Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jul. 31, 2016 | Sep. 02, 2016 | |
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, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 163,994,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2016 | Oct. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 351,854 | $ 918,993 |
Marketable securities | 10,001 | |
Restricted cash and investments | 43,183 | 16,795 |
Inventory | 7,670,523 | 6,997,516 |
Property, construction and office equipment, net | 148,804 | 136,755 |
Receivables, prepaid expenses and other assets | 280,277 | 284,130 |
Mortgage loans held for sale | 170,937 | 123,175 |
Customer deposits held in escrow | 66,846 | 56,105 |
Investments in and advances to unconsolidated entities | 461,604 | 412,860 |
Investments in foreclosed real estate and distressed loans | 13,687 | 51,730 |
Deferred tax assets, net of valuation allowances | 197,984 | 198,455 |
Total assets | 9,405,699 | 9,206,515 |
Liabilities: | ||
Loans payable | 1,058,656 | 1,000,439 |
Senior notes | 2,693,221 | 2,689,801 |
Mortgage company loan facility | 125,000 | 100,000 |
Customer deposits | 338,457 | 284,309 |
Accounts payable | 276,213 | 236,953 |
Accrued expenses | 628,684 | 608,066 |
Income taxes payable | 105,508 | 58,868 |
Total liabilities | 5,225,739 | 4,978,436 |
Stockholders' equity: | ||
Preferred stock, none issued | 0 | 0 |
Common stock, 177,933 and 177,931 shares issued at July 31, 2016 and October 31, 2015, respectively | 1,779 | 1,779 |
Additional paid-in capital | 724,151 | 728,125 |
Retained earnings | 3,862,919 | 3,595,202 |
Treasury stock, at cost - 13,989 and 3,084 shares at July 31, 2016 and October 31, 2015, respectively | (412,243) | (100,040) |
Accumulated other comprehensive loss | (2,455) | (2,509) |
Total stockholders' equity | 4,174,151 | 4,222,557 |
Noncontrolling interest | 5,809 | 5,522 |
Total equity | 4,179,960 | 4,228,079 |
Total liabilities and stockholders' equity | $ 9,405,699 | $ 9,206,515 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands | Jul. 31, 2016 | Oct. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares issued | 0 | 0 |
Common stock, shares issued | 177,933 | 177,931 |
Treasury stock, at cost | 13,989 | 3,084 |
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, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | |
Revenues | $ 1,269,934 | $ 1,028,011 | $ 3,314,057 | $ 2,734,046 |
Cost of revenues | 991,416 | 824,394 | 2,574,298 | 2,152,938 |
Selling, general and administrative | 134,984 | 116,175 | 385,120 | 330,174 |
Total | 1,126,400 | 940,569 | 2,959,418 | 2,483,112 |
Income from operations | 143,534 | 87,442 | 354,639 | 250,934 |
Other: | ||||
Income from unconsolidated entities | 4,998 | 5,952 | 22,754 | 17,080 |
Other income - net | 15,121 | 14,070 | 43,474 | 50,005 |
Income before income taxes | 163,653 | 107,464 | 420,867 | 318,019 |
Income tax provision (benefit) | 58,170 | 40,715 | 153,150 | 102,015 |
Net income | 105,483 | 66,749 | 267,717 | 216,004 |
Other comprehensive (loss) income, net of tax: | ||||
Change in pension liability | 155 | 139 | 23 | (62) |
Change in fair value of available-for-sale securities | 2 | |||
Change in unrealized income (loss) on derivative held by equity investee | 12 | 31 | (2) | |
Other comprehensive (loss) income | 155 | 151 | 54 | (62) |
Total comprehensive income | $ 105,638 | $ 66,900 | $ 267,771 | $ 215,942 |
Income per share: | ||||
Basic | $ 0.64 | $ 0.38 | $ 1.58 | $ 1.22 |
Diluted | $ 0.61 | $ 0.36 | $ 1.52 | $ 1.18 |
Weighted average number of shares: | ||||
Basic | 165,919 | 176,797 | 169,692 | 176,443 |
Diluted | 173,405 | 185,133 | 177,403 | 184,692 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2016 | Jul. 31, 2015 | |
Cash flow used in operating activities: | ||
Net income | $ 267,717 | $ 216,004 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 16,838 | 17,667 |
Stock-based compensation | 21,006 | 17,694 |
Excess tax benefits from stock-based compensation | (1,131) | (4,603) |
Income (Loss) from Equity Method Investments | (22,754) | (17,080) |
Distributions of earnings from unconsolidated entities | 14,615 | 8,459 |
Income from distressed loans and foreclosed real estate | (1,593) | (7,192) |
Deferred tax provision (benefit) | (9,807) | 19,006 |
Deferred tax valuation allowances | 506 | (1,388) |
Inventory impairments and write-offs | 11,353 | 31,279 |
Other Noncash Income (Expense) | (669) | (137) |
Changes in operating assets and liabilities | ||
Increase in inventory | (667,539) | (349,674) |
Origination of mortgage loans | (826,058) | (675,643) |
Sale of mortgage loans | 780,508 | 649,464 |
(Increase) decrease in restricted cash and investments | (26,388) | 422 |
(Increase) decrease in receivables, prepaid expenses and other assets | (11,108) | (32,451) |
Increase in customer deposits | 43,407 | 69,589 |
(Decrease) increase in accounts payable and accrued expenses | 38,073 | 8,410 |
Increase (decrease) in income taxes payable | 47,771 | (61,077) |
Net Cash Used in Operating Activities, Continuing Operations | (325,253) | (111,251) |
Cash flow provided by investing activities: | ||
Purchase of property and equipment - net | (23,280) | (7,245) |
Sale and redemption of marketable securities | 10,000 | 2,000 |
Investment in and advances to unconsolidated entities | (40,627) | (39,281) |
Return of investments in unconsolidated entities | 34,769 | 34,803 |
Investment in distressed loans and foreclosed real estate | (964) | (2,096) |
Return of investments in distressed loans and foreclosed real estate | 34,601 | 23,372 |
Net increase in cash from purchase of joint venture interest | 3,848 | |
Net Cash Provided By Investing Activities, Continuing Operations | 14,499 | 15,401 |
Cash flow (used in) provided by financing activities: | ||
Debt issuance costs for senior notes | (35) | |
Proceeds from loans payable | 1,756,528 | 1,216,094 |
Payments of Debt Issuance Costs Notes Payable | (3,936) | |
Principal payments of loans payable | (1,688,087) | (1,043,542) |
Redemption of senior notes | (300,000) | |
Proceeds from stock-based benefit plans | 5,336 | 35,246 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 1,131 | 4,603 |
Purchase of treasury stock | (327,612) | (6,746) |
(Payments) receipts related to noncontrolling interest, net | 290 | (1,312) |
Net Cash Used in Financing Activities, Continuing Operations | (256,385) | (95,657) |
Net decrease in cash and cash equivalents | (567,139) | (191,507) |
Cash and cash equivalents, beginning of period | 918,993 | 586,315 |
Cash and cash equivalents, end of period | $ 351,854 | $ 394,808 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Jul. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Toll Brothers, Inc. (the “Company,” “we,” “us,” or “our”), a Delaware corporation, and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Investments in 50% or less owned partnerships and affiliates are accounted for using the equity method unless it is determined that we have effective control of the entity, in which case we would consolidate results of operations and financial condition of 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, 2015 balance sheet amounts and disclosures included herein have been derived from our October 31, 2015 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, 2015 (“2015 Form 10-K”). 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, 2016 ; the results of our operations for the nine -month and three-month periods ended July 31, 2016 and 2015 ; and our cash flows for the nine -month periods ended July 31, 2016 and 2015 . 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 January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. We adopted ASU 2014-04 on November 1, 2015, and the adoption did not have a material effect on our consolidated financial statements or disclosures. