Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Apr. 30, 2015 | Jun. 01, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | TOLL BROTHERS INC | |
Entity Central Index Key | 794170 | |
Current Fiscal Year End Date | -21 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 30-Apr-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 176,103,000 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $532,157 | $586,315 |
Marketable securities | 10,015 | 12,026 |
Restricted cash | 17,962 | 18,342 |
Inventory | 6,724,343 | 6,490,321 |
Property, construction and office equipment, net | 141,143 | 143,010 |
Receivables, prepaid expenses and other assets | 258,958 | 251,572 |
Mortgage loans held for sale | 80,864 | 101,944 |
Customer deposits held in escrow | 44,399 | 42,073 |
Investments in and advances to unconsolidated entities | 467,259 | 447,078 |
Investments in distressed loans and foreclosed real estate | 65,938 | 73,800 |
Deferred tax assets, net of valuation allowances | 244,643 | 250,421 |
Total assets | 8,587,681 | 8,416,902 |
Liabilities: | ||
Loans payable | 674,817 | 654,261 |
Senior notes | 2,655,798 | 2,655,044 |
Mortgage company loan facility | 70,052 | 90,281 |
Customer deposits | 275,347 | 223,799 |
Accounts payable | 233,675 | 225,347 |
Accrued expenses | 586,411 | 581,477 |
Income taxes payable | 37,641 | 125,996 |
Total liabilities | 4,533,741 | 4,556,205 |
Stockholders' equity: | ||
Preferred stock, none issued | 0 | 0 |
Common stock, 177,930 shares issued at both April 30, 2015 and October 31, 2014 | 1,779 | 1,779 |
Additional paid-in capital | 722,303 | 712,162 |
Retained earnings | 3,381,290 | 3,232,035 |
Treasury stock, at cost - 1,830 and 2,884 shares at April 30, 2015 and October 31, 2014, respectively | -55,980 | -88,762 |
Accumulated other comprehensive loss | -3,051 | -2,838 |
Total stockholders' equity | 4,046,341 | 3,854,376 |
Noncontrolling interest | 7,599 | 6,321 |
Total equity | 4,053,940 | 3,860,697 |
Total liabilities and stockholders' equity | $8,587,681 | $8,416,902 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) | Apr. 30, 2015 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Preferred stock, shares issued | 0 | |
Common stock, shares issued | 177,930 | 177,930 |
Treasury stock, at cost | 1,830 | 2,884 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Revenues | $852,583 | $860,374 | $1,706,035 | $1,504,055 |
Cost of revenues | 678,512 | 687,998 | 1,328,544 | 1,202,030 |
Selling, general and administrative | 107,685 | 104,320 | 213,999 | 202,190 |
Total | 786,197 | 792,318 | 1,542,543 | 1,404,220 |
Income from operations | 66,386 | 68,056 | 163,492 | 99,835 |
Other: | ||||
Income from unconsolidated entities | 6,227 | 14,327 | 11,128 | 37,242 |
Other income - net | 13,919 | 11,101 | 35,935 | 27,642 |
Income before income taxes | 86,532 | 93,484 | 210,555 | 164,719 |
Income tax provision (benefit) | 18,602 | 28,262 | 61,300 | 53,917 |
Net income | 67,930 | 65,222 | 149,255 | 110,802 |
Other comprehensive (loss) income, net of tax: | ||||
Change in pension liability | -23 | 103 | -201 | 156 |
Change in fair value of available-for-sale securities | 9 | 2 | -22 | |
Change in unrealized income (loss) on derivative held by equity investee | -7 | -18 | -14 | 223 |
Other comprehensive (loss) income | -30 | 94 | -213 | 357 |
Total comprehensive income | $67,900 | $65,316 | $149,042 | $111,159 |
Income per share: | ||||
Basic | $0.38 | $0.37 | $0.85 | $0.63 |
Diluted | $0.37 | $0.35 | $0.81 | $0.60 |
Weighted average number of shares: | ||||
Basic | 176,458 | 178,082 | 176,267 | 177,278 |
Diluted | 184,838 | 186,442 | 184,472 | 185,665 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Cash flow used in operating activities: | ||
Net income | $149,255 | $110,802 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 11,772 | 11,095 |
Stock-based compensation | 12,552 | 12,294 |
Excess tax benefits from stock-based compensation | -3,045 | -1,841 |
Income Loss from Unconsolidated Entities | -11,128 | -37,242 |
Distributions of earnings from unconsolidated entities | 11,490 | 39,471 |
Income from distressed loans and foreclosed real estate | -5,205 | -7,934 |
Deferred tax provision | 7,197 | 18,864 |
Deferred tax valuation allowances | -1,290 | -1,226 |
Inventory impairments and write-offs | 13,310 | 3,906 |
Change in fair value of mortgage loans receivable and derivative instruments | 245 | 429 |
(Gain) loss on marketable securities | -6 | |
Changes in operating assets and liabilities | ||
Increase in inventory | -201,915 | -319,826 |
Origination of mortgage loans | -382,718 | -308,466 |
Sale of mortgage loans | 403,197 | 352,349 |
(Increase) decrease in restricted cash | 380 | 9,494 |
(Increase) decrease in receivables, prepaid expenses and other assets | -14,387 | -4,587 |
Increase in customer deposits | 49,222 | 28,994 |
(Decrease) increase in accounts payable and accrued expenses | 8,436 | 21,973 |
Increase in income taxes payable | -85,310 | 5,272 |
Net Cash Used in Operating Activities, Continuing Operations | -37,942 | -66,185 |
Cash flow (used in) provided by investing activities: | ||
Purchase of property and equipment - net | -5,884 | -5,767 |
Sale and redemption of marketable securities | 2,000 | 39,243 |
Investment in and advances to unconsolidated entities | -27,705 | -80,654 |
Return of investments in unconsolidated entities | 10,637 | 39,014 |
Investment in distressed loans and foreclosed real estate | -1,697 | -757 |
Return of investments in distressed loans and foreclosed real estate | 14,592 | 22,424 |
Net increase in cash from purchase of joint venture interest | 3,848 | |
Acquisition of a business, net of cash acquired | -1,489,116 | |
Net Cash Used in Investing Activities, Continuing Operations | -4,209 | -1,475,613 |
Cash flow (used in) provided by financing activities: | ||
Proceeds from issuance of senior notes | 600,000 | |
Debt issuance costs for senior notes | -4,700 | |
Proceeds from loans payable | 529,053 | 1,597,562 |
Payments of Debt Issuance Costs Notes Payable | -3,005 | |
Principal payments of loans payable | -572,838 | -1,046,677 |
Redemption of senior notes | -267,960 | |
Net proceeds from issuance of common stock | 220,357 | |
Proceeds from stock-based benefit plans | 34,057 | 23,333 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 3,045 | 1,841 |
Purchase of treasury stock | -6,616 | -185 |
Proceeds from Noncontrolling Interests | 1,292 | 81 |
Net Cash (Used in) Provided by Financing Activities, Continuing Operations | -12,007 | 1,120,647 |
Net decrease in cash and cash equivalents | -54,158 | -421,151 |
Cash and cash equivalents, beginning of period | 586,315 | 772,972 |
Cash and cash equivalents, end of period | $532,157 | $351,821 |
Significant_Accounting_Policie
Significant Accounting Policies | 6 Months Ended |
Apr. 30, 2015 | |
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,” “we,” “us,” or “our”), a Delaware corporation, and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Investments in 50% or less owned partnerships and affiliates are accounted for using the equity method unless it is determined that we have effective control of the entity, in which case we would consolidate the entity. | |
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, 2014 balance sheet amounts and disclosures included herein have been derived from our October 31, 2014 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, we suggest that they be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2014. 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 our financial position as of April 30, 2015, the results of our operations for the six-month and three-month periods ended April 30, 2015 and 2014, and our cash flows for the six-month periods ended April 30, 2015 and 2014. The results of operations for such interim periods are not necessarily indicative of the results to be expected for the full year. | |
Recent Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”). ASU 2013-11 is intended to eliminate inconsistent practices regarding the presentation of unrecognized tax benefits when a net operating loss, a similar tax loss, or a tax credit carryforward is available to reduce the taxable income or tax payable that would result from the disallowance of a tax position. We adopted ASU 2013-11 on November 1, 2014 and the adoption did not have a material effect on our condensed consolidated financial statements or disclosures. | |
In April 2013, the FASB issued ASU No. 2013-04, “Liabilities” (“ASU 2013-04”), which provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. We adopted ASU 2013-04 on November 1, 2014 and the adoption did not have a material effect on our condensed consolidated financial statements or disclosures. | |
In April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”), which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. ASU 2015-03 is effective for us beginning November 1, 2016. Upon adoption, we must apply the new guidance retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The adoption of ASU 2015-03 is not expected to have a material effect on our condensed consolidated financial statements or disclosures. | |
In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810) - Amendments to the Consolidation Analysis” (“ASU 2015-02”), which eliminates the deferral granted to investment companies from applying the variable interest entities (“VIEs”) guidance and makes targeted amendments to the current consolidation guidance. The new guidance applies to all entities involved with limited partnerships or similar entities and will require re-evaluation of these entities under the revised guidance which may change previous consolidation conclusions. ASU 2015-02 is effective for us beginning February 1, 2016, and, at that time, we may adopt the new standard retrospectively or use a modified retrospective approach. Early adoption is permitted. We are currently evaluating the impact the adoption of ASU 2015-02 will have on our condensed consolidated financial statements and disclosures. | |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which provides guidance for revenue recognition. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry-specific guidance. ASU 2014-09 also supersedes some cost guidance included in Subtopic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts.” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under the current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each separate performance obligation. ASU 2014-09 is effective for us beginning November 1, 2017, and, at that time, we may adopt the new standard under the full retrospective approach or the modified retrospective approach. Early adoption is not permitted. We are currently evaluating the method of adoption and the impact the adoption of ASU 2014-09 will have on our condensed consolidated financial statements and disclosures. | |
In January 2014, the FASB issued ASU No. 2014-04, “Receivables - Troubled Debt Restructurings by Creditors” (“ASU 2014-04”), which clarifies when an in substance repossession or foreclosure of residential real estate property collateralizing a consumer mortgage loan has occurred. By doing so, this guidance helps determine when the creditor should derecognize the loan receivable and recognize the real estate property. ASU 2014-04 is effective prospectively for us beginning November 1, 2015. The adoption of ASU 2014-04 is not expected to have a material effect on our condensed consolidated financial statements or disclosures. |
Acquisition
Acquisition | 6 Months Ended |
Apr. 30, 2015 | |
Acquisition [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisition |
On February 4, 2014, we completed our 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”). We acquired all of the equity interests in Shapell from SIPI for $1.49 billion, net of cash acquired (the “Acquisition”). We 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 we have sold to other builders. As part of the Acquisition, we assumed contracts to deliver 126 homes with an aggregate value of approximately $105.3 million. | |
We did not acquire the apartment and commercial rental properties owned and operated by Shapell (the “Shapell Commercial Properties”) or Shapell’s mortgage lending activities relating to its home building operations. Accordingly, the Purchase Agreement provides that SIPI will indemnify us for any loss arising out of or resulting from, among other things, (i) any liability (other than environmental losses, subject to certain exceptions) related to the Shapell Commercial Properties, and (ii) any liability (other than environmental losses, subject to certain exceptions) to the extent related to Shapell Mortgage, Inc. See Note 2, “Acquisitions” in our Annual Report on Form 10-K for the year ended October 31, 2014 for additional information regarding the Acquisition. | |
In the six-month and three-month periods ended April 30, 2014, we recorded acquisition-related costs of $5.9 million and $5.1 million, respectively, which are included in the Condensed Consolidated Statements of Operations and Comprehensive Income within “Selling, general and administrative.” Such costs were expensed as incurred in accordance with FASB Accounting Standards Codification (“ASC”) 805, “Business Combinations.” There were no acquisition-related costs incurred in the six-month and three-month periods ended April 30, 2015. |
Inventory
Inventory | 6 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||
Inventory | Inventory | |||||||||||||||
Inventory at April 30, 2015 and October 31, 2014 consisted of the following (amounts in thousands): | ||||||||||||||||
April 30, | October 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Land controlled for future communities | $ | 58,985 | $ | 122,533 | ||||||||||||
Land owned for future communities | 2,229,518 | 2,355,874 | ||||||||||||||
Operating communities | 4,435,840 | 4,011,914 | ||||||||||||||
$ | 6,724,343 | $ | 6,490,321 | |||||||||||||
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 our home buyers (“backlog”). | ||||||||||||||||
Information regarding the classification, number, and carrying value of these temporarily closed communities, as of the dates indicated, is provided in the table below. | ||||||||||||||||
April 30, | October 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Land owned for future communities: | ||||||||||||||||
Number of communities | 18 | 16 | ||||||||||||||
Carrying value (in thousands) | $ | 156,267 | $ | 122,015 | ||||||||||||
Operating communities: | ||||||||||||||||
Number of communities | 8 | 9 | ||||||||||||||
Carrying value (in thousands) | $ | 23,025 | $ | 42,092 | ||||||||||||
The amounts we have provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable, for the periods indicated, are shown in the table below (amounts in thousands): | ||||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Land controlled for future communities | $ | 610 | $ | 1,006 | $ | 366 | $ | 324 | ||||||||
Land owned for future communities | 700 | 700 | ||||||||||||||
Operating communities | 12,000 | 2,900 | 11,100 | 1,600 | ||||||||||||
$ | 13,310 | $ | 3,906 | $ | 12,166 | $ | 1,924 | |||||||||
See Note 13, “Fair Value Disclosures,” for information regarding the number of operating communities that we tested for potential impairment, the number of operating communities in which we 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 April 30, 2015, we evaluated our land purchase contracts to determine if any of the selling entities were VIEs and, if they were, whether we were the primary beneficiary of any of them. Under these land purchase contracts, we do not possess legal title to the land; our risk is generally limited to deposits paid to the sellers; and the creditors of the sellers generally have no recourse against us. At April 30, 2015, we determined that 55 land purchase contracts, with an aggregate purchase price of $629.3 million, on which we had made aggregate deposits totaling $29.7 million, were VIEs and that we were not the primary beneficiary of any VIE related to our land purchase contracts. At October 31, 2014, we determined that 63 land purchase contracts, with an aggregate purchase price of $578.2 million, on which we had made aggregate deposits totaling $30.7 million, were VIEs, and that we were not the primary beneficiary of any VIE related to our land purchase contracts. | ||||||||||||||||
Interest incurred, capitalized, and expensed, for the periods indicated, was as follows (amounts in thousands): | ||||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Interest capitalized, beginning of period | $ | 356,180 | $ | 343,077 | $ | 364,228 | $ | 356,618 | ||||||||
Interest incurred | 80,458 | 82,628 | 39,954 | 42,684 | ||||||||||||
Interest expensed to cost of revenues | (57,953 | ) | (54,585 | ) | (29,576 | ) | (29,145 | ) | ||||||||
Write-off against other income | (1,738 | ) | (1,039 | ) | (410 | ) | (722 | ) | ||||||||
Interest capitalized on investments in unconsolidated entities | (4,825 | ) | (4,757 | ) | (2,074 | ) | (2,300 | ) | ||||||||
Previously capitalized interest on investments in unconsolidated entities transferred to inventory | 772 | 1,811 | 772 | |||||||||||||
Interest capitalized, end of period | $ | 372,894 | $ | 367,135 | $ | 372,894 | $ | 367,135 | ||||||||
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. We estimate that, had inventory impairment charges been allocated on a pro rata basis to the individual components of inventory, capitalized interest at April 30, 2015 and 2014 would have been reduced by approximately $33.7 million and $35.4 million, respectively. |
Investments_in_and_Advances_to
Investments in and Advances to Unconsolidated Entities | 6 Months Ended | |||||||||||||||||||
Apr. 30, 2015 | ||||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | Investments in and Advances to Unconsolidated Entities | |||||||||||||||||||
We have investments in and advances to various unconsolidated entities. These joint ventures (i) develop land for use by certain joint venture participants and, in other cases, for sale to other third party builders (“Land Development Joint Ventures”); (ii) develop for-sale homes and condominiums (“Home Building Joint Ventures”); (iii) develop luxury for-rent residential apartments, commercial space and a hotel (“Rental Property Joint Ventures”), which includes our investments in Toll Brothers Realty Trust (the “Trust”) and Toll Brothers Realty Trust II (“Trust II”); and (iv) invest in a portfolio of distressed loans and real estate (“Structured Asset Joint Venture”). | ||||||||||||||||||||
The table below provides information, as of April 30, 2015, regarding active joint ventures that we are invested in, by joint venture category ($ amounts in thousands): | ||||||||||||||||||||
Land | Home Building | Rental Property | Structured | Total | ||||||||||||||||
Development | Joint Ventures | Joint Ventures | Asset | |||||||||||||||||
Joint Ventures | Joint Venture | |||||||||||||||||||
Number of investments in unconsolidated entities | 7 | 4 | 10 | 1 | 22 | |||||||||||||||
Investment in unconsolidated entities | $ | 144,103 | $ | 205,253 | $ | 100,939 | $ | 16,964 | $ | 467,259 | ||||||||||
Number of unconsolidated entities with funding commitments by the Company | 4 | 2 | 4 | — | 10 | |||||||||||||||
Company's remaining funding commitment to unconsolidated entities | $ | 31,180 | $ | 29,887 | $ | 19,807 | $ | — | $ | 80,874 | ||||||||||
Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at April 30, 2015 regarding the debt financing obtained by category ($ amounts in thousands): | ||||||||||||||||||||
Land | Home Building | Rental Property | Total | |||||||||||||||||
Development | Joint Ventures | Joint Ventures | ||||||||||||||||||
Joint Ventures | ||||||||||||||||||||
Number of joint ventures with debt financing | 3 | 2 | 8 | 13 | ||||||||||||||||
Aggregate loan commitments | $ | 175,000 | $ | 222,000 | $ | 734,685 | $ | 1,131,685 | ||||||||||||
Amounts borrowed under commitments | $ | 111,506 | $ | 78,906 | $ | 431,584 | $ | 621,996 | ||||||||||||
More specific and/or recent information regarding our investments in, advances to, and future commitments to these entities is provided below; such activity is also included in the summary information provided above. | ||||||||||||||||||||
Land Development Joint Ventures | ||||||||||||||||||||
See Note 15, "Commitments and Contingencies," for information regarding land purchase agreements that we have with our Land Development Joint Ventures. | ||||||||||||||||||||
In the first quarter of fiscal 2015, we received approximately 48 home sites from a Land Development Joint Venture in consideration of our previous investment in the joint venture. In the third quarter of fiscal 2014, we received approximately 515 home sites from this venture. We have a commitment to this joint venture to fund approximately $15.5 million which represents our expected share of the major infrastructure improvements related to this community. Contributions to this joint venture related to these improvements will be included in “Inventory” in our Condensed Consolidated Balance Sheets when they are actually made. | ||||||||||||||||||||
Home Building Joint Ventures | ||||||||||||||||||||
In the first quarter of fiscal 2015, we entered into a joint venture with an unrelated party to complete the development of a high-rise luxury condominium project in New York City on property that we owned. We contributed $15.9 million as our initial contribution for a 25% interest in this joint venture. We sold the property to the joint venture for $78.5 million and we were reimbursed for development and construction costs incurred by us prior to the sale. The gain of $9.3 million that we achieved on the sale was deferred and will be recognized in our results of operations as units are sold and delivered to the ultimate home buyer. At April 30, 2015, we had an investment of $16.7 million in this joint venture. The joint venture entered into a construction loan agreement of $124.0 million to fund the land purchase and a portion of the cost of the development of the property. At April 30, 2015, the joint venture had $52.1 million borrowed under the construction loan. | ||||||||||||||||||||
We have an investment in a joint venture in which we have a 50% interest to develop a high-rise luxury condominium project in conjunction with a luxury hotel in New York City. At April 30, 2015, we had invested $28.6 million in this joint venture and expect to make additional investments of approximately $21.6 million for the development of this project. In November 2014, this joint venture, along with the hotel joint venture discussed in Rental Property Joint Ventures below, entered into a $160.0 million construction loan agreement to complete the construction of the condominiums and hotel. At April 30, 2015, this joint venture had $26.8 million of outstanding borrowings under the loan agreement. | ||||||||||||||||||||
We have invested in a joint venture in which we have a 50% voting interest to develop 400 Park Avenue South, a high-rise luxury for-sale/rental project in New York City. At April 30, 2015, we had an investment of $132.0 million in this joint venture. Pursuant to the terms of the joint venture agreement, following completion of the construction of the building’s structure, we will acquire, with no additional consideration due from us, ownership of the top 18 floors of the building to sell, for our own account, luxury condominium units. Our partner will receive ownership of the lower floors containing residential rental units and retail space, with no additional consideration due from them. We expect to receive title to our floors during our third quarter of fiscal 2015. At the time of transfer, our investment in this joint venture will be reclassified from “Investments in and advances to unconsolidated entities” on our Condensed Consolidated Balance Sheet to “Inventory.” Contracts at 400 Park Avenue South have always been reported as if the project was wholly owned. | ||||||||||||||||||||
Rental Property Joint Ventures | ||||||||||||||||||||
In the second quarter of fiscal 2015, we entered into two joint ventures with an unrelated party to develop luxury for-rent residential apartment buildings. Prior to the formation of these joint ventures, we acquired the properties, through two 100%-owned entities, and incurred $18.8 million of land and land development costs. Our partner acquired a 75% interest in each of these entities for $14.5 million, of which $2.3 million was unpaid as of April 30, 2015. At April 30, 2015, we had a combined investment of $5.0 million and funding commitments of $5.5 million in these ventures. In addition, in the second quarter of fiscal 2015, one of the joint ventures entered into a $39.0 million construction loan agreement with two banks to finance the development of this project. At April 30, 2015, this joint venture had no borrowings under the construction loan agreement. The second joint venture expects to enter into a construction loan agreement during the second half of fiscal 2015. | ||||||||||||||||||||
We have an investment in a joint venture in which we have a 50% interest to develop a luxury hotel in conjunction with a high-rise luxury condominium project in the urban New York market. At April 30, 2015, we had invested $16.8 million in this joint venture and expect to make additional investments of approximately $13.9 million for the development of the hotel. In November 2014, this joint venture, along with a joint venture discussed in Home Building Joint Ventures above, entered into a $160.0 million construction loan agreement to complete the construction of the condominiums and the hotel. At April 30, 2015, this joint venture had $12.4 million of outstanding borrowings under the loan agreement. | ||||||||||||||||||||
In fiscal 2005, we, together with an unrelated party, formed Trust II to invest in commercial real estate opportunities. Trust II is owned 50% by us and 50% by our partner. In December 2013, Trust II sold substantially all of its assets to an unrelated party. As a result of this sale, we realized income of approximately $23.5 million in the first quarter of fiscal 2014, representing our share of the gain on the sale. Our share of the gain on sale of assets is included in “Income from unconsolidated entities” for the six months ended April 30, 2014 in our Condensed Consolidated Statement of Operations and Comprehensive Income. In December 2013, we received a $20.0 million cash distribution from Trust II. In addition, in the first quarter of fiscal 2014, we recognized $2.9 million in previously deferred gains on our initial sales of the properties to Trust II. This gain is included in “Other income - net,” for the six months ended April 30, 2014, in our Condensed Consolidated Statement of Operations and Comprehensive Income. At April 30, 2015, we had an investment of $0.7 million in Trust II. | ||||||||||||||||||||
In 1998, prior to the formation of Trust II, we formed the Trust to invest in commercial real estate opportunities. The Trust is effectively owned one-third by us; one-third by Robert I. Toll, Bruce E. Toll (and members of his family), Douglas C. Yearley, Jr. and former members of our senior management; and one-third by an unrelated party. As of April 30, 2015, our investment in the Trust was zero as distributions received from the Trust were in excess of the carrying amount of our net investment. We provide development, finance, and management services to the Trust and recognized fees under the terms of various agreements in the amounts of $1.2 million and $1.7 million in the six-month periods ended April 30, 2015 and 2014, respectively, and $0.6 million and $1.1 million in the three-month periods ended April 30, 2015 and 2014, respectively. In the first quarter of fiscal 2015, we received a $2.0 million distribution from the Trust which is included in “Income from unconsolidated entities” in our Consolidated Statements of Operations and Comprehensive Income. In the second quarter of fiscal 2014, the Trust refinanced the mortgage on one of its properties and distributed $36.0 million of the net proceeds from the refinancing to its partners. We received $12.0 million as our share of the proceeds and recognized this distribution as income in the second quarter of fiscal 2014. | ||||||||||||||||||||
Guarantees | ||||||||||||||||||||
The unconsolidated entities in which we have investments generally finance their activities with a combination of partner equity and debt financing. In some instances, we and our partners have guaranteed debt of certain unconsolidated entities. These guarantees may include any, or all, of the following: (i) project completion guarantees, including any cost overruns; (ii) repayment guarantees, generally covering a percentage of the outstanding loan; (iii) guarantees of indemnities provided to the lender by the unconsolidated entity with regard to environmental matters; (iv) a hazardous material indemnity that holds the lender harmless for any liability it may suffer 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, we generally have a reimbursement agreement with our partner that provides that neither party is responsible for more than its proportionate share or agreed-upon share of the guarantee; however, if a joint venture partner does not have adequate financial resources to meet its obligations under the reimbursement agreement, we may be liable for more than our proportionate share. | ||||||||||||||||||||
We believe that, as of April 30, 2015, in the event we become legally obligated to perform under a guarantee of the obligation of an unconsolidated entity due to a triggering event, the collateral in such entity should be sufficient to repay a significant portion of the obligation. If it is not, we and our partners would need to contribute additional capital to the venture. At April 30, 2015, the unconsolidated entities that have guarantees related to debt had loan commitments aggregating $922.2 million and had borrowed an aggregate of $412.5 million. The terms of these guarantees generally range from seven months to 60 months. We estimate that the maximum potential exposure under these guarantees, if the full amount of the loan commitments were borrowed, would be $922.2 million before any reimbursement from our partners. Based on the amounts borrowed at April 30, 2015, our maximum potential exposure under these guarantees is estimated to be approximately $412.5 million before any reimbursement from our partners. | ||||||||||||||||||||
In addition, we have guaranteed approximately $10.9 million of ground lease payments and insurance deductibles for three joint ventures. | ||||||||||||||||||||
As of April 30, 2015, the estimated aggregate fair value of the guarantees provided by us related to debt and other obligations of certain unconsolidated entities was approximately $4.5 million. We have not made payments under any of the guarantees, nor have we been called upon to do so. | ||||||||||||||||||||
Variable Interest Entities | ||||||||||||||||||||
At April 30, 2015, we determined that one of our joint ventures was a VIE under the guidance within ASC 810, “Consolidation.” At October 31, 2014, we had determined that three of our joint ventures were VIEs under this guidance; we have concluded that we were 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 us 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 us are nominal and believed to be at market rates, and there is no significant economic disproportionality between us and the 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 April 30, 2015 and October 31, 2014, our investments in 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 $7.0 million and $46.4 million, respectively. At April 30, 2015, the maximum exposure of loss to our investment in the unconsolidated joint venture that is a VIE is limited to our investment in the unconsolidated VIE, except with regard to $0.4 million of additional commitments to the VIE. At October 31, 2014, the maximum exposure of loss to our investment in unconsolidated joint ventures that are VIEs is limited to our investment in the unconsolidated VIEs, except with regard to $43.4 million of additional commitments to fund the joint ventures and a $9.1 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 we have an investment, aggregated by type of business, are included below (in thousands). | ||||||||||||||||||||
