Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Jan. 31, 2014 | Mar. 03, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'TOLL BROTHERS INC | ' |
Entity Central Index Key | '0000794170 | ' |
Current Fiscal Year End Date | '--10-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Jan-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 177,693,000 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jan. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $1,190,489 | $772,972 |
Marketable securities | 13,017 | 52,508 |
Restricted cash | 32,175 | 32,036 |
Inventory | 5,235,647 | 4,650,412 |
Property, construction and office equipment, net | 131,190 | 131,320 |
Receivables, prepaid expenses and other assets | 240,034 | 229,295 |
Mortgage loans receivable | 58,131 | 113,517 |
Customer deposits held in escrow | 45,834 | 46,888 |
Investments in and advances to unconsolidated entities | 430,615 | 403,133 |
Investments in distressed loans | 19,253 | 36,374 |
Investments in foreclosed real estate | 79,267 | 72,972 |
Deferred tax assets, net of valuation allowances | 284,603 | 286,032 |
Total assets | 7,760,255 | 6,827,459 |
Liabilities: | ' | ' |
Loans Payable | 158,606 | 107,222 |
Senior notes | 2,921,851 | 2,321,442 |
Mortgage company warehouse loan | 51,470 | 75,000 |
Customer deposits | 218,747 | 212,669 |
Accounts payable | 166,286 | 167,787 |
Accrued expenses | 516,097 | 522,987 |
Income taxes payable | 99,825 | 81,188 |
Total liabilities | 4,132,882 | 3,488,295 |
Stockholders' equity: | ' | ' |
Preferred stock, none issued | ' | ' |
Common stock, 177,553 and 169,353 shares issued at January 31, 2014 and October 31, 2013, respectively | 1,776 | 1,694 |
Additional paid-in capital | 683,965 | 441,677 |
Retained earnings | 2,937,583 | 2,892,003 |
Treasury stock, at cost --2 shares and 0 shares at January 31, 2014 and October 31, 2013, respectively | -81 | 0 |
Accumulated other comprehensive loss | -2,124 | -2,387 |
Total stockholders' equity | 3,621,119 | 3,332,987 |
Noncontrolling interest | 6,254 | 6,177 |
Total equity | 3,627,373 | 3,339,164 |
Total liabilities and stockholders' equity | 7,760,255 | 6,827,459 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
ASSETS | ' | ' |
Mortgage loans receivable | $58,131 | $113,517 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) | Jan. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, shares issued | ' | ' |
Common stock, shares issued | 177,553 | 169,353 |
Treasury stock, at cost | 2 | 0 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Revenues | $643,681 | $424,601 |
Cost of revenues | 514,032 | 345,937 |
Selling, general and administrative | 97,870 | 78,047 |
Total | 611,902 | 423,984 |
Income (loss) from operations | 31,779 | 617 |
Other: | ' | ' |
Income (Loss) from Equity Method Investments | 22,915 | 3,083 |
Other income - net | 16,541 | 4,626 |
Income before income taxes | 71,235 | 8,326 |
Income tax provision (benefit) | 25,655 | 3,894 |
Net income | $45,580 | $4,432 |
Income per share: | ' | ' |
Basic | $0.26 | $0.03 |
Diluted | $0.25 | $0.03 |
Weighted average number of shares: | ' | ' |
Basic | 176,474 | 169,064 |
Diluted | 184,888 | 171,903 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Net income | $45,580 | $4,432 |
Other comprehensive income (loss), net of tax: | ' | ' |
Change in pension liability | 53 | -173 |
Change in fair value of available-for-sale securities | -31 | 96 |
Unrealized income (loss) on derivative held by equity investee | 241 | 93 |
Other Comprehensive Income (Loss), Net of Tax | 263 | 16 |
Comprehensive Income, Net of Tax, Attributable to Parent | $45,843 | $4,448 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Cash flow used in operating activities: | ' | ' |
Net income | $45,580 | $4,432 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ' | ' |
Depreciation and amortization | 5,289 | 6,525 |
Stock-based compensation | 7,669 | 5,684 |
Excess tax benefits from stock-based compensation | -789 | ' |
Income from unconsolidated entities | -22,915 | -3,083 |
Distributions of earnings from unconsolidated entities | 22,143 | 2,413 |
Income from distressed loans and foreclosed real estate | -6,619 | -3,011 |
Deferred tax provision (benefit) | 1,711 | 2,306 |
Deferred tax valuation allowances | -448 | -216 |
Inventory impairments and write-offs | 1,982 | 709 |
Change in fair value of mortgage loans receivable and derivative instruments | 605 | 554 |
Gain on marketable securities | -21 | ' |
Changes in operating assets and liabilities | ' | ' |
Increase in inventory | -363,914 | -378,715 |
Origination of mortgage loans | -146,354 | -141,148 |
Sale of mortgage loans | 200,830 | 176,830 |
(Increase) decrease in restricted cash | -139 | 13,519 |
(Increase) decrease in receivables, prepaid expenses and other assets | -7,274 | -8,256 |
Increase in customer deposits | 7,132 | 12,059 |
(Decrease) increase in accounts payable and accrued expenses | -14,282 | 1,302 |
Increase in income taxes payable | 19,426 | 2,274 |
Net cash used in operating activities | -250,388 | -305,822 |
Cash flow (used in) provided by investing activities: | ' | ' |
Purchase of property and equipment - net | -2,853 | -5,391 |
Purchase of marketable securities | ' | -26,019 |
Sale and redemption of marketable securities | 39,243 | 38,775 |
Investment in and advances to unconsolidated entities | -60,408 | -7,614 |
Return of investments in unconsolidated entities | 32,429 | 17,311 |
Investment in distressed loans and foreclosed real estate | -191 | -16,252 |
Return of investments in distressed loans and foreclosed real estate | 17,574 | 3,015 |
Deposit - acquisition of a business | -161,000 | ' |
Net cash provided by (used in) investing activities | -135,206 | 3,825 |
Cash flow used in financing activities: | ' | ' |
Net proceeds from issuance of senior notes | 600,000 | ' |
Payments of Debt Issuance Costs | -4,700 | ' |
Proceeds from loans payable | -275,334 | -244,830 |
Principal payments of loans payable | -307,195 | -299,862 |
Redemption of senior notes | ' | -59,068 |
Net proceeds from issuance of common stock | 220,357 | ' |
Proceeds from stock-based benefit plans | 18,529 | 6,108 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 789 | ' |
Proceeds from Noncontrolling Interests | 81 | ' |
Purchase of treasury stock | -84 | -79 |
Net cash used in financing activities | 803,111 | -108,071 |
Net increase (decrease) in cash and cash equivalents | 417,517 | -410,068 |
Cash and cash equivalents, beginning of period | 772,972 | 778,824 |
Cash and cash equivalents, end of period | $1,190,489 | $368,756 |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended |
Jan. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Significant Accounting Policies | |
Basis of Presentation | |
The accompanying condensed consolidated financial statements include the accounts of Toll Brothers, Inc. (the “Company”), a Delaware corporation, and those majority-owned subsidiaries it controls. 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. | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. The October 31, 2013 balance sheet amounts and disclosures included herein have been derived from the Company’s October 31, 2013 audited financial statements. Since the accompanying condensed consolidated financial statements do not include all the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements, the Company suggests that they be read in conjunction with the consolidated financial statements and notes thereto included in its Annual Report on Form 10-K for the fiscal year ended October 31, 2013. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, which are of a normal recurring nature, necessary to present fairly the Company’s financial position as of January 31, 2014, the results of its operations for the three-month periods ended January 31, 2014 and 2013, and its cash flows for the three-month periods ended January 31, 2014 and 2013. The results of operations for such interim periods are not necessarily indicative of the results to be expected for the full year. | |
Subsequent Events | |
Acquisition of Shapell Industries, Inc. | |
On February 4, 2014, the Company completed its previously announced acquisition of Shapell Industries, Inc. (“Shapell”) pursuant to the Purchase and Sale Agreement (the “Purchase Agreement”), dated November 6, 2013, with Shapell Investment Properties, Inc. (“SIPI”). Pursuant to the Purchase Agreement, the Company acquired, for cash, all of the equity interests in Shapell from SIPI for an aggregate purchase price of approximately $1.60 billion (the “Acquisition”). The Company acquired the single-family residential real property development business of Shapell, including a portfolio of approximately 4,950 home sites in California, some of which the Company expects to sell to other builders. As of the acquisition date, Shapell’s home building operation had 11 active selling communities in Northern California and Southern California, within which it is focused on a select number of premium markets. In addition, the Company acquired approximately $120.0 million of cash. As part of the acquisition, the Company assumed contracts to deliver approximately 126 homes with an aggregate value of approximately $105.3 million. At January 31, 2014, the Company had deposited with an escrow agent $161.0 million of the purchase price. This deposit is included in "Inventory" on the Company's Condensed Consolidated Balance Sheet at January 31, 2014. | |
The purchase price is subject to post-closing adjustment in accordance with the terms of the Purchase Agreement. The Company financed the Acquisition with a combination of $370 million of borrowings under its $1.035 billion unsecured revolving credit facility, $485 million from the term loan facility described below, as well as with $830 million in proceeds from debt and equity financings completed in November 2013. | |
Senior Unsecured Term Loan | |
On February 3, 2014, the Company entered into a 5-year senior, $485 million, unsecured term loan facility (the "Term Loan Facility") with ten banks. The full amount of the Term Loan Facility was borrowed by the Company on February 3, 2014. The Company may select interest rates for the Term Loan Facility equal to (i) the London interbank offered rate ("LIBOR") plus an applicable margin, (ii) the base rate (which is defined as the greatest of (a) SunTrust Bank’s prime rate, (b) the federal funds effective rate plus 0.5% and (c) one-month LIBOR plus 1%) plus an applicable margin or (iii) the federal funds / Euro rate (which is defined as the greater of (a) the sum of the federal funds effective rate plus an applicable margin plus 0.25% and (b) one-month LIBOR), with the applicable margin, in each case, based on the Company's leverage ratio. The initial interest rate on the Term Loan will be 1.72% per annum. | |
The Company and substantially all of its 100% owned home building subsidiaries are guarantors under the Term Loan Facility. The Term Loan Facility contains substantially the same financial covenants as the Company's five-year, unsecured revolving credit facility ("Credit Facility"). The Term Loan Facility will mature, and amounts owing under it will become due and payable, on February 3, 2019. | |
364-Day Senior Unsecured Revolving Credit Facility | |
On February 4, 2014, the Company entered into a 364-day senior unsecured revolving credit facility (the "364-Day Facility") with five banks. The 364-Day Facility provides for an unsecured revolving credit facility to be made available to the Company, from time to time after February 4, 2014 and prior to February 3, 2015, in the amount of $500 million. The Company intends for this facility to remain undrawn and its existence is to provide the Company additional liquidity should unforeseen circumstances arise. The Company may select interest rates for the 364-Day Facility equal to (i) LIBOR plus an applicable margin, (ii) the base rate (which is defined as the greatest of (a) Citibank’s prime rate, (b) the federal funds effective rate plus 0.5% and (c) one-month LIBOR plus 1%) plus an applicable margin or (iii) the federal funds / Euro rate (which is defined as the greater of (a) the sum of the federal funds effective rate plus an applicable margin plus 0.25% and (b) one-month LIBOR), with the applicable margin, in each case, based on the Company's leverage ratio. The Company is obligated to pay an undrawn commitment fee. | |
The Company and substantially all of its 100% owned home building subsidiaries are guarantors under the 364-Day Facility. The 364-Day Facility contains substantially the same financial covenants as the Company's Credit Facility. The 364-Day Facility will terminate, and amounts owing under the 364-Day Facility will become due and payable, on February 3, 2015. |
Inventory
Inventory | 3 Months Ended | |||||||
Jan. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory | ' | |||||||
Inventory | ||||||||
Inventory at January 31, 2014 and October 31, 2013 consisted of the following (amounts in thousands): | ||||||||
January 31, | October 31, | |||||||
2014 | 2013 | |||||||
Land controlled for future communities | $ | 254,549 | $ | 99,802 | ||||
Land owned for future communities | 1,491,205 | 1,287,630 | ||||||
Operating communities | 3,489,893 | 3,262,980 | ||||||
$ | 5,235,647 | $ | 4,650,412 | |||||
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 period 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, as of the date indicated, is provided in the table below. | ||||||||
January 31, | October 31, | |||||||
2014 | 2013 | |||||||
Land owned for future communities: | ||||||||
Number of communities | 22 | 25 | ||||||
Carrying value (in thousands) | $ | 141,356 | $ | 153,498 | ||||
Operating communities: | ||||||||
Number of communities | 15 | 15 | ||||||
Carrying value (in thousands) | $ | 91,984 | $ | 88,534 | ||||
The amounts the Company provided for inventory impairment charges and the expensing of costs that it believed not to be recoverable, for the periods indicated, are shown in the table below (amounts in thousands). | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Land controlled for future communities | $ | 682 | $ | 9 | ||||
Operating communities | 1,300 | 700 | ||||||
$ | 1,982 | $ | 709 | |||||
See Note 13, "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 values of those communities, net of impairment charges. | ||||||||
See Note 15, "Commitments and Contingencies," for information regarding land purchase commitments. | ||||||||
At January 31, 2014, 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 January 31, 2014, the Company determined that 86 land purchase contracts, with an aggregate purchase price of $865.2 million, on which it had made aggregate deposits totaling $47.6 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, for the periods indicated, was as follows (amounts in thousands): | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Interest capitalized, beginning of period | $ | 343,077 | $ | 330,581 | ||||
Interest incurred | 39,944 | 31,748 | ||||||
Interest expensed to cost of revenues | (25,440 | ) | (19,974 | ) | ||||
Write-off against other income | (317 | ) | (88 | ) | ||||
Interest capitalized on investments in unconsolidated entities | (2,457 | ) | (1,363 | ) | ||||
Previously capitalized interest on investments in unconsolidated entities transferred to inventory | 1,811 | |||||||
Interest capitalized, end of period | $ | 356,618 | $ | 340,904 | ||||
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 January 31, 2014 and 2013 would have been reduced by approximately $37.1 million and $46.2 million, respectively. |
Investments_in_and_Advances_to
Investments in and Advances to Unconsolidated Entities | 3 Months Ended | |||||||||||||||||||
Jan. 31, 2014 | ||||||||||||||||||||
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. These entities include land development joint ventures, home building joint ventures, rental apartment joint ventures, Toll Brothers Realty Trust and Trust II, and a structured asset joint venture. At January 31, 2014, the Company had investments in and advances to these unconsolidated entities of $430.6 million and was committed to invest or advance up to an additional $76.9 million to these entities if they require additional funding. The Company’s investments in these entities are accounted for using the equity method of accounting. At January 31, 2014, the Company had purchase commitments to acquire 115 home sites for approximately $12.6 million. In addition, the Company expects to purchase approximately 3,800 additional home sites from several joint ventures in which it has interests. The purchase price of these home sites will be determined at a future date. | ||||||||||||||||||||
More specific information regarding the Company's investments in, advances to and future commitments to these entities is provided below. | ||||||||||||||||||||
Land Development Joint Ventures | ||||||||||||||||||||
The Company has investments in and advances to a number of joint ventures with unrelated parties to develop land (“Land Development Joint Ventures”). Some of these Land 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 and other land by the Land Development Joint Ventures to other builders. With regard to home sites the Company purchases from the Land Development Joint Ventures, the Company adjusts its cost basis in those home sites by its share of the earnings/losses of the joint venture on the home sites the Company purchases. At January 31, 2014, the Company had approximately $157.3 million invested in or advanced to the Land Development Joint Ventures and a funding commitment of $26.0 million to three of the Land Development Joint Ventures which would be funded if additional investment in the ventures is required. At January 31, 2014, two of these joint ventures had aggregate loan commitments of $105.0 million and outstanding borrowings against these commitments of $73.2 million. At January 31, 2014, the Company had a purchase commitment to acquire 115 home sites from one of these Land Development Joint Ventures for an aggregate purchase price of $12.6 million. In addition, the Company expects to purchase approximately 3,800 additional lots from several joint ventures in which it has interests. The purchase price of the lots will be determined at a future date. | ||||||||||||||||||||
In the first quarter of fiscal 2014, the Company entered into a joint venture with an unrelated party to develop a parcel of land in Texas. The joint venture expects to develop a master planned community consisting of up to 6,500 home sites and retail and commercial property. The Company has a 50% interest in this joint venture. Prior to the formation of the joint venture, the Company had entered into a land purchase agreement to acquire the land for approximately $79.3 million. The Company contributed its rights under the purchase agreement to the joint venture and was reimbursed by the Company's joint venture partner for 50% of the costs the Company incurred prior to the formation of the joint venture. At January 31, 2014, the Company had an investment of $40.6 million in this joint venture. The joint venture expects to obtain outside financing of approximately $40.0 million to help fund the development of the property. | ||||||||||||||||||||
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. At January 31, 2014, the Company had an investment of $11.9 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 parcel of land in Texas as a master planned community consisting of approximately 2,900 lots. The Company has a 50% interest in this joint venture. The joint venture expects to develop the property in multiple phases and sell groups of lots 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 January 31, 2014, the joint venture had $24.8 million of borrowings under this line of credit. At January 31, 2014, the Company had an investment of $20.3 million in this joint venture and was committed to make additional contributions to this joint venture of up to $12.5 million. | ||||||||||||||||||||
The Company has a 50% interest in a joint venture that owns and is developing a master planned community in Orange County, California, consisting of over 2,000 home sites. At January 31, 2014, the joint venture owned approximately 1,200 home sites. At January 31, 2014, the Company had an investment of $78.2 million in this joint venture and was committed to make additional contributions to this joint venture of up to $10.0 million of additional funds 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 January 31, 2014, the venture had $48.4 million borrowed under the facility. | ||||||||||||||||||||
Home Building Joint Ventures | ||||||||||||||||||||
At January 31, 2014, the Company had an aggregate of $175.9 million of investments in and advances to various joint ventures with unrelated parties to develop approximately 640 luxury for-sale homes. At January 31, 2014, the Company had $27.6 million of funding commitments to two of these joint ventures. | ||||||||||||||||||||
Rental Apartment Joint Ventures | ||||||||||||||||||||
At January 31, 2014, the Company had an aggregate of $74.8 million of investments in and advances to several joint ventures with unrelated parties to develop luxury for-rent residential apartments ("Rental Apartment Joint Ventures"), commercial space, and a hotel. At January 31, 2014, the Company had $23.3 million of funding commitments to these joint ventures. At January 31, 2014, four of these joint ventures had aggregate loan commitments of $319.8 million and outstanding borrowings against these commitments of $16.6 million. | ||||||||||||||||||||
In the first quarter of 2014, two of the Company's Rental Apartment Joint Ventures entered into $126.0 million of construction loan agreements to finance construction of multi-family residential apartments in suburban Philadelphia and northern New Jersey. At January 31, 2014, these ventures had no borrowings under the new facilities. | ||||||||||||||||||||
In the fourth quarter of fiscal 2013, the Company entered into a joint venture with an unrelated party to develop a 287-unit luxury for-rent residential 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 $54.0 million construction loan agreement with a bank to finance the development of this project. At January 31, 2014, the joint venture had no borrowings under the construction loan agreement. At January 31, 2014, the Company had an investment of $14.6 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 for-rent residential 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 $28.8 million to the joint venture and subsequently received distributions of $10.2 million and a $1.2 million payment by the joint venture on our behalf to align the capital accounts of each of the members of the joint venture. The joint venture entered into a $120.0 million construction loan agreement with a bank to finance the development of this project. At January 31, 2014, the joint venture had no borrowings under the construction loan agreement. At January 31, 2014, the Company had an investment of $25.5 million in this joint venture and was committed to make additional contributions to this joint venture of up to $4.9 million. | ||||||||||||||||||||
Toll Brothers Realty Trust and Trust II | ||||||||||||||||||||
In fiscal 2005, the Company, together with the Pennsylvania State Employees Retirement System (“PASERS”), formed Toll Brothers Realty Trust II (“Trust II”) to invest in commercial real estate opportunities. Trust II is owned 50% by the Company and 50% by an affiliate of PASERS. In December 2013, Trust II sold substantially all of its assets to an unrelated party. As a result of this sale, the Company realized income of approximately $23.5 million in the first quarter of fiscal 2014 representing its share of the gain on the sale which is included in "Income from unconsolidated entities" on the Company's Condensed Consolidated Statement of Operations. In December 2013, the Company received a $20.0 million cash distribution from Trust II. At January 31, 2014, the Company had an investment of $6.4 million in Trust II. In addition, in the first quarter of fiscal 2014, the Company recognized the $2.9 million previously deferred gains on the Company's initial sales of the properties to Trust II; this gain is included in "Other income - net" on the Company's Condensed Consolidated Statement of Operations. | ||||||||||||||||||||
In 1998, prior to the formation of Trust II, the Company formed Toll Brothers Realty Trust (“Trust”) 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. As of January 31, 2014, the Company had a negative investment in the Trust of $0.9 million resulting primarily from a loss recognized by the Trust in the fourth quarter of fiscal 2013. The Company provides development, finance and management services to the Trust and recognized fees under the terms of various agreements in the amounts of $0.6 million in each of the three-month periods ended January 31, 2014 and 2013. | ||||||||||||||||||||
Structured Asset Joint Venture | ||||||||||||||||||||
The Company, through Gibraltar Capital and Asset Management LLC (“Gibraltar”), is a 20% participant with two unrelated parties that purchased a 40% interest in an entity that owns and controls a portfolio of loans and real estate (“Structured Asset Joint Venture”). At January 31, 2014, the Company had an investment of $22.6 million in this Structured Asset Joint Venture. | ||||||||||||||||||||
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, (iv) a hazardous material indemnity that holds the lender harmless against any obligations for which the lender may incur liability resulting from the threat or presence of any hazardous or toxic substances at or near the property covered by a loan, and (v) 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 a 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 January 31, 2014, 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 January 31, 2014, the unconsolidated entities that have guarantees related to debt had loan commitments aggregating $424.8 million and had borrowed an aggregate of $89.8 million. The term of these guarantees generally range from 22 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 $424.8 million before any reimbursement from the Company's partners. Based on the amounts borrowed at January 31, 2014, the Company's maximum potential exposure under these guarantees is estimated to be approximately $89.8 million before any reimbursement from the Company's partners. | ||||||||||||||||||||
In addition, the Company has guaranteed approximately $11.5 million of ground lease payments and insurance deductibles for three joint ventures. | ||||||||||||||||||||