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate credit losses. ASU 2016-13 is effective for our fiscal year beginning November 1, 2020, with early adoption permitted as of November 1, 2019. We are currently evaluating the impact that the adoption of ASU 2016-13 may have on our consolidated financial statements and disclosures. In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). ASU 2016-09 simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes and forfeitures, statutory tax withholding requirements and classification on the statement of cash flows. ASU 2016-09 is effective for our fiscal year beginning November 1, 2017. We are currently evaluating the impact that the adoption of ASU 2016-09 may have on our consolidated financial statements and disclosures. In February 2016, the FASB issued ASU No. 2016-02, “Leases” (“ASU 2016-02”), which requires an entity to recognize assets and liabilities on the balance sheet for the rights and obligations created by leased assets and provide additional disclosures. ASU 2016-02 is effective for our fiscal year beginning November 1, 2019, and, at that time, we will adopt the new standard using a modified retrospective approach. We are currently evaluating the impact that the adoption of ASU 2016-02 may have on our consolidated financial statements and disclosures. In April 2015, the FASB issued ASU No. 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customers’ Accounting for Fees Paid in a Cloud Computing Arrangement” (“ASU 2015-05”). ASU 2015-05 provides guidance for a customer to determine whether a cloud computing arrangement contains a software license or should be accounted for as a service contract. ASU 2015-05 is effective for our fiscal year beginning November 1, 2016, and, at that time, we may adopt the new standard either retrospectively or prospectively. We do not expect the adoption of ASU 2015-05 to have a material effect on our 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 our fiscal year beginning November 1, 2016. Upon adoption of ASU 2015-02, we expect that one unconsolidated joint venture, not previously identified as a VIE, will be determined to be a VIE, which will result in a modification of our current disclosures. However, the adoption of ASU 2015-02 is not expected to have a material effect on our consolidated financial statements. 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 Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition,” and most industry-specific guidance. ASU 2014-09 also supersedes some cost guidance included in ASC 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 our fiscal year 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 that the adoption of ASU 2014-09 may have on our consolidated financial statements and disclosures. |
Inventory
Inventory | 9 Months Ended |
Jul. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory at July 31, 2016 and October 31, 2015 consisted of the following (amounts in thousands): July 31, October 31, Land controlled for future communities $ 79,319 $ 75,214 Land owned for future communities 2,021,007 2,033,447 Operating communities 5,570,197 4,888,855 $ 7,670,523 $ 6,997,516 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 20 15 Carrying value (in thousands) $ 139,277 $ 119,138 Operating communities: Number of communities 5 11 Carrying value (in thousands) $ 28,261 $ 63,668 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, 2016 2015 2016 2015 Land controlled for future communities $ 3,103 $ 679 $ 2,469 $ 69 Land owned for future communities 300 12,600 11,900 Operating communities 7,950 18,000 1,250 6,000 $ 11,353 $ 31,279 $ 3,719 $ 17,969 See Note 11, “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 13, “Commitments and Contingencies,” for information regarding land purchase commitments. At July 31, 2016 , 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, 2016 , we determined that 80 land purchase contracts, with an aggregate purchase price of $994.1 million , on which we had made aggregate deposits totaling $43.7 million , were VIEs, and that we were not the primary beneficiary of any VIE related to our land purchase contracts. At October 31, 2015 , we determined that 61 land purchase contracts, with an aggregate purchase price of $663.6 million , on which we had made aggregate deposits totaling $45.0 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, 2016 2015 2016 2015 Interest capitalized, beginning of period $ 373,128 $ 356,180 $ 383,482 $ 372,894 Interest incurred 122,079 117,896 41,667 37,438 Interest expensed to cost of revenues (107,176 ) (94,942 ) (39,431 ) (36,989 ) Write-off against other income (606 ) (2,795 ) (297 ) (1,057 ) Interest capitalized on investments in unconsolidated entities (3,947 ) (6,149 ) (1,704 ) (1,324 ) Previously capitalized interest on investments in unconsolidated entities transferred to inventory 687 15,915 448 15,143 Interest capitalized, end of period $ 384,165 $ 386,105 $ 384,165 $ 386,105 |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 9 Months Ended |
Jul. 31, 2016 | |
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 joint venture entities. These joint ventures (i) develop land for the joint venture participants and, in some 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 in one case, a hotel (“Rental Property Joint Ventures”), which includes our investment in Toll Brothers Realty Trust (the “Trust”); and (iv) invest in distressed loans and real estate and provide financing to residential builders and developers for the acquisition and development of land and home sites (“Gibraltar Joint Ventures”). The table below provides information as of July 31, 2016 , regarding active joint ventures that we are invested in, by joint venture category ($ amounts in thousands): Land Home Building Rental Property Gibraltar Total Number of unconsolidated entities 7 3 11 4 25 Investment in unconsolidated entities $ 214,812 $ 85,523 $ 149,023 $ 12,246 $ 461,604 Number of unconsolidated entities with funding commitments by the Company 5 2 3 1 11 Company’s remaining funding commitment to unconsolidated entities $ 248,193 $ 8,763 $ 13,185 $ 10,000 $ 280,141 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, 2016 , regarding the debt financing obtained by category ($ amounts in thousands): Land Home Building Rental Property Total Number of joint ventures with debt financing 4 2 9 15 Aggregate loan commitments $ 470,000 $ 222,000 $ 765,196 $ 1,457,196 Amounts borrowed under loan commitments $ 395,518 $ 160,962 $ 628,278 $ 1,184,758 More specific and/or recent information regarding our investments in and future commitments to these entities is provided below. Land Development Joint Ventures In the fourth quarter of fiscal 2015, we entered into a joint venture with an unrelated party to purchase and develop a parcel of land located in Irvine, California. The joint venture expects to develop approximately 840 home sites on this land in multiple phases. We have a 50% interest in this joint venture. The joint venture intends to develop the property and sell approximately 50% of the value of the home sites to each of the members of the joint venture. At July 31, 2016 , we had an investment of $81.0 million in this joint venture and were committed to make additional contributions to this joint venture of up to $216.9 million . To finance a portion of the land purchase, the joint venture entered into a $320.0 million purchase money mortgage with the seller. 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 before the sale. The gain of $9.3 million that we realized 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, 2016 , we had an investment of $17.4 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, 2016 , the joint venture had $95.1 million borrowed under the construction loan. We have an investment in a joint venture in which we have a 50% interest to develop a high-rise luxury condominium project in conjunction with a luxury hotel in New York City being developed by a related joint venture, discussed below in Rental Property Joint Ventures. At July 31, 2016 , we had invested $52.7 million in this joint venture and expect to make additional investments of approximately $0.5 million for the development of this project. In the first quarter of fiscal 2015, 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 the hotel, of which we allocated $98.0 million to the condominium project. At July 31, 2016 , this joint venture had $65.8 million of outstanding borrowings under the construction loan agreement. Rental Property Joint Ventures In the second quarter of fiscal 2016, we entered into a joint venture with an unrelated party to develop a 525 -unit luxury for-rent residential apartment building near Union Station in Washington, D.C. Prior to the formation of this joint venture, we acquired the land, through a 100%-owned entity, and incurred $35.1 million of land and land development costs. Our partner acquired a 50% interest in this entity for $20.2 million and we subsequently received cash of $18.7 million to align the capital accounts of each of the partners of the joint venture. At April 30, 2016, our partner had the option, if certain events were to occur, to exit the venture and require us to repurchase its interest. Given this contingency, as of April 30, 2016, our investment, net of our partner’s contribution, was recorded in “Receivables, prepaid expenses, and other assets” on our Condensed Consolidated Balance Sheet. This option expired in our third quarter of fiscal 2016 and, accordingly, at July 31, 2016 , our net investment in this property of $19.1 million was reclassified to “Investments in unconsolidated entities” on our Condensed Consolidated Balance Sheet and we recognized a gain of $2.6 million on the sale which is recorded in “Other income-net” on our Condensed Consolidated Statement of Operations and Comprehensive Income. In addition, due to our continued involvement in the joint venture through our ownership interest, we deferred $2.6 million of the gain realized on the sale. At July 31, 2016 , we had an investment of $22.9 million in this joint venture and expect to make additional investments of approximately $5.9 million for the development of this project. The joint venture expects to enter into a construction loan agreement during our fourth quarter of fiscal 2016 to provide up to approximately $130.0 million of financing for the development of this property. 