Condensed Balance Sheets: | ||||||||||||||||||||
April 30, 2015 | ||||||||||||||||||||
Land | Home Building | Rental Property | Structured | Total | ||||||||||||||||
Development | Joint Ventures | Joint Ventures | Asset | |||||||||||||||||
Joint Ventures | Joint Venture | |||||||||||||||||||
Cash and cash equivalents | $ | 29,519 | $ | 13,378 | $ | 32,607 | $ | 13,347 | $ | 88,851 | ||||||||||
Inventory | 245,998 | 627,461 | 873,459 | |||||||||||||||||
Non-performing loan portfolio | 41,522 | 41,522 | ||||||||||||||||||
Rental properties | 245,087 | 245,087 | ||||||||||||||||||
Rental properties under development | 330,394 | 330,394 | ||||||||||||||||||
Real estate owned (“REO”) | 162,843 | 162,843 | ||||||||||||||||||
Other assets (1) | 55,346 | 69,551 | 12,773 | 77,990 | 215,660 | |||||||||||||||
Total assets | $ | 330,863 | $ | 710,390 | $ | 620,861 | $ | 295,702 | $ | 1,957,816 | ||||||||||
Debt (1) | $ | 112,620 | $ | 86,186 | $ | 431,584 | $ | 77,950 | $ | 708,340 | ||||||||||
Other liabilities | 31,308 | 56,870 | 29,922 | 5 | 118,105 | |||||||||||||||
Members’ equity | 186,935 | 567,334 | 159,355 | 87,111 | 1,000,735 | |||||||||||||||
Noncontrolling interest | 130,636 | 130,636 | ||||||||||||||||||
Total liabilities and equity | $ | 330,863 | $ | 710,390 | $ | 620,861 | $ | 295,702 | $ | 1,957,816 | ||||||||||
Company’s net investment in unconsolidated entities (2) | $ | 144,103 | $ | 205,253 | $ | 100,939 | $ | 16,964 | $ | 467,259 | ||||||||||
October 31, 2014 | ||||||||||||||||||||
Land | Home Building | Rental Property | Structured | Total | ||||||||||||||||
Development | Joint Ventures | Joint Ventures | Asset | |||||||||||||||||
Joint Ventures | Joint Venture | |||||||||||||||||||
Cash and cash equivalents | $ | 31,968 | $ | 21,821 | $ | 33,040 | $ | 23,462 | $ | 110,291 | ||||||||||
Inventory | 258,092 | 465,144 | 723,236 | |||||||||||||||||
Non-performing loan portfolio | 57,641 | 57,641 | ||||||||||||||||||
Rental properties | 140,238 | 140,238 | ||||||||||||||||||
Rental properties under development | 327,315 | 327,315 | ||||||||||||||||||
Real estate owned (“REO”) | 184,753 | 184,753 | ||||||||||||||||||
Other assets (1) | 30,166 | 75,164 | 14,333 | 77,986 | 197,649 | |||||||||||||||
Total assets | $ | 320,226 | $ | 562,129 | $ | 514,926 | $ | 343,842 | $ | 1,741,123 | ||||||||||
Debt (1) | $ | 102,042 | $ | 8,713 | $ | 333,128 | $ | 77,950 | $ | 521,833 | ||||||||||
Other liabilities | 23,854 | 56,665 | 43,088 | 177 | 123,784 | |||||||||||||||
Members’ equity | 194,330 | 496,751 | 138,710 | 106,298 | 936,089 | |||||||||||||||
Noncontrolling interest | 159,417 | 159,417 | ||||||||||||||||||
Total liabilities and equity | $ | 320,226 | $ | 562,129 | $ | 514,926 | $ | 343,842 | $ | 1,741,123 | ||||||||||
Company’s net investment in unconsolidated entities (2) | $ | 140,221 | $ | 189,509 | $ | 97,353 | $ | 19,995 | $ | 447,078 | ||||||||||
-1 | Included in other assets of the Structured Asset Joint Venture at April 30, 2015 and October 31, 2014 is $78.0 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 our net investment in unconsolidated entities and our underlying equity in the net assets of the entities are primarily a result of the acquisition price of an investment in a land development joint venture in fiscal 2012 that was in excess of our pro-rata share of the underlying equity; impairments related to our investment in unconsolidated entities; a loan made to one of the entities by us; interest capitalized on our investment; the estimated fair value of the guarantees provided to the joint ventures; and distributions from entities in excess of the carrying amount of our net investment. | |||||||||||||||||||
Condensed Statements of Operations and Comprehensive Income: | ||||||||||||||||||||
For the six months ended April 30, 2015 | ||||||||||||||||||||
Land | Home Building | Rental Property | Structured | Total | ||||||||||||||||
Development | Joint Ventures | Joint Ventures | Asset | |||||||||||||||||
Joint Ventures | Joint Venture | |||||||||||||||||||
Revenues | $ | 31,759 | $ | 36,259 | $ | 15,327 | $ | 2,961 | $ | 86,306 | ||||||||||
Cost of revenues | 16,116 | 31,358 | 7,227 | 8,848 | 63,549 | |||||||||||||||
Other expenses | 533 | 2,876 | 8,698 | 592 | 12,699 | |||||||||||||||
Total expenses | 16,649 | 34,234 | 15,925 | 9,440 | 76,248 | |||||||||||||||
Gain on disposition of loans and REO | 23,586 | 23,586 | ||||||||||||||||||
Income (loss) from operations | 15,110 | 2,025 | (598 | ) | 17,107 | 33,644 | ||||||||||||||
Other income | 11 | 341 | 1,355 | 1,707 | ||||||||||||||||
Net income (loss) | 15,121 | 2,366 | (598 | ) | 18,462 | 35,351 | ||||||||||||||
Less: income attributable to noncontrolling interest | (11,077 | ) | (11,077 | ) | ||||||||||||||||
Net income (loss) attributable to controlling interest | 15,121 | 2,366 | (598 | ) | 7,385 | 24,274 | ||||||||||||||
Other comprehensive loss | (45 | ) | (45 | ) | ||||||||||||||||
Total comprehensive income (loss) | $ | 15,121 | $ | 2,366 | $ | (643 | ) | $ | 7,385 | $ | 24,229 | |||||||||
Company’s equity in earnings of unconsolidated entities (3) | $ | 5,381 | $ | 1,458 | $ | 2,815 | $ | 1,474 | $ | 11,128 | ||||||||||
For the six months ended April 30, 2014 | ||||||||||||||||||||
Land | Home Building | Rental Property | Structured | Total | ||||||||||||||||
Development | Joint Ventures | Joint Ventures | Asset | |||||||||||||||||
Joint Ventures | Joint Venture | |||||||||||||||||||
Revenues | $ | 111,950 | $ | 23,228 | $ | 17,006 | $ | 3,789 | $ | 155,973 | ||||||||||
Cost of revenues | 62,170 | 21,825 | 7,390 | 6,482 | 97,867 | |||||||||||||||
Other expenses | 465 | 2,047 | 21,558 | 874 | 24,944 | |||||||||||||||
Total expenses | 62,635 | 23,872 | 28,948 | 7,356 | 122,811 | |||||||||||||||
Gain on disposition of loans and REO | 6,458 | 6,458 | ||||||||||||||||||
Income (loss) from operations | 49,315 | (644 | ) | (11,942 | ) | 2,891 | 39,620 | |||||||||||||
Other income | 5 | 201 | 43,199 | 1,533 | 44,938 | |||||||||||||||
Net income (loss) | 49,320 | (443 | ) | 31,257 | 4,424 | 84,558 | ||||||||||||||
Less: income attributable to noncontrolling interest | (2,654 | ) | (2,654 | ) | ||||||||||||||||
Net income (loss) attributable to controlling interest | 49,320 | (443 | ) | 31,257 | 1,770 | 81,904 | ||||||||||||||
Other comprehensive income | 729 | 729 | ||||||||||||||||||
Total comprehensive income (loss) | $ | 49,320 | $ | (443 | ) | $ | 31,986 | $ | 1,770 | $ | 82,633 | |||||||||
Company’s equity in earnings of unconsolidated entities (3) | $ | 103 | $ | 327 | $ | 36,622 | $ | 190 | $ | 37,242 | ||||||||||
For the three months ended April 30, 2015 | ||||||||||||||||||||
Land | Home Building | Rental Property | Structured | Total | ||||||||||||||||
Development | Joint Ventures | Joint Ventures | Asset | |||||||||||||||||
Joint Ventures | Joint Venture | |||||||||||||||||||
Revenues | $ | 13,484 | $ | 16,965 | $ | 7,716 | $ | 2,072 | $ | 40,237 | ||||||||||
Cost of revenues | 6,486 | 14,445 | 3,958 | 2,773 | 27,662 | |||||||||||||||
Other expenses | 299 | 1,301 | 4,309 | 266 | 6,175 | |||||||||||||||
Total expenses | 6,785 | 15,746 | 8,267 | 3,039 | 33,837 | |||||||||||||||
Gain on disposition of loans and REO | 15,955 | 15,955 | ||||||||||||||||||
Income (loss) from operations | 6,699 | 1,219 | (551 | ) | 14,988 | 22,355 | ||||||||||||||
Other income | 11 | 268 | 768 | 1,047 | ||||||||||||||||
Net income (loss) | 6,710 | 1,487 | (551 | ) | 15,756 | 23,402 | ||||||||||||||
Less: income attributable to noncontrolling interest | (9,454 | ) | (9,454 | ) | ||||||||||||||||
Net income (loss) attributable to controlling interest | 6,710 | 1,487 | (551 | ) | 6,302 | 13,948 | ||||||||||||||
Other comprehensive loss | (23 | ) | (23 | ) | ||||||||||||||||
Total comprehensive income (loss) | $ | 6,710 | $ | 1,487 | $ | (574 | ) | $ | 6,302 | $ | 13,925 | |||||||||
Company’s equity in earnings of unconsolidated entities (3) | $ | 2,939 | $ | 916 | $ | 1,114 | $ | 1,258 | $ | 6,227 | ||||||||||
For the three months ended April 30, 2014 | ||||||||||||||||||||
Land | Home Building | Rental Property | Structured | Total | ||||||||||||||||
Development | Joint Ventures | Joint Ventures | Asset | |||||||||||||||||
Joint Ventures | Joint Venture | |||||||||||||||||||
Revenues | $ | 110,406 | $ | 11,647 | $ | 7,557 | $ | 3,505 | $ | 133,115 | ||||||||||
Cost of revenues | 61,488 | 11,451 | 3,419 | 4,132 | 80,490 | |||||||||||||||
Other expenses | 210 | 1,047 | 9,504 | 415 | 11,176 | |||||||||||||||
Total expenses | 61,698 | 12,498 | 12,923 | 4,547 | 91,666 | |||||||||||||||
Gain on disposition of loans and REO | 2,551 | 2,551 | ||||||||||||||||||
Income (loss) from operations | 48,708 | (851 | ) | (5,366 | ) | 1,509 | 44,000 | |||||||||||||
Other income | 4 | 162 | 342 | 1,409 | 1,917 | |||||||||||||||
Net income (loss) | 48,712 | (689 | ) | (5,024 | ) | 2,918 | 45,917 | |||||||||||||
Less: income attributable to noncontrolling interest | (1,751 | ) | (1,751 | ) | ||||||||||||||||
Net income (loss) attributable to controlling interest | 48,712 | (689 | ) | (5,024 | ) | 1,167 | 44,166 | |||||||||||||
Other comprehensive loss | (56 | ) | (56 | ) | ||||||||||||||||
Total comprehensive income (loss) | $ | 48,712 | $ | (689 | ) | $ | (5,080 | ) | $ | 1,167 | $ | 44,110 | ||||||||
Company’s equity in earnings of unconsolidated entities (3) | $ | 135 | $ | 145 | $ | 12,872 | $ | 1,175 | $ | 14,327 | ||||||||||
-3 | Differences between our equity in earnings of unconsolidated entities and the underlying net income (loss) of the entities are primarily a result of a basis difference of an acquired joint venture interest, distributions from entities in excess of the carrying amount of our net investment, and our share of the entities’ profits related to home sites purchased by us which reduces our cost basis of the home sites acquired. |
Investments_in_Distressed_Loan
Investments in Distressed Loans and Foreclosed Real Estate | 6 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
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 and REO consisted of the following as of the dates indicated (amounts in thousands): | ||||||||||||||||
April 30, | October 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Investment in distressed loans | $ | 2,258 | $ | 4,001 | ||||||||||||
Investment in REO | 63,680 | 69,799 | ||||||||||||||
$ | 65,938 | $ | 73,800 | |||||||||||||
In prior periods, we presented our investments in distressed loans and REO in two separate line items on our Condensed Consolidated Balance Sheets. Our Condensed Consolidated Balance Sheet at October 31, 2014 has been reclassified to conform to the fiscal 2015 presentation. | ||||||||||||||||
Investments in Distressed Loans | ||||||||||||||||
Our investments in distressed loans represent non-performing loans classified as nonaccrual in accordance with ASC 310-10, “Receivable.” Interest income is not recognized on nonaccrual loans. When a loan is classified as nonaccrual, any subsequent cash receipt is accounted for using the cost recovery method. | ||||||||||||||||
Investments in REO | ||||||||||||||||
The table below provides, for the periods indicated, the activity in REO (amounts in thousands): | ||||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Balance, beginning of period | $ | 69,799 | $ | 72,972 | $ | 66,934 | $ | 79,267 | ||||||||
Additions | 1,904 | 8,036 | 227 | 871 | ||||||||||||
Sales | (7,668 | ) | (4,192 | ) | (3,382 | ) | (3,384 | ) | ||||||||
Impairments | (183 | ) | (2 | ) | (14 | ) | (2 | ) | ||||||||
Depreciation | (172 | ) | (162 | ) | (85 | ) | (100 | ) | ||||||||
Balance, end of period | $ | 63,680 | $ | 76,652 | $ | 63,680 | $ | 76,652 | ||||||||
As of April 30, 2015, approximately $10.2 million and $53.5 million of REO was classified as held-for-sale and held-and-used, respectively. As of April 30, 2014, approximately $7.2 million and $69.5 million of REO was classified as held-for-sale and held-and-used, respectively. The table below provides, for the periods indicated, gains we recorded from the acquisitions of REO through foreclosure (amounts in thousands): | ||||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Gains from acquisition of REO through foreclosure | $ | 230 | $ | 1,523 | $ | — | $ | 5 | ||||||||
Loans_Payable_Senior_Notes_and
Loans Payable, Senior Notes and Mortgage Company Loan Facility | 6 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Senior Notes Payable | Loans Payable, Senior Notes and Mortgage Company Loan Facility | ||||||||
Loans Payable | |||||||||
At April 30, 2015 and October 31, 2014, loans payable consisted of the following (amounts in thousands): | |||||||||
April 30, | October 31, | ||||||||
2015 | 2014 | ||||||||
Senior unsecured term loan | $ | 500,000 | $ | 500,000 | |||||
Loans payable - other | 174,817 | 154,261 | |||||||
$ | 674,817 | $ | 654,261 | ||||||
Senior Unsecured Term Loan | |||||||||
On February 3, 2014, we entered into a five-year senior, $485.0 million, unsecured term loan facility (the “Term Loan Facility”) with a syndicate of banks. We borrowed the full amount of the Term Loan Facility on February 3, 2014. In October 2014, we increased the Term Loan Facility by $15.0 million and borrowed the full amount of the increase. At April 30, 2015, the interest rate on borrowings under the Term Loan Facility was 1.59% per annum. | |||||||||
We and substantially all of our 100%-owned home building subsidiaries are guarantors under the Term Loan Facility. The Term Loan Facility contains substantially the same financial covenants as our Credit Facility, as described below. The Term Loan Facility will mature and amounts owing thereunder will become due and payable on February 3, 2019. | |||||||||
Loans Payable - Other | |||||||||
Our “Loans payable - other” represent purchase money mortgages on properties we acquired that the seller had financed and various revenue bonds that were issued by government entities on our behalf to finance community infrastructure and our manufacturing facilities. At April 30, 2015, the weighted-average interest rate on “Loans payable - other” was 4.20% per annum. | |||||||||
Credit Facility | |||||||||
On August 1, 2013, we entered into a $1.035 billion unsecured, five-year revolving credit facility (“Credit Facility”) with a syndicate of banks (“Aggregate Credit Commitment”). The commitments under the Credit Facility are scheduled to expire on August 1, 2018. We are obligated to pay an undrawn commitment fee to the lenders under the Credit Facility which is based on the average daily unused amount of the Aggregate Credit Commitment and our leverage ratio. Any proceeds from borrowings under the Credit Facility may be used for general corporate purposes. We and substantially all of our 100%-owned home building subsidiaries are guarantors under the Credit Facility. | |||||||||
Under the terms of the Credit Facility, our maximum leverage ratio (as defined in the credit agreement) may not exceed 1.75 to 1.00 and we are required to maintain a minimum tangible net worth (as defined in the credit agreement) of no less than approximately $2.57 billion. Under the terms of the Credit Facility, at April 30, 2015, our leverage ratio was approximately 0.70 to 1.00 and our tangible net worth was approximately $4.00 billion. Based upon the minimum tangible net worth requirement in the Credit Facility, our ability to repurchase our common stock was limited to approximately $1.89 billion as of April 30, 2015. | |||||||||
At April 30, 2015, we had no outstanding borrowings under the Credit Facility and had outstanding letters of credit of approximately $97.8 million. See “Subsequent Events” below. | |||||||||
Senior Notes | |||||||||
At April 30, 2015, we, through Toll Brothers Finance Corp, had eight issues of Senior Notes outstanding with an aggregate principal amount of $2.66 billion. | |||||||||
In March 2014, we repaid the $268.0 million of the then outstanding principal amount of 4.95% Senior Notes due March 15, 2014. | |||||||||
In November 2013, we issued $350.0 million aggregate principal amount of 4.0% Senior Notes due 2018 (the “4.0% Senior Notes”) and $250.0 million aggregate principal amount of 5.625% Senior Notes due 2024 (the “5.625% Senior Notes”). We received $596.2 million of net proceeds from the issuance of the 4.0% Senior Notes and the 5.625% Senior Notes. | |||||||||
Subsequent Events | |||||||||
In May 2015, we repaid, at maturity, the $300.0 million of outstanding 5.15% Senior Notes due May 15, 2015 using available cash and $250.0 million of borrowings under the Credit Facility. | |||||||||
Mortgage Company Loan Facility | |||||||||
In July 2014, TBI Mortgage® Company (“TBI Mortgage”), our 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 the Repurchase Agreement is accounted for as a secured borrowing under ASC 860, “Transfers and Servicing.” The Repurchase Agreement, as amended, provides for loan purchases up to $50.0 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 $100.0 million for a short period of time. The Repurchase Agreement, as amended, expires on July 21, 2015 and borrowings thereunder bear interest at LIBOR plus 2.00% per annum, with a minimum rate of 2.00%. At April 30, 2015, the interest rate on the Repurchase Agreement was 2.18% per annum. At April 30, 2015, we had $70.1 million of outstanding borrowings under the Repurchase Agreement. |
Accrued_Expenses
Accrued Expenses | 6 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Payables and Accruals [Abstract] | ||||||||||||||||
Accrued Expenses | Accrued Expenses | |||||||||||||||
Accrued expenses at April 30, 2015 and October 31, 2014 consisted of the following (amounts in thousands): | ||||||||||||||||
April 30, | October 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Land, land development and construction | $ | 107,041 | $ | 124,816 | ||||||||||||
Compensation and employee benefits | 125,306 | 118,607 | ||||||||||||||
Self-insurance | 108,575 | 100,407 | ||||||||||||||
Warranty | 83,057 | 86,282 | ||||||||||||||
Interest | 33,436 | 33,993 | ||||||||||||||
Commitments to unconsolidated entities | 4,919 | 3,293 | ||||||||||||||
Other | 124,077 | 114,079 | ||||||||||||||
$ | 586,411 | $ | 581,477 | |||||||||||||
Prior to the third quarter of fiscal 2014, we received stucco-related claims in certain completed communities located in Pennsylvania and Delaware, which are in our Mid-Atlantic region. During the third quarter of fiscal 2014, the rate of claims increased. Through the third quarter of fiscal 2014, we believed that our warranty accruals, self-insurance accruals, and our liability insurance were adequate to cover our cost of repairs for those claims. The rate of claims continued to increase during the fourth quarter of fiscal 2014. In response, we undertook a comprehensive review of homes in completed communities built during fiscal 2003 through fiscal 2009 in Pennsylvania and Delaware. Our review revealed that additional stucco-related repairs will likely be needed in certain communities. As of October 31, 2014, we estimated our potential liability for known and unknown claims to be approximately $54.0 million, of which we expect to recover approximately 40% from our outside insurance carriers. In addition to previously recognized warranty and self-insurance accruals, we recognized a $25.0 million additional charge in the fourth quarter of fiscal 2014 for estimated repair costs. Our review included an analysis of the number of claims received, our inspection to-date of homes, an estimate of the number of homes we expect to repair and the extent of such repairs, and the amount of warranty and self-insurance reserves already recorded. We continue to review our potential liability for these claims and at April 30, 2015, we believe that our existing reserves and insurance were sufficient. We will continue to review and analyze these claims as they are submitted, and, due to the degree of judgment required and the potential for variability in our underlying assumptions, our actual future costs could differ from those estimated. The above charge was included in “Cost of revenues” in our Consolidated Statements of Operations and Comprehensive Income included in our Annual Report on Form 10-K for the year ended October 31, 2014. | ||||||||||||||||
We have received construction claims brought by three related multifamily community associations in the West region alleging issues with design and construction and damage to exterior common area elements. Our investigations of these matters are in the very early stages. We believe we have coverage under multiple owner controlled insurance policies with deductibles or self-insured retention requirements that vary from policy year to policy year. Our review of these matters is ongoing, and, due to the degree of judgment required, the potential for variability in our underlying assumptions, and the availability of insurance coverage, our actual future costs could differ from our estimates. | ||||||||||||||||
We do not believe that any resolution of the above matters in excess of the amounts currently accrued would be material to our financial condition. | ||||||||||||||||
We accrue 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 our warranty accrual (amounts in thousands): | ||||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Balance, beginning of period | $ | 86,282 | $ | 43,819 | $ | 84,695 | $ | 42,688 | ||||||||
Additions - homes closed during the period | 8,253 | 7,302 | 4,335 | 4,205 | ||||||||||||
Addition - Shapell liabilities acquired | 9,244 | 9,244 | ||||||||||||||
Increase in accruals for homes closed in prior years | 1,309 | 1,421 | 441 | 1,077 | ||||||||||||
Charges incurred | (12,787 | ) | (9,207 | ) | (6,414 | ) | (4,635 | ) | ||||||||
Balance, end of period | $ | 83,057 | $ | 52,579 | $ | 83,057 | $ | 52,579 | ||||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
We recorded an income tax provision of $61.3 million and $53.9 million for the six months ended April 30, 2015 and 2014, respectively. The effective tax rate for the six months ended April 30, 2015 was 29.1%, compared to 32.7% for the six months ended April 30, 2014. The income tax provisions for both periods included tax benefits related to the utilization of domestic production activities deductions and other permanent differences, offset by the provision for state income taxes and interest accrued on unrecognized tax benefits. The income tax provision for the six months ended April 30, 2015 also benefited from a $13.7 million reversal of a previously recognized tax provision related to a settlement with a taxing jurisdiction. The income tax provision for the six months ended April 30, 2014 also benefited from the reversal of a previously recognized tax provision related to the expiration of the statute of limitations and the settlement of a state income tax audit. | |
We recorded an income tax provision of $18.6 million and $28.3 million for the three months ended April 30, 2015 and 2014, respectively. The effective tax rate for the three months ended April 30, 2015 was 21.5%, compared to 30.2% for the three months ended April 30, 2014. The income tax provisions for both periods included tax benefits related to the utilization of domestic production activities deductions and other permanent differences, offset by the provision for state income taxes and interest accrued on unrecognized tax benefits. The income tax provision for three months ended April 30, 2015 also benefited from a $13.7 million reversal of a previously recognized tax provision related to a settlement with a taxing jurisdiction. The income tax provision for the three months ended April 30, 2014 also benefited from the reversal of a previously recognized tax provision related to the expiration of the statute of limitations and the settlement of a state income tax audit. | |
We currently operate in 19 states and are subject to various state tax jurisdictions. We estimate our state tax liability based upon the individual taxing authorities’ regulations, estimates of income by taxing jurisdiction, and our ability to utilize certain tax-saving strategies. Based on our estimate of the allocation of income or loss among the various taxing jurisdictions and changes in tax regulations and their impact on our tax strategies, we estimate our rate for the full fiscal year for state income taxes at 6.7% and 7.2% for fiscal 2015 and 2014, respectively. | |
For state tax purposes, due to past and projected losses in certain jurisdictions where we do not have carryback potential and/or cannot sufficiently forecast future taxable income, we recognized net cumulative valuation allowances against our state deferred tax assets of $42.5 million and $43.8 million as of April 30, 2015 and October 31, 2014, respectively. | |
At April 30, 2015, we had $45.6 million of gross unrecognized tax benefits, including interest and penalties. If these unrecognized tax benefits reverse in the future, they would have a beneficial impact on our effective tax rate at that time. During the next 12 months, it is reasonably possible that our unrecognized tax benefits may decrease by up to $10.8 million, primarily due to the expiration of certain statutes of limitations and potential settlements with taxing jurisdictions. |
StockBased_Benefit_Plans
Stock-Based Benefit Plans | 6 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Stock-Based Benefit Plans | Stock-Based Benefit Plans | |||||||||||||||
We grant stock options and various types of restricted stock units to our employees and our non-employee directors. Additionally, we have an employee stock purchase plan that allows employees to purchase our stock at a discount. | ||||||||||||||||
Information regarding the amount of total stock-based compensation expense and tax benefit recognized by us, for the periods indicated, is as follows (amounts in thousands): | ||||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Total stock-based compensation expense recognized | $ | 12,552 | $ | 12,294 | $ | 5,106 | $ | 4,625 | ||||||||
Income tax benefit recognized | $ | 4,736 | $ | 4,619 | $ | 1,927 | $ | 1,647 | ||||||||
At April 30, 2015 and October 31, 2014, the aggregate unamortized value of outstanding stock-based compensation awards was approximately $34.8 million and $24.0 million, respectively. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 6 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive (Loss) Income and Total Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss | ||||||||||||||||
The tables below provide, for the periods indicated, the components of accumulated other comprehensive loss (amounts in thousands): | |||||||||||||||||
Six months ended April 30, 2015 | |||||||||||||||||
Employee retirement plans | Available-for-sale securities | Derivative instruments | Total | ||||||||||||||
Balance, beginning of period | $ | (2,789 | ) | $ | (2 | ) | $ | (47 | ) | $ | (2,838 | ) | |||||
Other comprehensive (loss) income before reclassifications | (754 | ) | 3 | (22 | ) | (773 | ) | ||||||||||
Gross amounts reclassified from accumulated other comprehensive income | 432 | 432 | |||||||||||||||
Income tax benefit (expense) | 121 | (1 | ) | 8 | 128 | ||||||||||||
Other comprehensive (loss) income, net of tax | (201 | ) | 2 | (14 | ) | (213 | ) | ||||||||||
Balance, end of period | $ | (2,990 | ) | $ | — | $ | (61 | ) | $ | (3,051 | ) | ||||||
Six months ended April 30, 2014 | |||||||||||||||||
Employee retirement plans | Available-for-sale securities | Derivative instruments | Total | ||||||||||||||
Balance, beginning of period | $ | (2,112 | ) | $ | (5 | ) | $ | (270 | ) | $ | (2,387 | ) | |||||
Other comprehensive income (loss) before reclassifications | (77 | ) | (29 | ) | 365 | 259 | |||||||||||
Gross amounts reclassified from accumulated other comprehensive income (loss) | 328 | (6 | ) | 322 | |||||||||||||
Income tax (expense) benefit | (95 | ) | 13 | (142 | ) | (224 | ) | ||||||||||
Other comprehensive income (loss), net of tax | 156 | (22 | ) | 223 | 357 | ||||||||||||
Balance, end of period | $ | (1,956 | ) | $ | (27 | ) | $ | (47 | ) | $ | (2,030 | ) | |||||
Three months ended April 30, 2015 | |||||||||||||||||
Employee retirement plans | Available-for-sale securities | Derivative instruments | Total | ||||||||||||||
Balance, beginning of period | $ | (2,967 | ) | $ | — | $ | (54 | ) | $ | (3,021 | ) | ||||||
Other comprehensive loss before reclassifications | (253 | ) | (11 | ) | (264 | ) | |||||||||||
Gross amounts reclassified from accumulated other comprehensive income | 216 | 216 | |||||||||||||||
Income tax benefit | 14 | 4 | 18 | ||||||||||||||
Other comprehensive loss, net of tax | (23 | ) | — | (7 | ) | (30 | ) | ||||||||||
Balance, end of period | $ | (2,990 | ) | $ | — | $ | (61 | ) | $ | (3,051 | ) | ||||||
Three months ended April 30, 2014 | |||||||||||||||||
Employee retirement plans | Available-for-sale securities | Derivative instruments | Total | ||||||||||||||
Balance, beginning of period | $ | (2,059 | ) | $ | (36 | ) | $ | (29 | ) | $ | (2,124 | ) | |||||
Other comprehensive loss before reclassifications | (28 | ) | (28 | ) | |||||||||||||
Gross amounts reclassified from accumulated other comprehensive income | 164 | 15 | 179 | ||||||||||||||
Income tax (expense) benefit | (61 | ) | (6 | ) | 10 | (57 | ) | ||||||||||
Other comprehensive income (loss), net of tax | 103 | 9 | (18 | ) | 94 | ||||||||||||
Balance, end of period | $ | (1,956 | ) | $ | (27 | ) | $ | (47 | ) | $ | (2,030 | ) | |||||
Reclassifications for the amortization of the employee retirement plans are included in “Selling, general and administrative” expense in the Condensed Consolidated Statements of Operations and Comprehensive Income. Reclassifications for the realized gains and losses on available-for-sale securities are included in “Other income - net” in the Condensed Consolidated Statements of Operations and Comprehensive Income. |
Stock_Issuance_and_Stock_Repur
Stock Issuance and Stock Repurchase Program | 6 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Stock Repurchase Program [Abstract] | ||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | Stock Issuance and Stock Repurchase Program | |||||||||||||||
Stock Issuance | ||||||||||||||||
In November 2013, in anticipation of the Acquisition, we issued 7.2 million shares of our common stock, par value $0.01 per share, at a price to the public of $32.00 per share. We received $220.4 million of net proceeds from the issuance. | ||||||||||||||||
Stock Repurchase Program | ||||||||||||||||
In March 2003, our Board of Directors authorized the repurchase of up to 20 million shares of our common stock in open market transactions or otherwise for the purpose of providing shares for our various employee benefit plans. | ||||||||||||||||
On December 16, 2014, our Board of Directors authorized the repurchase of 20 million shares of our common stock in open market transactions or otherwise for the purpose of providing shares for the Company’s equity award and other employee benefit plans and for any other additional purpose or purposes as may be determined from time to time by the Board of Directors. Additionally, our Board of Directors terminated, effective December 31, 2014, our March 2003 share repurchase program. The table below provides, for the periods indicated, information about our share repurchase programs: | ||||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Number of shares purchased (in thousands) | 211 | 5 | 10 | 3 | ||||||||||||
Average price per share | $ | 31.4 | $ | 34.71 | $ | 37.83 | $ | 36.04 | ||||||||
Remaining authorization at April 30 (in thousands) | 19,989 | 8,263 | 19,989 | 8,263 | ||||||||||||
Income_Per_Share_Information
Income Per Share Information | 6 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
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 antidilutive options, and shares issued (amounts in thousands): | ||||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Numerator: | ||||||||||||||||