As of January 31, 2014, the estimated aggregate fair value of the guarantees was approximately $2.0 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 January 31, 2014, the Company determined that three of its joint ventures were VIEs under the guidance within FASB Accounting Standards Codification ("ASC") 810, "Consolidation." 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 January 31, 2014 and October 31, 2013, 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 Condensed Consolidated Balance Sheets, totaled $27.1 million and $22.9 million, respectively. At January 31, 2014, 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 $37.7 million of additional commitments to the VIEs and $9.5 million of guarantees under ground lease agreements. At October 31, 2013, the maximum exposure to loss of the Company's investments in unconsolidated joint ventures that are VIEs is limited to its investment in the unconsolidated VIEs, except with regard to a $41.7 million additional commitment to fund the joint ventures and a $9.6 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 and comprehensive income for the periods indicated, for the unconsolidated entities in which the Company has an investment, aggregated by type of business, are included below (in thousands). The column titled "Rental Property Joint Ventures" includes the Rental Apartment Joint Ventures and Toll Brothers Realty Trust and Trust II described above. | ||||||||||||||||||||
Condensed Balance Sheets: | ||||||||||||||||||||
January 31, 2014 | ||||||||||||||||||||
Land | Home | Rental Property Joint Ventures | Structured | Total | ||||||||||||||||
Development | Building | Asset | ||||||||||||||||||
Joint | Joint | Joint | ||||||||||||||||||
Ventures | Ventures | Venture | ||||||||||||||||||
Cash and cash equivalents | $ | 29,003 | $ | 24,860 | $ | 32,191 | $ | 25,835 | $ | 111,889 | ||||||||||
Inventory | 448,357 | 381,163 | 395 | 829,915 | ||||||||||||||||
Non-performing loan portfolio | 97,801 | 97,801 | ||||||||||||||||||
Rental properties | 126,237 | 126,237 | ||||||||||||||||||
Rental properties under development | 152,190 | 152,190 | ||||||||||||||||||
Real estate owned (“REO”) | 190,217 | 190,217 | ||||||||||||||||||
Other assets (1) | 10,330 | 68,288 | 13,412 | 155,925 | 247,955 | |||||||||||||||
Total assets | $ | 487,690 | $ | 474,311 | $ | 324,425 | $ | 469,778 | $ | 1,756,204 | ||||||||||
Debt (1) | $ | 139,801 | $ | 10,927 | $ | 195,642 | $ | 155,900 | $ | 502,270 | ||||||||||
Other liabilities | 25,310 | 23,784 | 18,489 | 1,380 | 68,963 | |||||||||||||||
Members’ equity | 322,579 | 439,600 | 110,294 | 124,999 | 997,472 | |||||||||||||||
Noncontrolling interest | 187,499 | 187,499 | ||||||||||||||||||
Total liabilities and equity | $ | 487,690 | $ | 474,311 | $ | 324,425 | $ | 469,778 | $ | 1,756,204 | ||||||||||
Company’s net investment in unconsolidated entities (2) | $ | 157,293 | $ | 175,904 | $ | 74,843 | $ | 22,575 | $ | 430,615 | ||||||||||
October 31, 2013 | ||||||||||||||||||||
Land | Home | Rental Property Joint Ventures | Structured | Total | ||||||||||||||||
Development | Building | Asset | ||||||||||||||||||
Joint | Joint | Joint | ||||||||||||||||||
Ventures | 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 | ||||||||||
-1 | Included in other assets of the Structured Asset Joint Venture at January 31, 2014 and October 31, 2013 is $155.9 million 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 is primarily a result of the acquisition price of an investment in a land development joint venture in fiscal 2012 which was in excess of the Company's pro-rata share of the 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 and Comprehensive Income: | ||||||||||||||||||||
For the three months ended January 31, 2014 | ||||||||||||||||||||
Land | Home | Rental Property Joint Ventures | Structured | Total | ||||||||||||||||
Development | Building | Asset | ||||||||||||||||||
Joint | Joint | Joint | ||||||||||||||||||
Ventures | Ventures | Venture | ||||||||||||||||||
Revenues | $ | 1,544 | $ | 11,581 | $ | 9,449 | $ | 283 | $ | 22,857 | ||||||||||
Cost of revenues | 681 | 10,374 | 3,971 | 2,350 | 17,376 | |||||||||||||||
Other expenses | 255 | 999 | 12,055 | 459 | 13,768 | |||||||||||||||
Total expenses | 936 | 11,373 | 16,026 | 2,809 | 31,144 | |||||||||||||||
Gain on disposition of loans and REO | 3,908 | 3,908 | ||||||||||||||||||
Income (loss) from operations | 608 | 208 | (6,577 | ) | 1,382 | (4,379 | ) | |||||||||||||
Other income | 1 | 39 | 42,858 | 123 | 43,021 | |||||||||||||||
Net income | 609 | 247 | 36,281 | 1,505 | 38,642 | |||||||||||||||
Less: income attributable to noncontrolling interest | (903 | ) | (903 | ) | ||||||||||||||||
Net income attributable to controlling interest | 609 | 247 | 36,281 | 602 | 37,739 | |||||||||||||||
Other comprehensive income | 786 | 786 | ||||||||||||||||||
Total comprehensive income | $ | 609 | $ | 247 | $ | 37,067 | $ | 602 | $ | 38,525 | ||||||||||
Company’s equity in earnings (losses) of unconsolidated entities (3) | $ | (32 | ) | $ | 182 | $ | 23,750 | $ | (985 | ) | $ | 22,915 | ||||||||
For the three months ended January 31, 2013 | ||||||||||||||||||||
Land | Home | Rental Property Joint Ventures | Structured | Total | ||||||||||||||||
Development | Building | Asset | ||||||||||||||||||
Joint | Joint | Joint | ||||||||||||||||||
Ventures | Ventures | Venture | ||||||||||||||||||
Revenues | $ | 1,627 | $ | 8,970 | $ | 9,682 | $ | 9,705 | $ | 29,984 | ||||||||||
Cost of revenues | 1,219 | 7,105 | 4,293 | 10,338 | 22,955 | |||||||||||||||
Other expenses | 191 | 464 | 5,495 | 1,058 | 7,208 | |||||||||||||||
Total expenses | 1,410 | 7,569 | 9,788 | 11,396 | 30,163 | |||||||||||||||
Gain on disposition of loans and REO | 26,892 | 26,892 | ||||||||||||||||||
Income (loss) from operations | 217 | 1,401 | (106 | ) | 25,201 | 26,713 | ||||||||||||||
Other income | 3 | 14 | 5 | 79 | 101 | |||||||||||||||
Net income (loss) | 220 | 1,415 | (101 | ) | 25,280 | 26,814 | ||||||||||||||
Less: income attributable to noncontrolling interest | (15,168 | ) | (15,168 | ) | ||||||||||||||||
Net income (loss) attributable to controlling interest | 220 | 1,415 | (101 | ) | 10,112 | 11,646 | ||||||||||||||
Other comprehensive income | 302 | 302 | ||||||||||||||||||
Total comprehensive income | $ | 220 | $ | 1,415 | $ | 201 | $ | 10,112 | $ | 11,948 | ||||||||||
Company’s equity in earnings (losses) of unconsolidated entities (3) | $ | (98 | ) | $ | 710 | $ | 558 | $ | 1,913 | $ | 3,083 | |||||||||
-3 | Differences between the Company’s equity in earnings (losses) of unconsolidated entities and the underlying net income (loss) of the entities is primarily a result of prior impairments related to the Company’s investment 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 which reduces the Company’s cost basis of the home sites. |
Investments_in_Distressed_Loan
Investments in Distressed Loans and Foreclosed Real Estate | 3 Months Ended | |||||||
Jan. 31, 2014 | ||||||||
Investments in Non-Performing Loan Portfolios 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 investments in distressed loans consisted of the following as of the dates indicated (amounts in thousands): | ||||||||
January 31, 2014 | October 31, 2013 | |||||||
Unpaid principal balance | $ | 36,465 | $ | 63,381 | ||||
Discount on acquired loans | (17,212 | ) | (27,007 | ) | ||||
Carrying value | $ | 19,253 | $ | 36,374 | ||||
The Company's investments 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, "Loans and Debt Securities Acquired with Deteriorated Credit Quality" ("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 accretable yield activity for the Company’s investments in distressed loans accounted for under ASC 310-30 for the three-month periods ended January 31, 2014 and 2013 was as follows (amounts in thousands): | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Balance, beginning of period | $ | 6,606 | $ | 17,196 | ||||
Additions | 169 | |||||||
Deletions | (3,183 | ) | (2,387 | ) | ||||
Accretion | (502 | ) | (1,403 | ) | ||||
Balance, end of period | $ | 3,090 | $ | 13,406 | ||||
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 three-month periods ended January 31, 2014 and 2013 is not necessarily indicative of future results. | ||||||||
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 nonaccrual, 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 January 31, 2014 and October 31, 2013, the Company had investments in non-performing loans, accounted for in accordance with ASC 310-10, of $11.7 million and $21.4 million, respectively. At October 31, 2013, the Company had investments in performing loans of $0.8 million. The Company had no investments in performing loans as of January 31, 2014. | ||||||||
Foreclosed Real Estate Owned (REO) | ||||||||
The table below provides, for the periods indicated, the activity in REO (amounts in thousands): | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Balance, beginning of period | $ | 72,972 | $ | 58,353 | ||||
Additions | 7,165 | 11,040 | ||||||
Sales | (808 | ) | (439 | ) | ||||
Impairments | (15 | ) | ||||||
Depreciation | (62 | ) | (175 | ) | ||||
Balance, end of period | $ | 79,267 | $ | 68,764 | ||||
As of January 31, 2014, approximately $18.9 million and $60.4 million of REO was classified as held-for-sale and held-and-used, respectively. As of January 31, 2013, approximately $5.9 million and $62.8 million of REO was classified as held-for-sale and held-and-used, respectively. For the three-month periods ended January 31, 2014 and 2013, the Company recorded gains of $1.5 million and $0.6 million, respectively, from acquisitions of REO through foreclosure. | ||||||||
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 three-month periods ended January 31, 2014 and 2013, the Company recognized $4.3 million and $0.2 million of earnings (excluding earnings from its investment in the Structured Asset Joint Venture), respectively, from Gibraltar's operations. |
Credit_Facility_Senior_Notes_a
Credit Facility, Senior Notes and Mortgage Company Loan Facility | 3 Months Ended |
Jan. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Senior Notes Payable | ' |
Credit Facilities, Senior Notes and Mortgage Company Loan Facility | |
Credit Facility | |
On August 1, 2013, the Company entered into an $1.035 billion (“Aggregate Credit Commitment”) unsecured, five-year 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 tangible net worth (as defined in the Credit Facility) of no less than approximately $2.42 billion. Under the terms of the Credit Agreement, at January 31, 2014, the Company’s leverage ratio was approximately 0.51 to 1.00 and its tangible net worth was approximately 3.57 billion. Based upon the minimum tangible net worth requirement at January 31, 2014, the Company’s ability to repurchase its common stock is limited to approximately 1.67 billion. | |
At January 31, 2014, the Company had no outstanding borrowings under the Credit Facility but had outstanding letters of credit of approximately $71.1 million. As part of the Shapell acquisition, the Company borrowed $370 million under the Credit Facility on February 3, 2014. The Company repaid $170 million of the borrowing on February 12, 2014 and the remainder was repaid on February 26, 2014. | |
Term Loan Facility and 364-Day Facility | |
In February 2014, the Company entered into a Term Loan Facility and a 364-Day Facility. See Note 1 - "Significant Accounting Policies - Subsequent Events" for more information. | |
Senior Notes | |
At January 31, 2014, the Company, through Toll Brothers Finance Corp, had nine issues of Senior Notes outstanding with an aggregate principal amount of $2.93 billion. | |
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”). The Company received $596.2 million of net proceeds from the issuance of the 4.0% Senior Notes and the 5.625% Senior Notes. | |
In September 2013, the Company repaid the $104.8 million of outstanding 5.95% Senior Notes due September 15, 2013. | |
On April 3, 2013, the Company issued $300 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 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. | |
Mortgage Company Loan Facility | |
In July 2013, TBI Mortgage Company (“TBI Mortgage”), the Company's wholly-owned mortgage subsidiary, amended its 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, “Transfers and Servicing.” The Repurchase Agreement, as amended, provides for loan purchases of 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% per annum, with a minimum rate of 3.00%. At January 31, 2014, the Company had $51.5 million of outstanding borrowings under the Repurchase Agreement. |
Accrued_Expenses
Accrued Expenses | 3 Months Ended | |||||||
Jan. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Expenses | ' | |||||||
Accrued Expenses | ||||||||
Accrued expenses at January 31, 2014 and October 31, 2013 consisted of the following (amounts in thousands): | ||||||||
January 31, | October 31, | |||||||
2014 | 2013 | |||||||
Land, land development and construction | $ | 135,523 | $ | 152,674 | ||||
Compensation and employee benefits | 107,080 | 111,561 | ||||||
Insurance and litigation | 91,820 | 89,104 | ||||||
Warranty | 42,688 | 43,819 | ||||||
Interest | 46,500 | 25,675 | ||||||
Commitments to unconsolidated entities | 4,260 | 3,804 | ||||||
Other | 88,226 | 96,350 | ||||||
$ | 516,097 | $ | 522,987 | |||||
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, for the periods indicated, a reconciliation of the changes in the Company’s warranty accrual (amounts in thousands): | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Balance, beginning of period | $ | 43,819 | $ | 41,706 | ||||
Additions – homes closed during the period | 3,097 | 2,289 | ||||||
Increase (decrease) in accruals for homes closed in prior periods | 344 | (267 | ) | |||||
Charges incurred | (4,572 | ) | (2,487 | ) | ||||
Balance, end of period | $ | 42,688 | $ | 41,241 | ||||
Income_Taxes
Income Taxes | 3 Months Ended | |||||||||||
Jan. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The table below provides, for the periods indicated, reconciliations of the Company’s effective tax rate from the federal statutory tax rate (amounts in thousands): | ||||||||||||
Three months ended January 31, | ||||||||||||
2014 | 2013 | |||||||||||
$ | %* | $ | %* | |||||||||
Federal tax provision at statutory rate | 24,932 | 35 | 2,914 | 35 | ||||||||
State tax provision, net of federal benefit | 2,985 | 4.2 | 346 | 4.2 | ||||||||
Domestic production activities deduction | (1,833 | ) | (2.6 | ) | ||||||||
Other permanent differences | (1,014 | ) | (1.4 | ) | ||||||||
Valuation allowance – reversed | (448 | ) | (0.6 | ) | (216 | ) | (2.6 | ) | ||||
Accrued interest on anticipated tax assessments | 786 | 1.1 | 1,166 | 14 | ||||||||
Other | 247 | 0.3 | (316 | ) | (3.8 | ) | ||||||
Income tax provision | 25,655 | 36 | 3,894 | 46.8 | ||||||||
* Due to rounding, amounts may not add. | ||||||||||||
The Company currently operates in 20 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% for fiscal 2014 and 2013. | ||||||||||||
For state tax purposes, due to past and projected losses in certain jurisdictions where the Company does not have carryback potential and/or cannot sufficiently forecast future taxable income, the Company has recognized net cumulative valuation allowances against its state deferred tax assets of $55.3 million and $55.7 million as of January 31, 2014 and October 31, 2013, respectively. |
StockBased_Benefit_Plans
Stock-Based Benefit Plans | 3 Months Ended | |||||||
Jan. 31, 2014 | ||||||||
Stock-Based Benefit Plans [Abstract] | ' | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||
Stock-Based Benefit Plans | ||||||||
The Company grants stock options, restricted stock and various types of restricted stock units to its employees and its non-employee directors. Additionally, the Company has an employee stock purchase plan that allows employees to purchase Company stock at a discount. | ||||||||
Beginning in fiscal 2012, the Company changed the mix of stock-based compensation to its employees (other than certain senior executives) by reducing the number of stock options it grants and, in their place, issued non-performance based restricted stock units ("RSUs") as a form of compensation. The Company also replaced its stock price-based restricted stock unit ("Stock Price-Based RSUs") awards for certain senior executives with a performance-based restricted stock (“Performance-Based RSUs”) award program. | ||||||||
Information regarding the amount of total stock-based compensation expense and tax benefit recognized by the Company, for the periods indicated, is as follows (amounts in thousands): | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Total stock-based compensation expense recognized | $ | 7,669 | $ | 5,684 | ||||
Income tax benefit recognized | $ | 2,972 | $ | 2,079 | ||||
At January 31, 2014 and October 31, 2013, the aggregate unamortized value of outstanding stock-based compensation awards was approximately $37.8 million and $19.9 million, respectively. | ||||||||
Information about the Company’s more significant stock-based compensation programs is outlined below. | ||||||||
Stock Options | ||||||||
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. The lattice-based option valuation model incorporates ranges of assumptions for inputs, which are disclosed in the table below. 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 weighted-average assumptions and the fair value used for stock option grants in fiscal 2014 and 2013 were as follows: | ||||||||
2014 | 2013 | |||||||
Expected volatility | 36.44% - 44.71% | 44.04% - 48.13% | ||||||
Weighted-average volatility | 42.71% | 46.70% | ||||||
Risk-free interest rate | 1.45% - 2.71% | 0.64% - 1.56% | ||||||
Expected life (years) | 4.55 - 9.02 | 4.48 - 8.88 | ||||||
Dividends | none | none | ||||||
Weighted-average grant date fair value per share of options granted | $14.26 | $13.05 | ||||||
Stock compensation expense, related to stock options, for the periods indicated, was as follows (amounts in thousands): | ||||||||
2014 | 2013 | |||||||
Three months ended January 31, | $ | 4,030 | $ | 3,475 | ||||
Performance-Based Restricted Stock Units | ||||||||
The Executive Compensation Committee of the Company’s Board of Directors ("Executive Compensation Committee") approved awards of Performance-Based RSUs relating to shares of the Company’s common stock to certain of its senior management. The Performance-Based RSUs are based on the attainment of certain performance metrics of the Company in the fiscal year of grant if the performance targets are met. 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 as compared to the target performance goals. 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 later of the date the performance goals were approved by the Executive Compensation Committee, or on the date the Performance-Based RSUs were granted ("Valuation Date"). The Company evaluates the performance goals quarterly and estimates the number of shares underlying the Performance-Based RSUs that are probable of being issued. Information regarding the issuance, valuation assumptions and amortization of the Company’s Performance-Based RSUs issued in fiscal 2014 and 2013 is provided below. | ||||||||
2014 | 2013 | |||||||
Number of shares underlying Performance-Based RSUs to be issued | 288,667 | 302,511 | ||||||
Closing price of the Company’s common stock on Valuation Date | $ | 35.16 | $ | 37.78 | ||||
Aggregate fair value of Performance-Based RSUs to be issued (in thousands) | $ | 10,150 | $ | 11,429 | ||||
Performance-Based RSU expense recognized in the three months ended January 31, (in thousands) | $ | 2,071 | $ | 514 | ||||
Note: The fiscal 2014 number of shares underlying Performance-Based RSUs to be issued and their aggregate fair value is estimated. | ||||||||
Information regarding the aggregate number of outstanding Performance-Based RSUs and the aggregate unamortized value of the outstanding Performance-Based RSUs, as of the date indicated, is provided below. | ||||||||
January 31, | October 31, | |||||||
2014 | 2013 | |||||||
Aggregate outstanding Performance-Based RSUs | 961,354 | 672,687 | ||||||
Cumulative unamortized value of Performance-Based RSUs (in thousands) | $ | 16,198 | $ | 8,120 | ||||
Stock Price-Based Restricted Stock Units | ||||||||
Information regarding the amortization of the Company’s Stock Price-Based RSUs, for the periods indicated, is provided below (amounts in thousands): | ||||||||
2014 | 2013 | |||||||
Three months ended January 31, | $ | 231 | $ | 562 | ||||
Information regarding the aggregate number of outstanding Stock Price-Based RSUs and aggregate unamortized value of the outstanding Stock Price-Based RSUs, as of the date indicated, is provided below: | ||||||||
January 31, | October 31, | |||||||
2014 | 2013 | |||||||
Aggregate outstanding Stock Price-Based RSUs | — | 306,000 | ||||||
Cumulative unamortized value of Stock Price-Based RSUs (in thousands) | $ | — | $ | 231 | ||||
In December 2013 and 2012, the Company distributed 306,000 and 200,000 shares, respectively, of stock pursuant to a Stock Price-Based RSU award. | ||||||||
Non-Performance Based Restricted Stock Units | ||||||||
The Company issued RSUs to various officers, employees and non-employee directors. 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. Information regarding these RSUs issued in the three months ended January 31, 2014 and 2013 is as follows: | ||||||||
2014 | 2013 | |||||||
Number of RSUs issued | 99,336 | 94,080 | ||||||
Closing price of the Company’s common stock on date of issuance | $ | 35.16 | $ | 32.22 | ||||
Aggregate fair value of RSUs issued (in thousands) | $ | 3,493 | $ | 3,031 | ||||
Information regarding the amortization of the Company’s RSUs, for the periods indicated, is as follows (amounts in thousands): | ||||||||
2014 | 2013 | |||||||
Three months ended January 31, | $ | 1,311 | $ | 1,112 | ||||
Information regarding the aggregate number of outstanding RSUs and aggregate unamortized value of the outstanding RSUs, as of the date indicated, is as follows: | ||||||||
January 31, | October 31, | |||||||
2014 | 2013 | |||||||
Aggregate outstanding RSUs | 307,798 | 225,252 | ||||||
Cumulative unamortized value of RSUs (in thousands) | $ | 3,852 | $ | 1,706 | ||||
Employee_Retirement_Plans
Employee Retirement Plans | 3 Months Ended | |||||||
Jan. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Employee Retirement Plans | ' | |||||||
Employee Retirement Plans | ||||||||
The Company has two unfunded supplemental retirement plans (“SERPs”). The table below provides, for the periods indicated, costs recognized and payments made related to its SERPs (amounts in thousands): | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Service cost | $ | 118 | $ | 118 | ||||
Interest cost | 318 | 261 | ||||||
Amortization of prior service obligation | 161 | 210 | ||||||
Amortization of unrecognized losses | 3 | 36 | ||||||
Total costs | $ | 600 | $ | 625 | ||||
Benefits paid | $ | 233 | $ | 233 | ||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive (Loss) Income | 3 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||
The tables below provide, for the periods indicated, the components of accumulated other comprehensive (loss) income (amounts in thousands): | |||||||||||||||||
Three months ended January 31, 2014 | |||||||||||||||||
Employee retirement plans | Available-for-sale securities | Derivative instruments | Total | ||||||||||||||
Balance, beginning of period | $ | (2,112 | ) | $ | (5 | ) | $ | (270 | ) | $ | (2,387 | ) | |||||
Other comprehensive (loss) income before reclassifications | (77 | ) | (29 | ) | 393 | 287 | |||||||||||
Gross amounts reclassified from accumulated other comprehensive income (loss) | 164 | (21 | ) | 143 | |||||||||||||
Income tax (expense) benefit | (34 | ) | 19 | (152 | ) | (167 | ) | ||||||||||
Other comprehensive income (loss), net of tax | 53 | (31 | ) | 241 | 263 | ||||||||||||
Balance, end of period | $ | (2,059 | ) | $ | (36 | ) | $ | (29 | ) | $ | (2,124 | ) | |||||
Three months ended January 31, 2013 | |||||||||||||||||
Employee retirement plans | Available-for-sale securities | Derivative instruments | Total | ||||||||||||||
Balance, beginning of period | $ | (4,446 | ) | $ | 180 | $ | (553 | ) | $ | (4,819 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (519 | ) | 138 | 151 | (230 | ) | |||||||||||
Gross amounts reclassified from accumulated other comprehensive income (loss) | 247 | 247 | |||||||||||||||
Income tax (expense) benefit | 99 | (42 | ) | (58 | ) | (1 | ) | ||||||||||
Other comprehensive income (loss), net of tax | (173 | ) | 96 | 93 | 16 | ||||||||||||
Balance, end of period | $ | (4,619 | ) | $ | 276 | $ | (460 | ) | $ | (4,803 | ) | ||||||
Reclassifications for the amortization of the employee retirement plans are included in "Selling, general and administrative" expense in the Condensed Consolidated Statements of Operations. See Note 9 for additional information. | |||||||||||||||||
Reclassifications for the realized loss on available-for-sale securities are included in "Other income - net" in the Condensed Consolidated Statements of Operations. |
Stock_Issuance_and_Stock_Repur
Stock Issuance and Stock Repurchase Program | 3 Months Ended | |||||||
Jan. 31, 2014 | ||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||
Stock Issuance & Stock Repurchase Program | ||||||||
Stock Issuance | ||||||||
In November 2013, in anticipation of the Shapell acquisition, the Company issued 7.2 million shares of its common stock, par value $0.01 per share, at a price to the public of $32.00 per share. The Company received $220.4 million of net proceeds from the issuance. | ||||||||
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, par value $.01, from time to time, in open market transactions or otherwise, for the purpose of providing shares for its various employee benefit plans. | ||||||||
The table below provides, for the periods indicated, information about the Company’s share repurchase program: | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Number of shares purchased (in thousands) | 3 | 3 | ||||||
Average price per share | $ | 33.23 | $ | 32.59 | ||||
Remaining authorization at January 31 (in thousands) | 8,266 | 8,764 | ||||||
Income_Per_Share_Information
Income Per Share Information | 3 Months Ended | |||||||
Jan. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Income per Share Information | ' | |||||||
Income per Share Information | ||||||||
The table below provides, for the periods indicated, information pertaining to the calculation of income per share, common stock equivalents, weighted-average number of anti-dilutive options and shares issued (amounts in thousands except per share amounts): | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income as reported | $ | 45,580 | $ | 4,432 | ||||
Plus: Interest and costs attributable to 0.5% Exchangeable Senior Notes, net of income tax benefit | 397 | |||||||
Numerator for diluted earnings per share | $ | 45,977 | $ | 4,432 | ||||
Denominator: | ||||||||
Basic weighted-average shares | 176,474 | 169,064 | ||||||
Common stock equivalents (a) | 2,556 | 2,839 | ||||||
Shares attributable to 0.5% Exchangeable Senior Notes | 5,858 | |||||||
Diluted weighted-average shares | 184,888 | 171,903 | ||||||
Other information: | ||||||||
Weighted-average number of anti-dilutive options and restricted stock units (b) | 1,602 | 980 | ||||||
Shares issued under stock incentive and employee stock purchase plans | 1,013 | 523 | ||||||
(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 closing price of the Company’s common stock on the NYSE for the period. |
Fair_Value_Disclosures
Fair Value Disclosures | 3 Months Ended | |||||||||||||||||