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. Before 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 . At July 31, 2016 , we had a combined investment of $10.2 million in these ventures. In addition, in fiscal 2015, these joint ventures entered into construction loan agreements with several banks to provide up to $87.0 million of financing for the development of their respective apartment buildings. At July 31, 2016 , these joint ventures had $28.0 million of borrowings under the construction loan agreements. 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 New York City being developed by a related joint venture, discussed in Home Building Joint Ventures above. At July 31, 2016 , we had invested $36.2 million in this joint venture and expect to make additional investments of approximately $5.6 million for the development of the luxury hotel. In the first quarter of fiscal 2015, 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, of which we allocated $62.0 million to the hotel project. At July 31, 2016 , this joint venture had $42.4 million of outstanding borrowings under the construction loan agreement. In 1998, we formed the Trust to invest in commercial real estate opportunities. The Trust is effectively owned one-third by us; one-third by current and former members of our senior management; and one-third by an unrelated party. As of July 31, 2016 , 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 $1.2 million and $1.7 million in the nine -month periods ended July 31, 2016 and 2015 , respectively. In each of our first quarters of 2016 and 2015 , we received a $2.0 million distribution from the Trust, which is included in “Income from unconsolidated entities” in our Condensed Consolidated Statements of Operations and Comprehensive Income. In the second quarter of fiscal 2015, we received a distribution of $4.1 million , of which $1.5 million was recognized as income. Gibraltar Joint Ventures In the second quarter of fiscal 2016, we, through our wholly owned subsidiary, Gibraltar Capital and Asset Management, LLC (“Gibraltar”), entered into two ventures with an institutional investor to provide builders and developers with land banking and venture capital. We have a 25% interest in these ventures. These ventures will finance builders’ and developers’ acquisition and development of land and home sites and pursue other complementary investment strategies. We may invest up to $100.0 million in these ventures. As of July 31, 2016 , no amounts have been invested in these ventures. In addition, in the second quarter of fiscal 2016, we entered into a separate venture with the same institutional investor to purchase, from Gibraltar, certain foreclosed real estate owned (“REO”) and distressed loans for $24.1 million . We have a 24% interest in this venture. In the three months ended April 30, 2016, we recognized a gain of $1.3 million from the sale of these assets to the venture. At July 31, 2016 , we have a $5.4 million investment in this venture and are committed to invest an additional $10.0 million , if necessary. 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) carry cost guarantees, which cover costs such as interest, real estate taxes, and insurance; (iv) an environmental indemnity provided to the lender that holds the lender harmless from and against losses arising from the discharge of hazardous materials from the property and non-compliance with applicable environmental laws; 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, 2016 , 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 all or 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, 2016 , the unconsolidated entities that have guarantees related to debt had loan commitments aggregating $871.5 million and had borrowed an aggregate of $600.0 million . The terms of these guarantees generally range from 4 months to 45 months . We estimate that the maximum potential exposure under these guarantees, if the full amount of the loan commitments were borrowed, would be $871.5 million , without taking into account any recoveries from the underlying collateral or any reimbursement from our partners. Of this maximum potential exposure, $78.8 million is related to repayment and carry cost guarantees. Based on the amounts borrowed at July 31, 2016 , our maximum potential exposure under all guarantees is estimated to be approximately $600.0 million , without taking into account any recoveries from the underlying collateral or any reimbursement from our partners. Of the estimated $600.0 million , $64.0 million is related to repayment and carry cost guarantees. In addition, we have guaranteed approximately $4.4 million of ground lease payments and insurance deductibles for three joint ventures. As of July 31, 2016 , 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, 2016 and October 31, 2015 , we determined that three and one , respectively, of our joint ventures were VIEs under the guidance of ASC 810, “Consolidation.” However, we have concluded that we were not the primary beneficiary of these VIEs because the power to direct the activities of such VIEs that most significantly impact their performance was either shared by us and such VIEs’ other partners or such activities were controlled by our partner. For VIEs where the power to direct significant activities is shared, business plans, budgets, and other major decisions are required to be unanimously approved by all members. Management and other fees earned by us are nominal and believed to be at market rates, and there is no significant economic disproportionality between us and the other members. The information presented below regarding the investments, commitments, and guarantees in unconsolidated entities deemed to be VIEs is also included in the information provided above. At July 31, 2016 and October 31, 2015 , our investments in the unconsolidated joint ventures deemed to be VIEs, which is included in “Investments in unconsolidated entities” in the accompanying Condensed Consolidated Balance Sheets, totaled $7.3 million and $6.7 million , respectively. At July 31, 2016 , the maximum exposure of loss to our investments in the unconsolidated joint ventures that are VIEs was limited to our investments in the unconsolidated VIEs, except with regard to $70.0 million of loan guarantees and $1.6 million of additional commitments to the VIEs. At October 31, 2015 , the maximum exposure of loss to our investment in the unconsolidated joint venture that was a VIE was limited to our investment in the unconsolidated VIE, except with regard to $89.8 million of loan guarantees and $0.4 million of additional commitments to the VIE. Of our potential exposure for these loan guarantees at July 31, 2016 and October 31, 2015 , $14.3 million is related to repayment and carry cost guarantees. 