Net income as reported | $ | 149,255 | $ | 110,802 | $ | 67,930 | $ | 65,222 | ||||||||
Plus interest and costs attributable to 0.5% Exchangeable Senior Notes, net of income tax benefit | 786 | 789 | 392 | 392 | ||||||||||||
Numerator for diluted earnings per share | $ | 150,041 | $ | 111,591 | $ | 68,322 | $ | 65,614 | ||||||||
Denominator: | ||||||||||||||||
Basic weighted-average shares | 176,267 | 177,278 | 176,458 | 178,082 | ||||||||||||
Common stock equivalents (a) | 2,347 | 2,529 | 2,522 | 2,502 | ||||||||||||
Shares attributable to 0.5% Exchangeable Senior Notes | 5,858 | 5,858 | 5,858 | 5,858 | ||||||||||||
Diluted weighted-average shares | 184,472 | 185,665 | 184,838 | 186,442 | ||||||||||||
Other information: | ||||||||||||||||
Weighted-average number of antidilutive options and restricted stock units (b) | 2,091 | 1,426 | 1,814 | 1,249 | ||||||||||||
Shares issued under stock incentive and employee stock purchase plans | 1,265 | 1,225 | 588 | 212 | ||||||||||||
(a) | Common stock equivalents represent the dilutive effect of outstanding in-the-money stock options using the treasury stock method and shares expected to be issued under performance-based restricted stock units and nonperformance-based restricted stock units. | |||||||||||||||
(b) | Based upon the average closing price of our common stock on the NYSE for the period. |
Fair_Value_Disclosures
Fair Value Disclosures | 6 Months Ended | |||||||||||||||||
Apr. 30, 2015 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||
Fair Value Disclosures [Text Block] | Fair Value Disclosures | |||||||||||||||||
Financial Instruments | ||||||||||||||||||
The table below provides, as of the dates indicated, a summary of assets (liabilities) related to our financial instruments, measured at fair value on a recurring basis (amounts in thousands): | ||||||||||||||||||
Fair value | ||||||||||||||||||
Financial Instrument | Fair value | April 30, | October 31, 2014 | |||||||||||||||
hierarchy | 2015 | |||||||||||||||||
Marketable Securities | Level 2 | $ | 10,015 | $ | 12,026 | |||||||||||||
Residential Mortgage Loans Held for Sale | Level 2 | $ | 80,864 | $ | 101,944 | |||||||||||||
Forward Loan Commitments—Residential Mortgage Loans Held for Sale | Level 2 | $ | 16 | $ | (341 | ) | ||||||||||||
Interest Rate Lock Commitments (“IRLCs”) | Level 2 | $ | (969 | ) | $ | (108 | ) | |||||||||||
Forward Loan Commitments—IRLCs | Level 2 | $ | 969 | $ | 108 | |||||||||||||
At April 30, 2015 and October 31, 2014, the carrying value of cash and cash equivalents and restricted cash approximated fair value. | ||||||||||||||||||
Marketable Securities | ||||||||||||||||||
The fair value of our marketable securities approximates the amortized cost basis as of April 30, 2015 and October 31, 2014. The estimated fair values of marketable securities are based on quoted prices provided by brokers. The remaining contractual maturity of marketable securities as of April 30, 2015 was seven months. | ||||||||||||||||||
Mortgage Loans Held for Sale | ||||||||||||||||||
The table below provides, as of the dates 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 April 30, 2015 | $ | 79,984 | $ | 80,864 | $ | 880 | ||||||||||||
At October 31, 2014 | $ | 100,463 | $ | 101,944 | $ | 1,481 | ||||||||||||
At the end of the reporting period, we determine the fair value of our mortgage loans held for sale and the forward loan commitments we have entered into as a hedge against the interest rate risk of our 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. We recognize the difference between the fair value and the unpaid principal balance of mortgage loans held for sale as a gain or loss. In addition, we recognize the fair value of our forward loan commitments as a gain or loss. These gains and losses are included in “Other income - net” in our Condensed Consolidated Statements of Operations and Comprehensive Income. 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 us 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. We utilize 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 we agree 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. We estimate 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” in our Condensed Consolidated Balance Sheets, as appropriate. To manage the risk of non-performance of investors regarding the Forward Commitments, we assess the credit worthiness of the investors on a periodic basis. | ||||||||||||||||||
Inventory | ||||||||||||||||||
We recognize 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 our Annual Report on Form 10-K for the year ended October 31, 2014 for additional information regarding our methodology on determining fair value. As further discussed in Note 1 in our Annual Report on Form 10-K for the year ended October 31, 2014, determining the fair value of a community’s inventory involves a number of variables, many of which are interrelated. If we used a different input for any of the various unobservable inputs used in our 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: | ||||||||||||||||||
Three months ended: | Selling price per unit | Sales pace per year | Discount rate | |||||||||||||||
(in thousands) | (in units) | |||||||||||||||||
Fiscal 2015: | ||||||||||||||||||
31-Jan | $289 - $680 | 7-Jan | 13.5% - 16.0% | |||||||||||||||
30-Apr | $527 - $600 | 13 - 25 | 17.00% | |||||||||||||||
Fiscal 2014: | ||||||||||||||||||
31-Jan | $388 - $405 | 21 - 23 | 16.60% | |||||||||||||||
30-Apr | $634 - $760 | 7-Apr | 12.0% - 15.3% | |||||||||||||||
31-Jul | $698 - $1,233 | 22-Oct | 15.90% | |||||||||||||||
31-Oct | $337 - $902 | 23-Jul | 12.5% - 16.5% | |||||||||||||||
The table below provides, for the periods indicated, the fair value of operating communities whose carrying value was adjusted and the amount of impairment charges recognized ($ 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 2015: | ||||||||||||||||||
31-Jan | 58 | 4 | $ | 24,968 | $ | 900 | ||||||||||||
30-Apr | 52 | 1 | $ | 16,235 | 11,100 | |||||||||||||
$ | 12,000 | |||||||||||||||||
Fiscal 2014: | ||||||||||||||||||
31-Jan | 67 | 1 | $ | 7,131 | $ | 1,300 | ||||||||||||
30-Apr | 65 | 2 | $ | 6,211 | 1,600 | |||||||||||||
31-Jul | 63 | 1 | $ | 14,122 | 4,800 | |||||||||||||
31-Oct | 55 | 7 | $ | 38,473 | 9,855 | |||||||||||||
$ | 17,555 | |||||||||||||||||
The impairment charge recorded in the three-month period ended April 30, 2015 related to one community located in the North geographic segment. | ||||||||||||||||||
Debt | ||||||||||||||||||
The table below provides, as of the dates indicated, the book value and estimated fair value of our debt (amounts in thousands): | ||||||||||||||||||
April 30, 2015 | October 31, 2014 | |||||||||||||||||
Fair value | Book value | Estimated | Book value | Estimated | ||||||||||||||
hierarchy | fair value | fair value | ||||||||||||||||
Loans payable (a) | Level 2 | $ | 674,817 | $ | 674,649 | $ | 654,261 | $ | 652,944 | |||||||||
Senior notes (b) | Level 1 | 2,657,376 | 2,852,929 | 2,657,376 | 2,821,559 | |||||||||||||
Mortgage company loan facility (c) | Level 2 | 70,052 | 70,052 | 90,281 | 90,281 | |||||||||||||
$ | 3,402,245 | $ | 3,597,630 | $ | 3,401,918 | $ | 3,564,784 | |||||||||||
(a) | The estimated fair value of loans payable was based upon contractual cash flows discounted at interest rates that we believed were available to us for loans with similar terms and remaining maturities as of the applicable valuation date. | |||||||||||||||||
(b) | The estimated fair value of our senior notes is based upon their market prices as of the applicable valuation date. | |||||||||||||||||
(c) | We believe that the carrying value of our mortgage company loan borrowings approximates their fair value. |
Other_Income_Net
Other Income - Net | 6 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
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): | ||||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Interest income | $ | 1,186 | $ | 1,889 | $ | 698 | $ | 825 | ||||||||
Income from ancillary businesses | 13,725 | 3,950 | 2,886 | 2,337 | ||||||||||||
Gibraltar | 4,019 | 5,714 | 3,197 | 1,382 | ||||||||||||
Management fee income from unconsolidated entities | 6,390 | 2,454 | 3,411 | 1,227 | ||||||||||||
Retained customer deposits | 2,312 | 1,310 | 972 | 422 | ||||||||||||
Income from land sales | 7,350 | 11,187 | 2,533 | 4,929 | ||||||||||||
Directly expensed interest | (656 | ) | (656 | ) | ||||||||||||
Other | 953 | 1,794 | 222 | 635 | ||||||||||||
Total other income - net | $ | 35,935 | $ | 27,642 | $ | 13,919 | $ | 11,101 | ||||||||
In the six months ended April 30, 2015, our security monitoring business recognized an $8.1 million gain from a bulk sale of security monitoring accounts, which is included in income from ancillary businesses above. In the six-month period ended April 30, 2014, income from land sales includes $2.9 million of previously deferred gains on our initial sales of the properties to Trust II as further described in Note 4, “Investments in and Advances to Unconsolidated Entities.” | ||||||||||||||||
Income from ancillary businesses include our mortgage, title, landscaping, security monitoring, and golf course and country club operations. The table below provides, for the periods indicated, revenues and expenses for our ancillary businesses (amounts in thousands): | ||||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenue | $ | 56,227 | $ | 43,748 | $ | 24,947 | $ | 22,808 | ||||||||
Expense | $ | 42,502 | $ | 39,798 | $ | 22,061 | $ | 20,471 | ||||||||
The table below provides, for the periods indicated, revenues and expenses recognized from land sales (amounts in thousands): | ||||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenue | $ | 126,746 | $ | 98,152 | $ | 22,725 | $ | 87,124 | ||||||||
Deferred gain on land sale to joint venture | (9,260 | ) | ||||||||||||||
Expense | (110,136 | ) | (86,965 | ) | (20,192 | ) | (82,195 | ) | ||||||||
Income from land sales | $ | 7,350 | $ | 11,187 | $ | 2,533 | $ | 4,929 | ||||||||
Land sale revenues, for the six months ended April 30, 2015, include $78.5 million related to property sold to a Home Building Joint Venture in which we have a 25% interest. Due to our continued involvement in the joint venture through our ownership interest and guarantees provided on the joint venture’s debt, we deferred the $9.3 million gain realized on the sale. We will recognize the gain as units are sold to the ultimate home buyers. See Note 4, “Investments in and Advances to Unconsolidated Entities” for more information on this transaction. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | |||||||
Apr. 30, 2015 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies | |||||||
Legal Proceedings | ||||||||
We are involved in various claims and litigation arising principally in the ordinary course of business. We believe that adequate provision for resolution of all current claims and pending litigation has been made for probable losses. We believe that the disposition of these matters will not have a material adverse effect on our results of operations and liquidity or on our financial condition. | ||||||||
Investments in and Advances to Unconsolidated Entities | ||||||||
At April 30, 2015, we had investments in and advances to a number of unconsolidated entities, were committed to invest or advance additional funds, and had guaranteed a portion of the indebtedness and/or loan commitments of these entities. See Note 4, “Investments in and Advances to Unconsolidated Entities,” for more information regarding our commitments to these entities. | ||||||||
Land Purchase Commitments | ||||||||
Generally, our purchase agreements to acquire land parcels do not require us to purchase those land parcels, although we, in some cases, forfeit any deposit balance outstanding if and when we terminate a purchase agreement. If market conditions are weak, approvals needed to develop the land are uncertain, or other factors exist that make the purchase undesirable, we may choose not to acquire the land. Whether a purchase agreement is legally terminated or not, we review the amount recorded for the land parcel subject to the purchase agreement to determine if the amount is recoverable. While we may not formally terminate the purchase agreements for those land parcels that we do not expect to acquire, we write off any non-refundable deposits and costs previously capitalized to such land parcels in the periods that we determine such costs are not recoverable. | ||||||||
Information regarding our land purchase commitments, as of the dates indicated, is provided in the table below (amounts in thousands): | ||||||||
April 30, 2015 | October 31, 2014 | |||||||
Aggregate purchase commitments: | ||||||||
Unrelated parties | $ | 882,723 | $ | 1,043,654 | ||||
Unconsolidated entities that the Company has investments in | 178,825 | 184,260 | ||||||
Total | $ | 1,061,548 | $ | 1,227,914 | ||||
Deposits against aggregate purchase commitments | $ | 71,126 | $ | 103,422 | ||||
Additional cash required to acquire land | 990,422 | 1,124,492 | ||||||
Total | $ | 1,061,548 | $ | 1,227,914 | ||||
Amount of additional cash required to acquire land in accrued expenses | $ | 1,120 | $ | 764 | ||||
At April 30, 2015, we had a purchase commitment or understandings to acquire 536 home sites from three of our Land Development Joint Ventures for an aggregate purchase price of $178.8 million. In addition, we expect to purchase approximately 3,300 additional home sites from several joint ventures in which we have interests; the purchase prices of these home sites will be determined at a future date. | ||||||||
At April 30, 2015, we also had purchase commitments to acquire land for apartment developments of approximately $29.9 million, of which we had outstanding deposits in the amount of $0.9 million. | ||||||||
In November 2014, we closed on a 99-year ground lease on land located within New York City where we intend to develop a high-rise luxury cooperative-owned residential building. In August 2014, we paid $4.7 million representing two years of prepaid rent under the ground lease, which is included in “Deposits against aggregate purchase commitments” above. Under the terms of the ground lease, once final approvals are received, we will be required to make an additional payment of $17.5 million. This additional required payment is included in “Aggregate purchase commitments - Unrelated parties” above. As we deliver homes to our home buyers, the obligation under this lease will transfer to the building’s cooperative. We expect to deliver all homes by the end of our fiscal year 2018; therefore, we have included two years of additional rent payments totaling $4.7 million that we expect to pay which is also included in “Aggregate purchase commitments - Unrelated parties” above. | ||||||||
We have additional land parcels under option that have been excluded from the aforementioned aggregate purchase amounts since we do not believe that we will complete the purchase of these land parcels and no additional funds will be required from us to terminate these contracts. | ||||||||
Surety Bonds and Letters of Credit | ||||||||
At April 30, 2015, we had outstanding surety bonds amounting to $610.5 million, primarily related to our obligations to governmental entities to construct improvements in our communities. We estimate that $389.1 million of work remains on these improvements. We have an additional $106.3 million of surety bonds outstanding that guarantee other obligations. We do not believe that it is probable that any outstanding bonds will be drawn upon. | ||||||||
At April 30, 2015, we had outstanding letters of credit of $97.8 million under our Credit Facility. These letters of credit were issued to secure our various financial obligations including insurance policy deductibles and other claims, land deposits, and security to complete improvements in communities which we are operating. We do not believe that it is probable that any outstanding letters of credit will be drawn upon. | ||||||||
Warranty and Self-Insurance | ||||||||
See Note 7, “Accrued Expenses,” for additional information regarding our obligations related to warranty and self-insurance matters. | ||||||||
Backlog | ||||||||
At April 30, 2015, we had agreements of sale outstanding to deliver 4,387 homes with an aggregate sales value of $3.48 billion. | ||||||||
Mortgage Commitments | ||||||||
Our mortgage subsidiary provides mortgage financing for a portion of our home closings. For those home buyers to whom our mortgage subsidiary provides mortgages, we determine whether the home buyer qualifies for the mortgage based upon information provided by the home buyer and other sources. For those home buyers who qualify, our 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, our 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. We believe that these investors have adequate financial resources to honor their commitments to our mortgage subsidiary. | ||||||||
Information regarding our mortgage commitments, as of the dates indicated, is provided in the table below (amounts in thousands): | ||||||||
April 30, | October 31, 2014 | |||||||
2015 | ||||||||
Aggregate mortgage loan commitments: | ||||||||
IRLCs | $ | 355,901 | $ | 191,604 | ||||
Non-IRLCs | 861,097 | 709,401 | ||||||
Total | $ | 1,216,998 | $ | 901,005 | ||||
Investor commitments to purchase: | ||||||||
IRLCs | $ | 355,901 | $ | 191,604 | ||||
Mortgage loans receivable | 72,844 | 93,261 | ||||||
Total | $ | 428,745 | $ | 284,865 | ||||
Information_on_Operating_Segme
Information on Operating Segments | 6 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | Information on Operating Segments | |||||||||||||||
We operate in two reportable segments: traditional home building and urban infill. We build and sell homes in traditional home building markets consisting of detached and attached homes in luxury residential communities located in affluent suburban markets which cater to move-up, empty-nester, active-adult, age-qualified, and second-home buyers in the United States (“Traditional Home Building”). We also build and sell homes in urban infill markets through Toll Brothers City Living® (“City Living”). | ||||||||||||||||
We have determined that our Traditional Home Building operations operate in four geographic segments: North, Mid-Atlantic, South, and West. The states comprising each geographic segment are as follows: | ||||||||||||||||
North: Connecticut, Illinois, Massachusetts, Michigan, Minnesota, New Jersey, and New York | ||||||||||||||||
Mid-Atlantic: Delaware, Maryland, Pennsylvania, and Virginia | ||||||||||||||||
South: Florida, North Carolina, and Texas | ||||||||||||||||
West: Arizona, California, Colorado, Nevada, and Washington | ||||||||||||||||
Revenue and income (loss) before income taxes for each of our reportable and geographic segments, for the periods indicated, were as follows (amounts in thousands): | ||||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenues: | ||||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | $ | 282,454 | $ | 264,885 | $ | 150,018 | $ | 137,241 | ||||||||
Mid-Atlantic | 350,891 | 349,571 | 187,503 | 180,475 | ||||||||||||
South | 377,784 | 336,688 | 215,917 | 186,129 | ||||||||||||
West | 570,409 | 507,835 | 282,467 | 321,609 | ||||||||||||
Traditional Home Building | 1,581,538 | 1,458,979 | 835,905 | 825,454 | ||||||||||||
City Living | 124,497 | 45,076 | 16,678 | 34,920 | ||||||||||||
Total | $ | 1,706,035 | $ | 1,504,055 | $ | 852,583 | $ | 860,374 | ||||||||
Income (loss) before income taxes: | ||||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | $ | 13,431 | $ | 17,152 | $ | 2,864 | $ | 8,806 | ||||||||
Mid-Atlantic | 40,819 | 45,909 | 22,095 | 24,358 | ||||||||||||
South | 62,600 | 40,952 | 39,276 | 23,584 | ||||||||||||
West | 91,619 | 78,714 | 46,270 | 44,844 | ||||||||||||
Traditional Home Building | 208,469 | 182,727 | 110,505 | 101,592 | ||||||||||||
City Living | 58,005 | 8,964 | 6,660 | 10,022 | ||||||||||||
Corporate and other | (55,919 | ) | (26,972 | ) | (30,633 | ) | (18,130 | ) | ||||||||
Total | $ | 210,555 | $ | 164,719 | $ | 86,532 | $ | 93,484 | ||||||||
“Corporate and other” is comprised principally of general corporate expenses such as the offices of our executive officers; the corporate finance, accounting, audit, tax, human resources, risk management, information technology, marketing, and legal groups; interest income; income from certain of our ancillary businesses, including Gibraltar; and income from a number of our unconsolidated entities. | ||||||||||||||||
Total assets for each of our reportable and geographic segments, as of the dates indicated, are shown in the table below (amounts in thousands). | ||||||||||||||||
April 30, | October 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | $ | 1,063,041 | $ | 1,053,787 | ||||||||||||
Mid-Atlantic | 1,272,448 | 1,267,563 | ||||||||||||||
South | 1,246,795 | 1,165,600 | ||||||||||||||
West | 2,821,400 | 2,676,164 | ||||||||||||||
Traditional Home Building | 6,403,684 | 6,163,114 | ||||||||||||||
City Living | 873,725 | 834,949 | ||||||||||||||
Corporate and other | 1,310,272 | 1,418,839 | ||||||||||||||
Total | $ | 8,587,681 | $ | 8,416,902 | ||||||||||||
“Corporate and other” is comprised principally of cash and cash equivalents, marketable securities, restricted cash, deferred tax assets, the assets of our Gibraltar investments, manufacturing facilities, and our mortgage subsidiary. | ||||||||||||||||
Inventory for each of our reportable and geographic segments, as of the dates indicated, is shown in the table below (amounts in thousands): | ||||||||||||||||
Land controlled for future communities | Land owned for future communities | Operating communities | Total | |||||||||||||
Balances at April 30, 2015: | ||||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | $ | 11,749 | $ | 167,766 | $ | 851,577 | $ | 1,031,092 | ||||||||
Mid-Atlantic | 27,536 | 246,580 | 959,620 | 1,233,736 | ||||||||||||
South | 3,614 | 225,363 | 841,185 | 1,070,162 | ||||||||||||
West | 15,147 | 1,138,539 | 1,582,696 | 2,736,382 | ||||||||||||
Traditional Home Building | 58,046 | 1,778,248 | 4,235,078 | 6,071,372 | ||||||||||||
City Living | 939 | 451,270 | 200,762 | 652,971 | ||||||||||||
$ | 58,985 | $ | 2,229,518 | $ | 4,435,840 | $ | 6,724,343 | |||||||||
Balances at October 31, 2014: | ||||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | $ | 12,007 | $ | 171,780 | $ | 834,266 | $ | 1,018,053 | ||||||||
Mid-Atlantic | 29,169 | 209,506 | 994,859 | 1,233,534 | ||||||||||||
South | 10,971 | 219,904 | 793,835 | 1,024,710 | ||||||||||||
West | 22,122 | 1,391,028 | 1,177,820 | 2,590,970 | ||||||||||||
Traditional Home Building | 74,269 | 1,992,218 | 3,800,780 | 5,867,267 | ||||||||||||
City Living | 48,264 | 363,656 | 211,134 | 623,054 | ||||||||||||
$ | 122,533 | $ | 2,355,874 | $ | 4,011,914 | $ | 6,490,321 | |||||||||
Investments in and advances to unconsolidated entities for each of our reportable and geographic segments, as of the dates indicated, are shown in the table below (amounts in thousands): | ||||||||||||||||
April 30, | October 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Traditional Home Building: | ||||||||||||||||
Mid-Atlantic | $ | 11,929 | $ | 11,841 | ||||||||||||
South | 101,541 | 98,362 | ||||||||||||||
West | 58,575 | 59,573 | ||||||||||||||
Traditional Home Building | 172,045 | 169,776 | ||||||||||||||
City Living | 177,311 | 159,953 | ||||||||||||||
Corporate and other | 117,903 | 117,349 | ||||||||||||||
Total | $ | 467,259 | $ | 447,078 | ||||||||||||
“Corporate and other” is comprised of our investments in the Rental Property Joint Ventures (including the Trust and Trust II) and the Structured Asset Joint Venture. In the first quarter of fiscal 2015, a Rental Property Joint Venture that was previously included in the Mid-Atlantic geographic segment was reclassified to “Corporate and other.” Our investment balance in this joint venture at October 31, 2014 of $12.4 million was reclassified in the table above to conform to the fiscal 2015 presentation. |
Supplemental_Disclosure_to_Con
Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows | 6 Months Ended | |||||||
Apr. 30, 2015 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||
Supplemental Disclosure to Statements of Cash Flows | Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows | |||||||
The following are supplemental disclosures to the Condensed Consolidated Statements of Cash Flows, for the periods indicated (amounts in thousands): | ||||||||
Six months ended April 30, | ||||||||
2015 | 2014 | |||||||
Cash flow information: | ||||||||
Interest paid, net of amount capitalized | $ | 8,034 | ||||||
Interest capitalized, net of amount paid | $ | 3,798 | ||||||
Income tax payments | $ | 140,867 | $ | 30,968 | ||||
Income tax refunds | $ | 165 | ||||||
Noncash activity: | ||||||||
Cost of inventory acquired through seller financing or municipal bonds, net | $ | 45,732 | $ | 71,662 | ||||
Reduction in inventory for our share of joint venture earnings in land purchased from unconsolidated entities and allocation of basis difference | $ | 2,346 | $ | 1,229 | ||||
Defined benefit plan amendment | $ | 754 | $ | 77 | ||||
Increase in accrued expenses related to Stock Price-Based Restricted Stock Units paid | $ | 4,972 | ||||||
Transfer of inventory to investment in unconsolidated entities | $ | 700 | ||||||
Transfer of other assets to investment in unconsolidated entities | $ | 4,824 | ||||||
Unrealized (loss) gain on derivatives held by equity investees | $ | (22 | ) | $ | 365 | |||
Increase in investments in unconsolidated entities for change in the fair value of debt guarantees | $ | 1,577 | $ | 428 | ||||
Miscellaneous decreases to investments in unconsolidated entities | $ | (1,403 | ) | $ | (965 | ) | ||
Acquisition of a Business: | ||||||||
Fair value of assets purchased, excluding cash acquired | $ | 1,520,664 | ||||||
Liabilities assumed | $ | 31,548 | ||||||
Cash paid, net of cash acquired | $ | 1,489,116 | ||||||
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 6 Months Ended | |||||||||||||||||
Apr. 30, 2015 | ||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ||||||||||||||||||
Supplemental Guarantor Information [Text Block] | Supplemental Guarantor Information | |||||||||||||||||
Our 100%-owned subsidiary, Toll Brothers Finance Corp. (the “Subsidiary Issuer”), has issued the following Senior Notes (amounts in thousands): | ||||||||||||||||||
Original amount issued and amount outstanding at | ||||||||||||||||||
April 30, 2015 | ||||||||||||||||||
5.15% Senior Notes due 2015 | $ | 300,000 | ||||||||||||||||
8.91% Senior Notes due 2017 | $ | 400,000 | ||||||||||||||||
4.0% Senior Notes due 2018 | $ | 350,000 | ||||||||||||||||
6.75% Senior Notes due 2019 | $ | 250,000 | ||||||||||||||||
5.875% Senior Notes due 2022 | $ | 419,876 | ||||||||||||||||
4.375% Senior Notes due 2023 | $ | 400,000 | ||||||||||||||||
5.625% Senior Notes due 2024 | $ | 250,000 | ||||||||||||||||
0.50% Exchangeable Senior Notes due 2032 | $ | 287,500 | ||||||||||||||||
The obligations of the Subsidiary Issuer to pay principal, premiums, if any, and interest are guaranteed jointly and severally on a senior basis by us and substantially all of our 100%-owned home building subsidiaries (the “Guarantor Subsidiaries”). The guarantees are full and unconditional. Our non-home building subsidiaries and several of our 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 our other subsidiaries by lending the proceeds from the above-described debt issuances. The indentures under which the Senior Notes were issued provide that any of our subsidiaries that provide a guarantee of the Credit Facility will guarantee the Senior Notes. The indentures further provide that any Guarantor Subsidiary may be released from its guarantee so long as (i) no default or event of default exists or would result from release of such guarantee; (ii) the Guarantor Subsidiary being released has consolidated net worth of less than 5% of the Company’s consolidated net worth as of the end of our most recent fiscal quarter; (iii) the Guarantor Subsidiaries released from their guarantees in any fiscal year comprise in the aggregate less than 10% (or 15% if and to the extent necessary to permit the cure of a default) of our consolidated net worth as of the end of our most recent fiscal quarter; (iv) such release would not have a material adverse effect on our and our subsidiaries’ home building business; and (v) the Guarantor Subsidiary is released from its guaranty under the Credit Facility. If there are no guarantors under the Credit Facility, all Guarantor Subsidiaries under the indentures will be released from their guarantees. | ||||||||||||||||||
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 Nonguarantor 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 April 30, 2015: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||
Inc. | ||||||||||||||||||
ASSETS | ||||||||||||||||||
Cash and cash equivalents | — | — | 389,236 | 142,921 | — | 532,157 | ||||||||||||
Marketable securities | 10,015 | 10,015 | ||||||||||||||||
Restricted cash | 15,206 | 1,297 | 1,459 | 17,962 | ||||||||||||||
Inventory | 6,417,066 | 307,277 | 6,724,343 | |||||||||||||||
Property, construction and office equipment, net | 123,887 | 17,256 | 141,143 | |||||||||||||||
Receivables, prepaid expenses and other assets | 56 | 15,029 | 156,260 | 118,588 | (30,975 | ) | 258,958 | |||||||||||
Mortgage loans held for sale | 80,864 | 80,864 | ||||||||||||||||
Customer deposits held in escrow | 42,241 | 2,158 | 44,399 | |||||||||||||||
Investments in and advances to unconsolidated entities | 125,691 | 341,568 | 467,259 | |||||||||||||||
Investments in distressed loans and foreclosed real estate | 65,938 | 65,938 | ||||||||||||||||
Investments in and advances to consolidated entities | 3,824,138 | 2,681,738 | 4,740 | (6,510,616 | ) | — | ||||||||||||
Deferred tax assets, net of valuation allowances | 244,643 | 244,643 | ||||||||||||||||
4,084,043 | 2,696,767 | 7,260,418 | 1,088,044 | (6,541,591 | ) | 8,587,681 | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Liabilities | ||||||||||||||||||
Loans payable | 674,817 | 674,817 | ||||||||||||||||
Senior notes | 2,631,124 | 24,674 | 2,655,798 | |||||||||||||||
Mortgage company loan facility | 70,052 | 70,052 | ||||||||||||||||
Customer deposits | 266,530 | 8,817 | 275,347 | |||||||||||||||
Accounts payable | 233,509 | 166 | 233,675 | |||||||||||||||
Accrued expenses | 31,906 | 377,933 | 209,217 | (32,645 | ) | 586,411 | ||||||||||||
Advances from consolidated entities | 1,946,002 | 751,619 | (2,697,621 | ) | — | |||||||||||||
Income taxes payable | 37,641 | 37,641 | ||||||||||||||||
Total liabilities | 37,641 | 2,663,030 | 3,498,791 | 1,039,871 | (2,705,592 | ) | 4,533,741 | |||||||||||
Equity | ||||||||||||||||||
Stockholders’ equity | ||||||||||||||||||
Common stock | 1,779 | 48 | 3,006 | (3,054 | ) | 1,779 | ||||||||||||
Additional paid-in capital | 722,303 | 49,400 | 1,734 | (51,134 | ) | 722,303 | ||||||||||||
Retained earnings (deficits) | 3,381,290 | (15,663 | ) | 3,761,640 | 35,834 | (3,781,811 | ) | 3,381,290 | ||||||||||
Treasury stock, at cost | (55,980 | ) | (55,980 | ) | ||||||||||||||
Accumulated other comprehensive loss | (2,990 | ) | (61 | ) | (3,051 | ) | ||||||||||||
Total stockholders’ equity | 4,046,402 | 33,737 | 3,761,627 | 40,574 | (3,835,999 | ) | 4,046,341 | |||||||||||
Noncontrolling interest | 7,599 | 7,599 | ||||||||||||||||
Total equity | 4,046,402 | 33,737 | 3,761,627 | 48,173 | (3,835,999 | ) | 4,053,940 | |||||||||||
4,084,043 | 2,696,767 | 7,260,418 | 1,088,044 | (6,541,591 | ) | 8,587,681 | ||||||||||||
Condensed Consolidating Balance Sheet at October 31, 2014: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||
Inc. | ||||||||||||||||||
ASSETS | ||||||||||||||||||
Cash and cash equivalents | — | — | 455,714 | 130,601 | — | 586,315 | ||||||||||||
Marketable securities | 1,997 | 10,029 | 12,026 | |||||||||||||||
Restricted cash | 15,211 | 2,070 | 1,061 | 18,342 | ||||||||||||||