Jan. 31, 2014 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||||||||
Fair Value Disclosures | ||||||||||||||||||
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. | |||||||||||||||||
Financial Instruments | ||||||||||||||||||
The table below provides, as of the date indicated, a summary of assets (liabilities) related to the Company’s financial instruments, measured at fair value on a recurring basis (amounts in thousands): | ||||||||||||||||||
Fair value | ||||||||||||||||||
Financial Instrument | Fair value | January 31, 2014 | October 31, 2013 | |||||||||||||||
hierarchy | ||||||||||||||||||
Corporate Securities | Level 2 | $ | 13,017 | $ | 52,508 | |||||||||||||
Residential Mortgage Loans Held for Sale | Level 2 | $ | 58,131 | $ | 113,517 | |||||||||||||
Forward Loan Commitments—Residential Mortgage Loans Held for Sale | Level 2 | $ | (191 | ) | $ | (496 | ) | |||||||||||
Interest Rate Lock Commitments (“IRLCs”) | Level 2 | $ | (121 | ) | $ | (181 | ) | |||||||||||
Forward Loan Commitments—IRLCs | Level 2 | $ | 121 | $ | 181 | |||||||||||||
At January 31, 2014 and October 31, 2013, the carrying value of cash and cash equivalents and restricted cash approximated fair value. | ||||||||||||||||||
Mortgage Loans Held for Sale | ||||||||||||||||||
The table below provides, as of the date indicated, the aggregate unpaid principal and fair value of mortgage loans held for sale (amounts in thousands): | ||||||||||||||||||
Aggregate unpaid | Fair value | Excess | ||||||||||||||||
principal balance | ||||||||||||||||||
At January 31, 2014 | $ | 57,421 | $ | 58,131 | $ | 710 | ||||||||||||
At October 31, 2013 | $ | 111,896 | $ | 113,517 | $ | 1,621 | ||||||||||||
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". | ||||||||||||||||||
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. The fair values of IRLCs and forward loan commitments are included in either "Receivables, prepaid expenses and other assets" or "Accrued expenses", as appropriate. 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 | ||||||||||||||||||
The table below provides, as of the date indicated, the amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of marketable securities (amounts in thousands): | ||||||||||||||||||
January 31, 2014 | October 31, 2013 | |||||||||||||||||
Amortized cost | $ | 13,061 | $ | 52,502 | ||||||||||||||
Gross unrealized holding gains | 3 | 71 | ||||||||||||||||
Gross unrealized holding losses | (47 | ) | (65 | ) | ||||||||||||||
Fair value | $ | 13,017 | $ | 52,508 | ||||||||||||||
The estimated fair values of corporate securities are based on quoted prices provided by brokers. The remaining contractual maturities of marketable securities as of January 31, 2014 ranged from 3 months to 22 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. Estimated fair value is primarily determined by discounting the estimated future cash flow of each community. See Note 1, “Significant Accounting Policies, Inventory” in the audited financial statements contained in the Company's Annual Report on Form 10-K for the year ended October 31, 2013 for additional information regarding the Company’s methodology on determining fair value. As further discussed in Note 1 in the Company's Annual Report on Form 10-K, 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 January 31, 2014 | $388 - $405 | 21 - 23 | 16.60% | |||||||||||||||
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 - $307 | 15 | 15.30% | |||||||||||||||
The table below provides, for the periods indicated, the fair value of operating communities whose carrying value was adjusted and the amount of impairment charges recognized ($ amounts in thousands): | ||||||||||||||||||
Impaired operating communities | ||||||||||||||||||
Three months ended: | Number of | Number of | Fair value of | Impairment charges | ||||||||||||||
communities tested | communities | communities, | ||||||||||||||||
net of | ||||||||||||||||||
impairment charges | ||||||||||||||||||
Fiscal 2014: | ||||||||||||||||||
31-Jan | 67 | 1 | $ | 7,131 | $ | 1,300 | ||||||||||||
$ | 1,300 | |||||||||||||||||
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 | |||||||||||||||||
Investments in Distressed Loans and REO | ||||||||||||||||||
Gibraltar’s investments in 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 future cash flows to be generated by the loans discounted at the rates used to value the loans at the acquisition dates. The table below provides, as of the date indicated, the carrying amount and estimated fair value of distressed loans (amounts in thousands): | ||||||||||||||||||
January 31, 2014 | October 31, 2013 | |||||||||||||||||
Carrying amount | $ | 19,253 | $ | 36,374 | ||||||||||||||
Estimated fair value | $ | 23,240 | $ | 45,355 | ||||||||||||||
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. | ||||||||||||||||||
Debt | ||||||||||||||||||
The table below provides, as of the date indicated, the book value and estimated fair value of the Company’s debt (amounts in thousands): | ||||||||||||||||||
January 31, 2014 | October 31, 2013 | |||||||||||||||||
Fair value | Book value | Estimated | Book value | Estimated | ||||||||||||||
hierarchy | fair value | fair value | ||||||||||||||||
Loans payable (a) | Level 2 | $ | 158,606 | $ | 158,097 | $ | 107,222 | $ | 106,988 | |||||||||
Senior notes (b) | Level 1 | 2,925,336 | 3,084,026 | 2,325,336 | 2,458,737 | |||||||||||||
Mortgage company warehouse loan (c) | Level 2 | 51,470 | 51,470 | 75,000 | 75,000 | |||||||||||||
$ | 3,135,412 | $ | 3,293,593 | $ | 2,507,558 | $ | 2,640,725 | |||||||||||
(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 warehouse loan borrowings approximates their fair value. |
Other_Income_Net
Other Income - Net | 3 Months Ended | |||||||
Jan. 31, 2014 | ||||||||
Other Income and Expenses [Abstract] | ' | |||||||
Other Income - net | ' | |||||||
Other Income - Net | ||||||||
The table below provides, for the periods indicated, the components of other income - net (amounts in thousands): | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Interest income | $ | 1,064 | $ | 1,475 | ||||
Income from ancillary businesses | 1,613 | 1,278 | ||||||
Gibraltar | 4,332 | 151 | ||||||
Management fee income | 1,227 | 327 | ||||||
Retained customer deposits | 888 | 678 | ||||||
Land sales, net | 6,258 | 145 | ||||||
Other | 1,159 | 572 | ||||||
Total other income - net | $ | 16,541 | $ | 4,626 | ||||
Included in "Land sales, net" is $2.9 million of previously deferred gains on the Company's initial sales of the properties to Trust II as further described in Note 3 - "Investments in and Advances to Unconsolidated Entities." | ||||||||
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, for the periods indicated, revenues and expenses for the Company’s non-core ancillary businesses (amounts in thousands): | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Revenue | $ | 20,940 | $ | 16,641 | ||||
Expense | $ | 19,327 | $ | 15,363 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||||||
Jan. 31, 2014 | ||||||||
Commitments and Contingencies [Abstract] | ' | |||||||
Commitments and Contingencies Disclosure [Text Block] | ' | |||||||
Commitments and Contingencies | ||||||||
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 January 31, 2014, 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 3, “Investments in and Advances to Unconsolidated Entities,” for more information regarding the Company’s commitments to these entities. | ||||||||
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 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 formally terminate the option and purchase agreements for those land parcels that it does not expect to acquire, it writes off any non-refundable deposits and costs previously capitalized to such land parcels in the periods that it determines such costs are not recoverable. | ||||||||
Information regarding the Company’s land purchase commitments, excluding the Shapell acquisition, as of the date indicated, is provided in the table below (amounts in thousands): | ||||||||
January 31, 2014 | October 31, 2013 | |||||||
Aggregate purchase commitments: | ||||||||
Unrelated parties | $ | 1,155,798 | $ | 1,301,987 | ||||
Unconsolidated entities that the Company has investments in | 12,552 | 61,738 | ||||||
Total | $ | 1,168,350 | $ | 1,363,725 | ||||
Deposits against aggregate purchase commitments | $ | 76,814 | $ | 76,986 | ||||
Additional cash required to acquire land | 1,091,536 | 1,286,739 | ||||||
Total | $ | 1,168,350 | $ | 1,363,725 | ||||
Amount of additional cash required to acquire land in accrued expenses | $ | 1,753 | $ | 1,439 | ||||
In addition, the Company expects to purchase approximately 3,800 additional home sites from several joint ventures in which it has interests. The purchase prices of these home sites will be determined at a future date. | ||||||||
At January 31, 2014, 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. | ||||||||
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. | ||||||||
Surety Bonds and Letters of Credit | ||||||||
At January 31, 2014, the Company had outstanding surety bonds amounting to $427.1 million, primarily related to its obligations to governmental entities to construct improvements in the Company’s communities. The Company estimates that $281.4 million of work remains on these improvements. The Company has an additional $70.8 million of surety bonds outstanding that guarantee other obligations of the Company. The Company believes it is not probable that any outstanding bonds will be drawn upon. | ||||||||
At January 31, 2014, the Company had outstanding letters of credit of $83.6 million, including $71.1 million under its Credit Facility and $12.5 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 which it is operating. The Company believes it is not probable that any outstanding letters of credit will be drawn upon. | ||||||||
Acquisition of Shapell Industries, Inc. | ||||||||
On February 4, 2014, the Company completed its previously announced acquisition of Shapell. See Note 1 - "Significant Accounting Policies - Subsequent Events" for more information regarding this acquisition. | ||||||||
Backlog | ||||||||
At January 31, 2014, the Company had agreements of sale outstanding to deliver 3,667 homes with an aggregate sales value of $2.69 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 based upon information provided by the home buyer and other sources. For those home buyers that 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 is 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, as of the date indicated, is provided in the table below (amounts in thousands): | ||||||||
January 31, | October 31, 2013 | |||||||
2014 | ||||||||
Aggregate mortgage loan commitments: | ||||||||
IRLCs | $ | 254,179 | $ | 247,995 | ||||
Non-IRLCs | 659,968 | 645,288 | ||||||
Total | $ | 914,147 | $ | 893,283 | ||||
Investor commitments to purchase: | ||||||||
IRLCs | $ | 254,179 | $ | 247,995 | ||||
Mortgage loans receivable | 53,623 | 107,873 | ||||||
Total | $ | 307,802 | $ | 355,868 | ||||
Information_on_Operating_Segme
Information on Operating Segments | 3 Months Ended | |||||||||||||||
Jan. 31, 2014 | ||||||||||||||||
Geographic Segments [Abstract] | ' | |||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||
Information on Operating Segments | ||||||||||||||||
At October 31, 2013, the Company determined that it operates in two segments: Traditional Home Building and Urban Infill ("City Living"). Amounts reported in the prior period have been reclassified to conform to the current period. | ||||||||||||||||
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, South Carolina and Texas | ||||||||||||||||
West: Arizona, California, Colorado, Nevada and Washington | ||||||||||||||||
Revenue and income (loss) before income taxes for each of the Company’s reportable segments, for the periods indicated, were as follows (amounts in thousands): | ||||||||||||||||
Three months ended January 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Revenues: | ||||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | $ | 127,644 | $ | 82,319 | ||||||||||||
Mid-Atlantic | 169,096 | 129,591 | ||||||||||||||
South | 150,559 | 87,185 | ||||||||||||||
West | 186,226 | 112,595 | ||||||||||||||
Traditional Home Building | 633,525 | 411,690 | ||||||||||||||
City Living | 10,156 | 12,911 | ||||||||||||||
Total | $ | 643,681 | $ | 424,601 | ||||||||||||
Income (loss) before income taxes: | ||||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | $ | 8,346 | $ | 4,720 | ||||||||||||
Mid-Atlantic | 21,551 | 14,850 | ||||||||||||||
South | 17,368 | 2,814 | ||||||||||||||
West | 34,668 | 8,047 | ||||||||||||||
Traditional Home Building | 81,933 | 30,431 | ||||||||||||||
City Living | (1,058 | ) | 2,697 | |||||||||||||
Corporate and other | (9,640 | ) | (24,802 | ) | ||||||||||||
Total | $ | 71,235 | $ | 8,326 | ||||||||||||
“Corporate and other” is comprised principally of general corporate expenses such as the offices of the Executive Officers of the Company and the corporate finance, accounting, audit, tax, human resources, risk management, marketing and legal groups; interest income and income from certain of the Company’s ancillary businesses, including Gibraltar; and income from a number of the Company's unconsolidated entities. | ||||||||||||||||
Total assets for each of the Company’s geographic segments, as of the date indicated, are shown in the table below (amounts in thousands). | ||||||||||||||||
January 31, | October 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | $ | 1,000,985 | $ | 963,597 | ||||||||||||
Mid-Atlantic | 1,254,409 | 1,231,438 | ||||||||||||||
South | 1,126,470 | 953,955 | ||||||||||||||
West | 1,547,449 | 1,290,388 | ||||||||||||||
Traditional Home Building | 4,929,313 | 4,439,378 | ||||||||||||||
City Living | 781,698 | 674,302 | ||||||||||||||
Corporate and other | 2,049,244 | 1,713,779 | ||||||||||||||
Total | $ | 7,760,255 | $ | 6,827,459 | ||||||||||||
"Corporate and other" is comprised principally of cash and cash equivalents, marketable securities, restricted cash, 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 recoveries of prior charges for the periods indicated, 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, as of the dates indicated, are also shown in the table below (amounts in thousands): | ||||||||||||||||
Net Carrying Value | Impairments | |||||||||||||||
At January 31, | At October 31, | Three months ended January 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Inventory: | ||||||||||||||||
Land controlled for future communities: | ||||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | $ | 14,937 | $ | 16,267 | $ | 180 | $ | 88 | ||||||||
Mid-Atlantic | 28,172 | 29,423 | 246 | 16 | ||||||||||||
South | 15,163 | 14,606 | 249 | 355 | ||||||||||||
West | 169,919 | 13,371 | 7 | (450 | ) | |||||||||||
Traditional Home Building | 228,191 | 73,667 | 682 | 9 | ||||||||||||
City Living | 26,358 | 26,135 | ||||||||||||||
254,549 | 99,802 | 682 | 9 | |||||||||||||
Land owned for future communities: | ||||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | 177,321 | 135,282 | ||||||||||||||
Mid-Atlantic | 285,761 | 308,585 | ||||||||||||||
South | 254,989 | 158,457 | ||||||||||||||
West | 460,963 | 448,125 | ||||||||||||||
Traditional Home Building | 1,179,034 | 1,050,449 | — | — | ||||||||||||
City Living | 312,171 | 237,181 | ||||||||||||||
1,491,205 | 1,287,630 | — | — | |||||||||||||
Operating communities: | ||||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | 788,391 | 785,175 | 1,300 | 500 | ||||||||||||
Mid-Atlantic | 911,138 | 866,256 | ||||||||||||||
South | 729,757 | 690,302 | ||||||||||||||
West | 819,421 | 697,573 | 200 | |||||||||||||
Traditional Home Building | 3,248,707 | 3,039,306 | 1,300 | 700 | ||||||||||||
City Living | 241,186 | 223,674 | ||||||||||||||
3,489,893 | 3,262,980 | 1,300 | 700 | |||||||||||||
Total | $ | 5,235,647 | $ | 4,650,412 | $ | 1,982 | $ | 709 | ||||||||
Investments in and advances to unconsolidated entities: | ||||||||||||||||
Traditional Home Building: | ||||||||||||||||
Mid-Atlantic | $ | 11,850 | $ | 11,850 | ||||||||||||
South | 91,097 | 50,452 | ||||||||||||||
West | 84,502 | 110,467 | ||||||||||||||
Traditional Home Building | 187,449 | 172,769 | — | — | ||||||||||||
City Living | 145,748 | 135,950 | ||||||||||||||
Corporate and other | 97,418 | 94,414 | ||||||||||||||
Total | $ | 430,615 | $ | 403,133 | $ | — | $ | — | ||||||||
Supplemental_Disclosure_to_Con
Supplemental Disclosure to Condensed Statements of Cash Flows | 3 Months Ended | |||||||
Jan. 31, 2014 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Supplemental Disclosure to Statements of Cash Flows | ' | |||||||
Supplemental Disclosure to Condensed Statements of Cash Flows | ||||||||
The following are supplemental disclosures to the Condensed Consolidated Statements of Cash Flows for the three months ended January 31, 2014 and 2013 (amounts in thousands): | ||||||||
2014 | 2013 | |||||||
Cash flow information: | ||||||||
Interest capitalized, net of amount paid | $ | 17,359 | $ | 6,801 | ||||
Income tax payment | $ | 4,961 | ||||||
Income tax refunds | $ | 469 | ||||||
Non-cash activity: | ||||||||
Cost of inventory acquired through seller financing or municipal bonds, net | $ | 60,661 | $ | 15,998 | ||||
Reduction in inventory for Company's share of earnings in land purchased from unconsolidated entities | $ | 2,342 | ||||||
Miscellaneous decreases in inventory | $ | (144 | ) | |||||
Defined benefit plan amendment | $ | 77 | $ | 519 | ||||
Increase in accrued expenses related to Stock Price-Based RSUs paid | $ | 4,968 | $ | 2,939 | ||||
Increase in investments in unconsolidated entities due to increase in letters of credit or accrued liabilities | $ | (24 | ) | |||||
Transfer of inventory to investment in unconsolidated entities | $ | 700 | ||||||
Unrealized gain on derivative held by equity investee | $ | 393 | $ | 151 | ||||
Increase in investments in unconsolidated entities for change in the fair value of debt guarantees | $ | 430 | ||||||
Miscellaneous (decreases) increases to investments in unconsolidated entities | $ | (450 | ) | $ | 86 | |||
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 3 Months Ended | |||||||||||||||||
Jan. 31, 2014 | ||||||||||||||||||
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 January 31, 2014 | |||||||||||||||||
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 | ||||||||||||||
4.375% Senior Notes due 2023 | $ | 400,000 | $ | 400,000 | ||||||||||||||
0.5% Exchangeable Senior Notes due 2032 | $ | 287,500 | $ | 287,500 | ||||||||||||||
4.0% Senior Notes due 2018 | $ | 350,000 | $ | 350,000 | ||||||||||||||
5.625% Senior Notes due 2024 | $ | 250,000 | $ | 250,000 | ||||||||||||||
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. | ||||||||||||||||||
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). | ||||||||||||||||||
Condensed Consolidating Balance Sheet at January 31, 2014: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
ASSETS | ||||||||||||||||||
Cash and cash equivalents | — | — | 1,070,746 | 119,743 | — | 1,190,489 | ||||||||||||
Marketable securities | 2,990 | 10,027 | 13,017 | |||||||||||||||
Restricted cash | 15,196 | 15,744 | 1,235 | 32,175 | ||||||||||||||
Inventory | 5,137,927 | 97,720 | 5,235,647 | |||||||||||||||
Property, construction and office equipment, net | 116,490 | 14,700 | 131,190 | |||||||||||||||
Receivables, prepaid expenses and other assets | 18 | 19,460 | 114,645 | 122,200 | (16,289 | ) | 240,034 | |||||||||||
Mortgage loans held for sale | 58,131 | 58,131 | ||||||||||||||||
Customer deposits held in escrow | 45,834 | 45,834 | ||||||||||||||||
Investments in and advances to unconsolidated entities | 152,929 | 277,686 | 430,615 | |||||||||||||||
Investments in distressed loans | 19,253 | 19,253 | ||||||||||||||||
Investments in foreclosed real estate | 79,267 | 79,267 | ||||||||||||||||
Investments in and advances to consolidated entities | 3,421,229 | 2,953,186 | 4,740 | (6,379,155 | ) | — | ||||||||||||
Deferred tax assets, net of valuation allowances | 284,603 | 284,603 | ||||||||||||||||
3,721,046 | 2,972,646 | 6,662,045 | 799,962 | (6,395,444 | ) | 7,760,255 | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Liabilities: | ||||||||||||||||||
Loans payable | 158,606 | 158,606 | ||||||||||||||||
Senior notes | 2,885,496 | 36,355 | 2,921,851 | |||||||||||||||
Mortgage company warehouse loan | 51,470 | 51,470 | ||||||||||||||||
Customer deposits | 218,747 | 218,747 | ||||||||||||||||
Accounts payable | 166,266 | 20 | 166,286 | |||||||||||||||
Accrued expenses | 37 | 46,176 | 333,601 | 152,942 | (16,659 | ) | 516,097 | |||||||||||
Advances from consolidated entities | 2,414,287 | 576,405 | (2,990,692 | ) | — | |||||||||||||
Income taxes payable | 99,825 | 99,825 | ||||||||||||||||
Total liabilities | 99,862 | 2,931,672 | 3,291,507 | 780,837 | (2,970,996 | ) | 4,132,882 | |||||||||||
Equity: | ||||||||||||||||||
Stockholders’ equity: | ||||||||||||||||||
Common stock | 1,776 | 48 | 3,006 | (3,054 | ) | 1,776 | ||||||||||||
Additional paid-in capital | 683,965 | 49,400 | 1,734 | (51,134 | ) | 683,965 | ||||||||||||
Retained earnings (deficits) | 2,937,583 | (8,426 | ) | 3,370,542 | 8,144 | (3,370,260 | ) | 2,937,583 | ||||||||||
Treasury stock, at cost | (81 | ) | (81 | ) | ||||||||||||||
Accumulated other comprehensive loss | (2,059 | ) | (52 | ) | (13 | ) | (2,124 | ) | ||||||||||
Total stockholders’ equity | 3,621,184 | 40,974 | 3,370,538 | 12,871 | (3,424,448 | ) | 3,621,119 | |||||||||||
Noncontrolling interest | 6,254 | 6,254 | ||||||||||||||||
Total equity | 3,621,184 | 40,974 | 3,370,538 | 19,125 | (3,424,448 | ) | 3,627,373 | |||||||||||
3,721,046 | 2,972,646 | 6,662,045 | 799,962 | (6,395,444 | ) | 7,760,255 | ||||||||||||
Condensed 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 held for sale | 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 | ||||||||||||
Advances from 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 (deficits) | 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 | ||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended January 31, 2014: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Revenues | 650,772 | 15,602 | (22,693 | ) | 643,681 | |||||||||||||
Cost of revenues | 515,637 | 2,602 | (4,207 | ) | 514,032 | |||||||||||||
Selling, general and administrative | 55 | 937 | 102,700 | 13,637 | (19,459 | ) | 97,870 | |||||||||||
55 | 937 | 618,337 | 16,239 | (23,666 | ) | 611,902 | ||||||||||||
Income (loss) from operations | (55 | ) | (937 | ) | 32,435 | (637 | ) | 973 | 31,779 | |||||||||
Other: | ||||||||||||||||||
Income (loss) from unconsolidated entities | 24,207 | (1,292 | ) | 22,915 | ||||||||||||||
Other income - net | 2,365 | 10,572 | 6,200 | (2,596 | ) | 16,541 | ||||||||||||
Intercompany interest income | 38,144 | (38,144 | ) | — | ||||||||||||||
Interest expense | (39,574 | ) | (193 | ) | 39,767 | — | ||||||||||||
Income from subsidiaries | 68,925 | 1,711 | (70,636 | ) | — | |||||||||||||
Income (loss) before income taxes | 71,235 | (2,367 | ) | 68,925 | 4,078 | (70,636 | ) | 71,235 | ||||||||||
Income tax provision (benefit) | 25,655 | (928 | ) | 27,012 | 1,598 | (27,682 | ) | 25,655 | ||||||||||
Net income (loss) | 45,580 | (1,439 | ) | 41,913 | 2,480 | (42,954 | ) | 45,580 | ||||||||||
Other comprehensive income | 53 | 200 | 10 | 263 | ||||||||||||||
Total comprehensive income (loss) | 45,633 | (1,439 | ) | 42,113 | 2,490 | (42,954 | ) | 45,843 | ||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended January 31, 2013: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Revenues | 430,222 | 15,046 | (20,667 | ) | 424,601 | |||||||||||||
Cost of revenues | 348,703 | 4,992 | (7,758 | ) | 345,937 | |||||||||||||
Selling, general and administrative | 16 | 687 | 84,508 | 10,140 | (17,304 | ) | 78,047 | |||||||||||
16 | 687 | 433,211 | 15,132 | (25,062 | ) | 423,984 | ||||||||||||
Income (loss) from operations | (16 | ) | (687 | ) | (2,989 | ) | (86 | ) | 4,395 | 617 | ||||||||
Other: | ||||||||||||||||||
Income from unconsolidated entities | 1,096 | 1,987 | 3,083 | |||||||||||||||
Other income - net | 2,386 | 6,027 | 2,494 | (6,281 | ) | 4,626 | ||||||||||||
Intercompany interest income | 29,727 | (29,727 | ) | — | ||||||||||||||
Interest expense | (31,422 | ) | (191 | ) | 31,613 | — | ||||||||||||
Income from subsidiaries | 5,956 | 1,822 | (7,778 | ) | — | |||||||||||||
Income (loss) before income taxes | 8,326 | (2,382 | ) | 5,956 | 4,204 | (7,778 | ) | 8,326 | ||||||||||
Income tax provision (benefit) | 3,894 | (933 | ) | 2,333 | 1,647 | (3,047 | ) | 3,894 | ||||||||||
Net income (loss) | 4,432 | (1,449 | ) | 3,623 | 2,557 | (4,731 | ) | 4,432 | ||||||||||
Other comprehensive income (loss) | (173 | ) | 225 | (36 | ) | 16 | ||||||||||||
Total comprehensive income (loss) | 4,259 | (1,449 | ) | 3,848 | 2,521 | (4,731 | ) | 4,448 | ||||||||||
Condensed Consolidating Statement of Cash Flows for the three months ended January 31, 2014: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Net cash (used in) provided by operating activities | 31,235 | 23,383 | (279,194 | ) | (17,808 | ) | (8,004 | ) | (250,388 | ) | ||||||||
Cash flow used in investing activities: | ||||||||||||||||||
Purchase of property and equipment - net | (2,659 | ) | (194 | ) | (2,853 | ) | ||||||||||||
Sale and redemption of marketable securities | 39,243 | 39,243 | ||||||||||||||||
Investments in and advances to unconsolidated entities | (4,879 | ) | (55,529 | ) | (60,408 | ) | ||||||||||||
Return of investments in unconsolidated entities | 29,429 | 3,000 | 32,429 | |||||||||||||||
Investments in distressed loans and foreclosed real estate | (191 | ) | (191 | ) | ||||||||||||||
Return of investments in distressed loans and foreclosed real estate | 17,574 | 17,574 | ||||||||||||||||
Deposit - acquisition of a business | (161,000 | ) | (161,000 | ) | ||||||||||||||
Dividend received - intercompany | 15,000 | (15,000 | ) | — | ||||||||||||||
Intercompany advances | (270,826 | ) | (618,683 | ) | 889,509 | — | ||||||||||||
Net cash used in investing activities | (270,826 | ) | (618,683 | ) | (84,866 | ) | (35,340 | ) | 874,509 | (135,206 | ) | |||||||
Cash flow provided by financing activities: | ||||||||||||||||||
Net proceeds from issuance of senior notes | 600,000 | 600,000 | ||||||||||||||||
Debt issuance costs for senior notes | (4,700 | ) | (4,700 | ) | ||||||||||||||
Proceeds from loans payable | 275,334 | 275,334 | ||||||||||||||||
Principal payments of loans payable | (8,331 | ) | (298,864 | ) | (307,195 | ) | ||||||||||||
Net proceeds from issuance of common stock | 220,357 | 220,357 | ||||||||||||||||
Proceeds from stock-based benefit plans | 18,529 | 18,529 | ||||||||||||||||
Excess tax benefits from stock-based compensation | 789 | 789 | ||||||||||||||||
Receipts related to noncontrolling interest | 81 | 81 | ||||||||||||||||
Purchase of treasury stock | (84 | ) | (84 | ) | ||||||||||||||
Dividend paid - intercompany | (15,000 | ) | 15,000 | — | ||||||||||||||
Intercompany advances | 773,035 | 108,470 | (881,505 | ) | — | |||||||||||||
Net cash provided by financing activities | 239,591 | 595,300 | 764,704 | 70,021 | (866,505 | ) | 803,111 | |||||||||||