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 are included below (in thousands): Condensed Balance Sheets: July 31, October 31, Cash and cash equivalents $ 109,622 $ 95,263 Inventory 1,086,118 1,024,157 Non-performing loan portfolio 4,826 27,572 Rental properties 432,354 278,897 Rental properties under development 425,783 390,399 Real estate owned (“REO”) 96,307 117,758 Other assets 172,064 224,617 Total assets $ 2,327,074 $ 2,158,663 Debt $ 1,190,394 $ 1,127,121 Other liabilities 152,798 130,315 Members’ equity 908,374 806,327 Noncontrolling interest 75,508 94,900 Total liabilities and equity $ 2,327,074 $ 2,158,663 Company’s net investment in unconsolidated entities (1) $ 461,604 $ 412,860 (1) 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; interest capitalized on our investments; 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: Nine months ended July 31, Three months ended July 31, 2016 2015 2016 2015 Revenues $ 226,772 $ 170,884 $ 60,755 $ 84,578 Cost of revenues 145,401 116,928 42,910 53,378 Other expenses 29,723 25,598 11,347 8,762 Total expenses 175,124 142,526 54,257 62,140 Gain on disposition of loans and REO 38,102 25,094 3,413 1,507 Income from operations 89,750 53,452 9,911 23,945 Other income 4,121 6,749 1,769 906 Net income 93,871 60,201 11,680 24,851 Less: (income) loss attributable to noncontrolling interest (11,204 ) (10,371 ) 3,819 706 Net income attributable to controlling interest 82,667 49,830 15,499 25,557 Other comprehensive income (loss) 100 (6 ) — 40 Total comprehensive income $ 82,767 $ 49,824 $ 15,499 $ 25,597 Company’s equity in earnings of unconsolidated entities (2) $ 22,754 $ 17,080 $ 4,998 $ 5,952 (2) Differences between our equity in earnings of unconsolidated entities and the underlying net income 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, recoveries of previously incurred charges, 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, 2016 | |
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: Held and used classification $ 11,172 $ 48,514 Held for sale classification 2,515 1,719 13,687 50,233 Investment in distressed loans 1,497 $ 13,687 $ 51,730 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, 2016 2015 2016 2015 Balance, beginning of period $ 50,233 $ 69,799 $ 14,576 $ 63,680 Additions 964 2,304 98 400 Sales (36,485 ) (14,139 ) (757 ) (6,471 ) Impairments (943 ) (183 ) (230 ) Depreciation (82 ) (257 ) (85 ) Balance, end of period $ 13,687 $ 57,524 $ 13,687 $ 57,524 In the second quarter of fiscal 2016, we sold certain REO and distressed loans to an unconsolidated entity in which we have an interest for $24.1 million . See Note 3, “Investments in Unconsolidated Entities – Gibraltar Joint Ventures,” for additional information regarding this sale. |
Loans Payable, Senior Notes and
Loans Payable, Senior Notes and Mortgage Company Loan Facility | 9 Months Ended |
Jul. 31, 2016 | |
Debt Disclosure [Abstract] | |
Senior Notes Payable | Loans Payable, Senior Notes, and Mortgage Company Loan Facility Loans Payable At July 31, 2016 and October 31, 2015 , loans payable consisted of the following (amounts in thousands): July 31, October 31, Senior unsecured term loan $ 500,000 $ 500,000 Credit facility borrowings 450,000 350,000 Loans payable – other 109,627 151,702 Deferred issuance costs (971 ) (1,263 ) $ 1,058,656 $ 1,000,439 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. On May 19, 2016, we entered into an amendment to the Term Loan Facility to, among other things, (1) amend the financial maintenance covenants therein to be substantially the same as the financial maintenance covenants applicable under the New Credit Facility described below and (2) revise certain provisions relating to the interest rate applicable on outstanding borrowings. Under the amended Term Loan Facility, the interest rate on borrowings at July 31, 2016 was 1.89% 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 New Credit Facility, as described below. The Term Loan Facility was scheduled to mature on February 3, 2019. Subsequent to July 31, 2016, we amended the Term Loan Facility to extend the maturity date from February 3, 2019 to August 2, 2021. Credit Facility On August 1, 2013, we entered into a $1.035 billion , unsecured, five -year revolving credit facility (the “Credit Facility”). The commitments under the Credit Facility were scheduled to expire on August 1, 2018 . On May 19, 2016, we entered into a new $1.215 billion (subsequently increased to $1.295 billion ), unsecured, five -year revolving credit facility (the “New Credit Facility”) with a syndicate of banks (the “Aggregate Credit Commitment”) and terminated the Credit Facility. The commitments under the New Credit Facility are scheduled to expire on May 19, 2021 . We are obligated to pay an undrawn commitment fee to the lenders under the New 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 New Credit Facility can be used for general corporate purposes. We and substantially all of our 100% -owned home building subsidiaries are guarantors under the New Credit Facility. Under the terms of the New 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 New Credit Facility, at July 31, 2016 , our leverage ratio was approximately 0.84 to 1.00, and our tangible net worth was approximately $4.12 billion . Based upon the minimum tangible net worth requirement in the New Credit Facility, our ability to repurchase our common stock was limited to approximately $2.14 billion as of July 31, 2016 . At July 31, 2016 , we had $450.0 million of outstanding borrowings under the New Credit Facility and had outstanding letters of credit of approximately $80.0 million under the New Credit Facility. Subsequent to July 31, 2016 , we repaid $100.0 million of the outstanding balance under the New Credit Facility. At July 31, 2016 , the interest rate on borrowings under the New Credit Facility was 1.97% per annum. 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, 2016 , the weighted-average interest rate on “Loans payable – other” was 3.98% per annum. Senior Notes At July 31, 2016 , we, through Toll Brothers Finance Corp., had eight issues of Senior Notes outstanding with an aggregate principal amount of $2.71 billion . In October 2015, we issued $350.0 million aggregate principal amount of 4.875% Senior Notes due 2025 (the “ 4.875% Senior Notes”) at par. We received $347.7 million of net proceeds from this issuance of the 4.875% Senior Notes. In May 2015, we repaid, at maturity, the $300.0 million of then-outstanding principal amount of 5.15% Senior Notes due May 15, 2015. Mortgage Company Loan Facility In July 2016, 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 $85.0 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 $125.0 million for a short period of time. The Repurchase Agreement, as amended, expires on July 13, 2017 , and borrowings thereunder bear interest at LIBOR plus 2.00% per annum, with a minimum rate of 2.00% . At July 31, 2016 , the interest rate on the Repurchase Agreement was 2.50% 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, 2016 , we had $125.0 million of outstanding borrowings under the Repurchase Agreement. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Jul. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses at July 31, 2016 and October 31, 2015 consisted of the following (amounts in thousands): July 31, October 31, Land, land development, and construction $ 127,577 $ 118,634 Compensation and employee benefits 125,876 125,045 Self-insurance 116,358 113,727 Warranty 91,967 93,083 Interest 39,035 26,926 Commitments to unconsolidated entities 5,260 5,534 Other 122,611 125,117 $ 628,684 $ 608,066 As previously disclosed in Note 7, “Accrued Expenses” in our 2015 Form 10-K, we determined that we will need to make stucco-related repairs to homes in certain completed communities located in Pennsylvania and Delaware (which are in our Mid-Atlantic region). At October 31, 2015, we estimated that the gross cost to make these repairs was $80.3 million , of which approximately $32.6 million would be covered by our insurance carrier. Through October 31, 2015, we recorded approximately $47.7 million of expected warranty expense, net of expected insurance recoveries. At October 31, 2015, we had approximately $44.2 million of warranty reserves related to these repairs remaining, which also included a number of claims received related to homes that have limited or no stucco elements in these same completed communities. We will continue to monitor our exposure and evaluate our warranty reserves in the future for these claims. Each quarter, we review the estimates used in determining the potential liability for these repairs. Based upon our fiscal 2016 reviews, we determined that the actual costs incurred per claim were in excess of our previously estimated costs and therefore future estimated costs needed to be increased. The increase in costs in the nine months of fiscal 2016 resulted in an increase to the gross cost for repairs of $12.6 million . We expect to recover approximately $8.3 million of the increase from our insurance carrier. In the nine months and three months ended July 31, 2016 , we recorded additional charges of $4.3 million and $1.9 million , respectively, related to these claims. At July 31, 2016 , we had approximately $40.3 million of warranty reserves remaining and our expected recovery from our insurance carrier was $36.6 million . 