | 14,739 | 51,837 |
Land controlled for future communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 99,802 | ' | ' | ' | 54,624 | ' | ' | ' | ' | ' | ' | ' | 99,802 | 54,624 | ' |
Inventory impairment charges and expensing of costs that not to be recoverable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,183 | 451 | 17,752 |
Land owned for future communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 1,287,630 | ' | ' | ' | 1,013,565 | ' | ' | ' | ' | ' | ' | ' | 1,287,630 | 1,013,565 | ' |
Inventory impairment charges and expensing of costs that not to be recoverable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,218 | 17,000 |
Operating communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 3,262,980 | ' | ' | ' | 2,664,514 | ' | ' | ' | ' | ' | ' | ' | 3,262,980 | 2,664,514 | ' |
Inventory impairment charges and expensing of costs that not to be recoverable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory impairments and write-offs | $2,200 | $100 | $340 | $700 | $1,400 | $2,685 | $2,560 | $6,425 | $710 | $175 | $10,725 | $5,475 | $3,340 | $13,070 | $17,085 |
Inventory_Details_1
Inventory (Details 1) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
In Thousands, unless otherwise specified | |||
Land owned for future communities [Member] | ' | ' | ' |
Temporarily Closed communities | ' | ' | ' |
Number of Communities | 25 | 40 | 43 |
Carrying Value | $153,498 | $240,307 | $256,468 |
Operating communities [Member] | ' | ' | ' |
Temporarily Closed communities | ' | ' | ' |
Number of Communities | 15 | 5 | 2 |
Carrying Value | $88,534 | $34,685 | $11,076 |
Inventory_Details_2
Inventory (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Inventory Disclosure [Abstract] | ' | ' | ' |
Interest capitalized, beginning of period | $330,581 | $298,757 | $267,278 |
Interest incurred | 134,198 | 125,783 | 114,761 |
Interest expensed to cost of revenues | -112,321 | -87,117 | -77,623 |
Interest directly expensed to statement of operations | 0 | 0 | -1,504 |
Write-off against other income | -2,917 | -3,404 | -1,155 |
Interest reclassified to property construction and office equipment | ' | ' | -3,000 |
capitalized interest on investments in unconsolidated entities | -6,464 | -3,438 | ' |
Interest capitalized, end of period | $343,077 | $330,581 | $298,757 |
Inventory_Details_Textual
Inventory (Details Textual) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Inventory (Textual) [Abstract] | ' | ' | ' |
Number of VIE Land Purchase Contracts | 87 | ' | ' |
Aggregate purchase price of VIE lands | $1,124,300,000 | ' | ' |
Deposits for purchase of lands with VIE entities | 51,900,000 | ' | ' |
Reduction in Capitalized Interest | 38,200,000 | 47,900,000 | 54,000,000 |
Land inventory reclass to receivables, prepaid expenses and other assets | ' | 28,500,000 | ' |
Transfer of Inventory to Investment | 54,761,000 | 5,793,000 | ' |
Reclassification of inventory to property, construction and office equipment | $5,576,000 | ' | $20,005,000 |
Investments_in_and_Advances_to2
Investments in and Advances to Unconsolidated Entities (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | ||
Condensed Balance Sheets: | ' | ' |
Cash and cash equivalents | $137,101 | $112,496 |
Inventory | 693,962 | 512,234 |
Non-performing loan portfolio | 107,411 | 226,315 |
Rental properties | 164,325 | 173,767 |
EquityMethodInvestmentSummarizedFinancialInformationRentalPropertiesUnderDevelopment | 133,081 | 43,695 |
Real estate owned ("REO") | 202,259 | 254,250 |
Other assets | 257,327 | 331,385 |
Total assets | 1,695,466 | 1,654,142 |
Debt | 538,303 | 633,643 |
Other liabilities | 50,491 | 29,923 |
Member's equity | 897,027 | 720,663 |
Non-controlling interest | 209,645 | 269,913 |
Total liabilities and equity | 1,695,466 | 1,654,142 |
Investments in and advances to unconsolidated entities | 403,133 | 330,617 |
Development Joint Venture [Member] | ' | ' |
Condensed Balance Sheets: | ' | ' |
Cash and cash equivalents | 30,826 | 17,189 |
Inventory | 350,150 | 255,561 |
Non-performing loan portfolio | ' | ' |
Rental properties | ' | ' |
EquityMethodInvestmentSummarizedFinancialInformationRentalPropertiesUnderDevelopment | ' | ' |
Real estate owned ("REO") | ' | ' |
Other assets | 12,700 | 12,427 |
Total assets | 393,676 | 285,177 |
Debt | 135,200 | 96,362 |
Other liabilities | 21,015 | 14,390 |
Member's equity | 237,461 | 174,425 |
Non-controlling interest | ' | ' |
Total liabilities and equity | 393,676 | 285,177 |
Investments in and advances to unconsolidated entities | 142,448 | 116,452 |
Home Building Joint Ventures [Member] | ' | ' |
Condensed Balance Sheets: | ' | ' |
Cash and cash equivalents | 31,164 | 24,964 |
Inventory | 338,814 | 251,030 |
Non-performing loan portfolio | ' | ' |
Rental properties | ' | ' |
EquityMethodInvestmentSummarizedFinancialInformationRentalPropertiesUnderDevelopment | ' | ' |
Real estate owned ("REO") | ' | ' |
Other assets | 70,180 | 72,289 |
Total assets | 440,158 | 348,283 |
Debt | 11,977 | 11,755 |
Other liabilities | 19,636 | 9,438 |
Member's equity | 408,545 | 327,090 |
Non-controlling interest | ' | ' |
Total liabilities and equity | 440,158 | 348,283 |
Investments in and advances to unconsolidated entities | 166,271 | 135,688 |
Rental Joint Ventures, Total [Member] | ' | ' |
Condensed Balance Sheets: | ' | ' |
Cash and cash equivalents | 35,014 | 26,167 |
Inventory | 4,998 | 5,643 |
Non-performing loan portfolio | ' | ' |
Rental properties | 164,325 | 173,767 |
EquityMethodInvestmentSummarizedFinancialInformationRentalPropertiesUnderDevelopment | 133,081 | 43,695 |
Real estate owned ("REO") | ' | ' |
Other assets | 18,526 | 9,193 |
Total assets | 355,944 | 258,465 |
Debt | 235,226 | 213,725 |
Other liabilities | 9,461 | 5,534 |
Member's equity | 111,257 | 39,206 |
Non-controlling interest | ' | ' |
Total liabilities and equity | 355,944 | 258,465 |
Investments in and advances to unconsolidated entities | 68,711 | 41,134 |
Structured Asset Joint Venture [Member] | ' | ' |
Condensed Balance Sheets: | ' | ' |
Cash and cash equivalents | 40,097 | 44,176 |
Inventory | ' | ' |
Non-performing loan portfolio | 107,411 | 226,315 |
Rental properties | ' | ' |
EquityMethodInvestmentSummarizedFinancialInformationRentalPropertiesUnderDevelopment | ' | ' |
Real estate owned ("REO") | 202,259 | 254,250 |
Other assets | 155,921 | 237,476 |
Total assets | 505,688 | 762,217 |
Debt | 155,900 | 311,801 |
Other liabilities | 379 | 561 |
Member's equity | 139,764 | 179,942 |
Non-controlling interest | 209,645 | 269,913 |
Total liabilities and equity | 505,688 | 762,217 |
Investments in and advances to unconsolidated entities | 25,703 | 37,343 |
Restricted Cash Held in Defeasance Account Used to Repay Debt | $155,921 | $237,476 |
Investments_in_and_Advances_to3
Investments in and Advances to Unconsolidated Entities (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Condensed Statements of Operations: | ' | ' | ' |
Revenues | $160,542 | $197,946 | $330,865 |
Cost of revenues | 103,550 | 148,196 | 241,760 |
Other expenses | 27,974 | 34,763 | 39,913 |
Equity Method Investment Summarized Financial Information Expenses | 131,524 | 182,959 | 281,673 |
Loss/ Gain on disposition of loans and REO | 68,323 | 42,244 | 61,406 |
Income (loss) from operations | 97,341 | 57,231 | 110,598 |
Other income | 997 | 3,506 | 11,355 |
Net income (loss) before noncontrolling interest | 98,338 | 60,737 | 121,953 |
Less: Net income attributable to noncontrolling interest | -43,349 | -19,888 | -40,048 |
Net income (loss) | 54,989 | 40,849 | 81,905 |
equity method summarized financial information other comprehensive income | 922 | 0 | 0 |
Equity method summarized financial information comprehensive income (loss) | 55,911 | 40,849 | 81,905 |
Income (loss) from unconsolidated entities | 14,392 | 23,592 | -1,194 |
Development Joint Venture [Member] | ' | ' | ' |
Condensed Statements of Operations: | ' | ' | ' |
Revenues | 43,937 | 39,278 | 4,624 |
Cost of revenues | 20,142 | 36,315 | 3,996 |
Other expenses | 1,146 | 1,414 | 1,527 |
Equity Method Investment Summarized Financial Information Expenses | 21,288 | 37,729 | 5,523 |
Loss/ Gain on disposition of loans and REO | ' | ' | ' |
Income (loss) from operations | 22,649 | 1,549 | -899 |
Other income | 11 | 2,658 | 9,498 |
Net income (loss) before noncontrolling interest | 22,660 | 4,207 | 8,599 |
Less: Net income attributable to noncontrolling interest | ' | ' | ' |
Net income (loss) | 22,660 | 4,207 | 8,599 |
equity method summarized financial information other comprehensive income | ' | ' | ' |
Equity method summarized financial information comprehensive income (loss) | 22,660 | 4,207 | 8,599 |
Income (loss) from unconsolidated entities | 3,288 | 3,995 | -25,272 |
Home Building Joint Ventures [Member] | ' | ' | ' |
Condensed Statements of Operations: | ' | ' | ' |
Revenues | 40,386 | 89,947 | 242,326 |
Cost of revenues | 36,208 | 65,068 | 191,922 |
Other expenses | 2,554 | 3,477 | 6,988 |
Equity Method Investment Summarized Financial Information Expenses | 38,762 | 68,545 | 198,910 |
Loss/ Gain on disposition of loans and REO | ' | ' | ' |
Income (loss) from operations | 1,624 | 21,402 | 43,416 |
Other income | 571 | 153 | 68 |
Net income (loss) before noncontrolling interest | 2,195 | 21,555 | 43,484 |
Less: Net income attributable to noncontrolling interest | ' | ' | ' |
Net income (loss) | 2,195 | 21,555 | 43,484 |
equity method summarized financial information other comprehensive income | ' | ' | ' |
Equity method summarized financial information comprehensive income (loss) | 2,195 | 21,555 | 43,484 |
Income (loss) from unconsolidated entities | 1,471 | 15,303 | 14,895 |
Rental Joint Ventures, Total [Member] | ' | ' | ' |
Condensed Statements of Operations: | ' | ' | ' |
Revenues | 38,727 | 37,035 | 37,728 |
Cost of revenues | 16,704 | 13,985 | 15,365 |
Other expenses | 20,875 | 21,226 | 20,774 |
Equity Method Investment Summarized Financial Information Expenses | 37,579 | 35,211 | 36,139 |
Loss/ Gain on disposition of loans and REO | ' | ' | ' |
Income (loss) from operations | 1,148 | 1,824 | 1,589 |
Other income | 86 | 4 | 1,537 |
Net income (loss) before noncontrolling interest | 1,234 | 1,828 | 3,126 |
Less: Net income attributable to noncontrolling interest | ' | ' | ' |
Net income (loss) | 1,234 | 1,828 | 3,126 |
equity method summarized financial information other comprehensive income | 922 | ' | ' |
Equity method summarized financial information comprehensive income (loss) | 2,156 | 1,828 | 3,126 |
Income (loss) from unconsolidated entities | 3,965 | 1,602 | 3,844 |
Structured Asset Joint Venture [Member] | ' | ' | ' |
Condensed Statements of Operations: | ' | ' | ' |
Revenues | 37,492 | 31,686 | 46,187 |
Cost of revenues | 30,496 | 32,828 | 30,477 |
Other expenses | 3,399 | 8,646 | 10,624 |
Equity Method Investment Summarized Financial Information Expenses | 33,895 | 41,474 | 41,101 |
Loss/ Gain on disposition of loans and REO | 68,323 | 42,244 | 61,406 |
Income (loss) from operations | 71,920 | 32,456 | 66,492 |
Other income | 329 | 691 | 252 |
Net income (loss) before noncontrolling interest | 72,249 | 33,147 | 66,744 |
Less: Net income attributable to noncontrolling interest | -43,349 | -19,888 | -40,048 |
Net income (loss) | 28,900 | 13,259 | 26,696 |
equity method summarized financial information other comprehensive income | ' | ' | ' |
Equity method summarized financial information comprehensive income (loss) | 28,900 | 13,259 | 26,696 |
Income (loss) from unconsolidated entities | $5,668 | $2,692 | $5,339 |
Investments_in_and_Advances_to4
Investments in and Advances to Unconsolidated Entities (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Nov. 15, 2011 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Apr. 30, 2013 | Jul. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Jan. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | |
Development Joint Venture [Member] | Development Joint Venture [Member] | Development Joint Venture [Member] | Development Joint Venture [Member] | WBLH venture [Member] | WBLH venture [Member] | Travisso Venture [Member] | Travisso Venture [Member] | Travisso Venture [Member] | Baker Ranch [Member] | Baker Ranch [Member] | Home Building Joint Ventures [Member] | Home Building Joint Ventures [Member] | Home Building Joint Ventures [Member] | Planned Community Joint Venture [Member] | Condominium JV Metro NY market [Member] | Condominium hotel joint venture [Member] | Rental Joint Ventures, Total [Member] | Rental Joint Ventures, Total [Member] | Rental Joint Ventures, Total [Member] | Velocity Venture [Member] | Provost venture [Member] | Multi-family residential apartment Joint Venture [Member] | Hotel [Member] | Structured Asset Joint Venture [Member] | Structured Asset Joint Venture [Member] | Structured Asset Joint Venture [Member] | Structured Asset Joint Venture [Member] | Trust II [Member] | Trust II [Member] | Trust I [Member] | Trust I [Member] | Trust I [Member] | Joint Ventures, variable interest entities [Member] | Joint Ventures, variable interest entities [Member] | Phase one [Member] | Future phases [Member] | Minimum [Member] | Maximum [Member] | ||||
Baker Ranch [Member] | Baker Ranch [Member] | |||||||||||||||||||||||||||||||||||||||||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Cash Held in Defeasance Account Used to Repay Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $155,921,000 | $155,921,000 | $237,476,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment Charges | 0 | -2,311,000 | 40,870,000 | ' | 25,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan guaranteed settled | ' | ' | ' | ' | ' | 327,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
payment made on guarantee | ' | ' | ' | ' | ' | ' | 57,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in joint ventures | 403,133,000 | 330,617,000 | ' | 142,448,000 | 116,452,000 | ' | ' | ' | ' | ' | 20,100,000 | ' | ' | 105,200,000 | 166,271,000 | 135,688,000 | ' | ' | 119,500,000 | 8,300,000 | 68,711,000 | 41,134,000 | ' | 14,700,000 | 22,500,000 | 15,600,000 | 4,900,000 | 25,703,000 | 25,703,000 | 37,343,000 | ' | ' | 2,200,000 | -900,000 | ' | ' | 22,900,000 | 26,500,000 | ' | ' | ' | ' |
Number of floors in apartment building | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from unconsolidated entities | 14,392,000 | 23,592,000 | -1,194,000 | 3,288,000 | 3,995,000 | -25,272,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,471,000 | 15,303,000 | 14,895,000 | ' | ' | ' | 3,965,000 | 1,602,000 | 3,844,000 | ' | ' | ' | ' | ' | 5,668,000 | 2,692,000 | 5,339,000 | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funding Commitments to Joint Ventures | 92,100,000 | ' | ' | 26,000,000 | ' | ' | ' | ' | ' | ' | 12,500,000 | ' | ' | 10,000,000 | 38,200,000 | ' | ' | ' | 8,100,000 | 21,800,000 | 27,900,000 | ' | ' | ' | 8,000,000 | 0 | 17,800,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 41,700,000 | 47,700,000 | ' | ' | ' | ' |
Number of joint ventures expected to get project financing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of acres owned by venture | ' | ' | ' | ' | ' | ' | ' | ' | 945 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of homesites to be developed by venture | ' | ' | ' | ' | ' | ' | ' | ' | 1,300 | ' | 2,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
repayment guarantees on JV debt | 25,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ground lease guarantee | 9,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,400,000 | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,600,000 | ' | ' | ' | ' | ' |