Inventory | 6,260,303 | 230,018 | 6,490,321 | |||||||||||||||
Property, construction and office equipment, net | 126,586 | 16,424 | 143,010 | |||||||||||||||
Receivables, prepaid expenses and other assets | 16,802 | 114,863 | 137,496 | (17,589 | ) | 251,572 | ||||||||||||
Mortgage loans held for sale | 101,944 | 101,944 | ||||||||||||||||
Customer deposits held in escrow | 39,912 | 2,161 | 42,073 | |||||||||||||||
Investments in and advances to unconsolidated entities | 132,096 | 314,982 | 447,078 | |||||||||||||||
Investments in distressed loans and foreclosed real estate | 73,800 | 73,800 | ||||||||||||||||
Investments in and advances to consolidated entities | 3,714,788 | 2,677,448 | 4,740 | (6,396,976 | ) | — | ||||||||||||
Deferred tax assets, net of valuation allowances | 250,421 | 250,421 | ||||||||||||||||
3,980,420 | 2,694,250 | 7,138,281 | 1,018,516 | (6,414,565 | ) | 8,416,902 | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Liabilities | ||||||||||||||||||
Loans payable | 653,269 | 992 | 654,261 | |||||||||||||||
Senior notes | 2,625,712 | 29,332 | 2,655,044 | |||||||||||||||
Mortgage company loan facility | 90,281 | 90,281 | ||||||||||||||||
Customer deposits | 221,084 | 2,715 | 223,799 | |||||||||||||||
Accounts payable | 225,106 | 241 | 225,347 | |||||||||||||||
Accrued expenses | 31,906 | 386,223 | 181,649 | (18,301 | ) | 581,477 | ||||||||||||
Advances from consolidated entities | 2,018,981 | 708,167 | (2,727,148 | ) | — | |||||||||||||
Income taxes payable | 125,996 | 125,996 | ||||||||||||||||
Total liabilities | 125,996 | 2,657,618 | 3,504,663 | 984,045 | (2,716,117 | ) | 4,556,205 | |||||||||||
Equity | ||||||||||||||||||
Stockholders’ equity | ||||||||||||||||||
Common stock | 1,779 | 48 | 3,006 | (3,054 | ) | 1,779 | ||||||||||||
Additional paid-in capital | 712,162 | 49,400 | 1,734 | (51,134 | ) | 712,162 | ||||||||||||
Retained earnings (deficits) | 3,232,035 | (12,768 | ) | 3,633,618 | 23,410 | (3,644,260 | ) | 3,232,035 | ||||||||||
Treasury stock, at cost | (88,762 | ) | (88,762 | ) | ||||||||||||||
Accumulated other comprehensive loss | (2,790 | ) | (48 | ) | (2,838 | ) | ||||||||||||
Total stockholders’ equity | 3,854,424 | 36,632 | 3,633,618 | 28,150 | (3,698,448 | ) | 3,854,376 | |||||||||||
Noncontrolling interest | 6,321 | 6,321 | ||||||||||||||||
Total equity | 3,854,424 | 36,632 | 3,633,618 | 34,471 | (3,698,448 | ) | 3,860,697 | |||||||||||
3,980,420 | 2,694,250 | 7,138,281 | 1,018,516 | (6,414,565 | ) | 8,416,902 | ||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the six months ended April 30, 2015: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||
Inc. | ||||||||||||||||||
Revenues | 1,724,050 | 33,152 | (51,167 | ) | 1,706,035 | |||||||||||||
Cost of revenues | 1,332,727 | 3,095 | (7,278 | ) | 1,328,544 | |||||||||||||
Selling, general and administrative | 37 | 1,822 | 226,194 | 27,090 | (41,144 | ) | 213,999 | |||||||||||
37 | 1,822 | 1,558,921 | 30,185 | (48,422 | ) | 1,542,543 | ||||||||||||
Income (loss) from operations | (37 | ) | (1,822 | ) | 165,129 | 2,967 | (2,745 | ) | 163,492 | |||||||||
Other: | ||||||||||||||||||
Income from unconsolidated entities | 7,434 | 3,694 | 11,128 | |||||||||||||||
Other income - net | 4,670 | 18,033 | 13,588 | (356 | ) | 35,935 | ||||||||||||
Intercompany interest income | 72,393 | (72,393 | ) | — | ||||||||||||||
Interest expense | (75,228 | ) | (266 | ) | 75,494 | — | ||||||||||||
Income from subsidiaries | 205,922 | 15,326 | (221,248 | ) | — | |||||||||||||
Income (loss) before income taxes | 210,555 | (4,657 | ) | 205,922 | 19,983 | (221,248 | ) | 210,555 | ||||||||||
Income tax provision (benefit) | 61,300 | (1,762 | ) | 77,900 | 7,559 | (83,697 | ) | 61,300 | ||||||||||
Net income (loss) | 149,255 | (2,895 | ) | 128,022 | 12,424 | (137,551 | ) | 149,255 | ||||||||||
Other comprehensive loss | (201 | ) | (12 | ) | (213 | ) | ||||||||||||
Total comprehensive income (loss) | 149,054 | (2,895 | ) | 128,010 | 12,424 | (137,551 | ) | 149,042 | ||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the six months ended April 30, 2014: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||
Inc. | ||||||||||||||||||
Revenues | 1,520,077 | 33,267 | (49,289 | ) | 1,504,055 | |||||||||||||
Cost of revenues | 1,206,293 | 4,059 | (8,322 | ) | 1,202,030 | |||||||||||||
Selling, general and administrative | 69 | 1,865 | 213,647 | 26,436 | (39,827 | ) | 202,190 | |||||||||||
69 | 1,865 | 1,419,940 | 30,495 | (48,149 | ) | 1,404,220 | ||||||||||||
Income (loss) from operations | (69 | ) | (1,865 | ) | 100,137 | 2,772 | (1,140 | ) | 99,835 | |||||||||
Other: | ||||||||||||||||||
Income (loss) from unconsolidated entities | 37,578 | (336 | ) | 37,242 | ||||||||||||||
Other income - net | 4,660 | 17,815 | 7,208 | (2,041 | ) | 27,642 | ||||||||||||
Intercompany interest income | 76,107 | (76,107 | ) | — | ||||||||||||||
Interest expense | (78,899 | ) | (389 | ) | 79,288 | — | ||||||||||||
Income from subsidiaries | 160,128 | 4,598 | (164,726 | ) | — | |||||||||||||
Income (loss) before income taxes | 164,719 | (4,657 | ) | 160,128 | 9,255 | (164,726 | ) | 164,719 | ||||||||||
Income tax provision (benefit) | 53,917 | (1,751 | ) | 60,224 | 3,481 | (61,954 | ) | 53,917 | ||||||||||
Net income (loss) | 110,802 | (2,906 | ) | 99,904 | 5,774 | (102,772 | ) | 110,802 | ||||||||||
Other comprehensive income | 156 | 189 | 12 | 357 | ||||||||||||||
Total comprehensive income (loss) | 110,958 | (2,906 | ) | 100,093 | 5,786 | (102,772 | ) | 111,159 | ||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended April 30, 2015: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Revenues | 861,896 | 17,550 | (26,863 | ) | 852,583 | |||||||||||||
Cost of revenues | 680,515 | 1,429 | (3,432 | ) | 678,512 | |||||||||||||
Selling, general and administrative | 23 | 914 | 114,151 | 13,701 | (21,104 | ) | 107,685 | |||||||||||
23 | 914 | 794,666 | 15,130 | (24,536 | ) | 786,197 | ||||||||||||
Income (loss) from operations | (23 | ) | (914 | ) | 67,230 | 2,420 | (2,327 | ) | 66,386 | |||||||||
Other: | ||||||||||||||||||
Income from unconsolidated entities | 2,712 | 3,515 | 6,227 | |||||||||||||||
Other income - net | 2,300 | 7,800 | 3,003 | 816 | 13,919 | |||||||||||||
Intercompany interest income | 36,200 | (36,200 | ) | — | ||||||||||||||
Interest expense | (37,576 | ) | (135 | ) | 37,711 | — | ||||||||||||
Income from subsidiaries | 84,255 | 6,513 | (90,768 | ) | — | |||||||||||||
Income (loss) before income taxes | 86,532 | (2,290 | ) | 84,255 | 8,803 | (90,768 | ) | 86,532 | ||||||||||
Income tax provision (benefit) | 18,602 | (871 | ) | 32,093 | 3,349 | (34,571 | ) | 18,602 | ||||||||||
Net income (loss) | 67,930 | (1,419 | ) | 52,162 | 5,454 | (56,197 | ) | 67,930 | ||||||||||
Other comprehensive loss | (23 | ) | (7 | ) | (30 | ) | ||||||||||||
Total comprehensive income (loss) | 67,907 | (1,419 | ) | 52,155 | 5,454 | (56,197 | ) | 67,900 | ||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended April 30, 2014: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Revenues | 869,305 | 17,665 | (26,596 | ) | 860,374 | |||||||||||||
Cost of revenues | 690,656 | 1,457 | (4,115 | ) | 687,998 | |||||||||||||
Selling, general and administrative | 14 | 928 | 110,947 | 12,799 | (20,368 | ) | 104,320 | |||||||||||
14 | 928 | 801,603 | 14,256 | (24,483 | ) | 792,318 | ||||||||||||
Income (loss) from operations | (14 | ) | (928 | ) | 67,702 | 3,409 | (2,113 | ) | 68,056 | |||||||||
Other: | ||||||||||||||||||
Income from unconsolidated entities | 13,371 | 956 | 14,327 | |||||||||||||||
Other income - net | 2,295 | 7,243 | 1,008 | 555 | 11,101 | |||||||||||||
Intercompany interest income | 37,963 | (37,963 | ) | — | ||||||||||||||
Interest expense | (39,325 | ) | (196 | ) | 39,521 | — | ||||||||||||
Income from subsidiaries | 91,203 | 2,887 | (94,090 | ) | — | |||||||||||||
Income (loss) before income taxes | 93,484 | (2,290 | ) | 91,203 | 5,177 | (94,090 | ) | 93,484 | ||||||||||
Income tax provision (benefit) | 28,262 | (823 | ) | 33,212 | 1,883 | (34,272 | ) | 28,262 | ||||||||||
Net income (loss) | 65,222 | (1,467 | ) | 57,991 | 3,294 | (59,818 | ) | 65,222 | ||||||||||
Other comprehensive income (loss) | 103 | (11 | ) | 2 | 94 | |||||||||||||
Total comprehensive income (loss) | 65,325 | (1,467 | ) | 57,980 | 3,296 | (59,818 | ) | 65,316 | ||||||||||
Condensed Consolidating Statement of Cash Flows for the six months ended April 30, 2015: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||
Inc. | ||||||||||||||||||
Net cash (used in) provided by operating activities | (48,714 | ) | 4,290 | 15,173 | (2,631 | ) | (6,060 | ) | (37,942 | ) | ||||||||
Cash flow (used in) provided by investing activities: | ||||||||||||||||||
Purchase of property and equipment - net | (5,037 | ) | (847 | ) | (5,884 | ) | ||||||||||||
Sale and redemption of marketable securities | 2,000 | 2,000 | ||||||||||||||||
Investment in and advances to unconsolidated entities | (2,253 | ) | (25,452 | ) | (27,705 | ) | ||||||||||||
Return of investments in unconsolidated entities | 5,797 | 4,840 | 10,637 | |||||||||||||||
Investment in distressed loans and foreclosed real estate | (1,697 | ) | (1,697 | ) | ||||||||||||||
Return of investments in distressed loans and foreclosed real estate | 14,592 | 14,592 | ||||||||||||||||
Net increase in cash from purchase of joint venture interest | 3,848 | 3,848 | ||||||||||||||||
Intercompany advances | 18,228 | (4,290 | ) | (13,938 | ) | — | ||||||||||||
Net cash (used in) provided by investing activities | 18,228 | (4,290 | ) | 4,355 | (8,564 | ) | (13,938 | ) | (4,209 | ) | ||||||||
Cash flow (used in) provided by financing activities: | ||||||||||||||||||
Proceeds from loans payable | 529,053 | 529,053 | ||||||||||||||||
Principal payments of loans payable | (22,556 | ) | (550,282 | ) | (572,838 | ) | ||||||||||||
Proceeds from stock-based benefit plans | 34,057 | 34,057 | ||||||||||||||||
Excess tax benefits from stock-based compensation | 3,045 | 3,045 | ||||||||||||||||
Purchase of treasury stock | (6,616 | ) | (6,616 | ) | ||||||||||||||
Receipts related to noncontrolling interest | 1,292 | 1,292 | ||||||||||||||||
Intercompany advances | (63,450 | ) | 43,452 | 19,998 | — | |||||||||||||
Net cash (used in) provided by financing activities | 30,486 | — | (86,006 | ) | 23,515 | 19,998 | (12,007 | ) | ||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | (66,478 | ) | 12,320 | — | (54,158 | ) | ||||||||||
Cash and cash equivalents, beginning of period | — | — | 455,714 | 130,601 | — | 586,315 | ||||||||||||
Cash and cash equivalents, end of period | — | — | 389,236 | 142,921 | — | 532,157 | ||||||||||||
Condensed Consolidating Statement of Cash Flows for the six months ended April 30, 2014: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||
Inc. | ||||||||||||||||||
Net cash (used in) provided by operating activities | 44,258 | 15,152 | (87,965 | ) | (27,401 | ) | (10,229 | ) | (66,185 | ) | ||||||||
Cash flow (used in) provided by investing activities: | ||||||||||||||||||
Purchase of property and equipment — net | (5,718 | ) | (49 | ) | (5,767 | ) | ||||||||||||
Sale and redemption of marketable securities | 39,243 | 39,243 | ||||||||||||||||
Investment in and advances to unconsolidated entities | (13,602 | ) | (67,052 | ) | (80,654 | ) | ||||||||||||
Return of investments in unconsolidated entities | 35,714 | 3,300 | 39,014 | |||||||||||||||
Investment in distressed loans and foreclosed real estate | (757 | ) | (757 | ) | ||||||||||||||
Return of investments in distressed loans and foreclosed real estate | 22,424 | 22,424 | ||||||||||||||||
Acquisition of a business, net of cash acquired | (1,489,116 | ) | (1,489,116 | ) | ||||||||||||||
Dividend received - intercompany | 15,000 | (15,000 | ) | — | ||||||||||||||
Intercompany advances | (289,604 | ) | (342,492 | ) | 632,096 | — | ||||||||||||
Net cash used in investing activities | (289,604 | ) | (342,492 | ) | (1,418,479 | ) | (42,134 | ) | 617,096 | (1,475,613 | ) | |||||||
Cash flow provided by (used in) financing activities: | ||||||||||||||||||
Proceeds from issuance of senior notes | 600,000 | 600,000 | ||||||||||||||||
Debt issuance costs for senior notes | (4,700 | ) | (4,700 | ) | ||||||||||||||
Proceeds from loans payable | 1,141,300 | 456,262 | 1,597,562 | |||||||||||||||
Debt issuance costs for loans payable | (3,005 | ) | (3,005 | ) | ||||||||||||||
Principal payments of loans payable | (572,257 | ) | (474,420 | ) | (1,046,677 | ) | ||||||||||||
Redemption of senior notes | (267,960 | ) | (267,960 | ) | ||||||||||||||
Net proceeds from issuance of common stock | 220,357 | 220,357 | ||||||||||||||||
Proceeds from stock-based benefit plans | 23,333 | 23,333 | ||||||||||||||||
Excess tax benefits from stock-based compensation | 1,841 | 1,841 | ||||||||||||||||
Purchase of treasury stock | (185 | ) | (185 | ) | ||||||||||||||
Receipts related to noncontrolling interest | 81 | 81 | ||||||||||||||||
Dividend paid - intercompany | (15,000 | ) | 15,000 | — | ||||||||||||||
Intercompany advances | 505,993 | 115,874 | (621,867 | ) | — | |||||||||||||
Net cash provided by financing activities | 245,346 | 327,340 | 1,072,031 | 82,797 | (606,867 | ) | 1,120,647 | |||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | (434,413 | ) | 13,262 | — | (421,151 | ) | ||||||||||
Cash and cash equivalents, beginning of period | — | — | 670,102 | 102,870 | — | 772,972 | ||||||||||||
Cash and cash equivalents, end of period | — | — | 235,689 | 116,132 | — | 351,821 | ||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 6 Months Ended |
Apr. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation Policy [Text Block] | Basis of Presentation |
The accompanying condensed consolidated financial statements include the accounts of Toll Brothers, Inc. (the “Company,” “we,” “us,” or “our”), a Delaware corporation, and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Investments in 50% or less owned partnerships and affiliates are accounted for using the equity method unless it is determined that we have effective control of the entity, in which case we would consolidate the entity. | |
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, 2014 balance sheet amounts and disclosures included herein have been derived from our October 31, 2014 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, we suggest that they be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2014. 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 our financial position as of April 30, 2015, the results of our operations for the six-month and three-month periods ended April 30, 2015 and 2014, and our cash flows for the six-month periods ended April 30, 2015 and 2014. The results of operations for such interim periods are not necessarily indicative of the results to be expected for the full year. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”). ASU 2013-11 is intended to eliminate inconsistent practices regarding the presentation of unrecognized tax benefits when a net operating loss, a similar tax loss, or a tax credit carryforward is available to reduce the taxable income or tax payable that would result from the disallowance of a tax position. We adopted ASU 2013-11 on November 1, 2014 and the adoption did not have a material effect on our condensed consolidated financial statements or disclosures. | |
In April 2013, the FASB issued ASU No. 2013-04, “Liabilities” (“ASU 2013-04”), which provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. We adopted ASU 2013-04 on November 1, 2014 and the adoption did not have a material effect on our condensed consolidated financial statements or disclosures. | |
In April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”), which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. ASU 2015-03 is effective for us beginning November 1, 2016. Upon adoption, we must apply the new guidance retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The adoption of ASU 2015-03 is not expected to have a material effect on our condensed consolidated financial statements or disclosures. | |
In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810) - Amendments to the Consolidation Analysis” (“ASU 2015-02”), which eliminates the deferral granted to investment companies from applying the variable interest entities (“VIEs”) guidance and makes targeted amendments to the current consolidation guidance. The new guidance applies to all entities involved with limited partnerships or similar entities and will require re-evaluation of these entities under the revised guidance which may change previous consolidation conclusions. ASU 2015-02 is effective for us beginning February 1, 2016, and, at that time, we may adopt the new standard retrospectively or use a modified retrospective approach. Early adoption is permitted. We are currently evaluating the impact the adoption of ASU 2015-02 will have on our condensed consolidated financial statements and disclosures. | |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which provides guidance for revenue recognition. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry-specific guidance. ASU 2014-09 also supersedes some cost guidance included in Subtopic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts.” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under the current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each separate performance obligation. ASU 2014-09 is effective for us beginning November 1, 2017, and, at that time, we may adopt the new standard under the full retrospective approach or the modified retrospective approach. Early adoption is not permitted. We are currently evaluating the method of adoption and the impact the adoption of ASU 2014-09 will have on our condensed consolidated financial statements and disclosures. | |
In January 2014, the FASB issued ASU No. 2014-04, “Receivables - Troubled Debt Restructurings by Creditors” (“ASU 2014-04”), which clarifies when an in substance repossession or foreclosure of residential real estate property collateralizing a consumer mortgage loan has occurred. By doing so, this guidance helps determine when the creditor should derecognize the loan receivable and recognize the real estate property. ASU 2014-04 is effective prospectively for us beginning November 1, 2015. The adoption of ASU 2014-04 is not expected to have a material effect on our condensed consolidated financial statements or disclosures. |
Inventory_Tables
Inventory (Tables) | 6 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||
Inventory | Inventory at April 30, 2015 and October 31, 2014 consisted of the following (amounts in thousands): | |||||||||||||||
April 30, | October 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Land controlled for future communities | $ | 58,985 | $ | 122,533 | ||||||||||||
Land owned for future communities | 2,229,518 | 2,355,874 | ||||||||||||||
Operating communities | 4,435,840 | 4,011,914 | ||||||||||||||
$ | 6,724,343 | $ | 6,490,321 | |||||||||||||
Temporarily Closed communities | Information regarding the classification, number, and carrying value of these temporarily closed communities, as of the dates indicated, is provided in the table below. | |||||||||||||||
April 30, | October 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Land owned for future communities: | ||||||||||||||||
Number of communities | 18 | 16 | ||||||||||||||
Carrying value (in thousands) | $ | 156,267 | $ | 122,015 | ||||||||||||
Operating communities: | ||||||||||||||||
Number of communities | 8 | 9 | ||||||||||||||
Carrying value (in thousands) | $ | 23,025 | $ | 42,092 | ||||||||||||
Inventory impairment charges and expensing of costs that it is believed not to be recoverable | The amounts we have provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable, for the periods indicated, are shown in the table below (amounts in thousands): | |||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Land controlled for future communities | $ | 610 | $ | 1,006 | $ | 366 | $ | 324 | ||||||||
Land owned for future communities | 700 | 700 | ||||||||||||||
Operating communities | 12,000 | 2,900 | 11,100 | 1,600 | ||||||||||||
$ | 13,310 | $ | 3,906 | $ | 12,166 | $ | 1,924 | |||||||||
Interest incurred, capitalized and expensed | Interest incurred, capitalized, and expensed, for the periods indicated, was as follows (amounts in thousands): | |||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Interest capitalized, beginning of period | $ | 356,180 | $ | 343,077 | $ | 364,228 | $ | 356,618 | ||||||||
Interest incurred | 80,458 | 82,628 | 39,954 | 42,684 | ||||||||||||
Interest expensed to cost of revenues | (57,953 | ) | (54,585 | ) | (29,576 | ) | (29,145 | ) | ||||||||
Write-off against other income | (1,738 | ) | (1,039 | ) | (410 | ) | (722 | ) | ||||||||
Interest capitalized on investments in unconsolidated entities | (4,825 | ) | (4,757 | ) | (2,074 | ) | (2,300 | ) | ||||||||
Previously capitalized interest on investments in unconsolidated entities transferred to inventory | 772 | 1,811 | 772 | |||||||||||||
Interest capitalized, end of period | $ | 372,894 | $ | 367,135 | $ | 372,894 | $ | 367,135 | ||||||||
Investments_in_and_Advances_to1
Investments in and Advances to Unconsolidated Entities (Tables) | 6 Months Ended | |||||||||||||||||||
Apr. 30, 2015 | ||||||||||||||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||||||||||||||||||
Summary of Joint Venture Information [Table Text Block] | The table below provides information, as of April 30, 2015, regarding active joint ventures that we are invested in, by joint venture category ($ amounts in thousands): | |||||||||||||||||||
Land | Home Building | Rental Property | Structured | Total | ||||||||||||||||
Development | Joint Ventures | Joint Ventures | Asset | |||||||||||||||||
Joint Ventures | Joint Venture | |||||||||||||||||||
Number of investments in unconsolidated entities | 7 | 4 | 10 | 1 | 22 | |||||||||||||||
Investment in unconsolidated entities | $ | 144,103 | $ | 205,253 | $ | 100,939 | $ | 16,964 | $ | 467,259 | ||||||||||
Number of unconsolidated entities with funding commitments by the Company | 4 | 2 | 4 | — | 10 | |||||||||||||||
Company's remaining funding commitment to unconsolidated entities | $ | 31,180 | $ | 29,887 | $ | 19,807 | $ | — | $ | 80,874 | ||||||||||
Summary of Joint Ventures Borrowing information [Table Text Block] | Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at April 30, 2015 regarding the debt financing obtained by category ($ amounts in thousands): | |||||||||||||||||||
Land | Home Building | Rental Property | Total | |||||||||||||||||
Development | Joint Ventures | Joint Ventures | ||||||||||||||||||
Joint Ventures | ||||||||||||||||||||
Number of joint ventures with debt financing | 3 | 2 | 8 | 13 | ||||||||||||||||
Aggregate loan commitments | $ | 175,000 | $ | 222,000 | $ | 734,685 | $ | 1,131,685 | ||||||||||||
Amounts borrowed under commitments | $ | 111,506 | $ | 78,906 | $ | 431,584 | $ | 621,996 | ||||||||||||
Condensed balance sheet aggregated by type of business | Condensed Balance Sheets: | |||||||||||||||||||
April 30, 2015 | ||||||||||||||||||||
Land | Home Building | Rental Property | Structured | Total | ||||||||||||||||
Development | Joint Ventures | Joint Ventures | Asset | |||||||||||||||||
Joint Ventures | Joint Venture | |||||||||||||||||||
Cash and cash equivalents | $ | 29,519 | $ | 13,378 | $ | 32,607 | $ | 13,347 | $ | 88,851 | ||||||||||
Inventory | 245,998 | 627,461 | 873,459 | |||||||||||||||||
Non-performing loan portfolio | 41,522 | 41,522 | ||||||||||||||||||
Rental properties | 245,087 | 245,087 | ||||||||||||||||||
Rental properties under development | 330,394 | 330,394 | ||||||||||||||||||
Real estate owned (“REO”) | 162,843 | 162,843 | ||||||||||||||||||
Other assets (1) | 55,346 | 69,551 | 12,773 | 77,990 | 215,660 | |||||||||||||||
Total assets | $ | 330,863 | $ | 710,390 | $ | 620,861 | $ | 295,702 | $ | 1,957,816 | ||||||||||
Debt (1) | $ | 112,620 | $ | 86,186 | $ | 431,584 | $ | 77,950 | $ | 708,340 | ||||||||||
Other liabilities | 31,308 | 56,870 | 29,922 | 5 | 118,105 | |||||||||||||||
Members’ equity | 186,935 | 567,334 | 159,355 | 87,111 | 1,000,735 | |||||||||||||||
Noncontrolling interest | 130,636 | 130,636 | ||||||||||||||||||
Total liabilities and equity | $ | 330,863 | $ | 710,390 | $ | 620,861 | $ | 295,702 | $ | 1,957,816 | ||||||||||
Company’s net investment in unconsolidated entities (2) | $ | 144,103 | $ | 205,253 | $ | 100,939 | $ | 16,964 | $ | 467,259 | ||||||||||
October 31, 2014 | ||||||||||||||||||||
Land | Home Building | Rental Property | Structured | Total | ||||||||||||||||
Development | Joint Ventures | Joint Ventures | Asset | |||||||||||||||||
Joint Ventures | Joint Venture | |||||||||||||||||||
Cash and cash equivalents | $ | 31,968 | $ | 21,821 | $ | 33,040 | $ | 23,462 | $ | 110,291 | ||||||||||
Inventory | 258,092 | 465,144 | 723,236 | |||||||||||||||||
Non-performing loan portfolio | 57,641 | 57,641 | ||||||||||||||||||
Rental properties | 140,238 | 140,238 | ||||||||||||||||||
Rental properties under development | 327,315 | 327,315 | ||||||||||||||||||
Real estate owned (“REO”) | 184,753 | 184,753 | ||||||||||||||||||
Other assets (1) | 30,166 | 75,164 | 14,333 | 77,986 | 197,649 | |||||||||||||||
Total assets | $ | 320,226 | $ | 562,129 | $ | 514,926 | $ | 343,842 | $ | 1,741,123 | ||||||||||
Debt (1) | $ | 102,042 | $ | 8,713 | $ | 333,128 | $ | 77,950 | $ | 521,833 | ||||||||||
Other liabilities | 23,854 | 56,665 | 43,088 | 177 | 123,784 | |||||||||||||||
Members’ equity | 194,330 | 496,751 | 138,710 | 106,298 | 936,089 | |||||||||||||||
Noncontrolling interest | 159,417 | 159,417 | ||||||||||||||||||
Total liabilities and equity | $ | 320,226 | $ | 562,129 | $ | 514,926 | $ | 343,842 | $ | 1,741,123 | ||||||||||
Company’s net investment in unconsolidated entities (2) | $ | 140,221 | $ | 189,509 | $ | 97,353 | $ | 19,995 | $ | 447,078 | ||||||||||
-1 | Included in other assets of the Structured Asset Joint Venture at April 30, 2015 and October 31, 2014 is $78.0 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 our net investment in unconsolidated entities and our underlying equity in the net assets of the entities are primarily a result of the acquisition price of an investment in a land development joint venture in fiscal 2012 that was in excess of our pro-rata share of the underlying equity; impairments related to our investment in unconsolidated entities; a loan made to one of the entities by us; interest capitalized on our investment; the estimated fair value of the guarantees provided to the joint ventures; and distributions from entities in excess of the carrying amount of our net investment. | |||||||||||||||||||
Condensed statements of operations aggregate by type of business | Condensed Statements of Operations and Comprehensive Income: | |||||||||||||||||||
For the six months ended April 30, 2015 | ||||||||||||||||||||
Land | Home Building | Rental Property | Structured | Total | ||||||||||||||||
Development | Joint Ventures | Joint Ventures | Asset | |||||||||||||||||
Joint Ventures | Joint Venture | |||||||||||||||||||
Revenues | $ | 31,759 | $ | 36,259 | $ | 15,327 | $ | 2,961 | $ | 86,306 | ||||||||||
Cost of revenues | 16,116 | 31,358 | 7,227 | 8,848 | 63,549 | |||||||||||||||
Other expenses | 533 | 2,876 | 8,698 | 592 | 12,699 | |||||||||||||||
Total expenses | 16,649 | 34,234 | 15,925 | 9,440 | 76,248 | |||||||||||||||
Gain on disposition of loans and REO | 23,586 | 23,586 | ||||||||||||||||||
Income (loss) from operations | 15,110 | 2,025 | (598 | ) | 17,107 | 33,644 | ||||||||||||||
Other income | 11 | 341 | 1,355 | 1,707 | ||||||||||||||||
Net income (loss) | 15,121 | 2,366 | (598 | ) | 18,462 | 35,351 | ||||||||||||||
Less: income attributable to noncontrolling interest | (11,077 | ) | (11,077 | ) | ||||||||||||||||
Net income (loss) attributable to controlling interest | 15,121 | 2,366 | (598 | ) | 7,385 | 24,274 | ||||||||||||||
Other comprehensive loss | (45 | ) | (45 | ) | ||||||||||||||||
Total comprehensive income (loss) | $ | 15,121 | $ | 2,366 | $ | (643 | ) | $ | 7,385 | $ | 24,229 | |||||||||
Company’s equity in earnings of unconsolidated entities (3) | $ | 5,381 | $ | 1,458 | $ | 2,815 | $ | 1,474 | $ | 11,128 | ||||||||||
For the six months ended April 30, 2014 | ||||||||||||||||||||
Land | Home Building | Rental Property | Structured | Total | ||||||||||||||||
Development | Joint Ventures | Joint Ventures | Asset | |||||||||||||||||
Joint Ventures | Joint Venture | |||||||||||||||||||
Revenues | $ | 111,950 | $ | 23,228 | $ | 17,006 | $ | 3,789 | $ | 155,973 | ||||||||||
Cost of revenues | 62,170 | 21,825 | 7,390 | 6,482 | 97,867 | |||||||||||||||
Other expenses | 465 | 2,047 | 21,558 | 874 | 24,944 | |||||||||||||||
Total expenses | 62,635 | 23,872 | 28,948 | 7,356 | 122,811 | |||||||||||||||
Gain on disposition of loans and REO | 6,458 | 6,458 | ||||||||||||||||||
Income (loss) from operations | 49,315 | (644 | ) | (11,942 | ) | 2,891 | 39,620 | |||||||||||||
Other income | 5 | 201 | 43,199 | 1,533 | 44,938 | |||||||||||||||
Net income (loss) | 49,320 | (443 | ) | 31,257 | 4,424 | 84,558 | ||||||||||||||
Less: income attributable to noncontrolling interest | (2,654 | ) | (2,654 | ) | ||||||||||||||||
Net income (loss) attributable to controlling interest | 49,320 | (443 | ) | 31,257 | 1,770 | 81,904 | ||||||||||||||
Other comprehensive income | 729 | 729 | ||||||||||||||||||
Total comprehensive income (loss) | $ | 49,320 | $ | (443 | ) | $ | 31,986 | $ | 1,770 | $ | 82,633 | |||||||||
Company’s equity in earnings of unconsolidated entities (3) | $ | 103 | $ | 327 | $ | 36,622 | $ | 190 | $ | 37,242 | ||||||||||
For the three months ended April 30, 2015 | ||||||||||||||||||||
Land | Home Building | Rental Property | Structured | Total | ||||||||||||||||
Development | Joint Ventures | Joint Ventures | Asset | |||||||||||||||||
Joint Ventures | Joint Venture | |||||||||||||||||||
Revenues | $ | 13,484 | $ | 16,965 | $ | 7,716 | $ | 2,072 | $ | 40,237 | ||||||||||
Cost of revenues | 6,486 | 14,445 | 3,958 | 2,773 | 27,662 | |||||||||||||||
Other expenses | 299 | 1,301 | 4,309 | 266 | 6,175 | |||||||||||||||
Total expenses | 6,785 | 15,746 | 8,267 | 3,039 | 33,837 | |||||||||||||||
Gain on disposition of loans and REO | 15,955 | 15,955 | ||||||||||||||||||
Income (loss) from operations | 6,699 | 1,219 | (551 | ) | 14,988 | 22,355 | ||||||||||||||
Other income | 11 | 268 | 768 | 1,047 | ||||||||||||||||
Net income (loss) | 6,710 | 1,487 | (551 | ) | 15,756 | 23,402 | ||||||||||||||
Less: income attributable to noncontrolling interest | (9,454 | ) | (9,454 | ) | ||||||||||||||||
Net income (loss) attributable to controlling interest | 6,710 | 1,487 | (551 | ) | 6,302 | 13,948 | ||||||||||||||
Other comprehensive loss | (23 | ) | (23 | ) | ||||||||||||||||
Total comprehensive income (loss) | $ | 6,710 | $ | 1,487 | $ | (574 | ) | $ | 6,302 | $ | 13,925 | |||||||||
Company’s equity in earnings of unconsolidated entities (3) | $ | 2,939 | $ | 916 | $ | 1,114 | $ | 1,258 | $ | 6,227 | ||||||||||
For the three months ended April 30, 2014 | ||||||||||||||||||||
Land | Home Building | Rental Property | Structured | Total | ||||||||||||||||
Development | Joint Ventures | Joint Ventures | Asset | |||||||||||||||||
Joint Ventures | Joint Venture | |||||||||||||||||||
Revenues | $ | 110,406 | $ | 11,647 | $ | 7,557 | $ | 3,505 | $ | 133,115 | ||||||||||
Cost of revenues | 61,488 | 11,451 | 3,419 | 4,132 | 80,490 | |||||||||||||||
Other expenses | 210 | 1,047 | 9,504 | 415 | 11,176 | |||||||||||||||
Total expenses | 61,698 | 12,498 | 12,923 | 4,547 | 91,666 | |||||||||||||||
Gain on disposition of loans and REO | 2,551 | 2,551 | ||||||||||||||||||
Income (loss) from operations | 48,708 | (851 | ) | (5,366 | ) | 1,509 | 44,000 | |||||||||||||
Other income | 4 | 162 | 342 | 1,409 | 1,917 | |||||||||||||||
Net income (loss) | 48,712 | (689 | ) | (5,024 | ) | 2,918 | 45,917 | |||||||||||||
Less: income attributable to noncontrolling interest | (1,751 | ) | (1,751 | ) | ||||||||||||||||
Net income (loss) attributable to controlling interest | 48,712 | (689 | ) | (5,024 | ) | 1,167 | 44,166 | |||||||||||||
