Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jul. 31, 2015 | Sep. 01, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | TOLL BROTHERS INC | |
Entity Central Index Key | 794,170 | |
Current Fiscal Year End Date | --10-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jul. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 176,251,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2015 | Oct. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 394,808 | $ 586,315 |
Marketable securities | 10,008 | 12,026 |
Restricted cash | 17,920 | 18,342 |
Inventory | 6,990,878 | 6,490,321 |
Property, construction and office equipment, net | 138,597 | 143,010 |
Receivables, prepaid expenses and other assets | 275,759 | 251,572 |
Mortgage loans held for sale | 127,405 | 101,944 |
Customer deposits held in escrow | 48,296 | 42,073 |
Investments in and advances to unconsolidated entities | 334,925 | 447,078 |
Investments in foreclosed real estate and distressed loans | 59,459 | 73,800 |
Deferred tax assets, net of valuation allowances | 232,840 | 250,421 |
Total assets | 8,630,895 | 8,416,902 |
Liabilities: | ||
Loans payable | 866,876 | 654,261 |
Senior notes | 2,356,068 | 2,655,044 |
Mortgage company loan facility | 100,000 | 90,281 |
Customer deposits | 299,611 | 223,799 |
Accounts payable | 242,770 | 225,347 |
Accrued expenses | 579,268 | 581,477 |
Income taxes payable | 60,316 | 125,996 |
Total liabilities | 4,504,909 | 4,556,205 |
Stockholders' equity: | ||
Preferred stock, none issued | 0 | 0 |
Common stock, 177,931 and 177,930 shares issued at July 31, 2015 and October 31, 2014, respectively | 1,779 | 1,779 |
Additional paid-in capital | 728,501 | 712,162 |
Retained earnings | 3,448,039 | 3,232,035 |
Treasury stock, at cost - 1,779 and 2,884 shares at July 31, 2015 and October 31, 2014, respectively | (54,438) | (88,762) |
Accumulated other comprehensive loss | (2,900) | (2,838) |
Total stockholders' equity | 4,120,981 | 3,854,376 |
Noncontrolling interest | 5,005 | 6,321 |
Total equity | 4,125,986 | 3,860,697 |
Total liabilities and stockholders' equity | $ 8,630,895 | $ 8,416,902 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands | Jul. 31, 2015 | Oct. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares issued | 0 | 0 |
Common stock, shares issued | 177,931 | 177,930 |
Treasury stock, at cost | 1,779 | 2,884 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Revenues | $ 1,028,011 | $ 1,056,857 | $ 2,734,046 | $ 2,560,912 |
Cost of revenues | 824,394 | 817,232 | 2,152,938 | 2,019,262 |
Selling, general and administrative | 116,175 | 109,981 | 330,174 | 312,171 |
Total | 940,569 | 927,213 | 2,483,112 | 2,331,433 |
Income from operations | 87,442 | 129,644 | 250,934 | 229,479 |
Other: | ||||
Income from unconsolidated entities | 5,952 | 950 | 17,080 | 38,192 |
Other income - net | 14,070 | 20,731 | 50,005 | 48,373 |
Income before income taxes | 107,464 | 151,325 | 318,019 | 316,044 |
Income tax provision (benefit) | 40,715 | 53,618 | 102,015 | 107,536 |
Net income | 66,749 | 97,707 | 216,004 | 208,508 |
Other comprehensive (loss) income, net of tax: | ||||
Change in pension liability | $ 139 | (3) | (62) | 153 |
Change in fair value of available-for-sale securities | 8 | 2 | (14) | |
Change in unrealized income (loss) on derivative held by equity investee | $ 12 | (25) | (2) | 198 |
Other comprehensive (loss) income | 151 | (20) | (62) | 337 |
Total comprehensive income | $ 66,900 | $ 97,687 | $ 215,942 | $ 208,845 |
Income per share: | ||||
Basic | $ 0.38 | $ 0.55 | $ 1.22 | $ 1.17 |
Diluted | $ 0.36 | $ 0.53 | $ 1.18 | $ 1.13 |
Weighted average number of shares: | ||||
Basic | 176,797 | 178,217 | 176,443 | 177,591 |
Diluted | 185,133 | 186,501 | 184,692 | 185,944 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Cash flow used in operating activities: | ||
Net income | $ 216,004 | $ 208,508 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 17,667 | 16,690 |
Stock-based compensation | 17,694 | 16,985 |
Excess tax benefits from stock-based compensation | (4,603) | (221) |
Income Loss from Unconsolidated Entities | (17,080) | (38,192) |
Distributions of earnings from unconsolidated entities | 8,459 | 41,580 |
Income from distressed loans and foreclosed real estate | (7,192) | (14,024) |
Deferred tax provision | 19,006 | 24,653 |
Deferred tax valuation allowances | (1,388) | (2,655) |
Inventory impairments and write-offs | 31,279 | 9,898 |
Change in fair value of mortgage loans receivable and derivative instruments | $ (137) | 143 |
(Gain) loss on marketable securities | (6) | |
Changes in operating assets and liabilities | ||
Increase in inventory | $ (349,674) | (352,826) |
Origination of mortgage loans | (675,643) | (546,401) |
Sale of mortgage loans | 649,464 | 560,401 |
(Increase) decrease in restricted cash | 422 | 9,635 |
(Increase) decrease in receivables, prepaid expenses and other assets | (32,451) | (7,222) |
Increase in customer deposits | 69,589 | 27,157 |
(Decrease) increase in accounts payable and accrued expenses | 8,410 | 36,599 |
Increase in income taxes payable | (61,077) | 47,914 |
Net Cash Used in Operating Activities, Continuing Operations | (111,251) | 38,616 |
Cash flow (used in) provided by investing activities: | ||
Purchase of property and equipment - net | (7,245) | (9,500) |
Sale and redemption of marketable securities | 2,000 | 40,243 |
Investment in and advances to unconsolidated entities | (39,281) | (93,039) |
Return of investments in unconsolidated entities | 34,803 | 50,677 |
Investment in distressed loans and foreclosed real estate | (2,096) | (1,127) |
Return of investments in distressed loans and foreclosed real estate | 23,372 | $ 40,675 |
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 | $ 15,401 | (1,461,187) |
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 | $ 1,216,094 | 1,870,880 |
Payments of Debt Issuance Costs Notes Payable | (3,005) | |
Principal payments of loans payable | $ (1,043,542) | (1,417,848) |
Redemption of senior notes | $ (300,000) | (267,960) |
Net proceeds from issuance of common stock | 220,365 | |
Proceeds from stock-based benefit plans | $ 35,246 | 26,555 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 4,603 | 221 |
Purchase of treasury stock | (6,746) | (341) |
(Payments) receipts related to noncontrolling interest, net | (1,312) | 81 |
Net Cash (Used in) Provided by Financing Activities, Continuing Operations | (95,657) | 1,024,248 |
Net decrease in cash and cash equivalents | (191,507) | (398,323) |
Cash and cash equivalents, beginning of period | 586,315 | 772,972 |
Cash and cash equivalents, end of period | $ 394,808 | $ 374,649 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Jul. 31, 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 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 July 31, 2015 , the results of our operations for the nine -month and three -month periods ended July 31, 2015 and 2014 , and our cash flows for the nine -month periods ended July 31, 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 judgments and estimates 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. In August 2015, the FASB issued ASU 2015-14 “Revenue from Contracts with Customers” (“ASU 2015-14”), which delays the effective date of ASU 2014-09 by one year. ASU 2014-09, as amended by ASU 2015-14, is effective for us beginning November 1, 2018, and, at that time, we may adopt the new standard under the full retrospective approach or the modified retrospective approach. 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 | 9 Months Ended |
Jul. 31, 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 nine -month and three -month periods ended July 31, 2014 , we recorded acquisition-related costs of $6.0 million and $0.1 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 nine -month and three -month periods ended July 31, 2015 . |
Inventory
Inventory | 9 Months Ended |
Jul. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory at July 31, 2015 and October 31, 2014 consisted of the following (amounts in thousands): July 31, October 31, Land controlled for future communities $ 76,371 $ 122,533 Land owned for future communities 2,344,705 2,355,874 Operating communities 4,569,802 4,011,914 $ 6,990,878 $ 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 nonavailability of improved home sites and that are expected to reopen within 12 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 and that do not have any remaining backlog and are not expected to reopen within 12 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. July 31, October 31, Land owned for future communities: Number of communities 18 16 Carrying value (in thousands) $ 142,936 $ 122,015 Operating communities: Number of communities 8 9 Carrying value (in thousands) $ 38,443 $ 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): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Land controlled for future communities $ 679 $ 2,198 $ 69 $ 1,192 Land owned for future communities 12,600 11,900 Operating communities 18,000 7,700 6,000 4,800 $ 31,279 $ 9,898 $ 17,969 $ 5,992 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 July 31, 2015 , we evaluated our land purchase contracts to determine whether 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 predevelopment costs incurred, and the creditors of the sellers generally have no recourse against us. At July 31, 2015 , we determined that 58 land purchase contracts, with an aggregate purchase price of $812.0 million , on which we had made aggregate deposits totaling $43.0 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): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Interest capitalized, beginning of period $ 356,180 $ 343,077 $ 372,894 $ 367,135 Interest incurred 117,896 123,267 37,438 40,638 Interest expensed to cost of revenues (94,942 ) (91,766 ) (36,989 ) (37,181 ) Write-off against other income (2,795 ) (1,876 ) (1,057 ) (836 ) Interest capitalized on investments in unconsolidated entities (6,149 ) (7,098 ) (1,324 ) (2,341 ) Previously capitalized interest on investments in unconsolidated entities transferred to inventory 15,915 1,811 15,143 — Interest capitalized, end of period $ 386,105 $ 367,415 $ 386,105 $ 367,415 Inventory impairment charges are recognized against all inventory costs in a community. 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 July 31, 2015 and 2014 , would have been reduced by approximately $33.5 million and $35.8 million , respectively. During the three months ended July 31, 2015, we transfered $132.3 million from investment in unconsolidated entities to inventory. See Note 4, “Investments in and Advances to Unconsolidated Entities - Homebuilding Joint Ventures” for additional information. |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 9 Months Ended |
Jul. 31, 2015 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | Investments in Unconsolidated Entities We have investments in various unconsolidated entities. These joint ventures (i) develop land for use by certain joint venture participants and, in other cases, for sale to other third-party builders (“Land Development Joint Ventures”); (ii) develop for-sale homes and condominiums (“Home Building Joint Ventures”); (iii) develop luxury for-rent residential apartments, commercial space, and a hotel (“Rental Property Joint Ventures”), which includes our investments in Toll Brothers Realty Trust (the “Trust”) and Toll Brothers Realty Trust II (“Trust II”); and (iv) invest in a portfolio of distressed loans and real estate (“Structured Asset Joint Venture”). The table below provides information as of July 31, 2015 , regarding active joint ventures that we are invested in, by joint venture category ($ amounts in thousands): Land Home Building Rental Property Structured Total Number of unconsolidated entities 7 3 10 1 21 Investment in unconsolidated entities $ 140,526 $ 74,156 $ 106,425 $ 13,818 $ 334,925 Number of unconsolidated entities with funding commitments by the Company 4 2 4 — 10 Company's remaining funding commitment to unconsolidated entities $ 31,335 $ 25,768 $ 14,189 $ — $ 71,292 Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at July 31, 2015 , regarding the debt financing obtained by category ($ amounts in thousands): Land Home Building Rental Property Total Number of joint ventures with debt financing 3 2 8 13 Aggregate loan commitments $ 175,000 $ 222,000 $ 733,759 $ 1,130,759 Amounts borrowed under commitments $ 99,038 $ 93,584 $ 469,031 $ 661,653 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 obtained 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 obtained approximately 515 home sites from this venture. We have a commitment to this joint venture to fund approximately $17.0 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 July 31, 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 July 31, 2015 , the joint venture had $60.4 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 being developed by a related joint venture discussed below in Rental Property Joint Ventures. At July 31, 2015 , we had invested $32.8 million in this joint venture and expect to make additional investments of approximately $17.5 million for the development of this project. In November 2014, this joint venture, along with the related hotel joint venture, entered into a $160.0 million construction loan agreement to complete the construction of the condominiums and hotel. At July 31, 2015 , this joint venture had $33.2 million of outstanding borrowings under the loan agreement. We had 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. Pursuant to the terms of the joint venture agreement, with the completion of the construction of the building’s structure in the third quarter of fiscal 2015, we acquired, 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 received ownership of the lower floors containing residential rental units and retail space, with no additional consideration due from them. Upon our acquisition of the top 18 floors of the building, we transferred our investment of $132.3 million in this joint venture from “Investments in unconsolidated entities” on our Condensed Consolidated Balance Sheets to “Inventory.” 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 $1.4 million was unpaid as of July 31, 2015 . At July 31, 2015 , we had a combined investment of $6.4 million and funding commitments of $4.0 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 its apartment building. At July 31, 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 fourth quarter 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 being developed by a related joint venture, discussed in Home Building Joint Ventures above. At July 31, 2015 , we had invested $21.1 million in this joint venture and expect to make additional investments of approximately $9.7 million for the development of the hotel. In November 2014, this joint venture, along with the related condominium joint venture, entered into a $160.0 million construction loan agreement to complete the construction of the condominiums and the hotel. At July 31, 2015 , this joint venture had $16.3 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 nine months ended July 31, 2014 in our Condensed Consolidated Statements 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 nine months ended July 31, 2014, in our Condensed Consolidated Statements of Operations and Comprehensive Income. At July 31, 2015 , we had an investment of $0.9 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 collectively; and one-third by an unrelated party. As of July 31, 2015 , our investment in the Trust was zero as cumulative distributions received from the Trust have been 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 $1.7 million and $2.3 million in the nine -month periods ended July 31, 2015 and 2014 , respectively, and $0.5 million and $0.6 million in the three -month periods ended July 31, 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 2015, we received distributions of $4.1 million , of which $1.5 million was recognized as 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 July 31, 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 July 31, 2015 , the unconsolidated entities that have guarantees related to debt had loan commitments aggregating $922.2 million and had borrowed an aggregate of $453.1 million . The terms of these guarantees generally range from four months to 57 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 July 31, 2015 , our maximum potential exposure under these guarantees is estimated to be approximately $453.1 million before any reimbursement from our partners. In addition, we have guaranteed approximately $10.5 million of ground lease payments and insurance deductibles for three joint ventures. As of July 31, 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 July 31, 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 partners. Business plans, budgets, and other major decisions are required to be unanimously approved by all partners. 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 partners. 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 July 31, 2015 and October 31, 2014 , our investments in unconsolidated joint ventures deemed to be VIEs, which are included in “Investments in unconsolidated entities” in the accompanying Condensed Consolidated Balance Sheets, totaled $6.3 million and $46.4 million , respectively. At July 31, 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: July 31, 2015 Land Development Joint Ventures Home Building Joint Ventures Rental Property Joint Ventures Structured Asset Joint Venture Total Cash and cash equivalents $ 29,414 $ 13,752 $ 30,924 $ 20,168 $ 94,258 Inventory 233,488 299,315 532,803 Non-performing loan portfolio 32,294 32,294 Rental properties 269,632 269,632 Rental properties under development 353,019 353,019 Real estate owned (“REO”) 132,857 132,857 Other assets (1) 65,142 55,099 12,930 80,601 213,772 Total assets $ 328,044 $ 368,166 $ 666,505 $ 265,920 $ 1,628,635 Debt (1) $ 100,139 $ 100,213 $ 469,031 $ 77,950 $ 747,333 Other liabilities 29,548 62,361 31,586 123,495 Members’ equity 198,357 205,592 165,888 75,201 645,038 Noncontrolling interest 112,769 112,769 Total liabilities and equity $ 328,044 $ 368,166 $ 666,505 $ 265,920 $ 1,628,635 Company’s net investment in unconsolidated entities (2) $ 140,526 $ 74,156 $ 106,425 $ 13,818 $ 334,925 October 31, 2014 Land Home Building Rental Property Structured Total 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 July 31, 2015 and October 31, 2014 is $78.0 million of restricted cash held in a defeasance account that will be used to repay debt of the Structured Asset Joint Venture on July 25, 2017. (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 nine months ended July 31, 2015 Land Home Building Rental Property Structured Total Revenues $ 81,338 $ 60,854 $ 23,915 $ 4,777 $ 170,884 Cost of revenues 38,838 53,294 11,452 13,344 116,928 Other expenses 1,290 4,868 18,489 951 25,598 Total expenses 40,128 58,162 29,941 14,295 142,526 Gain on disposition of loans and REO 25,094 25,094 Income (loss) from operations 41,210 2,692 (6,026 ) 15,576 53,452 Other income 62 602 4,376 1,709 6,749 Net income (loss) 41,272 3,294 (1,650 ) 17,285 60,201 Less: income attributable to noncontrolling interest (10,371 ) (10,371 ) Net income (loss) attributable to controlling interest 41,272 3,294 (1,650 ) 6,914 49,830 Other comprehensive loss (6 ) (6 ) Total comprehensive income (loss) $ 41,272 $ 3,294 $ (1,656 ) $ 6,914 $ 49,824 Company’s equity in earnings of unconsolidated entities (3) $ 10,440 $ 2,497 $ 2,777 $ 1,366 $ 17,080 For the nine months ended July 31, 2014 Land Home Building Rental Property Structured Total Revenues $ 129,792 $ 39,585 $ 24,961 $ 6,990 $ 201,328 Cost of revenues 68,820 36,264 10,802 10,607 126,493 Other expenses 580 3,727 25,777 1,239 31,323 Total expenses 69,400 39,991 36,579 11,846 157,816 Gain on disposition of loans and REO 14,534 14,534 Income (loss) from operations 60,392 (406 ) (11,618 ) 9,678 58,046 Other income 60 91 44,735 2,286 47,172 Net income (loss) 60,452 (315 ) 33,117 11,964 105,218 Less: income attributable to noncontrolling interest (7,178 ) (7,178 ) Net income (loss) attributable to controlling interest 60,452 (315 ) 33,117 4,786 98,040 Other comprehensive income 647 647 Total comprehensive income (loss) $ 60,452 $ (315 ) $ 33,764 $ 4,786 $ 98,687 Company’s equity in earnings of unconsolidated entities (3) $ 456 $ 266 $ 36,678 $ 792 $ 38,192 For the three months ended July 31, 2015 Land Home Building Rental Property Structured Total Revenues $ 49,579 $ 24,595 $ 8,587 $ 1,817 $ 84,578 Cost of revenues 22,721 21,936 4,225 4,496 53,378 Other expenses 757 1,992 5,654 359 8,762 Total expenses 23,478 23,928 9,879 4,855 62,140 Gain on disposition of loans and REO 1,507 1,507 Income (loss) from operations 26,101 667 (1,292 ) (1,531 ) 23,945 Other income 51 261 239 355 906 Net income (loss) 26,152 928 (1,053 ) (1,176 ) 24,851 Less: income attributable to noncontrolling interest 706 706 Net income (loss) attributable to controlling interest 26,152 928 (1,053 ) (470 ) 25,557 Other comprehensive loss 40 40 Total comprehensive income (loss) $ 26,152 $ 928 $ (1,013 ) $ (470 ) $ 25,597 Company’s equity in earnings of unconsolidated entities (3) $ 5,059 $ 1,039 $ (38 ) $ (108 ) $ 5,952 For the three months ended July 31, 2014 Land Home Building Rental Property Structured Total Revenues $ 17,842 $ 16,357 $ 7,955 $ 3,201 $ 45,355 Cost of revenues 6,650 14,438 3,411 4,125 28,624 Other expenses 115 1,680 4,219 365 6,379 Total expenses 6,765 16,118 7,630 4,490 35,003 Gain on disposition of loans and REO 8,076 8,076 Income (loss) from operations 11,077 239 325 6,787 18,428 Other income 54 (110 ) 1,535 753 2,232 Net income (loss) 11,131 129 1,860 7,540 20,660 Less: income attributable to noncontrolling interest (4,524 ) (4,524 ) Net income (loss) attributable to controlling interest 11,131 129 1,860 3,016 16,136 Other comprehensive loss (82 ) (82 ) Total comprehensive income (loss) $ 11,131 $ 129 $ 1,778 $ 3,016 $ 16,054 Company’s equity in earnings of unconsolidated entities (3) $ 353 $ (60 ) $ 55 $ 602 $ 950 (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 Foreclosed Real