Other guarantee | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ground lease and other, guarantee | 11,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,800,000 | ' | ' | ' | ' |
Number of floors to be acquired from JV | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Owned by Third Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 33.30% | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage ownership held by company | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | 50.00% | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | 50.00% | 50.00% | 50.00% | 50.00% | 20.00% | ' | ' | ' | ' | 50.00% | 33.30% | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of lots expected to be sold to partners | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of Inventory to Investment | 54,761,000 | 5,793,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,100,000 | 27,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Return of Investments from Unconsolidated Entities | 69,809,000 | 38,368,000 | 43,309,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,500,000 | 10,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Venture payment to align capital accounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution of cash to joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 11,800,000 | ' | ' | 15,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Loan Commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | ' | 193,800,000 | ' | ' | 54,000,000 | 120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of line of credit commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowed against Loan Commitments | 65,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,900,000 | ' | ' | 42,800,000 | ' | ' | ' | ' | ' | ' | 14,400,000 | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'P30M | 'P48M |
Number of Units in Real Estate Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 287 | ' | 398 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage ownership held by JV | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent owned by Company's Management | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.30% | ' | ' | ' | ' | ' | ' | ' | ' |
Number of lots to be acquired from joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 266 | 545 | ' | ' |
Payments to Acquire Interest in Joint Venture | 93,398,000 | 217,160,000 | 132,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Development finance and management services recognized during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | 2,700,000 | 2,900,000 | ' | ' | ' | ' | ' | ' |
Total joint venture loan commitments subject to guarantees | 279,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate exposure with respect to its estimated obligations | 3,804,000 | 2,135,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 279,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maxiumum guarantor obigation for borrowings by JVs | 65,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantees, Fair Value Disclosure | $1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
variable interest entity, number of entities, not primary beneficiary | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments_in_Distressed_Loan2
Investments in Distressed Loans and Foreclosed Real Estate (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Dec. 28, 2011 |
Investment in distressed loans | ' | ' | ' | ' |
Impaired Financing Receivable, Unpaid Principal Balance | $63,381 | $99,693 | ' | ' |
Discount on acquired loans | -27,007 | -62,524 | ' | ' |
Investments in Distressed Loans | 36,374 | 37,169 | ' | ' |
Summary of accretable yield and nonaccretable difference on investments in non-performing loans portfolios | ' | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | ' | ' | ' | 58,234 |
Certain Loans Acquired in Transfer, Nonaccretable Difference | ' | ' | ' | -8,235 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | ' | ' | ' | 49,999 |
Certain loans acquired in transfer not accounted for as debt security,acquisition date accret cash flow | ' | ' | ' | -20,514 |
Non-performing loans carrying amount | ' | ' | ' | 29,485 |
Activity in accretable yield for investment in non-performing loan portfolios | ' | ' | ' | ' |
Beginning balance | 17,196 | 42,326 | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as a Debt Security, Accret Dff, at acquistion | ' | 20,514 | ' | ' |
Additions | 1,654 | 5,539 | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Disposals of Loans | -7,728 | -40,227 | ' | ' |
Accretions | -4,516 | -10,956 | ' | ' |
Ending balance | 6,606 | 17,196 | 42,326 | ' |
Schedule of changes in real estate owned [Roll Forward] | ' | ' | ' | ' |
Real Estate Acquired Through Foreclosure Beginning Balance | 58,353 | 5,939 | 0 | ' |
Real Estate Owned Additions | 23,470 | 54,174 | 5,939 | ' |
Real Estate Owned, Sales | -7,842 | -1,353 | ' | ' |
Real Estate Owned, Impairments | -505 | -126 | ' | ' |
Real Estate Held And Used Depreciation | -504 | -281 | ' | ' |
Real Estate Acquired Through Foreclosure Ending Balance | $72,972 | $58,353 | $5,939 | ' |
Investments_in_Distressed_Loan3
Investments in Distressed Loans and Foreclosed Real Estate (Details Textual) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
states | |||
Investments in Non Performing Loan Portfolios and Foreclosed Real Estate (Textual) [Abstract] | ' | ' | ' |
Investment in performing loans | $827,000 | $0 | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 21,400,000 | 9,200,000 | ' |
Aggregate purchase price, loans acquired during period | 26,000,000 | ' | ' |
Acquired Loans Number of States | 7 | ' | ' |
Real Estate Held-for-sale | 7,600,000 | 5,900,000 | ' |
Real Estate Owned Held And Used | 65,300,000 | 52,400,000 | ' |
Gains (losses) upon acquisition of REO | 3,609,000 | 640,000 | ' |
Income from Gibraltar | $10,185,000 | $4,476,000 | $1,522,000 |
Credit_Facility_Loans_Payable_2
Credit Facility, Loans Payable, Senior Notes, and Mortgage Company Warehouse Loan (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Credit Facility, Loans Payable, Senior Notes, and Mortgage Company Warehouse Loan [Abstract] | ' | ' |
Loans payable | $107,222 | $99,817 |
Debt, Weighted Average Interest Rate | 4.53% | 3.64% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.14% | 0.26% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 7.87% | 7.87% |
Loans secured by assets [Abstract] | ' | ' |
Secured Debt | 106,358 | 98,952 |
Value of Assets Securing Loans | $372,833 | $311,104 |
Loans Payable Contractual Maturities Term Minimum | '1 month | ' |
Loans Payable Contractual Maturities Term Maximum | '22 years | ' |
Credit_Facility_Loans_Payable_3
Credit Facility, Loans Payable, Senior Notes, and Mortgage Company Warehouse Loan (Details 1) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Sep. 05, 2012 | Oct. 31, 2013 | 13-May-13 | Apr. 03, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | 6.875% Senior notes due 2012 [Member] | 6.875% Senior notes due 2012 [Member] | 5.95% Senior notes due 2013 [Member] | 5.95% Senior notes due 2013 [Member] | 4.95% Senior Notes due 2014 [Member] | 4.95% Senior Notes due 2014 [Member] | 5.15% Senior Notes due 2015 [Member] | 5.15% Senior Notes due 2015 [Member] | 8.91% Senior Notes due 2017 [Member] | 8.91% Senior Notes due 2017 [Member] | 6.75% Senior Notes due 2019 [Member] | 6.75% Senior Notes due 2019 [Member] | 5.875 % senior notes due 2022 [Member] | 5.875 % senior notes due 2022 [Member] | 0.5% Exchangeable Senior Notes Due 2032 [Member] | 0.5% Exchangeable Senior Notes Due 2032 [Member] | 0.5% Exchangeable Senior Notes Due 2032 [Member] | 4.375% Senior Notes due 2023 [Member] | 4.375% Senior Notes due 2023 [Member] | 4.375% Senior Notes due 2023 [Member] | 4.375% Senior Notes due 2023 [Member] | Senior Notes [Member] | Senior Notes [Member] | ||
Senior Notes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | $2,321,442 | $2,080,463 | ' | $59,068 | ' | $104,785 | $267,960 | $267,960 | $300,000 | $300,000 | $400,000 | $400,000 | $250,000 | $250,000 | $419,876 | $419,876 | $287,500 | $287,500 | $287,500 | $400,000 | $100,000 | $300,000 | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($3,894) | ($8,726) |
Credit_Facility_Loans_Payable_4
Credit Facility, Loans Payable, Senior Notes, and Mortgage Company Warehouse Loan (Details 2) (USD $) | Oct. 31, 2013 |
In Thousands, unless otherwise specified | |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $373,049 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 317,365 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 9,332 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 404,415 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | $1,989 |
Credit_Facility_Loans_Payable_5
Credit Facility, Loans Payable, Senior Notes, and Mortgage Company Warehouse Loan (Details Textual) (USD $) | 12 Months Ended |
Oct. 31, 2013 | |
Line of Credit Facility [Line Items] | ' |
Line of Credit Facility, term of contract | '364 days |
Letters of Credit Outstanding, Amount | $89,300,000 |
New Credit Facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 1,035,000,000 |
Line of Credit Facility, term of contract | '5 years |
Line of Credit Facility, Number of Banks included | 15 |
Line of Credit Facility, Expiration Date | 1-Aug-18 |
Line of credit facility, available for letters of credit | 0.75 |
Mortgage Loan Facility Maximum Borrowing Capacity Increased | 2,000,000,000 |
Maximum Permissible Leverage Ratio | '1.75 to 1.00 |
Minimum Net Worth Required for Compliance | 2,280,000,000 |
Existing Leverage Ratio | '0.49 to 1.00 |
Tangible Net Worth | 3,280,000,000 |
Ability to Pay Dividends | 1,000,000,000 |
Ability to repurchase common stock | 1,490,000,000 |
Line of Credit Facility, Amount Outstanding | 0 |
Letters of Credit Outstanding, Amount | $76,600,000 |
Credit_Facility_Loans_Payable_6
Credit Facility, Loans Payable, Senior Notes, and Mortgage Company Warehouse Loan (Details Textual 1) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||||||||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Sep. 05, 2012 | Oct. 31, 2010 | Nov. 30, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Feb. 07, 2012 | Oct. 31, 2011 | Nov. 22, 2002 | Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Feb. 07, 2012 | Oct. 31, 2010 | Sep. 03, 2003 | Jul. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | 13-May-13 | Apr. 03, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2010 | Mar. 16, 2004 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Feb. 29, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Feb. 07, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Sep. 30, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Sep. 05, 2012 | Feb. 07, 2012 | Feb. 07, 2012 | Oct. 31, 2012 | Oct. 31, 2011 | Jan. 31, 2014 | Nov. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | |
6.875% Senior notes due 2012 [Member] | 6.875% Senior notes due 2012 [Member] | 6.875% Senior notes due 2012 [Member] | 6.875% Senior notes due 2012 [Member] | 6.875% Senior notes due 2012 [Member] | 6.875% Senior notes due 2012 [Member] | 5.95% Senior notes due 2013 [Member] | 5.95% Senior notes due 2013 [Member] | 5.95% Senior notes due 2013 [Member] | 5.95% Senior notes due 2013 [Member] | 5.95% Senior notes due 2013 [Member] | 5.95% Senior notes due 2013 [Member] | 4.375% Senior Notes due 2023 [Member] | 4.375% Senior Notes due 2023 [Member] | 4.375% Senior Notes due 2023 [Member] | 4.375% Senior Notes due 2023 [Member] | 4.375% Senior Notes due 2023 [Member] | 4.375% Senior Notes due 2023 [Member] | 4.95% Senior Notes due 2014 [Member] | 4.95% Senior Notes due 2014 [Member] | 4.95% Senior Notes due 2014 [Member] | 4.95% Senior Notes due 2014 [Member] | 5.15% Senior Notes due 2015 [Member] | 5.15% Senior Notes due 2015 [Member] | 8.91% Senior Notes due 2017 [Member] | 8.91% Senior Notes due 2017 [Member] | 5.875 % senior notes due 2022 [Member] | 5.875 % senior notes due 2022 [Member] | 5.875 % senior notes due 2022 [Member] | 5.875 % senior notes due 2022 [Member] | 6.75% Senior Notes due 2019 [Member] | 6.75% Senior Notes due 2019 [Member] | 0.5% Exchangeable Senior Notes Due 2032 [Member] | 0.5% Exchangeable Senior Notes Due 2032 [Member] | 0.5% Exchangeable Senior Notes Due 2032 [Member] | 0.5% Exchangeable Senior Notes Due 2032 [Member] | 5.875% Senior Notes Due February 15, 2022 [Member] | Senior notes issued through an exchange [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes subsequent to YE combined total [Member] | Senior Notes subsequent to YE combined total [Member] | Sept2012HoldersofDebtInstrument [Member] | Sept2012CompanyConversionRighttoDebtInstrument [Member] | ||||||
0.5% Exchangeable Senior Notes Due 2032 [Member] | 0.5% Exchangeable Senior Notes Due 2032 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Note Payable (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Holding In Subsidiary | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on notes | ' | ' | ' | 0.50% | ' | ' | 6.88% | ' | 6.88% | ' | 6.88% | ' | 5.95% | ' | 5.95% | ' | 5.95% | ' | ' | 4.38% | 4.38% | 4.38% | ' | 4.95% | ' | ' | 4.95% | 5.15% | ' | 8.91% | ' | ' | 5.88% | ' | 5.88% | 6.75% | ' | ' | 0.50% | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' |
percentage above par, senior debt issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional common share if convertible debt exchanged | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Terms of Conversion Feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Holders of the 0.5% Senior Notes will have the right to require Toll Brothers Finance Corp. to repurchase their notes for cash equal to 100% of their principal amount, plus accrued but unpaid interest, on each of DecemberB 15, 2017, SeptemberB 15, 2022 and SeptemberB 15, 2027. | 'Toll Brothers Finance Corp. will have the right to redeem the 0.5% Senior Notes on or after SeptemberB 15, 2017 for cash equal to 100% of their principal amount, plus accrued but unpaid interest. |
Debt Conversion, Convertible, number of shares issued per note exchanged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.3749 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PrincipalAmountDenomination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $49.08 | ' | ' | ' | ' | ' | ' | ' | ' |
Issued Senior Notes | 2,321,442,000 | 2,080,463,000 | ' | ' | ' | ' | ' | 59,068,000 | ' | ' | ' | ' | ' | 104,785,000 | ' | ' | ' | ' | ' | 400,000,000 | 100,000,000 | 300,000,000 | ' | 267,960,000 | 267,960,000 | ' | ' | 300,000,000 | 300,000,000 | 400,000,000 | 400,000,000 | ' | 419,876,000 | 419,876,000 | ' | 250,000,000 | 250,000,000 | ' | 287,500,000 | 287,500,000 | 287,500,000 | 300,000,000 | 119,900,000 | ' | ' | ' | 600,000,000 | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | 400,383,000 | 578,696,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,300,000 | 298,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 296,200,000 | ' | ' | ' | ' | ' | 282,500,000 | ' | ' | ' | ' | ' | ' | ' | 596,000,000 | ' | ' | ' |
Senior Notes Exchanged | ' | ' | ' | ' | ' | ' | ' | ' | 80,700,000 | ' | ' | ' | ' | ' | 36,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs associated with the exchange of both series of notes | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses related to early retirement of debt | ' | ' | -3,827,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | 1,200,000 | ' | ' | ' | ' |