Net increase in cash and cash equivalents | — | — | 400,644 | 16,873 | — | 417,517 | ||||||||||||
Cash and cash equivalents, beginning of period | — | — | 670,102 | 102,870 | — | 772,972 | ||||||||||||
Cash and cash equivalents, end of period | — | — | 1,070,746 | 119,743 | — | 1,190,489 | ||||||||||||
Condensed Consolidating Statement of Cash Flows for the three months ended January 31, 2013: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Net cash (used in) provided by operating activities | 24,053 | 12,155 | (377,864 | ) | 41,310 | (5,476 | ) | (305,822 | ) | |||||||||
Cash flow provided by (used in) investing activities: | ||||||||||||||||||
Purchase of property and equipment — net | (5,123 | ) | (268 | ) | (5,391 | ) | ||||||||||||
Purchase of marketable securities | (25,938 | ) | (81 | ) | (26,019 | ) | ||||||||||||
Sale and redemption of marketable securities | 38,775 | 38,775 | ||||||||||||||||
Investments in and advances to unconsolidated entities | (2,280 | ) | (5,334 | ) | (7,614 | ) | ||||||||||||
Return of investments in unconsolidated entities | 17,297 | 14 | 17,311 | |||||||||||||||
Investments in distressed loans and foreclosed real estate | (16,252 | ) | (16,252 | ) | ||||||||||||||
Return of investments in distressed loans and foreclosed real estate | 3,015 | 3,015 | ||||||||||||||||
Intercompany advances | (30,082 | ) | 46,913 | (16,831 | ) | — | ||||||||||||
Net cash (used in) provided by investing activities | (30,082 | ) | 46,913 | 22,731 | (18,906 | ) | (16,831 | ) | 3,825 | |||||||||
Cash flow provided by (used in) financing activities: | ||||||||||||||||||
Proceeds from loans payable | 244,830 | 244,830 | ||||||||||||||||
Principal payments of loans payable | (25,832 | ) | (274,030 | ) | (299,862 | ) | ||||||||||||
Redemption of senior notes | (59,068 | ) | (59,068 | ) | ||||||||||||||
Proceeds from stock-based benefit plans | 6,108 | 6,108 | ||||||||||||||||
Purchase of treasury stock | (79 | ) | (79 | ) | ||||||||||||||
Intercompany advances | (37,381 | ) | 15,074 | 22,307 | — | |||||||||||||
Net cash (used in) provided by financing activities | 6,029 | (59,068 | ) | (63,213 | ) | (14,126 | ) | 22,307 | (108,071 | ) | ||||||||
Net (decrease) increase in cash and cash equivalents | — | — | (418,346 | ) | 8,278 | — | (410,068 | ) | ||||||||||
Cash and cash equivalents, beginning of period | — | — | 712,024 | 66,800 | — | 778,824 | ||||||||||||
Cash and cash equivalents, end of period | — | — | 293,678 | 75,078 | — | 368,756 | ||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 3 Months Ended | ||
Jan. 31, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Basis of Presentation and Significant Accounting Policies [Text Block] | ' | ||
Basis of Presentation | |||
The accompanying condensed consolidated financial statements include the accounts of Toll Brothers, Inc. (the “Company”), a Delaware corporation, and those majority-owned subsidiaries it controls. 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. | |||
Consolidation Policy | ' | ||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. The October 31, 2013 balance sheet amounts and disclosures included herein have been derived from the Company’s October 31, 2013 audited financial statements. Since the accompanying condensed consolidated financial statements do not include all the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements, the Company suggests that they be read in conjunction with the consolidated financial statements and notes thereto included in its Annual Report on Form 10-K for the fiscal year ended October 31, 2013. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, which are of a normal recurring nature, necessary to present fairly the Company’s financial position as of January 31, 2014, the results of its operations for the three-month periods ended January 31, 2014 and 2013, and its cash flows for the three-month periods ended January 31, 2014 and 2013. The results of operations for such interim periods are not necessarily indicative of the results to be expected for the full year. | |||
Subsequent Events, Policy [Policy Text Block] | ' | ||
Subsequent Events | |||
Acquisition of Shapell Industries, Inc. | |||
On February 4, 2014, the Company completed its previously announced acquisition of Shapell Industries, Inc. (“Shapell”) pursuant to the Purchase and Sale Agreement (the “Purchase Agreement”), dated November 6, 2013, with Shapell Investment Properties, Inc. (“SIPI”). Pursuant to the Purchase Agreement, the Company acquired, for cash, all of the equity interests in Shapell from SIPI for an aggregate purchase price of approximately $1.60 billion (the “Acquisition”). The Company acquired the single-family residential real property development business of Shapell, including a portfolio of approximately 4,950 home sites in California, some of which the Company expects to sell to other builders. As of the acquisition date, Shapell’s home building operation had 11 active selling communities in Northern California and Southern California, within which it is focused on a select number of premium markets. In addition, the Company acquired approximately $120.0 million of cash. As part of the acquisition, the Company assumed contracts to deliver approximately 126 homes with an aggregate value of approximately $105.3 million. At January 31, 2014, the Company had deposited with an escrow agent $161.0 million of the purchase price. This deposit is included in "Inventory" on the Company's Condensed Consolidated Balance Sheet at January 31, 2014. | |||
The purchase price is subject to post-closing adjustment in accordance with the terms of the Purchase Agreement. The Company financed the Acquisition with a combination of $370 million of borrowings under its $1.035 billion unsecured revolving credit facility, $485 million from the term loan facility described below, as well as with $830 million in proceeds from debt and equity financings completed in November 2013. | |||
Senior Unsecured Term Loan | |||
On February 3, 2014, the Company entered into a 5-year senior, $485 million, unsecured term loan facility (the "Term Loan Facility") with ten banks. The full amount of the Term Loan Facility was borrowed by the Company on February 3, 2014. The Company may select interest rates for the Term Loan Facility equal to (i) the London interbank offered rate ("LIBOR") plus an applicable margin, (ii) the base rate (which is defined as the greatest of (a) SunTrust Bank’s prime rate, (b) the federal funds effective rate plus 0.5% and (c) one-month LIBOR plus 1%) plus an applicable margin or (iii) the federal funds / Euro rate (which is defined as the greater of (a) the sum of the federal funds effective rate plus an applicable margin plus 0.25% and (b) one-month LIBOR), with the applicable margin, in each case, based on the Company's leverage ratio. The initial interest rate on the Term Loan will be 1.72% per annum. | |||
The Company and substantially all of its 100% owned home building subsidiaries are guarantors under the Term Loan Facility. The Term Loan Facility contains substantially the same financial covenants as the Company's five-year, unsecured revolving credit facility ("Credit Facility"). The Term Loan Facility will mature, and amounts owing under it will become due and payable, on February 3, 2019. | |||
364-Day Senior Unsecured Revolving Credit Facility | |||
On February 4, 2014, the Company entered into a 364-day senior unsecured revolving credit facility (the "364-Day Facility") with five banks. The 364-Day Facility provides for an unsecured revolving credit facility to be made available to the Company, from time to time after February 4, 2014 and prior to February 3, 2015, in the amount of $500 million. The Company intends for this facility to remain undrawn and its existence is to provide the Company additional liquidity should unforeseen circumstances arise. The Company may select interest rates for the 364-Day Facility equal to (i) LIBOR plus an applicable margin, (ii) the base rate (which is defined as the greatest of (a) Citibank’s prime rate, (b) the federal funds effective rate plus 0.5% and (c) one-month LIBOR plus 1%) plus an applicable margin or (iii) the federal funds / Euro rate (which is defined as the greater of (a) the sum of the federal funds effective rate plus an applicable margin plus 0.25% and (b) one-month LIBOR), with the applicable margin, in each case, based on the Company's leverage ratio. The Company is obligated to pay an undrawn commitment fee. | |||
The Company and substantially all of its 100% owned home building subsidiaries are guarantors under the 364-Day Facility. The 364-Day Facility contains substantially the same financial covenants as the Company's Credit Facility. The 364-Day Facility will terminate, and amounts owing under the 364-Day Facility will become due and payable, on February 3, 2015. | |||
Fair Value of Financial Instruments, Policy [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. |
Inventory_Tables
Inventory (Tables) | 3 Months Ended | |||||||
Jan. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory | ' | |||||||
Inventory at January 31, 2014 and October 31, 2013 consisted of the following (amounts in thousands): | ||||||||
January 31, | October 31, | |||||||
2014 | 2013 | |||||||
Land controlled for future communities | $ | 254,549 | $ | 99,802 | ||||
Land owned for future communities | 1,491,205 | 1,287,630 | ||||||
Operating communities | 3,489,893 | 3,262,980 | ||||||
$ | 5,235,647 | $ | 4,650,412 | |||||
Temporarily Closed communities | ' | |||||||
Information regarding the classification, number and carrying value of these temporarily closed communities, as of the date indicated, is provided in the table below. | ||||||||
January 31, | October 31, | |||||||
2014 | 2013 | |||||||
Land owned for future communities: | ||||||||
Number of communities | 22 | 25 | ||||||
Carrying value (in thousands) | $ | 141,356 | $ | 153,498 | ||||
Operating communities: | ||||||||
Number of communities | 15 | 15 | ||||||
Carrying value (in thousands) | $ | 91,984 | $ | 88,534 | ||||
Inventory impairment charges and expensing of costs that it is believed not to be recoverable | ' | |||||||
The amounts the Company provided for inventory impairment charges and the expensing of costs that it believed not to be recoverable, for the periods indicated, are shown in the table below (amounts in thousands). | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Land controlled for future communities | $ | 682 | $ | 9 | ||||
Operating communities | 1,300 | 700 | ||||||
$ | 1,982 | $ | 709 | |||||
Interest incurred, capitalized and expensed | ' | |||||||
Interest incurred, capitalized and expensed, for the periods indicated, was as follows (amounts in thousands): | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Interest capitalized, beginning of period | $ | 343,077 | $ | 330,581 | ||||
Interest incurred | 39,944 | 31,748 | ||||||
Interest expensed to cost of revenues | (25,440 | ) | (19,974 | ) | ||||
Write-off against other income | (317 | ) | (88 | ) | ||||
Interest capitalized on investments in unconsolidated entities | (2,457 | ) | (1,363 | ) | ||||
Previously capitalized interest on investments in unconsolidated entities transferred to inventory | 1,811 | |||||||
Interest capitalized, end of period | $ | 356,618 | $ | 340,904 | ||||
Investments_in_and_Advances_to1
Investments in and Advances to Unconsolidated Entities (Tables) | 3 Months Ended | |||||||||||||||||||
Jan. 31, 2014 | ||||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ' | |||||||||||||||||||
Condensed balance sheet aggregated by type of business | ' | |||||||||||||||||||
Condensed Balance Sheets: | ||||||||||||||||||||
January 31, 2014 | ||||||||||||||||||||
Land | Home | Rental Property Joint Ventures | Structured | Total | ||||||||||||||||
Development | Building | Asset | ||||||||||||||||||
Joint | Joint | Joint | ||||||||||||||||||
Ventures | Ventures | Venture | ||||||||||||||||||
Cash and cash equivalents | $ | 29,003 | $ | 24,860 | $ | 32,191 | $ | 25,835 | $ | 111,889 | ||||||||||
Inventory | 448,357 | 381,163 | 395 | 829,915 | ||||||||||||||||
Non-performing loan portfolio | 97,801 | 97,801 | ||||||||||||||||||
Rental properties | 126,237 | 126,237 | ||||||||||||||||||
Rental properties under development | 152,190 | 152,190 | ||||||||||||||||||
Real estate owned (“REO”) | 190,217 | 190,217 | ||||||||||||||||||
Other assets (1) | 10,330 | 68,288 | 13,412 | 155,925 | 247,955 | |||||||||||||||
Total assets | $ | 487,690 | $ | 474,311 | $ | 324,425 | $ | 469,778 | $ | 1,756,204 | ||||||||||
Debt (1) | $ | 139,801 | $ | 10,927 | $ | 195,642 | $ | 155,900 | $ | 502,270 | ||||||||||
Other liabilities | 25,310 | 23,784 | 18,489 | 1,380 | 68,963 | |||||||||||||||
Members’ equity | 322,579 | 439,600 | 110,294 | 124,999 | 997,472 | |||||||||||||||
Noncontrolling interest | 187,499 | 187,499 | ||||||||||||||||||
Total liabilities and equity | $ | 487,690 | $ | 474,311 | $ | 324,425 | $ | 469,778 | $ | 1,756,204 | ||||||||||
Company’s net investment in unconsolidated entities (2) | $ | 157,293 | $ | 175,904 | $ | 74,843 | $ | 22,575 | $ | 430,615 | ||||||||||
October 31, 2013 | ||||||||||||||||||||
Land | Home | Rental Property Joint Ventures | Structured | Total | ||||||||||||||||
Development | Building | Asset | ||||||||||||||||||
Joint | Joint | Joint | ||||||||||||||||||
Ventures | 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 | ||||||||||
-1 | Included in other assets of the Structured Asset Joint Venture at January 31, 2014 and October 31, 2013 is $155.9 million 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 is primarily a result of the acquisition price of an investment in a land development joint venture in fiscal 2012 which was in excess of the Company's pro-rata share of the 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 and Comprehensive Income: | ||||||||||||||||||||
For the three months ended January 31, 2014 | ||||||||||||||||||||
Land | Home | Rental Property Joint Ventures | Structured | Total | ||||||||||||||||
Development | Building | Asset | ||||||||||||||||||
Joint | Joint | Joint | ||||||||||||||||||
Ventures | Ventures | Venture | ||||||||||||||||||
Revenues | $ | 1,544 | $ | 11,581 | $ | 9,449 | $ | 283 | $ | 22,857 | ||||||||||
Cost of revenues | 681 | 10,374 | 3,971 | 2,350 | 17,376 | |||||||||||||||
Other expenses | 255 | 999 | 12,055 | 459 | 13,768 | |||||||||||||||
Total expenses | 936 | 11,373 | 16,026 | 2,809 | 31,144 | |||||||||||||||
Gain on disposition of loans and REO | 3,908 | 3,908 | ||||||||||||||||||
Income (loss) from operations | 608 | 208 | (6,577 | ) | 1,382 | (4,379 | ) | |||||||||||||
Other income | 1 | 39 | 42,858 | 123 | 43,021 | |||||||||||||||
Net income | 609 | 247 | 36,281 | 1,505 | 38,642 | |||||||||||||||
Less: income attributable to noncontrolling interest | (903 | ) | (903 | ) | ||||||||||||||||
Net income attributable to controlling interest | 609 | 247 | 36,281 | 602 | 37,739 | |||||||||||||||
Other comprehensive income | 786 | 786 | ||||||||||||||||||
Total comprehensive income | $ | 609 | $ | 247 | $ | 37,067 | $ | 602 | $ | 38,525 | ||||||||||
Company’s equity in earnings (losses) of unconsolidated entities (3) | $ | (32 | ) | $ | 182 | $ | 23,750 | $ | (985 | ) | $ | 22,915 | ||||||||
For the three months ended January 31, 2013 | ||||||||||||||||||||
Land | Home | Rental Property Joint Ventures | Structured | Total | ||||||||||||||||
Development | Building | Asset | ||||||||||||||||||
Joint | Joint | Joint | ||||||||||||||||||
Ventures | Ventures | Venture | ||||||||||||||||||
Revenues | $ | 1,627 | $ | 8,970 | $ | 9,682 | $ | 9,705 | $ | 29,984 | ||||||||||
Cost of revenues | 1,219 | 7,105 | 4,293 | 10,338 | 22,955 | |||||||||||||||
Other expenses | 191 | 464 | 5,495 | 1,058 | 7,208 | |||||||||||||||
Total expenses | 1,410 | 7,569 | 9,788 | 11,396 | 30,163 | |||||||||||||||
Gain on disposition of loans and REO | 26,892 | 26,892 | ||||||||||||||||||
Income (loss) from operations | 217 | 1,401 | (106 | ) | 25,201 | 26,713 | ||||||||||||||
Other income | 3 | 14 | 5 | 79 | 101 | |||||||||||||||
Net income (loss) | 220 | 1,415 | (101 | ) | 25,280 | 26,814 | ||||||||||||||
Less: income attributable to noncontrolling interest | (15,168 | ) | (15,168 | ) | ||||||||||||||||
Net income (loss) attributable to controlling interest | 220 | 1,415 | (101 | ) | 10,112 | 11,646 | ||||||||||||||
Other comprehensive income | 302 | 302 | ||||||||||||||||||
Total comprehensive income | $ | 220 | $ | 1,415 | $ | 201 | $ | 10,112 | $ | 11,948 | ||||||||||
Company’s equity in earnings (losses) of unconsolidated entities (3) | $ | (98 | ) | $ | 710 | $ | 558 | $ | 1,913 | $ | 3,083 | |||||||||
-3 | Differences between the Company’s equity in earnings (losses) of unconsolidated entities and the underlying net income (loss) of the entities is primarily a result of prior impairments related to the Company’s investment 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 which reduces the Company’s cost basis of the home sites. |
Investments_in_Distressed_Loan1
Investments in Distressed Loans and Foreclosed Real Estate (Tables) | 3 Months Ended | |||||||
Jan. 31, 2014 | ||||||||
Investments in Non-Performing Loan Portfolios and Foreclosed Real Estate [Abstract] | ' | |||||||
Investment in non-performing loan portfolios | ' | |||||||
The Company’s investments in distressed loans consisted of the following as of the dates indicated (amounts in thousands): | ||||||||
January 31, 2014 | October 31, 2013 | |||||||
Unpaid principal balance | $ | 36,465 | $ | 63,381 | ||||
Discount on acquired loans | (17,212 | ) | (27,007 | ) | ||||
Carrying value | $ | 19,253 | $ | 36,374 | ||||
Activity in accretable yield for investment in non-performing loan portfolios | ' | |||||||
The accretable yield activity for the Company’s investments in distressed loans accounted for under ASC 310-30 for the three-month periods ended January 31, 2014 and 2013 was as follows (amounts in thousands): | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Balance, beginning of period | $ | 6,606 | $ | 17,196 | ||||
Additions | 169 | |||||||
Deletions | (3,183 | ) | (2,387 | ) | ||||
Accretion | (502 | ) | (1,403 | ) | ||||
Balance, end of period | $ | 3,090 | $ | 13,406 | ||||
Schedule of Changes in Real Estate Owned [Table Text Block] | ' | |||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Balance, beginning of period | $ | 72,972 | $ | 58,353 | ||||
Additions | 7,165 | 11,040 | ||||||
Sales | (808 | ) | (439 | ) | ||||
Impairments | (15 | ) | ||||||
Depreciation | (62 | ) | (175 | ) | ||||
Balance, end of period | $ | 79,267 | $ | 68,764 | ||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | |||||||
Jan. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued expenses | ' | |||||||
Accrued expenses at January 31, 2014 and October 31, 2013 consisted of the following (amounts in thousands): | ||||||||
January 31, | October 31, | |||||||
2014 | 2013 | |||||||
Land, land development and construction | $ | 135,523 | $ | 152,674 | ||||
Compensation and employee benefits | 107,080 | 111,561 | ||||||
Insurance and litigation | 91,820 | 89,104 | ||||||
Warranty | 42,688 | 43,819 | ||||||
Interest | 46,500 | 25,675 | ||||||
Commitments to unconsolidated entities | 4,260 | 3,804 | ||||||
Other | 88,226 | 96,350 | ||||||
$ | 516,097 | $ | 522,987 | |||||
Changes in the warranty accrual | ' | |||||||
The table below provides, for the periods indicated, a reconciliation of the changes in the Company’s warranty accrual (amounts in thousands): | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Balance, beginning of period | $ | 43,819 | $ | 41,706 | ||||
Additions – homes closed during the period | 3,097 | 2,289 | ||||||
Increase (decrease) in accruals for homes closed in prior periods | 344 | (267 | ) | |||||
Charges incurred | (4,572 | ) | (2,487 | ) | ||||
Balance, end of period | $ | 42,688 | $ | 41,241 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||||||
Jan. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Reconciliation of Company's effective tax rate from federal statutory rate | ' | |||||||||||
The table below provides, for the periods indicated, reconciliations of the Company’s effective tax rate from the federal statutory tax rate (amounts in thousands): | ||||||||||||
Three months ended January 31, | ||||||||||||
2014 | 2013 | |||||||||||
$ | %* | $ | %* | |||||||||
Federal tax provision at statutory rate | 24,932 | 35 | 2,914 | 35 | ||||||||
State tax provision, net of federal benefit | 2,985 | 4.2 | 346 | 4.2 | ||||||||
Domestic production activities deduction | (1,833 | ) | (2.6 | ) | ||||||||
Other permanent differences | (1,014 | ) | (1.4 | ) | ||||||||
Valuation allowance – reversed | (448 | ) | (0.6 | ) | (216 | ) | (2.6 | ) | ||||
Accrued interest on anticipated tax assessments | 786 | 1.1 | 1,166 | 14 | ||||||||
Other | 247 | 0.3 | (316 | ) | (3.8 | ) | ||||||
Income tax provision | 25,655 | 36 | 3,894 | 46.8 | ||||||||
* Due to rounding, amounts may not add. |
StockBased_Benefit_Plans_Table
Stock-Based Benefit Plans (Tables) | 3 Months Ended | |||||||
Jan. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Stock-based compensation expense recognized | ' | |||||||
Information regarding the amount of total stock-based compensation expense and tax benefit recognized by the Company, for the periods indicated, is as follows (amounts in thousands): | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Total stock-based compensation expense recognized | $ | 7,669 | $ | 5,684 | ||||
Income tax benefit recognized | $ | 2,972 | $ | 2,079 | ||||
Weighted-average assumptions and the fair value used for stock option grants | ' | |||||||
The weighted-average assumptions and the fair value used for stock option grants in fiscal 2014 and 2013 were as follows: | ||||||||
2014 | 2013 | |||||||
Expected volatility | 36.44% - 44.71% | 44.04% - 48.13% | ||||||
Weighted-average volatility | 42.71% | 46.70% | ||||||
Risk-free interest rate | 1.45% - 2.71% | 0.64% - 1.56% | ||||||
Expected life (years) | 4.55 - 9.02 | 4.48 - 8.88 | ||||||
Dividends | none | none | ||||||
Weighted-average grant date fair value per share of options granted | $14.26 | $13.05 | ||||||
Stock based compensation expense recognized for stock options [Table Text Block] | ' | |||||||
Stock compensation expense, related to stock options, for the periods indicated, was as follows (amounts in thousands): | ||||||||
2014 | 2013 | |||||||
Three months ended January 31, | $ | 4,030 | $ | 3,475 | ||||
Performance-based restricted stock units | ' | |||||||
The Company evaluates the performance goals quarterly and estimates the number of shares underlying the Performance-Based RSUs that are probable of being issued. Information regarding the issuance, valuation assumptions and amortization of the Company’s Performance-Based RSUs issued in fiscal 2014 and 2013 is provided below. | ||||||||
2014 | 2013 | |||||||
Number of shares underlying Performance-Based RSUs to be issued | 288,667 | 302,511 | ||||||
Closing price of the Company’s common stock on Valuation Date | $ | 35.16 | $ | 37.78 | ||||
Aggregate fair value of Performance-Based RSUs to be issued (in thousands) | $ | 10,150 | $ | 11,429 | ||||
Performance-Based RSU expense recognized in the three months ended January 31, (in thousands) | $ | 2,071 | $ | 514 | ||||
Note: The fiscal 2014 number of shares underlying Performance-Based RSUs to be issued and their aggregate fair value is estimated. | ||||||||
Information regarding the aggregate number of outstanding Performance-Based RSUs and the aggregate unamortized value of the outstanding Performance-Based RSUs, as of the date indicated, is provided below. | ||||||||
January 31, | October 31, | |||||||
2014 | 2013 | |||||||
Aggregate outstanding Performance-Based RSUs | 961,354 | 672,687 | ||||||
Cumulative unamortized value of Performance-Based RSUs (in thousands) | $ | 16,198 | $ | 8,120 | ||||
Stock price-based restricted stock units | ' | |||||||
Information regarding the amortization of the Company’s Stock Price-Based RSUs, for the periods indicated, is provided below (amounts in thousands): | ||||||||
2014 | 2013 | |||||||
Three months ended January 31, | $ | 231 | $ | 562 | ||||
Information regarding the aggregate number of outstanding Stock Price-Based RSUs and aggregate unamortized value of the outstanding Stock Price-Based RSUs, as of the date indicated, is provided below: | ||||||||
January 31, | October 31, | |||||||
2014 | 2013 | |||||||
Aggregate outstanding Stock Price-Based RSUs | — | 306,000 | ||||||
Cumulative unamortized value of Stock Price-Based RSUs (in thousands) | $ | — | $ | 231 | ||||
Non-performance based restricted stock units | ' | |||||||
Information regarding these RSUs issued in the three months ended January 31, 2014 and 2013 is as follows: | ||||||||
2014 | 2013 | |||||||
Number of RSUs issued | 99,336 | 94,080 | ||||||
Closing price of the Company’s common stock on date of issuance | $ | 35.16 | $ | 32.22 | ||||
Aggregate fair value of RSUs issued (in thousands) | $ | 3,493 | $ | 3,031 | ||||
Information regarding the amortization of the Company’s RSUs, for the periods indicated, is as follows (amounts in thousands): | ||||||||
2014 | 2013 | |||||||
Three months ended January 31, | $ | 1,311 | $ | 1,112 | ||||
Information regarding the aggregate number of outstanding RSUs and aggregate unamortized value of the outstanding RSUs, as of the date indicated, is as follows: | ||||||||
January 31, | October 31, | |||||||
2014 | 2013 | |||||||
Aggregate outstanding RSUs | 307,798 | 225,252 | ||||||
Cumulative unamortized value of RSUs (in thousands) | $ | 3,852 | $ | 1,706 | ||||
Employee_Retirement_Plans_Tabl
Employee Retirement Plans (Tables) | 3 Months Ended | |||||||
Jan. 31, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Costs and payments related to supplemental retirement plans | ' | |||||||
The table below provides, for the periods indicated, costs recognized and payments made related to its SERPs (amounts in thousands): | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Service cost | $ | 118 | $ | 118 | ||||
Interest cost | 318 | 261 | ||||||
Amortization of prior service obligation | 161 | 210 | ||||||
Amortization of unrecognized losses | 3 | 36 | ||||||
Total costs | $ | 600 | $ | 625 | ||||
Benefits paid | $ | 233 | $ | 233 | ||||
Accumulated_Other_Comprensive_
Accumulated Other Comprensive (Loss) Income (Tables) | 3 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive (Loss) Income [Table Text Block] | ' | ||||||||||||||||
The tables below provide, for the periods indicated, the components of accumulated other comprehensive (loss) income (amounts in thousands): | |||||||||||||||||
Three months ended January 31, 2014 | |||||||||||||||||
Employee retirement plans | Available-for-sale securities | Derivative instruments | Total | ||||||||||||||
Balance, beginning of period | $ | (2,112 | ) | $ | (5 | ) | $ | (270 | ) | $ | (2,387 | ) | |||||
Other comprehensive (loss) income before reclassifications | (77 | ) | (29 | ) | 393 | 287 | |||||||||||
Gross amounts reclassified from accumulated other comprehensive income (loss) | 164 | (21 | ) | 143 | |||||||||||||
Income tax (expense) benefit | (34 | ) | 19 | (152 | ) | (167 | ) | ||||||||||