Other comprehensive loss | (56 | ) | (56 | ) | ||||||||||||||||
Total comprehensive income (loss) | $ | 48,712 | $ | (689 | ) | $ | (5,080 | ) | $ | 1,167 | $ | 44,110 | ||||||||
Company’s equity in earnings of unconsolidated entities (3) | $ | 135 | $ | 145 | $ | 12,872 | $ | 1,175 | $ | 14,327 | ||||||||||
-3 | Differences between our equity in earnings of unconsolidated entities and the underlying net income (loss) of the entities are primarily a result of a basis difference of an acquired joint venture interest, distributions from entities in excess of the carrying amount of our net investment, and our share of the entities’ profits related to home sites purchased by us which reduces our cost basis of the home sites acquired. |
Investments_in_Distressed_Loan1
Investments in Distressed Loans and Foreclosed Real Estate (Tables) | 6 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Investments in Non-Performing Loan Portfolios and Foreclosed Real Estate [Abstract] | ||||||||||||||||
Schedule of Investment in Distressed Loans and Real Estate Owned [Table Text Block] | Investments in distressed loans and REO consisted of the following as of the dates indicated (amounts in thousands): | |||||||||||||||
April 30, | October 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Investment in distressed loans | $ | 2,258 | $ | 4,001 | ||||||||||||
Investment in REO | 63,680 | 69,799 | ||||||||||||||
$ | 65,938 | $ | 73,800 | |||||||||||||
Schedule of Changes in Real Estate Owned [Table Text Block] | ||||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Balance, beginning of period | $ | 69,799 | $ | 72,972 | $ | 66,934 | $ | 79,267 | ||||||||
Additions | 1,904 | 8,036 | 227 | 871 | ||||||||||||
Sales | (7,668 | ) | (4,192 | ) | (3,382 | ) | (3,384 | ) | ||||||||
Impairments | (183 | ) | (2 | ) | (14 | ) | (2 | ) | ||||||||
Depreciation | (172 | ) | (162 | ) | (85 | ) | (100 | ) | ||||||||
Balance, end of period | $ | 63,680 | $ | 76,652 | $ | 63,680 | $ | 76,652 | ||||||||
Gains recorded from the acquisitions of REO through foreclosure [Table Text Block] | The table below provides, for the periods indicated, gains we recorded from the acquisitions of REO through foreclosure (amounts in thousands): | |||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Gains from acquisition of REO through foreclosure | $ | 230 | $ | 1,523 | $ | — | $ | 5 | ||||||||
Loans_Payable_Senior_Notes_and1
Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable (Tables) | 6 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Debt [Text Block] | At April 30, 2015 and October 31, 2014, loans payable consisted of the following (amounts in thousands): | ||||||||
April 30, | October 31, | ||||||||
2015 | 2014 | ||||||||
Senior unsecured term loan | $ | 500,000 | $ | 500,000 | |||||
Loans payable - other | 174,817 | 154,261 | |||||||
$ | 674,817 | $ | 654,261 | ||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 6 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Payables and Accruals [Abstract] | ||||||||||||||||
Accrued expenses | Accrued expenses at April 30, 2015 and October 31, 2014 consisted of the following (amounts in thousands): | |||||||||||||||
April 30, | October 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Land, land development and construction | $ | 107,041 | $ | 124,816 | ||||||||||||
Compensation and employee benefits | 125,306 | 118,607 | ||||||||||||||
Self-insurance | 108,575 | 100,407 | ||||||||||||||
Warranty | 83,057 | 86,282 | ||||||||||||||
Interest | 33,436 | 33,993 | ||||||||||||||
Commitments to unconsolidated entities | 4,919 | 3,293 | ||||||||||||||
Other | 124,077 | 114,079 | ||||||||||||||
$ | 586,411 | $ | 581,477 | |||||||||||||
Changes in the warranty accrual | The table below provides, for the periods indicated, a reconciliation of the changes in our warranty accrual (amounts in thousands): | |||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Balance, beginning of period | $ | 86,282 | $ | 43,819 | $ | 84,695 | $ | 42,688 | ||||||||
Additions - homes closed during the period | 8,253 | 7,302 | 4,335 | 4,205 | ||||||||||||
Addition - Shapell liabilities acquired | 9,244 | 9,244 | ||||||||||||||
Increase in accruals for homes closed in prior years | 1,309 | 1,421 | 441 | 1,077 | ||||||||||||
Charges incurred | (12,787 | ) | (9,207 | ) | (6,414 | ) | (4,635 | ) | ||||||||
Balance, end of period | $ | 83,057 | $ | 52,579 | $ | 83,057 | $ | 52,579 | ||||||||
StockBased_Benefit_Plans_Table
Stock-Based Benefit Plans (Tables) | 6 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Stock-based compensation expense and income tax benefit recognized | Information regarding the amount of total stock-based compensation expense and tax benefit recognized by us, for the periods indicated, is as follows (amounts in thousands): | |||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Total stock-based compensation expense recognized | $ | 12,552 | $ | 12,294 | $ | 5,106 | $ | 4,625 | ||||||||
Income tax benefit recognized | $ | 4,736 | $ | 4,619 | $ | 1,927 | $ | 1,647 | ||||||||
Accumulated_Other_Comprensive_
Accumulated Other Comprensive Loss (Tables) | 6 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | The tables below provide, for the periods indicated, the components of accumulated other comprehensive loss (amounts in thousands): | ||||||||||||||||
Six months ended April 30, 2015 | |||||||||||||||||
Employee retirement plans | Available-for-sale securities | Derivative instruments | Total | ||||||||||||||
Balance, beginning of period | $ | (2,789 | ) | $ | (2 | ) | $ | (47 | ) | $ | (2,838 | ) | |||||
Other comprehensive (loss) income before reclassifications | (754 | ) | 3 | (22 | ) | (773 | ) | ||||||||||
Gross amounts reclassified from accumulated other comprehensive income | 432 | 432 | |||||||||||||||
Income tax benefit (expense) | 121 | (1 | ) | 8 | 128 | ||||||||||||
Other comprehensive (loss) income, net of tax | (201 | ) | 2 | (14 | ) | (213 | ) | ||||||||||
Balance, end of period | $ | (2,990 | ) | $ | — | $ | (61 | ) | $ | (3,051 | ) | ||||||
Six months ended April 30, 2014 | |||||||||||||||||
Employee retirement plans | Available-for-sale securities | Derivative instruments | Total | ||||||||||||||
Balance, beginning of period | $ | (2,112 | ) | $ | (5 | ) | $ | (270 | ) | $ | (2,387 | ) | |||||
Other comprehensive income (loss) before reclassifications | (77 | ) | (29 | ) | 365 | 259 | |||||||||||
Gross amounts reclassified from accumulated other comprehensive income (loss) | 328 | (6 | ) | 322 | |||||||||||||
Income tax (expense) benefit | (95 | ) | 13 | (142 | ) | (224 | ) | ||||||||||
Other comprehensive income (loss), net of tax | 156 | (22 | ) | 223 | 357 | ||||||||||||
Balance, end of period | $ | (1,956 | ) | $ | (27 | ) | $ | (47 | ) | $ | (2,030 | ) | |||||
Three months ended April 30, 2015 | |||||||||||||||||
Employee retirement plans | Available-for-sale securities | Derivative instruments | Total | ||||||||||||||
Balance, beginning of period | $ | (2,967 | ) | $ | — | $ | (54 | ) | $ | (3,021 | ) | ||||||
Other comprehensive loss before reclassifications | (253 | ) | (11 | ) | (264 | ) | |||||||||||
Gross amounts reclassified from accumulated other comprehensive income | 216 | 216 | |||||||||||||||
Income tax benefit | 14 | 4 | 18 | ||||||||||||||
Other comprehensive loss, net of tax | (23 | ) | — | (7 | ) | (30 | ) | ||||||||||
Balance, end of period | $ | (2,990 | ) | $ | — | $ | (61 | ) | $ | (3,051 | ) | ||||||
Three months ended April 30, 2014 | |||||||||||||||||
Employee retirement plans | Available-for-sale securities | Derivative instruments | Total | ||||||||||||||
Balance, beginning of period | $ | (2,059 | ) | $ | (36 | ) | $ | (29 | ) | $ | (2,124 | ) | |||||
Other comprehensive loss before reclassifications | (28 | ) | (28 | ) | |||||||||||||
Gross amounts reclassified from accumulated other comprehensive income | 164 | 15 | 179 | ||||||||||||||
Income tax (expense) benefit | (61 | ) | (6 | ) | 10 | (57 | ) | ||||||||||
Other comprehensive income (loss), net of tax | 103 | 9 | (18 | ) | 94 | ||||||||||||
Balance, end of period | $ | (1,956 | ) | $ | (27 | ) | $ | (47 | ) | $ | (2,030 | ) |
Stock_Issuance_and_Stock_Repur1
Stock Issuance and Stock Repurchase Program (Tables) | 6 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Stock Repurchase Program [Abstract] | ||||||||||||||||
Stock repurchase program | The table below provides, for the periods indicated, information about our share repurchase programs: | |||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Number of shares purchased (in thousands) | 211 | 5 | 10 | 3 | ||||||||||||
Average price per share | $ | 31.4 | $ | 34.71 | $ | 37.83 | $ | 36.04 | ||||||||
Remaining authorization at April 30 (in thousands) | 19,989 | 8,263 | 19,989 | 8,263 | ||||||||||||
Income_Per_Share_Information_T
Income Per Share Information (Tables) | 6 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
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 antidilutive options, and shares issued (amounts in thousands): | |||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Numerator: | ||||||||||||||||
Net income as reported | $ | 149,255 | $ | 110,802 | $ | 67,930 | $ | 65,222 | ||||||||
Plus interest and costs attributable to 0.5% Exchangeable Senior Notes, net of income tax benefit | 786 | 789 | 392 | 392 | ||||||||||||
Numerator for diluted earnings per share | $ | 150,041 | $ | 111,591 | $ | 68,322 | $ | 65,614 | ||||||||
Denominator: | ||||||||||||||||
Basic weighted-average shares | 176,267 | 177,278 | 176,458 | 178,082 | ||||||||||||
Common stock equivalents (a) | 2,347 | 2,529 | 2,522 | 2,502 | ||||||||||||
Shares attributable to 0.5% Exchangeable Senior Notes | 5,858 | 5,858 | 5,858 | 5,858 | ||||||||||||
Diluted weighted-average shares | 184,472 | 185,665 | 184,838 | 186,442 | ||||||||||||
Other information: | ||||||||||||||||
Weighted-average number of antidilutive options and restricted stock units (b) | 2,091 | 1,426 | 1,814 | 1,249 | ||||||||||||
Shares issued under stock incentive and employee stock purchase plans | 1,265 | 1,225 | 588 | 212 | ||||||||||||
(a) | Common stock equivalents represent the dilutive effect of outstanding in-the-money stock options using the treasury stock method and shares expected to be issued under performance-based restricted stock units and nonperformance-based restricted stock units. | |||||||||||||||
(b) | Based upon the average closing price of our common stock on the NYSE for the period. |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 6 Months Ended | |||||||||||||||||
Apr. 30, 2015 | ||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||||
Summary of assets and (liabilities), measured at fair value on a recurring basis | The table below provides, as of the dates indicated, a summary of assets (liabilities) related to our financial instruments, measured at fair value on a recurring basis (amounts in thousands): | |||||||||||||||||
Fair value | ||||||||||||||||||
Financial Instrument | Fair value | April 30, | October 31, 2014 | |||||||||||||||
hierarchy | 2015 | |||||||||||||||||
Marketable Securities | Level 2 | $ | 10,015 | $ | 12,026 | |||||||||||||
Residential Mortgage Loans Held for Sale | Level 2 | $ | 80,864 | $ | 101,944 | |||||||||||||
Forward Loan Commitments—Residential Mortgage Loans Held for Sale | Level 2 | $ | 16 | $ | (341 | ) | ||||||||||||
Interest Rate Lock Commitments (“IRLCs”) | Level 2 | $ | (969 | ) | $ | (108 | ) | |||||||||||
Forward Loan Commitments—IRLCs | Level 2 | $ | 969 | $ | 108 | |||||||||||||
Aggregate unpaid principal and fair value of mortgage loans held for sale | The table below provides, as of the dates 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 April 30, 2015 | $ | 79,984 | $ | 80,864 | $ | 880 | ||||||||||||
At October 31, 2014 | $ | 100,463 | $ | 101,944 | $ | 1,481 | ||||||||||||
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 2015: | ||||||||||||||||||
31-Jan | 58 | 4 | $ | 24,968 | $ | 900 | ||||||||||||
30-Apr | 52 | 1 | $ | 16,235 | 11,100 | |||||||||||||
$ | 12,000 | |||||||||||||||||
Fiscal 2014: | ||||||||||||||||||
31-Jan | 67 | 1 | $ | 7,131 | $ | 1,300 | ||||||||||||
30-Apr | 65 | 2 | $ | 6,211 | 1,600 | |||||||||||||
31-Jul | 63 | 1 | $ | 14,122 | 4,800 | |||||||||||||
31-Oct | 55 | 7 | $ | 38,473 | 9,855 | |||||||||||||
$ | 17,555 | |||||||||||||||||
Book value and estimated fair value of the Company's debt | The table below provides, as of the dates indicated, the book value and estimated fair value of our debt (amounts in thousands): | |||||||||||||||||
April 30, 2015 | October 31, 2014 | |||||||||||||||||
Fair value | Book value | Estimated | Book value | Estimated | ||||||||||||||
hierarchy | fair value | fair value | ||||||||||||||||
Loans payable (a) | Level 2 | $ | 674,817 | $ | 674,649 | $ | 654,261 | $ | 652,944 | |||||||||
Senior notes (b) | Level 1 | 2,657,376 | 2,852,929 | 2,657,376 | 2,821,559 | |||||||||||||
Mortgage company loan facility (c) | Level 2 | 70,052 | 70,052 | 90,281 | 90,281 | |||||||||||||
$ | 3,402,245 | $ | 3,597,630 | $ | 3,401,918 | $ | 3,564,784 | |||||||||||
(a) | The estimated fair value of loans payable was based upon contractual cash flows discounted at interest rates that we believed were available to us for loans with similar terms and remaining maturities as of the applicable valuation date. | |||||||||||||||||
(b) | The estimated fair value of our senior notes is based upon their market prices as of the applicable valuation date. | |||||||||||||||||
(c) | We believe that the carrying value of our mortgage company loan borrowings approximates their fair value. | |||||||||||||||||
Operating communities [Member] | ||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [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: | |||||||||||||||||
Three months ended: | Selling price per unit | Sales pace per year | Discount rate | |||||||||||||||
(in thousands) | (in units) | |||||||||||||||||
Fiscal 2015: | ||||||||||||||||||
31-Jan | $289 - $680 | 7-Jan | 13.5% - 16.0% | |||||||||||||||
30-Apr | $527 - $600 | 13 - 25 | 17.00% | |||||||||||||||
Fiscal 2014: | ||||||||||||||||||
31-Jan | $388 - $405 | 21 - 23 | 16.60% | |||||||||||||||
30-Apr | $634 - $760 | 7-Apr | 12.0% - 15.3% | |||||||||||||||
31-Jul | $698 - $1,233 | 22-Oct | 15.90% | |||||||||||||||
31-Oct | $337 - $902 | 23-Jul | 12.5% - 16.5% |
Other_Income_Net_Tables
Other Income - Net (Tables) | 6 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
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): | |||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Interest income | $ | 1,186 | $ | 1,889 | $ | 698 | $ | 825 | ||||||||
Income from ancillary businesses | 13,725 | 3,950 | 2,886 | 2,337 | ||||||||||||
Gibraltar | 4,019 | 5,714 | 3,197 | 1,382 | ||||||||||||
Management fee income from unconsolidated entities | 6,390 | 2,454 | 3,411 | 1,227 | ||||||||||||
Retained customer deposits | 2,312 | 1,310 | 972 | 422 | ||||||||||||
Income from land sales | 7,350 | 11,187 | 2,533 | 4,929 | ||||||||||||
Directly expensed interest | (656 | ) | (656 | ) | ||||||||||||
Other | 953 | 1,794 | 222 | 635 | ||||||||||||
Total other income - net | $ | 35,935 | $ | 27,642 | $ | 13,919 | $ | 11,101 | ||||||||
Revenues and expenses of non-core ancillary businesses | The table below provides, for the periods indicated, revenues and expenses for our ancillary businesses (amounts in thousands): | |||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenue | $ | 56,227 | $ | 43,748 | $ | 24,947 | $ | 22,808 | ||||||||
Expense | $ | 42,502 | $ | 39,798 | $ | 22,061 | $ | 20,471 | ||||||||
Schedule of revenues and expenses from land sales [Table Text Block] | The table below provides, for the periods indicated, revenues and expenses recognized from land sales (amounts in thousands): | |||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenue | $ | 126,746 | $ | 98,152 | $ | 22,725 | $ | 87,124 | ||||||||
Deferred gain on land sale to joint venture | (9,260 | ) | ||||||||||||||
Expense | (110,136 | ) | (86,965 | ) | (20,192 | ) | (82,195 | ) | ||||||||
Income from land sales | $ | 7,350 | $ | 11,187 | $ | 2,533 | $ | 4,929 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | |||||||
Apr. 30, 2015 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Company land purchase commitments | Information regarding our land purchase commitments, as of the dates indicated, is provided in the table below (amounts in thousands): | |||||||
April 30, 2015 | October 31, 2014 | |||||||
Aggregate purchase commitments: | ||||||||
Unrelated parties | $ | 882,723 | $ | 1,043,654 | ||||
Unconsolidated entities that the Company has investments in | 178,825 | 184,260 | ||||||
Total | $ | 1,061,548 | $ | 1,227,914 | ||||
Deposits against aggregate purchase commitments | $ | 71,126 | $ | 103,422 | ||||
Additional cash required to acquire land | 990,422 | 1,124,492 | ||||||
Total | $ | 1,061,548 | $ | 1,227,914 | ||||
Amount of additional cash required to acquire land in accrued expenses | $ | 1,120 | $ | 764 | ||||
Company mortgage commitments | Information regarding our mortgage commitments, as of the dates indicated, is provided in the table below (amounts in thousands): | |||||||
April 30, | October 31, 2014 | |||||||
2015 | ||||||||
Aggregate mortgage loan commitments: | ||||||||
IRLCs | $ | 355,901 | $ | 191,604 | ||||
Non-IRLCs | 861,097 | 709,401 | ||||||
Total | $ | 1,216,998 | $ | 901,005 | ||||
Investor commitments to purchase: | ||||||||
IRLCs | $ | 355,901 | $ | 191,604 | ||||
Mortgage loans receivable | 72,844 | 93,261 | ||||||
Total | $ | 428,745 | $ | 284,865 | ||||
Information_on_Operating_Segme1
Information on Operating Segments (Tables) | 6 Months Ended | |||||||||||||||
Apr. 30, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Revenue and income (loss) before income taxes and total assets | Revenue and income (loss) before income taxes for each of our reportable and geographic segments, for the periods indicated, were as follows (amounts in thousands): | |||||||||||||||
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenues: | ||||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | $ | 282,454 | $ | 264,885 | $ | 150,018 | $ | 137,241 | ||||||||
Mid-Atlantic | 350,891 | 349,571 | 187,503 | 180,475 | ||||||||||||
South | 377,784 | 336,688 | 215,917 | 186,129 | ||||||||||||
West | 570,409 | 507,835 | 282,467 | 321,609 | ||||||||||||
Traditional Home Building | 1,581,538 | 1,458,979 | 835,905 | 825,454 | ||||||||||||
City Living | 124,497 | 45,076 | 16,678 | 34,920 | ||||||||||||
Total | $ | 1,706,035 | $ | 1,504,055 | $ | 852,583 | $ | 860,374 | ||||||||
Income (loss) before income taxes: | ||||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | $ | 13,431 | $ | 17,152 | $ | 2,864 | $ | 8,806 | ||||||||
Mid-Atlantic | 40,819 | 45,909 | 22,095 | 24,358 | ||||||||||||
South | 62,600 | 40,952 | 39,276 | 23,584 | ||||||||||||
West | 91,619 | 78,714 | 46,270 | 44,844 | ||||||||||||
Traditional Home Building | 208,469 | 182,727 | 110,505 | 101,592 | ||||||||||||
City Living | 58,005 | 8,964 | 6,660 | 10,022 | ||||||||||||
Corporate and other | (55,919 | ) | (26,972 | ) | (30,633 | ) | (18,130 | ) | ||||||||
Total | $ | 210,555 | $ | 164,719 | $ | 86,532 | $ | 93,484 | ||||||||
“Corporate and other” is comprised principally of general corporate expenses such as the offices of our executive officers; the corporate finance, accounting, audit, tax, human resources, risk management, information technology, marketing, and legal groups; interest income; income from certain of our ancillary businesses, including Gibraltar; and income from a number of our unconsolidated entities. | ||||||||||||||||
Total assets for each of our reportable and geographic segments, as of the dates indicated, are shown in the table below (amounts in thousands). | ||||||||||||||||
April 30, | October 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | $ | 1,063,041 | $ | 1,053,787 | ||||||||||||
Mid-Atlantic | 1,272,448 | 1,267,563 | ||||||||||||||
South | 1,246,795 | 1,165,600 | ||||||||||||||
West | 2,821,400 | 2,676,164 | ||||||||||||||
Traditional Home Building | 6,403,684 | 6,163,114 | ||||||||||||||
City Living | 873,725 | 834,949 | ||||||||||||||
Corporate and other | 1,310,272 | 1,418,839 | ||||||||||||||
Total | $ | 8,587,681 | $ | 8,416,902 | ||||||||||||
“Corporate and other” is comprised principally of cash and cash equivalents, marketable securities, restricted cash, deferred tax assets, the assets of our Gibraltar investments, manufacturing facilities, and our mortgage subsidiary. | ||||||||||||||||
schedule of inventory, by segment [Table Text Block] | Inventory for each of our reportable and geographic segments, as of the dates indicated, is shown in the table below (amounts in thousands): | |||||||||||||||
Land controlled for future communities | Land owned for future communities | Operating communities | Total | |||||||||||||
Balances at April 30, 2015: | ||||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | $ | 11,749 | $ | 167,766 | $ | 851,577 | $ | 1,031,092 | ||||||||
Mid-Atlantic | 27,536 | 246,580 | 959,620 | 1,233,736 | ||||||||||||
South | 3,614 | 225,363 | 841,185 | 1,070,162 | ||||||||||||
West | 15,147 | 1,138,539 | 1,582,696 | 2,736,382 | ||||||||||||
Traditional Home Building | 58,046 | 1,778,248 | 4,235,078 | 6,071,372 | ||||||||||||
City Living | 939 | 451,270 | 200,762 | 652,971 | ||||||||||||
$ | 58,985 | $ | 2,229,518 | $ | 4,435,840 | $ | 6,724,343 | |||||||||
Balances at October 31, 2014: | ||||||||||||||||
Traditional Home Building: | ||||||||||||||||
North | $ | 12,007 | $ | 171,780 | $ | 834,266 | $ | 1,018,053 | ||||||||
Mid-Atlantic | 29,169 | 209,506 | 994,859 | 1,233,534 | ||||||||||||
South | 10,971 | 219,904 | 793,835 | 1,024,710 | ||||||||||||
West | 22,122 | 1,391,028 | 1,177,820 | 2,590,970 | ||||||||||||
Traditional Home Building | 74,269 | 1,992,218 | 3,800,780 | 5,867,267 | ||||||||||||
City Living | 48,264 | 363,656 | 211,134 | 623,054 | ||||||||||||
$ | 122,533 | $ | 2,355,874 | $ | 4,011,914 | $ | 6,490,321 | |||||||||
Schedule of investments in unconsolidated entities, be segment [Table Text Block] | Investments in and advances to unconsolidated entities for each of our reportable and geographic segments, as of the dates indicated, are shown in the table below (amounts in thousands): | |||||||||||||||
April 30, | October 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Traditional Home Building: | ||||||||||||||||
Mid-Atlantic | $ | 11,929 | $ | 11,841 | ||||||||||||
South | 101,541 | 98,362 | ||||||||||||||
West | 58,575 | 59,573 | ||||||||||||||
Traditional Home Building | 172,045 | 169,776 | ||||||||||||||
City Living | 177,311 | 159,953 | ||||||||||||||
Corporate and other | 117,903 | 117,349 | ||||||||||||||
Total | $ | 467,259 | $ | 447,078 | ||||||||||||
Supplemental_Disclosure_to_Con1
Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows (Tables) | 6 Months Ended | |||||||
Apr. 30, 2015 | ||||||||
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 periods indicated (amounts in thousands): | |||||||
Six months ended April 30, | ||||||||
2015 | 2014 | |||||||
Cash flow information: | ||||||||
Interest paid, net of amount capitalized | $ | 8,034 | ||||||
Interest capitalized, net of amount paid | $ | 3,798 | ||||||
Income tax payments | $ | 140,867 | $ | 30,968 | ||||
Income tax refunds | $ | 165 | ||||||
Noncash activity: | ||||||||
Cost of inventory acquired through seller financing or municipal bonds, net | $ | 45,732 | $ | 71,662 | ||||
Reduction in inventory for our share of joint venture earnings in land purchased from unconsolidated entities and allocation of basis difference | $ | 2,346 | $ | 1,229 | ||||
Defined benefit plan amendment | $ | 754 | $ | 77 | ||||
Increase in accrued expenses related to Stock Price-Based Restricted Stock Units paid | $ | 4,972 | ||||||
Transfer of inventory to investment in unconsolidated entities | $ | 700 | ||||||
Transfer of other assets to investment in unconsolidated entities | $ | 4,824 | ||||||
Unrealized (loss) gain on derivatives held by equity investees | $ | (22 | ) | $ | 365 | |||
Increase in investments in unconsolidated entities for change in the fair value of debt guarantees | $ | 1,577 | $ | 428 | ||||
Miscellaneous decreases to investments in unconsolidated entities | $ | (1,403 | ) | $ | (965 | ) | ||
Acquisition of a Business: | ||||||||
Fair value of assets purchased, excluding cash acquired | $ | 1,520,664 | ||||||
Liabilities assumed | $ | 31,548 | ||||||
Cash paid, net of cash acquired | $ | 1,489,116 | ||||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 6 Months Ended | |||||||||||||||||
Apr. 30, 2015 | ||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ||||||||||||||||||
Senior Notes issued by Subsidiary Issuer [Table Text Block] | Our 100%-owned subsidiary, Toll Brothers Finance Corp. (the “Subsidiary Issuer”), has issued the following Senior Notes (amounts in thousands): | |||||||||||||||||
Original amount issued and amount outstanding at | ||||||||||||||||||
April 30, 2015 | ||||||||||||||||||
5.15% Senior Notes due 2015 | $ | 300,000 | ||||||||||||||||
8.91% Senior Notes due 2017 | $ | 400,000 | ||||||||||||||||
4.0% Senior Notes due 2018 | $ | 350,000 | ||||||||||||||||
6.75% Senior Notes due 2019 | $ | 250,000 | ||||||||||||||||
5.875% Senior Notes due 2022 | $ | 419,876 | ||||||||||||||||
4.375% Senior Notes due 2023 | $ | 400,000 | ||||||||||||||||
5.625% Senior Notes due 2024 | $ | 250,000 | ||||||||||||||||
0.50% Exchangeable Senior Notes due 2032 | $ | 287,500 | ||||||||||||||||
Supplemental Consolidated Financial Information | Supplemental consolidating financial information of Toll Brothers, Inc., the Subsidiary Issuer, the Guarantor Subsidiaries, the Nonguarantor 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 April 30, 2015: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||
Inc. | ||||||||||||||||||
ASSETS | ||||||||||||||||||
Cash and cash equivalents | — | — | 389,236 | 142,921 | — | 532,157 | ||||||||||||
Marketable securities | 10,015 | 10,015 | ||||||||||||||||
Restricted cash | 15,206 | 1,297 | 1,459 | 17,962 | ||||||||||||||
Inventory | 6,417,066 | 307,277 | 6,724,343 | |||||||||||||||
Property, construction and office equipment, net | 123,887 | 17,256 | 141,143 | |||||||||||||||
Receivables, prepaid expenses and other assets | 56 | 15,029 | 156,260 | 118,588 | (30,975 | ) | 258,958 | |||||||||||
Mortgage loans held for sale | 80,864 | 80,864 | ||||||||||||||||
Customer deposits held in escrow | 42,241 | 2,158 | 44,399 | |||||||||||||||
Investments in and advances to unconsolidated entities | 125,691 | 341,568 | 467,259 | |||||||||||||||
Investments in distressed loans and foreclosed real estate | 65,938 | 65,938 | ||||||||||||||||
Investments in and advances to consolidated entities | 3,824,138 | 2,681,738 | 4,740 | (6,510,616 | ) | — | ||||||||||||
Deferred tax assets, net of valuation allowances | 244,643 | 244,643 | ||||||||||||||||
4,084,043 | 2,696,767 | 7,260,418 | 1,088,044 | (6,541,591 | ) | 8,587,681 | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Liabilities | ||||||||||||||||||
Loans payable | 674,817 | 674,817 | ||||||||||||||||
Senior notes | 2,631,124 | 24,674 | 2,655,798 | |||||||||||||||
Mortgage company loan facility | 70,052 | 70,052 | ||||||||||||||||
Customer deposits | 266,530 | 8,817 | 275,347 | |||||||||||||||
Accounts payable | 233,509 | 166 | 233,675 | |||||||||||||||
Accrued expenses | 31,906 | 377,933 | 209,217 | (32,645 | ) | 586,411 | ||||||||||||
Advances from consolidated entities | 1,946,002 | 751,619 | (2,697,621 | ) | — | |||||||||||||
Income taxes payable | 37,641 | 37,641 | ||||||||||||||||
Total liabilities | 37,641 | 2,663,030 | 3,498,791 | 1,039,871 | (2,705,592 | ) | 4,533,741 | |||||||||||
Equity | ||||||||||||||||||
Stockholders’ equity | ||||||||||||||||||
Common stock | 1,779 | 48 | 3,006 | (3,054 | ) | 1,779 | ||||||||||||
Additional paid-in capital | 722,303 | 49,400 | 1,734 | (51,134 | ) | 722,303 | ||||||||||||
Retained earnings (deficits) | 3,381,290 | (15,663 | ) | 3,761,640 | 35,834 | (3,781,811 | ) | 3,381,290 | ||||||||||
Treasury stock, at cost | (55,980 | ) | (55,980 | ) | ||||||||||||||
Accumulated other comprehensive loss | (2,990 | ) | (61 | ) | (3,051 | ) | ||||||||||||
Total stockholders’ equity | 4,046,402 | 33,737 | 3,761,627 | 40,574 | (3,835,999 | ) | 4,046,341 | |||||||||||
Noncontrolling interest | 7,599 | 7,599 | ||||||||||||||||
Total equity | 4,046,402 | 33,737 | 3,761,627 | 48,173 | (3,835,999 | ) | 4,053,940 | |||||||||||
4,084,043 | 2,696,767 | 7,260,418 | 1,088,044 | (6,541,591 | ) | 8,587,681 | ||||||||||||
Condensed Consolidating Balance Sheet at October 31, 2014: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||
Inc. | ||||||||||||||||||
ASSETS | ||||||||||||||||||
Cash and cash equivalents | — | — | 455,714 | 130,601 | — | 586,315 | ||||||||||||
Marketable securities | 1,997 | 10,029 | 12,026 | |||||||||||||||
Restricted cash | 15,211 | 2,070 | 1,061 | 18,342 | ||||||||||||||
Inventory | 6,260,303 | 230,018 | 6,490,321 | |||||||||||||||
Property, construction and office equipment, net | 126,586 | 16,424 | 143,010 | |||||||||||||||
Receivables, prepaid expenses and other assets | 16,802 | 114,863 | 137,496 | (17,589 | ) | 251,572 | ||||||||||||
Mortgage loans held for sale | 101,944 | 101,944 | ||||||||||||||||
Customer deposits held in escrow | 39,912 | 2,161 | 42,073 | |||||||||||||||
Investments in and advances to unconsolidated entities | 132,096 | 314,982 | 447,078 | |||||||||||||||
Investments in distressed loans and foreclosed real estate | 73,800 | 73,800 | ||||||||||||||||
Investments in and advances to consolidated entities | 3,714,788 | 2,677,448 | 4,740 | (6,396,976 | ) | — | ||||||||||||
Deferred tax assets, net of valuation allowances | 250,421 | 250,421 | ||||||||||||||||
3,980,420 | 2,694,250 | 7,138,281 | 1,018,516 | (6,414,565 | ) | 8,416,902 | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Liabilities | ||||||||||||||||||
Loans payable | 653,269 | 992 | 654,261 | |||||||||||||||
Senior notes | 2,625,712 | 29,332 | 2,655,044 | |||||||||||||||
Mortgage company loan facility | 90,281 | 90,281 | ||||||||||||||||
Customer deposits | 221,084 | 2,715 | 223,799 | |||||||||||||||
Accounts payable | 225,106 | 241 | 225,347 | |||||||||||||||
Accrued expenses | 31,906 | 386,223 | 181,649 | (18,301 | ) | 581,477 | ||||||||||||
Advances from consolidated entities | 2,018,981 | 708,167 | (2,727,148 | ) | — | |||||||||||||
Income taxes payable | 125,996 | 125,996 | ||||||||||||||||
Total liabilities | 125,996 | 2,657,618 | 3,504,663 | 984,045 | (2,716,117 | ) | 4,556,205 | |||||||||||
Equity | ||||||||||||||||||
Stockholders’ equity | ||||||||||||||||||
Common stock | 1,779 | 48 | 3,006 | (3,054 | ) | 1,779 | ||||||||||||
Additional paid-in capital | 712,162 | 49,400 | 1,734 | (51,134 | ) | 712,162 | ||||||||||||
Retained earnings (deficits) | 3,232,035 | (12,768 | ) | 3,633,618 | 23,410 | (3,644,260 | ) | 3,232,035 | ||||||||||
Treasury stock, at cost | (88,762 | ) | (88,762 | ) | ||||||||||||||
Accumulated other comprehensive loss | (2,790 | ) | (48 | ) | (2,838 | ) | ||||||||||||
Total stockholders’ equity | 3,854,424 | 36,632 | 3,633,618 | 28,150 | (3,698,448 | ) | 3,854,376 | |||||||||||
Noncontrolling interest | 6,321 | 6,321 | ||||||||||||||||
Total equity | 3,854,424 | 36,632 | 3,633,618 | 34,471 | (3,698,448 | ) | 3,860,697 | |||||||||||
3,980,420 | 2,694,250 | 7,138,281 | 1,018,516 | (6,414,565 | ) | 8,416,902 | ||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the six months ended April 30, 2015: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||
Inc. | ||||||||||||||||||
Revenues | 1,724,050 | 33,152 | (51,167 | ) | 1,706,035 | |||||||||||||
Cost of revenues | 1,332,727 | 3,095 | (7,278 | ) | 1,328,544 | |||||||||||||
Selling, general and administrative | 37 | 1,822 | 226,194 | 27,090 | (41,144 | ) | 213,999 | |||||||||||
37 | 1,822 | 1,558,921 | 30,185 | (48,422 | ) | 1,542,543 | ||||||||||||
Income (loss) from operations | (37 | ) | (1,822 | ) | 165,129 | 2,967 | (2,745 | ) | 163,492 | |||||||||
Other: | ||||||||||||||||||
Income from unconsolidated entities | 7,434 | 3,694 | 11,128 | |||||||||||||||