Repayments of Senior Debt | 163,853,000 | 0 | 58,837,000 | ' | ' | 59,100,000 | ' | ' | ' | ' | ' | 104,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes Redemption Amount | ' | ' | ' | ' | $45,500,000 | ' | ' | ' | ' | $55,100,000 | ' | ' | ' | ' | ' | $13,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit_Facility_Loans_Payable_7
Credit Facility, Loans Payable, Senior Notes, and Mortgage Company Warehouse Loan (Details Textual 2) (USD $) | 12 Months Ended | ||||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Jul. 23, 2013 | Oct. 31, 2012 | |
Mortgage Credit Facility [Member] | Mortgage Credit Facility [Member] | Mortgage Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | $50,000,000 | ' | ' |
Mortgage Loan Facility Maximum Borrowing Capacity Increased | ' | ' | 75,000,000 | ' | ' |
Debt Instrument, Maturity Date | ' | ' | 22-Jul-14 | ' | ' |
Interest Rate on Loan Commitments in Addition to Libor | ' | ' | ' | 2.00% | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.14% | 0.26% | ' | 3.00% | ' |
Mortgage company warehouse loan | 75,000,000 | 72,664,000 | 75,000,000 | ' | 72,700,000 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 113,517,000 | 86,386,000 | 113,500,000 | ' | 86,400,000 |
Aggregate Outstanding Purchase Price Limitations | ' | ' | $0 | ' | ' |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Accrued expenses | ' | ' | ' | ' |
Land, land development and construction | $152,674 | $124,731 | ' | ' |
Compensation and employee benefits | 111,561 | 111,093 | ' | ' |
Insurance and litigation | 89,104 | 101,908 | ' | ' |
Warranty | 43,819 | 41,706 | 42,474 | 45,835 |
Interest | 25,675 | 28,204 | ' | ' |
Commitments to unconsolidated entities | 3,804 | 2,135 | ' | ' |
Other | 96,350 | 66,573 | ' | ' |
Accrued expenses, Total | $522,987 | $476,350 | ' | ' |
Accrued_Expenses_Details_1
Accrued Expenses (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Changes in the warranty accrual | ' | ' | ' |
Balance, beginning of year | $41,706 | $42,474 | $45,835 |
Additions - homes closed during the year | 14,652 | 10,560 | 8,809 |
Addition - liabilities acquired | ' | 731 | ' |
Increase (decrease) to accruals for homes closed in prior periods | -184 | 479 | -828 |
Charges incurred | -12,355 | -12,538 | -11,342 |
Balance, end of year | $43,819 | $41,706 | $42,474 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Reconciliation of Company's effective tax rate from federal statutory rate | ' | ' | ' |
Federal tax (benefit) provision at statutory rate | $93,694 | $39,530 | ($10,278) |
State taxes, net of federal benefit | 11,363 | 4,711 | -954 |
Reversal of accrual for uncertain tax positions | -5,580 | -34,167 | -52,306 |
Accrued interest on anticipated tax assessments | 3,704 | 5,000 | 3,055 |
Increase in unrecognized tax benefits | ' | 5,489 | ' |
Increase in deferred tax assets-net | -4,914 | ' | -25,948 |
Income tax rate reconciliation Increase in deferred tax valuation allowance | 3,232 | ' | 43,876 |
Valuation allowance - reversed | -4,569 | -394,718 | -25,689 |
Other | 161 | -49 | -917 |
Income tax provision (benefit) | $97,091 | ($374,204) | ($69,161) |
Federal tax (benefit) provision at statutory rate, percentage | 35.00% | 35.00% | 35.00% |
State taxes net of federal benefit, percentage | 4.20% | 4.20% | 3.20% |
Reversal of accrual for uncertain tax positions, percentage | -2.10% | -30.30% | 178.10% |
Accrued interest on anticipated tax assessments, percentage | 1.40% | 4.40% | -10.40% |
Increase in unrecognized tax benefits, percentage | 0.00% | 4.90% | 0.00% |
Increase in deferred tax assets-net, percentage | -1.80% | 0.00% | 88.40% |
Effective income tax rate reconciliation increase in valuation allowance, percentage | 1.20% | 0.00% | -149.40% |
Valuation allowance - reversed, percentage | -1.70% | -349.50% | 87.50% |
Other, percentage | 0.10% | 0.00% | 3.10% |
Tax provision (benefit), percentage | 36.30% | -331.30% | 235.50% |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract] | ' | ' | ' |
Federal Income Tax Expense (Benefit), Continuing Operations | $93,451 | ($329,277) | ($21,517) |
State and Local Income Tax Expense (Benefit), Continuing Operations | 3,640 | -44,927 | -47,644 |
Current Income Tax Expense (Benefit) | 23,209 | -21,296 | -43,212 |
Deferred Income Tax Expense (Benefit) | 73,882 | -352,908 | -25,949 |
Income tax provision (benefit) | $97,091 | ($374,204) | ($69,161) |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Reconciliation of change in gross unrecognized tax benefits | ' | ' | ' |
Balance, beginning of period | $80,991 | $104,669 | $160,446 |
Increase in benefit as a result of tax positions taken in prior years | 5,699 | 5,000 | 8,168 |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | ' | 5,489 | ' |
Decrease in benefit as a result of resolution of uncertain tax positions | ' | ' | -17,954 |
Decrease in benefit as a result of completion of tax audits | ' | -1,782 | -33,370 |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | -8,585 | -32,385 | -12,621 |
Balance, end of period | $78,105 | $80,991 | $104,669 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Tax Benefits potential Interest and Penalties | ' | ' | ' |
Tax Benefits potential Interest and Penalties | $5,699 | $5,000 | $4,700 |
Tax Benefit Amount Accrued for potential Interest and Penalties | ' | ' | ' |
Tax Benefit Amount Accrued for potential Interest and Penalties | $28,362 | $24,906 | ' |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components of Deferred Tax Assets and Liabilities [Abstract] | ' | ' |
Deferred Tax Assets Accrued Expenses | $53,992 | $56,598 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Impairment Losses | 262,346 | 319,818 |
Deferred Tax Assets, Inventory | 28,448 | 30,424 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 48,014 | 44,336 |
Deferred Tax Asset Unrecognized Tax Benefits | 35,603 | 36,934 |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 55,763 | 50,006 |
Deferred Tax Assets, Operating Loss Carryforwards, Federal | ' | 25,170 |
Deferred Tax Assets, Other | 20,369 | 21,345 |
Deferred Tax Assets, Gross | 504,535 | 584,631 |
Deferred Tax Liabilities, Deferred Expense, Capitalized Interest | 100,514 | 102,713 |
Deferred Tax Liabilities, Tax Deferred Income | 7,388 | 7,784 |
Deferred tax liability, expenses taken for tax not for book | 29,257 | 36,811 |
Deferred Tax Liabilities, Property, Plant and Equipment | 4,548 | 3,994 |
Deferred Tax Liabilities Marketing | 21,089 | 18,229 |
Deferred Tax Liabilities, Gross | 162,796 | 169,531 |
Deferred Tax Assets Liabilities Gross | 341,739 | 415,100 |
Deferred Tax Assets Cumulative Valuation Allowance State | -55,707 | -57,044 |
Deferred Tax Assets, Net | $286,032 | $358,056 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Income tax disclosures [Line Items] | ' | ' | ' | ' |
Deferred tax liability, reclass from other to deferred income | ' | $1,200,000 | ' | ' |
deferred tax asset, reclass from accrued expenses to inventory valuation differences | ' | 1,100,000 | ' | ' |
Number of states | ' | 19 | ' | ' |
State taxes estimated rate, percentage | ' | 6.50% | 6.50% | 5.00% |
Recognized cumulative valuation allowances against state deferred tax assets | ' | -55,707,000 | -57,044,000 | ' |
Proceeds from Federal Tax Refunds | 154,300,000 | ' | ' | ' |
Valuation allowance - reversed | ' | ($4,569,000) | ($394,718,000) | ($25,689,000) |
State Net Operating Loss Carryforwards [Member] | Minimum [Member] | ' | ' | ' | ' |
Income tax disclosures [Line Items] | ' | ' | ' | ' |
net operating loss, carryback expiration periods | ' | '5 years | ' | ' |
State Net Operating Loss Carryforwards [Member] | Maximum [Member] | ' | ' | ' | ' |
Income tax disclosures [Line Items] | ' | ' | ' | ' |
net operating loss, carryback expiration periods | ' | '20 years | ' | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Jan. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Nov. 07, 2013 | Sep. 05, 2012 | Mar. 31, 2003 | |
Stock Repurchase Program [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Rights Issued Pursuant to Rights Plan Description | ' | 'The rights issued pursuant to the 2007 Rights Plan will become exercisable upon the earlier of (i)B ten days following a public announcement that a person or group of affiliated or associated persons has acquired, or obtained the right to acquire, beneficial ownership of 15% or more of the outstanding shares of the Companybs common stock or (ii)B ten business days following the commencement of a tender offer or exchange offer that would result in a person or group beneficially owning 15% or more of the outstanding shares of common stock. No rights were exercisable at OctoberB 31, 2013. | ' | ' | ' | ' | ' |
Percentage of Ownership of Company's Common Stock for Restricts Certain Transfers | ' | 4.95% | ' | ' | ' | ' | ' |
Share Repurchase Program | ' | ' | ' | ' | ' | ' | ' |
Number of shares purchased | ' | 498,000 | 20,000 | 3,068,000 | ' | ' | ' |
Average price per share | ' | $30.90 | $25.62 | $16 | ' | ' | ' |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | ' | 8,268,000 | 8,766,000 | 8,786,000 | ' | ' | ' |
Stockholders' Equity (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | ' | 400,000,000 | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | ' | $0.01 | ' | ' | $0.01 | ' | ' |
Preferred Stock, Shares Authorized | ' | 15,000,000 | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share | ' | $0.01 | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | ' | 169,400,000 | ' | ' | ' | ' | ' |
Common Stock Reserved for Outstanding Stock Options and Restricted Stock Units | ' | 11,000,000 | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | 4,400,000 | ' | ' | ' | ' | ' |
Additional common share if convertible debt exchanged | ' | 5,900,000 | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | 0.50% | ' |
Shares Held in Employee Stock Option Plan, Committed-to-be-Released | ' | 600,000 | ' | ' | ' | ' | ' |
Preferred Stock, Shares Issued | ' | 0 | 0 | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 7,200,000 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | ' | ' | 1,350 | 1,250 | ' | ' | ' |
Unvested Restricted Stock Awards | ' | 675 | ' | ' | ' | ' | ' |
Authorization to repurchase shares | ' | ' | ' | ' | ' | ' | 20,000,000 |
StockBased_Benefit_Plans_Detai
Stock-Based Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock based expense recognized | $19,041 | $15,575 | $12,548 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $7,378 | $5,711 | $4,793 |
StockBased_Benefit_Plans_Detai1
Stock-Based Benefit Plans (Details 1) (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Weighted-average assumptions and the fair value used for stock option grants | ' | ' | ' |
Weighted-average volatility | 46.70% | 46.99% | 47.73% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Payments | $0 | $0 | $0 |
Weighted-average grant date fair value per share of options granted | $13.05 | $8.70 | $7.94 |
Minimum [Member] | ' | ' | ' |
Weighted-average assumptions and the fair value used for stock option grants | ' | ' | ' |
Expected volatility | 44.04% | 44.20% | 45.38% |
Risk-free interest rate | 0.64% | 0.78% | 1.64% |
Expected life (years) | '4 years 5 months 22 days | '4 years 7 months 2 days | '4 years 3 months 14 days |
Maximum [Member] | ' | ' | ' |
Weighted-average assumptions and the fair value used for stock option grants | ' | ' | ' |
Expected volatility | 48.13% | 50.24% | 49.46% |
Risk-free interest rate | 1.56% | 1.77% | 3.09% |
Expected life (years) | '8 years 10 months 16 days | '9 years 0 months 22 days | '8 years 9 months |
StockBased_Benefit_Plans_Detai2
Stock-Based Benefit Plans (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Stock-based compensation expense recognized | ' | ' | ' |
Stock based expense recognized | $19,041 | $15,575 | $12,548 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 7,378 | 5,711 | 4,793 |
Employee Stock Option [Member] | ' | ' | ' |
Stock-based compensation expense recognized | ' | ' | ' |
Stock based expense recognized | $7,703 | $7,411 | $8,626 |
StockBased_Benefit_Plans_Detai3
Stock-Based Benefit Plans (Details 3) (Employee Stock Option [Member], USD $) | 12 Months Ended | |||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 | |
Employee Stock Option [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' |
Beginning outstanding balance, stock options | 10,669,000 | 12,868,000 | 14,339,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 768,000 | 777,000 | 1,103,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -1,454,000 | -2,941,000 | -2,467,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | -59,000 | -35,000 | -107,000 | ' |
Ending outstanding balance, stock options | 9,924,000 | 10,669,000 | 12,868,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $24.51 | $23.23 | $20.94 | $19.36 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $32.22 | $20.50 | $19.32 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $19.21 | $12.52 | $11.07 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $25.09 | $20.67 | $20.12 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 7,996,000 | 8,540,000 | 10,365,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $24.49 | $24.09 | $21.24 | ' |
StockBased_Benefit_Plans_Detai4
Stock-Based Benefit Plans (Details 4) (Employee Stock Option [Member], USD $) | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
In Thousands, unless otherwise specified | |||
Employee Stock Option [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $84,938 | $106,084 | $16,839 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $68,920 | $77,936 | $16,839 |
StockBased_Benefit_Plans_Detai5
Stock-Based Benefit Plans (Details 5) (Employee Stock Option [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Employee Stock Option [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $19,632 | $39,730 | $23,573 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Total Fair Value | $8,334 | $10,079 | $11,027 |
StockBased_Benefit_Plans_Detai6
Stock-Based Benefit Plans (Details 6) (Employee Stock Option [Member], USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -1,454,000 | -2,941,000 | -2,467,000 |
Net exercise method [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 531,000 | 303,412 | 194,000 |
Shares Paid for Tax Withholding for Share Based Compensation | 405,838 | 151,889 | 98,918 |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 125,162 | 151,523 | 95,082 |
Average Fair Market Value Per Share Withheld | 32.22 | 22.68 | 18.94 |
Aggregate Fair Market Value of Shares Withheld | 13,076 | 3,445 | 1,873 |
Stock swap method [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 6,534 | 19,686 | 28,900 |
Shares Paid for Tax Withholding for Share Based Compensation | 4,034 | 8,224 | 14,807 |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 2,500 | 11,462 | 14,093 |
Average Fair Market Value Per Share Withheld | 32.61 | 25.52 | 20.53 |
Aggregate Fair Market Value of Shares Withheld | 132 | 210 | 304 |
StockBased_Benefit_Plans_Detai7
Stock-Based Benefit Plans (Details 7) (USD $) | 12 Months Ended | 12 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Dec. 19, 2008 | Oct. 31, 2013 | Oct. 31, 2012 | Jan. 29, 2013 | Dec. 20, 2011 |
Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units [Member] | |||||
Performance-Based Restricted Stock Units | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock and stock units, shares | ' | ' | ' | ' | 303,000 | 370,000 | ' | ' |