Investments in Foreclosed Real Estate and Distressed Loans | 9 Months Ended |
Jul. 31, 2015 | |
Investments in Non-Performing Loan Portfolios and Foreclosed Real Estate [Abstract] | |
Investments in Foreclosed Real Estate and Distressed Loans | Investments in Foreclosed Real Estate and Distressed Loans Investments in REO and distressed loans consisted of the following, as of the dates indicated (amounts in thousands): July 31, October 31, Investment in REO $ 57,524 $ 69,799 Investment in distressed loans 1,935 4,001 $ 59,459 $ 73,800 In prior periods, we presented our investments in REO and distressed loans 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 REO The table below provides, for the periods indicated, the activity in REO (amounts in thousands): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Balance, beginning of period $ 69,799 $ 72,972 $ 63,680 $ 76,652 Additions 2,304 21,203 400 13,167 Sales (14,139 ) (13,558 ) (6,471 ) (9,366 ) Impairments (183 ) (1,046 ) (1,044 ) Depreciation (257 ) (252 ) (85 ) (90 ) Balance, end of period $ 57,524 $ 79,319 $ 57,524 $ 79,319 As of July 31, 2015 , approximately $7.3 million and $50.2 million of REO was classified as held-for-sale and held-and-used, respectively. As of July 31, 2014 , approximately $2.2 million and $77.1 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): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Gains from acquisition of REO through foreclosure $ 230 $ 4,503 $ — $ 2,980 Investments in Distressed Loans Our investments in distressed loans represent nonperforming 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. |
Loans Payable, Senior Notes and
Loans Payable, Senior Notes and Mortgage Company Loan Facility | 9 Months Ended |
Jul. 31, 2015 | |
Debt Disclosure [Abstract] | |
Senior Notes Payable | Loans Payable, Senior Notes, and Mortgage Company Loan Facility Loans Payable At July 31, 2015 and October 31, 2014 , loans payable consisted of the following (amounts in thousands): July 31, October 31, Senior unsecured term loan $ 500,000 $ 500,000 Credit facility borrowings 220,000 Loans payable – other 146,876 154,261 $ 866,876 $ 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 July 31, 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. 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 $2.61 billion . Under the terms of the Credit Facility, at July 31, 2015 , our leverage ratio was approximately 0.70 to 1.00 and our tangible net worth was approximately $4.08 billion . Based upon the minimum tangible net worth requirement in the Credit Facility, our ability to repurchase our common stock was limited to approximately $1.93 billion as of July 31, 2015 . At July 31, 2015 , we had $220.0 million outstanding borrowings under the Credit Facility and had outstanding letters of credit of approximately $103.8 million . At July 31, 2015 , the interest rate on borrowings under the Credit Facility was 1.69% per annum. Subsequent to July 31, 2015, we borrowed an additional net $130.0 million under the Credit Facility for land acquisitions. 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 July 31, 2015 , the weighted-average interest rate on “Loans payable – other” was 3.95% per annum. Senior Notes At July 31, 2015 , we, through Toll Brothers Finance Corp., had seven issues of Senior Notes outstanding with an aggregate principal amount of $2.36 billion . In May 2015, we repaid, at maturity, the $300.0 million of then-outstanding outstanding principal amount of 5.15% Senior Notes due May 15, 2015. In March 2014, we repaid, at maturity, 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. Mortgage Company Loan Facility In July 2015, 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 18, 2016, and borrowings thereunder bear interest at LIBOR plus 2.00% per annum, with a minimum rate of 2.00% . At July 31, 2015 , the interest rate on the Repurchase Agreement was 2.19% per annum. In addition, we are subject to an under usage fee based on outstanding balances, as defined in the Repurchase Agreement. At July 31, 2015 , we had $100.0 million of outstanding borrowings under the Repurchase Agreement. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Jul. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses at July 31, 2015 and October 31, 2014 consisted of the following (amounts in thousands): July 31, October 31, Land, land development, and construction $ 108,971 $ 124,816 Compensation and employee benefits 118,379 118,607 Self-insurance 118,572 100,407 Warranty 79,005 86,282 Interest 35,017 33,993 Commitments to unconsolidated entities 5,241 3,293 Other 114,083 114,079 $ 579,268 $ 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 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 we believe that at July 31, 2015 , 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. 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. Based on our current evaluation of these claims, we recorded a charge of $5.8 million in the third quarter of fiscal 2015, which is included in “Cost of revenues” in our Condensed Consolidated Statements of Operations and Comprehensive Income. 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): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Balance, beginning of period $ 86,282 $ 43,819 $ 83,057 $ 52,579 Additions – homes closed during the period 13,200 12,272 4,947 4,970 Addition – Shapell liabilities acquired 11,044 1,800 Increase in accruals for homes closed in prior years 1,763 2,003 454 581 Charges incurred (22,240 ) (14,911 ) (9,453 ) (5,703 ) Balance, end of period $ 79,005 $ 54,227 $ 79,005 $ 54,227 |
Income Taxes
Income Taxes | 9 Months Ended |
Jul. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We recorded an income tax provision of $102.0 million and $107.5 million for the nine months ended July 31, 2015 and 2014 , respectively. The effective tax rate for the nine months ended July 31, 2015 , was 32.1% , compared to 34.0% for the nine months ended July 31, 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 nine months ended July 31, 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 nine months ended July 31, 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 $40.7 million and $53.6 million for the three months ended July 31, 2015 and 2014 , respectively. The effective tax rate for the three months ended July 31, 2015 , was 37.9% , compared to 35.4% for the three months ended July 31, 2014 . The income tax provisions for both periods included the provision for state income taxes and interest accrued on unrecognized tax benefits offset by benefits related to the utilization of domestic production activities deductions and other permanent differences. 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 $42.4 million and $43.8 million as of July 31, 2015 and October 31, 2014 , respectively. At July 31, 2015 , we had $40.7 million of gross unrecognized tax benefits, including interest and penalties. If these unrecognized tax benefits were to 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 slightly, primarily due to the expiration of certain statutes of limitations and potential settlements with taxing jurisdictions. |
Stock-Based Benefit Plans
Stock-Based Benefit Plans | 9 Months Ended |
Jul. 31, 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 nonemployee 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): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Total stock-based compensation expense recognized $ 17,694 $ 16,985 $ 5,142 $ 4,691 Income tax benefit recognized $ 6,694 $ 6,388 $ 1,958 $ 1,769 At July 31, 2015 and October 31, 2014 , the aggregate unamortized value of outstanding stock-based compensation awards was approximately $30.1 million and $24.0 million , respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Jul. 31, 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): Nine months ended July 31, 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 (3 ) (754 ) Gross amounts reclassified from accumulated other comprehensive income 655 655 Income tax benefit (expense) 37 (1 ) 1 37 Other comprehensive (loss) income, net of tax (62 ) 2 (2 ) (62 ) Balance, end of period $ (2,851 ) $ — $ (49 ) $ (2,900 ) Nine months ended July 31, 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 (247 ) (15 ) 324 62 Gross amounts reclassified from accumulated other comprehensive income (loss) 495 (6 ) 489 Income tax (expense) benefit (95 ) 7 (126 ) (214 ) Other comprehensive income (loss), net of tax 153 (14 ) 198 337 Balance, end of period $ (1,959 ) $ (19 ) $ (72 ) $ (2,050 ) Three months ended July 31, 2015 Employee retirement plans Available-for-sale securities Derivative instruments Total Balance, beginning of period $ (2,990 ) $ — $ (61 ) $ (3,051 ) Other comprehensive income before reclassifications 19 19 Gross amounts reclassified from accumulated other comprehensive income 223 223 Income tax expense (84 ) (7 ) (91 ) Other comprehensive income, net of tax 139 — 12 151 Balance, end of period $ (2,851 ) $ — $ (49 ) $ (2,900 ) Three months ended July 31, 2014 Employee retirement plans Available-for-sale securities Derivative instruments Total Balance, beginning of period $ (1,956 ) $ (27 ) $ (47 ) $ (2,030 ) Other comprehensive (loss) income before reclassifications (170 ) 14 (41 ) (197 ) Gross amounts reclassified from accumulated other comprehensive income 167 167 Income tax benefit (expense) (6 ) 16 10 Other comprehensive (loss) income, net of tax (3 ) 8 (25 ) (20 ) Balance, end of period $ (1,959 ) $ (19 ) $ (72 ) $ (2,050 ) 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 Repurc
Stock Issuance and Stock Repurchase Program | 9 Months Ended |
Jul. 31, 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: Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Number of shares purchased (in thousands) 214 10 3 5 Average price per share $ 31.50 $ 35.03 $ 37.64 $ 35.42 Remaining authorization at July 31 (in thousands) 19,986 8,258 19,986 8,258 |
Income Per Share Information
Income Per Share Information | 9 Months Ended |
Jul. 31, 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): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Numerator: Net income as reported $ 216,004 $ 208,508 $ 66,749 $ 97,707 Plus interest and costs attributable to 0.5% Exchangeable Senior Notes, net of income tax benefit 1,179 1,185 393 396 Numerator for diluted earnings per share $ 217,183 $ 209,693 $ 67,142 $ 98,103 Denominator: Basic weighted-average shares 176,443 177,591 176,797 178,217 Common stock equivalents (a) 2,391 2,495 2,478 2,426 Shares attributable to 0.5% Exchangeable Senior Notes 5,858 5,858 5,858 5,858 Diluted weighted-average shares 184,692 185,944 185,133 186,501 Other information: Weighted-average number of antidilutive options and restricted stock units (b) 1,918 1,560 1,572 1,830 Shares issued under stock incentive and employee stock purchase plans 1,320 1,362 55 138 (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) Weighted-average number of antidilutive options and restricted stock units are based upon the average closing price of our common stock on the NYSE for the period. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Jul. 31, 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 hierarchy July 31, October 31, 2014 Marketable Securities Level 2 $ 10,008 $ 12,026 Residential Mortgage Loans Held for Sale Level 2 $ 127,405 $ 101,944 Forward Loan Commitments — Residential Mortgage Loans Held for Sale Level 2 $ 516 $ (341 ) Interest Rate Lock Commitments (“IRLCs”) Level 2 $ (858 ) $ (108 ) Forward Loan Commitments — IRLCs Level 2 $ 858 $ 108 At July 31, 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 July 31, 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 July 31, 2015 was four 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 principal balance Fair value Excess At July 31, 2015 $ 126,642 $ 127,405 $ 763 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 the application of 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 for 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 had used a different input for any of the various unobservable inputs used in our impairment analysis, the results of the analysis might 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 operating communities: Three months ended: Selling price per unit (in thousands) Sales pace per year (in units) Discount rate Fiscal 2015: January 31 $289 - $680 1 - 7 13.5% - 16.0% April 30 $527 - $600 13 - 25 17.0% July 31 $788 - $1,298 4 - 8 15.5% -16.2% Fiscal 2014: January 31 $388 - $405 21 - 23 16.6% April 30 $634 - $760 4 - 7 12.0% - 15.3% July 31 $698 - $1,233 10 - 22 15.9% October 31 $337 - $902 7 - 23 12.5% - 16.5% The table below provides, for the periods indicated, the fair value of operating communities whose carrying value was adjusted and the amount of impairment charges recognized ($ amounts in thousands): Impaired operating communities Three months ended: Number of Number of Fair value of Impairment charges Fiscal 2015: January 31 58 4 $ 24,968 $ 900 April 30 52 1 $ 16,235 11,100 July 31 40 3 $ 13,527 6,000 $ 18,000 Fiscal 2014: January 31 67 1 $ 7,131 $ 1,300 April 30 65 2 $ 6,211 1,600 July 31 63 1 $ 14,122 4,800 October 31 55 7 $ 38,473 9,855 $ 17,555 Debt The table below provides, as of the dates indicated, the book value and estimated fair value of our debt (amounts in thousands): July 31, 2015 October 31, 2014 Fair value Book value Estimated fair value Book value Estimated fair value Loans payable (a) Level 2 $ 866,876 $ 866,256 $ 654,261 $ 652,944 Senior notes (b) Level 1 2,357,376 2,552,929 2,657,376 2,821,559 Mortgage company loan facility (c) Level 2 100,000 100,000 90,281 90,281 $ 3,324,252 $ 3,519,185 $ 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 | 9 Months Ended |
Jul. 31, 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): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Interest income $ 1,754 $ 2,111 $ 568 $ 222 Income from ancillary businesses 18,392 6,153 4,667 2,203 Gibraltar 4,907 10,219 888 4,505 Management fee income from unconsolidated entities 9,441 4,294 3,051 1,840 Retained customer deposits 3,735 2,597 1,423 1,287 Income from land sales 10,302 21,042 2,952 9,855 Directly expensed interest (656 ) Other 1,474 2,613 521 819 Total other income – net $ 50,005 $ 48,373 $ 14,070 $ 20,731 In the nine months ended July 31, 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 nine -month period ended July 31, 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 Unconsolidated Entities.” Income from ancillary businesses includes 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): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Revenue $ 88,244 $ 70,736 $ 32,017 $ 26,988 Expense $ 69,852 $ 64,583 $ 27,350 $ 24,785 The table below provides, for the periods indicated, revenues and expenses recognized from land sales (amounts in thousands): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Revenue $ 139,027 $ 174,576 $ 12,281 $ 76,424 Deferred gain on land sale to joint venture (9,260 ) Expense (119,465 ) (153,534 ) (9,329 ) (66,569 ) Income from land sales $ 10,302 $ 21,042 $ 2,952 $ 9,855 Land sale revenues for the nine months ended July 31, 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 Unconsolidated Entities,” for more information on this transaction. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jul. 31, 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 Unconsolidated Entities At July 31, 2015 , we had investments in 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 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 whether 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 nonrefundable 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): July 31, 2015 October 31, 2014 Aggregate purchase commitments: Unrelated parties $ 1,091,833 $ 1,043,654 Unconsolidated entities that the Company has investments in 171,624 184,260 Total $ 1,263,457 $ 1,227,914 Deposits against aggregate purchase commitments $ 76,204 $ 103,422 Additional cash required to acquire land 1,187,253 1,124,492 Total $ 1,263,457 $ 1,227,914 Amount of additional cash required to acquire land in accrued expenses $ 1,282 $ 764 At July 31, 2015 , we had a purchase commitment or understandings to acquire 451 home sites from two of our Land Development Joint Ventures for an aggregate purchase price of $171.6 million . In addition, we expect to purchase approximately 3,200 additional home sites over a number of years from several joint ventures in which we have interests; the purchase prices of these home sites will be determined at a future date. At July 31, 2015 , we also had purchase commitments to acquire land for apartment developments of approximately $58.2 million , of which we had outstanding deposits in the amount of $1.5 million . In November 2014, we closed on a 99 -year ground lease on land located within New York City where we are developing 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. Pursuant to the terms of the ground lease, in the third quarter of fiscal 2015, we made an additional payment of $17.3 million when final approvals were received. 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 July 31, 2015 , we had outstanding surety bonds amounting to $628.8 million , primarily related to our obligations to governmental entities to construct improvements in our communities. We estimate that $351.1 million of work remains on these improvements. We have an additional $114.1 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 July 31, 2015 , we had outstanding letters of credit of $103.8 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 in which we are operating. We do not believe that it is probable that any outstanding letters of credit will be drawn upon. Backlog At July 31, 2015 , we had agreements of sale outstanding to deliver 4,447 homes with an aggregate sales value of $3.69 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): July 31, October 31, 2014 Aggregate mortgage loan commitments: IRLCs $ 389,441 $ 191,604 Non-IRLCs 826,100 709,401 Total $ 1,215,541 $ 901,005 Investor commitments to purchase: IRLCs $ 389,441 $ 191,604 Mortgage loans receivable 120,328 93,261 Total $ 509,769 $ 284,865 |
Information on Operating Segmen
Information on Operating Segments | 9 Months Ended |