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. In addition, also as previously disclosed in Note 7, “Accrued Expenses” in our 2015 Form 10-K, we have received construction claims from three related multifamily community associations in California alleging issues with design and construction and damage to exterior common area elements. We believe that we have coverage under multiple owner controlled insurance policies with deductibles or self-insured retention requirements that vary from policy year to policy year. We completed a settlement of one of the claims during fiscal 2015. In addition, we completed a settlement on a second claim in December 2015, which was previously accrued for as of October 31, 2015. As of July 31, 2016 , we believe that our existing reserves and insurance are sufficient. Due to issues related to insurance coverage on all three construction claims, the degree of judgment required, and the potential for variability in our underlying assumptions, our actual future costs could differ from those estimated. We do not believe that any resolution of the above matters in excess of the amounts currently accrued would be material to our results of operations, liquidity, or on 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, 2016 2015 2016 2015 Balance, beginning of period $ 93,083 $ 86,282 $ 91,194 $ 83,057 Additions – homes closed during the period 18,208 13,200 7,241 4,947 Increase in accruals for homes closed in prior years 11,045 1,763 4,853 454 Charges incurred (30,369 ) (22,240 ) (11,321 ) (9,453 ) Balance, end of period $ 91,967 $ 79,005 $ 91,967 $ 79,005 |
Income Taxes
Income Taxes | 9 Months Ended |
Jul. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We recorded income tax provisions of $153.2 million and $102.0 million for the nine months ended July 31, 2016 and 2015 , respectively. The effective tax rate for the nine months ended July 31, 2016 was 36.4% , compared to 32.1% for the nine months ended July 31, 2015 . For the three months ended July 31, 2016 and 2015 , we recorded income tax provisions of $58.2 million and $40.7 million , respectively. The effective tax rate for the three months ended July 31, 2016 , was 35.5% , compared to 37.9% for the three months ended July 31, 2015 . The income tax provisions for all periods included the provision for state income taxes and interest accrued on anticipated tax assessments, offset by tax benefits related to the utilization of domestic production activities deductions and other permanent differences. 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. 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 2016 for state income taxes will be 6.7% . Our state income tax rate for the full fiscal year 2015 was 6.3% . 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 $31.6 million and $31.1 million as of July 31, 2016 and October 31, 2015 , respectively. At July 31, 2016 , we had $62.1 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 will change, but we are not able to provide a range of such change. The possible changes would be principally due to the expiration of tax statutes, settlements with taxing jurisdictions, increases due to new tax positions taken, and the accrual of estimated interest and penalties. |
Stock-Based Benefit Plans
Stock-Based Benefit Plans | 9 Months Ended |
Jul. 31, 2016 | |
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, 2016 2015 2016 2015 Total stock-based compensation expense recognized $ 21,006 $ 17,694 $ 5,925 $ 5,142 Income tax benefit recognized $ 8,092 $ 6,694 $ 2,283 $ 1,958 At July 31, 2016 and October 31, 2015 , the aggregate unamortized value of outstanding stock-based compensation awards was approximately $32.9 million and $25.2 million , respectively. |
Stock Repurchase Program
Stock Repurchase Program | 9 Months Ended |
Jul. 31, 2016 | |
Stock Repurchase Program [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Stock Repurchase Program 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 obtaining 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. Effective May 23, 2016, our Board of Directors terminated the December 2014 share repurchase program and authorized, under a new repurchase program, the repurchase of 20 million shares of our common stock in open market transactions or otherwise for general corporate purposes, including to obtain shares for the Company’s equity award and other employee benefit plans. The Board of Directors did not fix any expiration date for this 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, 2016 2015 2016 2015 Number of shares purchased (in thousands) 11,405 214 3,698 3 Average price per share $ 28.72 $ 31.50 $ 26.33 $ 37.64 Remaining authorization at July 31 (in thousands) 18,085 19,986 18,085 19,986 |
Income Per Share Information
Income Per Share Information | 9 Months Ended |
Jul. 31, 2016 | |
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, 2016 2015 2016 2015 Numerator: Net income as reported $ 267,717 $ 216,004 $ 105,483 $ 66,749 Plus interest and costs attributable to 0.5% Exchangeable Senior Notes, net of income tax benefit 1,165 1,179 388 393 Numerator for diluted earnings per share $ 268,882 $ 217,183 $ 105,871 $ 67,142 Denominator: Basic weighted-average shares 169,692 176,443 165,919 176,797 Common stock equivalents (a) 1,853 2,391 1,628 2,478 Shares attributable to 0.5% Exchangeable Senior Notes 5,858 5,858 5,858 5,858 Diluted weighted-average shares 177,403 184,692 173,405 185,133 Other information: Weighted-average number of antidilutive options and restricted stock units (b) 3,854 1,918 4,243 1,572 Shares issued under stock incentive and employee stock purchase plans 502 1,320 19 55 (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, 2016 | |
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, 2015 Marketable Securities Level 2 $ 10,001 Mortgage Loans Held for Sale Level 2 $ 170,937 $ 123,175 Forward Loan Commitments — Residential Mortgage Loans Held for Sale Level 2 $ (1,355 ) $ 186 Interest Rate Lock Commitments (“IRLCs”) Level 2 $ 1,191 $ (297 ) Forward Loan Commitments — IRLCs Level 2 $ (1,191 ) $ 297 At July 31, 2016 and October 31, 2015 , the carrying value of cash and cash equivalents and restricted cash and investments approximated fair value. Marketable Securities The fair value of our marketable securities approximated their amortized cost basis as of October 31, 2015 . The estimated fair value of marketable securities was based on quoted prices provided by brokers. Mortgage Loans Held for Sale 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 and commitments using the market approach to determine fair value. 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, 2016 $ 167,453 $ 170,937 $ 3,484 At October 31, 2015 $ 121,904 $ 123,175 $ 1,271 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. See Note 1, “Significant Accounting Policies – Inventory,” in our 2015 Form 10-K for information regarding our methodology for determining fair value. 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 2016: January 31 — — — April 30 369 - 394 18 - 23 16.3% July 31 — — — 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% October 31 301 - 764 3 - 24 16.3% - 22.0% 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 recognized Fiscal 2016: January 31 43 2 $ 1,713 $ 600 April 30 41 2 $ 10,103 6,100 July 31 51 2 $ 11,714 1,250 $ 7,950 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 October 31 44 3 $ 8,726 4,300 $ 22,300 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, 2016 October 31, 2015 Fair value Book value Estimated fair value Book value Estimated fair value Loans payable (a) Level 2 $ 1,059,627 $ 1,058,881 $ 1,001,702 $ 1,001,366 Senior notes (b) Level 1 2,707,376 2,869,896 2,707,376 2,877,039 Mortgage company loan facility (c) Level 2 125,000 125,000 100,000 100,000 $ 3,892,003 $ 4,053,777 $ 3,809,078 $ 3,978,405 (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, 2016 | |