Other comprehensive income (loss), net of tax | 53 | (31 | ) | 241 | 263 | ||||||||||||
Balance, end of period | $ | (2,059 | ) | $ | (36 | ) | $ | (29 | ) | $ | (2,124 | ) | |||||
Three months ended January 31, 2013 | |||||||||||||||||
Employee retirement plans | Available-for-sale securities | Derivative instruments | Total | ||||||||||||||
Balance, beginning of period | $ | (4,446 | ) | $ | 180 | $ | (553 | ) | $ | (4,819 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (519 | ) | 138 | 151 | (230 | ) | |||||||||||
Gross amounts reclassified from accumulated other comprehensive income (loss) | 247 | 247 | |||||||||||||||
Income tax (expense) benefit | 99 | (42 | ) | (58 | ) | (1 | ) | ||||||||||
Other comprehensive income (loss), net of tax | (173 | ) | 96 | 93 | 16 | ||||||||||||
Balance, end of period | $ | (4,619 | ) | $ | 276 | $ | (460 | ) | $ | (4,803 | ) | ||||||
Stock_Issuance_and_Stock_Repur1
Stock Issuance and Stock Repurchase Program (Tables) | 3 Months Ended | |||||||
Jan. 31, 2014 | ||||||||
Stock Repurchase Program [Abstract] | ' | |||||||
Stock repurchase program | ' | |||||||
The table below provides, for the periods indicated, information about the Company’s share repurchase program: | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Number of shares purchased (in thousands) | 3 | 3 | ||||||
Average price per share | $ | 33.23 | $ | 32.59 | ||||
Remaining authorization at January 31 (in thousands) | 8,266 | 8,764 | ||||||
Income_Per_Share_Information_T
Income Per Share Information (Tables) | 3 Months Ended | |||||||
Jan. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Calculation of income per share | ' | |||||||
The table below provides, for the periods indicated, information pertaining to the calculation of income per share, common stock equivalents, weighted-average number of anti-dilutive options and shares issued (amounts in thousands except per share amounts): | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income as reported | $ | 45,580 | $ | 4,432 | ||||
Plus: Interest and costs attributable to 0.5% Exchangeable Senior Notes, net of income tax benefit | 397 | |||||||
Numerator for diluted earnings per share | $ | 45,977 | $ | 4,432 | ||||
Denominator: | ||||||||
Basic weighted-average shares | 176,474 | 169,064 | ||||||
Common stock equivalents (a) | 2,556 | 2,839 | ||||||
Shares attributable to 0.5% Exchangeable Senior Notes | 5,858 | |||||||
Diluted weighted-average shares | 184,888 | 171,903 | ||||||
Other information: | ||||||||
Weighted-average number of anti-dilutive options and restricted stock units (b) | 1,602 | 980 | ||||||
Shares issued under stock incentive and employee stock purchase plans | 1,013 | 523 | ||||||
(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 closing price of the Company’s common stock on the NYSE for the period. |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 3 Months Ended | |||||||||||||||||
Jan. 31, 2014 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ' | |||||||||||||||||
The table below provides, as of the date indicated, a summary of assets (liabilities) related to the Company’s financial instruments, measured at fair value on a recurring basis (amounts in thousands): | ||||||||||||||||||
Fair value | ||||||||||||||||||
Financial Instrument | Fair value | January 31, 2014 | October 31, 2013 | |||||||||||||||
hierarchy | ||||||||||||||||||
Corporate Securities | Level 2 | $ | 13,017 | $ | 52,508 | |||||||||||||
Residential Mortgage Loans Held for Sale | Level 2 | $ | 58,131 | $ | 113,517 | |||||||||||||
Forward Loan Commitments—Residential Mortgage Loans Held for Sale | Level 2 | $ | (191 | ) | $ | (496 | ) | |||||||||||
Interest Rate Lock Commitments (“IRLCs”) | Level 2 | $ | (121 | ) | $ | (181 | ) | |||||||||||
Forward Loan Commitments—IRLCs | Level 2 | $ | 121 | $ | 181 | |||||||||||||
Aggregate unpaid principal and fair value of mortgage loans held for sale | ' | |||||||||||||||||
The table below provides, as of the date indicated, the aggregate unpaid principal and fair value of mortgage loans held for sale (amounts in thousands): | ||||||||||||||||||
Aggregate unpaid | Fair value | Excess | ||||||||||||||||
principal balance | ||||||||||||||||||
At January 31, 2014 | $ | 57,421 | $ | 58,131 | $ | 710 | ||||||||||||
At October 31, 2013 | $ | 111,896 | $ | 113,517 | $ | 1,621 | ||||||||||||
Summary of amortized cost gross unrealized holding gains and losses | ' | |||||||||||||||||
The table below provides, as of the date indicated, the amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of marketable securities (amounts in thousands): | ||||||||||||||||||
January 31, 2014 | October 31, 2013 | |||||||||||||||||
Amortized cost | $ | 13,061 | $ | 52,502 | ||||||||||||||
Gross unrealized holding gains | 3 | 71 | ||||||||||||||||
Gross unrealized holding losses | (47 | ) | (65 | ) | ||||||||||||||
Fair value | $ | 13,017 | $ | 52,508 | ||||||||||||||
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 January 31, 2014 | $388 - $405 | 21 - 23 | 16.60% | |||||||||||||||
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 - $307 | 15 | 15.30% | |||||||||||||||
Fair value of inventory adjusted for impairment | ' | |||||||||||||||||
The table below provides, for the periods indicated, the fair value of operating communities whose carrying value was adjusted and the amount of impairment charges recognized ($ amounts in thousands): | ||||||||||||||||||
Impaired operating communities | ||||||||||||||||||
Three months ended: | Number of | Number of | Fair value of | Impairment charges | ||||||||||||||
communities tested | communities | communities, | ||||||||||||||||
net of | ||||||||||||||||||
impairment charges | ||||||||||||||||||
Fiscal 2014: | ||||||||||||||||||
31-Jan | 67 | 1 | $ | 7,131 | $ | 1,300 | ||||||||||||
$ | 1,300 | |||||||||||||||||
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 | |||||||||||||||||
Carrying value and estimated fair value of distressed loan portfolio | ' | |||||||||||||||||
The table below provides, as of the date indicated, the carrying amount and estimated fair value of distressed loans (amounts in thousands): | ||||||||||||||||||
January 31, 2014 | October 31, 2013 | |||||||||||||||||
Carrying amount | $ | 19,253 | $ | 36,374 | ||||||||||||||
Estimated fair value | $ | 23,240 | $ | 45,355 | ||||||||||||||
Book value and estimated fair value of the Company's debt | ' | |||||||||||||||||
The table below provides, as of the date indicated, the book value and estimated fair value of the Company’s debt (amounts in thousands): | ||||||||||||||||||
January 31, 2014 | October 31, 2013 | |||||||||||||||||
Fair value | Book value | Estimated | Book value | Estimated | ||||||||||||||
hierarchy | fair value | fair value | ||||||||||||||||
Loans payable (a) | Level 2 | $ | 158,606 | $ | 158,097 | $ | 107,222 | $ | 106,988 | |||||||||
Senior notes (b) | Level 1 | 2,925,336 | 3,084,026 | 2,325,336 | 2,458,737 | |||||||||||||
Mortgage company warehouse loan (c) | Level 2 | 51,470 | 51,470 | 75,000 | 75,000 | |||||||||||||
$ | 3,135,412 | $ | 3,293,593 | $ | 2,507,558 | $ | 2,640,725 | |||||||||||
(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 warehouse loan borrowings approximates their fair value. |
Other_Income_Net_Tables
Other Income - Net (Tables) | 3 Months Ended | |||||||
Jan. 31, 2014 | ||||||||
Other Income and Expenses [Abstract] | ' | |||||||
Other Income - net | ' | |||||||
The table below provides, for the periods indicated, the components of other income - net (amounts in thousands): | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Interest income | $ | 1,064 | $ | 1,475 | ||||
Income from ancillary businesses | 1,613 | 1,278 | ||||||
Gibraltar | 4,332 | 151 | ||||||
Management fee income | 1,227 | 327 | ||||||
Retained customer deposits | 888 | 678 | ||||||
Land sales, net | 6,258 | 145 | ||||||
Other | 1,159 | 572 | ||||||
Total other income - net | $ | 16,541 | $ | 4,626 | ||||
Revenues and expenses of non-core ancillary businesses | ' | |||||||
The table below provides, for the periods indicated, revenues and expenses for the Company’s non-core ancillary businesses (amounts in thousands): | ||||||||
Three months ended January 31, | ||||||||
2014 | 2013 | |||||||
Revenue | $ | 20,940 | $ | 16,641 | ||||
Expense | $ | 19,327 | $ | 15,363 | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||||||
Jan. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Company land purchase commitments | ' | |||||||
Information regarding the Company’s land purchase commitments, excluding the Shapell acquisition, as of the date indicated, is provided in the table below (amounts in thousands): | ||||||||
January 31, 2014 | October 31, 2013 | |||||||
Aggregate purchase commitments: | ||||||||
Unrelated parties | $ | 1,155,798 | $ | 1,301,987 | ||||
Unconsolidated entities that the Company has investments in | 12,552 | 61,738 | ||||||
Total | $ | 1,168,350 | $ | 1,363,725 | ||||
Deposits against aggregate purchase commitments | $ | 76,814 | $ | 76,986 | ||||
Additional cash required to acquire land | 1,091,536 | 1,286,739 | ||||||
Total | $ | 1,168,350 | $ | 1,363,725 | ||||
Amount of additional cash required to acquire land in accrued expenses | $ | 1,753 | $ | 1,439 | ||||
Company mortgage commitments | ' | |||||||
Information regarding the Company’s mortgage commitments, as of the date indicated, is provided in the table below (amounts in thousands): | ||||||||
January 31, | October 31, 2013 | |||||||
2014 | ||||||||
Aggregate mortgage loan commitments: | ||||||||
IRLCs | $ | 254,179 | $ | 247,995 | ||||
Non-IRLCs | 659,968 | 645,288 | ||||||
Total | $ | 914,147 | $ | 893,283 | ||||
Investor commitments to purchase: | ||||||||
IRLCs | $ | 254,179 | $ | 247,995 | ||||
Mortgage loans receivable | 53,623 | 107,873 | ||||||
Total | $ | 307,802 | $ | 355,868 | ||||
Information_on_Operating_Segme1
Information on Operating Segments (Tables) | 3 Months Ended | |||||||||||||||
Jan. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Revenue and income (loss) before income taxes and total assets | ' | |||||||||||||||
Revenue and income (loss) before income taxes for each of the Company’s reportable segments, for the periods indicated, were as follows (amounts in thousands): | ||||||||||||||||
Three months ended January 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Revenues: | ||||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | $ | 127,644 | $ | 82,319 | ||||||||||||
Mid-Atlantic | 169,096 | 129,591 | ||||||||||||||
South | 150,559 | 87,185 | ||||||||||||||
West | 186,226 | 112,595 | ||||||||||||||
Traditional Home Building | 633,525 | 411,690 | ||||||||||||||
City Living | 10,156 | 12,911 | ||||||||||||||
Total | $ | 643,681 | $ | 424,601 | ||||||||||||
Income (loss) before income taxes: | ||||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | $ | 8,346 | $ | 4,720 | ||||||||||||
Mid-Atlantic | 21,551 | 14,850 | ||||||||||||||
South | 17,368 | 2,814 | ||||||||||||||
West | 34,668 | 8,047 | ||||||||||||||
Traditional Home Building | 81,933 | 30,431 | ||||||||||||||
City Living | (1,058 | ) | 2,697 | |||||||||||||
Corporate and other | (9,640 | ) | (24,802 | ) | ||||||||||||
Total | $ | 71,235 | $ | 8,326 | ||||||||||||
“Corporate and other” is comprised principally of general corporate expenses such as the offices of the Executive Officers of the Company and the corporate finance, accounting, audit, tax, human resources, risk management, marketing and legal groups; interest income and income from certain of the Company’s ancillary businesses, including Gibraltar; and income from a number of the Company's unconsolidated entities. | ||||||||||||||||
Total assets for each of the Company’s geographic segments, as of the date indicated, are shown in the table below (amounts in thousands). | ||||||||||||||||
January 31, | October 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | $ | 1,000,985 | $ | 963,597 | ||||||||||||
Mid-Atlantic | 1,254,409 | 1,231,438 | ||||||||||||||
South | 1,126,470 | 953,955 | ||||||||||||||
West | 1,547,449 | 1,290,388 | ||||||||||||||
Traditional Home Building | 4,929,313 | 4,439,378 | ||||||||||||||
City Living | 781,698 | 674,302 | ||||||||||||||
Corporate and other | 2,049,244 | 1,713,779 | ||||||||||||||
Total | $ | 7,760,255 | $ | 6,827,459 | ||||||||||||
Inventory impairment charges, net carrying value of investing, and write-downs of investments | ' | |||||||||||||||
The Company provided for inventory impairment charges and the expensing of costs that it believed not to be recoverable and recoveries of prior charges for the periods indicated, 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, as of the dates indicated, are also shown in the table below (amounts in thousands): | ||||||||||||||||
Net Carrying Value | Impairments | |||||||||||||||
At January 31, | At October 31, | Three months ended January 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Inventory: | ||||||||||||||||
Land controlled for future communities: | ||||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | $ | 14,937 | $ | 16,267 | $ | 180 | $ | 88 | ||||||||
Mid-Atlantic | 28,172 | 29,423 | 246 | 16 | ||||||||||||
South | 15,163 | 14,606 | 249 | 355 | ||||||||||||
West | 169,919 | 13,371 | 7 | (450 | ) | |||||||||||
Traditional Home Building | 228,191 | 73,667 | 682 | 9 | ||||||||||||
City Living | 26,358 | 26,135 | ||||||||||||||
254,549 | 99,802 | 682 | 9 | |||||||||||||
Land owned for future communities: | ||||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | 177,321 | 135,282 | ||||||||||||||
Mid-Atlantic | 285,761 | 308,585 | ||||||||||||||
South | 254,989 | 158,457 | ||||||||||||||
West | 460,963 | 448,125 | ||||||||||||||
Traditional Home Building | 1,179,034 | 1,050,449 | — | — | ||||||||||||
City Living | 312,171 | 237,181 | ||||||||||||||
1,491,205 | 1,287,630 | — | — | |||||||||||||
Operating communities: | ||||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | 788,391 | 785,175 | 1,300 | 500 | ||||||||||||
Mid-Atlantic | 911,138 | 866,256 | ||||||||||||||
South | 729,757 | 690,302 | ||||||||||||||
West | 819,421 | 697,573 | 200 | |||||||||||||
Traditional Home Building | 3,248,707 | 3,039,306 | 1,300 | 700 | ||||||||||||
City Living | 241,186 | 223,674 | ||||||||||||||
3,489,893 | 3,262,980 | 1,300 | 700 | |||||||||||||
Total | $ | 5,235,647 | $ | 4,650,412 | $ | 1,982 | $ | 709 | ||||||||
Investments in and advances to unconsolidated entities: | ||||||||||||||||
Traditional Home Building: | ||||||||||||||||
Mid-Atlantic | $ | 11,850 | $ | 11,850 | ||||||||||||
South | 91,097 | 50,452 | ||||||||||||||
West | 84,502 | 110,467 | ||||||||||||||
Traditional Home Building | 187,449 | 172,769 | — | — | ||||||||||||
City Living | 145,748 | 135,950 | ||||||||||||||
Corporate and other | 97,418 | 94,414 | ||||||||||||||
Total | $ | 430,615 | $ | 403,133 | $ | — | $ | — | ||||||||
Supplemental_Disclosure_to_Con1
Supplemental Disclosure to Condensed Statements of Cash Flows (Tables) | 3 Months Ended | |||||||
Jan. 31, 2014 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Supplemental disclosures to the statements of cash flows | ' | |||||||
The following are supplemental disclosures to the Condensed Consolidated Statements of Cash Flows for the three months ended January 31, 2014 and 2013 (amounts in thousands): | ||||||||
2014 | 2013 | |||||||
Cash flow information: | ||||||||
Interest capitalized, net of amount paid | $ | 17,359 | $ | 6,801 | ||||
Income tax payment | $ | 4,961 | ||||||
Income tax refunds | $ | 469 | ||||||
Non-cash activity: | ||||||||
Cost of inventory acquired through seller financing or municipal bonds, net | $ | 60,661 | $ | 15,998 | ||||
Reduction in inventory for Company's share of earnings in land purchased from unconsolidated entities | $ | 2,342 | ||||||
Miscellaneous decreases in inventory | $ | (144 | ) | |||||
Defined benefit plan amendment | $ | 77 | $ | 519 | ||||
Increase in accrued expenses related to Stock Price-Based RSUs paid | $ | 4,968 | $ | 2,939 | ||||
Increase in investments in unconsolidated entities due to increase in letters of credit or accrued liabilities | $ | (24 | ) | |||||
Transfer of inventory to investment in unconsolidated entities | $ | 700 | ||||||
Unrealized gain on derivative held by equity investee | $ | 393 | $ | 151 | ||||
Increase in investments in unconsolidated entities for change in the fair value of debt guarantees | $ | 430 | ||||||
Miscellaneous (decreases) increases to investments in unconsolidated entities | $ | (450 | ) | $ | 86 | |||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 3 Months Ended | |||||||||||||||||
Jan. 31, 2014 | ||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ' | |||||||||||||||||
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 January 31, 2014 | |||||||||||||||||
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 | ||||||||||||||
4.375% Senior Notes due 2023 | $ | 400,000 | $ | 400,000 | ||||||||||||||
0.5% Exchangeable Senior Notes due 2032 | $ | 287,500 | $ | 287,500 | ||||||||||||||
4.0% Senior Notes due 2018 | $ | 350,000 | $ | 350,000 | ||||||||||||||
5.625% Senior Notes due 2024 | $ | 250,000 | $ | 250,000 | ||||||||||||||
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). | ||||||||||||||||||
Condensed Consolidating Balance Sheet at January 31, 2014: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
ASSETS | ||||||||||||||||||
Cash and cash equivalents | — | — | 1,070,746 | 119,743 | — | 1,190,489 | ||||||||||||
Marketable securities | 2,990 | 10,027 | 13,017 | |||||||||||||||
Restricted cash | 15,196 | 15,744 | 1,235 | 32,175 | ||||||||||||||
Inventory | 5,137,927 | 97,720 | 5,235,647 | |||||||||||||||
Property, construction and office equipment, net | 116,490 | 14,700 | 131,190 | |||||||||||||||
Receivables, prepaid expenses and other assets | 18 | 19,460 | 114,645 | 122,200 | (16,289 | ) | 240,034 | |||||||||||
Mortgage loans held for sale | 58,131 | 58,131 | ||||||||||||||||
Customer deposits held in escrow | 45,834 | 45,834 | ||||||||||||||||
Investments in and advances to unconsolidated entities | 152,929 | 277,686 | 430,615 | |||||||||||||||
Investments in distressed loans | 19,253 | 19,253 | ||||||||||||||||
Investments in foreclosed real estate | 79,267 | 79,267 | ||||||||||||||||
Investments in and advances to consolidated entities | 3,421,229 | 2,953,186 | 4,740 | (6,379,155 | ) | — | ||||||||||||
Deferred tax assets, net of valuation allowances | 284,603 | 284,603 | ||||||||||||||||
3,721,046 | 2,972,646 | 6,662,045 | 799,962 | (6,395,444 | ) | 7,760,255 | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Liabilities: | ||||||||||||||||||
Loans payable | 158,606 | 158,606 | ||||||||||||||||
Senior notes | 2,885,496 | 36,355 | 2,921,851 | |||||||||||||||
Mortgage company warehouse loan | 51,470 | 51,470 | ||||||||||||||||
Customer deposits | 218,747 | 218,747 | ||||||||||||||||
Accounts payable | 166,266 | 20 | 166,286 | |||||||||||||||
Accrued expenses | 37 | 46,176 | 333,601 | 152,942 | (16,659 | ) | 516,097 | |||||||||||
Advances from consolidated entities | 2,414,287 | 576,405 | (2,990,692 | ) | — | |||||||||||||
Income taxes payable | 99,825 | 99,825 | ||||||||||||||||
Total liabilities | 99,862 | 2,931,672 | 3,291,507 | 780,837 | (2,970,996 | ) | 4,132,882 | |||||||||||
Equity: | ||||||||||||||||||
Stockholders’ equity: | ||||||||||||||||||
Common stock | 1,776 | 48 | 3,006 | (3,054 | ) | 1,776 | ||||||||||||
Additional paid-in capital | 683,965 | 49,400 | 1,734 | (51,134 | ) | 683,965 | ||||||||||||
Retained earnings (deficits) | 2,937,583 | (8,426 | ) | 3,370,542 | 8,144 | (3,370,260 | ) | 2,937,583 | ||||||||||
Treasury stock, at cost | (81 | ) | (81 | ) | ||||||||||||||
Accumulated other comprehensive loss | (2,059 | ) | (52 | ) | (13 | ) | (2,124 | ) | ||||||||||
Total stockholders’ equity | 3,621,184 | 40,974 | 3,370,538 | 12,871 | (3,424,448 | ) | 3,621,119 | |||||||||||
Noncontrolling interest | 6,254 | 6,254 | ||||||||||||||||
Total equity | 3,621,184 | 40,974 | 3,370,538 | 19,125 | (3,424,448 | ) | 3,627,373 | |||||||||||
3,721,046 | 2,972,646 | 6,662,045 | 799,962 | (6,395,444 | ) | 7,760,255 | ||||||||||||
Condensed 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 held for sale | 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 | ||||||||||||
Advances from 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 (deficits) | 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 | ||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended January 31, 2014: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Revenues | 650,772 | 15,602 | (22,693 | ) | 643,681 | |||||||||||||
Cost of revenues | 515,637 | 2,602 | (4,207 | ) | 514,032 | |||||||||||||
Selling, general and administrative | 55 | 937 | 102,700 | 13,637 | (19,459 | ) | 97,870 | |||||||||||
55 | 937 | 618,337 | 16,239 | (23,666 | ) | 611,902 | ||||||||||||
Income (loss) from operations | (55 | ) | (937 | ) | 32,435 | (637 | ) | 973 | 31,779 | |||||||||
Other: | ||||||||||||||||||
Income (loss) from unconsolidated entities | 24,207 | (1,292 | ) | 22,915 | ||||||||||||||
Other income - net | 2,365 | 10,572 | 6,200 | (2,596 | ) | 16,541 | ||||||||||||
Intercompany interest income | 38,144 | (38,144 | ) | — | ||||||||||||||
Interest expense | (39,574 | ) | (193 | ) | 39,767 | — | ||||||||||||
Income from subsidiaries | 68,925 | 1,711 | (70,636 | ) | — | |||||||||||||
Income (loss) before income taxes | 71,235 | (2,367 | ) | 68,925 | 4,078 | (70,636 | ) | 71,235 | ||||||||||
Income tax provision (benefit) | 25,655 | (928 | ) | 27,012 | 1,598 | (27,682 | ) | 25,655 | ||||||||||
Net income (loss) | 45,580 | (1,439 | ) | 41,913 | 2,480 | (42,954 | ) | 45,580 | ||||||||||
Other comprehensive income | 53 | 200 | 10 | 263 | ||||||||||||||
Total comprehensive income (loss) | 45,633 | (1,439 | ) | 42,113 | 2,490 | (42,954 | ) | 45,843 | ||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended January 31, 2013: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Revenues | 430,222 | 15,046 | (20,667 | ) | 424,601 | |||||||||||||
Cost of revenues | 348,703 | 4,992 | (7,758 | ) | 345,937 | |||||||||||||
Selling, general and administrative | 16 | 687 | 84,508 | 10,140 | (17,304 | ) | 78,047 | |||||||||||
16 | 687 | 433,211 | 15,132 | (25,062 | ) | 423,984 | ||||||||||||
Income (loss) from operations | (16 | ) | (687 | ) | (2,989 | ) | (86 | ) | 4,395 | 617 | ||||||||
Other: | ||||||||||||||||||
Income from unconsolidated entities | 1,096 | 1,987 | 3,083 | |||||||||||||||
Other income - net | 2,386 | 6,027 | 2,494 | (6,281 | ) | 4,626 | ||||||||||||
Intercompany interest income | 29,727 | (29,727 | ) | — | ||||||||||||||
Interest expense | (31,422 | ) | (191 | ) | 31,613 | — | ||||||||||||
Income from subsidiaries | 5,956 | 1,822 | (7,778 | ) | — | |||||||||||||
Income (loss) before income taxes | 8,326 | (2,382 | ) | 5,956 | 4,204 | (7,778 | ) | 8,326 | ||||||||||
Income tax provision (benefit) | 3,894 | (933 | ) | 2,333 | 1,647 | (3,047 | ) | 3,894 | ||||||||||
Net income (loss) | 4,432 | (1,449 | ) | 3,623 | 2,557 | (4,731 | ) | 4,432 | ||||||||||
Other comprehensive income (loss) | (173 | ) | 225 | (36 | ) | 16 | ||||||||||||
Total comprehensive income (loss) | 4,259 | (1,449 | ) | 3,848 | 2,521 | (4,731 | ) | 4,448 | ||||||||||
Condensed Consolidating Statement of Cash Flows for the three months ended January 31, 2014: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Net cash (used in) provided by operating activities | 31,235 | 23,383 | (279,194 | ) | (17,808 | ) | (8,004 | ) | (250,388 | ) | ||||||||
Cash flow used in investing activities: | ||||||||||||||||||
Purchase of property and equipment - net | (2,659 | ) | (194 | ) | (2,853 | ) | ||||||||||||
Sale and redemption of marketable securities | 39,243 | 39,243 | ||||||||||||||||
Investments in and advances to unconsolidated entities | (4,879 | ) | (55,529 | ) | (60,408 | ) | ||||||||||||
Return of investments in unconsolidated entities | 29,429 | 3,000 | 32,429 | |||||||||||||||
Investments in distressed loans and foreclosed real estate | (191 | ) | (191 | ) | ||||||||||||||
Return of investments in distressed loans and foreclosed real estate | 17,574 | 17,574 | ||||||||||||||||
Deposit - acquisition of a business | (161,000 | ) | (161,000 | ) | ||||||||||||||
Dividend received - intercompany | 15,000 | (15,000 | ) | — | ||||||||||||||
Intercompany advances | (270,826 | ) | (618,683 | ) | 889,509 | — | ||||||||||||
Net cash used in investing activities | (270,826 | ) | (618,683 | ) | (84,866 | ) | (35,340 | ) | 874,509 | (135,206 | ) | |||||||
Cash flow provided by financing activities: | ||||||||||||||||||
Net proceeds from issuance of senior notes | 600,000 | 600,000 | ||||||||||||||||
Debt issuance costs for senior notes | (4,700 | ) | (4,700 | ) | ||||||||||||||
Proceeds from loans payable | 275,334 | 275,334 | ||||||||||||||||
Principal payments of loans payable | (8,331 | ) | (298,864 | ) | (307,195 | ) | ||||||||||||
Net proceeds from issuance of common stock | 220,357 | 220,357 | ||||||||||||||||
Proceeds from stock-based benefit plans | 18,529 | 18,529 | ||||||||||||||||
Excess tax benefits from stock-based compensation | 789 | 789 | ||||||||||||||||
Receipts related to noncontrolling interest | 81 | 81 | ||||||||||||||||
Purchase of treasury stock | (84 | ) | (84 | ) | ||||||||||||||
Dividend paid - intercompany | (15,000 | ) | 15,000 | — | ||||||||||||||
Intercompany advances | 773,035 | 108,470 | (881,505 | ) | — | |||||||||||||
Net cash provided by financing activities | 239,591 | 595,300 | 764,704 | 70,021 | (866,505 | ) | 803,111 | |||||||||||
Net increase in cash and cash equivalents | — | — | 400,644 | 16,873 | — | 417,517 | ||||||||||||
Cash and cash equivalents, beginning of period | — | — | 670,102 | 102,870 | — | 772,972 | ||||||||||||
Cash and cash equivalents, end of period | — | — | 1,070,746 | 119,743 | — | 1,190,489 | ||||||||||||
Condensed Consolidating Statement of Cash Flows for the three months ended January 31, 2013: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Net cash (used in) provided by operating activities | 24,053 | 12,155 | (377,864 | ) | 41,310 | (5,476 | ) | (305,822 | ) | |||||||||
Cash flow provided by (used in) investing activities: | ||||||||||||||||||
Purchase of property and equipment — net | (5,123 | ) | (268 | ) | (5,391 | ) | ||||||||||||
Purchase of marketable securities | (25,938 | ) | (81 | ) | (26,019 | ) | ||||||||||||
Sale and redemption of marketable securities | 38,775 | 38,775 | ||||||||||||||||
Investments in and advances to unconsolidated entities | (2,280 | ) | (5,334 | ) | (7,614 | ) | ||||||||||||
Return of investments in unconsolidated entities | 17,297 | 14 | 17,311 | |||||||||||||||
Investments in distressed loans and foreclosed real estate | (16,252 | ) | (16,252 | ) | ||||||||||||||
Return of investments in distressed loans and foreclosed real estate | 3,015 | 3,015 | ||||||||||||||||
Intercompany advances | (30,082 | ) | 46,913 | (16,831 | ) | — | ||||||||||||
Net cash (used in) provided by investing activities | (30,082 | ) | 46,913 | 22,731 | (18,906 | ) | (16,831 | ) | 3,825 | |||||||||
Cash flow provided by (used in) financing activities: | ||||||||||||||||||
Proceeds from loans payable | 244,830 | 244,830 | ||||||||||||||||
Principal payments of loans payable | (25,832 | ) | (274,030 | ) | (299,862 | ) | ||||||||||||