Closing price of the Company's common stock on date performance goals were approved | ' | ' | ' | $21.70 | ' | ' | $37.78 | $20.50 |
Estimated fair value of restricted stock units issued | ' | ' | ' | ' | $11,429 | $7,589 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | ' | ' | 673,000 | 370,000 | ' | ' |
Stock based expense recognized | 19,041 | 15,575 | 12,548 | ' | 6,946 | 3,952 | ' | ' |
Unamortized value of RSUs | $19,900 | $14,200 | $12,700 | ' | $8,120 | $3,636 | ' | ' |
StockBased_Benefit_Plans_Detai8
Stock-Based Benefit Plans (Details 8) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Dec. 19, 2008 | Jan. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Dec. 20, 2010 |
Stock Price Based Restricted Stock Units [Member] | Stock Price Based Restricted Stock Units [Member] | Stock Price Based Restricted Stock Units [Member] | Stock Price Based Restricted Stock Units [Member] | Stock Price Based Restricted Stock Units [Member] | Stock Price Based Restricted Stock Units [Member] | |||||
Stock Price-Based RSUs issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock and stock units, shares | ' | ' | ' | ' | 118,799 | 118,800 | ' | ' | 306,000 | ' |
Closing price of the Company's common stock on date of issuance | ' | ' | ' | $21.70 | ' | ' | ' | ' | ' | $19.32 |
Target Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25.12 |
Expected volatility | ' | ' | ' | ' | ' | ' | ' | ' | 48.22% | ' |
Risk-free interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 1.99% | ' |
Expected Life in Years Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' |
Estimated fair value of restricted stock units issued | ' | ' | ' | ' | ' | ' | ' | ' | $4,994 | ' |
RSU expense recognized | 19,041 | 15,575 | 12,548 | ' | ' | ' | 1,811 | ' | ' | ' |
Aggregate outstanding RSUs | ' | ' | ' | ' | ' | ' | 306,000 | ' | ' | ' |
Unamortized value of RSUs | $19,900 | $14,200 | $12,700 | ' | ' | ' | $231 | ' | ' | ' |
StockBased_Benefit_Plans_Detai9
Stock-Based Benefit Plans (Details 9) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Dec. 19, 2008 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Dec. 20, 2011 | Dec. 20, 2010 | Dec. 21, 2009 |
Non-Performance Based Restricted Stock Units [Member] | Non-Performance Based Restricted Stock Units [Member] | Non-Performance Based Restricted Stock Units [Member] | Non-Performance Based Restricted Stock Units [Member] | Non-Performance Based Restricted Stock Units [Member] | Non-Performance Based Restricted Stock Units [Member] | |||||
Summary of aggregate number and unamortized value of outstanding non-performance based RSUs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock and stock units, shares | ' | ' | ' | ' | 94,080 | 107,820 | 15,497 | ' | ' | ' |
Closing price of the Company's common stock on date of issuance | ' | ' | ' | $21.70 | ' | ' | ' | $32.22 | $20.50 | $19.32 |
Estimated fair value of restricted stock units issued | ' | ' | ' | ' | $3,031 | $2,210 | $299 | ' | ' | ' |
RSU expense recognized | 19,041 | 15,575 | 12,548 | ' | 2,490 | 156 | 144 | ' | ' | ' |
Aggregate outstanding RSUs | ' | ' | ' | ' | 225,252 | 137,764 | 30,994 | ' | ' | ' |
Unamortized value of RSUs | $19,900 | $14,200 | $12,700 | ' | $1,706 | $1,326 | $379 | ' | ' | ' |
Recovered_Sheet1
Stock-Based Benefit Plans (Details 10) (Restricted Stock Units in Lieu of Compensation [Member], USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Restricted Stock Units in Lieu of Compensation [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares Paid for Tax Withholding for Share Based Compensation | 8,509 | 356 | 741 |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 29,460 | 7,982 | 8,975 |
Aggregate Fair Market Value of Shares Withheld | $308 | $10 | $15 |
StockBased_Benefit_Plans_ESPP_
Stock-Based Benefit Plans ESPP (Details 11) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 20,362 | 18,456 | 23,079 |
Average price per share employee stock purchase plan | $28.71 | $22.58 | $15.59 |
Employee Stock Ownership Plan (ESOP), Compensation Expense | $77 | $63 | $54 |
Recovered_Sheet2
Stock-Based Benefit Plans (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Dec. 19, 2008 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Jan. 29, 2013 | Dec. 20, 2011 | Jan. 31, 2013 | Jul. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Dec. 20, 2010 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Dec. 20, 2011 | Dec. 20, 2010 | Dec. 21, 2009 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2009 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | |
Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units [Member] | Stock Price Based Restricted Stock Units [Member] | Stock Price Based Restricted Stock Units [Member] | Stock Price Based Restricted Stock Units [Member] | Stock Price Based Restricted Stock Units [Member] | Stock Price Based Restricted Stock Units [Member] | Stock Price Based Restricted Stock Units [Member] | Non Performance Based Restricted Stock Units [Member] | Non Performance Based Restricted Stock Units [Member] | Non Performance Based Restricted Stock Units [Member] | Non Performance Based Restricted Stock Units [Member] | Non Performance Based Restricted Stock Units [Member] | Non Performance Based Restricted Stock Units [Member] | Restricted Stock Units in Lieu of Compensation [Member] | Restricted Stock Units in Lieu of Compensation [Member] | Restricted Stock Units in Lieu of Compensation [Member] | Restricted Stock Units in Lieu of Compensation [Member] | Employee stock purchase plan [Member] | Active plans [Member] | Active plans [Member] | Inactive Plans [Member] | Inactive Plans [Member] | Employees including officers [Member] | Nonemployee directors [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||||
Employee Stock Option [Member] | Stock Option Non Employee Director [Member] | Employee Stock Option [Member] | Stock Option Non Employee Director [Member] | Non Performance Based Restricted Stock Units [Member] | Non Performance Based Restricted Stock Units [Member] | |||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected Life in Years Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stock incentive plans | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | ' | ' | ' | ' | ' | 673,000 | 370,000 | ' | ' | ' | ' | 306,000 | ' | ' | ' | 225,252 | 137,764 | 30,994 | ' | ' | ' | 0 | 38,000 | 46,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Based Benefit Plans (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 4,397,000 | 5,489,000 | 6,712,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of Stock Option Granted under Stock Incentive Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based expense recognized | $19,041,000 | $15,575,000 | $12,548,000 | ' | $7,703,000 | $7,411,000 | $8,626,000 | $6,946,000 | $3,952,000 | ' | ' | ' | ' | $1,811,000 | ' | ' | ' | $2,490,000 | $156,000 | $144,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | '4 years 3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | '3 years 5 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 118,799 | 118,800 | ' | ' | 306,000 | ' | 94,080 | 107,820 | 15,497 | ' | ' | ' | ' | ' | ' | 62,051 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discounted Market Price of Common Stock on Specified Offering Dates under Employee Stock Purchase Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum percentage of units issued to the recipients of the base award | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of units issued to the recipients of the base award | ' | ' | ' | ' | ' | ' | ' | 110.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of consecutive trading days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of issuance of stock price based RSU | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized value of stock compensation | 19,900,000 | 14,200,000 | 12,700,000 | ' | 9,800,000 | ' | ' | 8,120,000 | 3,636,000 | ' | ' | ' | ' | 231,000 | ' | ' | ' | 1,706,000 | 1,326,000 | 379,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | '4 years | '2 years | '4 years | '2 years | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | '4 years |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | '2 years 7 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discounted Market Price of Common Stock on Specified Offering Dates Subject to Restrictions under Employee Stock Purchase Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Reserved for Employee Stock Purchase Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing price of the Company's common stock on date of issuance | ' | ' | ' | $21.70 | ' | ' | ' | ' | ' | $37.78 | $20.50 | ' | ' | ' | ' | ' | $19.32 | ' | ' | ' | $32.22 | $20.50 | $19.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | 4,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 574,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salary Deferral Charged to Selling General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Based Benefit Plans (Additional Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued under stock-based benefit plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,460 | 7,982 | 8,975 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage increases over closing price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
gross value of stock awarded related to restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,934,000 | 6,476,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross shares awarded related to restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of shares withheld for income taxes on restricted shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,409,000 | 2,629,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares withheld for income taxes related to share issued for RSU | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81,200 | 81,201 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 8,308,000 | 8,096,000 | 8,102,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,525,000 | 3,847,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock incentive plan inactive - outstanding grants | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25.12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48.22% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44.04% | 44.20% | 45.38% | ' | 48.13% | 50.24% | 49.46% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.64% | 0.78% | 1.64% | ' | 1.56% | 1.77% | 3.09% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years 5 months 22 days | '4 years 7 months 2 days | '4 years 3 months 14 days | ' | '8 years 10 months 16 days | '9 years 0 months 22 days | '8 years 9 months | ' |
Estimated fair value of restricted stock units issued | ' | ' | ' | ' | ' | ' | ' | $11,429,000 | $7,589,000 | ' | ' | ' | ' | ' | ' | $4,994,000 | ' | $3,031,000 | $2,210,000 | $299,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Per_Share_Information_D
Income Per Share Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Sep. 05, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income Attributable to Parent | $94,905 | $46,595 | $24,674 | $4,432 | $411,417 | $61,643 | $16,872 | ($2,786) | $170,606 | $487,146 | $39,795 | ' |
Interest on Convertible Debt, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 1,604 | 78 | ' | ' |
Net Income Available to Common Stockholders, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $172,210 | $487,224 | $39,795 | ' |
Basic weighted-average shares | 169,440,000 | 169,268,000 | 169,380,000 | 169,064,000 | 168,416,000 | 167,664,000 | 166,994,000 | 166,311,000 | 169,288,000 | 167,346,000 | 167,140,000 | ' |
Common stock equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 2,817,000 | 1,996,000 | 1,241,000 | ' |
Incremental Common Shares Attributable to Conversion of Debt Securities | ' | ' | ' | ' | ' | ' | ' | ' | 5,858,000 | 812,000 | ' | ' |
Diluted weighted-average shares | 177,952,000 | 178,001,000 | 178,136,000 | 171,903,000 | 174,775,000 | 170,229,000 | 168,503,000 | 166,311,000 | 177,963,000 | 170,154,000 | 168,381,000 | ' |
Weighted average number of anti-dilutive options and RSUs | ' | ' | ' | ' | ' | ' | ' | ' | 1,509,000 | 3,646,000 | 7,936,000 | ' |
Shares issued under stock incentive and employee stock purchase plans | ' | ' | ' | ' | ' | ' | ' | ' | 1,213,000 | 2,927,000 | 2,390,000 | ' |
Incremental Common Shares Attributable to Anti-Dilutive Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% |
0.5% Exchangeable Senior Notes Due 2032 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 0.50% | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | 0.50% |
Fair_Value_Disclosures_Level_4
Fair Value Disclosures (Level 4 FV of Fin Instr) (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ' | ' |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $113,517 | $86,386 |
Level 2 [Member] | ' | ' |
Summary of assets and (liabilities), measured at fair value on a recurring basis | ' | ' |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 113,517 | 86,386 |
Forward Loan Commitments - Residential Mortgage Loans Held for Sale [Member] | Level 2 [Member] | ' | ' |
Summary of assets and (liabilities), measured at fair value on a recurring basis | ' | ' |
Fair value of commitments | -496 | -102 |
Interest Rate Lock Commitments [Member] | Level 2 [Member] | ' | ' |
Summary of assets and (liabilities), measured at fair value on a recurring basis | ' | ' |
Fair value of commitments | -181 | -202 |
Forward Loan Commitments [Member] | Level 2 [Member] | ' | ' |
Summary of assets and (liabilities), measured at fair value on a recurring basis | ' | ' |
Fair value of commitments | 181 | 202 |
Corporate Securities [Member] | Level 2 [Member] | ' | ' |
Summary of assets and (liabilities), measured at fair value on a recurring basis | ' | ' |
Fair value of securities | 52,508 | 260,772 |
Certificates of Deposit [Member] | Level 2 [Member] | ' | ' |
Summary of assets and (liabilities), measured at fair value on a recurring basis | ' | ' |
Fair value of securities | ' | 148,112 |
Tax exempt Bond Fund [Member] | Level 1 [Member] | ' | ' |
Summary of assets and (liabilities), measured at fair value on a recurring basis | ' | ' |
Fair value of securities | ' | $30,184 |
Fair_Value_Disclosures_Level_41
Fair Value Disclosures (Level 4 loan UPB vs FV) (Details 1) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | ||
Aggregate unpaid principal and fair value of mortgage loans held for sale | ' | ' |
Aggregate unpaid principal balance | $111,896 | $84,986 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 113,517 | 86,386 |
Excess | 1,621 | 1,400 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Aggregate unpaid principal and fair value of mortgage loans held for sale | ' | ' |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $113,517 | $86,386 |
Fair_Value_Disclosures_Level_42
Fair Value Disclosures (Level 4 marketable securities) (Details 2) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures (Textual) [Abstract] | ' | ' |
Marketable Securities, Maturity Date Range, Min | '3 months | ' |
Marketable Securities, Maturity Date Range, Max | '25 months | ' |
Summary of amortized cost gross unrealized holding gains and losses | ' | ' |
Amortized cost | $52,502 | $438,755 |
Available For Sale Securities Gross Unrealized Gain Accumulated Investments | 71 | 451 |
Available For Sale Securities Gross Unrealized Loss Accumulated Investments | -65 | -138 |
Fair value | $52,508 | $439,068 |