Other income - net | 4,670 | 18,033 | 13,588 | (356 | ) | 35,935 | ||||||||||||
Intercompany interest income | 72,393 | (72,393 | ) | — | ||||||||||||||
Interest expense | (75,228 | ) | (266 | ) | 75,494 | — | ||||||||||||
Income from subsidiaries | 205,922 | 15,326 | (221,248 | ) | — | |||||||||||||
Income (loss) before income taxes | 210,555 | (4,657 | ) | 205,922 | 19,983 | (221,248 | ) | 210,555 | ||||||||||
Income tax provision (benefit) | 61,300 | (1,762 | ) | 77,900 | 7,559 | (83,697 | ) | 61,300 | ||||||||||
Net income (loss) | 149,255 | (2,895 | ) | 128,022 | 12,424 | (137,551 | ) | 149,255 | ||||||||||
Other comprehensive loss | (201 | ) | (12 | ) | (213 | ) | ||||||||||||
Total comprehensive income (loss) | 149,054 | (2,895 | ) | 128,010 | 12,424 | (137,551 | ) | 149,042 | ||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the six months ended April 30, 2014: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||
Inc. | ||||||||||||||||||
Revenues | 1,520,077 | 33,267 | (49,289 | ) | 1,504,055 | |||||||||||||
Cost of revenues | 1,206,293 | 4,059 | (8,322 | ) | 1,202,030 | |||||||||||||
Selling, general and administrative | 69 | 1,865 | 213,647 | 26,436 | (39,827 | ) | 202,190 | |||||||||||
69 | 1,865 | 1,419,940 | 30,495 | (48,149 | ) | 1,404,220 | ||||||||||||
Income (loss) from operations | (69 | ) | (1,865 | ) | 100,137 | 2,772 | (1,140 | ) | 99,835 | |||||||||
Other: | ||||||||||||||||||
Income (loss) from unconsolidated entities | 37,578 | (336 | ) | 37,242 | ||||||||||||||
Other income - net | 4,660 | 17,815 | 7,208 | (2,041 | ) | 27,642 | ||||||||||||
Intercompany interest income | 76,107 | (76,107 | ) | — | ||||||||||||||
Interest expense | (78,899 | ) | (389 | ) | 79,288 | — | ||||||||||||
Income from subsidiaries | 160,128 | 4,598 | (164,726 | ) | — | |||||||||||||
Income (loss) before income taxes | 164,719 | (4,657 | ) | 160,128 | 9,255 | (164,726 | ) | 164,719 | ||||||||||
Income tax provision (benefit) | 53,917 | (1,751 | ) | 60,224 | 3,481 | (61,954 | ) | 53,917 | ||||||||||
Net income (loss) | 110,802 | (2,906 | ) | 99,904 | 5,774 | (102,772 | ) | 110,802 | ||||||||||
Other comprehensive income | 156 | 189 | 12 | 357 | ||||||||||||||
Total comprehensive income (loss) | 110,958 | (2,906 | ) | 100,093 | 5,786 | (102,772 | ) | 111,159 | ||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended April 30, 2015: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Revenues | 861,896 | 17,550 | (26,863 | ) | 852,583 | |||||||||||||
Cost of revenues | 680,515 | 1,429 | (3,432 | ) | 678,512 | |||||||||||||
Selling, general and administrative | 23 | 914 | 114,151 | 13,701 | (21,104 | ) | 107,685 | |||||||||||
23 | 914 | 794,666 | 15,130 | (24,536 | ) | 786,197 | ||||||||||||
Income (loss) from operations | (23 | ) | (914 | ) | 67,230 | 2,420 | (2,327 | ) | 66,386 | |||||||||
Other: | ||||||||||||||||||
Income from unconsolidated entities | 2,712 | 3,515 | 6,227 | |||||||||||||||
Other income - net | 2,300 | 7,800 | 3,003 | 816 | 13,919 | |||||||||||||
Intercompany interest income | 36,200 | (36,200 | ) | — | ||||||||||||||
Interest expense | (37,576 | ) | (135 | ) | 37,711 | — | ||||||||||||
Income from subsidiaries | 84,255 | 6,513 | (90,768 | ) | — | |||||||||||||
Income (loss) before income taxes | 86,532 | (2,290 | ) | 84,255 | 8,803 | (90,768 | ) | 86,532 | ||||||||||
Income tax provision (benefit) | 18,602 | (871 | ) | 32,093 | 3,349 | (34,571 | ) | 18,602 | ||||||||||
Net income (loss) | 67,930 | (1,419 | ) | 52,162 | 5,454 | (56,197 | ) | 67,930 | ||||||||||
Other comprehensive loss | (23 | ) | (7 | ) | (30 | ) | ||||||||||||
Total comprehensive income (loss) | 67,907 | (1,419 | ) | 52,155 | 5,454 | (56,197 | ) | 67,900 | ||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended April 30, 2014: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Guarantor | |||||||||||||||
Inc. | Subsidiaries | |||||||||||||||||
Revenues | 869,305 | 17,665 | (26,596 | ) | 860,374 | |||||||||||||
Cost of revenues | 690,656 | 1,457 | (4,115 | ) | 687,998 | |||||||||||||
Selling, general and administrative | 14 | 928 | 110,947 | 12,799 | (20,368 | ) | 104,320 | |||||||||||
14 | 928 | 801,603 | 14,256 | (24,483 | ) | 792,318 | ||||||||||||
Income (loss) from operations | (14 | ) | (928 | ) | 67,702 | 3,409 | (2,113 | ) | 68,056 | |||||||||
Other: | ||||||||||||||||||
Income from unconsolidated entities | 13,371 | 956 | 14,327 | |||||||||||||||
Other income - net | 2,295 | 7,243 | 1,008 | 555 | 11,101 | |||||||||||||
Intercompany interest income | 37,963 | (37,963 | ) | — | ||||||||||||||
Interest expense | (39,325 | ) | (196 | ) | 39,521 | — | ||||||||||||
Income from subsidiaries | 91,203 | 2,887 | (94,090 | ) | — | |||||||||||||
Income (loss) before income taxes | 93,484 | (2,290 | ) | 91,203 | 5,177 | (94,090 | ) | 93,484 | ||||||||||
Income tax provision (benefit) | 28,262 | (823 | ) | 33,212 | 1,883 | (34,272 | ) | 28,262 | ||||||||||
Net income (loss) | 65,222 | (1,467 | ) | 57,991 | 3,294 | (59,818 | ) | 65,222 | ||||||||||
Other comprehensive income (loss) | 103 | (11 | ) | 2 | 94 | |||||||||||||
Total comprehensive income (loss) | 65,325 | (1,467 | ) | 57,980 | 3,296 | (59,818 | ) | 65,316 | ||||||||||
Condensed Consolidating Statement of Cash Flows for the six months ended April 30, 2015: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||
Inc. | ||||||||||||||||||
Net cash (used in) provided by operating activities | (48,714 | ) | 4,290 | 15,173 | (2,631 | ) | (6,060 | ) | (37,942 | ) | ||||||||
Cash flow (used in) provided by investing activities: | ||||||||||||||||||
Purchase of property and equipment - net | (5,037 | ) | (847 | ) | (5,884 | ) | ||||||||||||
Sale and redemption of marketable securities | 2,000 | 2,000 | ||||||||||||||||
Investment in and advances to unconsolidated entities | (2,253 | ) | (25,452 | ) | (27,705 | ) | ||||||||||||
Return of investments in unconsolidated entities | 5,797 | 4,840 | 10,637 | |||||||||||||||
Investment in distressed loans and foreclosed real estate | (1,697 | ) | (1,697 | ) | ||||||||||||||
Return of investments in distressed loans and foreclosed real estate | 14,592 | 14,592 | ||||||||||||||||
Net increase in cash from purchase of joint venture interest | 3,848 | 3,848 | ||||||||||||||||
Intercompany advances | 18,228 | (4,290 | ) | (13,938 | ) | — | ||||||||||||
Net cash (used in) provided by investing activities | 18,228 | (4,290 | ) | 4,355 | (8,564 | ) | (13,938 | ) | (4,209 | ) | ||||||||
Cash flow (used in) provided by financing activities: | ||||||||||||||||||
Proceeds from loans payable | 529,053 | 529,053 | ||||||||||||||||
Principal payments of loans payable | (22,556 | ) | (550,282 | ) | (572,838 | ) | ||||||||||||
Proceeds from stock-based benefit plans | 34,057 | 34,057 | ||||||||||||||||
Excess tax benefits from stock-based compensation | 3,045 | 3,045 | ||||||||||||||||
Purchase of treasury stock | (6,616 | ) | (6,616 | ) | ||||||||||||||
Receipts related to noncontrolling interest | 1,292 | 1,292 | ||||||||||||||||
Intercompany advances | (63,450 | ) | 43,452 | 19,998 | — | |||||||||||||
Net cash (used in) provided by financing activities | 30,486 | — | (86,006 | ) | 23,515 | 19,998 | (12,007 | ) | ||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | (66,478 | ) | 12,320 | — | (54,158 | ) | ||||||||||
Cash and cash equivalents, beginning of period | — | — | 455,714 | 130,601 | — | 586,315 | ||||||||||||
Cash and cash equivalents, end of period | — | — | 389,236 | 142,921 | — | 532,157 | ||||||||||||
Condensed Consolidating Statement of Cash Flows for the six months ended April 30, 2014: | ||||||||||||||||||
Toll | Subsidiary | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||
Brothers, | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||
Inc. | ||||||||||||||||||
Net cash (used in) provided by operating activities | 44,258 | 15,152 | (87,965 | ) | (27,401 | ) | (10,229 | ) | (66,185 | ) | ||||||||
Cash flow (used in) provided by investing activities: | ||||||||||||||||||
Purchase of property and equipment — net | (5,718 | ) | (49 | ) | (5,767 | ) | ||||||||||||
Sale and redemption of marketable securities | 39,243 | 39,243 | ||||||||||||||||
Investment in and advances to unconsolidated entities | (13,602 | ) | (67,052 | ) | (80,654 | ) | ||||||||||||
Return of investments in unconsolidated entities | 35,714 | 3,300 | 39,014 | |||||||||||||||
Investment in distressed loans and foreclosed real estate | (757 | ) | (757 | ) | ||||||||||||||
Return of investments in distressed loans and foreclosed real estate | 22,424 | 22,424 | ||||||||||||||||
Acquisition of a business, net of cash acquired | (1,489,116 | ) | (1,489,116 | ) | ||||||||||||||
Dividend received - intercompany | 15,000 | (15,000 | ) | — | ||||||||||||||
Intercompany advances | (289,604 | ) | (342,492 | ) | 632,096 | — | ||||||||||||
Net cash used in investing activities | (289,604 | ) | (342,492 | ) | (1,418,479 | ) | (42,134 | ) | 617,096 | (1,475,613 | ) | |||||||
Cash flow provided by (used in) financing activities: | ||||||||||||||||||
Proceeds from issuance of senior notes | 600,000 | 600,000 | ||||||||||||||||
Debt issuance costs for senior notes | (4,700 | ) | (4,700 | ) | ||||||||||||||
Proceeds from loans payable | 1,141,300 | 456,262 | 1,597,562 | |||||||||||||||
Debt issuance costs for loans payable | (3,005 | ) | (3,005 | ) | ||||||||||||||
Principal payments of loans payable | (572,257 | ) | (474,420 | ) | (1,046,677 | ) | ||||||||||||
Redemption of senior notes | (267,960 | ) | (267,960 | ) | ||||||||||||||
Net proceeds from issuance of common stock | 220,357 | 220,357 | ||||||||||||||||
Proceeds from stock-based benefit plans | 23,333 | 23,333 | ||||||||||||||||
Excess tax benefits from stock-based compensation | 1,841 | 1,841 | ||||||||||||||||
Purchase of treasury stock | (185 | ) | (185 | ) | ||||||||||||||
Receipts related to noncontrolling interest | 81 | 81 | ||||||||||||||||
Dividend paid - intercompany | (15,000 | ) | 15,000 | — | ||||||||||||||
Intercompany advances | 505,993 | 115,874 | (621,867 | ) | — | |||||||||||||
Net cash provided by financing activities | 245,346 | 327,340 | 1,072,031 | 82,797 | (606,867 | ) | 1,120,647 | |||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | (434,413 | ) | 13,262 | — | (421,151 | ) | ||||||||||
Cash and cash equivalents, beginning of period | — | — | 670,102 | 102,870 | — | 772,972 | ||||||||||||
Cash and cash equivalents, end of period | — | — | 235,689 | 116,132 | — | 351,821 | ||||||||||||
Acquisition_Detail_Textuals
Acquisition (Detail Textuals) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||
Feb. 04, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Feb. 04, 2014 | |
home_sites | home_sites | |||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $1,489,116,000 | |||||
Number of Homes to be Delivered | 4,387 | 4,387 | ||||
Sales Value of Outstanding Deliver Homes | 3,480,000,000 | 3,480,000,000 | ||||
Shapell [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Effective Date of Acquisition | 4-Feb-14 | |||||
Business Acquisition, Name of Acquired Entity | Shapell Industries, Inc. | |||||
Business Acquisition, Date of Acquisition Agreement | 6-Nov-13 | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 1,490,000,000 | |||||
Number of home sites included in acquisition | 4,950 | |||||
Number of Homes to be Delivered | 126 | 126 | ||||
Sales Value of Outstanding Deliver Homes | 105,300,000 | 105,300,000 | ||||
Business Combination, Acquisition Related Costs | $0 | $5,100,000 | $0 | $5,900,000 |
Inventory_Details
Inventory (Details) (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | ||
Total Inventory | ||
Inventory | $6,724,343 | $6,490,321 |
Land controlled for future communities [Member] | ||
Total Inventory | ||
Inventory | 58,985 | 122,533 |
Land Owned for Future Communities [Member] | ||
Total Inventory | ||
Inventory | 2,229,518 | 2,355,874 |
Operating communities [Member] | ||
Total Inventory | ||
Inventory | $4,435,840 | $4,011,914 |
Inventory_Details_1
Inventory (Details 1) (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | communities | communities |
Land Owned for Future Communities [Member] | ||
Temporarily Closed communities | ||
Number of Communities (in ones) | 18 | 16 |
Carrying Value | $156,267 | $122,015 |
Operating communities [Member] | ||
Temporarily Closed communities | ||
Number of Communities (in ones) | 8 | 9 |
Carrying Value | $23,025 | $42,092 |
Inventory_Details_2
Inventory (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Schedule of inventory [Line Items] | ||||
Inventory Write-down | $12,166 | $1,924 | $13,310 | $3,906 |
Land controlled for future communities [Member] | ||||
Schedule of inventory [Line Items] | ||||
Inventory Write-down | 366 | 324 | 610 | 1,006 |
Land Owned for Future Communities [Member] | ||||
Schedule of inventory [Line Items] | ||||
Inventory Write-down | 700 | 700 | ||
Operating communities [Member] | ||||
Schedule of inventory [Line Items] | ||||
Inventory Write-down | $11,100 | $1,600 | $12,000 | $2,900 |
Inventory_Details_3
Inventory (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Inventory Disclosure [Abstract] | ||||
Interest capitalized, beginning of period | $364,228 | $356,618 | $356,180 | $343,077 |
Interest incurred | 39,954 | 42,684 | 80,458 | 82,628 |
Interest expensed to cost of revenues | -29,576 | -29,145 | -57,953 | -54,585 |
Write-off against other income | -410 | -722 | -1,738 | -1,039 |
Interest capitalized on investments in unconsolidated entities | -2,074 | -2,300 | -4,825 | -4,757 |
Previously capitalized interest on investments in unconsolidated entities transferred to inventory | 772 | 772 | 1,811 | |
Interest capitalized, end of period | $372,894 | $367,135 | $372,894 | $367,135 |
Inventory_Details_Textual
Inventory (Details Textual) (USD $) | Apr. 30, 2015 | Apr. 30, 2014 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | |||
Inventory (Textual) [Abstract] | |||
Real Estate Inventory Capitalized Interest Costs Impairment | $33,700 | $35,400 | |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | |||
Variable Interest Entity [Line Items] | |||
Number of VIE Land Purchase Contracts (in ones) | 55 | 63 | |
Aggregate purchase price of VIE lands | 629,300 | 578,200 | |
Deposits for purchase of lands with VIE entities | $29,700 | $30,700 |
Investments_in_and_Advances_to2
Investments in and Advances to Unconsolidated Entities Investments in and Advances to Unconsolidated Entities (Details 1) (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
joint_ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Joint Ventures | 22 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $467,259,000 | $447,078,000 |
Number of joint venture with funding commitments | 10 | |
Other Commitment | 80,874,000 | |
Land Development Joint Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Joint Ventures | 7 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 144,103,000 | 140,221,000 |
Number of joint venture with funding commitments | 4 | |
Home Building Joint Ventures, Total [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Joint Ventures | 4 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 205,253,000 | 189,509,000 |
Number of joint venture with funding commitments | 2 | |
Rental Joint Ventures, including Trusts i and II [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Joint Ventures | 10 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 100,939,000 | 97,353,000 |
Number of joint venture with funding commitments | 4 | |
Structured Asset Joint Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Joint Ventures | 1 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 16,964,000 | 19,995,000 |
Number of joint venture with funding commitments | 0 | |
Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | Land Development Joint Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Other Commitment | 31,180,000 | |
Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | Home Building Joint Ventures, Total [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Other Commitment | 29,887,000 | |
Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | Rental Joint Ventures, including Trusts i and II [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Other Commitment | 19,807,000 | |
Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | Structured Asset Joint Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Other Commitment | $0 |
Investments_in_and_Advances_to3
Investments in and Advances to Unconsolidated Entities Investments in and Advances to Unconsolidated Entities (Details 2) (USD $) | Apr. 30, 2015 |
joint_ventures | |
Land Development Joint Venture [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of joint ventures with loan commitments | 3 |
Line of Credit Facility, Maximum Borrowing Capacity | $175,000,000 |
Amounts borrowed under commitments | 111,506,000 |
Home Building Joint Ventures, Total [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of joint ventures with loan commitments | 2 |
Line of Credit Facility, Maximum Borrowing Capacity | 222,000,000 |
Amounts borrowed under commitments | 78,906,000 |
Rental Property Joint Ventures [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of joint ventures with loan commitments | 8 |
Line of Credit Facility, Maximum Borrowing Capacity | 734,685,000 |
Amounts borrowed under commitments | 431,584,000 |
Total Joint Venture [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of joint ventures with loan commitments | 13 |
Line of Credit Facility, Maximum Borrowing Capacity | 1,131,685,000 |
Amounts borrowed under commitments | $621,996,000 |
Investments_in_and_Advances_to4
Investments in and Advances to Unconsolidated Entities (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 19 Months Ended | 3 Months Ended | |||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Jul. 31, 2014 | Apr. 17, 2015 | Jan. 31, 2014 | Oct. 31, 2014 | |
joint_ventures | joint_ventures | home_sites | ||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Other Commitment | $80,874,000 | $80,874,000 | ||||||
Land Sales | 22,725,000 | 87,124,000 | 126,746,000 | 98,152,000 | ||||
Retail Land Sales, Installment Method, Gross Profit, Deferred | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 467,259,000 | 467,259,000 | 447,078,000 | |||||
Number of Joint Ventures | 22 | 22 | ||||||
Income (loss) from unconsolidated entities | 6,227,000 | 14,327,000 | 11,128,000 | 37,242,000 | ||||
Proceeds from Equity Method Investment, Dividends or Distributions | 11,490,000 | 39,471,000 | ||||||
Land sales earnings, net | 2,533,000 | 4,929,000 | 7,350,000 | 11,187,000 | ||||
Management Fees Revenue | 3,411,000 | 1,227,000 | 6,390,000 | 2,454,000 | ||||
Land Development Joint Venture [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 175,000,000 | 175,000,000 | ||||||
Amounts borrowed under commitments | 111,506,000 | 111,506,000 | ||||||
Number of joint ventures with loan commitments | 3 | 3 | ||||||
Home Building Joint Ventures, Total [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 222,000,000 | 222,000,000 | ||||||
Amounts borrowed under commitments | 78,906,000 | 78,906,000 | ||||||
Number of joint ventures with loan commitments | 2 | 2 | ||||||
Home Building Joint Venture Metro New York Three [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 124,000,000 | 124,000,000 | ||||||
Amounts borrowed under commitments | 52,100,000 | 52,100,000 | ||||||
Home Building Joint Venture Metro New York Two [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 160,000,000 | 160,000,000 | ||||||
Amounts borrowed under commitments | 26,800,000 | 26,800,000 | ||||||
Home Building Joint Venture Metro New York [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Number Of Floors To Be Acquired From Joint Venture | 18 | 18 | ||||||
Rental Property Joint Ventures [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 734,685,000 | 734,685,000 | ||||||
Amounts borrowed under commitments | 431,584,000 | 431,584,000 | ||||||
Number of joint ventures with loan commitments | 8 | 8 | ||||||
Rental Property Joint Ventures Q Two Fiscal Fifteen [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 39,000,000 | 39,000,000 | ||||||
Amounts borrowed under commitments | 0 | 0 | ||||||
Number of joint ventures with loan commitments | 1 | 1 | ||||||
Line of Credit Facility, Number of Banks included | 2 | 2 | ||||||
Rental Property Joint Venture Metro New York [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Amounts borrowed under commitments | 12,400,000 | 12,400,000 | ||||||
Toll Brothers Realty Trust [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Income (loss) from unconsolidated entities | 12,000,000 | |||||||
Management Fees Revenue | 1,100,000 | |||||||
Partners' Capital Account, Distributions | 36,000,000 | 2,000,000 | ||||||
Toll Brothers Realty Trust [Member] | Co-venturer [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Equity Method Investment, Ownership Percentage | 33.30% | 33.30% | ||||||
Toll Brothers Realty Trust [Member] | Management [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Equity Method Investment, Ownership Percentage | 33.30% | 33.30% | ||||||
Land Development Joint Venture [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 144,103,000 | 144,103,000 | 140,221,000 | |||||
Number of Joint Ventures | 7 | 7 | ||||||
Income (loss) from unconsolidated entities | 2,939,000 | 135,000 | 5,381,000 | 103,000 | ||||
Land Development Joint Venture [Member] | Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Other Commitment | 31,180,000 | 31,180,000 | ||||||
Land Development Joint Venture Five [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Number Of Lots Acquired From Joint Venture | 48 | 515 | ||||||
Other Commitment | 15,500,000 | 15,500,000 | ||||||
Home Building Joint Ventures, Total [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 205,253,000 | 205,253,000 | 189,509,000 | |||||
Number of Joint Ventures | 4 | 4 | ||||||
Income (loss) from unconsolidated entities | 916,000 | 145,000 | 1,458,000 | 327,000 | ||||
Home Building Joint Ventures, Total [Member] | Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Other Commitment | 29,887,000 | 29,887,000 | ||||||
Home Building Joint Venture Metro New York Three [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Payments to Acquire Interest in Joint Venture | 15,900,000 | |||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | ||||||
Land Sales | 78,500,000 | |||||||
Retail Land Sales, Installment Method, Gross Profit, Deferred | 9,260,000 | |||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 16,700,000 | 16,700,000 | ||||||
Home Building Joint Venture Metro New York Two [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 28,600,000 | 28,600,000 | ||||||
Home Building Joint Venture Metro New York Two [Member] | Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Other Commitment | 21,600,000 | 21,600,000 | ||||||
Home Building Joint Venture Metro New York [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 132,000,000 | 132,000,000 | ||||||
Rental Property Joint Ventures Q Two Fiscal Fifteen [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Land Sales | 14,500,000 | |||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 5,000,000 | 5,000,000 | ||||||
Number of Joint Ventures | 2 | 2 | ||||||
Retail Land Sales, Maturity of Accounts Receivable, Next Twelve Months | 2,300,000 | 2,300,000 | ||||||
Payments to Acquire and Develop Real Estate | 18,800,000 | |||||||
Rental Property Joint Ventures Q Two Fiscal Fifteen [Member] | Co-venturer [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Equity Method Investment, Ownership Percentage | 75.00% | 75.00% | ||||||
Rental Property Joint Ventures Q Two Fiscal Fifteen [Member] | Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Other Commitment | 5,500,000 | 5,500,000 | ||||||
Rental Property Joint Venture Metro New York [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 16,800,000 | 16,800,000 | ||||||
Rental Property Joint Venture Metro New York [Member] | Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Other Commitment | 13,900,000 | 13,900,000 | ||||||
Toll Brothers Realty Trust 2 [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||
Land Sales | 2,900,000 | |||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 700,000 | 700,000 | ||||||
Income (loss) from unconsolidated entities | 23,500,000 | |||||||
Proceeds from Equity Method Investment, Dividends or Distributions | 20,000,000 | |||||||
Land sales earnings, net | 2,900,000 | |||||||
Toll Brothers Realty Trust 2 [Member] | Co-venturer [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||
Toll Brothers Realty Trust [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Equity Method Investment, Ownership Percentage | 33.30% | 33.30% | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||||||
Management Fees Revenue | 600,000 | 1,200,000 | 1,700,000 | |||||
Indirect Guarantee of Indebtedness [Member] | Equity Method Investee [Member] | ||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||
Amounts borrowed under commitments | $412,500,000 | $412,500,000 |
Investments_in_and_Advances_to5
Investments in and Advances to Unconsolidated Entities Investments in and Advances in Unconsolidated Entities (Details Textual 2) (USD $) | 6 Months Ended | |
Apr. 30, 2015 | Oct. 31, 2014 | |
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 467,259,000 | $447,078,000 |
Other Commitment | 80,874,000 | |
Equity Method Investee [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Guarantees, Fair Value Disclosure | 4,500,000 | |
Equity Method Investee [Member] | Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Number Of Unconsolidated Entities That Are Considered Variable Interest Entities | 1 | 3 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 7,000,000 | 46,400,000 |
Indirect Guarantee of Indebtedness [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 922,200,000 | |
Indirect Guarantee of Indebtedness [Member] | Equity Method Investee [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 922,200,000 | |
Amounts borrowed under commitments | 412,500,000 | |
Maxiumum guarantor obigation for borrowings by JVs | 412,500,000 | |
Indirect Guarantee of Indebtedness [Member] | Equity Method Investee [Member] | Minimum [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Guarantor Obligations, Term | P7M | |
Indirect Guarantee of Indebtedness [Member] | Equity Method Investee [Member] | Maximum [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Guarantor Obligations, Term | P60M | |
Ground Lease and Insurance Deductible Guarantee Member [Member] | Equity Method Investee [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 10,900,000 | |
Number of JVs, ground lease and other | 3 | |
Ground Lease and Insurance Deductible Guarantee Member [Member] | Equity Method Investee [Member] | Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 9,100,000 | |
Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Ventures [Member] | Equity Method Investee [Member] | Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Other Commitment | 400,000 | $43,400,000 |
Investments_in_and_Advances_to6
Investments in and Advances to Unconsolidated Entities (Details 3) (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
Condensed Balance Sheets: | ||
Cash and cash equivalents | $88,851,000 | $110,291,000 |
Inventory | 873,459,000 | 723,236,000 |
Non-performing loan portfolio | 41,522,000 | 57,641,000 |
Rental properties | 245,087,000 | 140,238,000 |
Rental properties under development | 330,394,000 | 327,315,000 |
Real estate owned ("REO") | 162,843,000 | 184,753,000 |
Other assets | 215,660,000 | 197,649,000 |
Total assets | 1,957,816,000 | 1,741,123,000 |
Debt | 708,340,000 | 521,833,000 |
Other liabilities | 118,105,000 | 123,784,000 |
Member's equity | 1,000,735,000 | 936,089,000 |
Non-controlling interest | 130,636,000 | 159,417,000 |
Total liabilities and equity | 1,957,816,000 | 1,741,123,000 |
Investments in and advances to unconsolidated entities | 467,259,000 | 447,078,000 |
Restricted cash | 17,962,000 | 18,342,000 |
Structured Asset Joint Venture [Member] | ||
Condensed Balance Sheets: | ||
Cash and cash equivalents | 13,347,000 | 23,462,000 |
Inventory | ||
Non-performing loan portfolio | 41,522,000 | 57,641,000 |
Rental properties | ||
Rental properties under development | ||
Real estate owned ("REO") | 162,843,000 | 184,753,000 |
Other assets | 77,990,000 | 77,986,000 |
Total assets | 295,702,000 | 343,842,000 |
Debt | 77,950,000 | 77,950,000 |
Other liabilities | 5,000 | 177,000 |
Member's equity | 87,111,000 | 106,298,000 |
Non-controlling interest | 130,636,000 | 159,417,000 |
Total liabilities and equity | 295,702,000 | 343,842,000 |
Investments in and advances to unconsolidated entities | 16,964,000 | 19,995,000 |
Restricted cash | 78,000,000 | 78,000,000 |
Rental Joint Ventures, including Trusts i and II [Member] | ||
Condensed Balance Sheets: | ||
Cash and cash equivalents | 32,607,000 | 33,040,000 |
Inventory | ||
Non-performing loan portfolio | ||
Rental properties | 245,087,000 | 140,238,000 |
Rental properties under development | 330,394,000 | 327,315,000 |
Real estate owned ("REO") | ||
Other assets | 12,773,000 | 14,333,000 |
Total assets | 620,861,000 | 514,926,000 |
Debt | 431,584,000 | 333,128,000 |
Other liabilities | 29,922,000 | 43,088,000 |
Member's equity | 159,355,000 | 138,710,000 |
Non-controlling interest | ||
Total liabilities and equity | 620,861,000 | 514,926,000 |
Investments in and advances to unconsolidated entities | 100,939,000 | 97,353,000 |
Home Building Joint Ventures, Total [Member] | ||
Condensed Balance Sheets: | ||
Cash and cash equivalents | 13,378,000 | 21,821,000 |
Inventory | 627,461,000 | 465,144,000 |
Non-performing loan portfolio | ||
Rental properties | ||
Rental properties under development | ||
Real estate owned ("REO") | ||
Other assets | 69,551,000 | 75,164,000 |
Total assets | 710,390,000 | 562,129,000 |
Debt | 86,186,000 | 8,713,000 |
Other liabilities | 56,870,000 | 56,665,000 |
Member's equity | 567,334,000 | 496,751,000 |
Non-controlling interest | ||
Total liabilities and equity | 710,390,000 | 562,129,000 |
Investments in and advances to unconsolidated entities | 205,253,000 | 189,509,000 |
Land Development Joint Venture [Member] | ||
Condensed Balance Sheets: | ||
Cash and cash equivalents | 29,519,000 | 31,968,000 |
Inventory | 245,998,000 | 258,092,000 |
Non-performing loan portfolio | ||
Rental properties | ||
Rental properties under development | ||
Real estate owned ("REO") | ||
Other assets | 55,346,000 | 30,166,000 |
Total assets | 330,863,000 | 320,226,000 |
Debt | 112,620,000 | 102,042,000 |
Other liabilities | 31,308,000 | 23,854,000 |
Member's equity | 186,935,000 | 194,330,000 |
Non-controlling interest | ||
Total liabilities and equity | 330,863,000 | 320,226,000 |
Investments in and advances to unconsolidated entities | $144,103,000 | $140,221,000 |
Investments_in_and_Advances_to7
Investments in and Advances to Unconsolidated Entities (Details 4) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Condensed Statements of Operations: | ||||
Revenues | $40,237 | $133,115 | $86,306 | $155,973 |
Cost of revenues | 27,662 | 80,490 | 63,549 | 97,867 |
Other expenses | 6,175 | 11,176 | 12,699 | 24,944 |
Total expenses | 33,837 | 91,666 | 76,248 | 122,811 |
Gain on disposition of loans and REO | 15,955 | 2,551 | 23,586 | 6,458 |
Income (loss) from operations | 22,355 | 44,000 | 33,644 | 39,620 |
Other income | 1,047 | 1,917 | 1,707 | 44,938 |
Net income (loss) | 23,402 | 45,917 | 35,351 | 84,558 |
Less: income attributable to noncontrolling interest | -9,454 | -1,751 | -11,077 | -2,654 |
Net income (loss) attributable to controlling interest | 13,948 | 44,166 | 24,274 | 81,904 |
Other comprehensive income (loss) | -23 | -56 | -45 | 729 |
Total comprehensive income | 13,925 | 44,110 | 24,229 | 82,633 |
Income (loss) from unconsolidated entities | 6,227 | 14,327 | 11,128 | 37,242 |
Structured Asset Joint Venture [Member] | ||||
Condensed Statements of Operations: | ||||
Revenues | 2,072 | 3,505 | 2,961 | 3,789 |
Cost of revenues | 2,773 | 4,132 | 8,848 | 6,482 |