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, 2016 2015 2016 2015 Interest income $ 1,612 $ 1,754 $ 676 $ 568 Income from ancillary businesses 11,559 18,392 4,139 4,667 Gibraltar 6,351 4,907 102 888 Management fee income from unconsolidated entities 6,863 9,441 2,348 3,051 Retained customer deposits 4,449 3,735 780 1,423 Income from land sales 11,018 10,302 6,527 2,952 Other 1,622 1,474 549 521 Total other income – net $ 43,474 $ 50,005 $ 15,121 $ 14,070 In the nine months ended July 31, 2016 and 2015 , our security monitoring business recognized gains of $1.6 million and $8.1 million , respectively, from a bulk sale of security monitoring accounts in the fiscal 2015 period, which is included in income from ancillary businesses in the table above. 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, 2016 2015 2016 2015 Revenues $ 85,955 $ 88,244 $ 32,823 $ 32,017 Expenses $ 74,396 $ 69,852 $ 28,684 $ 27,350 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, 2016 2015 2016 2015 Revenues $ 77,701 $ 139,027 $ 64,109 $ 12,281 Deferred gain on land sale to joint venture (2,607 ) (9,260 ) (2,607 ) Expenses (64,076 ) (119,465 ) (54,975 ) (9,329 ) Income from land sales $ 11,018 $ 10,302 $ 6,527 $ 2,952 Land sale revenues for the nine months and three months ended July 31, 2016 includes $37.7 million related to an in substance real estate sale transaction which resulted in a new Rental Property Joint Venture in which we have a 50% interest. Due to our continued involvement in the joint venture through our ownership interest, we deferred 50% of the gain realized on the sale. We will amortize the deferred gain into income using the straight line method over the life of the rental property. Land sale revenues for the nine months ended July 31, 2015 includes $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 3, “Investments in Unconsolidated Entities,” for more information on these transactions. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jul. 31, 2016 | |
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, 2016 , 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 3, “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 have formally terminated 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, 2016 October 31, 2015 Aggregate purchase commitments: Unrelated parties $ 1,478,209 $ 1,081,008 Unconsolidated entities that the Company has investments in 80,662 136,340 Total $ 1,558,871 $ 1,217,348 Deposits against aggregate purchase commitments $ 69,466 $ 79,072 Additional cash required to acquire land 1,489,405 1,138,276 Total $ 1,558,871 $ 1,217,348 Amount of additional cash required to acquire land in accrued expenses $ 8,071 $ 4,809 In addition, we expect to purchase approximately 3,600 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, 2016 , we also had purchase commitments to acquire land for apartment developments of approximately $98.4 million , of which we had outstanding deposits in the amount of $3.8 million . 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, 2016 , we had outstanding surety bonds amounting to $659.9 million , primarily related to our obligations to governmental entities to construct improvements in our communities. We estimate that $351.8 million of work remains on these improvements. We have an additional $138.4 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, 2016 , we had outstanding letters of credit of $80.0 million under our New Credit Facility and $14.1 million with a bank. 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. The $14.1 million of outstanding letters of credit with a bank is secured by cash which is included in “Restricted cash and investments” on our Condensed Consolidated Balance Sheets. We do not believe that it is probable that any outstanding letters of credit will be drawn upon. Backlog At July 31, 2016 , we had agreements of sale outstanding to deliver 5,181 homes with an aggregate sales value of $4.37 billion . 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, 2015 Aggregate mortgage loan commitments: IRLCs $ 404,433 $ 316,184 Non-IRLCs 1,258,814 941,243 Total $ 1,663,247 $ 1,257,427 Investor commitments to purchase: IRLCs $ 404,433 $ 316,184 Mortgage loans receivable 160,173 115,859 Total $ 564,606 $ 432,043 |
Information on Operating Segmen
Information on Operating Segments | 9 Months Ended |
Jul. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Information on Operating Segments We operate in two segments: Traditional Home Building and Urban Infill. We build and sell 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 five geographic segments: North, Mid-Atlantic, South, West, and California. 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, Colorado, Nevada, and Washington California: California Before October 31, 2015, California was included in the West geographic segment. Due to the increase in our assets and operations in California, effective October 31, 2015, California is presented as a separate geographic segment. Amounts reported in priors years have been reclassified herein to conform to this current presentation. Revenue and income (loss) before income taxes for each of our segments, for the periods indicated, were as follows (amounts in thousands): Nine months ended July 31, Three months ended July 31, 2016 2015 2016 2015 Revenues: Traditional Home Building: North $ 491,692 $ 463,159 $ 205,200 $ 180,705 Mid-Atlantic 576,991 579,195 220,596 228,304 South 571,364 611,288 232,118 233,504 West 548,701 455,573 223,076 179,155 California 881,779 439,824 336,438 145,833 Traditional Home Building 3,070,527 2,549,039 1,217,428 967,501 City Living 243,530 185,007 52,506 60,510 Total $ 3,314,057 $ 2,734,046 $ 1,269,934 $ 1,028,011 Income (loss) before income taxes: Traditional Home Building: North $ 35,300 $ 27,918 $ 18,994 $ 14,487 Mid-Atlantic 56,348 50,251 18,478 9,432 South 84,765 100,960 32,386 38,360 West 74,164 73,811 30,313 28,826 California 198,776 71,684 80,293 25,040 Traditional Home Building 449,353 324,624 180,464 116,145 City Living 74,598 80,314 14,682 22,309 Corporate and other (103,084 ) (86,919 ) (31,493 ) (30,990 ) Total $ 420,867 $ 318,019 $ 163,653 $ 107,464 “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 segments, as of the dates indicated, are shown in the table below (amounts in thousands): July 31, October 31, Traditional Home Building: North $ 1,122,979 $ 1,061,777 Mid-Atlantic 1,233,802 1,225,988 South 1,230,005 1,196,650 West 1,168,085 949,566 California 2,573,603 2,243,309 Traditional Home Building 7,328,474 6,677,290 City Living 894,105 873,013 Corporate and other 1,183,120 1,656,212 Total $ 9,405,699 $ 9,206,515 “Corporate and other” is comprised principally of cash and cash equivalents, marketable securities, restricted cash and investments, deferred tax assets, the assets of our Gibraltar investments, manufacturing facilities, and our mortgage subsidiary. |
Supplemental Disclosure to Cond
Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows | 9 Months Ended |
Jul. 31, 2016 | |
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, 2016 2015 Cash flow information: Interest paid, net of amount capitalized $ 876 $ 10,897 Income tax payments $ 116,681 $ 162,390 Income tax refunds $ 2,002 $ 16,916 Noncash activity: Cost of inventory acquired through seller financing or municipal bonds, net $ 25,368 $ 51,980 Reduction in inventory for our share of earnings in land purchased from unconsolidated entities and allocation of basis difference $ 8,546 $ 4,309 Defined benefit plan amendment $ 757 $ 754 Deferred tax decrease related to stock based compensation activity included in additional paid-in capital $ 9,797 Increase in accrued expenses related to stock based compensation $ 6,240 Income tax benefit recognized in total comprehensive income $ 25 Transfer of investment in unconsolidated entity to inventory $ 132,256 Transfer of investment in distressed loans and foreclosed real estate to investment in unconsolidated entities $ 5,917 Transfer of other assets to investment in unconsolidated entities $ 19,050 $ 4,852 Unrealized loss on derivatives held by equity investees $ (2 ) (Decrease) increase in investments in unconsolidated entities for change in the fair value of debt guarantees $ (324 ) $ 1,575 Miscellaneous increases to investments in unconsolidated entities $ 1,558 $ 119 |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 9 Months Ended |
Jul. 31, 2016 | |
Supplemental Guarantor Information [Abstract] | |