Fair_Value_Disclosures_Level_43
Fair Value Disclosures (Level 4 inventory fv) (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Statement of Inventory [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Operating Communities Tested | 63 | 76 | 79 | 60 | 108 | 115 | 115 | 113 | 114 | 129 | 142 | 143 | ' | ' | ' |
Number of Communities impaired | 2 | 1 | 1 | 2 | 3 | 4 | 2 | 8 | 3 | 2 | 9 | 6 | ' | ' | ' |
Fair value of communities, net of impairment charges | $6,798 | $191 | $749 | $5,377 | $9,319 | $6,609 | $22,962 | $49,758 | $3,367 | $867 | $40,765 | $56,105 | ' | ' | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,523 | 14,739 | 51,837 |
Operating communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statement of Inventory [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory impairments and write-offs | $2,200 | $100 | $340 | $700 | $1,400 | $2,685 | $2,560 | $6,425 | $710 | $175 | $10,725 | $5,475 | $3,340 | $13,070 | $17,085 |
Fair_Value_Disclosures_Level_44
Fair Value Disclosures (Level 4 Gibraltar) (Details 4) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying value and estimated fair value of non performing loan portfolio | ' | ' |
Investments in Distressed Loans | $36,374 | $37,169 |
Investment in distressed loans, fair value | $45,355 | $38,109 |
Fair_Value_Disclosures_Level_45
Fair Value Disclosures (Level 4 debt fv) (Details 5) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | ||
Book value and estimated fair value of the Company's debt | ' | ' |
Loans payable (a) | $107,222 | $99,817 |
Senior notes | 2,321,442 | 2,080,463 |
Mortgage company warehouse loan (c) | 75,000 | 72,664 |
Book value [Member] | ' | ' |
Book value and estimated fair value of the Company's debt | ' | ' |
Loans payable (a) | 107,222 | 99,817 |
Senior notes | 2,325,336 | 2,089,189 |
Mortgage company warehouse loan (c) | 75,000 | 72,664 |
Total debt | 2,507,558 | 2,261,670 |
Estimate fair value [Member] | ' | ' |
Book value and estimated fair value of the Company's debt | ' | ' |
Loans payable (a) | 106,988 | 99,093 |
Senior notes | 2,458,737 | 2,340,189 |
Mortgage company warehouse loan (c) | 75,000 | 72,664 |
Total debt | $2,640,725 | $2,511,946 |
Fair_Value_Disclosures_Level_46
Fair Value Disclosures (Level 4 Inv Impair inputs) (Details 6) (Operating communities [Member], USD $) | 3 Months Ended | |||||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value inputs, assets, quantitative information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Average selling price | $315 | $475 | $0 | $303 | $501 | $175 | $413 | $344 |
Sales pace | 2 | 2 | 0 | 15 | 11 | 4 | 6 | 1 |
Discount rate | 15.00% | 15.00% | 0.00% | 15.30% | 18.30% | 14.00% | 17.50% | 13.00% |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value inputs, assets, quantitative information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Average selling price | $362 | $500 | $0 | $307 | $536 | $571 | $472 | $2,287 |
Sales pace | 7 | 2 | 0 | 15 | 11 | 12 | 17 | 25 |
Discount rate | 15.00% | 15.00% | 0.00% | 15.30% | 18.30% | 17.50% | 17.50% | 18.80% |
Employee_Retirement_and_Deferr2
Employee Retirement and Deferred Compensation Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Plan costs | ' | ' | ' |
Service cost | $471 | $389 | $305 |
Interest cost | 1,044 | 1,212 | 1,290 |
Amortization of prior service obligation | 843 | 737 | 694 |
Amortization of unrecognized losses | 144 | 66 | ' |
Total costs | 2,502 | 2,404 | 2,289 |
Projected benefit obligation [Roll Forward] | ' | ' | ' |
Projected Benefit Obligation, beginning of year | 34,319 | 29,766 | 26,037 |
Plan amendments adopted during year | 826 | 575 | ' |
Service cost | 471 | 389 | 305 |
Interest cost | 1,044 | 1,212 | 1,290 |
Benefits paid | -888 | -731 | -504 |
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | -3,636 | 3,108 | 2,638 |
Projected Benefit Obligation, end of year | 32,136 | 34,319 | 29,766 |
Unamortized Prior Service Cost [Abstract] | ' | ' | ' |
Unamortized Prior Service Cost, beginning of year | 3,171 | 3,333 | 4,027 |
Plan amendments adopted during year | 826 | 575 | ' |
Amortization of prior service cost | -843 | -737 | -694 |
Unamortized Prior Service Cost, end of year | 3,154 | 3,171 | 3,333 |
Accumulated Unrecognized Loss Gain | -527 | -4,307 | -1,265 |
Accumulated Benefit Obligation | 32,136 | 34,319 | 29,766 |
Accrued Benefit Obligation | 32,136 | 34,319 | 29,766 |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 888 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 1,645 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 1,770 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 2,008 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 2,104 | ' | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $12,968 | ' | ' |
Employee_Retirement_and_Deferr3
Employee Retirement and Deferred Compensation Plans Employee Retirement and Deferred Compensation Plans (Details Textual) (USD $) | 9 Months Ended | 12 Months Ended | |||||||
Jul. 31, 2011 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2011 | Dec. 31, 2010 | Oct. 31, 2010 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Unfunded Defined Benefit Retirement Plans | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Normal retirement age | ' | ' | 62 | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | ' | ' | 4.01% | ' | 3.07% | ' | 4.06% | ' | ' |
Company Discretionary Contribution Under Deferral Savings Plans | ' | 2.00% | ' | 2.00% | ' | 1.00% | ' | 1.00% | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent | 1.00% | ' | ' | ' | 2.00% | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | ' | ' | $6,400,000 | ' | $5,000,000 | ' | ' | ' | ' |
Company Recognized Expense for One Plan | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | ' |
Accrued for obligations under the plan | ' | ' | 32,136,000 | ' | 34,319,000 | ' | 29,766,000 | ' | 26,037,000 |
Defined Benefit Plan Unfunded Plan [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued for obligations under the plan | ' | ' | $20,400,000 | ' | $20,700,000 | ' | ' | ' | ' |
SERP Plan One [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time Period for Interests Vest | ' | ' | '20 years | ' | ' | ' | ' | ' | ' |
SERP Plan Two [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time Period for Interests Vest | ' | ' | '15 years | ' | ' | ' | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss and Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($4,819) |
Other comprehensive (loss) income before reclassifications | 3,014 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 930 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | -1,512 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 2,432 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -2,387 |
Supplemental Employee Retirement Plan, Defined Benefit [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -4,446 |
Other comprehensive (loss) income before reclassifications | 2,810 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 987 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | -1,463 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 2,334 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -2,112 |
Available-for-sale Securities [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 181 |
Other comprehensive (loss) income before reclassifications | -231 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -57 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 102 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -186 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -5 |
Derivative [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -554 |
Other comprehensive (loss) income before reclassifications | 435 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | ' |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | -151 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 284 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($270) |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | ||
Company's purchase commitments | ' | ' |
Aggregate purchase commitments unrelated parties | $1,301,987 | $742,918 |
Aggregate purchase commitments with related parties | 61,738 | 4,067 |
Total | 1,363,725 | 746,985 |
Deposits against aggregate purchase commitments | 76,986 | 42,921 |
Additional cash required to acquire land | 1,286,739 | 704,064 |
Total | 1,363,725 | 746,985 |
Amount of Additional Cash Required to Acquire Land Included in Accrued Expenses | $1,439 | $4,328 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 1) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | ||
Company's mortgage commitments | ' | ' |
Aggregate mortgage loan commitments | $893,283 | $567,998 |
Investor commitments to purchase | 355,868 | 191,870 |
Mortgage loans receivable [Member] | ' | ' |
Company's mortgage commitments | ' | ' |
Investor commitments to purchase | 107,873 | 80,697 |
Interest Rate Lock Commitments [Member] | ' | ' |
Company's mortgage commitments | ' | ' |
Aggregate mortgage loan commitments | 247,995 | 111,173 |
Investor commitments to purchase | 247,995 | 111,173 |
Non IRLC [Member] | ' | ' |
Company's mortgage commitments | ' | ' |
Aggregate mortgage loan commitments | $645,288 | $456,825 |
Commitments_and_Contingencies_3
Commitments and Contingencies Commitments and Contingencies (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Operating Leases, Rent Expense, Net [Abstract] | ' | ' | ' |
Operating Leases, Rent Expense | $10,973 | $11,183 | $12,405 |
Commitments_and_Contingencies_4
Commitments and Contingencies Commitments and Contingencies (Details 3) (USD $) | Oct. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $9,619 |
Operating Leases, Future Minimum Payments, Due in Two Years | 8,137 |
Operating Leases, Future Minimum Payments, Due in Three Years | 6,619 |
Operating Leases, Future Minimum Payments, Due in Four Years | 5,141 |
Operating Leases, Future Minimum Payments, Due in Five Years | 4,111 |
Operating Leases, Future Minimum Payments, Due Thereafter | 3,659 |
Operating Leases, Future Minimum Payments Due | $37,286 |
Commitments_and_Contingencies_5
Commitments and Contingencies (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||
Nov. 30, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Jan. 31, 2014 | |
Collateralized under credit facility [Member] | Collateralized by restricted cash [Member] | Baker Ranch [Member] | Baker Ranch [Member] | Sienna [Member] | Future phases [Member] | Shapell [Member] | |||||
Baker Ranch [Member] | |||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of lots to be acquired from joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 1,750 | 545 | ' |
Commitments and Contingencies (Additional Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letter of credit | ' | $89,300,000 | ' | ' | $76,600,000 | $12,700,000 | ' | ' | ' | ' | ' |
Percentage Ownership Held by Company | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' |
Purchase commitments to acquire land for apartment development | ' | 56,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposits on purchase commitment to acquire land for apartment development | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase commitment to acquire land | ' | 79,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 144,700,000 | 0 | 144,746,000 | 0 | ' | ' | ' | ' | ' | ' | 1,600,000,000 |
Outstanding surety bonds | ' | 409,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of work remains on improvements in the Company's various communities | ' | 290,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional outstanding surety bonds | ' | 62,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of homes to be delivered | ' | 3,679 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate sales value of outstanding homes to be delivered | ' | $2,630,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Income_Net_Details
Other Income - Net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Other Income and Expenses [Abstract] | ' | ' | ' |
Investment Income, Interest | $4,457 | $4,677 | $5,210 |
Income from Ancillary Businesses | 9,912 | 6,608 | 3,734 |
Income from Gibraltar | 10,185 | 4,476 | 1,522 |
Management Fees Revenue | 2,890 | 2,212 | 5,137 |
Retained customer deposits | 2,534 | 3,247 | 2,076 |
Land Sales, Net | 4,435 | 1,425 | 1,350 |
Income Recognized Due To Settlement Of Litigation | 13,229 | ' | ' |
Other misc income | 4,596 | 3,276 | 4,374 |
Other Nonoperating Income | 52,238 | 25,921 | 23,403 |
Revenues and expenses of non-core ancillary businesses | ' | ' | ' |
Revenue | 89,182 | 67,137 | 60,021 |
Expense | $79,270 | $60,529 | $56,287 |
Other_Income_Net_Other_Income_
Other Income - Net Other Income (Details Textual) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Oct. 31, 2013 |
Other Income - Net [Abstract] | ' |
Number of derivative lawsuits | 3 |
Litigation Settlement, Amount | $16.20 |
Legal Fees | 3 |
Amount paid by insurance carriers for litigation | $9.80 |
Information_on_Geographic_Segm2
Information on Geographic Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $1,044,534 | $689,160 | $516,004 | $424,601 | $632,826 | $554,319 | $373,681 | $321,955 | $2,674,299 | $1,882,781 | $1,475,881 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes | 150,150 | 68,253 | 40,968 | 8,326 | 60,749 | 42,952 | 15,649 | -6,408 | 267,697 | 112,942 | -29,366 |
Total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 6,827,459 | ' | ' | ' | 6,181,044 | ' | ' | ' | 6,827,459 | 6,181,044 | ' |
North [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 485,052 | 350,639 | 320,797 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 32,648 | 13,913 | 11,504 |
Total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 963,597 | ' | ' | ' | 757,412 | ' | ' | ' | 963,597 | 757,412 | ' |
Mid-Atlantic [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 652,855 | 535,710 | 465,142 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 79,801 | 62,970 | 48,762 |
Total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 1,231,438 | ' | ' | ' | 1,155,715 | ' | ' | ' | 1,231,438 | 1,155,715 | ' |
South [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 641,331 | 361,810 | 273,303 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 67,934 | 18,928 | -25,272 |
Total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 953,955 | ' | ' | ' | 800,268 | ' | ' | ' | 953,955 | 800,268 | ' |
West [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 724,370 | 437,922 | 309,553 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 111,301 | 39,383 | -27,113 |
Total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 1,290,388 | ' | ' | ' | 904,374 | ' | ' | ' | 1,290,388 | 904,374 | ' |
Traditional Homebuilding [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,503,608 | 1,686,081 | 1,368,795 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 291,684 | 135,194 | 7,881 |
Total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 4,439,378 | ' | ' | ' | 3,617,769 | ' | ' | ' | 4,439,378 | 3,617,769 | ' |
City Living [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 170,691 | 196,700 | 107,086 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 53,345 | 61,910 | 39,201 |
Total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 674,302 | ' | ' | ' | 486,970 | ' | ' | ' | 674,302 | 486,970 | ' |
Corporate and other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -77,332 | -84,162 | -76,448 |