Redemption of senior notes | (59,068 | ) | (59,068 | ) | ||||||||||||||
Proceeds from stock-based benefit plans | 6,108 | 6,108 | ||||||||||||||||
Purchase of treasury stock | (79 | ) | (79 | ) | ||||||||||||||
Intercompany advances | (37,381 | ) | 15,074 | 22,307 | — | |||||||||||||
Net cash (used in) provided by financing activities | 6,029 | (59,068 | ) | (63,213 | ) | (14,126 | ) | 22,307 | (108,071 | ) | ||||||||
Net (decrease) increase in cash and cash equivalents | — | — | (418,346 | ) | 8,278 | — | (410,068 | ) | ||||||||||
Cash and cash equivalents, beginning of period | — | — | 712,024 | 66,800 | — | 778,824 | ||||||||||||
Cash and cash equivalents, end of period | — | — | 293,678 | 75,078 | — | 368,756 | ||||||||||||
Significant_Accounting_Policie2
Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Apr. 30, 2014 | Jan. 31, 2014 | Feb. 03, 2014 | Apr. 30, 2014 | Feb. 04, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Apr. 30, 2014 | Feb. 04, 2014 | Feb. 03, 2014 | Apr. 30, 2014 | Feb. 04, 2014 | Oct. 31, 2013 | |
Shapell [Member] | Shapell [Member] | Shapell [Member] | Subsidiary of Common Parent [Member] | Five year term note [Member] | Five year term note [Member] | Five year term note [Member] | three hundred sixty four day senior uncedured revolving credit facility [Member] | three hundred sixty four day senior uncedured revolving credit facility [Member] | New Credit Facility [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | ' | $1,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of home sites included in acquisition | ' | ' | ' | 4,950 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, number of selling communities | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Acquired from Acquisition | ' | ' | ' | 120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Homes to be Delivered | ' | 3,667 | ' | ' | 126 | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Value of Outstanding Deliver Homes | ' | 2,690,000,000 | ' | ' | 105,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Deposit Assets | ' | ' | ' | ' | ' | 161,000,000 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | 0 | 370,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | 1,035,000,000 |
Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | 485,000,000 | ' | ' | ' | ' |
Proceeds from (Payments for) Other Financing Activities | ' | $830,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of banks included in Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | 5 | ' |
Debt Instrument, Maturity Period | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' |
Interest above fed funds rate | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of interest above Libor | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent interest added when euro rate option selected | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | 1.72% | ' | ' | ' | ' |
Subsidiary of Company, Ownership Percentage by Parent | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, term of contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '364 days | ' | '5 years |
Percentage Investment in Partnerships and Affiliates up to which Accounted as Equity Method Investment | ' | 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. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory_Details
Inventory (Details) (USD $) | Jan. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||
Total Inventory | ' | ' |
Inventory | $5,235,647 | $4,650,412 |
Land controlled for future communities [Member] | ' | ' |
Total Inventory | ' | ' |
Inventory | 254,549 | 99,802 |
Land owned for future communities [Member] | ' | ' |
Total Inventory | ' | ' |
Inventory | 1,491,205 | 1,287,630 |
Operating communities [Member] | ' | ' |
Total Inventory | ' | ' |
Inventory | $3,489,893 | $3,262,980 |
Inventory_Details_1
Inventory (Details 1) (USD $) | Jan. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | communities | communities |
Land owned for future communities [Member] | ' | ' |
Temporarily Closed communities | ' | ' |
Number of Communities (in ones) | 22 | 25 |
Carrying Value | $141,356 | $153,498 |
Operating communities [Member] | ' | ' |
Temporarily Closed communities | ' | ' |
Number of Communities (in ones) | 15 | 15 |
Carrying Value | $91,984 | $88,534 |
Inventory_Inventory_Details_2
Inventory Inventory (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2013 |
Schedule Of Inventory [Line Items] | ' | ' | ' | ' | ' | ' |
Inventory Write-down | $1,982 | ' | ' | ' | $709 | ' |
Land controlled for future communities [Member] | ' | ' | ' | ' | ' | ' |
Schedule Of Inventory [Line Items] | ' | ' | ' | ' | ' | ' |
Inventory Write-down | 682 | ' | ' | ' | 9 | ' |
Land Owned for Future Communities [Member] | ' | ' | ' | ' | ' | ' |
Schedule Of Inventory [Line Items] | ' | ' | ' | ' | ' | ' |
Inventory Write-down | 0 | ' | ' | ' | 0 | ' |
Operating communities [Member] | ' | ' | ' | ' | ' | ' |
Schedule Of Inventory [Line Items] | ' | ' | ' | ' | ' | ' |
Inventory Write-down | $1,300 | $2,200 | $100 | $340 | $700 | $3,340 |
Inventory_Details_3
Inventory (Details 3) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Inventory Disclosure [Abstract] | ' | ' |
Interest capitalized, beginning of period | $343,077 | $330,581 |
Interest incurred | 39,944 | 31,748 |
Interest expensed to cost of revenues | -25,440 | -19,974 |
Interest Expenses | 0 | 0 |
Write-off against other income | -317 | -88 |
Capitalized interest on investments in unconsolidated entities | -2,457 | -1,363 |
Previously capitalized interest in unconsolidated entities transferred to inventory | 1,811 | ' |
Interest capitalized, end of period | $356,618 | $340,904 |
Inventory_Details_Textual
Inventory (Details Textual) (USD $) | Jan. 31, 2014 | Jan. 31, 2013 |
In Millions, unless otherwise specified | contracts | |
Inventory (Textual) [Abstract] | ' | ' |
Number of VIE Land Purchase Contracts (in ones) | 86 | ' |
Aggregate purchase price of VIE lands | $865.20 | ' |
Deposits for purchase of lands with VIE entities | 47.6 | ' |
Reduction in Capitalized Interest | $37.10 | $46.20 |
Investments_in_and_Advances_to2
Investments in and Advances to Unconsolidated Entities (Details) (USD $) | Jan. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||
Condensed Balance Sheets: | ' | ' |
Cash and cash equivalents | $111,889 | $137,101 |
Inventory | 829,915 | 693,962 |
Non-performing loan portfolio | 97,801 | 107,411 |
Rental properties | 126,237 | 164,325 |
Rental properties under development | 152,190 | 133,081 |
Real estate owned ("REO") | 190,217 | 202,259 |
Other assets | 247,955 | 257,327 |
Total assets | 1,756,204 | 1,695,466 |
Debt | 502,270 | 538,303 |
Other liabilities | 68,963 | 50,491 |
Member's equity | 997,472 | 897,027 |
Non-controlling interest | 187,499 | 209,645 |
Total liabilities and equity | 1,756,204 | 1,695,466 |
Investments in and advances to unconsolidated entities | 430,615 | 403,133 |
Restricted cash | 32,175 | 32,036 |
Development Joint Ventures, Total [Member] | ' | ' |
Condensed Balance Sheets: | ' | ' |
Cash and cash equivalents | 29,003 | 30,826 |
Inventory | 448,357 | 350,150 |
Non-performing loan portfolio | ' | ' |
Rental properties | ' | ' |
Rental properties under development | ' | ' |
Real estate owned ("REO") | ' | ' |
Other assets | 10,330 | 12,700 |
Total assets | 487,690 | 393,676 |
Debt | 139,801 | 135,200 |
Other liabilities | 25,310 | 21,015 |
Member's equity | 322,579 | 237,461 |
Non-controlling interest | ' | ' |
Total liabilities and equity | 487,690 | 393,676 |
Investments in and advances to unconsolidated entities | 157,293 | 142,448 |
Homebuilding Joint Ventures, Total [Member] | ' | ' |
Condensed Balance Sheets: | ' | ' |
Cash and cash equivalents | 24,860 | 31,164 |
Inventory | 381,163 | 338,814 |
Non-performing loan portfolio | ' | ' |
Rental properties | ' | ' |
Rental properties under development | ' | ' |
Real estate owned ("REO") | ' | ' |
Other assets | 68,288 | 70,180 |
Total assets | 474,311 | 440,158 |
Debt | 10,927 | 11,977 |
Other liabilities | 23,784 | 19,636 |
Member's equity | 439,600 | 408,545 |
Non-controlling interest | ' | ' |
Total liabilities and equity | 474,311 | 440,158 |
Investments in and advances to unconsolidated entities | 175,904 | 166,271 |
Rental Joint Ventures, including Trusts i and II [Member] | ' | ' |
Condensed Balance Sheets: | ' | ' |
Cash and cash equivalents | 32,191 | 35,014 |
Inventory | 395 | 4,998 |
Non-performing loan portfolio | ' | ' |
Rental properties | 126,237 | 164,325 |
Rental properties under development | 152,190 | 133,081 |
Real estate owned ("REO") | ' | ' |
Other assets | 13,412 | 18,526 |
Total assets | 324,425 | 355,944 |
Debt | 195,642 | 235,226 |
Other liabilities | 18,489 | 9,461 |
Member's equity | 110,294 | 111,257 |
Non-controlling interest | ' | ' |
Total liabilities and equity | 324,425 | 355,944 |
Investments in and advances to unconsolidated entities | 74,800 | 68,711 |
Structured Asset Joint Venture [Member] | ' | ' |
Condensed Balance Sheets: | ' | ' |
Cash and cash equivalents | 25,835 | 40,097 |
Inventory | ' | ' |
Non-performing loan portfolio | 97,801 | 107,411 |
Rental properties | ' | ' |
Rental properties under development | ' | ' |
Real estate owned ("REO") | 190,217 | 202,259 |
Other assets | 155,925 | 155,921 |
Total assets | 469,778 | 505,688 |
Debt | 155,900 | 155,900 |
Other liabilities | 1,380 | 379 |
Member's equity | 124,999 | 139,764 |
Non-controlling interest | 187,499 | 209,645 |
Total liabilities and equity | 469,778 | 505,688 |
Investments in and advances to unconsolidated entities | 22,575 | 25,703 |
Restricted cash | $155,925 | $155,921 |
Investments_in_and_Advances_to3
Investments in and Advances to Unconsolidated Entities (Details 1) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Condensed Statements of Operations: | ' | ' |
Revenues | $22,857 | $29,984 |
Cost of revenues | 17,376 | 22,955 |
Other expenses | 13,768 | 7,208 |
Total expenses | 31,144 | 30,163 |
Loss/ Gain on disposition of loans and REO | 3,908 | 26,892 |
Income (loss) from operations | -4,379 | 26,713 |
Other income | 43,021 | 101 |
Net income (loss) | 38,642 | 26,814 |
Less: Net income attributable to noncontrolling interest | -903 | -15,168 |
Net income (loss) attributable to controlling interest | 37,739 | 11,646 |
Other comprehensive income (loss) | 786 | 302 |
Total comprehensive income | 38,525 | 11,948 |
Company's equity in (losses) earnings of unconsolidated entities (3) | 22,915 | 3,083 |
Development Joint Ventures, Total [Member] | ' | ' |
Condensed Statements of Operations: | ' | ' |
Revenues | 1,544 | 1,627 |
Cost of revenues | 681 | 1,219 |
Other expenses | 255 | 191 |
Total expenses | 936 | 1,410 |
Loss/ Gain on disposition of loans and REO | ' | ' |
Income (loss) from operations | 608 | 217 |
Other income | 1 | 3 |
Net income (loss) | 609 | 220 |
Less: Net income attributable to noncontrolling interest | ' | ' |
Net income (loss) attributable to controlling interest | 609 | 220 |
Other comprehensive income (loss) | ' | ' |
Total comprehensive income | 609 | 220 |
Company's equity in (losses) earnings of unconsolidated entities (3) | -32 | -98 |
Homebuilding Joint Ventures, Total [Member] | ' | ' |
Condensed Statements of Operations: | ' | ' |
Revenues | 11,581 | 8,970 |
Cost of revenues | 10,374 | 7,105 |
Other expenses | 999 | 464 |
Total expenses | 11,373 | 7,569 |
Loss/ Gain on disposition of loans and REO | ' | ' |
Income (loss) from operations | 208 | 1,401 |
Other income | 39 | 14 |
Net income (loss) | 247 | 1,415 |
Less: Net income attributable to noncontrolling interest | ' | ' |
Net income (loss) attributable to controlling interest | 247 | 1,415 |
Other comprehensive income (loss) | ' | ' |
Total comprehensive income | 247 | 1,415 |
Company's equity in (losses) earnings of unconsolidated entities (3) | 182 | 710 |
Rental Joint Ventures, including Trusts i and II [Member] | ' | ' |
Condensed Statements of Operations: | ' | ' |
Revenues | 9,449 | 9,682 |
Cost of revenues | 3,971 | 4,293 |
Other expenses | 12,055 | 5,495 |
Total expenses | 16,026 | 9,788 |
Loss/ Gain on disposition of loans and REO | ' | ' |
Income (loss) from operations | -6,577 | -106 |
Other income | 42,858 | 5 |
Net income (loss) | 36,281 | -101 |
Less: Net income attributable to noncontrolling interest | ' | ' |
Net income (loss) attributable to controlling interest | 36,281 | -101 |
Other comprehensive income (loss) | 786 | 302 |
Total comprehensive income | 37,067 | 201 |
Company's equity in (losses) earnings of unconsolidated entities (3) | 23,750 | 558 |
Structured Asset Joint Venture [Member] | ' | ' |
Condensed Statements of Operations: | ' | ' |
Revenues | 283 | 9,705 |
Cost of revenues | 2,350 | 10,338 |
Other expenses | 459 | 1,058 |
Total expenses | 2,809 | 11,396 |
Loss/ Gain on disposition of loans and REO | 3,908 | 26,892 |
Income (loss) from operations | 1,382 | 25,201 |
Other income | 123 | 79 |
Net income (loss) | 1,505 | 25,280 |
Less: Net income attributable to noncontrolling interest | -903 | -15,168 |
Net income (loss) attributable to controlling interest | 602 | 10,112 |
Other comprehensive income (loss) | ' | ' |
Total comprehensive income | 602 | 10,112 |
Company's equity in (losses) earnings of unconsolidated entities (3) | ($985) | $1,913 |
Investments_in_and_Advances_to4
Investments in and Advances to Unconsolidated Entities (Details Textual) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||
Jan. 31, 2014 | Jan. 31, 2013 | Feb. 03, 2014 | Oct. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | Oct. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jan. 31, 2014 | Oct. 31, 2012 | Jan. 31, 2014 | Jan. 31, 2013 | Oct. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jan. 31, 2014 | Apr. 30, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2013 | Oct. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | |
Development Joint Ventures, Total [Member] | Development Joint Ventures, Total [Member] | Development Joint Ventures, Total [Member] | Development Joint Venture (two) [Member] | Development Joint Venture (three) [Member] | Development Joint Venture (four) [Member] | Development Joint Venture (four) [Member] | Baker Ranch [Member] | Baker Ranch [Member] | Homebuilding Joint Ventures, Total [Member] | Homebuilding Joint Ventures, Total [Member] | Homebuilding Joint Ventures, Total [Member] | Rental Joint Ventures, Total [Member] | Rental Joint Ventures, JVs with new borrowings [Member] | Retail Joint Venture - two [Member] | Retail Joint Venture - two [Member] | Retail Joint Venture, one [Member] | Retail Joint Venture, one [Member] | Trust I [Member] | Trust I [Member] | Trust II [Member] | Structured Asset Joint Venture [Member] | Structured Asset Joint Venture [Member] | Structured Asset Joint Venture [Member] | Corporate Joint Venture [Member] | Joint Ventures, variable interest entities [Member] | Joint Ventures, variable interest entities [Member] | Minimum [Member] | Maximum [Member] | |||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | $430,615,000 | ' | ' | $403,133,000 | $157,293,000 | ' | $142,448,000 | $20,300,000 | $40,600,000 | $11,900,000 | ' | $78,200,000 | ' | $175,904,000 | ' | $166,271,000 | ' | ' | $14,600,000 | ' | $25,500,000 | ' | ($900,000) | ' | $6,400,000 | $22,575,000 | ' | $25,703,000 | ' | $27,100,000 | $22,900,000 | ' | ' |
Funding Commitments | 76,894,000 | ' | ' | ' | 26,000,000 | ' | ' | 12,500,000 | ' | ' | ' | 10,000,000 | ' | 27,600,000 | ' | ' | 23,300,000 | ' | ' | ' | 4,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | 37,700,000 | 41,700,000 | ' | ' |
Number of lots committed to purchase | 115 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Purchase Commitments Unconsolidated Entities that the Company has Investments in | 12,552,000 | ' | ' | 61,738,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of joint venture with funding commitments | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of joint ventures with loan commitments | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | 105,000,000 | ' | ' | 25,000,000 | 40,000,000 | ' | ' | 80,000,000 | ' | ' | ' | ' | 319,800,000 | 126,000,000 | 54,000,000 | ' | 120,000,000 | ' | ' | ' | ' | ' | ' | ' | 424,800,000 | ' | ' | ' | ' |
Number of acres owned by venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | 945 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | 0 | ' | 370,000,000 | ' | 73,200,000 | ' | ' | 24,800,000 | ' | ' | ' | 48,400,000 | ' | ' | ' | ' | 16,600,000 | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 89,800,000 | ' | ' | ' | ' |
Number of Units in Real Estate Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 640 | ' | ' | ' | ' | 287 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of floors in apartment building | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of line of credit commitment | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '22 months | '48 months |
Guarantor Obligations, Maximum Exposure, Undiscounted | 424,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Owned by Third Party | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.30% | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | 22,915,000 | 3,083,000 | ' | ' | -32,000 | -98,000 | ' | ' | ' | ' | ' | ' | ' | 182,000 | 710,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,500,000 | -985,000 | 1,913,000 | ' | ' | ' | ' | ' | ' |
Proceeds from Equity Method Investment, Dividends or Distributions | 22,143,000 | 2,413,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Land sales, net | 6,258,000 | 145,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage ownership held by company | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | 50.00% | ' | 50.00% | ' | ' | ' | ' | ' | ' | 50.00% | ' | 50.00% | ' | 33.30% | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Percent owned by Company's Management | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of Inventory to Investment | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,100,000 | ' | 28,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Purchase Commitments Unrelated Parties | 1,155,798,000 | ' | ' | 1,301,987,000 | ' | ' | ' | ' | 79,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Equity Method Investment, Dividends or Distributions | 32,429,000 | 17,311,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,500,000 | 10,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Venture payment to align capital accounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution of cash to joint venture | ' | ' | ' | ' | ' | ' | ' | 15,500,000 | ' | ' | 11,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
unimproved lots controlled by JV | ' | ' | ' | ' | ' | ' | ' | 2,900 | 6,500 | 1,300 | ' | 1,200 | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of lots to be acquired from joint venture | 3,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management fee income | 1,227,000 | 327,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Joint Venture Description | '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. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'is a 20% participant with two unrelated parties that purchased a 40% interest in an entity that owns and controls a portfolio of loans and real estate | ' | ' | ' | ' | ' | ' | ' |
Maxiumum guarantor obigation for borrowings by JVs | 89,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ground lease and other, guarantee | 11,512,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,463,000 | 9,563,000 | ' | ' |
Number of JVs, ground lease and other | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantees, Fair Value Disclosure | $2,011,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
variable interest entity, number of entities, not primary beneficiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
Investments_in_Distressed_Loan2
Investments in Distressed Loans and Foreclosed Real Estate (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Oct. 31, 2013 |
Investment in non-performing loan portfolios | ' | ' | ' |
Impaired Financing Receivable, Unpaid Principal Balance | $36,465 | ' | $63,381 |
Discount on acquired loans | 17,212 | ' | 27,007 |
Investments in distressed loans | 19,253 | ' | 36,374 |
Activity in accretable yield for investment in non-performing loan portfolios | ' | ' | ' |
Begining balance | 6,606 | 17,196 | ' |
Additions | 169 | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Disposals of Loans | -3,183 | -2,387 | ' |
Accretions | -502 | -1,403 | ' |
Ending balance | 3,090 | 13,406 | ' |
Schedule of changes in real estate owned [Roll Forward] | ' | ' | ' |
Real Estate Acquired Through Foreclosure | 72,972 | 58,353 | ' |
Real Estate Owned Additions | 7,165 | 11,040 | ' |
Real Estate Owned, Sales | 808 | 439 | ' |
Real Estate Owned, Impairments | ' | 15 | ' |
Real Estate Held And Used Depreciation | -62 | -175 | ' |
Real Estate Acquired Through Foreclosure | $79,267 | $68,764 | ' |
Investments_in_Distressed_Loan3
Investments in Distressed Loans and Foreclosed Real Estate (Details Textual) (USD $) | 3 Months Ended | |||
Jan. 31, 2014 | Jan. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Real Estate Acquired Through Foreclosure | $79,267,000 | $68,764,000 | $72,972,000 | $58,353,000 |
Investments in Non-Performing Loan Portfolios and Foreclosed Real Estate (Textual) [Abstract] | ' | ' | ' | ' |
Investment in performing loans | 0 | ' | 800,000 | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 11,700,000 | ' | 21,400,000 | ' |
Gains (losses) upon acquisition of REO | 1,500,000 | 600,000 | ' | ' |
Income from Gibraltar | 4,332,000 | 151,000 | ' | ' |
Assets Held-for-sale [Member] | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Real Estate Acquired Through Foreclosure | 18,900,000 | 5,900,000 | ' | ' |
real estate held and used [Member] | ' | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Real Estate Acquired Through Foreclosure | $60,400,000 | $62,800,000 | ' | ' |
Credit_Facility_Senior_Notes_a1
Credit Facility, Senior Notes and Mortgage Company Loan Facility Credit Facility (Details Textual) (USD $) | 0 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | |
Feb. 12, 2014 | Jan. 31, 2014 | Feb. 03, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | |
New Credit Facility [Member] | 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 | ' | ' | ' | ' | 2,419,000,000 |
Existing Leverage Ratio | ' | '0.51 to 1.00 | ' | ' | ' |
Tangible Net Worth | ' | 3,574,547,000 | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | 0 | 370,000,000 | ' | ' |
Ability to repurchase common stock | ' | ' | ' | 1,668,000,000 | ' |
Letters of Credit Outstanding, Amount | ' | 83,600,000 | ' | 71,061,000 | ' |
Repayments of Lines of Credit | $170,000,000 | ' | ' | ' | ' |
Credit_Facility_Senior_Notes_a2
Credit Facility, Senior Notes and Mortgage Company Loan Facility Term Loan Facility and 364-Day Facility (Details Textual 1) (Details) (three hundred sixty four day senior uncedured revolving credit facility [Member]) | 3 Months Ended |
Apr. 30, 2014 | |
three hundred sixty four day senior uncedured revolving credit facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Line of Credit Facility, term of contract | '364 days |
Senior_Notes_Payable_Details_T
Senior Notes Payable (Details Textual 2) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Oct. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Nov. 12, 2013 | Jan. 31, 2014 | Nov. 13, 2013 | Oct. 31, 2013 | Apr. 30, 2013 | Apr. 03, 2013 | Jul. 31, 2013 | Apr. 03, 2013 | Jan. 31, 2013 | Oct. 31, 2012 |
debtissuances | Senior Notes Issued for Cash [Member] | Four percent Senior Notes due two thousand and eighteen [Member] | Four percent Senior Notes due two thousand and eighteen [Member] | five point six two five percent Senior notes due twenty twenty four [Member] | five point six two five percent Senior notes due twenty twenty four [Member] | Five Point Nine Five Percent Senior Notes Due Two Thousand and Thirteen [Member] | 4.375% Senior Notes due 2023 [Member] | 4.375% Senior Notes due 2023 [Member] | four point three seven five percent Senior Notes due 2023 second tranche [Member] | four point three seven five percent Senior Notes due 2023 second tranche [Member] | Six Point Eight Seven Five Percent Senior Notes Due Two Thousand and Twelve [Member] | Six Point Eight Seven Five Percent Senior Notes Due Two Thousand and Twelve [Member] | |||
Senior Note Payable (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of issuances of senior debt | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issued Senior Notes | $2,921,851 | ' | $2,321,442 | $2,925,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | 600,000 | ' | ' | ' | 350,000 | ' | 250,000 | ' | ' | 300,000 | ' | 100,000 | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | 4.00% | ' | 5.63% | 5.95% | ' | 4.38% | ' | 4.38% | ' | 6.88% |
Proceeds from Debt, Net of Issuance Costs | 596,220 | ' | ' | ' | ' | ' | ' | ' | ' | 298,100 | ' | 102,300 | ' | ' | ' |
Repayments of Senior Debt | ' | $59,068 | ' | ' | ' | ' | ' | ' | $104,800 | ' | ' | ' | ' | $59,100 | ' |
Par value of senior note issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103.00% | ' | ' |
Credit_Facility_Senior_Notes_a3
Credit Facility, Senior Notes and Mortgage Company Loan Facility Mortgage Company Loan Facility (Details Textual 3) (USD $) | Jan. 31, 2014 | Oct. 31, 2013 | Jan. 31, 2014 |
Mortgage Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | $50,000,000 |
Mortgage Loan Facility Maximum Borrowing Capacity Increased | ' | ' | 75,000,000 |
Interest Rate on Loan Commitments in Addition to Libor | ' | ' | 2.00% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | 3.00% |
Mortgage company warehouse loan | $51,470,000 | $75,000,000 | ' |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Jan. 31, 2014 | Oct. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Accrued expenses | ' | ' | ' | ' |
Land, land development and construction | $135,523 | $152,674 | ' | ' |
Compensation and employee benefits | 107,080 | 111,561 | ' | ' |
Insurance and litigation | 91,820 | 89,104 | ' | ' |
Warranty | 42,688 | 43,819 | 41,241 | 41,706 |
Interest | 46,500 | 25,675 | ' | ' |
Due to Affiliate | 4,260 | 3,804 | ' | ' |
Other | 88,226 | 96,350 | ' | ' |
Accrued expenses, Total | $516,097 | $522,987 | ' | ' |
Accrued_Expenses_Details_1
Accrued Expenses (Details 1) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Changes in the warranty accrual | ' | ' |
Balance, beginning of year | $43,819 | $41,706 |
Additions - homes closed during the year | 3,097 | 2,289 |
Increase (decrease) to accruals for homes closed in prior periods | 344 | -267 |
Charges incurred | -4,572 | -2,487 |
Balance, end of year | $42,688 | $41,241 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Reconciliation of Company's effective tax rate from federal statutory rate | ' | ' |
Federal tax (benefit) provision at statutory rate | $24,932 | $2,914 |
State taxes, net of federal benefit | 2,985 | 346 |
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Amount | -1,833 | ' |
Other permanent differences, Deduction, Amount | -1,014 | ' |
Valuation allowance - reversed | -448 | -216 |
Accrued interest on anticipated tax assessments | 786 | 1,166 |