Jul. 31, 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 that 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): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Revenues: Traditional Home Building: North $ 463,159 $ 428,415 $ 180,705 $ 163,530 Mid-Atlantic 579,195 552,362 228,304 202,791 South 611,288 576,589 233,504 239,902 West 895,397 889,476 324,988 381,640 Traditional Home Building 2,549,039 2,446,842 967,501 987,863 City Living 185,007 114,070 60,510 68,994 Total $ 2,734,046 $ 2,560,912 $ 1,028,011 $ 1,056,857 Income (loss) before income taxes: Traditional Home Building: North $ 27,918 $ 34,892 $ 14,487 $ 17,740 Mid-Atlantic 50,251 72,427 9,432 26,518 South 100,960 77,642 38,360 36,690 West 145,495 153,371 53,866 73,859 Traditional Home Building 324,624 338,332 116,145 154,807 City Living 80,314 35,351 22,309 26,387 Corporate and other (86,919 ) (57,639 ) (30,990 ) (29,869 ) Total $ 318,019 $ 316,044 $ 107,464 $ 151,325 “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): July 31, October 31, Traditional Home Building: North $ 1,082,469 $ 1,053,787 Mid-Atlantic 1,278,025 1,267,563 South 1,243,930 1,165,600 West 2,911,580 2,676,164 Traditional Home Building 6,516,004 6,163,114 City Living 898,451 834,949 Corporate and other 1,216,440 1,418,839 Total $ 8,630,895 $ 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 $ 12,097 $ 176,753 $ 865,117 $ 1,053,967 Mid-Atlantic 32,616 251,726 953,884 1,238,226 South 4,223 286,806 776,280 1,067,309 West 26,136 1,140,623 1,649,494 2,816,253 Traditional Home Building 75,072 1,855,908 4,244,775 6,175,755 City Living 1,299 488,797 325,027 815,123 $ 76,371 $ 2,344,705 $ 4,569,802 $ 6,990,878 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 The amounts we have provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable for each our of geographic segments, for the periods indicated, are shown in the table below (amounts in thousands): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Traditional Home Building: North $ 14,347 $ 3,198 $ 2,805 $ 51 Mid-Atlantic 15,793 5,865 15,158 5,539 South 720 704 6 365 West 419 131 37 Total $ 31,279 $ 9,898 $ 17,969 $ 5,992 Investments in unconsolidated entities for each of our reportable and geographic segments, as of the dates indicated, are shown in the table below (amounts in thousands): July 31, October 31, Traditional Home Building: Mid-Atlantic $ 12,167 $ 11,841 South 99,888 98,362 West 53,140 59,573 Traditional Home Building 165,195 169,776 City Living 49,488 159,953 Corporate and other 120,242 117,349 Total $ 334,925 $ 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 Cond
Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows | 9 Months Ended |
Jul. 31, 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): Nine months ended July 31, 2015 2014 Cash flow information: Interest paid, net of amount capitalized $ 10,897 Interest capitalized, net of amount paid $ 183 Income tax payments $ 162,390 $ 37,622 Income tax refunds $ 16,916 Noncash activity: Cost of inventory acquired through seller financing or municipal bonds, net $ 51,980 $ 88,646 Reduction in inventory for our share of joint venture earnings in land purchased from unconsolidated entities and allocation of basis difference $ 4,309 $ 3,987 Defined benefit plan amendment $ 754 $ 247 Increase in accrued expenses related to Stock Price-Based Restricted Stock Units paid $ 5,035 Transfer of inventory to investment in unconsolidated entities $ 700 Transfer of investment in unconsolidated entity to inventory $ 132,256 $ 2,704 Transfer of other assets to investment in unconsolidated entities $ 4,852 Unrealized (loss) gain on derivatives held by equity investees $ (2 ) $ 324 Increase in investments in unconsolidated entities for change in the fair value of debt guarantees $ 1,575 $ 658 Miscellaneous increases (decreases) to investments in unconsolidated entities $ 119 $ (1,787 ) Acquisition of a Business: Fair value of assets purchased, excluding cash acquired $ 1,524,964 Liabilities assumed $ 35,848 Cash paid, net of cash acquired $ 1,489,116 |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 9 Months Ended |
Jul. 31, 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 July 31, 2015 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 “Nonguarantor 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 our obligations under 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 July 31, 2015 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents — — 264,661 130,147 — 394,808 Marketable securities 10,008 10,008 Restricted cash 15,176 1,295 1,449 17,920 Inventory 6,514,285 476,593 6,990,878 Property, construction and office equipment, net 122,704 15,893 138,597 Receivables, prepaid expenses and other assets 96 14,165 172,371 124,971 (35,844 ) 275,759 Mortgage loans held for sale 127,405 127,405 Customer deposits held in escrow 46,748 1,548 48,296 Investments in unconsolidated entities 117,890 217,035 334,925 Investments in foreclosed real estate and distressed loans 59,459 59,459 Investments in and advances to consolidated entities 3,933,234 2,385,178 4,740 (6,323,152 ) — Deferred tax assets, net of valuation allowances 232,840 232,840 4,181,346 2,399,343 7,244,694 1,164,508 (6,358,996 ) 8,630,895 LIABILITIES AND EQUITY Liabilities Loans payable 866,876 866,876 Senior notes 2,333,761 22,307 2,356,068 Mortgage company loan facility 100,000 100,000 Customer deposits 287,588 12,023 299,611 Accounts payable 242,439 331 242,770 Accrued expenses 33,316 366,699 217,141 (37,888 ) 579,268 Advances from consolidated entities 1,654,104 786,914 (2,441,018 ) — Income taxes payable 60,316 60,316 Total liabilities 60,316 2,367,077 3,417,706 1,116,409 (2,456,599 ) 4,504,909 Equity Stockholders’ equity Common stock 1,779 48 3,006 (3,054 ) 1,779 Additional paid-in capital 728,501 49,400 1,734 (51,134 ) 728,501 Retained earnings (deficits) 3,448,039 (17,134 ) 3,826,989 38,354 (3,848,209 ) 3,448,039 Treasury stock, at cost (54,438 ) (54,438 ) Accumulated other comprehensive loss (2,851 ) (49 ) (2,900 ) Total stockholders’ equity 4,121,030 32,266 3,826,988 43,094 (3,902,397 ) 4,120,981 Noncontrolling interest 5,005 5,005 Total equity 4,121,030 32,266 3,826,988 48,099 (3,902,397 ) 4,125,986 4,181,346 2,399,343 7,244,694 1,164,508 (6,358,996 ) 8,630,895 Condensed Consolidating Balance Sheet at October 31, 2014 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated 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 unconsolidated entities 132,096 314,982 447,078 Investments in foreclosed real estate and distressed loans 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 nine months ended July 31, 2015 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Revenues 2,764,788 53,963 (84,705 ) 2,734,046 Cost of revenues 2,158,932 6,933 (12,927 ) 2,152,938 Selling, general and administrative 66 2,689 349,861 43,827 (66,269 ) 330,174 66 2,689 2,508,793 50,760 (79,196 ) 2,483,112 Income (loss) from operations (66 ) (2,689 ) 255,995 3,203 (5,509 ) 250,934 Other: Income from unconsolidated entities 11,332 5,748 17,080 Other income – net 7,049 26,697 15,672 587 50,005 Intercompany interest income 105,134 (105,134 ) — Interest expense (109,469 ) (587 ) 110,056 — Income from subsidiaries 311,036 17,012 (328,048 ) — Income (loss) before income taxes 318,019 (7,024 ) 311,036 24,036 (328,048 ) 318,019 Income tax provision (benefit) 102,015 (2,657 ) 117,665 9,092 (124,100 ) 102,015 Net income (loss) 216,004 (4,367 ) 193,371 14,944 (203,948 ) 216,004 Other comprehensive loss (62 ) (62 ) Total comprehensive income (loss) 215,942 (4,367 ) 193,371 14,944 (203,948 ) 215,942 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the nine months ended July 31, 2014 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Revenues 2,587,940 53,075 (80,103 ) 2,560,912 Cost of revenues 2,029,097 6,809 (16,644 ) 2,019,262 Selling, general and administrative 98 2,762 330,591 40,898 (62,178 ) 312,171 98 2,762 2,359,688 47,707 (78,822 ) 2,331,433 Income (loss) from operations (98 ) (2,762 ) 228,252 5,368 (1,281 ) 229,479 Other: Income (loss) from unconsolidated entities 38,271 (79 ) 38,192 Other income – net 7,033 31,632 13,427 (3,719 ) 48,373 Intercompany interest income 111,984 (111,984 ) — Interest expense (116,246 ) (738 ) 116,984 — Income from subsidiaries 309,109 10,954 (320,063 ) — Income (loss) before income taxes 316,044 (7,024 ) 309,109 17,978 (320,063 ) 316,044 Income tax provision (benefit) 107,536 (2,631 ) 115,792 6,734 (119,895 ) 107,536 Net income (loss) 208,508 (4,393 ) 193,317 11,244 (200,168 ) 208,508 Other comprehensive income 153 170 14 337 Total comprehensive income (loss) 208,661 (4,393 ) 193,487 11,258 (200,168 ) 208,845 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended July 31, 2015 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Revenues 1,040,738 20,811 (33,538 ) 1,028,011 Cost of revenues 826,205 3,838 (5,649 ) 824,394 Selling, general and administrative 29 867 123,667 16,737 (25,125 ) 116,175 29 867 949,872 20,575 (30,774 ) 940,569 Income (loss) from operations (29 ) (867 ) 90,866 236 (2,764 ) 87,442 Other: Income from unconsolidated entities 3,898 2,054 5,952 Other income – net 2,379 8,664 2,084 943 14,070 Intercompany interest income 32,741 (32,741 ) — Interest expense (34,241 ) (321 ) 34,562 — Income from subsidiaries 105,114 1,686 (106,800 ) — Income (loss) before income taxes 107,464 (2,367 ) 105,114 4,053 (106,800 ) 107,464 Income tax provision (benefit) 40,715 (895 ) 39,765 1,533 (40,403 ) 40,715 Net income (loss) 66,749 (1,472 ) 65,349 2,520 (66,397 ) 66,749 Other comprehensive loss 139 12 151 Total comprehensive income (loss) 66,888 (1,472 ) 65,361 2,520 (66,397 ) 66,900 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended July 31, 2014 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Revenues 1,067,863 19,808 (30,814 ) 1,056,857 Cost of revenues 822,804 2,750 (8,322 ) 817,232 Selling, general and administrative 29 897 116,944 14,462 (22,351 ) 109,981 29 897 939,748 17,212 (30,673 ) 927,213 Income (loss) from operations (29 ) (897 ) 128,115 2,596 (141 ) 129,644 Other: Income from unconsolidated entities 693 257 950 Other income – net 2,373 13,817 6,219 (1,678 ) 20,731 Intercompany interest income 35,877 (35,877 ) — Interest expense (37,347 ) (349 ) 37,696 — Income from subsidiaries 148,981 6,356 (155,337 ) — Income (loss) before income taxes 151,325 (2,367 ) 148,981 8,723 (155,337 ) 151,325 Income tax provision (benefit) 53,618 (880 ) 55,568 3,253 (57,941 ) 53,618 Net income (loss) 97,707 (1,487 ) 93,413 5,470 (97,396 ) 97,707 Other comprehensive income (loss) (3 ) (19 ) 2 (20 ) Total comprehensive income (loss) 97,704 (1,487 ) 93,394 5,472 (97,396 ) 97,687 Condensed Consolidating Statement of Cash Flows for the nine months ended July 31, 2015 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Net cash (used in) provided by operating activities (7,795 ) 7,730 (17,570 ) (85,025 ) (8,591 ) (111,251 ) Cash flow (used in) provided by investing activities: Purchase of property and equipment - net (5,954 ) (1,291 ) (7,245 ) Sale and redemption of marketable securities 2,000 2,000 Investment in and advances to unconsolidated entities (3,172 ) (36,109 ) (39,281 ) Return of investments in unconsolidated entities 20,261 14,542 34,803 Investment in foreclosed real estate and distressed loans (2,096 ) (2,096 ) Return of investments in foreclose real estate and distressed loans 23,372 23,372 Net increase in cash from purchase of joint venture interest 3,848 3,848 Intercompany advances (25,308 ) 292,270 (266,962 ) — Net cash (used in) provided by investing activities (25,308 ) 292,270 16,983 (1,582 ) (266,962 ) 15,401 Cash flow (used in) provided by financing activities: Proceeds from loans payable 250,000 966,094 1,216,094 Principal payments of loans payable (86,166 ) (957,376 ) (1,043,542 ) Redemption of senior notes (300,000 ) (300,000 ) Proceeds from stock-based benefit plans 35,246 35,246 Excess tax benefits from stock-based compensation 4,603 4,603 Purchase of treasury stock (6,746 ) (6,746 ) (Payments) receipts related to noncontrolling interest, net (1,312 ) (1,312 ) Intercompany advances (354,300 ) 78,747 275,553 — Net cash (used in) provided by financing activities 33,103 (300,000 ) (190,466 ) 86,153 275,553 (95,657 ) Net (decrease) increase in cash and cash equivalents — — (191,053 ) (454 ) — (191,507 ) Cash and cash equivalents, beginning of period — — 455,714 130,601 — 586,315 Cash and cash equivalents, end of period — — 264,661 130,147 — 394,808 Condensed Consolidating Statement of Cash Flows for the nine months ended July 31, 2014 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Net cash (used in) provided by operating activities 101,864 18,079 (4,242 ) (64,371 ) (12,714 ) 38,616 Cash flow (used in) provided by investing activities: Purchase of property and equipment — net (9,145 ) (355 ) (9,500 ) Sale and redemption of marketable securities 40,243 40,243 Investment in and advances to unconsolidated entities (15,604 ) (77,435 ) (93,039 ) Return of investments in unconsolidated entities 40,413 10,264 50,677 Investment in foreclosed real estate and distressed loans (1,127 ) (1,127 ) Return of investments in foreclose real estate and distressed loans 40,675 40,675 Acquisition of a business, net of cash acquired (1,489,116 ) (1,489,116 ) Dividend received – intercompany 15,000 (15,000 ) — Intercompany advances (348,664 ) (345,419 ) 694,083 — Net cash used in investing activities (348,664 ) (345,419 ) (1,418,209 ) (27,978 ) 679,083 (1,461,187 ) 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 1,141,300 729,580 1,870,880 Debt issuance costs for loans payable (3,005 ) (3,005 ) Principal payments of loans payable (701,098 ) (716,750 ) (1,417,848 ) Redemption of senior notes (267,960 ) (267,960 ) Net proceeds from issuance of common stock 220,365 220,365 Proceeds from stock-based benefit plans 26,555 26,555 Excess tax benefits from stock-based compensation 221 221 Purchase of treasury stock (341 ) (341 ) Receipts related to noncontrolling interest 81 81 Dividend paid – intercompany (15,000 ) 15,000 — Intercompany advances 569,662 111,707 (681,369 ) — Net cash provided by financing activities 246,800 327,340 1,006,859 109,618 (666,369 ) 1,024,248 Net (decrease) increase in cash and cash equivalents — — (415,592 ) 17,269 — (398,323 ) Cash and cash equivalents, beginning of period — — 670,102 102,870 — 772,972 Cash and cash equivalents, end of period — — 254,510 120,139 — 374,649 |
Significant Accounting Polici24
Significant Accounting Policies (Policies) | 9 Months Ended |
Jul. 31, 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 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 July 31, 2015 , the results of our operations for the nine -month and three -month periods ended July 31, 2015 and 2014 , and our cash flows for the nine -month periods ended July 31, 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 judgments and estimates 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. In August 2015, the FASB issued ASU 2015-14 “Revenue from Contracts with Customers” (“ASU 2015-14”), which delays the effective date of ASU 2014-09 by one year. ASU 2014-09, as amended by ASU 2015-14, is effective for us beginning November 1, 2018, and, at that time, we may adopt the new standard under the full retrospective approach or the modified retrospective approach. 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) | 9 Months Ended |
Jul. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory at July 31, 2015 and October 31, 2014 consisted of the following (amounts in thousands): July 31, October 31, Land controlled for future communities $ 76,371 $ 122,533 Land owned for future communities 2,344,705 2,355,874 Operating communities 4,569,802 4,011,914 $ 6,990,878 $ 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. July 31, October 31, Land owned for future communities: Number of communities 18 16 Carrying value (in thousands) $ 142,936 $ 122,015 Operating communities: Number of communities 8 9 Carrying value (in thousands) $ 38,443 $ 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): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Land controlled for future communities $ 679 $ 2,198 $ 69 $ 1,192 Land owned for future communities 12,600 11,900 Operating communities 18,000 7,700 6,000 4,800 $ 31,279 $ 9,898 $ 17,969 $ 5,992 |
Interest incurred, capitalized and expensed | Interest incurred, capitalized, and expensed, for the periods indicated, was as follows (amounts in thousands): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Interest capitalized, beginning of period $ 356,180 $ 343,077 $ 372,894 $ 367,135 Interest incurred 117,896 123,267 37,438 40,638 Interest expensed to cost of revenues (94,942 ) (91,766 ) (36,989 ) (37,181 ) Write-off against other income (2,795 ) (1,876 ) (1,057 ) (836 ) Interest capitalized on investments in unconsolidated entities (6,149 ) (7,098 ) (1,324 ) (2,341 ) Previously capitalized interest on investments in unconsolidated entities transferred to inventory 15,915 1,811 15,143 — Interest capitalized, end of period $ 386,105 $ 367,415 $ 386,105 $ 367,415 |
Investments in Unconsolidated26
Investments in Unconsolidated Entities (Tables) | 9 Months Ended |
Jul. 31, 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 July 31, 2015 , regarding active joint ventures that we are invested in, by joint venture category ($ amounts in thousands): Land Home Building Rental Property Structured Total Number of unconsolidated entities 7 3 10 1 21 Investment in unconsolidated entities $ 140,526 $ 74,156 $ 106,425 $ 13,818 $ 334,925 Number of unconsolidated entities with funding commitments by the Company 4 2 4 — 10 Company's remaining funding commitment to unconsolidated entities $ 31,335 $ 25,768 $ 14,189 $ — $ 71,292 |
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 July 31, 2015 , regarding the debt financing obtained by category ($ amounts in thousands): Land Home Building Rental Property Total Number of joint ventures with debt financing 3 2 8 13 Aggregate loan commitments $ 175,000 $ 222,000 $ 733,759 $ 1,130,759 Amounts borrowed under commitments $ 99,038 $ 93,584 $ 469,031 $ 661,653 |
Condensed balance sheet aggregated by type of business | Condensed Balance Sheets: July 31, 2015 Land Development Joint Ventures Home Building Joint Ventures Rental Property Joint Ventures Structured Asset Joint Venture Total Cash and cash equivalents $ 29,414 $ 13,752 $ 30,924 $ 20,168 $ 94,258 Inventory 233,488 299,315 532,803 Non-performing loan portfolio 32,294 32,294 Rental properties 269,632 269,632 Rental properties under development 353,019 353,019 Real estate owned (“REO”) 132,857 132,857 Other assets (1) 65,142 55,099 12,930 80,601 213,772 Total assets $ 328,044 $ 368,166 $ 666,505 $ 265,920 $ 1,628,635 Debt (1) $ 100,139 $ 100,213 $ 469,031 $ 77,950 $ 747,333 Other liabilities 29,548 62,361 31,586 123,495 Members’ equity 198,357 205,592 165,888 75,201 645,038 Noncontrolling interest 112,769 112,769 Total liabilities and equity $ 328,044 $ 368,166 $ 666,505 $ 265,920 $ 1,628,635 Company’s net investment in unconsolidated entities (2) $ 140,526 $ 74,156 $ 106,425 $ 13,818 $ 334,925 October 31, 2014 Land Home Building Rental Property Structured Total 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 July 31, 2015 and October 31, 2014 is $78.0 million of restricted cash held in a defeasance account that will be used to repay debt of the Structured Asset Joint Venture on July 25, 2017. (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 nine months ended July 31, 2015 Land Home Building Rental Property Structured Total Revenues $ 81,338 $ 60,854 $ 23,915 $ 4,777 $ 170,884 Cost of revenues 38,838 53,294 11,452 13,344 116,928 Other expenses 1,290 4,868 18,489 951 25,598 Total expenses 40,128 58,162 29,941 14,295 142,526 Gain on disposition of loans and REO 25,094 25,094 Income (loss) from operations 41,210 2,692 (6,026 ) 15,576 53,452 Other income 62 602 4,376 1,709 6,749 Net income (loss) 41,272 3,294 (1,650 ) 17,285 60,201 Less: income attributable to noncontrolling interest (10,371 ) (10,371 ) Net income (loss) attributable to controlling interest 41,272 3,294 (1,650 ) 6,914 49,830 Other comprehensive loss (6 ) (6 ) Total comprehensive income (loss) $ 41,272 $ 3,294 $ (1,656 ) $ 6,914 $ 49,824 Company’s equity in earnings of unconsolidated entities (3) $ 10,440 $ 2,497 $ 2,777 $ 1,366 $ 17,080 For the nine months ended July 31, 2014 Land Home Building Rental Property Structured Total Revenues $ 129,792 $ 39,585 $ 24,961 $ 6,990 $ 201,328 Cost of revenues 68,820 36,264 10,802 10,607 126,493 Other expenses 580 3,727 25,777 1,239 31,323 Total expenses 69,400 39,991 36,579 11,846 157,816 Gain on disposition of loans and REO 14,534 14,534 Income (loss) from operations 60,392 (406 ) (11,618 ) 9,678 58,046 Other income 60 91 44,735 2,286 47,172 Net income (loss) 60,452 (315 ) 33,117 11,964 105,218 Less: income attributable to noncontrolling interest (7,178 ) (7,178 ) Net income (loss) attributable to controlling interest 60,452 (315 ) 33,117 4,786 98,040 Other comprehensive income 647 647 Total comprehensive income (loss) $ 60,452 $ (315 ) $ 33,764 $ 4,786 $ 98,687 Company’s equity in earnings of unconsolidated entities (3) $ 456 $ 266 $ 36,678 $ 792 $ 38,192 For the three months ended July 31, 2015 Land Home Building Rental Property Structured Total Revenues $ 49,579 $ 24,595 $ 8,587 $ 1,817 $ 84,578 Cost of revenues 22,721 21,936 4,225 4,496 53,378 Other expenses 757 1,992 5,654 359 8,762 Total expenses 23,478 23,928 9,879 4,855 62,140 Gain on disposition of loans and REO 1,507 1,507 Income (loss) from operations 26,101 667 (1,292 ) (1,531 ) 23,945 Other income 51 261 239 355 906 Net income (loss) 26,152 928 (1,053 ) (1,176 ) 24,851 Less: income attributable to noncontrolling interest 706 706 Net income (loss) attributable to controlling interest 26,152 928 (1,053 ) (470 ) 25,557 Other comprehensive loss 40 40 Total comprehensive income (loss) $ 26,152 $ 928 $ (1,013 ) $ (470 ) $ 25,597 Company’s equity in earnings of unconsolidated entities (3) $ 5,059 $ 1,039 $ (38 ) $ (108 ) $ 5,952 For the three months ended July 31, 2014 Land Home Building Rental Property Structured Total Revenues $ 17,842 $ 16,357 $ 7,955 $ 3,201 $ 45,355 Cost of revenues 6,650 14,438 3,411 4,125 28,624 Other expenses 115 1,680 4,219 365 6,379 Total expenses 6,765 16,118 7,630 4,490 35,003 Gain on disposition of loans and REO 8,076 8,076 Income (loss) from operations 11,077 239 325 6,787 18,428 Other income 54 (110 ) 1,535 753 2,232 Net income (loss) 11,131 129 1,860 7,540 20,660 Less: income attributable to noncontrolling interest (4,524 ) (4,524 ) Net income (loss) attributable to controlling interest 11,131 129 1,860 3,016 16,136 Other comprehensive loss (82 ) (82 ) Total comprehensive income (loss) $ 11,131 $ 129 $ 1,778 $ 3,016 $ 16,054 Company’s equity in earnings of unconsolidated entities (3) $ 353 $ (60 ) $ 55 $ 602 $ 950 (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 Foreclosed Rea27