Other expenses | 266 | 415 | 592 | 874 |
Total expenses | 3,039 | 4,547 | 9,440 | 7,356 |
Gain on disposition of loans and REO | 15,955 | 2,551 | 23,586 | 6,458 |
Income (loss) from operations | 14,988 | 1,509 | 17,107 | 2,891 |
Other income | 768 | 1,409 | 1,355 | 1,533 |
Net income (loss) | 15,756 | 2,918 | 18,462 | 4,424 |
Less: income attributable to noncontrolling interest | -9,454 | -1,751 | -11,077 | -2,654 |
Net income (loss) attributable to controlling interest | 6,302 | 1,167 | 7,385 | 1,770 |
Other comprehensive income (loss) | ||||
Total comprehensive income | 6,302 | 1,167 | 7,385 | 1,770 |
Income (loss) from unconsolidated entities | 1,258 | 1,175 | 1,474 | 190 |
Rental Joint Ventures, including Trusts i and II [Member] | ||||
Condensed Statements of Operations: | ||||
Revenues | 7,716 | 7,557 | 15,327 | 17,006 |
Cost of revenues | 3,958 | 3,419 | 7,227 | 7,390 |
Other expenses | 4,309 | 9,504 | 8,698 | 21,558 |
Total expenses | 8,267 | 12,923 | 15,925 | 28,948 |
Gain on disposition of loans and REO | ||||
Income (loss) from operations | -551 | -5,366 | -598 | -11,942 |
Other income | 342 | 43,199 | ||
Net income (loss) | -551 | -5,024 | -598 | 31,257 |
Less: income attributable to noncontrolling interest | ||||
Net income (loss) attributable to controlling interest | -551 | -5,024 | -598 | 31,257 |
Other comprehensive income (loss) | -23 | -56 | -45 | 729 |
Total comprehensive income | -574 | -5,080 | -643 | 31,986 |
Income (loss) from unconsolidated entities | 1,114 | 12,872 | 2,815 | 36,622 |
Land Development Joint Venture [Member] | ||||
Condensed Statements of Operations: | ||||
Revenues | 13,484 | 110,406 | 31,759 | 111,950 |
Cost of revenues | 6,486 | 61,488 | 16,116 | 62,170 |
Other expenses | 299 | 210 | 533 | 465 |
Total expenses | 6,785 | 61,698 | 16,649 | 62,635 |
Gain on disposition of loans and REO | ||||
Income (loss) from operations | 6,699 | 48,708 | 15,110 | 49,315 |
Other income | 11 | 4 | 11 | 5 |
Net income (loss) | 6,710 | 48,712 | 15,121 | 49,320 |
Less: income attributable to noncontrolling interest | ||||
Net income (loss) attributable to controlling interest | 6,710 | 48,712 | 15,121 | 49,320 |
Other comprehensive income (loss) | ||||
Total comprehensive income | 6,710 | 48,712 | 15,121 | 49,320 |
Income (loss) from unconsolidated entities | 2,939 | 135 | 5,381 | 103 |
Home Building Joint Ventures, Total [Member] | ||||
Condensed Statements of Operations: | ||||
Revenues | 16,965 | 11,647 | 36,259 | 23,228 |
Cost of revenues | 14,445 | 11,451 | 31,358 | 21,825 |
Other expenses | 1,301 | 1,047 | 2,876 | 2,047 |
Total expenses | 15,746 | 12,498 | 34,234 | 23,872 |
Gain on disposition of loans and REO | ||||
Income (loss) from operations | 1,219 | -851 | 2,025 | -644 |
Other income | 268 | 162 | 341 | 201 |
Net income (loss) | 1,487 | -689 | 2,366 | -443 |
Less: income attributable to noncontrolling interest | ||||
Net income (loss) attributable to controlling interest | 1,487 | -689 | 2,366 | -443 |
Other comprehensive income (loss) | ||||
Total comprehensive income | 1,487 | -689 | 2,366 | -443 |
Income (loss) from unconsolidated entities | $916 | $145 | $1,458 | $327 |
Investments_in_Distressed_Loan2
Investments in Distressed Loans and Foreclosed Real Estate Investments in Distressed Loans and Foreclosed Real Estate (Details) (USD $) | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||||||
Investments in Distress Loans and Foreclosed Real Estate [Abstract] | ||||||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $2,258 | $4,001 | ||||
Real Estate Acquired Through Foreclosure | 63,680 | 66,934 | 69,799 | 76,652 | 79,267 | 72,972 |
Investments in distressed loans and foreclosed real estate | $65,938 | $73,800 |
Investments_in_Foreclosed_Real
Investments in Foreclosed Real Estate (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Schedule of changes in real estate owned [Roll Forward] | ||||
Real Estate Acquired Through Foreclosure | $66,934 | $79,267 | $69,799 | $72,972 |
Real Estate Owned Additions | 227 | 871 | 1,904 | 8,036 |
Real Estate Owned, Sales | -3,382 | -3,384 | -7,668 | -4,192 |
Real Estate Owned, Impairments | -14 | -2 | -183 | -2 |
Real Estate Held And Used Depreciation | -85 | -100 | -172 | -162 |
Real Estate Acquired Through Foreclosure | $63,680 | $76,652 | $63,680 | $76,652 |
Investments_in_Distressed_Loan3
Investments in Distressed Loans and Foreclosed Real Estate (Details Textual) (USD $) | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||||||
Investments in Non-Performing Loan Portfolios and Foreclosed Real Estate (Textual) [Abstract] | ||||||
Real Estate Acquired Through Foreclosure | $63,680 | $66,934 | $69,799 | $76,652 | $79,267 | $72,972 |
Assets Held-for-sale [Member] | ||||||
Investments in Non-Performing Loan Portfolios and Foreclosed Real Estate (Textual) [Abstract] | ||||||
Real Estate Acquired Through Foreclosure | 10,200 | 7,200 | ||||
real estate held and used [Member] | ||||||
Investments in Non-Performing Loan Portfolios and Foreclosed Real Estate (Textual) [Abstract] | ||||||
Real Estate Acquired Through Foreclosure | $53,500 | $69,500 |
Investments_in_Distressed_Loan4
Investments in Distressed Loans and Foreclosed Real Estate Investments in Distressed Loans and Foreclosed Real Estate (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Real Estate Properties [Line Items] | ||||
Gains (losses) upon acquisition of REO | $0 | $5 | $230 | $1,523 |
Loans_Payable_Senior_Notes_and2
Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable (Details) (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Unsecured Long-term Debt, Noncurrent | $500,000 | $500,000 |
Other Loans Payable | 174,817 | 154,261 |
Loans payable | $674,817 | $654,261 |
Loans_Payable_Senior_Notes_and3
Loans Payable, Senior Notes and Mortgage Company Loan Facility Term Loan Facility (Details Textual 1) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Apr. 30, 2015 |
Five year term note [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Term | 5 years | |||
Proceeds from Bank Debt | $485 | $15 | ||
Debt Instrument, Interest Rate at Period End | 1.59% | |||
Guarantor Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Loans_Payable_Senior_Notes_and4
Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable - Other (Details Textual 2) (Loans Payable [Member]) | Apr. 30, 2015 |
Loans Payable [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 4.20% |
Loans_Payable_Senior_Notes_and5
Loans Payable, Senior Notes and Mortgage Company Loan Facility Credit Facility (Details Textual 3) (USD $) | 6 Months Ended | |
Apr. 30, 2015 | Aug. 01, 2013 | |
Revolving 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, Expiration Date | 1-Aug-18 | |
Maximum Permissible Leverage Ratio | 175.00% | |
Minimum Net Worth Required for Compliance | 2,570,000,000 | |
Existing Leverage Ratio | 0.702 | |
Tangible Net Worth | 4,000,000,000 | |
Ability to repurchase common stock | 1,890,000,000 | |
Long-term Line of Credit | 0 | |
Letters of Credit Outstanding, Amount | $97,800,000 | |
Guarantor Subsidiaries [Member] | ||
Line of Credit Facility [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Loans_Payable_Senior_Notes_and6
Loans Payable, Senior Notes and Mortgage Company Loan Facility Senior Notes Payable (Details Textual 4) (USD $) | 6 Months Ended | 3 Months Ended | |||||||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2014 | Jul. 31, 2015 | Oct. 31, 2014 | Mar. 16, 2004 | Nov. 12, 2013 | Nov. 13, 2013 | Jun. 02, 2005 | |
debtissuances | |||||||||
Senior Note Payable (Textual) [Abstract] | |||||||||
Number of issuances of senior debt | 8 | ||||||||
Issued Senior Notes | $2,655,798,000 | $2,655,044,000 | |||||||
Repayments of Senior Debt | 267,960,000 | ||||||||
Proceeds from Issuance of Senior Long-term Debt | 600,000,000 | ||||||||
Senior Notes Issued for Cash [Member] | |||||||||
Senior Note Payable (Textual) [Abstract] | |||||||||
Issued Senior Notes | 2,657,000,000 | ||||||||
Four Point Nine Fine Percent Senior Notes Due two thousand and fourteen [Member] | |||||||||
Senior Note Payable (Textual) [Abstract] | |||||||||
Repayments of Senior Debt | 268,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.95% | ||||||||
Four percent Senior Notes due two thousand and eighteen [Member] | |||||||||
Senior Note Payable (Textual) [Abstract] | |||||||||
Proceeds from Issuance of Senior Long-term Debt | 350,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||||
Proceeds from Debt, Net of Issuance Costs | 596,000,000 | ||||||||
five point six two five percent Senior notes due twenty twenty four [Member] | |||||||||
Senior Note Payable (Textual) [Abstract] | |||||||||
Proceeds from Issuance of Senior Long-term Debt | 250,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.63% | ||||||||
5.15% Senior Notes due 2015 [Member] | |||||||||
Senior Note Payable (Textual) [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | ||||||||
Subsequent Event [Member] | |||||||||
Senior Note Payable (Textual) [Abstract] | |||||||||
Repayments of Senior Debt | 300,000,000 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Senior Note Payable (Textual) [Abstract] | |||||||||
Long-term Line of Credit | 0 | ||||||||
Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||||||
Senior Note Payable (Textual) [Abstract] | |||||||||
Long-term Line of Credit | $250,000,000 |
Loans_Payable_Senior_Notes_and7
Loans Payable, Senior Notes and Mortgage Company Loan Facility Mortgage Company Loan Facility (Details Textual 5) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Oct. 31, 2014 |
Line of Credit Facility [Line Items] | ||
Mortgage company loan facility | $70,052 | $90,281 |
Warehouse Agreement Borrowings [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 50,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.00% | |
Debt Instrument, Interest Rate, Effective Percentage | 2.18% | |
Mortgage company loan facility | $70,100 | |
London Interbank Offered Rate (LIBOR) [Member] | Warehouse Agreement Borrowings [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||||||
Accrued expenses | ||||||
Land, land development and construction | $107,041 | $124,816 | ||||
Compensation and employee benefits | 125,306 | 118,607 | ||||
Self-insurance | 108,575 | 100,407 | ||||
Warranty | 83,057 | 84,695 | 86,282 | 52,579 | 42,688 | 43,819 |
Interest | 33,436 | 33,993 | ||||
Commitments to unconsolidated entities | 4,919 | 3,293 | ||||
Other | 124,077 | 114,079 | ||||
Accrued expenses, Total | $586,411 | $581,477 |
Accrued_Expenses_Accrued_Expen
Accrued Expenses Accrued Expenses (Detail Textuals) (USD $) | 6 Months Ended |
Apr. 30, 2015 | |
communities | |
Construction Claims, Three Community Associations, West Region [Member] | |
Loss Contingencies [Line Items] | |
Number Of Communities Filing Claim | 3 |
Stucco Related [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Estimate of Possible Loss | 54,000,000 |
Product Liability Contingency, Third Party Recovery, Percentage | 40.00% |
Product Warranty Accrual, Preexisting, Increase (Decrease) | 25,000,000 |
Accrued_Expenses_Details_1
Accrued Expenses (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Changes in the warranty accrual | ||||
Balance, beginning of year | $84,695 | $42,688 | $86,282 | $43,819 |
Additions - homes closed during the year | 4,335 | 4,205 | 8,253 | 7,302 |
Standard Product Warranty Accrual, Additions from Business Acquisition | 9,244 | 9,244 | ||
Charges incurred | -6,414 | -4,635 | -12,787 | -9,207 |
Balance, end of year | 83,057 | 52,579 | 83,057 | 52,579 |
Warranty change, homes closed in prior period, other [Member] | ||||
Changes in the warranty accrual | ||||
Increase (decrease) to accruals for homes closed in prior periods | $441 | $1,077 | $1,309 | $1,421 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Oct. 31, 2014 | |
Income Taxes (Textual) [Abstract] | |||||
Income Tax Expense (Benefit) | $18,602,000 | $28,262,000 | $61,300,000 | $53,917,000 | |
Effective Income Tax Rate Reconciliation, Percent | 21.50% | 30.20% | 29.10% | 32.70% | |
Number of states | 19 | 19 | |||
Unrecognized Tax Benefits | 45,600,000 | 45,600,000 | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 10,800,000 | 10,800,000 | |||
State and Local Jurisdiction [Member] | |||||
Income Taxes (Textual) [Abstract] | |||||
Effective Income Tax Rate Reconciliation, Percent | 6.70% | 7.20% | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 13,700,000 | 13,700,000 | |||
Deferred Tax Assets, Valuation Allowance | $42,500,000 | $42,500,000 | $43,800,000 |
StockBased_Benefit_Plans_Detai
Stock-Based Benefit Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based expense recognized | $5,106 | $4,625 | $12,552 | $12,294 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $1,927 | $1,647 | $4,736 | $4,619 |
StockBased_Benefit_Plans_Detai1
Stock-Based Benefit Plans (Details Textual) (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
In Millions, unless otherwise specified | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $34.80 | $24 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($3,021) | ($2,124) | ($2,838) | ($2,387) |
Other comprehensive (loss) income before reclassifications | -264 | -28 | -773 | 259 |
Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax | 216 | 179 | 432 | 322 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 18 | -57 | 128 | -224 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -30 | 94 | -213 | 357 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -3,051 | -2,030 | -3,051 | -2,030 |
Employee retirement plans [Member] | ||||
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -2,967 | -2,059 | -2,789 | -2,112 |
Other comprehensive (loss) income before reclassifications | -253 | -754 | -77 | |
Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax | 216 | 164 | 432 | 328 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 14 | -61 | 121 | -95 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -23 | 103 | -201 | 156 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -2,990 | -1,956 | -2,990 | -1,956 |
Available-for-sale-securities [Member] | ||||
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | -36 | -2 | -5 |
Other comprehensive (loss) income before reclassifications | 3 | -29 | ||
Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax | 15 | -6 | ||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | -6 | -1 | 13 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 9 | 2 | -22 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | -27 | 0 | -27 |
Derivative instruments [Member] | ||||
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -54 | -29 | -47 | -270 |
Other comprehensive (loss) income before reclassifications | -11 | -28 | -22 | 365 |
Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax | ||||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 4 | 10 | 8 | -142 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -7 | -18 | -14 | 223 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($61) | ($47) | ($61) | ($47) |
Stock_Issuance_and_Stock_Repur2
Stock Issuance and Stock Repurchase Program (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Dec. 16, 2014 | Nov. 07, 2013 | Mar. 31, 2003 |
Share Repurchase Program | ||||||||
Number of shares purchased | 10 | 3 | 211 | 5 | ||||
Average price per share | $37.83 | $36.04 | $31.40 | $34.71 | ||||
Remaining authorization at April 30: | 19,989 | 8,263 | 19,989 | 8,263 | ||||
Stock Issuance and Stock Repurchase Program (Textual) [Abstract] | ||||||||
Stock Issued During Period, Shares, New Issues | 7,200 | |||||||
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | ||||||
Sale of Stock, Price Per Share | $32 | |||||||
Proceeds from Issuance of Common Stock | $220,357 | |||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 20,000 | 20,000 |
Income_Per_Share_Information_D
Income Per Share Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Sep. 05, 2012 |
Earnings Per Share [Abstract] | |||||
Net Income Attributable to Parent | $67,930 | $65,222 | $149,255 | $110,802 | |
Interest on Convertible Debt, Net of Tax | 392 | 392 | 786 | 789 | |
Net Income Available to Common Stockholders, Diluted | $68,322 | $65,614 | $150,041 | $111,591 | |
Basic weighted-average shares | 176,458 | 178,082 | 176,267 | 177,278 | |
Common stock equivalents | 2,522 | 2,502 | 2,347 | 2,529 | |
Incremental Common Shares Attributable to Conversion of Debt Securities | 5,858 | 5,858 | 5,858 | 5,858 | |
Diluted weighted-average shares | 184,838 | 186,442 | 184,472 | 185,665 | |
Debt Instrument [Line Items] | |||||
Shares Issued under Stock Incentive and Employee Stock Purchase Plans | 588 | 212 | 1,265 | 1,225 | |
Zero Point Five Percent Exchangeable Senior Notes Due Two Thousand and Thirty Two [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 0.50% | ||||
Restricted Stock Units RSU And Employee Stock Option Member [Member] | |||||
Debt Instrument [Line Items] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,814 | 1,249 | 2,091 | 1,426 |
Fair_Value_Disclosures_Level_4
Fair Value Disclosures (Level 4 FV of Fin Instr) (Details) (Fair Value, Measurements, Recurring [Member], Level 2 [Member], USD $) | Apr. 30, 2015 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Forward Contracts [Member] | Residential Mortgage [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Derivative (Liability)/Asset | $16 | ($341) |
Corporate Debt Securities [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Fair value of securities | 10,015 | 12,026 |
Assets Held-for-sale [Member] | Residential Mortgage [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Loans Held-for-sale, Fair Value Disclosure | 80,864 | 101,944 |
Interest Rate Lock Commitments [Member] | Forward Contracts [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Derivative Asset/(Liability) | 969 | 108 |
Interest Rate Lock Commitments [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Derivative (Liability)/Asset | ($969) | ($108) |
Fair_Value_Disclosures_Level_41
Fair Value Disclosures (Level 4 loan UPB vs FV) (Details 1) (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | ||
Aggregate unpaid principal and fair value of mortgage loans held for sale | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $80,864 | $101,944 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Assets Held-for-sale [Member] | Residential Mortgage [Member] | ||
Aggregate unpaid principal and fair value of mortgage loans held for sale | ||
Aggregate unpaid principal balance | 79,984 | 100,463 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 80,864 | 101,944 |
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | $880 | $1,481 |
Fair_Value_Disclosures_Level_42
Fair Value Disclosures (Level 4 marketable securities) (Details 2) | 6 Months Ended |
Apr. 30, 2015 | |
Fair Value Disclosures (Textual) [Abstract] | |
Marketable Securities Maturities Term Min | 7 months |
Fair_Value_Disclosures_Fair_Va
Fair Value Disclosures Fair Value Disclosures (Level 4 Inv Impair inputs) (Details 3) (Operating communities [Member], USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 |
Minimum [Member] | ||||||
Fair value inputs, assets, quantitative information [Line Items] | ||||||
Average selling price | $527 | $289 | $337 | $698 | $634 | $388 |
Sales Pace (in ones) | 13 | 1 | 7 | 10 | 4 | 21 |
Fair Value Inputs, Discount Rate | 17.00% | 13.50% | 12.50% | 15.90% | 12.00% | 16.60% |
Maximum [Member] | ||||||
Fair value inputs, assets, quantitative information [Line Items] | ||||||
Average selling price | $600 | $680 | $902 | $1,233 | $760 | $405 |
Sales Pace (in ones) | 25 | 7 | 23 | 22 | 7 | 23 |
Fair Value Inputs, Discount Rate | 17.00% | 16.00% | 16.50% | 15.90% | 15.30% | 16.60% |
Fair_Value_Disclosures_Level_43
Fair Value Disclosures (Level 4 inventory fv) (Details 4) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Oct. 31, 2014 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Jan. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Inventory Write-down | $12,166 | $1,924 | $13,310 | $3,906 | |||||
Operating communities [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Inventory Write-down | 12,000 | 17,555 | |||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Operating communities [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Number of Operating Communities Tested (in ones) | 52 | 65 | 58 | 55 | 63 | 67 | |||
Number of Communities Impaired (in ones) | 1 | 2 | 4 | 7 | 1 | 1 | |||
Fair Value Of Communities Net Of Impairment Charges | 16,235 | 6,211 | 16,235 | 6,211 | 38,473 | 24,968 | 38,473 | 14,122 | 7,131 |
Inventory Write-down | $11,100 | $1,600 | $900 | $9,855 | $4,800 | $1,300 |
Fair_Value_Disclosures_Level_44
Fair Value Disclosures (Level 4 debt fv) (Details 5) (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Loans Payable [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $674,649 | $652,944 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Warehouse Agreement Borrowings [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 70,052 | 90,281 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 2,852,929 | 2,821,559 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Loans Payable [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 674,817 | 654,261 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Warehouse Agreement Borrowings [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 70,052 | 90,281 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 2,657,376 | 2,657,376 |
Book value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 3,402,245 | 3,401,918 |
Estimate fair value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $3,597,630 | $3,564,784 |
Other_Income_Net_Details
Other Income - Net (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Other Nonoperating Income By Component [Line Items] | ||||
Interest income | $698 | $825 | $1,186 | $1,889 |
Income from Ancillary Businesses | 2,886 | 2,337 | 13,725 | 3,950 |
Management fee income from unconsolidated entities | 3,411 | 1,227 | 6,390 | 2,454 |
Retained customer deposits | 972 | 422 | 2,312 | 1,310 |
Income from land sales | 2,533 | 4,929 | 7,350 | 11,187 |
Directly expensed interest | -656 | -656 | ||
Other | 222 | 635 | 953 | 1,794 |
Total other income - net | 13,919 | 11,101 | 35,935 | 27,642 |
Revenues and expenses of non-core ancillary businesses | ||||
Revenue | 24,947 | 22,808 | 56,227 | 43,748 |
Expense | 22,061 | 20,471 | 42,502 | 39,798 |
Revenues and expenses from land sales [Abstract] | ||||
Revenue | 22,725 | 87,124 | 126,746 | 98,152 |
Deferred gain on land sale to joint venture | ||||
Expense | -20,192 | -82,195 | -110,136 | -86,965 |
Income from land sales | 2,533 | 4,929 | 7,350 | 11,187 |
Gibraltar [Member] | ||||
Other Nonoperating Income By Component [Line Items] | ||||
Gibraltar | 3,197 | 1,382 | 4,019 | 5,714 |
Home Building Joint Venture Metro New York Three [Member] | ||||
Revenues and expenses from land sales [Abstract] | ||||
Revenue | 78,500 | |||
Deferred gain on land sale to joint venture | ($9,260) |
Other_Income_Net_Details_Textu
Other Income - Net (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Schedule of Equity Method Investments [Line Items] | ||||
Income from Ancillary Businesses | $2,886 | $2,337 | $13,725 | $3,950 |
Land Sales | 22,725 | 87,124 | 126,746 | 98,152 |
Deferred gain on land sale to joint venture | ||||
Trust Two [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Land Sales | 2,900 | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||
Home Building Joint Venture Metro New York Three [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Land Sales | 78,500 | |||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | ||
Deferred gain on land sale to joint venture | 9,260 | |||
Security Monitoring Business [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income from Ancillary Businesses | $8,100 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | ||
Company's land purchase commitments | ||
Purchase Obligation | $1,061,548 | $1,227,914 |
Land Purchase Commitment To Unrelated Party [Member] | ||
Company's land purchase commitments | ||
Purchase Obligation | 882,723 | 1,043,654 |
Land Purchase Commitment To JV [Member] | ||
Company's land purchase commitments | ||
Purchase Obligation | 178,825 | 184,260 |
Land Parcel Purchase Commitment [Member] | ||
Company's land purchase commitments | ||
Deposits against aggregate purchase commitments | 71,126 | 103,422 |
Additional cash required to acquire land | 990,422 | 1,124,492 |
Amount of Additional Cash Required to Acquire Land Included in Accrued Expenses | $1,120 | $764 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 1) (Loan Origination Commitments [Member], USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | ||
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | $1,216,998 | $901,005 |
Investor commitments to purchase | 428,745 | 284,865 |
Interest Rate Lock Commitments [Member] | ||
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | 355,901 | 191,604 |
Investor commitments to purchase | 355,901 | 191,604 |
Non Interest Rate Lock Commitments [Member] [Member] | ||
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | 861,097 | 709,401 |
Mortgage Receivable [Member] | ||
Company's mortgage commitments | ||
Investor commitments to purchase | $72,844 | $93,261 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details Textual) (USD $) | 6 Months Ended | |
Apr. 30, 2015 | Oct. 31, 2014 | |
Long-term Purchase Commitment [Line Items] | ||
Expected Lot Purchase | 3,300 | |
Purchase Obligation | $1,061,548,000 | $1,227,914,000 |
Land Development Joint Venture [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Number of JV with Purchase Commitments | 3 | |
Land Purchase Commitment To JV [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase Obligation | 178,825,000 | 184,260,000 |
Land for Apartment Development Purchase Commitment [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase Obligation | 29,900,000 | |
Deposits against Aggregate Purchase Commitments | 900,000 | |
Lease On Land For High-Rise Cooperative Owned Building [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Deposits against Aggregate Purchase Commitments | 4,700,000 | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 99 years | |
Long-term Purchase Commitment, Amount | 17,500,000 | |
Estimated lease payments | $4,700,000 | |
Estimated number of years to be paid | 2 years | |
Commitment To Acquire Home Sites [Member] | Land Development Joint Venture [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Number of Home Sites to be Acquired from Joint Ventures | 536 |
Commitments_and_Contingencies_4
Commitments and Contingencies (Details Textual 1) (USD $) | Apr. 30, 2015 |
In Millions, unless otherwise specified | luxury_homes |
Backlog Information [Abstract] | |
Number of homes to be delivered (in ones) | 4,387 |
Aggregate sales value of outstanding homes to be delivered | $3,480 |
Revolving Credit Facility [Member] | |
Loss Contingencies [Line Items] | |
Outstanding letter of credit | 97.8 |
Surety Bond Construction Improvements [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Range of Possible Loss, Maximum | 610.5 |
Amount of work remains on improvements in the Company's various communities | 389.1 |
Surety Bond Other Obligations [Member] | |
Loss Contingencies [Line Items] | |
Additional outstanding surety bonds | $106.30 |
Information_on_Operating_Segme2
Information on Operating Segments (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Oct. 31, 2014 |
Revenues | |||||
Revenues | $852,583 | $860,374 | $1,706,035 | $1,504,055 | |
Income (loss) before income taxes | |||||
Income before income taxes | 86,532 | 93,484 | 210,555 | 164,719 | |
Total assets | |||||
Total assets | 8,587,681 | 8,587,681 | 8,416,902 | ||
North [Member] | |||||
Revenues | |||||
Revenues | 150,018 | 137,241 | 282,454 | 264,885 | |
Income (loss) before income taxes | |||||
Income before income taxes | 2,864 | 8,806 | 13,431 | 17,152 | |
Total assets | |||||
Total assets | 1,063,041 | 1,063,041 | 1,053,787 | ||
Mid-Atlantic [Member] | |||||
Revenues | |||||
Revenues | 187,503 | 180,475 | 350,891 | 349,571 | |
Income (loss) before income taxes | |||||
Income before income taxes | 22,095 | 24,358 | 40,819 | 45,909 | |
Total assets | |||||
Total assets | 1,272,448 | 1,272,448 | 1,267,563 | ||
South [Member] | |||||
Revenues | |||||
Revenues | 215,917 | 186,129 | 377,784 | 336,688 | |
Income (loss) before income taxes | |||||
Income before income taxes | 39,276 | 23,584 | 62,600 | 40,952 | |
Total assets | |||||
Total assets | 1,246,795 | 1,246,795 | 1,165,600 | ||
West [Member] | |||||
Revenues | |||||
Revenues | 282,467 | 321,609 | 570,409 | 507,835 | |
Income (loss) before income taxes | |||||
Income before income taxes | 46,270 | 44,844 | 91,619 | 78,714 | |
Total assets | |||||
Total assets | 2,821,400 | 2,821,400 | 2,676,164 | ||
Traditional Homebuilding [Member] | |||||
Revenues | |||||
Revenues | 835,905 | 825,454 | 1,581,538 | 1,458,979 | |
Income (loss) before income taxes | |||||
Income before income taxes | 110,505 | 101,592 | 208,469 | 182,727 | |
Total assets | |||||
Total assets | 6,403,684 | 6,403,684 | 6,163,114 | ||
City Living [Member] | |||||
Revenues | |||||
Revenues | 16,678 | 34,920 | 124,497 | 45,076 | |
Income (loss) before income taxes | |||||
Income before income taxes | 6,660 | 10,022 | 58,005 | 8,964 | |
Total assets | |||||
Total assets | 873,725 | 873,725 | 834,949 | ||
Corporate and other [Member] | |||||
Income (loss) before income taxes | |||||
Income before income taxes | -30,633 | -18,130 | -55,919 | -26,972 | |
Total assets | |||||
Total assets | $1,310,272 | $1,310,272 | $1,418,839 |
Information_on_Operating_Segme3
Information on Operating Segments (Details 1) (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | $6,724,343 | $6,490,321 |
Land controlled for future communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 58,985 | 122,533 |
Land Owned for Future Communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 2,229,518 | 2,355,874 |
Operating communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 4,435,840 | 4,011,914 |
North [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 1,031,092 | 1,018,053 |
North [Member] | Land controlled for future communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 11,749 | 12,007 |
North [Member] | Land Owned for Future Communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 167,766 | 171,780 |
North [Member] | Operating communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 851,577 | 834,266 |
Mid-Atlantic [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 1,233,736 | 1,233,534 |
Mid-Atlantic [Member] | Land controlled for future communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 27,536 | 29,169 |
Mid-Atlantic [Member] | Land Owned for Future Communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 246,580 | 209,506 |
Mid-Atlantic [Member] | Operating communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 959,620 | 994,859 |
South [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 1,070,162 | 1,024,710 |
South [Member] | Land controlled for future communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 3,614 | 10,971 |
South [Member] | Land Owned for Future Communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 225,363 | 219,904 |
South [Member] | Operating communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 841,185 | 793,835 |
West [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 2,736,382 | 2,590,970 |
West [Member] | Land controlled for future communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 15,147 | 22,122 |
West [Member] | Land Owned for Future Communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 1,138,539 | 1,391,028 |
West [Member] | Operating communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 1,582,696 | 1,177,820 |
Traditional Homebuilding [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 6,071,372 | 5,867,267 |
Traditional Homebuilding [Member] | Land controlled for future communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 58,046 | 74,269 |
Traditional Homebuilding [Member] | Land Owned for Future Communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 1,778,248 | 1,992,218 |