Total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | $1,713,779 | ' | ' | ' | $2,076,305 | ' | ' | ' | $1,713,779 | $2,076,305 | ' |
Information_on_Geographic_Segm3
Information on Geographic Segments (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2011 | Jul. 31, 2011 | Apr. 30, 2011 | Jan. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | $4,650,412 | ' | ' | ' | $3,732,703 | ' | ' | ' | ' | ' | ' | ' | $4,650,412 | $3,732,703 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,523 | 14,739 | 51,837 |
Investments in unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | 403,133 | ' | ' | ' | 330,617 | ' | ' | ' | ' | ' | ' | ' | 403,133 | 330,617 | ' |
(Recovery) impairment of investment in unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -2,311 | 40,870 |
Land controlled for future communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 99,802 | ' | ' | ' | 54,624 | ' | ' | ' | ' | ' | ' | ' | 99,802 | 54,624 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,183 | 451 | 17,752 |
Land owned for future communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 1,287,630 | ' | ' | ' | 1,013,565 | ' | ' | ' | ' | ' | ' | ' | 1,287,630 | 1,013,565 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,218 | 17,000 |
Operating communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 3,262,980 | ' | ' | ' | 2,664,514 | ' | ' | ' | ' | ' | ' | ' | 3,262,980 | 2,664,514 | ' |
Inventory impairments and write-offs | 2,200 | 100 | 340 | 700 | 1,400 | 2,685 | 2,560 | 6,425 | 710 | 175 | 10,725 | 5,475 | 3,340 | 13,070 | 17,085 |
North [Member] | Land controlled for future communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 16,267 | ' | ' | ' | 10,606 | ' | ' | ' | ' | ' | ' | ' | 16,267 | 10,606 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 822 | -907 | 906 |
North [Member] | Land owned for future communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 135,282 | ' | ' | ' | 29,791 | ' | ' | ' | ' | ' | ' | ' | 135,282 | 29,791 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
North [Member] | Operating communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 785,175 | ' | ' | ' | 701,253 | ' | ' | ' | ' | ' | ' | ' | 785,175 | 701,253 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 940 | 2,725 | 2,885 |
Mid-Atlantic [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | 11,850 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,850 | ' | ' |
(Recovery) impairment of investment in unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mid-Atlantic [Member] | Land controlled for future communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 29,423 | ' | ' | ' | 25,573 | ' | ' | ' | ' | ' | ' | ' | 29,423 | 25,573 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 322 | 238 | 307 |
Mid-Atlantic [Member] | Land owned for future communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 308,585 | ' | ' | ' | 396,562 | ' | ' | ' | ' | ' | ' | ' | 308,585 | 396,562 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300 | 300 |
Mid-Atlantic [Member] | Operating communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 866,256 | ' | ' | ' | 707,873 | ' | ' | ' | ' | ' | ' | ' | 866,256 | 707,873 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200 | 5,500 | 3,700 |
South [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | 50,452 | ' | ' | ' | 31,252 | ' | ' | ' | ' | ' | ' | ' | 50,452 | 31,252 | ' |
(Recovery) impairment of investment in unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,170 |
South [Member] | Land controlled for future communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 14,606 | ' | ' | ' | 7,724 | ' | ' | ' | ' | ' | ' | ' | 14,606 | 7,724 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400 | 800 | 313 |
South [Member] | Land owned for future communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 158,457 | ' | ' | ' | 141,644 | ' | ' | ' | ' | ' | ' | ' | 158,457 | 141,644 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 918 | 16,700 |
South [Member] | Operating communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 690,302 | ' | ' | ' | 597,840 | ' | ' | ' | ' | ' | ' | ' | 690,302 | 597,840 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | 3,445 | 3,800 |
West [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | 110,467 | ' | ' | ' | 116,452 | ' | ' | ' | ' | ' | ' | ' | 110,467 | 116,452 | ' |
(Recovery) impairment of investment in unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,311 | 25,700 |
West [Member] | Land controlled for future communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 13,371 | ' | ' | ' | 8,131 | ' | ' | ' | ' | ' | ' | ' | 13,371 | 8,131 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -361 | 205 | 16,184 |
West [Member] | Land owned for future communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 448,125 | ' | ' | ' | 232,546 | ' | ' | ' | ' | ' | ' | ' | 448,125 | 232,546 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
West [Member] | Operating communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 697,573 | ' | ' | ' | 528,451 | ' | ' | ' | ' | ' | ' | ' | 697,573 | 528,451 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200 | 600 | 6,700 |
Traditional Homebuilding [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | 172,769 | ' | ' | ' | 147,704 | ' | ' | ' | ' | ' | ' | ' | 172,769 | 147,704 | ' |
(Recovery) impairment of investment in unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -2,311 | 40,870 |
Traditional Homebuilding [Member] | Land controlled for future communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 73,667 | ' | ' | ' | 52,034 | ' | ' | ' | ' | ' | ' | ' | 73,667 | 52,034 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,183 | 336 | 17,710 |
Traditional Homebuilding [Member] | Land owned for future communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 1,050,449 | ' | ' | ' | 800,543 | ' | ' | ' | ' | ' | ' | ' | 1,050,449 | 800,543 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,218 | 17,000 |
Traditional Homebuilding [Member] | Operating communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 3,039,306 | ' | ' | ' | 2,535,417 | ' | ' | ' | ' | ' | ' | ' | 3,039,306 | 2,535,417 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,340 | 12,270 | 17,085 |
City Living [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | 135,950 | ' | ' | ' | 104,436 | ' | ' | ' | ' | ' | ' | ' | 135,950 | 104,436 | ' |
(Recovery) impairment of investment in unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
City Living [Member] | Land controlled for future communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 26,135 | ' | ' | ' | 2,590 | ' | ' | ' | ' | ' | ' | ' | 26,135 | 2,590 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115 | 42 |
City Living [Member] | Land owned for future communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 237,181 | ' | ' | ' | 213,022 | ' | ' | ' | ' | ' | ' | ' | 237,181 | 213,022 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
City Living [Member] | Operating communities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | 223,674 | ' | ' | ' | 129,097 | ' | ' | ' | ' | ' | ' | ' | 223,674 | 129,097 | ' |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800 | ' |
Corporate and other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | 94,414 | ' | ' | ' | 78,477 | ' | ' | ' | ' | ' | ' | ' | 94,414 | 78,477 | ' |
(Recovery) impairment of investment in unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental_Disclosure_to_Sta2
Supplemental Disclosure to Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Cash flow information: | ' | ' | ' |
Interest paid, net of amount capitalized | $18,187 | $1,223 | $18,666 |
Income tax payment | 3,130 | 4,264 | ' |
Income tax refunds | 1,190 | ' | 154,524 |
Non-cash activity: | ' | ' | ' |
Cost of inventory acquired through seller financing municipal bonds or recorded due to VIE criteria, net | 45,726 | 26,059 | 29,320 |
Financed portion of land sale | 7,200 | ' | ' |
Reduction in inventory for Company's share of earnings in land purchased from unconsolidated entities | 3,035 | ' | ' |
Transfer of investment in REO to inventory | 764 | ' | ' |
Reclassification of deferred income from inventory to accrued liabilities | 4,545 | ' | ' |
Miscellaneous (decreases) increases to inventory | ' | -478 | 1,781 |
Reclassification of inventory to property, construction and office equipment | 5,576 | ' | 20,005 |
Increase in SERP Benefits | -3,636 | 3,108 | 2,638 |
Defined benefit retirement plan amendment | 826 | 575 | ' |
Income tax benefit related to exercise of employee stock options | 24,417 | 3,885 | ' |
Increase in accrued expenses related to Stock Price-Based RSUs paid | 2,942 | ' | ' |
Other Comprehensive Income (Loss), Tax | -1,512 | 1,263 | ' |
(Increase) reduction of investments in unconsolidated entities due to increase/reduction in letters of credit or accrued liabilities | ' | 448 | 13,423 |
Transfer of Inventory to Investment in Non-Performing Loan Portfolios and Foreclosed Real Estate | ' | -802 | ' |
Transfer of inventory to investment in unconsolidated entities | 54,761 | 5,793 | ' |
Reclassification deferred income from investment to accrued liabilities | ' | 2,943 | ' |
Reclassification of stock-based compensation from accrued liabilities to additional paid in capital | ' | ' | 4,233 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 435 | -875 | ' |
Increase in investments in unconsolidated entities for change in the fair value of debt guarantees | 1,582 | ' | ' |
Miscellaneous (decreases) increases to investments in unconsolidated entities | -1,811 | -276 | -2,212 |
Acquisition of a Business: | ' | ' | ' |
Fair value of assets purchased | ' | 149,959 | ' |
Liabilities assumed | ' | 5,213 | ' |
Cash paid | $0 | $144,746 | $0 |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information (Level 4 Senior Note table) (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 | Sep. 05, 2012 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Mar. 16, 2004 | Oct. 31, 2013 | Jun. 02, 2005 | Oct. 31, 2013 | Apr. 13, 2009 | Oct. 31, 2013 | Sep. 22, 2009 | Oct. 31, 2013 | Feb. 07, 2012 | Oct. 31, 2013 | Sep. 05, 2012 | Oct. 31, 2013 | 13-May-13 | Apr. 03, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | Senior Notes Due 2012 [Member] | Senior Notes Due 2013 [Member] | Senior Notes Due 2014 [Member] | Senior Notes Due 2014 [Member] | Senior Notes Due 2015 [Member] | Senior Notes Due 2015 [Member] | Senior Notes Due 2017 [Member] | Senior Notes Due 2017 [Member] | Senior Notes Due 2019 [Member] | Senior Notes Due 2019 [Member] | Senior Notes Due 2022 [Member] | Senior Notes Due 2022 [Member] | Senior Notes Due 2032 [Member] | Senior Notes Due 2032 [Member] | 4.375% Senior Notes due 2023 [Member] | 4.375% Senior Notes due 2023 [Member] | 4.375% Senior Notes due 2023 [Member] | 4.375% Senior Notes due 2023 [Member] | |||
Supplemental Guarantor Information (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issued Senior Notes | ' | ' | ' | ' | ' | ' | $300,000 | ' | $300,000 | ' | $400,000 | ' | $250,000 | ' | $419,876 | ' | $287,500 | ' | ' | $400,000 | ' |
Senior notes | $2,321,442 | $2,080,463 | ' | ' | ' | $267,960 | ' | $300,000 | ' | $400,000 | ' | $250,000 | ' | $419,876 | ' | $287,500 | ' | $400,000 | $100,000 | $300,000 | ' |
Interest rate on notes | ' | ' | 0.50% | 6.88% | 5.95% | 4.95% | ' | 5.15% | ' | 8.91% | ' | 6.75% | ' | 5.88% | ' | 0.50% | ' | 4.38% | 4.38% | 4.38% | ' |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information Supplemental Guarantor Information (Level 4 BS reconciliation) (Details 1) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory, Operative Builders | $4,650,412 | $3,732,703 |
Property, Plant and Equipment, Net | 131,320 | 109,971 |
Receivables, Prepaid Expenses and Other Assets | 229,295 | 173,042 |
Earnest Money Deposits | 46,888 | 29,579 |
Assets | 6,827,459 | 6,181,044 |
Advances from Affiliiate | 0 | 0 |
Liabilities | 3,488,295 | 3,053,173 |
Guarantor Subsidiaries [Member] | ' | ' |
Inventory, Operative Builders | 4,625,252 | 3,711,679 |
Property, Plant and Equipment, Net | 116,809 | 106,963 |
Receivables, Prepaid Expenses and Other Assets | 101,321 | 102,409 |
Earnest Money Deposits | 46,888 | 29,579 |
Assets | 5,798,769 | 5,243,972 |
Advances from Affiliiate | 1,627,130 | 1,385,457 |
Liabilities | 2,470,344 | 2,072,637 |
Guarantor Subsidiaries [Member] | Scenario, Previously Reported [Member] | ' | ' |
Inventory, Operative Builders | ' | 3,695,895 |
Property, Plant and Equipment, Net | ' | 103,206 |
Receivables, Prepaid Expenses and Other Assets | ' | 79,949 |
Earnest Money Deposits | ' | 27,312 |
Assets | ' | 5,199,704 |
Advances from Affiliiate | ' | 1,341,189 |
Liabilities | ' | 2,028,369 |
Guarantor Subsidiaries [Member] | Scenario, Adjustment [Member] | ' | ' |
Inventory, Operative Builders | ' | 15,784 |
Property, Plant and Equipment, Net | ' | 3,757 |
Receivables, Prepaid Expenses and Other Assets | ' | 22,460 |
Earnest Money Deposits | ' | 2,267 |
Assets | ' | 44,268 |
Advances from Affiliiate | ' | 44,268 |
Liabilities | ' | 44,268 |
Guarantor Subsidiaries [Member] | Scenario, Actual [Member] | ' | ' |
Inventory, Operative Builders | ' | 3,711,679 |
Property, Plant and Equipment, Net | ' | 106,963 |
Receivables, Prepaid Expenses and Other Assets | ' | 102,409 |
Earnest Money Deposits | ' | 29,579 |
Assets | ' | 5,243,972 |
Advances from Affiliiate | ' | 1,385,457 |
Liabilities | ' | 2,072,637 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Inventory, Operative Builders | 25,160 | 21,024 |
Property, Plant and Equipment, Net | 14,511 | 3,008 |
Receivables, Prepaid Expenses and Other Assets | 131,701 | 66,810 |
Earnest Money Deposits | ' | ' |
Assets | 735,943 | 551,665 |
Advances from Affiliiate | 467,929 | 348,927 |
Liabilities | 704,385 | 537,593 |
Non-Guarantor Subsidiaries [Member] | Scenario, Previously Reported [Member] | ' | ' |
Inventory, Operative Builders | ' | 65,292 |
Receivables, Prepaid Expenses and Other Assets | ' | 64,543 |
Earnest Money Deposits | ' | 2,267 |
Assets | ' | 595,933 |
Advances from Affiliiate | ' | 393,195 |
Liabilities | ' | 581,861 |
Non-Guarantor Subsidiaries [Member] | Scenario, Adjustment [Member] | ' | ' |
Inventory, Operative Builders | ' | -44,268 |
Receivables, Prepaid Expenses and Other Assets | ' | 2,267 |
Earnest Money Deposits | ' | -2,267 |
Assets | ' | -44,268 |
Advances from Affiliiate | ' | -44,268 |
Liabilities | ' | -44,268 |
Non-Guarantor Subsidiaries [Member] | Scenario, Actual [Member] | ' | ' |
Inventory, Operative Builders | ' | 21,024 |
Receivables, Prepaid Expenses and Other Assets | ' | 66,810 |
Earnest Money Deposits | ' | 0 |
Assets | ' | 551,665 |
Advances from Affiliiate | ' | 348,927 |
Liabilities | ' | $537,593 |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information (Level 4 BS) (Details 2) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2010 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $772,972 | $778,824 | $906,340 | $1,039,060 |
Marketable securities | 52,508 | 439,068 | ' | ' |
Restricted cash | 32,036 | 47,276 | ' | ' |
Inventory | 4,650,412 | 3,732,703 | ' | ' |
Property, construction and office equipment, net | 131,320 | 109,971 | ' | ' |
Receivables, prepaid expenses and other assets | 229,295 | 173,042 | ' | ' |
Mortgage loans receivable | 113,517 | 86,386 | ' | ' |
Customer deposits held in escrow | 46,888 | 29,579 | ' | ' |
Investments in and advances to unconsolidated entities | 403,133 | 330,617 | ' | ' |