Investments in Foreclosed Real Estate and Distressed Loans (Tables) | 9 Months Ended |
Jul. 31, 2015 | |
Investments in Non-Performing Loan Portfolios and Foreclosed Real Estate [Abstract] | |
Schedule of Investment in Foreclosed Real Estate and Distressed Loans [Table Text Block] | Investments in REO and distressed loans consisted of the following, as of the dates indicated (amounts in thousands): July 31, October 31, Investment in REO $ 57,524 $ 69,799 Investment in distressed loans 1,935 4,001 $ 59,459 $ 73,800 |
Schedule of Changes in Real Estate Owned [Table Text Block] | Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Balance, beginning of period $ 69,799 $ 72,972 $ 63,680 $ 76,652 Additions 2,304 21,203 400 13,167 Sales (14,139 ) (13,558 ) (6,471 ) (9,366 ) Impairments (183 ) (1,046 ) (1,044 ) Depreciation (257 ) (252 ) (85 ) (90 ) Balance, end of period $ 57,524 $ 79,319 $ 57,524 $ 79,319 |
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): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Gains from acquisition of REO through foreclosure $ 230 $ 4,503 $ — $ 2,980 |
Loans Payable, Senior Notes a28
Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable (Tables) | 9 Months Ended |
Jul. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Text Block] | At July 31, 2015 and October 31, 2014 , loans payable consisted of the following (amounts in thousands): July 31, October 31, Senior unsecured term loan $ 500,000 $ 500,000 Credit facility borrowings 220,000 Loans payable – other 146,876 154,261 $ 866,876 $ 654,261 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Jul. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accrued expenses | Accrued expenses at July 31, 2015 and October 31, 2014 consisted of the following (amounts in thousands): July 31, October 31, Land, land development, and construction $ 108,971 $ 124,816 Compensation and employee benefits 118,379 118,607 Self-insurance 118,572 100,407 Warranty 79,005 86,282 Interest 35,017 33,993 Commitments to unconsolidated entities 5,241 3,293 Other 114,083 114,079 $ 579,268 $ 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): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Balance, beginning of period $ 86,282 $ 43,819 $ 83,057 $ 52,579 Additions – homes closed during the period 13,200 12,272 4,947 4,970 Addition – Shapell liabilities acquired 11,044 1,800 Increase in accruals for homes closed in prior years 1,763 2,003 454 581 Charges incurred (22,240 ) (14,911 ) (9,453 ) (5,703 ) Balance, end of period $ 79,005 $ 54,227 $ 79,005 $ 54,227 |
Stock-Based Benefit Plans (Tabl
Stock-Based Benefit Plans (Tables) | 9 Months Ended |
Jul. 31, 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): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Total stock-based compensation expense recognized $ 17,694 $ 16,985 $ 5,142 $ 4,691 Income tax benefit recognized $ 6,694 $ 6,388 $ 1,958 $ 1,769 |
Accumulated Other Comprensive L
Accumulated Other Comprensive Loss (Tables) | 9 Months Ended |
Jul. 31, 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): Nine months ended July 31, 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 (3 ) (754 ) Gross amounts reclassified from accumulated other comprehensive income 655 655 Income tax benefit (expense) 37 (1 ) 1 37 Other comprehensive (loss) income, net of tax (62 ) 2 (2 ) (62 ) Balance, end of period $ (2,851 ) $ — $ (49 ) $ (2,900 ) Nine months ended July 31, 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 (247 ) (15 ) 324 62 Gross amounts reclassified from accumulated other comprehensive income (loss) 495 (6 ) 489 Income tax (expense) benefit (95 ) 7 (126 ) (214 ) Other comprehensive income (loss), net of tax 153 (14 ) 198 337 Balance, end of period $ (1,959 ) $ (19 ) $ (72 ) $ (2,050 ) Three months ended July 31, 2015 Employee retirement plans Available-for-sale securities Derivative instruments Total Balance, beginning of period $ (2,990 ) $ — $ (61 ) $ (3,051 ) Other comprehensive income before reclassifications 19 19 Gross amounts reclassified from accumulated other comprehensive income 223 223 Income tax expense (84 ) (7 ) (91 ) Other comprehensive income, net of tax 139 — 12 151 Balance, end of period $ (2,851 ) $ — $ (49 ) $ (2,900 ) Three months ended July 31, 2014 Employee retirement plans Available-for-sale securities Derivative instruments Total Balance, beginning of period $ (1,956 ) $ (27 ) $ (47 ) $ (2,030 ) Other comprehensive (loss) income before reclassifications (170 ) 14 (41 ) (197 ) Gross amounts reclassified from accumulated other comprehensive income 167 167 Income tax benefit (expense) (6 ) 16 10 Other comprehensive (loss) income, net of tax (3 ) 8 (25 ) (20 ) Balance, end of period $ (1,959 ) $ (19 ) $ (72 ) $ (2,050 ) |
Stock Issuance and Stock Repu32
Stock Issuance and Stock Repurchase Program (Tables) | 9 Months Ended |
Jul. 31, 2015 | |
Stock Repurchase Program [Abstract] | |
Stock repurchase program | The table below provides, for the periods indicated, information about our share repurchase programs: Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Number of shares purchased (in thousands) 214 10 3 5 Average price per share $ 31.50 $ 35.03 $ 37.64 $ 35.42 Remaining authorization at July 31 (in thousands) 19,986 8,258 19,986 8,258 |
Income Per Share Information (T
Income Per Share Information (Tables) | 9 Months Ended |
Jul. 31, 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): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Numerator: Net income as reported $ 216,004 $ 208,508 $ 66,749 $ 97,707 Plus interest and costs attributable to 0.5% Exchangeable Senior Notes, net of income tax benefit 1,179 1,185 393 396 Numerator for diluted earnings per share $ 217,183 $ 209,693 $ 67,142 $ 98,103 Denominator: Basic weighted-average shares 176,443 177,591 176,797 178,217 Common stock equivalents (a) 2,391 2,495 2,478 2,426 Shares attributable to 0.5% Exchangeable Senior Notes 5,858 5,858 5,858 5,858 Diluted weighted-average shares 184,692 185,944 185,133 186,501 Other information: Weighted-average number of antidilutive options and restricted stock units (b) 1,918 1,560 1,572 1,830 Shares issued under stock incentive and employee stock purchase plans 1,320 1,362 55 138 (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) Weighted-average number of antidilutive options and restricted stock units are based upon the average closing price of our common stock on the NYSE for the period. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Jul. 31, 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 hierarchy July 31, October 31, 2014 Marketable Securities Level 2 $ 10,008 $ 12,026 Residential Mortgage Loans Held for Sale Level 2 $ 127,405 $ 101,944 Forward Loan Commitments — Residential Mortgage Loans Held for Sale Level 2 $ 516 $ (341 ) Interest Rate Lock Commitments (“IRLCs”) Level 2 $ (858 ) $ (108 ) Forward Loan Commitments — IRLCs Level 2 $ 858 $ 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 principal balance Fair value Excess At July 31, 2015 $ 126,642 $ 127,405 $ 763 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 Fiscal 2015: January 31 58 4 $ 24,968 $ 900 April 30 52 1 $ 16,235 11,100 July 31 40 3 $ 13,527 6,000 $ 18,000 Fiscal 2014: January 31 67 1 $ 7,131 $ 1,300 April 30 65 2 $ 6,211 1,600 July 31 63 1 $ 14,122 4,800 October 31 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): July 31, 2015 October 31, 2014 Fair value Book value Estimated fair value Book value Estimated fair value Loans payable (a) Level 2 $ 866,876 $ 866,256 $ 654,261 $ 652,944 Senior notes (b) Level 1 2,357,376 2,552,929 2,657,376 2,821,559 Mortgage company loan facility (c) Level 2 100,000 100,000 90,281 90,281 $ 3,324,252 $ 3,519,185 $ 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 operating communities: Three months ended: Selling price per unit (in thousands) Sales pace per year (in units) Discount rate Fiscal 2015: January 31 $289 - $680 1 - 7 13.5% - 16.0% April 30 $527 - $600 13 - 25 17.0% July 31 $788 - $1,298 4 - 8 15.5% -16.2% Fiscal 2014: January 31 $388 - $405 21 - 23 16.6% April 30 $634 - $760 4 - 7 12.0% - 15.3% July 31 $698 - $1,233 10 - 22 15.9% October 31 $337 - $902 7 - 23 12.5% - 16.5% |
Other Income - Net (Tables)
Other Income - Net (Tables) | 9 Months Ended |
Jul. 31, 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): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Interest income $ 1,754 $ 2,111 $ 568 $ 222 Income from ancillary businesses 18,392 6,153 4,667 2,203 Gibraltar 4,907 10,219 888 4,505 Management fee income from unconsolidated entities 9,441 4,294 3,051 1,840 Retained customer deposits 3,735 2,597 1,423 1,287 Income from land sales 10,302 21,042 2,952 9,855 Directly expensed interest (656 ) Other 1,474 2,613 521 819 Total other income – net $ 50,005 $ 48,373 $ 14,070 $ 20,731 |
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): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Revenue $ 88,244 $ 70,736 $ 32,017 $ 26,988 Expense $ 69,852 $ 64,583 $ 27,350 $ 24,785 |
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): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Revenue $ 139,027 $ 174,576 $ 12,281 $ 76,424 Deferred gain on land sale to joint venture (9,260 ) Expense (119,465 ) (153,534 ) (9,329 ) (66,569 ) Income from land sales $ 10,302 $ 21,042 $ 2,952 $ 9,855 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Jul. 31, 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): July 31, 2015 October 31, 2014 Aggregate purchase commitments: Unrelated parties $ 1,091,833 $ 1,043,654 Unconsolidated entities that the Company has investments in 171,624 184,260 Total $ 1,263,457 $ 1,227,914 Deposits against aggregate purchase commitments $ 76,204 $ 103,422 Additional cash required to acquire land 1,187,253 1,124,492 Total $ 1,263,457 $ 1,227,914 Amount of additional cash required to acquire land in accrued expenses $ 1,282 $ 764 |
Company mortgage commitments | Information regarding our mortgage commitments, as of the dates indicated, is provided in the table below (amounts in thousands): July 31, October 31, 2014 Aggregate mortgage loan commitments: IRLCs $ 389,441 $ 191,604 Non-IRLCs 826,100 709,401 Total $ 1,215,541 $ 901,005 Investor commitments to purchase: IRLCs $ 389,441 $ 191,604 Mortgage loans receivable 120,328 93,261 Total $ 509,769 $ 284,865 |
Information on Operating Segm37
Information on Operating Segments (Tables) | 9 Months Ended |
Jul. 31, 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): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Revenues: Traditional Home Building: North $ 463,159 $ 428,415 $ 180,705 $ 163,530 Mid-Atlantic 579,195 552,362 228,304 202,791 South 611,288 576,589 233,504 239,902 West 895,397 889,476 324,988 381,640 Traditional Home Building 2,549,039 2,446,842 967,501 987,863 City Living 185,007 114,070 60,510 68,994 Total $ 2,734,046 $ 2,560,912 $ 1,028,011 $ 1,056,857 Income (loss) before income taxes: Traditional Home Building: North $ 27,918 $ 34,892 $ 14,487 $ 17,740 Mid-Atlantic 50,251 72,427 9,432 26,518 South 100,960 77,642 38,360 36,690 West 145,495 153,371 53,866 73,859 Traditional Home Building 324,624 338,332 116,145 154,807 City Living 80,314 35,351 22,309 26,387 Corporate and other (86,919 ) (57,639 ) (30,990 ) (29,869 ) Total $ 318,019 $ 316,044 $ 107,464 $ 151,325 “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): July 31, October 31, Traditional Home Building: North $ 1,082,469 $ 1,053,787 Mid-Atlantic 1,278,025 1,267,563 South 1,243,930 1,165,600 West 2,911,580 2,676,164 Traditional Home Building 6,516,004 6,163,114 City Living 898,451 834,949 Corporate and other 1,216,440 1,418,839 Total $ 8,630,895 $ 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 $ 12,097 $ 176,753 $ 865,117 $ 1,053,967 Mid-Atlantic 32,616 251,726 953,884 1,238,226 South 4,223 286,806 776,280 1,067,309 West 26,136 1,140,623 1,649,494 2,816,253 Traditional Home Building 75,072 1,855,908 4,244,775 6,175,755 City Living 1,299 488,797 325,027 815,123 $ 76,371 $ 2,344,705 $ 4,569,802 $ 6,990,878 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 inventory impairments, by segment [Table Text Block] | The amounts we have provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable for each our of geographic segments, for the periods indicated, are shown in the table below (amounts in thousands): Nine months ended July 31, Three months ended July 31, 2015 2014 2015 2014 Traditional Home Building: North $ 14,347 $ 3,198 $ 2,805 $ 51 Mid-Atlantic 15,793 5,865 15,158 5,539 South 720 704 6 365 West 419 131 37 Total $ 31,279 $ 9,898 $ 17,969 $ 5,992 |
Schedule of investments in unconsolidated entities, be segment [Table Text Block] | Investments in unconsolidated entities for each of our reportable and geographic segments, as of the dates indicated, are shown in the table below (amounts in thousands): July 31, October 31, Traditional Home Building: Mid-Atlantic $ 12,167 $ 11,841 South 99,888 98,362 West 53,140 59,573 Traditional Home Building 165,195 169,776 City Living 49,488 159,953 Corporate and other 120,242 117,349 Total $ 334,925 $ 447,078 |
Supplemental Disclosure to Co38
Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows (Tables) | 9 Months Ended |
Jul. 31, 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): Nine months ended July 31, 2015 2014 Cash flow information: Interest paid, net of amount capitalized $ 10,897 Interest capitalized, net of amount paid $ 183 Income tax payments $ 162,390 $ 37,622 Income tax refunds $ 16,916 Noncash activity: Cost of inventory acquired through seller financing or municipal bonds, net $ 51,980 $ 88,646 Reduction in inventory for our share of joint venture earnings in land purchased from unconsolidated entities and allocation of basis difference $ 4,309 $ 3,987 Defined benefit plan amendment $ 754 $ 247 Increase in accrued expenses related to Stock Price-Based Restricted Stock Units paid $ 5,035 Transfer of inventory to investment in unconsolidated entities $ 700 Transfer of investment in unconsolidated entity to inventory $ 132,256 $ 2,704 Transfer of other assets to investment in unconsolidated entities $ 4,852 Unrealized (loss) gain on derivatives held by equity investees $ (2 ) $ 324 Increase in investments in unconsolidated entities for change in the fair value of debt guarantees $ 1,575 $ 658 Miscellaneous increases (decreases) to investments in unconsolidated entities $ 119 $ (1,787 ) Acquisition of a Business: Fair value of assets purchased, excluding cash acquired $ 1,524,964 Liabilities assumed $ 35,848 Cash paid, net of cash acquired $ 1,489,116 |
Supplemental Guarantor Inform39
Supplemental Guarantor Information (Tables) | 9 Months Ended |
Jul. 31, 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 July 31, 2015 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 July 31, 2015 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents — — 264,661 130,147 — 394,808 Marketable securities 10,008 10,008 Restricted cash 15,176 1,295 1,449 17,920 Inventory 6,514,285 476,593 6,990,878 Property, construction and office equipment, net 122,704 15,893 138,597 Receivables, prepaid expenses and other assets 96 14,165 172,371 124,971 (35,844 ) 275,759 Mortgage loans held for sale 127,405 127,405 Customer deposits held in escrow 46,748 1,548 48,296 Investments in unconsolidated entities 117,890 217,035 334,925 Investments in foreclosed real estate and distressed loans 59,459 59,459 Investments in and advances to consolidated entities 3,933,234 2,385,178 4,740 (6,323,152 ) — Deferred tax assets, net of valuation allowances 232,840 232,840 4,181,346 2,399,343 7,244,694 1,164,508 (6,358,996 ) 8,630,895 LIABILITIES AND EQUITY Liabilities Loans payable 866,876 866,876 Senior notes 2,333,761 22,307 2,356,068 Mortgage company loan facility 100,000 100,000 Customer deposits 287,588 12,023 299,611 Accounts payable 242,439 331 242,770 Accrued expenses 33,316 366,699 217,141 (37,888 ) 579,268 Advances from consolidated entities 1,654,104 786,914 (2,441,018 ) — Income taxes payable 60,316 60,316 Total liabilities 60,316 2,367,077 3,417,706 1,116,409 (2,456,599 ) 4,504,909 Equity Stockholders’ equity Common stock 1,779 48 3,006 (3,054 ) 1,779 Additional paid-in capital 728,501 49,400 1,734 (51,134 ) 728,501 Retained earnings (deficits) 3,448,039 (17,134 ) 3,826,989 38,354 (3,848,209 ) 3,448,039 Treasury stock, at cost (54,438 ) (54,438 ) Accumulated other comprehensive loss (2,851 ) (49 ) (2,900 ) Total stockholders’ equity 4,121,030 32,266 3,826,988 43,094 (3,902,397 ) 4,120,981 Noncontrolling interest 5,005 5,005 Total equity 4,121,030 32,266 3,826,988 48,099 (3,902,397 ) 4,125,986 4,181,346 2,399,343 7,244,694 1,164,508 (6,358,996 ) 8,630,895 Condensed Consolidating Balance Sheet at October 31, 2014 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated 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 unconsolidated entities 132,096 314,982 447,078 Investments in foreclosed real estate and distressed loans 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 nine months ended July 31, 2015 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Revenues 2,764,788 53,963 (84,705 ) 2,734,046 Cost of revenues 2,158,932 6,933 (12,927 ) 2,152,938 Selling, general and administrative 66 2,689 349,861 43,827 (66,269 ) 330,174 66 2,689 2,508,793 50,760 (79,196 ) 2,483,112 Income (loss) from operations (66 ) (2,689 ) 255,995 3,203 (5,509 ) 250,934 Other: Income from unconsolidated entities 11,332 5,748 17,080 Other income – net 7,049 26,697 15,672 587 50,005 Intercompany interest income 105,134 (105,134 ) — Interest expense (109,469 ) (587 ) 110,056 — Income from subsidiaries 311,036 17,012 (328,048 ) — Income (loss) before income taxes 318,019 (7,024 ) 311,036 24,036 (328,048 ) 318,019 Income tax provision (benefit) 102,015 (2,657 ) 117,665 9,092 (124,100 ) 102,015 Net income (loss) 216,004 (4,367 ) 193,371 14,944 (203,948 ) 216,004 Other comprehensive loss (62 ) (62 ) Total comprehensive income (loss) 215,942 (4,367 ) 193,371 14,944 (203,948 ) 215,942 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the nine months ended July 31, 2014 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Revenues 2,587,940 53,075 (80,103 ) 2,560,912 Cost of revenues 2,029,097 6,809 (16,644 ) 2,019,262 Selling, general and administrative 98 2,762 330,591 40,898 (62,178 ) 312,171 98 2,762 2,359,688 47,707 (78,822 ) 2,331,433 Income (loss) from operations (98 ) (2,762 ) 228,252 5,368 (1,281 ) 229,479 Other: Income (loss) from unconsolidated entities 38,271 (79 ) 38,192 Other income – net 7,033 31,632 13,427 (3,719 ) 48,373 Intercompany interest income 111,984 (111,984 ) — Interest expense (116,246 ) (738 ) 116,984 — Income from subsidiaries 309,109 10,954 (320,063 ) — Income (loss) before income taxes 316,044 (7,024 ) 309,109 17,978 (320,063 ) 316,044 Income tax provision (benefit) 107,536 (2,631 ) 115,792 6,734 (119,895 ) 107,536 Net income (loss) 208,508 (4,393 ) 193,317 11,244 (200,168 ) 208,508 Other comprehensive income 153 170 14 337 Total comprehensive income (loss) 208,661 (4,393 ) 193,487 11,258 (200,168 ) 208,845 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended July 31, 2015 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Revenues 1,040,738 20,811 (33,538 ) 1,028,011 Cost of revenues 826,205 3,838 (5,649 ) 824,394 Selling, general and administrative 29 867 123,667 16,737 (25,125 ) 116,175 29 867 949,872 20,575 (30,774 ) 940,569 Income (loss) from operations (29 ) (867 ) 90,866 236 (2,764 ) 87,442 Other: Income from unconsolidated entities 3,898 2,054 5,952 Other income – net 2,379 8,664 2,084 943 14,070 Intercompany interest income 32,741 (32,741 ) — Interest expense (34,241 ) (321 ) 34,562 — Income from subsidiaries 105,114 1,686 (106,800 ) — Income (loss) before income taxes 107,464 (2,367 ) 105,114 4,053 (106,800 ) 107,464 Income tax provision (benefit) 40,715 (895 ) 39,765 1,533 (40,403 ) 40,715 Net income (loss) 66,749 (1,472 ) 65,349 2,520 (66,397 ) 66,749 Other comprehensive loss 139 12 151 Total comprehensive income (loss) 66,888 (1,472 ) 65,361 2,520 (66,397 ) 66,900 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended July 31, 2014 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Revenues 1,067,863 19,808 (30,814 ) 1,056,857 Cost of revenues 822,804 2,750 (8,322 ) 817,232 Selling, general and administrative 29 897 116,944 14,462 (22,351 ) 109,981 29 897 939,748 17,212 (30,673 ) 927,213 Income (loss) from operations (29 ) (897 ) 128,115 2,596 (141 ) 129,644 Other: Income from unconsolidated entities 693 257 950 Other income – net 2,373 13,817 6,219 (1,678 ) 20,731 Intercompany interest income 35,877 (35,877 ) — Interest expense (37,347 ) (349 ) 37,696 — Income from subsidiaries 148,981 6,356 (155,337 ) — Income (loss) before income taxes 151,325 (2,367 ) 148,981 8,723 (155,337 ) 151,325 Income tax provision (benefit) 53,618 (880 ) 55,568 3,253 (57,941 ) 53,618 Net income (loss) 97,707 (1,487 ) 93,413 5,470 (97,396 ) 97,707 Other comprehensive income (loss) (3 ) (19 ) 2 (20 ) Total comprehensive income (loss) 97,704 (1,487 ) 93,394 5,472 (97,396 ) 97,687 Condensed Consolidating Statement of Cash Flows for the nine months ended July 31, 2015 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Net cash (used in) provided by operating activities (7,795 ) 7,730 (17,570 ) (85,025 ) (8,591 ) (111,251 ) Cash flow (used in) provided by investing activities: Purchase of property and equipment - net (5,954 ) (1,291 ) (7,245 ) Sale and redemption of marketable securities 2,000 2,000 Investment in and advances to unconsolidated entities (3,172 ) (36,109 ) (39,281 ) Return of investments in unconsolidated entities 20,261 14,542 34,803 Investment in foreclosed real estate and distressed loans (2,096 ) (2,096 ) Return of investments in foreclose real estate and distressed loans 23,372 23,372 Net increase in cash from purchase of joint venture interest 3,848 3,848 Intercompany advances (25,308 ) 292,270 (266,962 ) — Net cash (used in) provided by investing activities (25,308 ) 292,270 16,983 (1,582 ) (266,962 ) 15,401 Cash flow (used in) provided by financing activities: Proceeds from loans payable 250,000 966,094 1,216,094 Principal payments of loans payable (86,166 ) (957,376 ) (1,043,542 ) Redemption of senior notes (300,000 ) (300,000 ) Proceeds from stock-based benefit plans 35,246 35,246 Excess tax benefits from stock-based compensation 4,603 4,603 Purchase of treasury stock (6,746 ) (6,746 ) (Payments) receipts related to noncontrolling interest, net (1,312 ) (1,312 ) Intercompany advances (354,300 ) 78,747 275,553 — Net cash (used in) provided by financing activities 33,103 (300,000 ) (190,466 ) 86,153 275,553 (95,657 ) Net (decrease) increase in cash and cash equivalents — — (191,053 ) (454 ) — (191,507 ) Cash and cash equivalents, beginning of period — — 455,714 130,601 — 586,315 Cash and cash equivalents, end of period — — 264,661 130,147 — 394,808 Condensed Consolidating Statement of Cash Flows for the nine months ended July 31, 2014 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Net cash (used in) provided by operating activities 101,864 18,079 (4,242 ) (64,371 ) (12,714 ) 38,616 Cash flow (used in) provided by investing activities: Purchase of property and equipment — net (9,145 ) (355 ) (9,500 ) Sale and redemption of marketable securities 40,243 40,243 Investment in and advances to unconsolidated entities (15,604 ) (77,435 ) (93,039 ) Return of investments in unconsolidated entities 40,413 10,264 50,677 Investment in foreclosed real estate and distressed loans (1,127 ) (1,127 ) Return of investments in foreclose real estate and distressed loans 40,675 40,675 Acquisition of a business, net of cash acquired (1,489,116 ) (1,489,116 ) Dividend received – intercompany 15,000 (15,000 ) — Intercompany advances (348,664 ) (345,419 ) 694,083 — Net cash used in investing activities (348,664 ) (345,419 ) (1,418,209 ) (27,978 ) 679,083 (1,461,187 ) 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 1,141,300 729,580 1,870,880 Debt issuance costs for loans payable (3,005 ) (3,005 ) Principal payments of loans payable (701,098 ) (716,750 ) (1,417,848 ) Redemption of senior notes (267,960 ) (267,960 ) Net proceeds from issuance of common stock 220,365 220,365 Proceeds from stock-based benefit plans 26,555 26,555 Excess tax benefits from stock-based compensation 221 221 Purchase of treasury stock (341 ) (341 ) Receipts related to noncontrolling interest 81 81 Dividend paid – intercompany (15,000 ) 15,000 — Intercompany advances 569,662 111,707 (681,369 ) — Net cash provided by financing activities 246,800 327,340 1,006,859 109,618 (666,369 ) 1,024,248 Net (decrease) increase in cash and cash equivalents — — (415,592 ) 17,269 — (398,323 ) Cash and cash equivalents, beginning of period — — 670,102 102,870 — 772,972 Cash and cash equivalents, end of period — — 254,510 120,139 — 374,649 |
Acquisition (Detail Textuals)
Acquisition (Detail Textuals) $ in Thousands | Feb. 04, 2014USD ($)home_sites | Jul. 31, 2015USD ($)luxury_homes | Jul. 31, 2014USD ($)home_sites | Jul. 31, 2015USD ($)luxury_homes | Jul. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,489,116 | ||||
Number of Homes to be Delivered | luxury_homes | 4,447 | 4,447 | |||
Sales Value of Outstanding Deliver Homes | $ 3,690,000 | $ 3,690,000 | |||
Shapell [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Effective Date of Acquisition | Feb. 4, 2014 | ||||
Business Acquisition, Name of Acquired Entity | Shapell Industries, Inc. | ||||
Business Acquisition, Date of Acquisition Agreement | Nov. 6, 2013 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,490,000 | ||||
Number of home sites included in acquisition | home_sites | 4,950 | ||||
Number of Homes to be Delivered | home_sites | 126 | ||||
Sales Value of Outstanding Deliver Homes | $ 105,300 | ||||
Business Combination, Acquisition Related Costs | $ 0 | $ 100 | $ 0 | $ 6,000 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Oct. 31, 2014 |
Total Inventory | ||
Inventory | $ 6,990,878 | $ 6,490,321 |
Land controlled for future communities [Member] | ||
Total Inventory | ||
Inventory | 76,371 | 122,533 |
Land Owned for Future Communities [Member] | ||
Total Inventory | ||
Inventory | 2,344,705 | 2,355,874 |
Operating communities [Member] | ||
Total Inventory | ||
Inventory | $ 4,569,802 | $ 4,011,914 |
Inventory (Details 1)
Inventory (Details 1) $ in Thousands | Jul. 31, 2015USD ($)communities | Oct. 31, 2014USD ($)communities |
Land Owned for Future Communities [Member] | ||
Temporarily Closed communities | ||
Number of Communities (in ones) | 18 | 16 |
Carrying Value | $ | $ 142,936 | $ 122,015 |
Operating communities [Member] | ||
Temporarily Closed communities | ||
Number of Communities (in ones) | 8 | 9 |
Carrying Value | $ | $ 38,443 | $ 42,092 |
Inventory (Details 2)
Inventory (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Schedule of inventory [Line Items] | ||||
Inventory Write-down | $ 17,969 | $ 5,992 | $ 31,279 | $ 9,898 |
Land controlled for future communities [Member] | ||||
Schedule of inventory [Line Items] | ||||
Inventory Write-down | 69 | $ 1,192 | 679 | $ 2,198 |
Land Owned for Future Communities [Member] | ||||
Schedule of inventory [Line Items] | ||||
Inventory Write-down | 11,900 | 12,600 | ||
Operating communities [Member] | ||||
Schedule of inventory [Line Items] | ||||
Inventory Write-down | $ 6,000 | $ 4,800 | $ 18,000 | $ 7,700 |
Inventory (Details 3)
Inventory (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Inventory Disclosure [Abstract] | ||||
Interest capitalized, beginning of period | $ 372,894 | $ 367,135 | $ 356,180 | $ 343,077 |
Interest incurred | 37,438 | 40,638 | 117,896 | 123,267 |
Interest expensed to cost of revenues | (36,989) | (37,181) | (94,942) | (91,766) |
Write-off against other income | (1,057) | (836) | (2,795) | (1,876) |
Interest capitalized on investments in unconsolidated entities | (1,324) | (2,341) | (6,149) | (7,098) |
Previously capitalized interest on investments in unconsolidated entities transferred to inventory | 15,143 | 0 | 15,915 | 1,811 |
Interest capitalized, end of period | $ 386,105 | $ 367,415 | $ 386,105 | $ 367,415 |
Inventory (Details Textual)
Inventory (Details Textual) $ in Thousands | Jul. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Jul. 31, 2014USD ($) |
Inventory (Textual) [Abstract] | |||
Real Estate Inventory Capitalized Interest Costs Impairment | $ 33,536 | $ 35,800 | |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | |||
Variable Interest Entity [Line Items] | |||
Number of VIE Land Purchase Contracts (in ones) | 58 | 63 | |
Aggregate purchase price of VIE lands | $ 812,000 | $ 578,200 | |
Deposits for purchase of lands with VIE entities | $ 43,000 | $ 30,700 |
Inventory Inventory (Details Te
Inventory Inventory (Details Textual 2) - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Inventory Transfered In [Line Items] | ||
Non cash transfer of investment in unconsolidated investments to inventory | $ 132,256 | $ 2,704 |
Home Building Joint Venture Metro New York [Member] | ||
Inventory Transfered In [Line Items] | ||
Non cash transfer of investment in unconsolidated investments to inventory | $ 132,256 |
Investments in Unconsolidated47
Investments in Unconsolidated Entities (Details 1) $ in Thousands | Jul. 31, 2015USD ($)joint_ventures | Oct. 31, 2014USD ($) |
Schedule of Equity Method Investments [Line Items] | ||
Number of Joint Ventures | 21 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ | $ 334,925 | $ 447,078 |
Number of joint venture with funding commitments | 10 | |
Other Commitment | $ | $ 71,292 | |
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 | $ | $ 140,526 | 140,221 |
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 | 3 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ | $ 74,156 | 189,509 |
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 | $ | $ 106,425 | 97,353 |
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 | $ | $ 13,818 | $ 19,995 |
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 | $ | $ 31,335 | |
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 | $ | 25,768 | |
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 | $ | 14,189 | |
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 Unconsolidated48
Investments in Unconsolidated Entities (Details 2) $ in Thousands | Jul. 31, 2015USD ($)joint_ventures | Oct. 31, 2014USD ($) |
Schedule of Equity Method Investments [Line Items] | ||
Number of joint ventures with loan commitments | joint_ventures | 13 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,130,759 | |
Amounts borrowed under commitments | $ 661,653 | |
Land Development Joint Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of joint ventures with loan commitments | joint_ventures | 3 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 175,000 | |
Amounts borrowed under commitments | $ 99,038 | |
Home Building Joint Ventures, Total [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of joint ventures with loan commitments | joint_ventures | 2 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 222,000 | |
Amounts borrowed under commitments | $ 93,584 | |
Rental Property Joint Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of joint ventures with loan commitments | joint_ventures | 8 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 733,759 | |
Amounts borrowed under commitments | $ 469,031 |
Investments in Unconsolidated49
Investments in Unconsolidated Entities (Details Textual) | 3 Months Ended | 9 Months Ended | 20 Months Ended | ||||||
Jul. 31, 2015USD ($)joint_venturesfloorsbank | Apr. 30, 2015USD ($) | Jan. 31, 2015USD ($)home_sites | Jul. 31, 2014USD ($)home_sites | Jan. 31, 2014USD ($) | Jul. 31, 2015USD ($)joint_venturesfloorsbank | Jul. 31, 2014USD ($) | Apr. 17, 2015USD ($) | Oct. 31, 2014USD ($) | |
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||
Other Commitment | $ 71,292,000 | $ 71,292,000 | |||||||
Land Sales | 12,281,000 | $ 76,424,000 | 139,027,000 | $ 174,576,000 | |||||
Retail Land Sales, Installment Method, Gross Profit, Deferred | |||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 334,925,000 | 334,925,000 | $ 447,078,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,130,759,000 | 1,130,759,000 | |||||||
Amounts borrowed under commitments | $ 661,653,000 | 661,653,000 | |||||||
Non cash transfer of investment in unconsolidated investments to inventory | $ 132,256,000 | $ 2,704,000 | |||||||
Number of Joint Ventures | joint_ventures | 21 | 21 | |||||||
Number of joint ventures with loan commitments | joint_ventures | 13 | 13 | |||||||
Income (loss) from unconsolidated entities | $ 5,952,000 | $ 950,000 | $ 17,080,000 | 38,192,000 | |||||
Proceeds from Equity Method Investment, Dividends or Distributions | 8,459,000 | 41,580,000 | |||||||
Land sales earnings, net | 2,952,000 | 9,855,000 | 10,302,000 | 21,042,000 | |||||
Management Fees Revenue | 3,051,000 | 1,840,000 | 9,441,000 | 4,294,000 | |||||
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 | 60,400,000 | 60,400,000 | |||||||
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 | $ 33,200,000 | $ 33,200,000 | |||||||
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 | floors | 18 | 18 | |||||||
Rental Property Joint Venture Metro New York [Member] | |||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||
Amounts borrowed under commitments | $ 16,300,000 | $ 16,300,000 | |||||||
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 | joint_ventures | 1 | 1 | |||||||
Line of Credit Facility, Number of Banks included | bank | 2 | 2 | |||||||
Toll Brothers Realty Trust [Member] | |||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||
Partners' Capital Account, Distributions | $ 4,100,000 | $ 2,000,000 | 36,000,000 | ||||||
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 | $ 140,526,000 | $ 140,526,000 | $ 140,221,000 | ||||||
Number of Joint Ventures | joint_ventures | 7 | 7 | |||||||
Income (loss) from unconsolidated entities | $ 5,059,000 | $ 353,000 | $ 10,440,000 | 456,000 | |||||
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 | 31,335,000 | 31,335,000 | |||||||
Land Development Joint Venture Five [Member] | |||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||
Number Of Lots Acquired From Joint Venture | home_sites | 48 | 515 | |||||||
Other Commitment | 17,000,000 | 17,000,000 | |||||||
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 | $ 74,156,000 | $ 74,156,000 | $ 189,509,000 | ||||||
Number of Joint Ventures | joint_ventures | 3 | 3 | |||||||
Income (loss) from unconsolidated entities | $ 1,039,000 | $ (60,000) | $ 2,497,000 | 266,000 | |||||
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 | $ 25,768,000 | 25,768,000 | |||||||
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 | $ 32,800,000 | $ 32,800,000 | |||||||
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 | $ 17,500,000 | $ 17,500,000 | |||||||
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% | |||||||
Non cash transfer of investment in unconsolidated investments to inventory | $ 132,256,000 | ||||||||
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 | $ 6,400,000 | $ 6,400,000 | |||||||
Number of Joint Ventures | joint_ventures | 2 | 2 | |||||||
Retail Land Sales, Maturity of Accounts Receivable, Next Twelve Months | $ 1,400,000 | $ 1,400,000 | |||||||
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 | $ 4,000,000 | $ 4,000,000 | |||||||
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 | $ 21,100,000 | $ 21,100,000 | |||||||
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 | $ 9,700,000 | $ 9,700,000 | |||||||
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 | $ 900,000 | $ 900,000 | |||||||
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 | |||||||
Income (loss) from unconsolidated entities | $ 1,500,000 | 12,000,000 | |||||||
Management Fees Revenue | 500,000 | $ 600,000 | 1,700,000 | $ 2,300,000 | |||||
Indirect Guarantee of Indebtedness [Member] | Equity Method Investee [Member] | |||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||
Amounts borrowed under commitments | $ 453,100,000 | $ 453,100,000 |
Investments in Unconsolidated50
Investments in Unconsolidated Entities (Details Textual 2) $ in Thousands | 9 Months Ended | |
Jul. 31, 2015USD ($)joint_ventures | Oct. 31, 2014USD ($)joint_ventures | |
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Amounts borrowed under commitments | $ 661,653 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 334,925 | $ 447,078 |
Other Commitment | 71,292 | |
Equity Method Investee [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Guarantees, Fair Value Disclosure | $ 4,500 | |
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 | joint_ventures | 1 | 3 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 6,300 | $ 46,400 |
Indirect Guarantee of Indebtedness [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 922,200 | |
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 | |
Amounts borrowed under commitments | 453,100 | |
Maxiumum guarantor obigation for borrowings by JVs | $ 453,100 | |
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 | P4M | |
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 | P57M | |
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 | $ 10,500 | |
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 | |
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 | $ 43,400 |
Investments in Unconsolidated51
Investments in Unconsolidated Entities (Details 3) - USD ($) $ in Thousands | Jul. 31, 2015 | Oct. 31, 2014 |
Condensed Balance Sheets: | ||
Cash and cash equivalents | $ 94,258 | $ 110,291 |
Inventory | 532,803 | 723,236 |
Non-performing loan portfolio | 32,294 | 57,641 |
Rental properties | 269,632 | 140,238 |
Rental properties under development | 353,019 | 327,315 |
Real estate owned ("REO") | 132,857 | 184,753 |
Other assets | 213,772 | 197,649 |
Total assets | 1,628,635 | 1,741,123 |
Debt | 747,333 | 521,833 |
Other liabilities | 123,495 | 123,784 |
Member's equity | 645,038 | 936,089 |
Non-controlling interest | 112,769 | 159,417 |
Total liabilities and equity | 1,628,635 | 1,741,123 |
Investments in and advances to unconsolidated entities | 334,925 | 447,078 |
Restricted cash | 17,920 | 18,342 |
Land Development Joint Venture [Member] | ||
Condensed Balance Sheets: | ||
Cash and cash equivalents | 29,414 | 31,968 |
Inventory | $ 233,488 | $ 258,092 |
Non-performing loan portfolio | ||
Rental properties | ||
Rental properties under development | ||
Real estate owned ("REO") | ||
Other assets | $ 65,142 | $ 30,166 |
Total assets | 328,044 | 320,226 |
Debt | 100,139 | 102,042 |
Other liabilities | 29,548 | 23,854 |
Member's equity | $ 198,357 | $ 194,330 |
Non-controlling interest | ||
Total liabilities and equity | $ 328,044 | $ 320,226 |
Investments in and advances to unconsolidated entities | 140,526 | 140,221 |
Home Building Joint Ventures, Total [Member] | ||
Condensed Balance Sheets: | ||
Cash and cash equivalents | 13,752 | 21,821 |
Inventory | $ 299,315 | $ 465,144 |