Traditional Homebuilding [Member] | Operating communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 4,235,078 | 3,800,780 |
City Living [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 652,971 | 623,054 |
City Living [Member] | Land controlled for future communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 939 | 48,264 |
City Living [Member] | Land Owned for Future Communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 451,270 | 363,656 |
City Living [Member] | Operating communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | $200,762 | $211,134 |
Information_on_Operating_Segme4
Information on Operating Segments Information on Operating Segments (Details 2) (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
Segment Reporting, Investment in Unconsolidated Entities [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $467,259,000 | $447,078,000 |
Mid-Atlantic [Member] | ||
Segment Reporting, Investment in Unconsolidated Entities [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 11,929,000 | 11,841,000 |
South [Member] | ||
Segment Reporting, Investment in Unconsolidated Entities [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 101,541,000 | 98,362,000 |
West [Member] | ||
Segment Reporting, Investment in Unconsolidated Entities [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 58,575,000 | 59,573,000 |
Traditional Homebuilding [Member] | ||
Segment Reporting, Investment in Unconsolidated Entities [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 172,045,000 | 169,776,000 |
City Living [Member] | ||
Segment Reporting, Investment in Unconsolidated Entities [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 177,311,000 | 159,953,000 |
Corporate and other [Member] | ||
Segment Reporting, Investment in Unconsolidated Entities [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 117,903,000 | 117,349,000 |
Rental Property Joint Venture College Park, Maryland [Member] | Corporate and other [Member] | ||
Segment Reporting, Investment in Unconsolidated Entities [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $12,400,000 |
Information_on_Operating_Segme5
Information on Operating Segments (Details Textual) | 6 Months Ended |
Apr. 30, 2015 | |
Information on Operating Segments [Abstract] | |
Number of Operating Segments | 2 |
Number of Geographic Segments | 4 |
Supplemental_Disclosure_to_Con2
Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Cash flow information: | ||
Interest Paid, Net | $8,034 | |
Interest Capitalized Net of Amounts Paid | 3,798 | |
Income tax payment | 140,867 | 30,968 |
Income tax refunds | 165 | |
Non-cash activity: | ||
Cost of inventory acquired through seller financing municipal bonds or recorded due to VIE criteria, net | 45,732 | 71,662 |
Reduction in inventory, share of equity earnings, land purchase from JV | 2,346 | 1,229 |
Defined Benefit Plan, Plan Amendments | 754 | 77 |
Non cash increase in accrued expenses related to RSU pay out | 4,972 | |
Contribution of Property | 700 | |
Non Cash Transfer Of Other Assets To Investment In Unconsolidated Entities | 4,824 | |
Increase Decrease In Investment In Unconsolidated Subsidiary Due to Unrealized Gain Loss On Derivatives | -22 | 365 |
Change in fair value of debt guarantees | 1,577 | 428 |
Miscellaneous increases (decreases) to investments in unconsolidated entities | -1,403 | -965 |
Acquisition of Business [Abstract] | ||
Business Combination, Assets Acquired Net Of Cash Acquired | 1,520,664 | |
Fair Value of Liabilities Assumed Business Combination | 31,548 | |
Payments to Acquire Businesses, Net of Cash Acquired | $1,489,116 |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information (Level 4 Senior Note table) (Details) (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | ||
Supplemental Guarantor Information (Textual) [Abstract] | ||
Senior notes | $2,655,798 | $2,655,044 |
Senior Notes Due 2015 [Member] | ||
Supplemental Guarantor Information (Textual) [Abstract] | ||
Issued Senior Notes | 300,000 | |
Senior notes | 300,000 | |
Interest rate on notes | 5.15% | |
Senior Notes Due 2017 [Member] | ||
Supplemental Guarantor Information (Textual) [Abstract] | ||
Issued Senior Notes | 400,000 | |
Senior notes | 400,000 | |
Interest rate on notes | 8.91% | |
Senior Notes Due 2019 [Member] | ||
Supplemental Guarantor Information (Textual) [Abstract] | ||
Issued Senior Notes | 250,000 | |
Senior notes | 250,000 | |
Interest rate on notes | 6.75% | |
Senior Notes Due 2022 [Member] | ||
Supplemental Guarantor Information (Textual) [Abstract] | ||
Issued Senior Notes | 419,876 | |
Senior notes | 419,876 | |
Interest rate on notes | 5.88% | |
Senior Notes Due 2023 [Member] | ||
Supplemental Guarantor Information (Textual) [Abstract] | ||
Issued Senior Notes | 400,000 | |
Senior notes | 400,000 | |
Interest rate on notes | 4.38% | |
Senior Notes Due Two Thousand Thirty-Two [Member] | ||
Supplemental Guarantor Information (Textual) [Abstract] | ||
Issued Senior Notes | 287,500 | |
Senior notes | 287,500 | |
Interest rate on notes | 0.50% | |
Senior Notes Due 2018 [Member] | ||
Supplemental Guarantor Information (Textual) [Abstract] | ||
Issued Senior Notes | 350,000 | |
Senior notes | 350,000 | |
Interest rate on notes | 4.00% | |
Senior Notes Due 2024 [Member] | ||
Supplemental Guarantor Information (Textual) [Abstract] | ||
Issued Senior Notes | 250,000 | |
Senior notes | $250,000 | |
Interest rate on notes | 5.63% |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information (Level 4 BS) (Details 1) (USD $) | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 |
ASSETS | ||||||
Cash and cash equivalents | $532,157,000 | $586,315,000 | $351,821,000 | $772,972,000 | ||
Marketable securities | 10,015,000 | 12,026,000 | ||||
Restricted cash | 17,962,000 | 18,342,000 | ||||
Inventory | 6,724,343,000 | 6,490,321,000 | ||||
Property, construction and office equipment, net | 141,143,000 | 143,010,000 | ||||
Receivables, prepaid expenses and other assets | 258,958,000 | 251,572,000 | ||||
Mortgage loans held for sale | 80,864,000 | 101,944,000 | ||||
Customer deposits held in escrow | 44,399,000 | 42,073,000 | ||||
Investments in and advances to unconsolidated entities | 467,259,000 | 447,078,000 | ||||
Investments in distressed loans and foreclosed real estate | 65,938,000 | 73,800,000 | ||||
Investments in and advances to consolidated entities | 0 | 0 | ||||
Deferred tax assets, net of valuation allowances | 244,643,000 | 250,421,000 | ||||
Total assets | 8,587,681,000 | 8,416,902,000 | ||||
Liabilities: | ||||||
Loans payable | 674,817,000 | 654,261,000 | ||||
Senior notes | 2,655,798,000 | 2,655,044,000 | ||||
Mortgage company loan facility | 70,052,000 | 90,281,000 | ||||
Customer deposits | 275,347,000 | 223,799,000 | ||||
Accounts payable | 233,675,000 | 225,347,000 | ||||
Accrued expenses | 586,411,000 | 581,477,000 | ||||
Advances from Affiliiate | 0 | 0 | ||||
Income taxes payable | 37,641,000 | 125,996,000 | ||||
Total liabilities | 4,533,741,000 | 4,556,205,000 | ||||
Equity: | ||||||
Common stock | 1,779,000 | 1,779,000 | ||||
Additional paid-in capital | 722,303,000 | 712,162,000 | ||||
Retained earnings | 3,381,290,000 | 3,232,035,000 | ||||
Treasury stock, at cost | -55,980,000 | -88,762,000 | ||||
Accumulated other comprehensive loss | -3,051,000 | -3,021,000 | -2,838,000 | -2,030,000 | -2,124,000 | -2,387,000 |
Total stockholders' equity | 4,046,341,000 | 3,854,376,000 | ||||
Noncontrolling interest | 7,599,000 | 6,321,000 | ||||
Total equity | 4,053,940,000 | 3,860,697,000 | ||||
Total liabilities and stockholders' equity | 8,587,681,000 | 8,416,902,000 | ||||
Toll Brothers Inc. [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Marketable securities | ||||||
Restricted cash | 15,206,000 | 15,211,000 | ||||
Inventory | ||||||
Property, construction and office equipment, net | ||||||
Receivables, prepaid expenses and other assets | 56,000 | |||||
Mortgage loans held for sale | ||||||
Customer deposits held in escrow | ||||||
Investments in and advances to unconsolidated entities | ||||||
Investments in distressed loans and foreclosed real estate | ||||||
Investments in and advances to consolidated entities | 3,824,138,000 | 3,714,788,000 | ||||
Deferred tax assets, net of valuation allowances | 244,643,000 | 250,421,000 | ||||
Total assets | 4,084,043,000 | 3,980,420,000 | ||||
Liabilities: | ||||||
Loans payable | ||||||
Senior notes | ||||||
Mortgage company loan facility | ||||||
Customer deposits | ||||||
Accounts payable | ||||||
Accrued expenses | ||||||
Advances from Affiliiate | ||||||
Income taxes payable | 37,641,000 | 125,996,000 | ||||
Total liabilities | 37,641,000 | 125,996,000 | ||||
Equity: | ||||||
Common stock | 1,779,000 | 1,779,000 | ||||
Additional paid-in capital | 722,303,000 | 712,162,000 | ||||
Retained earnings | 3,381,290,000 | 3,232,035,000 | ||||
Treasury stock, at cost | -55,980,000 | -88,762,000 | ||||
Accumulated other comprehensive loss | -2,990,000 | -2,790,000 | ||||
Total stockholders' equity | 4,046,402,000 | 3,854,424,000 | ||||
Noncontrolling interest | ||||||
Total equity | 4,046,402,000 | 3,854,424,000 | ||||
Total liabilities and stockholders' equity | 4,084,043,000 | 3,980,420,000 | ||||
Subsidiary Issuer [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Marketable securities | ||||||
Restricted cash | ||||||
Inventory | ||||||
Property, construction and office equipment, net | ||||||
Receivables, prepaid expenses and other assets | 15,029,000 | 16,802,000 | ||||
Mortgage loans held for sale | ||||||
Customer deposits held in escrow | ||||||
Investments in and advances to unconsolidated entities | ||||||
Investments in distressed loans and foreclosed real estate | ||||||
Investments in and advances to consolidated entities | 2,681,738,000 | 2,677,448,000 | ||||
Deferred tax assets, net of valuation allowances | ||||||
Total assets | 2,696,767,000 | 2,694,250,000 | ||||
Liabilities: | ||||||
Loans payable | ||||||
Senior notes | 2,631,124,000 | 2,625,712,000 | ||||
Mortgage company loan facility | ||||||
Customer deposits | ||||||
Accounts payable | ||||||
Accrued expenses | 31,906,000 | 31,906,000 | ||||
Advances from Affiliiate | ||||||
Income taxes payable | ||||||
Total liabilities | 2,663,030,000 | 2,657,618,000 | ||||
Equity: | ||||||
Common stock | ||||||
Additional paid-in capital | 49,400,000 | 49,400,000 | ||||
Retained earnings | -15,663,000 | -12,768,000 | ||||
Treasury stock, at cost | ||||||
Accumulated other comprehensive loss | ||||||
Total stockholders' equity | 33,737,000 | 36,632,000 | ||||
Noncontrolling interest | ||||||
Total equity | 33,737,000 | 36,632,000 | ||||
Total liabilities and stockholders' equity | 2,696,767,000 | 2,694,250,000 | ||||
Guarantor Subsidiaries [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 389,236,000 | 455,714,000 | 235,689,000 | 670,102,000 | ||
Marketable securities | 1,997,000 | |||||
Restricted cash | 1,297,000 | 2,070,000 | ||||
Inventory | 6,417,066,000 | 6,260,303,000 | ||||
Property, construction and office equipment, net | 123,887,000 | 126,586,000 | ||||
Receivables, prepaid expenses and other assets | 156,260,000 | 114,863,000 | ||||
Mortgage loans held for sale | ||||||
Customer deposits held in escrow | 42,241,000 | 39,912,000 | ||||
Investments in and advances to unconsolidated entities | 125,691,000 | 132,096,000 | ||||
Investments in distressed loans and foreclosed real estate | ||||||
Investments in and advances to consolidated entities | 4,740,000 | 4,740,000 | ||||
Deferred tax assets, net of valuation allowances | ||||||
Total assets | 7,260,418,000 | 7,138,281,000 | ||||
Liabilities: | ||||||
Loans payable | 674,817,000 | 653,269,000 | ||||
Senior notes | ||||||
Mortgage company loan facility | ||||||
Customer deposits | 266,530,000 | 221,084,000 | ||||
Accounts payable | 233,509,000 | 225,106,000 | ||||
Accrued expenses | 377,933,000 | 386,223,000 | ||||
Advances from Affiliiate | 1,946,002,000 | 2,018,981,000 | ||||
Income taxes payable | ||||||
Total liabilities | 3,498,791,000 | 3,504,663,000 | ||||
Equity: | ||||||
Common stock | 48,000 | 48,000 | ||||
Additional paid-in capital | ||||||
Retained earnings | 3,761,640,000 | 3,633,618,000 | ||||
Treasury stock, at cost | ||||||
Accumulated other comprehensive loss | -61,000 | -48,000 | ||||
Total stockholders' equity | 3,761,627,000 | 3,633,618,000 | ||||
Noncontrolling interest | ||||||
Total equity | 3,761,627,000 | 3,633,618,000 | ||||
Total liabilities and stockholders' equity | 7,260,418,000 | 7,138,281,000 | ||||
Nonguarantor Subsidiaries [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 142,921,000 | 130,601,000 | 116,132,000 | 102,870,000 | ||
Marketable securities | 10,015,000 | 10,029,000 | ||||
Restricted cash | 1,459,000 | 1,061,000 | ||||
Inventory | 307,277,000 | 230,018,000 | ||||
Property, construction and office equipment, net | 17,256,000 | 16,424,000 | ||||
Receivables, prepaid expenses and other assets | 118,588,000 | 137,496,000 | ||||
Mortgage loans held for sale | 80,864,000 | 101,944,000 | ||||
Customer deposits held in escrow | 2,158,000 | 2,161,000 | ||||
Investments in and advances to unconsolidated entities | 341,568,000 | 314,982,000 | ||||
Investments in distressed loans and foreclosed real estate | 65,938,000 | 73,800,000 | ||||
Investments in and advances to consolidated entities | ||||||
Deferred tax assets, net of valuation allowances | ||||||
Total assets | 1,088,044,000 | 1,018,516,000 | ||||
Liabilities: | ||||||
Loans payable | 992,000 | |||||
Senior notes | ||||||
Mortgage company loan facility | 70,052,000 | 90,281,000 | ||||
Customer deposits | 8,817,000 | 2,715,000 | ||||
Accounts payable | 166,000 | 241,000 | ||||
Accrued expenses | 209,217,000 | 181,649,000 | ||||
Advances from Affiliiate | 751,619,000 | 708,167,000 | ||||
Income taxes payable | ||||||
Total liabilities | 1,039,871,000 | 984,045,000 | ||||
Equity: | ||||||
Common stock | 3,006,000 | 3,006,000 | ||||
Additional paid-in capital | 1,734,000 | 1,734,000 | ||||
Retained earnings | 35,834,000 | 23,410,000 | ||||
Treasury stock, at cost | ||||||
Accumulated other comprehensive loss | ||||||
Total stockholders' equity | 40,574,000 | 28,150,000 | ||||
Noncontrolling interest | 7,599,000 | 6,321,000 | ||||
Total equity | 48,173,000 | 34,471,000 | ||||
Total liabilities and stockholders' equity | 1,088,044,000 | 1,018,516,000 | ||||
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 | -30,975,000 | -17,589,000 | ||||
Mortgage loans held for sale | ||||||
Customer deposits held in escrow | ||||||
Investments in and advances to unconsolidated entities | ||||||
Investments in distressed loans and foreclosed real estate | ||||||
Investments in and advances to consolidated entities | -6,510,616,000 | -6,396,976,000 | ||||
Deferred tax assets, net of valuation allowances | ||||||
Total assets | -6,541,591,000 | -6,414,565,000 | ||||
Liabilities: | ||||||
Loans payable | ||||||
Senior notes | 24,674,000 | 29,332,000 | ||||
Mortgage company loan facility | ||||||
Customer deposits | ||||||
Accounts payable | ||||||
Accrued expenses | -32,645,000 | -18,301,000 | ||||
Advances from Affiliiate | -2,697,621,000 | -2,727,148,000 | ||||
Income taxes payable | ||||||
Total liabilities | -2,705,592,000 | -2,716,117,000 | ||||
Equity: | ||||||
Common stock | -3,054,000 | -3,054,000 | ||||
Additional paid-in capital | -51,134,000 | -51,134,000 | ||||
Retained earnings | -3,781,811,000 | -3,644,260,000 | ||||
Treasury stock, at cost | ||||||
Accumulated other comprehensive loss | ||||||
Total stockholders' equity | -3,835,999,000 | -3,698,448,000 | ||||
Noncontrolling interest | ||||||
Total equity | -3,835,999,000 | -3,698,448,000 | ||||
Total liabilities and stockholders' equity | ($6,541,591,000) | ($6,414,565,000) |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information (Level 4 IS) (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | $852,583 | $860,374 | $1,706,035 | $1,504,055 |
Cost of revenues | 678,512 | 687,998 | 1,328,544 | 1,202,030 |
Selling, general and administrative | 107,685 | 104,320 | 213,999 | 202,190 |
Total | 786,197 | 792,318 | 1,542,543 | 1,404,220 |
Income (loss) from operations | 66,386 | 68,056 | 163,492 | 99,835 |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | 6,227 | 14,327 | 11,128 | 37,242 |
Other income - net | 13,919 | 11,101 | 35,935 | 27,642 |
Intercompany interest income | 0 | 0 | 0 | 0 |
Interest Expense | 0 | 0 | 0 | 0 |
Income from subsidiaries | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 86,532 | 93,484 | 210,555 | 164,719 |
Income tax provision (benefit) | 18,602 | 28,262 | 61,300 | 53,917 |
Net income (loss) | 67,930 | 65,222 | 149,255 | 110,802 |
Other Comprehensive Income (Loss), Net of Tax | -30 | 94 | -213 | 357 |
Comprehensive Income (loss), Net of Tax, Attributable to Parent | 67,900 | 65,316 | 149,042 | 111,159 |
Toll Brothers Inc. [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | ||||
Cost of revenues | ||||
Selling, general and administrative | 23 | 14 | 37 | 69 |
Total | 23 | 14 | 37 | 69 |
Income (loss) from operations | -23 | -14 | -37 | -69 |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | ||||
Other income - net | 2,300 | 2,295 | 4,670 | 4,660 |
Intercompany interest income | ||||
Interest Expense | ||||
Income from subsidiaries | 84,255 | 91,203 | 205,922 | 160,128 |
Income (loss) before income taxes | 86,532 | 93,484 | 210,555 | 164,719 |
Income tax provision (benefit) | 18,602 | 28,262 | 61,300 | 53,917 |
Net income (loss) | 67,930 | 65,222 | 149,255 | 110,802 |
Other Comprehensive Income (Loss), Net of Tax | -23 | 103 | -201 | 156 |
Comprehensive Income (loss), Net of Tax, Attributable to Parent | 67,907 | 65,325 | 149,054 | 110,958 |
Subsidiary Issuer [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | ||||
Cost of revenues | ||||
Selling, general and administrative | 914 | 928 | 1,822 | 1,865 |
Total | 914 | 928 | 1,822 | 1,865 |
Income (loss) from operations | -914 | -928 | -1,822 | -1,865 |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | ||||
Other income - net | ||||
Intercompany interest income | 36,200 | 37,963 | 72,393 | 76,107 |
Interest Expense | -37,576 | -39,325 | -75,228 | -78,899 |
Income from subsidiaries | ||||
Income (loss) before income taxes | -2,290 | -2,290 | -4,657 | -4,657 |
Income tax provision (benefit) | -871 | -823 | -1,762 | -1,751 |
Net income (loss) | -1,419 | -1,467 | -2,895 | -2,906 |
Other Comprehensive Income (Loss), Net of Tax | ||||
Comprehensive Income (loss), Net of Tax, Attributable to Parent | -1,419 | -1,467 | -2,895 | -2,906 |
Guarantor Subsidiaries [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | 861,896 | 869,305 | 1,724,050 | 1,520,077 |
Cost of revenues | 680,515 | 690,656 | 1,332,727 | 1,206,293 |
Selling, general and administrative | 114,151 | 110,947 | 226,194 | 213,647 |
Total | 794,666 | 801,603 | 1,558,921 | 1,419,940 |
Income (loss) from operations | 67,230 | 67,702 | 165,129 | 100,137 |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | 2,712 | 13,371 | 7,434 | 37,578 |
Other income - net | 7,800 | 7,243 | 18,033 | 17,815 |
Intercompany interest income | ||||
Interest Expense | ||||
Income from subsidiaries | 6,513 | 2,887 | 15,326 | 4,598 |
Income (loss) before income taxes | 84,255 | 91,203 | 205,922 | 160,128 |
Income tax provision (benefit) | 32,093 | 33,212 | 77,900 | 60,224 |
Net income (loss) | 52,162 | 57,991 | 128,022 | 99,904 |
Other Comprehensive Income (Loss), Net of Tax | -7 | -11 | -12 | 189 |
Comprehensive Income (loss), Net of Tax, Attributable to Parent | 52,155 | 57,980 | 128,010 | 100,093 |
Nonguarantor Subsidiaries [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | 17,550 | 17,665 | 33,152 | 33,267 |
Cost of revenues | 1,429 | 1,457 | 3,095 | 4,059 |
Selling, general and administrative | 13,701 | 12,799 | 27,090 | 26,436 |
Total | 15,130 | 14,256 | 30,185 | 30,495 |
Income (loss) from operations | 2,420 | 3,409 | 2,967 | 2,772 |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | 3,515 | 956 | 3,694 | -336 |
Other income - net | 3,003 | 1,008 | 13,588 | 7,208 |
Intercompany interest income | ||||
Interest Expense | -135 | -196 | -266 | -389 |
Income from subsidiaries | ||||
Income (loss) before income taxes | 8,803 | 5,177 | 19,983 | 9,255 |
Income tax provision (benefit) | 3,349 | 1,883 | 7,559 | 3,481 |
Net income (loss) | 5,454 | 3,294 | 12,424 | 5,774 |
Other Comprehensive Income (Loss), Net of Tax | 2 | 12 | ||
Comprehensive Income (loss), Net of Tax, Attributable to Parent | 5,454 | 3,296 | 12,424 | 5,786 |
Eliminations [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | -26,863 | -26,596 | -51,167 | -49,289 |
Cost of revenues | -3,432 | -4,115 | -7,278 | -8,322 |
Selling, general and administrative | -21,104 | -20,368 | -41,144 | -39,827 |
Total | -24,536 | -24,483 | -48,422 | -48,149 |
Income (loss) from operations | -2,327 | -2,113 | -2,745 | -1,140 |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | ||||
Other income - net | 816 | 555 | -356 | -2,041 |
Intercompany interest income | -36,200 | -37,963 | -72,393 | -76,107 |
Interest Expense | 37,711 | 39,521 | 75,494 | 79,288 |
Income from subsidiaries | -90,768 | -94,090 | -221,248 | -164,726 |
Income (loss) before income taxes | -90,768 | -94,090 | -221,248 | -164,726 |
Income tax provision (benefit) | -34,571 | -34,272 | -83,697 | -61,954 |
Net income (loss) | -56,197 | -59,818 | -137,551 | -102,772 |
Other Comprehensive Income (Loss), Net of Tax | ||||
Comprehensive Income (loss), Net of Tax, Attributable to Parent | ($56,197) | ($59,818) | ($137,551) | ($102,772) |
Supplemental_Guarantor_Informa5
Supplemental Guarantor Information (Level 4 CF) (Details 3) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Cash flow (used in) provided by operating activities: | ||
Net Cash Used in Operating Activities, Continuing Operations | ($37,942) | ($66,185) |
Cash flow (used in) provided by investing activities: | ||
Purchase of property and equipment - net | -5,884 | -5,767 |
Sale and redemption of marketable securities | 2,000 | 39,243 |
Investment in and advances to unconsolidated entities | -27,705 | -80,654 |
Return of investments in unconsolidated entities | 10,637 | 39,014 |
Investment in distressed loans and foreclosed real estate | -1,697 | -757 |
Return of investments in distressed loans and foreclosed real estate | 14,592 | 22,424 |
Net increase in cash from purchase of joint venture interest | 3,848 | |
Acquisition of a business, net of cash acquired | -1,489,116 | |
Proceeds from Dividends Received | 0 | |
Intercompany investing advances (to) from consolidated entities | 0 | 0 |
Net cash provided by (used in) investing activities | -4,209 | -1,475,613 |
Cash flow (used in) provided by financing activities: | ||
Proceeds from Issuance of Senior Long-term Debt | 600,000 | |
Payments of Debt Issuance Costs | -4,700 | |
Proceeds from Notes Payable | 529,053 | 1,597,562 |
Payments of Debt Issuance Costs Notes Payable | -3,005 | |
Principal payments of loans payable | -572,838 | -1,046,677 |
Repayments of Senior Debt | 267,960 | |
Proceeds from Issuance of Common Stock | 220,357 | |
Proceeds from stock-based benefit plans | 34,057 | 23,333 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 3,045 | 1,841 |
Purchase of treasury stock | -6,616 | -185 |
Proceeds from Noncontrolling Interests | 1,292 | 81 |
Payments of Dividends | 0 | |
Intercompany financing advances (to) from consolidated entities | 0 | 0 |
Net cash provided by (used in) financing activities | -12,007 | 1,120,647 |
Net increase (decrease) in cash and cash equivalents | -54,158 | -421,151 |
Cash and cash equivalents, beginning of period | 586,315 | 772,972 |
Cash and cash equivalents, end of period | 532,157 | 351,821 |
Toll Brothers Inc. [Member] | ||
Cash flow (used in) provided by operating activities: | ||
Net Cash Used in Operating Activities, Continuing Operations | -48,714 | 44,258 |
Cash flow (used in) provided by investing activities: | ||
Purchase of property and equipment - net | ||
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 | ||
Net increase in cash from purchase of joint venture interest | ||
Acquisition of a business, net of cash acquired | ||
Proceeds from Dividends Received | ||
Intercompany investing advances (to) from consolidated entities | 18,228 | -289,604 |
Net cash provided by (used in) investing activities | 18,228 | -289,604 |
Cash flow (used in) provided by financing activities: | ||
Proceeds from Issuance of Senior Long-term Debt | ||
Payments of Debt Issuance Costs | ||
Proceeds from Notes Payable | ||
Payments of Debt Issuance Costs Notes Payable | ||
Principal payments of loans payable | ||
Repayments of Senior Debt | ||
Proceeds from Issuance of Common Stock | 220,357 | |
Proceeds from stock-based benefit plans | 34,057 | 23,333 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 3,045 | 1,841 |
Purchase of treasury stock | -6,616 | -185 |
Proceeds from Noncontrolling Interests | ||
Payments of Dividends | ||
Intercompany financing advances (to) from consolidated entities | ||
Net cash provided by (used in) financing activities | 30,486 | 245,346 |
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) provided by operating activities: | ||
Net Cash Used in Operating Activities, Continuing Operations | 4,290 | 15,152 |
Cash flow (used in) provided by investing activities: | ||
Purchase of property and equipment - net | ||
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 | ||
Net increase in cash from purchase of joint venture interest | ||
Acquisition of a business, net of cash acquired | ||
Proceeds from Dividends Received | ||
Intercompany investing advances (to) from consolidated entities | -4,290 | -342,492 |
Net cash provided by (used in) investing activities | -4,290 | -342,492 |
Cash flow (used in) provided by financing activities: | ||
Proceeds from Issuance of Senior Long-term Debt | 600,000 | |
Payments of Debt Issuance Costs | -4,700 | |
Proceeds from Notes Payable | ||
Payments of Debt Issuance Costs Notes Payable | ||
Principal payments of loans payable | ||
Repayments of Senior Debt | 267,960 | |
Proceeds from Issuance of Common Stock | ||
Proceeds from stock-based benefit plans | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | ||
Purchase of treasury stock | ||
Proceeds from Noncontrolling Interests | ||
Payments of Dividends | ||
Intercompany financing advances (to) from consolidated entities | ||
Net cash provided by (used in) financing activities | 0 | 327,340 |
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) provided by operating activities: | ||
Net Cash Used in Operating Activities, Continuing Operations | 15,173 | -87,965 |
Cash flow (used in) provided by investing activities: | ||
Purchase of property and equipment - net | -5,037 | -5,718 |
Sale and redemption of marketable securities | 2,000 | 39,243 |
Investment in and advances to unconsolidated entities | -2,253 | -13,602 |
Return of investments in unconsolidated entities | 5,797 | 35,714 |
Investment in distressed loans and foreclosed real estate | ||
Return of investments in distressed loans and foreclosed real estate | ||
Net increase in cash from purchase of joint venture interest | 3,848 | |
Acquisition of a business, net of cash acquired | -1,489,116 | |
Proceeds from Dividends Received | 15,000 | |
Intercompany investing advances (to) from consolidated entities | ||
Net cash provided by (used in) investing activities | 4,355 | -1,418,479 |
Cash flow (used in) provided by financing activities: | ||
Proceeds from Issuance of Senior Long-term Debt | ||
Payments of Debt Issuance Costs | ||
Proceeds from Notes Payable | 1,141,300 | |
Payments of Debt Issuance Costs Notes Payable | -3,005 | |
Principal payments of loans payable | -22,556 | -572,257 |
Repayments of Senior Debt | ||
Proceeds from Issuance of Common Stock | ||
Proceeds from stock-based benefit plans | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | ||
Purchase of treasury stock | ||
Proceeds from Noncontrolling Interests | ||
Payments of Dividends | ||
Intercompany financing advances (to) from consolidated entities | -63,450 | 505,993 |
Net cash provided by (used in) financing activities | -86,006 | 1,072,031 |
Net increase (decrease) in cash and cash equivalents | -66,478 | -434,413 |
Cash and cash equivalents, beginning of period | 455,714 | 670,102 |
Cash and cash equivalents, end of period | 389,236 | 235,689 |
Nonguarantor Subsidiaries [Member] | ||
Cash flow (used in) provided by operating activities: | ||
Net Cash Used in Operating Activities, Continuing Operations | -2,631 | -27,401 |
Cash flow (used in) provided by investing activities: | ||
Purchase of property and equipment - net | -847 | -49 |
Sale and redemption of marketable securities | ||
Investment in and advances to unconsolidated entities | -25,452 | -67,052 |
Return of investments in unconsolidated entities | 4,840 | 3,300 |
Investment in distressed loans and foreclosed real estate | -1,697 | -757 |
Return of investments in distressed loans and foreclosed real estate | 14,592 | 22,424 |
Net increase in cash from purchase of joint venture interest | ||
Acquisition of a business, net of cash acquired | ||
Proceeds from Dividends Received | ||
Intercompany investing advances (to) from consolidated entities | ||
Net cash provided by (used in) investing activities | -8,564 | -42,134 |
Cash flow (used in) provided by financing activities: | ||
Proceeds from Issuance of Senior Long-term Debt | ||
Payments of Debt Issuance Costs | ||
Proceeds from Notes Payable | 529,053 | 456,262 |
Payments of Debt Issuance Costs Notes Payable | ||
Principal payments of loans payable | -550,282 | -474,420 |
Repayments of Senior Debt | ||
Proceeds from Issuance of Common Stock | ||
Proceeds from stock-based benefit plans | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | ||
Purchase of treasury stock | ||
Proceeds from Noncontrolling Interests | 1,292 | 81 |
Payments of Dividends | -15,000 | |
Intercompany financing advances (to) from consolidated entities | 43,452 | 115,874 |
Net cash provided by (used in) financing activities | 23,515 | 82,797 |
Net increase (decrease) in cash and cash equivalents | 12,320 | 13,262 |
Cash and cash equivalents, beginning of period | 130,601 | 102,870 |
Cash and cash equivalents, end of period | 142,921 | 116,132 |
Eliminations [Member] | ||
Cash flow (used in) provided by operating activities: | ||
Net Cash Used in Operating Activities, Continuing Operations | -6,060 | -10,229 |
Cash flow (used in) provided by investing activities: | ||
Purchase of property and equipment - net | ||
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 | ||
Net increase in cash from purchase of joint venture interest | ||
Acquisition of a business, net of cash acquired | ||
Proceeds from Dividends Received | -15,000 | |
Intercompany investing advances (to) from consolidated entities | -13,938 | 632,096 |
Net cash provided by (used in) investing activities | -13,938 | 617,096 |
Cash flow (used in) provided by financing activities: | ||
Proceeds from Issuance of Senior Long-term Debt | ||
Payments of Debt Issuance Costs | ||
Proceeds from Notes Payable | ||
Payments of Debt Issuance Costs Notes Payable | ||
Principal payments of loans payable | ||
Repayments of Senior Debt | ||
Proceeds from Issuance of Common Stock | ||
Proceeds from stock-based benefit plans | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | ||
Purchase of treasury stock | ||
Proceeds from Noncontrolling Interests | ||
Payments of Dividends | 15,000 | |
Intercompany financing advances (to) from consolidated entities | 19,998 | -621,867 |
Net cash provided by (used in) financing activities | 19,998 | -606,867 |
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) | Apr. 30, 2015 |
Entity Information [Line Items] | |
Supplemental Guarantor Information, consolidated net worth of released guarantor subsidiary | 5.00% |
supplemental guarantor information, consolidated net worth of all released guarantor subsidiaries | 10.00% |
supplemental guarantor information, consolidated net worth, all released guarantor subs, default cure | 15.00% |
Guarantor Subsidiary Release From Guaranty [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% |