Other | 247 | -316 |
Income tax provision (benefit) | $25,655 | $3,894 |
Federal tax (benefit) provision at statutory rate, percentage | 35.00% | 35.00% |
State taxes net of federal benefit, percentage | 4.20% | 4.20% |
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Percent | -2.60% | ' |
Other permanent differences, rate reconciliation, deduction, percent | -1.40% | ' |
Valuation allowance - reversed, percentage | -0.60% | -2.60% |
Accrued interest on anticipated tax assessments, percentage | 1.10% | 14.00% |
Other, percentage | 0.30% | -3.80% |
Tax provision (benefit), percentage | 36.00% | 46.80% |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Oct. 31, 2013 |
Income Taxes (Textual) [Abstract] | ' | ' | ' |
Number of states | 20 | ' | ' |
State taxes net of federal benefit, percentage | 6.50% | 6.50% | ' |
Recognized cumulative valuation allowances against state deferred tax assets | $55.30 | ' | $55.70 |
StockBased_Benefit_Plans_Detai
Stock-Based Benefit Plans (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock based expense recognized | $7,669 | $5,684 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $2,972 | $2,079 |
StockBased_Benefit_Plans_Detai1
Stock-Based Benefit Plans (Details 1) (USD $) | 3 Months Ended | |
Jan. 31, 2014 | Jan. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 42.71% | 46.70% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Payments | $0 | $0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $14.26 | $13.05 |
Stock based expense recognized | 7,669,000 | 5,684,000 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 2,972,000 | 2,079,000 |
Employee Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock based expense recognized | $4,030,000 | $3,475,000 |
Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 44.71% | 48.13% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.71% | 1.56% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '9 years 0 months 8 days | '8 years 10 months 17 days |
Minimum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 36.44% | 44.04% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.45% | 0.64% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '4 years 6 months 20 days | '4 years 5 months 22 days |
StockBased_Benefit_Plans_Detai2
Stock-Based Benefit Plans (Details 2) (USD $) | 3 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Dec. 20, 2013 | Oct. 31, 2013 | Jan. 29, 2013 |
Performance-Based Restricted Stock Units | ' | ' | ' | ' | ' |
Stock based expense recognized | $7,669 | $5,684 | ' | ' | ' |
Performance Based Restricted Stock Units [Member] | ' | ' | ' | ' | ' |
Performance-Based Restricted Stock Units | ' | ' | ' | ' | ' |
Issuance of restricted stock and stock units, shares | 288,667 | 302,511 | ' | ' | ' |
Closing price of the Company's common stock on date of issuance | ' | ' | $35.16 | ' | $37.78 |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 10,150 | 11,429 | ' | ' | ' |
Stock based expense recognized | 2,071 | 514 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 961,354 | ' | ' | 672,687 | ' |
Unamortized value of RSUs | $16,198 | ' | ' | $8,120 | ' |
StockBased_Benefit_Plans_Detai3
Stock-Based Benefit Plans (Details 3) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Oct. 31, 2013 |
Stock Price-Based RSUs issued | ' | ' | ' |
Stock based expense recognized | $7,669 | $5,684 | ' |
Stock Price Based Restricted Stock Units [Member] | ' | ' | ' |
Stock Price-Based RSUs issued | ' | ' | ' |
Stock based expense recognized | 231 | 562 | ' |
Aggregate outstanding RSUs | 0 | ' | 306,000 |
Unamortized value of RSUs | $0 | ' | $231 |
StockBased_Benefit_Plans_Detai4
Stock-Based Benefit Plans (Details 4) (USD $) | 3 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Dec. 20, 2013 | Oct. 31, 2013 | Dec. 17, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Stock based expense recognized | $7,669 | $5,684 | ' | ' | ' |
Non-Performance Based Restricted Stock Units [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Restricted stock units issued | 99,336 | 94,080 | ' | ' | ' |
Closing Price of Company Common Stock at Issuance Date | ' | ' | $35.16 | ' | $32.22 |
Fair value of restricted stock units issued | 3,493 | 3,031 | ' | ' | ' |
Stock based expense recognized | 1,311 | 1,112 | ' | ' | ' |
Summary of aggregate number and unamortized value of outstanding stock price based RSUs | ' | ' | ' | ' | ' |
Aggregate outstanding RSUs | 307,798 | ' | ' | 225,252 | ' |
Unamortized value of RSUs | $3,852 | ' | ' | $1,706 | ' |
StockBased_Benefit_Plans_Detai5
Stock-Based Benefit Plans (Details Textual) (USD $) | 3 Months Ended | 3 Months Ended | ||||
Jan. 31, 2014 | Oct. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | |
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] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Gross shares distributed related to restricted stock | ' | ' | ' | ' | 306,000 | 200,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '4 years | ' | ' | ' |
Stock Based Benefit Plans (Textual) [Abstract] | ' | ' | ' | ' | ' | ' |
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% | ' | ' | ' | ' | ' |
Stock Based Benefit Plans (Additional Textual) [Abstract] | ' | ' | ' | ' | ' | ' |
Aggregate unamortized value of outstanding stock based compensation awards | $37,800,000 | $19,900,000 | ' | ' | ' | ' |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | ' | ' | $10,150,000 | $11,429,000 | ' | ' |
Employee_Retirement_Plans_Deta
Employee Retirement Plans (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Costs and payments related to supplemental retirement plans | ' | ' |
Service cost | $118 | $118 |
Interest cost | 318 | 261 |
Amortization of prior service obligation | 161 | 210 |
Amortization of unrecognized losses | 3 | 36 |
Total costs | 600 | 625 |
Benefits paid | $233 | $233 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive (Loss) Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Accumulated Other Comprehensive (Loss) Income [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($2,387) | ($4,819) |
Other comprehensive (loss) income before reclassifications | 287 | -230 |
Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax | 143 | 247 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | -167 | -1 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 263 | 16 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -2,124 | -4,803 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' |
Accumulated Other Comprehensive (Loss) Income [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -2,112 | -4,446 |
Other comprehensive (loss) income before reclassifications | -77 | -519 |
Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax | 164 | 247 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | -34 | 99 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 53 | -173 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -2,059 | -4,619 |
Available-for-sale Securities [Member] | ' | ' |
Accumulated Other Comprehensive (Loss) Income [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -5 | 180 |
Other comprehensive (loss) income before reclassifications | -29 | 138 |
Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax | -21 | ' |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 19 | -42 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -31 | 96 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -36 | 276 |
Derivative [Member] | ' | ' |
Accumulated Other Comprehensive (Loss) Income [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -270 | -553 |
Other comprehensive (loss) income before reclassifications | 393 | 151 |
Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax | ' | ' |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | -152 | -58 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 241 | 93 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($29) | ($460) |
Stock_Issuance_and_Stock_Repur2
Stock Issuance and Stock Repurchase Program (Details) (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Nov. 07, 2013 | Mar. 31, 2003 |
Share Repurchase Program | ' | ' | ' | ' |
Number of shares purchased | 3,000 | 3,000 | ' | ' |
Average price per share | $33.23 | $32.59 | ' | ' |
Remaining authorization at January 31: | 8,266,000 | 8,764,000 | ' | ' |
Stock Issuance and Stock Repurchase Program (Textual) [Abstract] | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 7,200,000 | ' | ' | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | ' | ' | 20,000,000 |
Par value of common stock repurchased | ' | ' | ' | $0.01 |
Sale of Stock, Price Per Share | ' | ' | $32 | ' |
Proceeds from Issuance of Common Stock | $220,357 | ' | ' | ' |
Income_Per_Share_Information_D
Income Per Share Information (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Sep. 05, 2012 |
Zero Point Five Percent Exchangeable Senior Notes Due Two Thousand and Thirty Two [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' |
Net Income Attributable to Parent | $45,580 | $4,432 | ' |
Interest on Convertible Debt, Net of Tax | 397 | ' | ' |
Net Income Available to Common Stockholders, Diluted | $45,977 | $4,432 | ' |
Basic weighted-average shares | 176,474 | 169,064 | ' |
Common stock equivalents | 2,556 | 2,839 | ' |
Incremental Common Shares Attributable to Conversion of Debt Securities | 5,858 | ' | ' |
Diluted weighted-average shares | 184,888 | 171,903 | ' |
Weighted-Average Number of Anti-Dilutive Options and RSU's | 1,602 | 980 | ' |
Shares Issued under Stock Incentive and Employee Stock Purchase Plans | 1,013 | 523 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 0.50% |
Fair_Value_Disclosures_Level_4
Fair Value Disclosures (Level 4 FV of Fin Instr) (Details) (USD $) | Jan. 31, 2014 | Oct. 31, 2013 |
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 | $58,131 | $113,517 |
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 | 58,131 | 113,517 |
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 | -191 | -496 |
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 | -121 | -181 |
Forward Loan Commitments [Member] | Level 2 [Member] | ' | ' |
Summary of assets and (liabilities), measured at fair value on a recurring basis | ' | ' |
Fair value of commitments | 121 | 181 |
Corporate Securities [Member] | Level 2 [Member] | ' | ' |
Summary of assets and (liabilities), measured at fair value on a recurring basis | ' | ' |
Fair value of securities | $13,017 | $52,508 |
Fair_Value_Disclosures_Level_41
Fair Value Disclosures (Level 4 loan UPB vs FV) (Details 1) (USD $) | Jan. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||
Aggregate unpaid principal and fair value of mortgage loans held for sale | ' | ' |
Aggregate unpaid principal balance | $57,421 | $111,896 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 58,131 | 113,517 |
Excess | 710 | 1,621 |
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 | $58,131 | $113,517 |
Fair_Value_Disclosures_Level_42
Fair Value Disclosures (Level 4 marketable securities) (Details 2) (USD $) | Jan. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures (Textual) [Abstract] | ' | ' |
Marketable Securities Maturities Term Minimum | '3 months | ' |
Marketable Securities Maturities Term Maximum | '22 months | ' |
Summary of amortized cost gross unrealized holding gains and losses | ' | ' |
Amortized cost | $13,061 | $52,502 |
Available For Sale Securities Gross Unrealized Gain Accumulated Investments | 3 | 71 |
Available For Sale Securities Gross Unrealized Loss Accumulated Investments | -47 | -65 |
Fair value | $13,017 | $52,508 |
Fair_Value_Disclosures_Fair_Va
Fair Value Disclosures Fair Value Disclosures (Level 4 Inv Impair inputs) (Details 3) (Details) (Operating communities [Member], USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 |
Minimum [Member] | ' | ' | ' | ' | ' |
Fair value inputs, assets, quantitative information [Line Items] | ' | ' | ' | ' | ' |
Average selling price | $388 | $315 | $475 | $0 | $303 |
Sales pace (in ones) | 21 | 2 | 2 | 0 | 15 |
Discount rate | 16.60% | 15.00% | 15.00% | 0.00% | 15.30% |
Maximum [Member] | ' | ' | ' | ' | ' |
Fair value inputs, assets, quantitative information [Line Items] | ' | ' | ' | ' | ' |
Average selling price | $405 | $362 | $500 | $0 | $307 |
Sales pace (in ones) | 23 | 7 | 2 | 0 | 15 |
Discount rate | 16.60% | 15.00% | 15.00% | 0.00% | 15.30% |
Fair_Value_Disclosures_Level_43
Fair Value Disclosures (Level 4 inventory fv) (Details 4) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2013 |
Statement of Inventory [Line Items] | ' | ' | ' | ' | ' | ' |
Number of Operating Communities Tested | 67 | 63 | 76 | 79 | 60 | ' |
Number of Communities Impaired | 1 | 2 | 1 | 1 | 2 | ' |
Fair Value of the Impaired Inventory | $7,131 | $6,798 | $191 | $749 | $5,377 | ' |
Inventory Write-down | 1,982 | ' | ' | ' | 709 | ' |
Operating communities [Member] | ' | ' | ' | ' | ' | ' |
Statement of Inventory [Line Items] | ' | ' | ' | ' | ' | ' |
Inventory Write-down | $1,300 | $2,200 | $100 | $340 | $700 | $3,340 |
Fair_Value_Disclosures_Level_44
Fair Value Disclosures (Level 4 Gibraltar) (Details 5) (USD $) | Jan. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying value and estimated fair value of distressed loans | ' | ' |
Investments in distressed loans | $19,253 | $36,374 |
Investment in distressed loans, fair value | $23,240 | $45,355 |
Fair_Value_Disclosures_Level_45
Fair Value Disclosures (Level 4 debt fv) (Details 6) (USD $) | Jan. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||
Book value and estimated fair value of the Company's debt | ' | ' |
Loans payable (a) | $158,606 | $107,222 |
Senior notes | 2,921,851 | 2,321,442 |
Mortgage company warehouse loan (c) | 51,470 | 75,000 |
Book value [Member] | ' | ' |
Book value and estimated fair value of the Company's debt | ' | ' |
Loans payable (a) | 158,606 | 107,222 |
Senior notes | 2,925,336 | 2,325,336 |
Mortgage company warehouse loan (c) | 51,470 | 75,000 |
Total debt | 3,135,412 | 2,507,558 |
Estimate fair value [Member] | ' | ' |
Book value and estimated fair value of the Company's debt | ' | ' |
Loans payable (a) | 158,097 | 106,988 |
Senior notes | 3,084,026 | 2,458,737 |
Mortgage company warehouse loan (c) | 51,470 | 75,000 |
Total debt | $3,293,593 | $2,640,725 |
Other_Income_Net_Details
Other Income - Net (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Other Income and Expenses [Abstract] | ' | ' |
Interest income | $1,064 | $1,475 |
Income from Ancillary Businesses | 1,613 | 1,278 |
Gibraltar | 4,332 | 151 |
Management fee income | 1,227 | 327 |
Retained customer deposits | 888 | 678 |
Land sales, net | 6,258 | 145 |
Other misc income | 1,159 | 572 |
Total other income - net | 16,541 | 4,626 |
Revenues and expenses of non-core ancillary businesses | ' | ' |
Revenue | 20,940 | 16,641 |
Expense | $19,327 | $15,363 |
Other_Income_Net_Details_Textu
Other Income - Net (Details Textual) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Land Sales | $6,258 | $145 |
Trust Two [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Land Sales | $2,900 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Jan. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||
Company's land purchase commitments | ' | ' |
Aggregate purchase commitments unrelated parties | $1,155,798 | $1,301,987 |
Unconsolidated entities that the Company has investments in | 12,552 | 61,738 |
Total | 1,168,350 | 1,363,725 |
Deposits against aggregate purchase commitments | 76,814 | 76,986 |
Additional cash required to acquire land | 1,091,536 | 1,286,739 |
Total | 1,168,350 | 1,363,725 |
Amount of Additional Cash Required to Acquire Land Included in Accrued Expenses | $1,753 | $1,439 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 1) (USD $) | Jan. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||
Company's mortgage commitments | ' | ' |
Aggregate mortgage loan commitments | $914,147 | $893,283 |
Investor commitments to purchase | 307,802 | 355,868 |
Mortgage loans receivable [Member] | ' | ' |
Company's mortgage commitments | ' | ' |
Investor commitments to purchase | 53,623 | 107,873 |
Interest Rate Lock Commitments [Member] | ' | ' |
Company's mortgage commitments | ' | ' |
Aggregate mortgage loan commitments | 254,179 | 247,995 |
Investor commitments to purchase | 254,179 | 247,995 |
Non IRLC [Member] | ' | ' |
Company's mortgage commitments | ' | ' |
Aggregate mortgage loan commitments | $659,968 | $645,288 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details Textual) (USD $) | Jan. 31, 2014 |
Commitments and Contingencies (Textual) [Abstract] | ' |
Number of lots to be acquired from joint venture | 3,800 |
Purchase commitments to acquire land for apartment development | $56,000,000 |
Deposits on purchase commitment to acquire land for apartment development | 2,450,000 |
Outstanding surety bonds | 427,100,000 |
Amount of work remains on improvements in the Company's various communities | 281,400,000 |
Additional outstanding surety bonds | 70,800,000 |
Number of homes to be delivered | 3,667 |
Aggregate sales value of outstanding homes to be delivered | 2,690,000,000 |
Commitments and Contingencies (Additional Textual) [Abstract] | ' |
Outstanding letter of credit | 83,600,000 |
Collateralized under credit facility [Member] | ' |
Commitments and Contingencies (Additional Textual) [Abstract] | ' |
Outstanding letter of credit | 71,100,000 |
Collateralized by restricted cash [Member] | ' |
Commitments and Contingencies (Additional Textual) [Abstract] | ' |
Outstanding letter of credit | $12,500,000 |
Information_on_Operating_Segme2
Information on Operating Segments (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Oct. 31, 2013 |
Revenues | ' | ' | ' |
Revenues | $643,681 | $424,601 | ' |
Income (loss) before income taxes | ' | ' | ' |
Income before income taxes | 71,235 | 8,326 | ' |
Total assets | ' | ' | ' |
Total assets | 7,760,255 | ' | 6,827,459 |
North [Member] | ' | ' | ' |
Revenues | ' | ' | ' |
Revenues | 127,644 | 82,319 | ' |
Income (loss) before income taxes | ' | ' | ' |
Income before income taxes | 8,346 | 4,720 | ' |
Total assets | ' | ' | ' |
Total assets | 1,000,985 | ' | 963,597 |
Mid-Atlantic [Member] | ' | ' | ' |
Revenues | ' | ' | ' |
Revenues | 169,096 | 129,591 | ' |
Income (loss) before income taxes | ' | ' | ' |
Income before income taxes | 21,551 | 14,850 | ' |
Total assets | ' | ' | ' |
Total assets | 1,254,409 | ' | 1,231,438 |
South [Member] | ' | ' | ' |
Revenues | ' | ' | ' |
Revenues | 150,559 | 87,185 | ' |
Income (loss) before income taxes | ' | ' | ' |
Income before income taxes | 17,368 | 2,814 | ' |
Total assets | ' | ' | ' |
Total assets | 1,126,470 | ' | 953,955 |
West [Member] | ' | ' | ' |
Revenues | ' | ' | ' |
Revenues | 186,226 | 112,595 | ' |
Income (loss) before income taxes | ' | ' | ' |
Income before income taxes | 34,668 | 8,047 | ' |
Total assets | ' | ' | ' |
Total assets | 1,547,449 | ' | 1,290,388 |
Traditional Homebuilding [Member] | ' | ' | ' |
Revenues | ' | ' | ' |
Revenues | 633,525 | 411,690 | ' |
Income (loss) before income taxes | ' | ' | ' |
Income before income taxes | 81,933 | 30,431 | ' |
Total assets | ' | ' | ' |
Total assets | 4,929,313 | ' | 4,439,378 |
City Living [Member] | ' | ' | ' |
Revenues | ' | ' | ' |
Revenues | 10,156 | 12,911 | ' |
Income (loss) before income taxes | ' | ' | ' |
Income before income taxes | -1,058 | 2,697 | ' |
Total assets | ' | ' | ' |
Total assets | 781,698 | ' | 674,302 |
Corporate and other [Member] | ' | ' | ' |
Income (loss) before income taxes | ' | ' | ' |
Income before income taxes | -9,640 | -24,802 | ' |
Total assets | ' | ' | ' |
Total assets | $2,049,244 | ' | $1,713,779 |
Information_on_Operating_Segme3
Information on Operating Segments (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2013 |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | $5,235,647 | $4,650,412 | ' | ' | ' | $4,650,412 |
Inventory impairments and write-offs | 1,982 | ' | ' | ' | 709 | ' |
Investments in unconsolidated entities | ' | ' | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | 430,615 | 403,133 | ' | ' | ' | 403,133 |
(Recovery) impairment of investment in unconsolidated entities | 0 | ' | ' | ' | 0 | ' |
Land controlled for future communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 254,549 | 99,802 | ' | ' | ' | 99,802 |
Inventory impairments and write-offs | 682 | ' | ' | ' | 9 | ' |
Land owned for future communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 1,491,205 | 1,287,630 | ' | ' | ' | 1,287,630 |
Inventory impairments and write-offs | 0 | ' | ' | ' | 0 | ' |
Operating communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 3,489,893 | 3,262,980 | ' | ' | ' | 3,262,980 |
Inventory impairments and write-offs | 1,300 | 2,200 | 100 | 340 | 700 | 3,340 |
North [Member] | Land controlled for future communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 14,937 | 16,267 | ' | ' | ' | 16,267 |
Inventory impairments and write-offs | 180 | ' | ' | ' | 88 | ' |
North [Member] | Land owned for future communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 177,321 | 135,282 | ' | ' | ' | 135,282 |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' |
North [Member] | Operating communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 788,391 | 785,175 | ' | ' | ' | 785,175 |
Inventory impairments and write-offs | 1,300 | ' | ' | ' | 500 | ' |
Mid-Atlantic [Member] | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated entities | ' | ' | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | 11,850 | 11,850 | ' | ' | ' | 11,850 |
(Recovery) impairment of investment in unconsolidated entities | ' | ' | ' | ' | ' | ' |
Mid-Atlantic [Member] | Land controlled for future communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 28,172 | 29,423 | ' | ' | ' | 29,423 |
Inventory impairments and write-offs | 246 | ' | ' | ' | 16 | ' |
Mid-Atlantic [Member] | Land owned for future communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 285,761 | 308,585 | ' | ' | ' | 308,585 |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' |
Mid-Atlantic [Member] | Operating communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 911,138 | 866,256 | ' | ' | ' | 866,256 |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' |
South [Member] | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated entities | ' | ' | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | 91,097 | 50,452 | ' | ' | ' | 50,452 |
(Recovery) impairment of investment in unconsolidated entities | ' | ' | ' | ' | ' | ' |
South [Member] | Land controlled for future communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 15,163 | 14,606 | ' | ' | ' | 14,606 |
Inventory impairments and write-offs | 249 | ' | ' | ' | 355 | ' |
South [Member] | Land owned for future communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 254,989 | 158,457 | ' | ' | ' | 158,457 |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' |
South [Member] | Operating communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 729,757 | 690,302 | ' | ' | ' | 690,302 |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' |
West [Member] | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated entities | ' | ' | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | 84,502 | 110,467 | ' | ' | ' | 110,467 |
(Recovery) impairment of investment in unconsolidated entities | ' | ' | ' | ' | ' | ' |
West [Member] | Land controlled for future communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 169,919 | 13,371 | ' | ' | ' | 13,371 |
Inventory impairments and write-offs | 7 | ' | ' | ' | -450 | ' |
West [Member] | Land owned for future communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 460,963 | 448,125 | ' | ' | ' | 448,125 |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' |
West [Member] | Operating communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 819,421 | 697,573 | ' | ' | ' | 697,573 |
Inventory impairments and write-offs | ' | ' | ' | ' | 200 | ' |
Traditional Homebuilding [Member] | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated entities | ' | ' | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | 187,449 | 172,769 | ' | ' | ' | 172,769 |
(Recovery) impairment of investment in unconsolidated entities | 0 | ' | ' | ' | 0 | ' |
Traditional Homebuilding [Member] | Land controlled for future communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 228,191 | 73,667 | ' | ' | ' | 73,667 |
Inventory impairments and write-offs | 682 | ' | ' | ' | 9 | ' |
Traditional Homebuilding [Member] | Land owned for future communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 1,179,034 | 1,050,449 | ' | ' | ' | 1,050,449 |
Inventory impairments and write-offs | 0 | ' | ' | ' | 0 | ' |
Traditional Homebuilding [Member] | Operating communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 3,248,707 | 3,039,306 | ' | ' | ' | 3,039,306 |
Inventory impairments and write-offs | 1,300 | ' | ' | ' | 700 | ' |
City Living [Member] | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated entities | ' | ' | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | 145,748 | 135,950 | ' | ' | ' | 135,950 |
(Recovery) impairment of investment in unconsolidated entities | ' | ' | ' | ' | ' | ' |
City Living [Member] | Land controlled for future communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 26,358 | 26,135 | ' | ' | ' | 26,135 |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' |
City Living [Member] | Land owned for future communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 312,171 | 237,181 | ' | ' | ' | 237,181 |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' |
City Living [Member] | Operating communities [Member] | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' |
Inventory | 241,186 | 223,674 | ' | ' | ' | 223,674 |
Inventory impairments and write-offs | ' | ' | ' | ' | ' | ' |
Corporate and other [Member] | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated entities | ' | ' | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | 97,418 | 94,414 | ' | ' | ' | 94,414 |
(Recovery) impairment of investment in unconsolidated entities | ' | ' | ' | ' | ' | ' |
Information_on_Operating_Segme4
Information on Operating Segments Information on Operating Segments Textual (Details) | 3 Months Ended |
Jan. 31, 2014 | |
Information on Operating Segments [Abstract] | ' |
Number of Operating Segments | 2 |
Number of Geographic Segments | 4 |
Supplemental_Disclosure_to_Con2
Supplemental Disclosure to Condensed Statements of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Cash flow information: | ' | ' |
Interest Capitalized Net of Amounts Paid | $17,359 | ($6,801) |
Income tax payment | 4,961 | ' |
Income tax refunds | ' | 469 |
Non-cash activity: | ' | ' |
Cost of inventory acquired through seller financing municipal bonds or recorded due to VIE criteria, net | 60,661 | 15,998 |
Reduction in inventory, share of equity earnings, land purchase from JV | 2,342 | ' |
Miscellaneous increase (decrease) in inventory, non-cash | ' | -144 |
Defined Benefit Plan, Plan Amendments | 77 | 519 |
Non cash increase in accrued expenses related to RSU pay out | 4,968 | 2,939 |
Increase (reduction) of investments in unconsolidated entities due to increase/reduction in letters of credit or accrued liabilities | ' | -24 |