Investments in distressed loans | 36,374 | 37,169 | ' | ' |
Real Estate Owned - total | 72,972 | 58,353 | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | 0 | 0 | ' | ' |
Deferred tax assets, net | 286,032 | 358,056 | ' | ' |
Total assets | 6,827,459 | 6,181,044 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Loans payable | 107,222 | 99,817 | ' | ' |
Senior notes | 2,321,442 | 2,080,463 | ' | ' |
Mortgage company warehouse loan | 75,000 | 72,664 | ' | ' |
Customer deposits | 212,669 | 142,977 | ' | ' |
Accounts payable | 167,787 | 99,911 | ' | ' |
Accrued expenses | 522,987 | 476,350 | ' | ' |
Advances from Affiliiate | 0 | 0 | ' | ' |
Income taxes payable | 81,188 | 80,991 | ' | ' |
Total liabilities | 3,488,295 | 3,053,173 | ' | ' |
Equity: | ' | ' | ' | ' |
Common stock | 1,694 | 1,687 | ' | ' |
Additional paid-in capital | 441,677 | 404,418 | ' | ' |
Retained earnings | 2,892,003 | 2,721,397 | ' | ' |
Treasury stock, at cost -- 0 shares and 53 shares at October 31, 2013 and October 31, 2012, respectively | 0 | -983 | ' | ' |
Accumulated other comprehensive loss | -2,387 | -4,819 | ' | ' |
Total stockholders' equity | 3,332,987 | 3,121,700 | ' | ' |
Noncontrolling interest | 6,177 | 6,171 | ' | ' |
Total equity | 3,339,164 | 3,127,871 | 2,592,551 | 2,559,013 |
Total liabilities and stockholders' equity | 6,827,459 | 6,181,044 | ' | ' |
Toll Brothers Inc. [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Marketable securities | ' | ' | ' | ' |
Restricted cash | 15,182 | 28,268 | ' | ' |
Inventory | ' | ' | ' | ' |
Property, construction and office equipment, net | ' | ' | ' | ' |
Receivables, prepaid expenses and other assets | 33 | 134 | ' | ' |
Mortgage loans receivable | ' | ' | ' | ' |
Customer deposits held in escrow | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | ' | ' | ' | ' |
Investments in distressed loans | ' | ' | ' | ' |
Real Estate Owned - total | ' | ' | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | 3,113,203 | 2,816,607 | ' | ' |
Deferred tax assets, net | 286,032 | 358,056 | ' | ' |
Total assets | 3,414,450 | 3,203,065 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Loans payable | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' |
Mortgage company warehouse loan | ' | ' | ' | ' |
Customer deposits | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | ' |
Accrued expenses | ' | ' | ' | ' |
Advances from Affiliiate | ' | ' | ' | ' |
Income taxes payable | 81,188 | 80,991 | ' | ' |
Total liabilities | 81,188 | 80,991 | ' | ' |
Equity: | ' | ' | ' | ' |
Common stock | 1,694 | 1,687 | ' | ' |
Additional paid-in capital | 441,677 | 404,418 | ' | ' |
Retained earnings | 2,892,003 | 2,721,397 | ' | ' |
Treasury stock, at cost -- 0 shares and 53 shares at October 31, 2013 and October 31, 2012, respectively | ' | -983 | ' | ' |
Accumulated other comprehensive loss | -2,112 | -4,445 | ' | ' |
Total stockholders' equity | 3,333,262 | 3,122,074 | ' | ' |
Noncontrolling interest | ' | ' | ' | ' |
Total equity | 3,333,262 | 3,122,074 | ' | ' |
Total liabilities and stockholders' equity | 3,414,450 | 3,203,065 | ' | ' |
Subsidiary Issuer [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Marketable securities | ' | ' | ' | ' |
Restricted cash | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' |
Property, construction and office equipment, net | ' | ' | ' | ' |
Receivables, prepaid expenses and other assets | 15,675 | 15,130 | ' | ' |
Mortgage loans receivable | ' | ' | ' | ' |
Customer deposits held in escrow | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | ' | ' | ' | ' |
Investments in distressed loans | ' | ' | ' | ' |
Real Estate Owned - total | ' | ' | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | 2,334,503 | 2,092,810 | ' | ' |
Deferred tax assets, net | ' | ' | ' | ' |
Total assets | 2,350,178 | 2,107,940 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Loans payable | ' | ' | ' | ' |
Senior notes | 2,282,719 | 2,032,335 | ' | ' |
Mortgage company warehouse loan | ' | ' | ' | ' |
Customer deposits | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | ' |
Accrued expenses | 25,045 | 27,476 | ' | ' |
Advances from Affiliiate | ' | ' | ' | ' |
Income taxes payable | ' | ' | ' | ' |
Total liabilities | 2,307,764 | 2,059,811 | ' | ' |
Equity: | ' | ' | ' | ' |
Common stock | ' | ' | ' | ' |
Additional paid-in capital | 49,400 | 49,400 | ' | ' |
Retained earnings | -6,986 | -1,271 | ' | ' |
Treasury stock, at cost -- 0 shares and 53 shares at October 31, 2013 and October 31, 2012, respectively | ' | ' | ' | ' |
Accumulated other comprehensive loss | ' | ' | ' | ' |
Total stockholders' equity | 42,414 | 48,129 | ' | ' |
Noncontrolling interest | ' | ' | ' | ' |
Total equity | 42,414 | 48,129 | ' | ' |
Total liabilities and stockholders' equity | 2,350,178 | 2,107,940 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 670,102 | 712,024 | 777,012 | 930,405 |
Marketable securities | 42,491 | 378,858 | ' | ' |
Restricted cash | 16,007 | 17,561 | ' | ' |
Inventory | 4,625,252 | 3,711,679 | ' | ' |
Property, construction and office equipment, net | 116,809 | 106,963 | ' | ' |
Receivables, prepaid expenses and other assets | 101,321 | 102,409 | ' | ' |
Mortgage loans receivable | ' | ' | ' | ' |
Customer deposits held in escrow | 46,888 | 29,579 | ' | ' |
Investments in and advances to unconsolidated entities | 175,159 | 180,159 | ' | ' |
Investments in distressed loans | ' | ' | ' | ' |
Real Estate Owned - total | ' | ' | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | 4,740 | 4,740 | ' | ' |
Deferred tax assets, net | ' | ' | ' | ' |
Total assets | 5,798,769 | 5,243,972 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Loans payable | 107,222 | 99,817 | ' | ' |
Senior notes | ' | ' | ' | ' |
Mortgage company warehouse loan | ' | ' | ' | ' |
Customer deposits | 212,669 | 142,919 | ' | ' |
Accounts payable | 167,733 | 99,889 | ' | ' |
Accrued expenses | 355,590 | 344,555 | ' | ' |
Advances from Affiliiate | 1,627,130 | 1,385,457 | ' | ' |
Income taxes payable | ' | ' | ' | ' |
Total liabilities | 2,470,344 | 2,072,637 | ' | ' |
Equity: | ' | ' | ' | ' |
Common stock | 48 | 48 | ' | ' |
Additional paid-in capital | ' | ' | ' | ' |
Retained earnings | 3,328,629 | 3,171,654 | ' | ' |
Treasury stock, at cost -- 0 shares and 53 shares at October 31, 2013 and October 31, 2012, respectively | ' | ' | ' | ' |
Accumulated other comprehensive loss | -252 | -367 | ' | ' |
Total stockholders' equity | 3,328,425 | 3,171,335 | ' | ' |
Noncontrolling interest | ' | ' | ' | ' |
Total equity | 3,328,425 | 3,171,335 | ' | ' |
Total liabilities and stockholders' equity | 5,798,769 | 5,243,972 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 102,870 | 66,800 | 129,328 | 108,655 |
Marketable securities | 10,017 | 60,210 | ' | ' |
Restricted cash | 847 | 1,447 | ' | ' |
Inventory | 25,160 | 21,024 | ' | ' |
Property, construction and office equipment, net | 14,511 | 3,008 | ' | ' |
Receivables, prepaid expenses and other assets | 131,701 | 66,810 | ' | ' |
Mortgage loans receivable | 113,517 | 86,386 | ' | ' |
Customer deposits held in escrow | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | 227,974 | 150,458 | ' | ' |
Investments in distressed loans | 36,374 | 37,169 | ' | ' |
Real Estate Owned - total | 72,972 | 58,353 | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | ' | ' | ' | ' |
Deferred tax assets, net | ' | ' | ' | ' |
Total assets | 735,943 | 551,665 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Loans payable | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' |
Mortgage company warehouse loan | 75,000 | 72,664 | ' | ' |
Customer deposits | ' | 58 | ' | ' |
Accounts payable | 54 | 22 | ' | ' |
Accrued expenses | 161,402 | 115,922 | ' | ' |
Advances from Affiliiate | 467,929 | 348,927 | ' | ' |
Income taxes payable | ' | ' | ' | ' |
Total liabilities | 704,385 | 537,593 | ' | ' |
Equity: | ' | ' | ' | ' |
Common stock | 3,006 | 3,006 | ' | ' |
Additional paid-in capital | 1,734 | 1,734 | ' | ' |
Retained earnings | 20,664 | 3,168 | ' | ' |
Treasury stock, at cost -- 0 shares and 53 shares at October 31, 2013 and October 31, 2012, respectively | ' | ' | ' | ' |
Accumulated other comprehensive loss | -23 | -7 | ' | ' |
Total stockholders' equity | 25,381 | 7,901 | ' | ' |
Noncontrolling interest | 6,177 | 6,171 | ' | ' |
Total equity | 31,558 | 14,072 | ' | ' |
Total liabilities and stockholders' equity | 735,943 | 551,665 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Marketable securities | ' | ' | ' | ' |
Restricted cash | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' |
Property, construction and office equipment, net | ' | ' | ' | ' |
Receivables, prepaid expenses and other assets | -19,435 | -11,441 | ' | ' |
Mortgage loans receivable | ' | ' | ' | ' |
Customer deposits held in escrow | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | ' | ' | ' | ' |
Investments in distressed loans | ' | ' | ' | ' |
Real Estate Owned - total | ' | ' | ' | ' |
Investments in and Advances to Affiliates, Amount of Equity | -5,452,446 | -4,914,157 | ' | ' |
Deferred tax assets, net | ' | ' | ' | ' |
Total assets | -5,471,881 | -4,925,598 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Loans payable | ' | ' | ' | ' |
Senior notes | 38,723 | 48,128 | ' | ' |
Mortgage company warehouse loan | ' | ' | ' | ' |
Customer deposits | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | ' |
Accrued expenses | -19,050 | -11,603 | ' | ' |
Advances from Affiliiate | -2,095,059 | -1,734,384 | ' | ' |
Income taxes payable | ' | ' | ' | ' |
Total liabilities | -2,075,386 | -1,697,859 | ' | ' |
Equity: | ' | ' | ' | ' |
Common stock | -3,054 | -3,054 | ' | ' |
Additional paid-in capital | -51,134 | -51,134 | ' | ' |
Retained earnings | -3,342,307 | -3,173,551 | ' | ' |
Treasury stock, at cost -- 0 shares and 53 shares at October 31, 2013 and October 31, 2012, respectively | ' | ' | ' | ' |
Accumulated other comprehensive loss | ' | ' | ' | ' |
Total stockholders' equity | -3,396,495 | -3,227,739 | ' | ' |
Noncontrolling interest | ' | ' | ' | ' |
Total equity | -3,396,495 | -3,227,739 | ' | ' |
Total liabilities and stockholders' equity | ($5,471,881) | ($4,925,598) | ' | ' |
Supplemental_Guarantor_Informa5
Supplemental Guarantor Information (Level 4 IS) (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Supplemental Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $1,044,534 | $689,160 | $516,004 | $424,601 | $632,826 | $554,319 | $373,681 | $321,955 | $2,674,299 | $1,882,781 | $1,475,881 |
Cost of revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,133,300 | 1,532,095 | 1,260,770 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 339,932 | 287,257 | 261,355 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 2,473,232 | 1,819,352 | 1,522,125 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 201,067 | 63,429 | -46,244 |
Other [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | 14,392 | 23,592 | -1,194 |
Other income - net | ' | ' | ' | ' | ' | ' | ' | ' | 52,238 | 25,921 | 23,403 |
Intercompany interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1,504 |
Expenses related to early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,827 |
Loss from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) before income tax benefit | 150,150 | 68,253 | 40,968 | 8,326 | 60,749 | 42,952 | 15,649 | -6,408 | 267,697 | 112,942 | -29,366 |
Income tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 97,091 | -374,204 | -69,161 |
Net income | 94,905 | 46,595 | 24,674 | 4,432 | 411,417 | 61,643 | 16,872 | -2,786 | 170,606 | 487,146 | 39,795 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 2,432 | -1,917 | -2,126 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | 173,038 | 485,229 | 37,669 |
Toll Brothers Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 188 | 95 | 137 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 188 | 95 | 137 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | -188 | -95 | -137 |
Other [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income - net | ' | ' | ' | ' | ' | ' | ' | ' | 9,433 | 1,327 | ' |
Intercompany interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses related to early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 258,452 | 111,710 | -29,229 |
Income (loss) before income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 267,697 | 112,942 | -29,366 |
Income tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 97,091 | -374,204 | -69,161 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 170,606 | 487,146 | 39,795 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 2,334 | -1,839 | -1,934 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | 172,940 | 485,307 | 37,861 |
Subsidiary Issuer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 2,963 | 2,965 | 1,345 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 2,963 | 2,965 | 1,345 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | -2,963 | -2,965 | -1,345 |
Other [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income - net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany interest income | ' | ' | ' | ' | ' | ' | ' | ' | 127,057 | 116,835 | 108,776 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -133,500 | -115,141 | -103,604 |
Expenses related to early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,827 |
Loss from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -9,406 | -1,271 | 0 |
Income tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -3,691 | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -5,715 | -1,271 | 0 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | -5,715 | -1,271 | 0 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,711,438 | 1,903,177 | 1,502,147 |
Cost of revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,149,554 | 1,541,937 | 1,274,173 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 364,256 | 309,923 | 279,131 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 2,513,810 | 1,851,860 | 1,553,304 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 197,628 | 51,317 | -51,157 |
Other [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | 9,318 | 18,342 | -18,905 |
Other income - net | ' | ' | ' | ' | ' | ' | ' | ' | 32,217 | 20,032 | 15,784 |
Intercompany interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,504 |
Expenses related to early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 19,289 | 22,019 | 26,553 |
Income (loss) before income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 258,452 | 111,710 | -29,229 |
Income tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 101,416 | 25,515 | -68,837 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 157,036 | 86,195 | 39,608 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 114 | -71 | -192 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | 157,150 | 86,124 | 39,416 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 70,107 | 57,581 | 48,365 |
Cost of revenues | ' | ' | ' | ' | ' | ' | ' | ' | 10,043 | 10,597 | 4,314 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 48,413 | 38,424 | 33,605 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 58,456 | 49,021 | 37,919 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 11,651 | 8,560 | 10,446 |
Other [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | 5,074 | 5,250 | 17,711 |
Other income - net | ' | ' | ' | ' | ' | ' | ' | ' | 12,616 | 10,181 | -1,359 |