Supplemental Guarantor Information [Text Block] | Supplemental Guarantor Information At July 31, 2016 , our 100% -owned subsidiary, Toll Brothers Finance Corp. (the “Subsidiary Issuer”), has issued the following outstanding Senior Notes (amounts in thousands): Original amount issued and amount outstanding 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 4.875% Senior Notes due 2025 $ 350,000 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 these Senior Notes. 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 New 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 New Credit Facility. If there are no guarantors under the New 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, 2016 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents — — 302,234 49,620 — 351,854 Restricted cash and investments 15,253 14,099 13,831 43,183 Inventory 7,236,183 434,340 7,670,523 Property, construction and office equipment, net 132,758 16,046 148,804 Receivables, prepaid expenses and other assets 99 207,426 126,307 (53,555 ) 280,277 Mortgage loans held for sale 170,937 170,937 Customer deposits held in escrow 62,885 3,961 66,846 Investments in unconsolidated entities 103,683 357,921 461,604 Investments in foreclosed real estate and distressed loans 13,687 13,687 Investments in and advances to consolidated entities 4,066,323 2,743,725 29,394 90,211 (6,929,653 ) — Deferred tax assets, net of valuation allowances 197,984 197,984 4,279,659 2,743,725 8,088,662 1,276,861 (6,983,208 ) 9,405,699 LIABILITIES AND EQUITY Liabilities Loans payable 1,058,656 1,058,656 Senior notes 2,680,305 12,916 2,693,221 Mortgage company loan facility 125,000 125,000 Customer deposits 325,317 13,140 338,457 Accounts payable 274,836 1,377 276,213 Accrued expenses 36,869 388,459 258,397 (55,041 ) 628,684 Advances from consolidated entities 1,830,325 755,820 (2,586,145 ) — Income taxes payable 105,508 105,508 Total liabilities 105,508 2,717,174 3,877,593 1,153,734 (2,628,270 ) 5,225,739 Equity Stockholders’ equity Common stock 1,779 48 3,006 (3,054 ) 1,779 Additional paid-in capital 724,151 49,400 1,734 (51,134 ) 724,151 Retained earnings (deficits) 3,862,919 (22,849 ) 4,211,021 112,578 (4,300,750 ) 3,862,919 Treasury stock, at cost (412,243 ) (412,243 ) Accumulated other comprehensive loss (2,455 ) (2,455 ) Total stockholders’ equity 4,174,151 26,551 4,211,069 117,318 (4,354,938 ) 4,174,151 Noncontrolling interest 5,809 5,809 Total equity 4,174,151 26,551 4,211,069 123,127 (4,354,938 ) 4,179,960 4,279,659 2,743,725 8,088,662 1,276,861 (6,983,208 ) 9,405,699 Condensed Consolidating Balance Sheet at October 31, 2015 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated ASSETS Cash and cash equivalents — — 783,599 135,394 — 918,993 Marketable securities 10,001 10,001 Restricted cash and investments 15,227 499 1,069 16,795 Inventory 6,530,698 466,818 6,997,516 Property, construction and office equipment, net 121,178 15,577 136,755 Receivables, prepaid expenses and other assets 52 149,268 178,680 (43,870 ) 284,130 Mortgage loans held for sale 123,175 123,175 Customer deposits held in escrow 51,767 4,338 56,105 Investments in unconsolidated entities 115,999 296,861 412,860 Investments in foreclosed real estate and distressed loans 51,730 51,730 Investments in and advances to consolidated entities 4,067,722 2,726,428 4,740 (6,798,890 ) — Deferred tax assets, net of valuation allowances 198,455 198,455 4,281,456 2,726,428 7,757,748 1,283,643 (6,842,760 ) 9,206,515 LIABILITIES AND EQUITY Liabilities Loans payable 1,000,439 1,000,439 Senior notes 2,669,860 19,941 2,689,801 Mortgage company loan facility 100,000 100,000 Customer deposits 271,124 13,185 284,309 Accounts payable 236,436 517 236,953 Accrued expenses 25,699 361,089 266,411 (45,133 ) 608,066 Advances from consolidated entities 1,932,075 850,374 (2,782,449 ) — Income taxes payable 58,868 58,868 Total liabilities 58,868 2,695,559 3,801,163 1,230,487 (2,807,641 ) 4,978,436 Equity Stockholders’ equity Common stock 1,779 48 3,006 (3,054 ) 1,779 Additional paid-in capital 728,125 49,400 1,734 (51,134 ) 728,125 Retained earnings (deficits) 3,595,202 (18,531 ) 3,956,568 42,894 (3,980,931 ) 3,595,202 Treasury stock, at cost (100,040 ) (100,040 ) Accumulated other comprehensive loss (2,478 ) (31 ) (2,509 ) Total stockholders’ equity 4,222,588 30,869 3,956,585 47,634 (4,035,119 ) 4,222,557 Noncontrolling interest 5,522 5,522 Total equity 4,222,588 30,869 3,956,585 53,156 (4,035,119 ) 4,228,079 4,281,456 2,726,428 7,757,748 1,283,643 (6,842,760 ) 9,206,515 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the nine months ended July 31, 2016 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Revenues 3,123,436 282,207 (91,586 ) 3,314,057 Cost of revenues 2,451,554 134,952 (12,208 ) 2,574,298 Selling, general and administrative 49 2,857 402,049 53,399 (73,234 ) 385,120 49 2,857 2,853,603 188,351 (85,442 ) 2,959,418 Income (loss) from operations (49 ) (2,857 ) 269,833 93,856 (6,144 ) 354,639 Other: Income from unconsolidated entities 16,168 6,586 22,754 Other income – net 7,106 21,504 14,164 700 43,474 Intercompany interest income 109,347 (109,347 ) — Interest expense (113,514 ) (1,277 ) 114,791 — Income from subsidiaries 413,810 106,305 (520,115 ) — Income (loss) before income taxes 420,867 (7,024 ) 413,810 113,329 (520,115 ) 420,867 Income tax provision (benefit) 153,150 (2,705 ) 159,358 43,645 (200,298 ) 153,150 Net income (loss) 267,717 (4,319 ) 254,452 69,684 (319,817 ) 267,717 Other comprehensive income 23 31 54 Total comprehensive income (loss) 267,740 (4,319 ) 254,483 69,684 (319,817 ) 267,771 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 three months ended July 31, 2016 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Revenues 1,248,474 56,457 (34,997 ) 1,269,934 Cost of revenues 973,493 24,085 (6,162 ) 991,416 Selling, general and administrative 27 937 141,519 18,198 (25,697 ) 134,984 27 937 1,115,012 42,283 (31,859 ) 1,126,400 Income (loss) from operations (27 ) (937 ) 133,462 14,174 (3,138 ) 143,534 Other: Income from unconsolidated entities 5,835 (837 ) 4,998 Other income – net 2,395 8,109 3,625 992 15,121 Intercompany interest income 36,370 (36,370 ) — Interest expense (37,800 ) (714 ) 38,514 — Income from subsidiaries 161,285 13,880 (175,165 ) — Income (loss) before income taxes 163,653 (2,367 ) 161,286 16,248 (175,167 ) 163,653 Income tax provision (benefit) 58,170 (911 ) 62,086 6,249 (67,424 ) 58,170 Net income (loss) 105,483 (1,456 ) 99,200 9,999 (107,743 ) 105,483 Other comprehensive income 155 155 Total comprehensive income (loss) 105,638 (1,456 ) 99,200 9,999 (107,743 ) 105,638 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 income 139 12 151 Total comprehensive income (loss) 66,888 (1,472 ) 65,361 2,520 (66,397 ) 66,900 Condensed Consolidating Statement of Cash Flows for the nine months ended July 31, 2016 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Net cash (used in) provided by operating activities 71,539 17,333 (461,637 ) 61,008 (13,496 ) (325,253 ) Cash flow provided by (used in) investing activities: Purchase of property and equipment - net (22,623 ) (657 ) (23,280 ) Sale and redemption of marketable securities 10,000 10,000 Investment in unconsolidated entities (2,057 ) (38,570 ) (40,627 ) Return of investments in unconsolidated entities 26,486 8,283 34,769 Investment in foreclosed real estate and distressed loans (964 ) (964 ) Return of investments in foreclosed real estate and distressed loans 34,601 34,601 Dividend received - intercompany 5,000 (5,000 ) — Intercompany advances 249,606 (17,298 ) (232,308 ) — Net cash provided by (used in) investing activities 249,606 (17,298 ) 6,806 12,693 (237,308 ) 14,499 Cash flow used in financing activities: Debt issuance costs for senior notes (35 ) (35 ) Proceeds from loans payable 550,000 1,206,528 1,756,528 Debt issuance costs for loans payable (3,936 ) (3,936 ) Principal payments of loans payable (506,559 ) (1,181,528 ) (1,688,087 ) Proceeds from stock-based benefit plans 5,336 5,336 Excess tax benefits from stock-based compensation 1,131 1,131 Purchase of treasury stock (327,612 ) (327,612 ) Receipts related to noncontrolling interest, net 290 290 Dividend paid - intercompany (5,000 ) 5,000 — Intercompany advances (66,039 ) (179,765 ) 245,804 — Net cash used in financing activities (321,145 ) (35 ) (26,534 ) (159,475 ) 250,804 (256,385 ) Net decrease in cash and cash equivalents — — (481,365 ) (85,774 ) — (567,139 ) Cash and cash equivalents, beginning of period — — 783,599 135,394 — 918,993 Cash and cash equivalents, end of period — — 302,234 49,620 — 351,854 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 provided by (used in) investing activities: Purchase of property and equipment — net (5,954 ) (1,291 ) (7,245 ) Sale and redemption of marketable securities 2,000 2,000 Investments in 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 foreclosed 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 provided by (used in) 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 ) Receipts related to noncontrolling interest (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 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 |