Non-performing loan portfolio | ||
Rental properties | ||
Rental properties under development | ||
Real estate owned ("REO") | ||
Other assets | $ 55,099 | $ 75,164 |
Total assets | 368,166 | 562,129 |
Debt | 100,213 | 8,713 |
Other liabilities | 62,361 | 56,665 |
Member's equity | $ 205,592 | $ 496,751 |
Non-controlling interest | ||
Total liabilities and equity | $ 368,166 | $ 562,129 |
Investments in and advances to unconsolidated entities | 74,156 | 189,509 |
Rental Joint Ventures, including Trusts i and II [Member] | ||
Condensed Balance Sheets: | ||
Cash and cash equivalents | $ 30,924 | $ 33,040 |
Inventory | ||
Non-performing loan portfolio | ||
Rental properties | $ 269,632 | $ 140,238 |
Rental properties under development | $ 353,019 | $ 327,315 |
Real estate owned ("REO") | ||
Other assets | $ 12,930 | $ 14,333 |
Total assets | 666,505 | 514,926 |
Debt | 469,031 | 333,128 |
Other liabilities | 31,586 | 43,088 |
Member's equity | $ 165,888 | $ 138,710 |
Non-controlling interest | ||
Total liabilities and equity | $ 666,505 | $ 514,926 |
Investments in and advances to unconsolidated entities | 106,425 | 97,353 |
Structured Asset Joint Venture [Member] | ||
Condensed Balance Sheets: | ||
Cash and cash equivalents | $ 20,168 | $ 23,462 |
Inventory | ||
Non-performing loan portfolio | $ 32,294 | $ 57,641 |
Rental properties | ||
Rental properties under development | ||
Real estate owned ("REO") | $ 132,857 | $ 184,753 |
Other assets | 80,601 | 77,986 |
Total assets | 265,920 | 343,842 |
Debt | $ 77,950 | 77,950 |
Other liabilities | 177 | |
Member's equity | $ 75,201 | 106,298 |
Non-controlling interest | 112,769 | 159,417 |
Total liabilities and equity | 265,920 | 343,842 |
Investments in and advances to unconsolidated entities | 13,818 | 19,995 |
Restricted cash | $ 78,000 | $ 78,000 |
Investments in Unconsolidated52
Investments in Unconsolidated Entities (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Condensed Statements of Operations: | ||||
Revenues | $ 84,578 | $ 45,355 | $ 170,884 | $ 201,328 |
Cost of revenues | 53,378 | 28,624 | 116,928 | 126,493 |
Other expenses | 8,762 | 6,379 | 25,598 | 31,323 |
Total expenses | 62,140 | 35,003 | 142,526 | 157,816 |
Gain on disposition of loans and REO | 1,507 | 8,076 | 25,094 | 14,534 |
Income (loss) from operations | 23,945 | 18,428 | 53,452 | 58,046 |
Other income | 906 | 2,232 | 6,749 | 47,172 |
Net income (loss) | 24,851 | 20,660 | 60,201 | 105,218 |
Less: income attributable to noncontrolling interest | 706 | (4,524) | (10,371) | (7,178) |
Net income (loss) attributable to controlling interest | 25,557 | 16,136 | 49,830 | 98,040 |
Other comprehensive income (loss) | 40 | (82) | (6) | 647 |
Total comprehensive income | 25,597 | 16,054 | 49,824 | 98,687 |
Income (loss) from unconsolidated entities | 5,952 | 950 | 17,080 | 38,192 |
Land Development Joint Venture [Member] | ||||
Condensed Statements of Operations: | ||||
Revenues | 49,579 | 17,842 | 81,338 | 129,792 |
Cost of revenues | 22,721 | 6,650 | 38,838 | 68,820 |
Other expenses | 757 | 115 | 1,290 | 580 |
Total expenses | $ 23,478 | $ 6,765 | $ 40,128 | $ 69,400 |
Gain on disposition of loans and REO | ||||
Income (loss) from operations | $ 26,101 | $ 11,077 | $ 41,210 | $ 60,392 |
Other income | 51 | 54 | 62 | 60 |
Net income (loss) | $ 26,152 | $ 11,131 | $ 41,272 | $ 60,452 |
Less: income attributable to noncontrolling interest | ||||
Net income (loss) attributable to controlling interest | $ 26,152 | $ 11,131 | $ 41,272 | $ 60,452 |
Other comprehensive income (loss) | ||||
Total comprehensive income | $ 26,152 | $ 11,131 | $ 41,272 | $ 60,452 |
Income (loss) from unconsolidated entities | 5,059 | 353 | 10,440 | 456 |
Home Building Joint Ventures, Total [Member] | ||||
Condensed Statements of Operations: | ||||
Revenues | 24,595 | 16,357 | 60,854 | 39,585 |
Cost of revenues | 21,936 | 14,438 | 53,294 | 36,264 |
Other expenses | 1,992 | 1,680 | 4,868 | 3,727 |
Total expenses | $ 23,928 | $ 16,118 | $ 58,162 | $ 39,991 |
Gain on disposition of loans and REO | ||||
Income (loss) from operations | $ 667 | $ 239 | $ 2,692 | $ (406) |
Other income | 261 | (110) | 602 | 91 |
Net income (loss) | $ 928 | $ 129 | $ 3,294 | $ (315) |
Less: income attributable to noncontrolling interest | ||||
Net income (loss) attributable to controlling interest | $ 928 | $ 129 | $ 3,294 | $ (315) |
Other comprehensive income (loss) | ||||
Total comprehensive income | $ 928 | $ 129 | $ 3,294 | $ (315) |
Income (loss) from unconsolidated entities | 1,039 | (60) | 2,497 | 266 |
Rental Joint Ventures, including Trusts i and II [Member] | ||||
Condensed Statements of Operations: | ||||
Revenues | 8,587 | 7,955 | 23,915 | 24,961 |
Cost of revenues | 4,225 | 3,411 | 11,452 | 10,802 |
Other expenses | 5,654 | 4,219 | 18,489 | 25,777 |
Total expenses | $ 9,879 | $ 7,630 | $ 29,941 | $ 36,579 |
Gain on disposition of loans and REO | ||||
Income (loss) from operations | $ (1,292) | $ 325 | $ (6,026) | $ (11,618) |
Other income | 239 | 1,535 | 4,376 | 44,735 |
Net income (loss) | $ (1,053) | $ 1,860 | $ (1,650) | $ 33,117 |
Less: income attributable to noncontrolling interest | ||||
Net income (loss) attributable to controlling interest | $ (1,053) | $ 1,860 | $ (1,650) | $ 33,117 |
Other comprehensive income (loss) | 40 | (82) | (6) | 647 |
Total comprehensive income | (1,013) | 1,778 | (1,656) | 33,764 |
Income (loss) from unconsolidated entities | (38) | 55 | 2,777 | 36,678 |
Structured Asset Joint Venture [Member] | ||||
Condensed Statements of Operations: | ||||
Revenues | 1,817 | 3,201 | 4,777 | 6,990 |
Cost of revenues | 4,496 | 4,125 | 13,344 | 10,607 |
Other expenses | 359 | 365 | 951 | 1,239 |
Total expenses | 4,855 | 4,490 | 14,295 | 11,846 |
Gain on disposition of loans and REO | 1,507 | 8,076 | 25,094 | 14,534 |
Income (loss) from operations | (1,531) | 6,787 | 15,576 | 9,678 |
Other income | 355 | 753 | 1,709 | 2,286 |
Net income (loss) | (1,176) | 7,540 | 17,285 | 11,964 |
Less: income attributable to noncontrolling interest | 706 | (4,524) | (10,371) | (7,178) |
Net income (loss) attributable to controlling interest | $ (470) | $ 3,016 | $ 6,914 | $ 4,786 |
Other comprehensive income (loss) | ||||
Total comprehensive income | $ (470) | $ 3,016 | $ 6,914 | $ 4,786 |
Income (loss) from unconsolidated entities | $ (108) | $ 602 | $ 1,366 | $ 792 |
Investments in Foreclosed Rea53
Investments in Foreclosed Real Estate and Distressed Loans (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Apr. 30, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Oct. 31, 2013 |
Investments in Distress Loans and Foreclosed Real Estate [Abstract] | ||||||
Real Estate Acquired Through Foreclosure | $ 57,524 | $ 63,680 | $ 69,799 | $ 79,319 | $ 76,652 | $ 72,972 |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 1,935 | 4,001 | ||||
Investments in foreclosed real estate and distressed loans | $ 59,459 | $ 73,800 |
Investments in Foreclosed Rea54
Investments in Foreclosed Real Estate (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Schedule of changes in real estate owned [Roll Forward] | ||||
Real Estate Acquired Through Foreclosure | $ 63,680 | $ 76,652 | $ 69,799 | $ 72,972 |
Real Estate Owned Additions | 400 | 13,167 | 2,304 | 21,203 |
Real Estate Owned, Sales | $ (6,471) | (9,366) | (14,139) | (13,558) |
Real Estate Owned, Impairments | (1,044) | (183) | (1,046) | |
Real Estate Held And Used Depreciation | $ (85) | (90) | (257) | (252) |
Real Estate Acquired Through Foreclosure | $ 57,524 | $ 79,319 | $ 57,524 | $ 79,319 |
Investments in Foreclosed Rea55
Investments in Foreclosed Real Estate and Distressed Loans (Details Textual) - USD ($) $ in Thousands | Jul. 31, 2015 | Apr. 30, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Oct. 31, 2013 |
Investments in Non-Performing Loan Portfolios and Foreclosed Real Estate (Textual) [Abstract] | ||||||
Real Estate Acquired Through Foreclosure | $ 57,524 | $ 63,680 | $ 69,799 | $ 79,319 | $ 76,652 | $ 72,972 |
Assets Held-for-sale [Member] | ||||||
Investments in Non-Performing Loan Portfolios and Foreclosed Real Estate (Textual) [Abstract] | ||||||
Real Estate Acquired Through Foreclosure | 7,300 | 2,200 | ||||
real estate held and used [Member] | ||||||
Investments in Non-Performing Loan Portfolios and Foreclosed Real Estate (Textual) [Abstract] | ||||||
Real Estate Acquired Through Foreclosure | $ 50,200 | $ 77,100 |
Investments in Foreclosed Rea56
Investments in Foreclosed Real Estate and Distressed Loans Investments in Foreclosed Real Estate and Distressed Loans (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Real Estate Properties [Line Items] | ||||
Gains (losses) upon acquisition of REO | $ 0 | $ 2,980 | $ 230 | $ 4,503 |
Loans Payable, Senior Notes a57
Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Oct. 31, 2014 |
Short-term Debt [Line Items] | ||
Long-term Line of Credit | $ 661,653 | |
Unsecured Long-term Debt, Noncurrent | 500,000 | $ 500,000 |
Other Loans Payable | 146,876 | 154,261 |
Loans payable | 866,876 | $ 654,261 |
Revolving Credit Facility [Member] | ||
Short-term Debt [Line Items] | ||
Long-term Line of Credit | $ 220,000 |
Loans Payable, Senior Notes a58
Loans Payable, Senior Notes and Mortgage Company Loan Facility Term Loan Facility (Details Textual 1) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Jul. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Jul. 31, 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 a59
Loans Payable, Senior Notes and Mortgage Company Loan Facility Credit Facility (Details Textual 3) - USD ($) | 9 Months Ended | ||
Jul. 31, 2015 | Oct. 31, 2014 | Aug. 01, 2013 | |
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,130,759,000 | ||
Long-term Line of Credit | $ 661,653,000 | ||
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 | Aug. 1, 2018 | ||
Maximum Permissible Leverage Ratio | 175.00% | ||
Minimum Net Worth Required for Compliance | $ 2,610,000,000 | ||
Existing Leverage Ratio | .70 | ||
Tangible Net Worth | $ 4,080,000,000 | ||
Ability to repurchase common stock | 1,930,000,000 | ||
Long-term Line of Credit | 220,000,000 | ||
Letters of Credit Outstanding, Amount | $ 103,800,000 | ||
Debt Instrument, Interest Rate at Period End | 1.69% | ||
Guarantor Subsidiaries [Member] | |||
Line of Credit Facility [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||
Subsequent Event [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Long-term Line of Credit | $ 130,000,000 |
Loans Payable, Senior Notes a60
Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable - Other (Details Textual 2) | Jul. 31, 2015 |
Loans Payable [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 3.95% |
Loans Payable, Senior Notes a61
Loans Payable, Senior Notes and Mortgage Company Loan Facility Senior Notes Payable (Details Textual 4) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Jul. 31, 2015USD ($)debtissuances | Jul. 31, 2015USD ($)debtissuances | Jul. 31, 2014USD ($) | Oct. 31, 2014USD ($) | Nov. 13, 2013 | Nov. 12, 2013 | Jun. 02, 2005 | Mar. 16, 2004 | |
Senior Note Payable (Textual) [Abstract] | ||||||||
Number of issuances of senior debt | debtissuances | 7 | 7 | ||||||
Issued Senior Notes | $ 2,356,068 | $ 2,356,068 | $ 2,655,044 | |||||
Redemption of senior notes | $ 300,000 | $ 267,960 | ||||||
Proceeds from Issuance of Senior Long-term Debt | 600,000 | |||||||
Senior Notes Issued for Cash [Member] | ||||||||
Senior Note Payable (Textual) [Abstract] | ||||||||
Debt Instrument, Face Amount | 2,360,000 | $ 2,360,000 | ||||||
Four Point Nine Fine Percent Senior Notes Due two thousand and fourteen [Member] | ||||||||
Senior Note Payable (Textual) [Abstract] | ||||||||
Redemption of senior notes | 268,000 | |||||||
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 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||||||
Proceeds from Debt, Net of Issuance Costs | 596,000 | |||||||
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 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |||||||
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] | ||||||||
Redemption of senior notes | $ 300,000 |
Loans Payable, Senior Notes a62
Loans Payable, Senior Notes and Mortgage Company Loan Facility Mortgage Company Loan Facility (Details Textual 5) - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2015 | Oct. 31, 2014 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,130,759 | |
Mortgage company loan facility | 100,000 | $ 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 | 2.19% | |
Mortgage company loan facility | $ 100,000 | |
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 ($) $ in Thousands | Jul. 31, 2015 | Apr. 30, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Oct. 31, 2013 |
Accrued expenses | ||||||
Land, land development and construction | $ 108,971 | $ 124,816 | ||||
Compensation and employee benefits | 118,379 | 118,607 | ||||
Self-insurance | 118,572 | 100,407 | ||||
Warranty | 79,005 | $ 83,057 | 86,282 | $ 54,227 | $ 52,579 | $ 43,819 |
Interest | 35,017 | 33,993 | ||||
Commitments to unconsolidated entities | 5,241 | 3,293 | ||||
Other | 114,083 | 114,079 | ||||
Accrued expenses, Total | $ 579,268 | $ 581,477 |
Accrued Expenses Accrued Expens
Accrued Expenses Accrued Expenses (Detail Textuals) - Jul. 31, 2015 $ in Millions | USD ($) | USD ($)communities |
Stucco Related [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 54 | $ 54 |
Product Liability Contingency, Third Party Recovery, Percentage | 40.00% | |
Product Warranty Accrual, Preexisting, Increase (Decrease) | $ 25 | |
Construction Claims, Three Community Associations, West Region [Member] | ||
Loss Contingencies [Line Items] | ||
Number Of Communities Filing Claim | communities | 3 | |
Loss Contingency, Loss in Period | $ 5.8 |
Accrued Expenses (Details 1)
Accrued Expenses (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Changes in the warranty accrual | ||||
Balance, beginning of year | $ 83,057 | $ 52,579 | $ 86,282 | $ 43,819 |
Additions - homes closed during the year | $ 4,947 | 4,970 | $ 13,200 | 12,272 |
Standard Product Warranty Accrual, Additions from Business Acquisition | 1,800 | 11,044 | ||
Charges incurred | $ (9,453) | (5,703) | $ (22,240) | (14,911) |
Balance, end of year | 79,005 | 54,227 | 79,005 | 54,227 |
Warranty change, homes closed in prior period, other [Member] | ||||
Changes in the warranty accrual | ||||
Increase (decrease) to accruals for homes closed in prior periods | $ 454 | $ 581 | $ 1,763 | $ 2,003 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 31, 2015USD ($) | Jul. 31, 2014USD ($) | Jul. 31, 2015USD ($) | Jul. 31, 2014USD ($) | Oct. 31, 2014USD ($) | |
Income Taxes (Textual) [Abstract] | |||||
Income Tax Expense (Benefit) | $ 40,715 | $ 53,618 | $ 102,015 | $ 107,536 | |
Effective Income Tax Rate Reconciliation, Percent | 37.90% | 35.40% | 32.10% | 34.00% | |
Number of states | 19 | 19 | |||
Unrecognized Tax Benefits | $ 40,700 | $ 40,700 | |||
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 | ||||
Deferred Tax Assets, Valuation Allowance | $ 42,400 | $ 42,400 | $ 43,800 |
Stock-Based Benefit Plans (Deta
Stock-Based Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based expense recognized | $ 5,142 | $ 4,691 | $ 17,694 | $ 16,985 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 1,958 | $ 1,769 | $ 6,694 | $ 6,388 |
Stock-Based Benefit Plans (De68
Stock-Based Benefit Plans (Details Textual) - USD ($) $ in Millions | Jul. 31, 2015 | Oct. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 30.1 | $ 24 |
Accumulated Other Comprehensi69
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (3,051) | $ (2,030) | $ (2,838) | $ (2,387) |
Other comprehensive (loss) income before reclassifications | 19 | (197) | (754) | 62 |
Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax | 223 | 167 | 655 | 489 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (91) | 10 | 37 | (214) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 151 | (20) | (62) | 337 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2,900) | (2,050) | (2,900) | (2,050) |
Employee retirement plans [Member] | ||||
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (2,990) | (1,956) | (2,789) | (2,112) |
Other comprehensive (loss) income before reclassifications | (170) | (754) | (247) | |
Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax | $ 223 | $ 167 | 655 | 495 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (84) | 37 | (95) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 139 | $ (3) | (62) | 153 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2,851) | (1,959) | (2,851) | (1,959) |
Available-for-sale-securities [Member] | ||||
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 0 | (27) | (2) | (5) |
Other comprehensive (loss) income before reclassifications | $ 14 | $ 3 | (15) | |
Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax | (6) | |||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | $ (6) | $ (1) | 7 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 0 | 8 | 2 | (14) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | (19) | 0 | (19) |
Derivative instruments [Member] | ||||
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (61) | (47) | (47) | (270) |
Other comprehensive (loss) income before reclassifications | $ 19 | $ (41) | $ (3) | $ 324 |
Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax | ||||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | $ (7) | $ 16 | $ 1 | $ (126) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 12 | (25) | (2) | 198 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (49) | $ (72) | $ (49) | $ (72) |
Stock Issuance and Stock Repu70
Stock Issuance and Stock Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Nov. 30, 2013 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | Dec. 16, 2014 | Nov. 07, 2013 | Mar. 31, 2003 | |
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 | $ 220,365 | |||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 20,000 | 20,000 | ||||||
Share Repurchase Program | ||||||||
Number of shares purchased | 3 | 5 | 214 | 10 | ||||
Average price per share | $ 37.64 | $ 35.42 | $ 31.50 | $ 35.03 | ||||
Remaining authorization at July 31: | 19,986 | 8,258 | 19,986 | 8,258 |
Income Per Share Information (D
Income Per Share Information (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | Sep. 05, 2012 | |
Earnings Per Share [Abstract] | |||||
Net Income Attributable to Parent | $ 66,749 | $ 97,707 | $ 216,004 | $ 208,508 | |
Interest on Convertible Debt, Net of Tax | 393 | 396 | 1,179 | 1,185 | |
Net Income Available to Common Stockholders, Diluted | $ 67,142 | $ 98,103 | $ 217,183 | $ 209,693 | |
Basic weighted-average shares | 176,797 | 178,217 | 176,443 | 177,591 | |
Common stock equivalents | 2,478 | 2,426 | 2,391 | 2,495 | |
Incremental Common Shares Attributable to Conversion of Debt Securities | 5,858 | 5,858 | 5,858 | 5,858 | |
Diluted weighted-average shares | 185,133 | 186,501 | 184,692 | 185,944 | |
Debt Instrument [Line Items] | |||||
Shares Issued under Stock Incentive and Employee Stock Purchase Plans | 55 | 138 | 1,320 | 1,362 | |
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 | 1,572 | 1,830 | 1,918 | 1,560 |
Fair Value Disclosures (Level 4
Fair Value Disclosures (Level 4 FV of Fin Instr) (Details) - Fair Value, Measurements, Recurring [Member] - Level 2 [Member] - USD ($) $ in Thousands | Jul. 31, 2015 | Jul. 31, 2014 |
Forward Contracts [Member] | Residential Mortgage [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Derivative (Liability)/Asset | $ 516 | $ (341) |
Corporate Debt Securities [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Fair value of securities | 10,008 | 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 | 127,405 | 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) | 858 | 108 |
Interest Rate Lock Commitments [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Derivative (Liability)/Asset | $ (858) | $ (108) |
Fair Value Disclosures (Level73
Fair Value Disclosures (Level 4 marketable securities) (Details 1) | 9 Months Ended |
Jul. 31, 2015 | |
Fair Value Disclosures (Textual) [Abstract] | |
Marketable Securities Maturities Term Min | 4 months |
Fair Value Disclosures (Level74
Fair Value Disclosures (Level 4 loan UPB vs FV) (Details 2) - USD ($) $ in Thousands | Jul. 31, 2015 | Oct. 31, 2014 |
Aggregate unpaid principal and fair value of mortgage loans held for sale | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 127,405 | $ 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 | 126,642 | 100,463 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 127,405 | 101,944 |