Transfer of inventory to investment in unconsolidated entities | 700 | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 393 | 151 |
Change in fair value of debt guarantees | 430 | ' |
Miscellaneous increases (decreases) to investments in unconsolidated entities | ($450) | $86 |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information (Level 4 Senior Note table) (Details) (USD $) | Jan. 31, 2014 | Oct. 31, 2013 | Jan. 31, 2014 | Mar. 16, 2004 | Jan. 31, 2014 | Jun. 02, 2005 | Jan. 31, 2014 | Apr. 13, 2009 | Jan. 31, 2014 | Sep. 22, 2009 | Jan. 31, 2014 | Feb. 07, 2012 | Jan. 31, 2014 | Apr. 03, 2013 | Jan. 31, 2014 | Sep. 05, 2012 | Jan. 31, 2014 | Nov. 12, 2013 | Jan. 31, 2014 | Nov. 13, 2013 |
In Thousands, unless otherwise specified | 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 2023 [Member] | Senior Notes Due 2023 [Member] | Senior Notes Due Two Thousand Thirty-Two [Member] | Senior Notes Due Two Thousand Thirty-Two [Member] | Senior Notes Due 2018 [Member] | Senior Notes Due 2018 [Member] | Senior Notes Due 2024 [Member] | Senior Notes Due 2024 [Member] | ||
Supplemental Guarantor Information (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issued Senior Notes | ' | ' | ' | $300,000 | ' | $300,000 | ' | $400,000 | ' | $250,000 | ' | $419,876 | ' | $400,000 | ' | $287,500 | ' | $350,000 | ' | $250,000 |
Senior notes | $2,921,851 | $2,321,442 | $267,960 | ' | $300,000 | ' | $400,000 | ' | $250,000 | ' | $419,876 | ' | $400,000 | ' | $287,500 | ' | $350,000 | ' | $250,000 | ' |
Interest rate on notes | ' | ' | 4.95% | ' | 5.15% | ' | 8.91% | ' | 6.75% | ' | 5.88% | ' | 4.38% | ' | 0.50% | ' | 4.00% | ' | 5.63% | ' |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information (Level 4 BS) (Details 1) (USD $) | Jan. 31, 2014 | Oct. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $1,190,489 | $772,972 | $368,756 | $778,824 |
Marketable securities | 13,017 | 52,508 | ' | ' |
Restricted cash | 32,175 | 32,036 | ' | ' |
Inventory | 5,235,647 | 4,650,412 | ' | ' |
Property, construction and office equipment, net | 131,190 | 131,320 | ' | ' |
Receivables, prepaid expenses and other assets | 240,034 | 229,295 | ' | ' |
Mortgage loans receivable | 58,131 | 113,517 | ' | ' |
Customer deposits held in escrow | 45,834 | 46,888 | ' | ' |
Investments in and advances to unconsolidated entities | 430,615 | 403,133 | ' | ' |
Investments in distressed loans | 19,253 | 36,374 | ' | ' |
Real Estate Acquired Through Foreclosure | 79,267 | 72,972 | 68,764 | 58,353 |
Investments in and advances to consolidated entities | 0 | 0 | ' | ' |
Deferred tax assets, net of valuation allowances | 284,603 | 286,032 | ' | ' |
Assets | 7,760,255 | 6,827,459 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Loans Payable | 158,606 | 107,222 | ' | ' |
Senior notes | 2,921,851 | 2,321,442 | ' | ' |
Mortgage company warehouse loan | 51,470 | 75,000 | ' | ' |
Customer deposits | 218,747 | 212,669 | ' | ' |
Accounts payable | 166,286 | 167,787 | ' | ' |
Accrued expenses | 516,097 | 522,987 | ' | ' |
Advances from Affiliiate | 0 | 0 | ' | ' |
Income taxes payable | 99,825 | 81,188 | ' | ' |
Total liabilities | 4,132,882 | 3,488,295 | ' | ' |
Equity: | ' | ' | ' | ' |
Common stock | 1,776 | 1,694 | ' | ' |
Additional paid-in capital | 683,965 | 441,677 | ' | ' |
Retained earnings | 2,937,583 | 2,892,003 | ' | ' |
Treasury stock, at cost --2 shares and 0 shares at January 31, 2014 and October 31, 2013, respectively | -81 | 0 | ' | ' |
Accumulated other comprehensive loss | -2,124 | -2,387 | -4,803 | -4,819 |
Total stockholders' equity | 3,621,119 | 3,332,987 | ' | ' |
Noncontrolling interest | 6,254 | 6,177 | ' | ' |
Total equity | 3,627,373 | 3,339,164 | ' | ' |
Total liabilities and stockholders' equity | 7,760,255 | 6,827,459 | ' | ' |
Toll Brothers Inc. [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Marketable securities | ' | ' | ' | ' |
Restricted cash | 15,196 | 15,182 | ' | ' |
Inventory | ' | ' | ' | ' |
Property, construction and office equipment, net | ' | ' | ' | ' |
Receivables, prepaid expenses and other assets | 18 | 33 | ' | ' |
Mortgage loans receivable | ' | ' | ' | ' |
Customer deposits held in escrow | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | ' | ' | ' | ' |
Investments in distressed loans | ' | ' | ' | ' |
Real Estate Acquired Through Foreclosure | ' | ' | ' | ' |
Investments in and advances to consolidated entities | 3,421,229 | 3,113,203 | ' | ' |
Deferred tax assets, net of valuation allowances | 284,603 | 286,032 | ' | ' |
Assets | 3,721,046 | 3,414,450 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Loans Payable | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' |
Mortgage company warehouse loan | ' | ' | ' | ' |
Customer deposits | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | ' |
Accrued expenses | 37 | ' | ' | ' |
Advances from Affiliiate | ' | ' | ' | ' |
Income taxes payable | 99,825 | 81,188 | ' | ' |
Total liabilities | 99,862 | 81,188 | ' | ' |
Equity: | ' | ' | ' | ' |
Common stock | 1,776 | 1,694 | ' | ' |
Additional paid-in capital | 683,965 | 441,677 | ' | ' |
Retained earnings | 2,937,583 | 2,892,003 | ' | ' |
Treasury stock, at cost --2 shares and 0 shares at January 31, 2014 and October 31, 2013, respectively | -81 | ' | ' | ' |
Accumulated other comprehensive loss | -2,059 | -2,112 | ' | ' |
Total stockholders' equity | 3,621,184 | 3,333,262 | ' | ' |
Noncontrolling interest | ' | ' | ' | ' |
Total equity | 3,621,184 | 3,333,262 | ' | ' |
Total liabilities and stockholders' equity | 3,721,046 | 3,414,450 | ' | ' |
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 | 19,460 | 15,675 | ' | ' |
Mortgage loans receivable | ' | ' | ' | ' |
Customer deposits held in escrow | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | ' | ' | ' | ' |
Investments in distressed loans | ' | ' | ' | ' |
Real Estate Acquired Through Foreclosure | ' | ' | ' | ' |
Investments in and advances to consolidated entities | 2,953,186 | 2,334,503 | ' | ' |
Deferred tax assets, net of valuation allowances | ' | ' | ' | ' |
Assets | 2,972,646 | 2,350,178 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Loans Payable | ' | ' | ' | ' |
Senior notes | 2,885,496 | 2,282,719 | ' | ' |
Mortgage company warehouse loan | ' | ' | ' | ' |
Customer deposits | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | ' |
Accrued expenses | 46,176 | 25,045 | ' | ' |
Advances from Affiliiate | ' | ' | ' | ' |
Income taxes payable | ' | ' | ' | ' |
Total liabilities | 2,931,672 | 2,307,764 | ' | ' |
Equity: | ' | ' | ' | ' |
Common stock | ' | ' | ' | ' |
Additional paid-in capital | 49,400 | 49,400 | ' | ' |
Retained earnings | -8,426 | -6,986 | ' | ' |
Treasury stock, at cost --2 shares and 0 shares at January 31, 2014 and October 31, 2013, respectively | ' | ' | ' | ' |
Accumulated other comprehensive loss | ' | ' | ' | ' |
Total stockholders' equity | 40,974 | 42,414 | ' | ' |
Noncontrolling interest | ' | ' | ' | ' |
Total equity | 40,974 | 42,414 | ' | ' |
Total liabilities and stockholders' equity | 2,972,646 | 2,350,178 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 1,070,746 | 670,102 | 293,678 | 712,024 |
Marketable securities | 2,990 | 42,491 | ' | ' |
Restricted cash | 15,744 | 16,007 | ' | ' |
Inventory | 5,137,927 | 4,625,252 | ' | ' |
Property, construction and office equipment, net | 116,490 | 116,809 | ' | ' |
Receivables, prepaid expenses and other assets | 114,645 | 101,321 | ' | ' |
Mortgage loans receivable | ' | ' | ' | ' |
Customer deposits held in escrow | 45,834 | 46,888 | ' | ' |
Investments in and advances to unconsolidated entities | 152,929 | 175,159 | ' | ' |
Investments in distressed loans | ' | ' | ' | ' |
Real Estate Acquired Through Foreclosure | ' | ' | ' | ' |
Investments in and advances to consolidated entities | 4,740 | 4,740 | ' | ' |
Deferred tax assets, net of valuation allowances | ' | ' | ' | ' |
Assets | 6,662,045 | 5,798,769 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Loans Payable | 158,606 | 107,222 | ' | ' |
Senior notes | ' | ' | ' | ' |
Mortgage company warehouse loan | ' | ' | ' | ' |
Customer deposits | 218,747 | 212,669 | ' | ' |
Accounts payable | 166,266 | 167,733 | ' | ' |
Accrued expenses | 333,601 | 355,590 | ' | ' |
Advances from Affiliiate | 2,414,287 | 1,627,130 | ' | ' |
Income taxes payable | ' | ' | ' | ' |
Total liabilities | 3,291,507 | 2,470,344 | ' | ' |
Equity: | ' | ' | ' | ' |
Common stock | 48 | 48 | ' | ' |
Additional paid-in capital | ' | ' | ' | ' |
Retained earnings | 3,370,542 | 3,328,629 | ' | ' |
Treasury stock, at cost --2 shares and 0 shares at January 31, 2014 and October 31, 2013, respectively | ' | ' | ' | ' |
Accumulated other comprehensive loss | -52 | -252 | ' | ' |
Total stockholders' equity | 3,370,538 | 3,328,425 | ' | ' |
Noncontrolling interest | ' | ' | ' | ' |
Total equity | 3,370,538 | 3,328,425 | ' | ' |
Total liabilities and stockholders' equity | 6,662,045 | 5,798,769 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 119,743 | 102,870 | 75,078 | 66,800 |
Marketable securities | 10,027 | 10,017 | ' | ' |
Restricted cash | 1,235 | 847 | ' | ' |
Inventory | 97,720 | 25,160 | ' | ' |
Property, construction and office equipment, net | 14,700 | 14,511 | ' | ' |
Receivables, prepaid expenses and other assets | 122,200 | 131,701 | ' | ' |
Mortgage loans receivable | 58,131 | 113,517 | ' | ' |
Customer deposits held in escrow | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | 277,686 | 227,974 | ' | ' |
Investments in distressed loans | 19,253 | 36,374 | ' | ' |
Real Estate Acquired Through Foreclosure | 79,267 | 72,972 | ' | ' |
Investments in and advances to consolidated entities | ' | ' | ' | ' |
Deferred tax assets, net of valuation allowances | ' | ' | ' | ' |
Assets | 799,962 | 735,943 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Loans Payable | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' |
Mortgage company warehouse loan | 51,470 | 75,000 | ' | ' |
Customer deposits | ' | ' | ' | ' |
Accounts payable | 20 | 54 | ' | ' |
Accrued expenses | 152,942 | 161,402 | ' | ' |
Advances from Affiliiate | 576,405 | 467,929 | ' | ' |
Income taxes payable | ' | ' | ' | ' |
Total liabilities | 780,837 | 704,385 | ' | ' |
Equity: | ' | ' | ' | ' |
Common stock | 3,006 | 3,006 | ' | ' |
Additional paid-in capital | 1,734 | 1,734 | ' | ' |
Retained earnings | 8,144 | 20,664 | ' | ' |
Treasury stock, at cost --2 shares and 0 shares at January 31, 2014 and October 31, 2013, respectively | ' | ' | ' | ' |
Accumulated other comprehensive loss | -13 | -23 | ' | ' |
Total stockholders' equity | 12,871 | 25,381 | ' | ' |
Noncontrolling interest | 6,254 | 6,177 | ' | ' |
Total equity | 19,125 | 31,558 | ' | ' |
Total liabilities and stockholders' equity | 799,962 | 735,943 | ' | ' |
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 | -16,289 | -19,435 | ' | ' |
Mortgage loans receivable | ' | ' | ' | ' |
Customer deposits held in escrow | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | ' | ' | ' | ' |
Investments in distressed loans | ' | ' | ' | ' |
Real Estate Acquired Through Foreclosure | ' | ' | ' | ' |
Investments in and advances to consolidated entities | -6,379,155 | -5,452,446 | ' | ' |
Deferred tax assets, net of valuation allowances | ' | ' | ' | ' |
Assets | -6,395,444 | -5,471,881 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Loans Payable | ' | ' | ' | ' |
Senior notes | 36,355 | 38,723 | ' | ' |
Mortgage company warehouse loan | ' | ' | ' | ' |
Customer deposits | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | ' |
Accrued expenses | -16,659 | -19,050 | ' | ' |
Advances from Affiliiate | -2,990,692 | -2,095,059 | ' | ' |
Income taxes payable | ' | ' | ' | ' |
Total liabilities | -2,970,996 | -2,075,386 | ' | ' |
Equity: | ' | ' | ' | ' |
Common stock | -3,054 | -3,054 | ' | ' |
Additional paid-in capital | -51,134 | -51,134 | ' | ' |
Retained earnings | -3,370,260 | -3,342,307 | ' | ' |
Treasury stock, at cost --2 shares and 0 shares at January 31, 2014 and October 31, 2013, respectively | ' | ' | ' | ' |
Accumulated other comprehensive loss | ' | ' | ' | ' |
Total stockholders' equity | -3,424,448 | -3,396,495 | ' | ' |
Noncontrolling interest | ' | ' | ' | ' |
Total equity | -3,424,448 | -3,396,495 | ' | ' |
Total liabilities and stockholders' equity | ($6,395,444) | ($5,471,881) | ' | ' |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information (Level 4 IS) (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Supplemental Condensed Consolidating Statement of Operations | ' | ' |
Revenues | $643,681 | $424,601 |
Cost of revenues | 514,032 | 345,937 |
Selling, general and administrative | 97,870 | 78,047 |
Total | 611,902 | 423,984 |
Income (loss) from operations | 31,779 | 617 |
Other [Abstract] | ' | ' |
Income (Loss) from Equity Method Investments | 22,915 | 3,083 |
Other income - net | 16,541 | 4,626 |
Intercompany interest income | 0 | 0 |
Interest Expenses | 0 | 0 |
Loss from subsidiaries | 0 | 0 |
Income before income taxes | 71,235 | 8,326 |
Income tax provision (benefit) | 25,655 | 3,894 |
Net income | 45,580 | 4,432 |
Other Comprehensive Income (Loss), Net of Tax | 263 | 16 |
Comprehensive Income, Net of Tax, Attributable to Parent | 45,843 | 4,448 |
Toll Brothers Inc. [Member] | ' | ' |
Supplemental Condensed Consolidating Statement of Operations | ' | ' |
Revenues | ' | ' |
Cost of revenues | ' | ' |
Selling, general and administrative | 55 | 16 |
Total | 55 | 16 |
Income (loss) from operations | -55 | -16 |
Other [Abstract] | ' | ' |
Income (Loss) from Equity Method Investments | ' | ' |
Other income - net | 2,365 | 2,386 |
Intercompany interest income | ' | ' |
Interest Expenses | ' | ' |
Loss from subsidiaries | 68,925 | 5,956 |
Income before income taxes | 71,235 | 8,326 |
Income tax provision (benefit) | 25,655 | 3,894 |
Net income | 45,580 | 4,432 |
Other Comprehensive Income (Loss), Net of Tax | 53 | -173 |
Comprehensive Income, Net of Tax, Attributable to Parent | 45,633 | 4,259 |
Subsidiary Issuer [Member] | ' | ' |
Supplemental Condensed Consolidating Statement of Operations | ' | ' |
Revenues | ' | ' |
Cost of revenues | ' | ' |
Selling, general and administrative | 937 | 687 |
Total | 937 | 687 |
Income (loss) from operations | -937 | -687 |
Other [Abstract] | ' | ' |
Income (Loss) from Equity Method Investments | ' | ' |
Other income - net | ' | ' |
Intercompany interest income | 38,144 | 29,727 |
Interest Expenses | -39,574 | -31,422 |
Loss from subsidiaries | ' | ' |
Income before income taxes | -2,367 | -2,382 |
Income tax provision (benefit) | -928 | -933 |
Net income | -1,439 | -1,449 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' |
Comprehensive Income, Net of Tax, Attributable to Parent | -1,439 | -1,449 |
Guarantor Subsidiaries [Member] | ' | ' |
Supplemental Condensed Consolidating Statement of Operations | ' | ' |
Revenues | 650,772 | 430,222 |
Cost of revenues | 515,637 | 348,703 |
Selling, general and administrative | 102,700 | 84,508 |
Total | 618,337 | 433,211 |
Income (loss) from operations | 32,435 | -2,989 |
Other [Abstract] | ' | ' |
Income (Loss) from Equity Method Investments | 24,207 | 1,096 |
Other income - net | 10,572 | 6,027 |
Intercompany interest income | ' | ' |
Interest Expenses | ' | ' |
Loss from subsidiaries | 1,711 | 1,822 |
Income before income taxes | 68,925 | 5,956 |
Income tax provision (benefit) | 27,012 | 2,333 |
Net income | 41,913 | 3,623 |
Other Comprehensive Income (Loss), Net of Tax | 200 | 225 |
Comprehensive Income, Net of Tax, Attributable to Parent | 42,113 | 3,848 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Supplemental Condensed Consolidating Statement of Operations | ' | ' |
Revenues | 15,602 | 15,046 |
Cost of revenues | 2,602 | 4,992 |
Selling, general and administrative | 13,637 | 10,140 |
Total | 16,239 | 15,132 |
Income (loss) from operations | -637 | -86 |
Other [Abstract] | ' | ' |
Income (Loss) from Equity Method Investments | -1,292 | 1,987 |
Other income - net | 6,200 | 2,494 |
Intercompany interest income | ' | ' |
Interest Expenses | -193 | -191 |
Loss from subsidiaries | ' | ' |
Income before income taxes | 4,078 | 4,204 |
Income tax provision (benefit) | 1,598 | 1,647 |
Net income | 2,480 | 2,557 |
Other Comprehensive Income (Loss), Net of Tax | 10 | -36 |
Comprehensive Income, Net of Tax, Attributable to Parent | 2,490 | 2,521 |
Eliminations [Member] | ' | ' |
Supplemental Condensed Consolidating Statement of Operations | ' | ' |
Revenues | -22,693 | -20,667 |
Cost of revenues | -4,207 | -7,758 |
Selling, general and administrative | -19,459 | -17,304 |
Total | -23,666 | -25,062 |
Income (loss) from operations | 973 | 4,395 |
Other [Abstract] | ' | ' |
Income (Loss) from Equity Method Investments | ' | ' |
Other income - net | -2,596 | -6,281 |
Intercompany interest income | -38,144 | -29,727 |
Interest Expenses | 39,767 | 31,613 |
Loss from subsidiaries | -70,636 | -7,778 |
Income before income taxes | -70,636 | -7,778 |
Income tax provision (benefit) | -27,682 | -3,047 |
Net income | -42,954 | -4,731 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' |
Comprehensive Income, Net of Tax, Attributable to Parent | ($42,954) | ($4,731) |
Supplemental_Guarantor_Informa5
Supplemental Guarantor Information (Level 4 CF) (Details 3) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Cash flow used in operating activities: | ' | ' |
Net cash provided by (used in) operating activities | ($250,388) | ($305,822) |
Cash flow from investing activities: | ' | ' |
Purchase of property and equipment - net | -2,853 | -5,391 |
Purchase of marketable securities | ' | -26,019 |
Sale and redemption of marketable securities | 39,243 | 38,775 |
Investment in and advances to unconsolidated entities | -60,408 | -7,614 |
Return of investments in unconsolidated entities | 32,429 | 17,311 |
Investment in distressed loans and foreclosed real estate | -191 | -16,252 |
Return of investments in distressed loans and foreclosed real estate | 17,574 | 3,015 |
Deposit - acquisition of a business | -161,000 | ' |
Proceeds from Dividends Received | 0 | ' |
Intercompany investing advances (to) from consolidated entities | 0 | 0 |
Net cash provided by (used in) investing activities | -135,206 | 3,825 |
Cash flow from financing activities: | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | 600,000 | ' |
Payments of Debt Issuance Costs | -4,700 | ' |
Proceeds from loans payable | 275,334 | 244,830 |
Principal payments of loans payable | -307,195 | -299,862 |
Redemption of senior notes | ' | -59,068 |
Proceeds from Issuance of Common Stock | 220,357 | ' |
Proceeds from stock-based benefit plans | 18,529 | 6,108 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 789 | ' |
Proceeds from Noncontrolling Interests | 81 | ' |
Purchase of treasury stock | -84 | -79 |
Payments of Dividends | 0 | ' |
Intercompany financing advances (to) from consolidated entities | 0 | ' |
Net cash provided by (used in) financing activities | 803,111 | -108,071 |
Net increase (decrease) in cash and cash equivalents | 417,517 | -410,068 |
Cash and cash equivalents, beginning of period | 772,972 | 778,824 |
Cash and cash equivalents, end of period | 1,190,489 | 368,756 |
Toll Brothers Inc. [Member] | ' | ' |
Cash flow used in operating activities: | ' | ' |
Net cash provided by (used in) operating activities | 31,235 | 24,053 |
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 distressed loans and foreclosed real estate | ' | ' |
Return of investments in distressed loans and foreclosed real estate | ' | ' |
Deposit - acquisition of a business | ' | ' |
Proceeds from Dividends Received | ' | ' |
Intercompany investing advances (to) from consolidated entities | -270,826 | -30,082 |
Net cash provided by (used in) investing activities | -270,826 | -30,082 |
Cash flow from financing activities: | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | ' | ' |
Payments of Debt Issuance Costs | ' | ' |
Proceeds from loans payable | ' | ' |
Principal payments of loans payable | ' | ' |
Redemption of senior notes | ' | ' |
Proceeds from Issuance of Common Stock | 220,357 | ' |
Proceeds from stock-based benefit plans | 18,529 | 6,108 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 789 | ' |
Proceeds from Noncontrolling Interests | ' | ' |
Purchase of treasury stock | -84 | -79 |
Payments of Dividends | ' | ' |
Intercompany financing advances (to) from consolidated entities | ' | ' |
Net cash provided by (used in) financing activities | 239,591 | 6,029 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Subsidiary Issuer [Member] | ' | ' |
Cash flow used in operating activities: | ' | ' |
Net cash provided by (used in) operating activities | 23,383 | 12,155 |
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 distressed loans and foreclosed real estate | ' | ' |
Return of investments in distressed loans and foreclosed real estate | ' | ' |
Deposit - acquisition of a business | ' | ' |
Proceeds from Dividends Received | ' | ' |
Intercompany investing advances (to) from consolidated entities | -618,683 | 46,913 |
Net cash provided by (used in) investing activities | -618,683 | 46,913 |
Cash flow from financing activities: | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | 600,000 | ' |
Payments of Debt Issuance Costs | -4,700 | ' |
Proceeds from loans payable | ' | ' |
Principal payments of loans payable | ' | ' |
Redemption of senior notes | ' | -59,068 |
Proceeds from Issuance of Common Stock | ' | ' |
Proceeds from stock-based benefit plans | ' | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | ' |
Proceeds from Noncontrolling Interests | ' | ' |
Purchase of treasury stock | ' | ' |
Payments of Dividends | ' | ' |
Intercompany financing advances (to) from consolidated entities | ' | ' |
Net cash provided by (used in) financing activities | 595,300 | -59,068 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Guarantor Subsidiaries [Member] | ' | ' |
Cash flow used in operating activities: | ' | ' |
Net cash provided by (used in) operating activities | -279,194 | -377,864 |
Cash flow from investing activities: | ' | ' |
Purchase of property and equipment - net | -2,659 | -5,123 |
Purchase of marketable securities | ' | -25,938 |
Sale and redemption of marketable securities | 39,243 | 38,775 |
Investment in and advances to unconsolidated entities | -4,879 | -2,280 |
Return of investments in unconsolidated entities | 29,429 | 17,297 |
Investment in distressed loans and foreclosed real estate | ' | ' |
Return of investments in distressed loans and foreclosed real estate | ' | ' |
Deposit - acquisition of a business | -161,000 | ' |
Proceeds from Dividends Received | 15,000 | ' |
Intercompany investing advances (to) from consolidated entities | ' | ' |
Net cash provided by (used in) investing activities | -84,866 | 22,731 |
Cash flow from financing activities: | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | ' | ' |
Payments of Debt Issuance Costs | ' | ' |
Proceeds from loans payable | ' | ' |
Principal payments of loans payable | -8,331 | -25,832 |
Redemption of senior notes | ' | ' |
Proceeds from Issuance of Common Stock | ' | ' |
Proceeds from stock-based benefit plans | ' | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | ' |
Proceeds from Noncontrolling Interests | ' | ' |
Purchase of treasury stock | ' | ' |
Payments of Dividends | ' | ' |
Intercompany financing advances (to) from consolidated entities | 773,035 | -37,381 |
Net cash provided by (used in) financing activities | 764,704 | -63,213 |
Net increase (decrease) in cash and cash equivalents | 400,644 | -418,346 |
Cash and cash equivalents, beginning of period | 670,102 | 712,024 |
Cash and cash equivalents, end of period | 1,070,746 | 293,678 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Cash flow used in operating activities: | ' | ' |
Net cash provided by (used in) operating activities | -17,808 | 41,310 |
Cash flow from investing activities: | ' | ' |
Purchase of property and equipment - net | -194 | -268 |
Purchase of marketable securities | ' | -81 |
Sale and redemption of marketable securities | ' | ' |
Investment in and advances to unconsolidated entities | -55,529 | -5,334 |
Return of investments in unconsolidated entities | 3,000 | 14 |
Investment in distressed loans and foreclosed real estate | -191 | -16,252 |
Return of investments in distressed loans and foreclosed real estate | 17,574 | 3,015 |
Deposit - acquisition of a business | ' | ' |
Proceeds from Dividends Received | ' | ' |
Intercompany investing advances (to) from consolidated entities | ' | ' |
Net cash provided by (used in) investing activities | -35,340 | -18,906 |
Cash flow from financing activities: | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | ' | ' |
Payments of Debt Issuance Costs | ' | ' |
Proceeds from loans payable | 275,334 | 244,830 |
Principal payments of loans payable | -298,864 | -274,030 |
Redemption of senior notes | ' | ' |
Proceeds from Issuance of Common Stock | ' | ' |
Proceeds from stock-based benefit plans | ' | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | ' |
Proceeds from Noncontrolling Interests | 81 | ' |
Purchase of treasury stock | ' | ' |
Payments of Dividends | -15,000 | ' |
Intercompany financing advances (to) from consolidated entities | 108,470 | 15,074 |
Net cash provided by (used in) financing activities | 70,021 | -14,126 |
Net increase (decrease) in cash and cash equivalents | 16,873 | 8,278 |
Cash and cash equivalents, beginning of period | 102,870 | 66,800 |
Cash and cash equivalents, end of period | 119,743 | 75,078 |
Eliminations [Member] | ' | ' |
Cash flow used in operating activities: | ' | ' |
Net cash provided by (used in) operating activities | -8,004 | -5,476 |
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 distressed loans and foreclosed real estate | ' | ' |
Return of investments in distressed loans and foreclosed real estate | ' | ' |
Deposit - acquisition of a business | ' | ' |
Proceeds from Dividends Received | -15,000 | ' |
Intercompany investing advances (to) from consolidated entities | 889,509 | -16,831 |
Net cash provided by (used in) investing activities | 874,509 | -16,831 |
Cash flow from financing activities: | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | ' | ' |
Payments of Debt Issuance Costs | ' | ' |
Proceeds from loans payable | ' | ' |
Principal payments of loans payable | ' | ' |
Redemption of senior notes | ' | ' |
Proceeds from Issuance of Common Stock | ' | ' |
Proceeds from stock-based benefit plans | ' | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | ' |
Proceeds from Noncontrolling Interests | ' | ' |
Purchase of treasury stock | ' | ' |
Payments of Dividends | 15,000 | ' |
Intercompany financing advances (to) from consolidated entities | -881,505 | 22,307 |
Net cash provided by (used in) financing activities | -866,505 | 22,307 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | $0 | $0 |
Supplemental_Guarantor_Informa6
Supplemental Guarantor Information Supplemental Guarantor Information (Level 4 Textuals) (Details) | Jan. 31, 2014 |
Subsidiary of Common Parent [Member] | ' |
Entity Information [Line Items] | ' |
Subsidiary of Company, Ownership Percentage by Parent | 100.00% |
Guarantor Subsidiaries [Member] | ' |
Entity Information [Line Items] | ' |
Subsidiary of Company, Ownership Percentage by Parent | 100.00% |