Intercompany interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -646 | -701 | -245 |
Expenses related to early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 28,695 | 23,290 | 26,553 |
Income tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 11,260 | 5,319 | 62,536 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 17,435 | 17,971 | -35,983 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -16 | -7 | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | 17,419 | 17,964 | -35,983 |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -107,246 | -77,977 | -74,631 |
Cost of revenues | ' | ' | ' | ' | ' | ' | ' | ' | -26,297 | -20,439 | -17,717 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | -75,888 | -64,150 | -52,863 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | -102,185 | -84,589 | -70,580 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | -5,061 | 6,612 | -4,051 |
Other [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income - net | ' | ' | ' | ' | ' | ' | ' | ' | -2,028 | -5,619 | 8,978 |
Intercompany interest income | ' | ' | ' | ' | ' | ' | ' | ' | -127,057 | -116,835 | -108,776 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 134,146 | 115,842 | 103,849 |
Expenses related to early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -277,741 | -133,729 | 2,676 |
Income (loss) before income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -277,741 | -133,729 | 2,676 |
Income tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -108,985 | -30,834 | 6,301 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -168,756 | -102,895 | -3,625 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | ($168,756) | ($102,895) | ($3,625) |
Supplemental_Guarantor_Informa6
Supplemental Guarantor Information (Level 4 CF) (Details 4) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Cash flow (used in) provided by operating activities: | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | ' | ($568,963) | ($171,537) | $58,753 |
Cash flow from investing activities: | ' | ' | ' | ' |
Purchase of property and equipment - net | ' | -26,567 | -11,920 | -15,456 |
Purchase of marketable securities | ' | -36,202 | -579,958 | -452,864 |
Sale and redemption of marketable securities | ' | 417,846 | 368,253 | 408,831 |
Investment in and advances to unconsolidated entities | ' | -93,398 | -217,160 | -132 |
Return of investments in unconsolidated entities | ' | 69,809 | 38,368 | 43,309 |
Investment in non-performing loan portfolios and foreclosed real estate | ' | -26,155 | -30,090 | -66,867 |
Return of investments in non-performing loan portfolios and foreclosed real estate | ' | 27,370 | 16,707 | 2,806 |
Acquisition of a business | -144,700 | 0 | -144,746 | 0 |
Intercompany investing activites (to) from consolidated entities | ' | 0 | 0 | 0 |
Net cash used in investing activities | ' | 332,703 | -560,546 | -80,373 |
Cash flow from financing activities: | ' | ' | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | ' | 400,383 | 578,696 | 0 |
Proceeds from loans payable | ' | 1,164,531 | 1,002,934 | 921,251 |
Principal payments of loans payable | ' | -1,195,524 | -1,016,081 | -952,621 |
Repayments of Senior Debt | ' | -163,853 | 0 | -58,837 |
Proceeds from stock-based benefit plans | ' | 15,798 | 33,747 | 25,531 |
Excess tax benefits from stock-based compensation | ' | 24,417 | 5,776 | 0 |
Purchase of treasury stock | ' | -15,377 | -505 | -49,102 |
Proceeds from Noncontrolling Interests | ' | 33 | ' | 2,678 |
Intercompany financing advances (to) from consolidated entities | ' | 0 | 0 | 0 |
Net cash used in financing activities | ' | 230,408 | 604,567 | -111,100 |
Net decrease in cash and cash equivalents | ' | -5,852 | -127,516 | -132,720 |
Cash and cash equivalents, beginning of period | 906,340 | 778,824 | 906,340 | 1,039,060 |
Cash and cash equivalents, end of period | ' | 772,972 | 778,824 | 906,340 |
Toll Brothers Inc. [Member] | ' | ' | ' | ' |
Cash flow (used in) provided by operating activities: | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | ' | 116,508 | 4,365 | 100,568 |
Cash flow from investing activities: | ' | ' | ' | ' |
Purchase of property and equipment - net | ' | ' | ' | ' |
Purchase of marketable securities | ' | ' | ' | ' |
Sale and redemption of marketable securities | ' | ' | ' | ' |
Investment in and advances to unconsolidated entities | ' | ' | ' | ' |
Return of investments in unconsolidated entities | ' | ' | ' | ' |
Investment in non-performing loan portfolios and foreclosed real estate | ' | ' | ' | ' |
Return of investments in non-performing loan portfolios and foreclosed real estate | ' | ' | ' | ' |
Acquisition of a business | ' | ' | ' | ' |
Intercompany investing activites (to) from consolidated entities | ' | -141,346 | -43,383 | -76,997 |
Net cash used in investing activities | ' | -141,346 | -43,383 | -76,997 |
Cash flow from financing activities: | ' | ' | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | ' | ' | ' | ' |
Proceeds from loans payable | ' | ' | ' | ' |
Principal payments of loans payable | ' | ' | ' | ' |
Repayments of Senior Debt | ' | ' | ' | ' |
Proceeds from stock-based benefit plans | ' | 15,798 | 33,747 | 25,531 |
Excess tax benefits from stock-based compensation | ' | 24,417 | 5,776 | ' |
Purchase of treasury stock | ' | -15,377 | -505 | -49,102 |
Proceeds from Noncontrolling Interests | ' | ' | ' | ' |
Intercompany financing advances (to) from consolidated entities | ' | ' | ' | ' |
Net cash used in financing activities | ' | 24,838 | 39,018 | -23,571 |
Net decrease in cash and cash equivalents | ' | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 | 0 |
Cash and cash equivalents, end of period | ' | 0 | 0 | 0 |
Subsidiary Issuer [Member] | ' | ' | ' | ' |
Cash flow (used in) provided by operating activities: | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | ' | 5,163 | 5,564 | 5,279 |
Cash flow from investing activities: | ' | ' | ' | ' |
Purchase of property and equipment - net | ' | ' | ' | ' |
Purchase of marketable securities | ' | ' | ' | ' |
Sale and redemption of marketable securities | ' | ' | ' | ' |
Investment in and advances to unconsolidated entities | ' | ' | ' | ' |
Return of investments in unconsolidated entities | ' | ' | ' | ' |
Investment in non-performing loan portfolios and foreclosed real estate | ' | ' | ' | ' |
Return of investments in non-performing loan portfolios and foreclosed real estate | ' | ' | ' | ' |
Acquisition of a business | ' | ' | ' | ' |
Intercompany investing activites (to) from consolidated entities | ' | -241,693 | -584,260 | 53,558 |
Net cash used in investing activities | ' | -241,693 | -584,260 | 53,558 |
Cash flow from financing activities: | ' | ' | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | ' | 400,383 | 578,696 | ' |
Proceeds from loans payable | ' | ' | ' | ' |
Principal payments of loans payable | ' | ' | ' | ' |
Repayments of Senior Debt | ' | -163,853 | ' | -58,837 |
Proceeds from stock-based benefit plans | ' | ' | ' | ' |
Excess tax benefits from stock-based compensation | ' | ' | ' | ' |
Purchase of treasury stock | ' | ' | ' | ' |
Proceeds from Noncontrolling Interests | ' | ' | ' | ' |
Intercompany financing advances (to) from consolidated entities | ' | ' | ' | ' |
Net cash used in financing activities | ' | 236,530 | 578,696 | -58,837 |
Net decrease in cash and cash equivalents | ' | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 | 0 |
Cash and cash equivalents, end of period | ' | 0 | 0 | 0 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Cash flow (used in) provided by operating activities: | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | ' | -587,032 | -100,007 | -276,839 |
Cash flow from investing activities: | ' | ' | ' | ' |
Purchase of property and equipment - net | ' | -15,038 | -12,012 | -12,025 |
Purchase of marketable securities | ' | -25,938 | -519,737 | -452,864 |
Sale and redemption of marketable securities | ' | 357,583 | 368,253 | 408,831 |
Investment in and advances to unconsolidated entities | ' | -34,071 | -113,651 | -70 |
Return of investments in unconsolidated entities | ' | 43,405 | 34,408 | 23,859 |
Investment in non-performing loan portfolios and foreclosed real estate | ' | ' | ' | ' |
Return of investments in non-performing loan portfolios and foreclosed real estate | ' | ' | ' | ' |
Acquisition of a business | ' | ' | -144,746 | ' |
Intercompany investing activites (to) from consolidated entities | ' | ' | ' | ' |
Net cash used in investing activities | ' | 325,941 | -387,485 | -32,269 |
Cash flow from financing activities: | ' | ' | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | ' | ' | ' | ' |
Proceeds from loans payable | ' | ' | ' | ' |
Principal payments of loans payable | ' | -33,329 | -28,402 | -16,412 |
Repayments of Senior Debt | ' | ' | ' | ' |
Proceeds from stock-based benefit plans | ' | ' | ' | ' |
Excess tax benefits from stock-based compensation | ' | ' | ' | ' |
Purchase of treasury stock | ' | ' | ' | ' |
Proceeds from Noncontrolling Interests | ' | ' | ' | ' |
Intercompany financing advances (to) from consolidated entities | ' | 252,498 | 450,906 | 172,127 |
Net cash used in financing activities | ' | 219,169 | 422,504 | 155,715 |
Net decrease in cash and cash equivalents | ' | -41,922 | -64,988 | -153,393 |
Cash and cash equivalents, beginning of period | 777,012 | 712,024 | 777,012 | 930,405 |
Cash and cash equivalents, end of period | ' | 670,102 | 712,024 | 777,012 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Cash flow (used in) provided by operating activities: | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | ' | -92,899 | -78,750 | 229,737 |
Cash flow from investing activities: | ' | ' | ' | ' |
Purchase of property and equipment - net | ' | -11,529 | 92 | -3,431 |
Purchase of marketable securities | ' | -10,264 | -60,221 | ' |
Sale and redemption of marketable securities | ' | 60,263 | ' | ' |
Investment in and advances to unconsolidated entities | ' | -59,327 | -103,509 | -62 |
Return of investments in unconsolidated entities | ' | 26,404 | 3,960 | 19,450 |
Investment in non-performing loan portfolios and foreclosed real estate | ' | -26,155 | -30,090 | -66,867 |
Return of investments in non-performing loan portfolios and foreclosed real estate | ' | 27,370 | 16,707 | 2,806 |
Acquisition of a business | ' | ' | ' | ' |
Intercompany investing activites (to) from consolidated entities | ' | ' | ' | ' |
Net cash used in investing activities | ' | 6,762 | -173,061 | -48,104 |
Cash flow from financing activities: | ' | ' | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | ' | ' | ' | ' |
Proceeds from loans payable | ' | 1,164,531 | 1,002,934 | 921,251 |
Principal payments of loans payable | ' | -1,162,195 | -987,679 | -936,209 |
Repayments of Senior Debt | ' | ' | ' | ' |
Proceeds from stock-based benefit plans | ' | ' | ' | ' |
Excess tax benefits from stock-based compensation | ' | ' | ' | ' |
Purchase of treasury stock | ' | ' | ' | ' |
Proceeds from Noncontrolling Interests | ' | 33 | ' | 2,678 |
Intercompany financing advances (to) from consolidated entities | ' | 119,838 | 174,028 | -148,680 |
Net cash used in financing activities | ' | 122,207 | 189,283 | -160,960 |
Net decrease in cash and cash equivalents | ' | 36,070 | -62,528 | 20,673 |
Cash and cash equivalents, beginning of period | 129,328 | 66,800 | 129,328 | 108,655 |
Cash and cash equivalents, end of period | ' | 102,870 | 66,800 | 129,328 |
Eliminations [Member] | ' | ' | ' | ' |
Cash flow (used in) provided by operating activities: | ' | ' | ' | ' |
Net cash (used in) provided by operating activities | ' | -10,703 | -2,709 | 8 |
Cash flow from investing activities: | ' | ' | ' | ' |
Purchase of property and equipment - net | ' | ' | ' | ' |
Purchase of marketable securities | ' | ' | ' | ' |
Sale and redemption of marketable securities | ' | ' | ' | ' |
Investment in and advances to unconsolidated entities | ' | ' | ' | ' |
Return of investments in unconsolidated entities | ' | ' | ' | ' |
Investment in non-performing loan portfolios and foreclosed real estate | ' | ' | ' | ' |
Return of investments in non-performing loan portfolios and foreclosed real estate | ' | ' | ' | ' |
Acquisition of a business | ' | ' | ' | ' |
Intercompany investing activites (to) from consolidated entities | ' | 383,039 | 627,643 | 23,439 |
Net cash used in investing activities | ' | 383,039 | 627,643 | 23,439 |
Cash flow from financing activities: | ' | ' | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | ' | ' | ' | ' |
Proceeds from loans payable | ' | ' | ' | ' |
Principal payments of loans payable | ' | ' | ' | ' |
Repayments of Senior Debt | ' | ' | ' | ' |
Proceeds from stock-based benefit plans | ' | ' | ' | ' |
Excess tax benefits from stock-based compensation | ' | ' | ' | ' |
Purchase of treasury stock | ' | ' | ' | ' |
Proceeds from Noncontrolling Interests | ' | ' | ' | ' |
Intercompany financing advances (to) from consolidated entities | ' | -372,336 | -624,934 | -23,447 |
Net cash used in financing activities | ' | -372,336 | -624,934 | -23,447 |
Net decrease in cash and cash equivalents | ' | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 | 0 |
Cash and cash equivalents, end of period | ' | $0 | $0 | $0 |
Supplemental_Guarantor_Informa7
Supplemental Guarantor Information (Level 4 Textuals) (Details) (USD $) | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2013 |
In Millions, unless otherwise specified | Subsidiary of Common Parent [Member] | Guarantor Subsidiaries [Member] | |
Entity Information [Line Items] | ' | ' | ' |
Subsidiary of Company, Ownership Percentage by Parent | ' | 100.00% | 100.00% |
Land inventory reclass to receivables, prepaid expenses and other assets | $28.50 | ' | ' |
Reclassification of in-process fixed assets | 3.8 | ' | ' |
intercompany correction inventory | $44.30 | ' | ' |
Summary_Consolidated_Quarterly2
Summary Consolidated Quarterly Financial Data (Unaudited) Summary Consolidated Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Quarterly Summary of Income Statement Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $1,044,534 | $689,160 | $516,004 | $424,601 | $632,826 | $554,319 | $373,681 | $321,955 | $2,674,299 | $1,882,781 | $1,475,881 |
Gross Profit | 222,273 | 144,071 | 95,991 | 78,664 | 127,088 | 106,391 | 66,860 | 50,347 | ' | ' | ' |
Income (loss) before income taxes | 150,150 | 68,253 | 40,968 | 8,326 | 60,749 | 42,952 | 15,649 | -6,408 | 267,697 | 112,942 | -29,366 |
Net income | $94,905 | $46,595 | $24,674 | $4,432 | $411,417 | $61,643 | $16,872 | ($2,786) | $170,606 | $487,146 | $39,795 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic | $0.56 | $0.28 | $0.15 | $0.03 | $2.44 | $0.37 | $0.10 | ($0.02) | $1.01 | $2.91 | $0.24 |
Earnings Per Share, Diluted | $0.54 | $0.26 | $0.14 | $0.03 | $2.35 | $0.36 | $0.10 | ($0.02) | $0.97 | $2.86 | $0.24 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic weighted-average shares | 169,440,000 | 169,268,000 | 169,380,000 | 169,064,000 | 168,416,000 | 167,664,000 | 166,994,000 | 166,311,000 | 169,288,000 | 167,346,000 | 167,140,000 |
Weighted Average Number of Shares Outstanding, Diluted | 177,952,000 | 178,001,000 | 178,136,000 | 171,903,000 | 174,775,000 | 170,229,000 | 168,503,000 | 166,311,000 | 177,963,000 | 170,154,000 | 168,381,000 |
Summary Consolidated Quarterly Financial Data (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental Common Shares Attributable to Share-based Payment Arrangements | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' |