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | $ 763 | $ 1,481 |
Fair Value Disclosures Fair Val
Fair Value Disclosures Fair Value Disclosures (Level 4 Inv Impair inputs) (Details 3) - Operating communities [Member] $ in Thousands | 3 Months Ended | ||||||
Jul. 31, 2015USD ($)Homes_sold | Apr. 30, 2015USD ($)Homes_sold | Jan. 31, 2015USD ($)Homes_sold | Oct. 31, 2014USD ($) | Jul. 31, 2014USD ($) | Apr. 30, 2014USD ($) | Jan. 31, 2014USD ($) | |
Minimum [Member] | |||||||
Fair value inputs, assets, quantitative information [Line Items] | |||||||
Average selling price | $ 788 | $ 527 | $ 289 | $ 337 | $ 698 | $ 634 | $ 388 |
Sales Pace (in ones) | 4 | 13 | 1 | 7 | 10 | 4 | 21 |
Fair Value Inputs, Discount Rate | 15.50% | 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 | $ 1,298 | $ 600 | $ 680 | $ 902 | $ 1,233 | $ 760 | $ 405 |
Sales Pace (in ones) | 8 | 25 | 7 | 23 | 22 | 7 | 23 |
Fair Value Inputs, Discount Rate | 16.20% | 17.00% | 16.00% | 16.50% | 15.90% | 15.30% | 16.60% |
Fair Value Disclosures (Level76
Fair Value Disclosures (Level 4 inventory fv) (Details 4) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Jul. 31, 2015USD ($) | Apr. 30, 2015USD ($) | Jan. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Jul. 31, 2014USD ($) | Apr. 30, 2014USD ($) | Jan. 31, 2014USD ($) | Jul. 31, 2015USD ($) | Jul. 31, 2014USD ($) | Oct. 31, 2014USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Inventory Write-down | $ 17,969 | $ 5,992 | $ 31,279 | $ 9,898 | ||||||
Operating communities [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Inventory Write-down | 18,000 | $ 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) | 40 | 52 | 58 | 55 | 63 | 65 | 67 | |||
Number of Communities Impaired (in ones) | 3 | 1 | 4 | 7 | 1 | 2 | 1 | |||
Fair Value Of Communities Net Of Impairment Charges | $ 13,527 | $ 16,235 | $ 24,968 | $ 38,473 | $ 14,122 | $ 6,211 | $ 7,131 | $ 13,527 | $ 14,122 | $ 38,473 |
Inventory Write-down | $ 6,000 | $ 11,100 | $ 900 | $ 9,855 | $ 4,800 | $ 1,600 | $ 1,300 |
Fair Value Disclosures (Level77
Fair Value Disclosures (Level 4 debt fv) (Details 5) - USD ($) $ in Thousands | Jul. 31, 2015 | Oct. 31, 2014 |
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 | $ 866,876 | $ 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 | 100,000 | 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 | 2,357,376 | 2,657,376 |
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 | 866,256 | 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 | 100,000 | 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 | 2,552,929 | 2,821,559 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 3,324,252 | 3,401,918 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 3,519,185 | $ 3,564,784 |
Other Income - Net (Details)
Other Income - Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Other Nonoperating Income By Component [Line Items] | ||||
Interest income | $ 568 | $ 222 | $ 1,754 | $ 2,111 |
Income from Ancillary Businesses | 4,667 | 2,203 | 18,392 | 6,153 |
Management fee income from unconsolidated entities | 3,051 | 1,840 | 9,441 | 4,294 |
Retained customer deposits | 1,423 | 1,287 | 3,735 | 2,597 |
Income from land sales | $ 2,952 | $ 9,855 | $ 10,302 | 21,042 |
Directly expensed interest | (656) | |||
Other | $ 521 | $ 819 | $ 1,474 | 2,613 |
Total other income - net | 14,070 | 20,731 | 50,005 | 48,373 |
Revenues and expenses of non-core ancillary businesses | ||||
Revenue | 32,017 | 26,988 | 88,244 | 70,736 |
Expense | 27,350 | 24,785 | 69,852 | 64,583 |
Revenues and expenses from land sales [Abstract] | ||||
Revenue | 12,281 | $ 76,424 | 139,027 | $ 174,576 |
Deferred gain on land sale to joint venture | ||||
Expense | (9,329) | $ (66,569) | (119,465) | $ (153,534) |
Income from land sales | 2,952 | 9,855 | 10,302 | 21,042 |
Gibraltar [Member] | ||||
Other Nonoperating Income By Component [Line Items] | ||||
Gibraltar | $ 888 | $ 4,505 | 4,907 | $ 10,219 |
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 Tex
Other Income - Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Income from Ancillary Businesses | $ 4,667 | $ 2,203 | $ 18,392 | $ 6,153 |
Land Sales | $ 12,281 | $ 76,424 | $ 139,027 | $ 174,576 |
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 Contingencies80
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Oct. 31, 2014 |
Company's land purchase commitments | ||
Purchase Obligation | $ 1,263,457 | $ 1,227,914 |
Land Purchase Commitment To Unrelated Party [Member] | ||
Company's land purchase commitments | ||
Purchase Obligation | 1,091,833 | 1,043,654 |
Land Purchase Commitment To JV [Member] | ||
Company's land purchase commitments | ||
Purchase Obligation | 171,624 | 184,260 |
Land Parcel Purchase Commitment [Member] | ||
Company's land purchase commitments | ||
Deposits against aggregate purchase commitments | 76,204 | 103,422 |
Additional cash required to acquire land | 1,187,253 | 1,124,492 |
Amount of Additional Cash Required to Acquire Land Included in Accrued Expenses | $ 1,282 | $ 764 |
Commitments and Contingencies81
Commitments and Contingencies (Details Textual) $ in Thousands | 9 Months Ended | |
Jul. 31, 2015USD ($)home_sitesjoint_ventures | Oct. 31, 2014USD ($) | |
Long-term Purchase Commitment [Line Items] | ||
Expected Lot Purchase | home_sites | 3,200 | |
Purchase Obligation | $ 1,263,457 | $ 1,227,914 |
Land Development Joint Venture [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Number of JV with Purchase Commitments | joint_ventures | 2 | |
Land Purchase Commitment To JV [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase Obligation | $ 171,624 | $ 184,260 |
Land for Apartment Development Purchase Commitment [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase Obligation | 58,200 | |
Deposits against Aggregate Purchase Commitments | 1,500 | |
Lease On Land For High-Rise Cooperative Owned Building [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Deposits against Aggregate Purchase Commitments | $ 4,700 | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 99 years | |
Long-term Purchase Commitment, Amount | $ 17,300 | |
Estimated lease payments | $ 4,700 | |
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 | home_sites | 451 |
Commitments and Contingencies82
Commitments and Contingencies (Details Textual 1) - Jul. 31, 2015 $ in Millions | USD ($)luxury_homes |
Backlog Information [Abstract] | |
Number of homes to be delivered (in ones) | luxury_homes | 4,447 |
Aggregate sales value of outstanding homes to be delivered | $ 3,690 |
Revolving Credit Facility [Member] | |
Loss Contingencies [Line Items] | |
Outstanding letter of credit | 103.8 |
Surety Bond Construction Improvements [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Range of Possible Loss, Maximum | 628.8 |
Amount of work remains on improvements in the Company's various communities | 351.1 |
Surety Bond Other Obligations [Member] | |
Loss Contingencies [Line Items] | |
Additional outstanding surety bonds | $ 114.1 |
Commitments and Contingencies83
Commitments and Contingencies (Details 1) - Loan Origination Commitments [Member] - USD ($) $ in Thousands | Jul. 31, 2015 | Oct. 31, 2014 |
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | $ 1,215,541 | $ 901,005 |
Investor commitments to purchase | 509,769 | 284,865 |
Interest Rate Lock Commitments [Member] | ||
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | 389,441 | 191,604 |
Investor commitments to purchase | 389,441 | 191,604 |
Non Interest Rate Lock Commitments [Member] [Member] | ||
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | 826,100 | 709,401 |
Mortgage Receivable [Member] | ||
Company's mortgage commitments | ||
Investor commitments to purchase | $ 120,328 | $ 93,261 |
Information on Operating Segm84
Information on Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | Oct. 31, 2014 | |
Revenues | |||||
Revenues | $ 1,028,011 | $ 1,056,857 | $ 2,734,046 | $ 2,560,912 | |
Income (loss) before income taxes | |||||
Income before income taxes | 107,464 | 151,325 | 318,019 | 316,044 | |
Total assets | |||||
Total assets | 8,630,895 | 8,630,895 | $ 8,416,902 | ||
North [Member] | |||||
Revenues | |||||
Revenues | 180,705 | 163,530 | 463,159 | 428,415 | |
Income (loss) before income taxes | |||||
Income before income taxes | 14,487 | 17,740 | 27,918 | 34,892 | |
Total assets | |||||
Total assets | 1,082,469 | 1,082,469 | 1,053,787 | ||
Mid-Atlantic [Member] | |||||
Revenues | |||||
Revenues | 228,304 | 202,791 | 579,195 | 552,362 | |
Income (loss) before income taxes | |||||
Income before income taxes | 9,432 | 26,518 | 50,251 | 72,427 | |
Total assets | |||||
Total assets | 1,278,025 | 1,278,025 | 1,267,563 | ||
South [Member] | |||||
Revenues | |||||
Revenues | 233,504 | 239,902 | 611,288 | 576,589 | |
Income (loss) before income taxes | |||||
Income before income taxes | 38,360 | 36,690 | 100,960 | 77,642 | |
Total assets | |||||
Total assets | 1,243,930 | 1,243,930 | 1,165,600 | ||
West [Member] | |||||
Revenues | |||||
Revenues | 324,988 | 381,640 | 895,397 | 889,476 | |
Income (loss) before income taxes | |||||
Income before income taxes | 53,866 | 73,859 | 145,495 | 153,371 | |
Total assets | |||||
Total assets | 2,911,580 | 2,911,580 | 2,676,164 | ||
Traditional Homebuilding [Member] | |||||
Revenues | |||||
Revenues | 967,501 | 987,863 | 2,549,039 | 2,446,842 | |
Income (loss) before income taxes | |||||
Income before income taxes | 116,145 | 154,807 | 324,624 | 338,332 | |
Total assets | |||||
Total assets | 6,516,004 | 6,516,004 | 6,163,114 | ||
City Living [Member] | |||||
Revenues | |||||
Revenues | 60,510 | 68,994 | 185,007 | 114,070 | |
Income (loss) before income taxes | |||||
Income before income taxes | 22,309 | 26,387 | 80,314 | 35,351 | |
Total assets | |||||
Total assets | 898,451 | 898,451 | 834,949 | ||
Corporate and other [Member] | |||||
Income (loss) before income taxes | |||||
Income before income taxes | (30,990) | $ (29,869) | (86,919) | $ (57,639) | |
Total assets | |||||
Total assets | $ 1,216,440 | $ 1,216,440 | $ 1,418,839 |
Information on Operating Segm85
Information on Operating Segments (Details 1) - USD ($) $ in Thousands | Jul. 31, 2015 | Oct. 31, 2014 |
Segment Reporting, Inventory [Line items] | ||
Inventory | $ 6,990,878 | $ 6,490,321 |
Land controlled for future communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 76,371 | 122,533 |
Land Owned for Future Communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 2,344,705 | 2,355,874 |
Operating communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 4,569,802 | 4,011,914 |
North [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 1,053,967 | 1,018,053 |
North [Member] | Land controlled for future communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 12,097 | 12,007 |
North [Member] | Land Owned for Future Communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 176,753 | 171,780 |
North [Member] | Operating communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 865,117 | 834,266 |
Mid-Atlantic [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 1,238,226 | 1,233,534 |
Mid-Atlantic [Member] | Land controlled for future communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 32,616 | 29,169 |
Mid-Atlantic [Member] | Land Owned for Future Communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 251,726 | 209,506 |
Mid-Atlantic [Member] | Operating communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 953,884 | 994,859 |
South [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 1,067,309 | 1,024,710 |
South [Member] | Land controlled for future communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 4,223 | 10,971 |
South [Member] | Land Owned for Future Communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 286,806 | 219,904 |
South [Member] | Operating communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 776,280 | 793,835 |
West [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 2,816,253 | 2,590,970 |
West [Member] | Land controlled for future communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 26,136 | 22,122 |
West [Member] | Land Owned for Future Communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 1,140,623 | 1,391,028 |
West [Member] | Operating communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 1,649,494 | 1,177,820 |
Traditional Homebuilding [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 6,175,755 | 5,867,267 |
Traditional Homebuilding [Member] | Land controlled for future communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 75,072 | 74,269 |
Traditional Homebuilding [Member] | Land Owned for Future Communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 1,855,908 | 1,992,218 |
Traditional Homebuilding [Member] | Operating communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 4,244,775 | 3,800,780 |
City Living [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 815,123 | 623,054 |
City Living [Member] | Land controlled for future communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 1,299 | 48,264 |
City Living [Member] | Land Owned for Future Communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | 488,797 | 363,656 |
City Living [Member] | Operating communities [Member] | ||
Segment Reporting, Inventory [Line items] | ||
Inventory | $ 325,027 | $ 211,134 |
Information on Operating Segm86
Information on Operating Segments Information on Operating Segments (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Schedule of inventory impairments, by segment [Line Items] | ||||
Inventory Write-down | $ 17,969 | $ 5,992 | $ 31,279 | $ 9,898 |
North [Member] | ||||
Schedule of inventory impairments, by segment [Line Items] | ||||
Inventory Write-down | 2,805 | 51 | 14,347 | 3,198 |
Mid-Atlantic [Member] | ||||
Schedule of inventory impairments, by segment [Line Items] | ||||
Inventory Write-down | 15,158 | 5,539 | 15,793 | 5,865 |
South [Member] | ||||
Schedule of inventory impairments, by segment [Line Items] | ||||
Inventory Write-down | $ 6 | 365 | 720 | 704 |
West [Member] | ||||
Schedule of inventory impairments, by segment [Line Items] | ||||
Inventory Write-down | $ 37 | $ 419 | $ 131 |
Information on Operating Segm87
Information on Operating Segments Information on Operating Segments (Details 3) - USD ($) $ in Thousands | Jul. 31, 2015 | Oct. 31, 2014 |
Segment Reporting, Investment in Unconsolidated Entities [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 334,925 | $ 447,078 |
Mid-Atlantic [Member] | ||
Segment Reporting, Investment in Unconsolidated Entities [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 12,167 | 11,841 |
South [Member] | ||
Segment Reporting, Investment in Unconsolidated Entities [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 99,888 | 98,362 |
West [Member] | ||
Segment Reporting, Investment in Unconsolidated Entities [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 53,140 | 59,573 |
Traditional Homebuilding [Member] | ||
Segment Reporting, Investment in Unconsolidated Entities [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 165,195 | 169,776 |
City Living [Member] | ||
Segment Reporting, Investment in Unconsolidated Entities [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 49,488 | 159,953 |
Corporate and other [Member] | ||
Segment Reporting, Investment in Unconsolidated Entities [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 120,242 | 117,349 |
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 |
Information on Operating Segm88
Information on Operating Segments (Details Textual) | 9 Months Ended |
Jul. 31, 2015 | |
Information on Operating Segments [Abstract] | |
Number of Operating Segments | 2 |
Number of Geographic Segments | 4 |
Supplemental Disclosure to Co89
Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Cash flow information: | ||
Interest Paid, Net | $ 10,897 | |
Interest Capitalized Net of Amounts Paid | $ 183 | |
Income tax payment | $ 162,390 | $ 37,622 |
Income tax refunds | 16,916 | |
Non-cash activity: | ||
Cost of inventory acquired through seller financing municipal bonds or recorded due to VIE criteria, net | 51,980 | $ 88,646 |
Reduction in inventory, share of equity earnings, land purchase from JV | 4,309 | 3,987 |
Defined Benefit Plan, Plan Amendments | $ 754 | 247 |
Non cash increase in accrued expenses related to RSU pay out | 5,035 | |
Contribution of Property | 700 | |
Non cash transfer of investment in unconsolidated investments to inventory | $ 132,256 | $ 2,704 |
Non Cash Transfer Of Other Assets To Investment In Unconsolidated Entities | 4,852 | |
Increase Decrease In Investment In Unconsolidated Subsidiary Due to Unrealized Gain Loss On Derivatives | (2) | $ 324 |
Change in fair value of debt guarantees | 1,575 | 658 |
Miscellaneous increases (decreases) to investments in unconsolidated entities | $ 119 | (1,787) |
Acquisition of Business [Abstract] | ||
Business Combination, Assets Acquired Net Of Cash Acquired | 1,524,964 | |
Fair Value of Liabilities Assumed Business Combination | 35,848 | |
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,489,116 |
Supplemental Guarantor Inform90
Supplemental Guarantor Information (Level 4 Senior Note table) (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Oct. 31, 2014 |
Supplemental Guarantor Information (Textual) [Abstract] | ||
Senior notes | $ 2,356,068 | $ 2,655,044 |
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 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 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 | 5.875% | |
Senior Notes Due 2023 [Member] | ||
Supplemental Guarantor Information (Textual) [Abstract] | ||
Issued Senior Notes | $ 400,000 | |
Senior notes | $ 400,000 | |
Interest rate on notes | 4.375% | |
Senior Notes Due 2024 [Member] | ||
Supplemental Guarantor Information (Textual) [Abstract] | ||
Issued Senior Notes | $ 250,000 | |
Senior notes | $ 250,000 | |
Interest rate on notes | 5.625% | |
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% |
Supplemental Guarantor Inform91
Supplemental Guarantor Information (Level 4 BS) (Details 1) - USD ($) $ in Thousands | Jul. 31, 2015 | Apr. 30, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Oct. 31, 2013 |
ASSETS | ||||||
Cash and cash equivalents | $ 394,808 | $ 586,315 | $ 374,649 | $ 772,972 | ||
Marketable securities | 10,008 | 12,026 | ||||
Restricted cash | 17,920 | 18,342 | ||||
Inventory | 6,990,878 | 6,490,321 | ||||
Property, construction and office equipment, net | 138,597 | 143,010 | ||||
Receivables, prepaid expenses and other assets | 275,759 | 251,572 | ||||
Mortgage loans held for sale | 127,405 | 101,944 | ||||
Customer deposits held in escrow | 48,296 | 42,073 | ||||
Investments in and advances to unconsolidated entities | 334,925 | 447,078 | ||||
Investments in foreclosed real estate and distressed loans | 59,459 | 73,800 | ||||
Investments in and advances to consolidated entities | 0 | 0 | ||||
Deferred tax assets, net of valuation allowances | 232,840 | 250,421 | ||||
Total assets | 8,630,895 | 8,416,902 | ||||
Liabilities: | ||||||
Loans payable | 866,876 | 654,261 | ||||
Senior notes | 2,356,068 | 2,655,044 | ||||
Mortgage company loan facility | 100,000 | 90,281 | ||||
Customer deposits | 299,611 | 223,799 | ||||
Accounts payable | 242,770 | 225,347 | ||||
Accrued expenses | 579,268 | 581,477 | ||||
Advances from Affiliiate | 0 | 0 | ||||
Income taxes payable | 60,316 | 125,996 | ||||
Total liabilities | 4,504,909 | 4,556,205 | ||||
Equity: | ||||||
Common stock | 1,779 | 1,779 | ||||
Additional paid-in capital | 728,501 | 712,162 | ||||
Retained earnings | 3,448,039 | 3,232,035 | ||||
Treasury stock, at cost | (54,438) | (88,762) | ||||
Accumulated other comprehensive loss | (2,900) | $ (3,051) | (2,838) | (2,050) | $ (2,030) | (2,387) |
Total stockholders' equity | 4,120,981 | 3,854,376 | ||||
Noncontrolling interest | 5,005 | 6,321 | ||||
Total equity | 4,125,986 | 3,860,697 | ||||
Total liabilities and stockholders' equity | 8,630,895 | 8,416,902 | ||||
Toll Brothers Inc. [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | $ 0 | $ 0 | 0 | 0 | ||
Marketable securities | ||||||
Restricted cash | $ 15,176 | $ 15,211 | ||||
Inventory | ||||||
Property, construction and office equipment, net | ||||||
Receivables, prepaid expenses and other assets | $ 96 | |||||
Mortgage loans held for sale | ||||||
Customer deposits held in escrow | ||||||
Investments in and advances to unconsolidated entities | ||||||
Investments in foreclosed real estate and distressed loans | ||||||
Investments in and advances to consolidated entities | $ 3,933,234 | $ 3,714,788 | ||||
Deferred tax assets, net of valuation allowances | 232,840 | 250,421 | ||||
Total assets | $ 4,181,346 | $ 3,980,420 | ||||
Liabilities: | ||||||
Loans payable | ||||||
Senior notes | ||||||
Mortgage company loan facility | ||||||
Customer deposits | ||||||
Accounts payable | ||||||
Accrued expenses | ||||||
Advances from Affiliiate | ||||||
Income taxes payable | $ 60,316 | $ 125,996 | ||||
Total liabilities | 60,316 | 125,996 | ||||
Equity: | ||||||
Common stock | 1,779 | 1,779 | ||||
Additional paid-in capital | 728,501 | 712,162 | ||||
Retained earnings | 3,448,039 | 3,232,035 | ||||
Treasury stock, at cost | (54,438) | (88,762) | ||||
Accumulated other comprehensive loss | (2,851) | (2,790) | ||||
Total stockholders' equity | $ 4,121,030 | $ 3,854,424 | ||||
Noncontrolling interest | ||||||
Total equity | $ 4,121,030 | $ 3,854,424 | ||||
Total liabilities and stockholders' equity | 4,181,346 | 3,980,420 | ||||
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 | $ 14,165 | $ 16,802 | ||||
Mortgage loans held for sale | ||||||
Customer deposits held in escrow | ||||||
Investments in and advances to unconsolidated entities | ||||||
Investments in foreclosed real estate and distressed loans | ||||||
Investments in and advances to consolidated entities | $ 2,385,178 | $ 2,677,448 | ||||
Deferred tax assets, net of valuation allowances | ||||||
Total assets | $ 2,399,343 | $ 2,694,250 | ||||
Liabilities: | ||||||
Loans payable | ||||||
Senior notes | $ 2,333,761 | $ 2,625,712 | ||||
Mortgage company loan facility | ||||||
Customer deposits | ||||||
Accounts payable | ||||||
Accrued expenses | $ 33,316 | $ 31,906 | ||||
Advances from Affiliiate | ||||||
Income taxes payable | ||||||
Total liabilities | $ 2,367,077 | $ 2,657,618 | ||||
Equity: | ||||||
Common stock | ||||||
Additional paid-in capital | $ 49,400 | $ 49,400 | ||||
Retained earnings | $ (17,134) | $ (12,768) | ||||
Treasury stock, at cost | ||||||
Accumulated other comprehensive loss | ||||||
Total stockholders' equity | $ 32,266 | $ 36,632 | ||||
Noncontrolling interest | ||||||
Total equity | $ 32,266 | $ 36,632 | ||||
Total liabilities and stockholders' equity | 2,399,343 | 2,694,250 | ||||
Guarantor Subsidiaries [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | $ 264,661 | 455,714 | 254,510 | 670,102 | ||
Marketable securities | 1,997 | |||||
Restricted cash | $ 1,295 | 2,070 | ||||
Inventory | 6,514,285 | 6,260,303 | ||||
Property, construction and office equipment, net | 122,704 | 126,586 | ||||
Receivables, prepaid expenses and other assets | $ 172,371 | $ 114,863 | ||||
Mortgage loans held for sale | ||||||
Customer deposits held in escrow | $ 46,748 | $ 39,912 | ||||
Investments in and advances to unconsolidated entities | $ 117,890 | $ 132,096 | ||||
Investments in foreclosed real estate and distressed loans | ||||||
Investments in and advances to consolidated entities | $ 4,740 | $ 4,740 | ||||
Deferred tax assets, net of valuation allowances | ||||||
Total assets | $ 7,244,694 | $ 7,138,281 | ||||
Liabilities: | ||||||
Loans payable | $ 866,876 | $ 653,269 | ||||
Senior notes | ||||||
Mortgage company loan facility | ||||||
Customer deposits | $ 287,588 | $ 221,084 | ||||
Accounts payable | 242,439 | 225,106 | ||||
Accrued expenses | 366,699 | 386,223 | ||||
Advances from Affiliiate | $ 1,654,104 | $ 2,018,981 | ||||
Income taxes payable | ||||||
Total liabilities | $ 3,417,706 | $ 3,504,663 | ||||
Equity: | ||||||
Common stock | $ 48 | $ 48 | ||||
Additional paid-in capital | ||||||
Retained earnings | $ 3,826,989 | $ 3,633,618 | ||||
Treasury stock, at cost | ||||||
Accumulated other comprehensive loss | $ (49) | $ (48) | ||||
Total stockholders' equity | $ 3,826,988 | $ 3,633,618 | ||||
Noncontrolling interest | ||||||
Total equity | $ 3,826,988 | $ 3,633,618 | ||||
Total liabilities and stockholders' equity | 7,244,694 | 7,138,281 | ||||
Nonguarantor Subsidiaries [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 130,147 | 130,601 | 120,139 | 102,870 | ||
Marketable securities | 10,008 | 10,029 | ||||
Restricted cash | 1,449 | 1,061 | ||||
Inventory | 476,593 | 230,018 | ||||
Property, construction and office equipment, net | 15,893 | 16,424 | ||||
Receivables, prepaid expenses and other assets | 124,971 | 137,496 | ||||
Mortgage loans held for sale | 127,405 | 101,944 | ||||
Customer deposits held in escrow | 1,548 | 2,161 | ||||
Investments in and advances to unconsolidated entities | 217,035 | 314,982 | ||||
Investments in foreclosed real estate and distressed loans | $ 59,459 | $ 73,800 | ||||
Investments in and advances to consolidated entities | ||||||
Deferred tax assets, net of valuation allowances | ||||||
Total assets | $ 1,164,508 | $ 1,018,516 | ||||
Liabilities: | ||||||
Loans payable | $ 992 | |||||
Senior notes | ||||||
Mortgage company loan facility | $ 100,000 | $ 90,281 | ||||
Customer deposits | 12,023 | 2,715 | ||||
Accounts payable | 331 | 241 | ||||
Accrued expenses | 217,141 | 181,649 | ||||
Advances from Affiliiate | $ 786,914 | $ 708,167 | ||||
Income taxes payable | ||||||
Total liabilities | $ 1,116,409 | $ 984,045 | ||||
Equity: | ||||||
Common stock | 3,006 | 3,006 | ||||
Additional paid-in capital | 1,734 | 1,734 | ||||
Retained earnings | $ 38,354 | $ 23,410 | ||||
Treasury stock, at cost | ||||||
Accumulated other comprehensive loss | ||||||
Total stockholders' equity | $ 43,094 | $ 28,150 | ||||
Noncontrolling interest | 5,005 | 6,321 | ||||
Total equity | 48,099 | 34,471 | ||||
Total liabilities and stockholders' equity | 1,164,508 | 1,018,516 | ||||
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 | $ (35,844) | $ (17,589) | ||||
Mortgage loans held for sale | ||||||
Customer deposits held in escrow | ||||||
Investments in and advances to unconsolidated entities | ||||||
Investments in foreclosed real estate and distressed loans | ||||||
Investments in and advances to consolidated entities | $ (6,323,152) | $ (6,396,976) | ||||
Deferred tax assets, net of valuation allowances | ||||||
Total assets | $ (6,358,996) | $ (6,414,565) | ||||
Liabilities: | ||||||
Loans payable | ||||||
Senior notes | $ 22,307 | $ 29,332 | ||||
Mortgage company loan facility | ||||||
Customer deposits | ||||||
Accounts payable | ||||||
Accrued expenses | $ (37,888) | $ (18,301) | ||||
Advances from Affiliiate | $ (2,441,018) | $ (2,727,148) | ||||
Income taxes payable | ||||||
Total liabilities | $ (2,456,599) | $ (2,716,117) | ||||
Equity: | ||||||
Common stock | (3,054) | (3,054) | ||||
Additional paid-in capital | (51,134) | (51,134) | ||||
Retained earnings | $ (3,848,209) | $ (3,644,260) | ||||
Treasury stock, at cost | ||||||
Accumulated other comprehensive loss | ||||||
Total stockholders' equity | $ (3,902,397) | $ (3,698,448) | ||||
Noncontrolling interest | ||||||
Total equity | $ (3,902,397) | $ (3,698,448) | ||||
Total liabilities and stockholders' equity | $ (6,358,996) | $ (6,414,565) |
Supplemental Guarantor Inform92
Supplemental Guarantor Information (Level 4 IS) (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | $ 1,028,011 | $ 1,056,857 | $ 2,734,046 | $ 2,560,912 |
Cost of revenues | 824,394 | 817,232 | 2,152,938 | 2,019,262 |
Selling, general and administrative | 116,175 | 109,981 | 330,174 | 312,171 |
Total | 940,569 | 927,213 | 2,483,112 | 2,331,433 |
Income (loss) from operations | 87,442 | 129,644 | 250,934 | 229,479 |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | 5,952 | 950 | 17,080 | 38,192 |
Other income - net | 14,070 | 20,731 | 50,005 | 48,373 |
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 | 107,464 | 151,325 | 318,019 | 316,044 |
Income tax provision (benefit) | 40,715 | 53,618 | 102,015 | 107,536 |
Net income (loss) | 66,749 | 97,707 | 216,004 | 208,508 |
Other Comprehensive Income (Loss), Net of Tax | 151 | (20) | (62) | 337 |
Comprehensive Income (loss), Net of Tax, Attributable to Parent | $ 66,900 | $ 97,687 | $ 215,942 | $ 208,845 |
Toll Brothers Inc. [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | ||||
Cost of revenues | ||||
Selling, general and administrative | $ 29 | $ 29 | $ 66 | $ 98 |
Total | 29 | 29 | 66 | 98 |
Income (loss) from operations | $ (29) | $ (29) | $ (66) | $ (98) |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | ||||
Other income - net | $ 2,379 | $ 2,373 | $ 7,049 | $ 7,033 |
Intercompany interest income | ||||
Interest Expense | ||||
Income from subsidiaries | $ 105,114 | $ 148,981 | $ 311,036 | $ 309,109 |
Income (loss) before income taxes | 107,464 | 151,325 | 318,019 | 316,044 |
Income tax provision (benefit) | 40,715 | 53,618 | 102,015 | 107,536 |
Net income (loss) | 66,749 | 97,707 | 216,004 | 208,508 |
Other Comprehensive Income (Loss), Net of Tax | 139 | (3) | (62) | 153 |
Comprehensive Income (loss), Net of Tax, Attributable to Parent | $ 66,888 | $ 97,704 | $ 215,942 | $ 208,661 |
Subsidiary Issuer [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | ||||
Cost of revenues | ||||
Selling, general and administrative | $ 867 | $ 897 | $ 2,689 | $ 2,762 |
Total | 867 | 897 | 2,689 | 2,762 |
Income (loss) from operations | $ (867) | $ (897) | $ (2,689) | $ (2,762) |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | ||||
Other income - net | ||||
Intercompany interest income | $ 32,741 | $ 35,877 | $ 105,134 | $ 111,984 |
Interest Expense | $ (34,241) | $ (37,347) | $ (109,469) | $ (116,246) |
Income from subsidiaries | ||||
Income (loss) before income taxes | $ (2,367) | $ (2,367) | $ (7,024) | $ (7,024) |
Income tax provision (benefit) | (895) | (880) | (2,657) | (2,631) |
Net income (loss) | $ (1,472) | $ (1,487) | $ (4,367) | $ (4,393) |
Other Comprehensive Income (Loss), Net of Tax | ||||
Comprehensive Income (loss), Net of Tax, Attributable to Parent | $ (1,472) | $ (1,487) | $ (4,367) | $ (4,393) |
Guarantor Subsidiaries [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | 1,040,738 | 1,067,863 | 2,764,788 | 2,587,940 |
Cost of revenues | 826,205 | 822,804 | 2,158,932 | 2,029,097 |
Selling, general and administrative | 123,667 | 116,944 | 349,861 | 330,591 |
Total | 949,872 | 939,748 | 2,508,793 | 2,359,688 |
Income (loss) from operations | 90,866 | 128,115 | 255,995 | 228,252 |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | 3,898 | 693 | 11,332 | 38,271 |
Other income - net | $ 8,664 | $ 13,817 | $ 26,697 | $ 31,632 |
Intercompany interest income | ||||
Interest Expense | ||||
Income from subsidiaries | $ 1,686 | $ 6,356 | $ 17,012 | $ 10,954 |
Income (loss) before income taxes | 105,114 | 148,981 | 311,036 | 309,109 |
Income tax provision (benefit) | 39,765 | 55,568 | 117,665 | 115,792 |
Net income (loss) | 65,349 | 93,413 | $ 193,371 | 193,317 |
Other Comprehensive Income (Loss), Net of Tax | 12 | (19) | 170 | |
Comprehensive Income (loss), Net of Tax, Attributable to Parent | 65,361 | 93,394 | $ 193,371 | 193,487 |
Nonguarantor Subsidiaries [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | 20,811 | 19,808 | 53,963 | 53,075 |
Cost of revenues | 3,838 | 2,750 | 6,933 | 6,809 |
Selling, general and administrative | 16,737 | 14,462 | 43,827 | 40,898 |
Total | 20,575 | 17,212 | 50,760 | 47,707 |
Income (loss) from operations | 236 | 2,596 | 3,203 | 5,368 |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | 2,054 | 257 | 5,748 | (79) |
Other income - net | $ 2,084 | $ 6,219 | $ 15,672 | $ 13,427 |
Intercompany interest income | ||||
Interest Expense | $ (321) | $ (349) | $ (587) | $ (738) |
Income from subsidiaries | ||||
Income (loss) before income taxes | $ 4,053 | $ 8,723 | $ 24,036 | $ 17,978 |
Income tax provision (benefit) | 1,533 | 3,253 | 9,092 | 6,734 |
Net income (loss) | $ 2,520 | 5,470 | $ 14,944 | 11,244 |
Other Comprehensive Income (Loss), Net of Tax | 2 | 14 | ||
Comprehensive Income (loss), Net of Tax, Attributable to Parent | $ 2,520 | 5,472 | $ 14,944 | 11,258 |
Eliminations [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | (33,538) | (30,814) | (84,705) | (80,103) |
Cost of revenues | (5,649) | (8,322) | (12,927) | (16,644) |
Selling, general and administrative | (25,125) | (22,351) | (66,269) | (62,178) |
Total | (30,774) | (30,673) | (79,196) | (78,822) |
Income (loss) from operations | $ (2,764) | $ (141) | $ (5,509) | $ (1,281) |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | ||||
Other income - net | $ 943 | $ (1,678) | $ 587 | $ (3,719) |
Intercompany interest income | (32,741) | (35,877) | (105,134) | (111,984) |
Interest Expense | 34,562 | 37,696 | 110,056 | 116,984 |
Income from subsidiaries | (106,800) | (155,337) | (328,048) | (320,063) |
Income (loss) before income taxes | (106,800) | (155,337) | (328,048) | (320,063) |
Income tax provision (benefit) | (40,403) | (57,941) | (124,100) | (119,895) |
Net income (loss) | $ (66,397) | $ (97,396) | $ (203,948) | $ (200,168) |
Other Comprehensive Income (Loss), Net of Tax | ||||
Comprehensive Income (loss), Net of Tax, Attributable to Parent | $ (66,397) | $ (97,396) | $ (203,948) | $ (200,168) |
Supplemental Guarantor Inform93
Supplemental Guarantor Information (Level 4 CF) (Details 3) - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Cash flow (used in) provided by operating activities: | ||
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | $ (111,251) | $ 38,616 |
Cash flow (used in) provided by investing activities: | ||
Purchase of property and equipment - net | (7,245) | (9,500) |
Sale and redemption of marketable securities | 2,000 | 40,243 |
Investment in and advances to unconsolidated entities | (39,281) | (93,039) |
Return of investments in unconsolidated entities | 34,803 | 50,677 |
Investment in distressed loans and foreclosed real estate | (2,096) | (1,127) |
Return of investments in distressed loans and foreclosed real estate | 23,372 | $ 40,675 |
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 | $ 15,401 | (1,461,187) |
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 | $ 1,216,094 | 1,870,880 |
Payments of Debt Issuance Costs Notes Payable | (3,005) | |
Principal payments of loans payable | $ (1,043,542) | (1,417,848) |
Redemption of senior notes | $ (300,000) | (267,960) |
Proceeds from Issuance of Common Stock | 220,365 | |
Proceeds from stock-based benefit plans | $ 35,246 | 26,555 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 4,603 | 221 |
Purchase of treasury stock | (6,746) | (341) |
Proceeds from (Payments to) Noncontrolling Interests | (1,312) | 81 |
Payments of Dividends | 0 | |
Intercompany financing advances (to) from consolidated entities | 0 | 0 |
Net cash provided by (used in) financing activities | (95,657) | 1,024,248 |
Net increase (decrease) in cash and cash equivalents | (191,507) | (398,323) |
Cash and cash equivalents, beginning of period | 586,315 | 772,972 |
Cash and cash equivalents, end of period | 394,808 | 374,649 |
Toll Brothers Inc. [Member] | ||
Cash flow (used in) provided by operating activities: | ||
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | $ (7,795) | $ 101,864 |
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 | $ (25,308) | $ (348,664) |
Net cash provided by (used in) investing activities | $ (25,308) | $ (348,664) |
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 | ||
Redemption of senior notes | ||
Proceeds from Issuance of Common Stock | $ 220,365 | |
Proceeds from stock-based benefit plans | $ 35,246 | 26,555 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 4,603 | 221 |
Purchase of treasury stock | $ (6,746) | $ (341) |
Proceeds from (Payments to) Noncontrolling Interests | ||
Payments of Dividends | ||
Intercompany financing advances (to) from consolidated entities | ||
Net cash provided by (used in) financing activities | $ 33,103 | $ 246,800 |
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) Provided by Operating Activities, Continuing Operations | $ 7,730 | $ 18,079 |
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 | $ 292,270 | $ (345,419) |
Net cash provided by (used in) investing activities | $ 292,270 | (345,419) |
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 | ||
Redemption of senior notes | $ (300,000) | $ (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 (Payments to) Noncontrolling Interests | ||
Payments of Dividends | ||
Intercompany financing advances (to) from consolidated entities | ||
Net cash provided by (used in) financing activities | $ (300,000) | $ 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) Provided by Operating Activities, Continuing Operations | (17,570) | (4,242) |
Cash flow (used in) provided by investing activities: | ||
Purchase of property and equipment - net | (5,954) | (9,145) |
Sale and redemption of marketable securities | 2,000 | 40,243 |
Investment in and advances to unconsolidated entities | (3,172) | (15,604) |
Return of investments in unconsolidated entities | $ 20,261 | $ 40,413 |
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 | $ 16,983 | $ (1,418,209) |
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 | 250,000 | $ 1,141,300 |
Payments of Debt Issuance Costs Notes Payable | (3,005) | |
Principal payments of loans payable | $ (86,166) | $ (701,098) |
Redemption of senior notes | ||
Proceeds from Issuance of Common Stock | ||
Proceeds from stock-based benefit plans | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | ||
Purchase of treasury stock | ||
Proceeds from (Payments to) Noncontrolling Interests | ||
Payments of Dividends | ||
Intercompany financing advances (to) from consolidated entities | $ (354,300) | $ 569,662 |
Net cash provided by (used in) financing activities | (190,466) | 1,006,859 |
Net increase (decrease) in cash and cash equivalents | (191,053) | (415,592) |
Cash and cash equivalents, beginning of period | 455,714 | 670,102 |
Cash and cash equivalents, end of period | 264,661 | 254,510 |
Nonguarantor Subsidiaries [Member] | ||
Cash flow (used in) provided by operating activities: | ||
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | (85,025) | (64,371) |
Cash flow (used in) provided by investing activities: | ||
Purchase of property and equipment - net | $ (1,291) | $ (355) |
Sale and redemption of marketable securities | ||
Investment in and advances to unconsolidated entities | $ (36,109) | $ (77,435) |
Return of investments in unconsolidated entities | 14,542 | 10,264 |
Investment in distressed loans and foreclosed real estate | (2,096) | (1,127) |
Return of investments in distressed loans and foreclosed real estate | $ 23,372 | $ 40,675 |
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 | $ (1,582) | $ (27,978) |
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 | 966,094 | $ 729,580 |
Payments of Debt Issuance Costs Notes Payable | ||
Principal payments of loans payable | $ (957,376) | $ (716,750) |
Redemption of senior notes | ||
Proceeds from Issuance of Common Stock | ||
Proceeds from stock-based benefit plans | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | ||
Purchase of treasury stock | ||
Proceeds from (Payments to) Noncontrolling Interests | $ (1,312) | $ 81 |
Payments of Dividends | (15,000) | |
Intercompany financing advances (to) from consolidated entities | 78,747 | 111,707 |
Net cash provided by (used in) financing activities | 86,153 | 109,618 |
Net increase (decrease) in cash and cash equivalents | (454) | 17,269 |
Cash and cash equivalents, beginning of period | 130,601 | 102,870 |
Cash and cash equivalents, end of period | 130,147 | 120,139 |
Eliminations [Member] | ||
Cash flow (used in) provided by operating activities: | ||
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | $ (8,591) | $ (12,714) |
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 | $ (266,962) | 694,083 |
Net cash provided by (used in) investing activities | $ (266,962) | $ 679,083 |
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 | ||
Redemption of senior notes | ||
Proceeds from Issuance of Common Stock | ||
Proceeds from stock-based benefit plans | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | ||
Purchase of treasury stock | ||
Proceeds from (Payments to) Noncontrolling Interests | ||
Payments of Dividends | $ 15,000 | |
Intercompany financing advances (to) from consolidated entities | $ 275,553 | (681,369) |
Net cash provided by (used in) financing activities | 275,553 | (666,369) |
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 Inform94
Supplemental Guarantor Information Supplemental Guarantor Information (Level 4 Textuals) (Details) | Jul. 31, 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% |