Significant Accounting Polici22
Significant Accounting Policies (Policies) | 9 Months Ended |
Jul. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Toll Brothers, Inc. (the “Company,” “we,” “us,” or “our”), a Delaware corporation, and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Investments in 50% or less owned partnerships and affiliates are accounted for using the equity method unless it is determined that we have effective control of the entity, in which case we would consolidate results of operations and financial condition of 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, 2015 balance sheet amounts and disclosures included herein have been derived from our October 31, 2015 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, 2015 (“2015 Form 10-K”). 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, 2016 ; the results of our operations for the nine -month and three-month periods ended July 31, 2016 and 2015 ; and our cash flows for the nine -month periods ended July 31, 2016 and 2015 . 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 January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. We adopted ASU 2014-04 on November 1, 2015, and the adoption did not have a material effect on our consolidated financial statements or disclosures. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate credit losses. ASU 2016-13 is effective for our fiscal year beginning November 1, 2020, with early adoption permitted as of November 1, 2019. We are currently evaluating the impact that the adoption of ASU 2016-13 may have on our consolidated financial statements and disclosures. In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). ASU 2016-09 simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes and forfeitures, statutory tax withholding requirements and classification on the statement of cash flows. ASU 2016-09 is effective for our fiscal year beginning November 1, 2017. We are currently evaluating the impact that the adoption of ASU 2016-09 may have on our consolidated financial statements and disclosures. In February 2016, the FASB issued ASU No. 2016-02, “Leases” (“ASU 2016-02”), which requires an entity to recognize assets and liabilities on the balance sheet for the rights and obligations created by leased assets and provide additional disclosures. ASU 2016-02 is effective for our fiscal year beginning November 1, 2019, and, at that time, we will adopt the new standard using a modified retrospective approach. We are currently evaluating the impact that the adoption of ASU 2016-02 may have on our consolidated financial statements and disclosures. In April 2015, the FASB issued ASU No. 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customers’ Accounting for Fees Paid in a Cloud Computing Arrangement” (“ASU 2015-05”). ASU 2015-05 provides guidance for a customer to determine whether a cloud computing arrangement contains a software license or should be accounted for as a service contract. ASU 2015-05 is effective for our fiscal year beginning November 1, 2016, and, at that time, we may adopt the new standard either retrospectively or prospectively. We do not expect the adoption of ASU 2015-05 to have a material effect on our 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 our fiscal year beginning November 1, 2016. Upon adoption of ASU 2015-02, we expect that one unconsolidated joint venture, not previously identified as a VIE, will be determined to be a VIE, which will result in a modification of our current disclosures. However, the adoption of ASU 2015-02 is not expected to have a material effect on our consolidated financial statements. 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 Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition,” and most industry-specific guidance. ASU 2014-09 also supersedes some cost guidance included in ASC 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 our fiscal year 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 that the adoption of ASU 2014-09 may have on our consolidated financial statements and disclosures. |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory at July 31, 2016 and October 31, 2015 consisted of the following (amounts in thousands): July 31, October 31, Land controlled for future communities $ 79,319 $ 75,214 Land owned for future communities 2,021,007 2,033,447 Operating communities 5,570,197 4,888,855 $ 7,670,523 $ 6,997,516 |
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 20 15 Carrying value (in thousands) $ 139,277 $ 119,138 Operating communities: Number of communities 5 11 Carrying value (in thousands) $ 28,261 $ 63,668 |
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, 2016 2015 2016 2015 Land controlled for future communities $ 3,103 $ 679 $ 2,469 $ 69 Land owned for future communities 300 12,600 11,900 Operating communities 7,950 18,000 1,250 6,000 $ 11,353 $ 31,279 $ 3,719 $ 17,969 |
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, 2016 2015 2016 2015 Interest capitalized, beginning of period $ 373,128 $ 356,180 $ 383,482 $ 372,894 Interest incurred 122,079 117,896 41,667 37,438 Interest expensed to cost of revenues (107,176 ) (94,942 ) (39,431 ) (36,989 ) Write-off against other income (606 ) (2,795 ) (297 ) (1,057 ) Interest capitalized on investments in unconsolidated entities (3,947 ) (6,149 ) (1,704 ) (1,324 ) Previously capitalized interest on investments in unconsolidated entities transferred to inventory 687 15,915 448 15,143 Interest capitalized, end of period $ 384,165 $ 386,105 $ 384,165 $ 386,105 |
Investments in Unconsolidated24
Investments in Unconsolidated Entities (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
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, 2016 , regarding active joint ventures that we are invested in, by joint venture category ($ amounts in thousands): Land Home Building Rental Property Gibraltar Total Number of unconsolidated entities 7 3 11 4 25 Investment in unconsolidated entities $ 214,812 $ 85,523 $ 149,023 $ 12,246 $ 461,604 Number of unconsolidated entities with funding commitments by the Company 5 2 3 1 11 Company’s remaining funding commitment to unconsolidated entities $ 248,193 $ 8,763 $ 13,185 $ 10,000 $ 280,141 |
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, 2016 , regarding the debt financing obtained by category ($ amounts in thousands): Land Home Building Rental Property Total Number of joint ventures with debt financing 4 2 9 15 Aggregate loan commitments $ 470,000 $ 222,000 $ 765,196 $ 1,457,196 Amounts borrowed under loan commitments $ 395,518 $ 160,962 $ 628,278 $ 1,184,758 |
Condensed balance sheet | Condensed Balance Sheets: July 31, October 31, Cash and cash equivalents $ 109,622 $ 95,263 Inventory 1,086,118 1,024,157 Non-performing loan portfolio 4,826 27,572 Rental properties 432,354 278,897 Rental properties under development 425,783 390,399 Real estate owned (“REO”) 96,307 117,758 Other assets 172,064 224,617 Total assets $ 2,327,074 $ 2,158,663 Debt $ 1,190,394 $ 1,127,121 Other liabilities 152,798 130,315 Members’ equity 908,374 806,327 Noncontrolling interest 75,508 94,900 Total liabilities and equity $ 2,327,074 $ 2,158,663 Company’s net investment in unconsolidated entities (1) $ 461,604 $ 412,860 (1) 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; interest capitalized on our investments; 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 | Condensed Statements of Operations and Comprehensive Income: Nine months ended July 31, Three months ended July 31, 2016 2015 2016 2015 Revenues $ 226,772 $ 170,884 $ 60,755 $ 84,578 Cost of revenues 145,401 116,928 42,910 53,378 Other expenses 29,723 25,598 11,347 8,762 Total expenses 175,124 142,526 54,257 62,140 Gain on disposition of loans and REO 38,102 25,094 3,413 1,507 Income from operations 89,750 53,452 9,911 23,945 Other income 4,121 6,749 1,769 906 Net income 93,871 60,201 11,680 24,851 Less: (income) loss attributable to noncontrolling interest (11,204 ) (10,371 ) 3,819 706 Net income attributable to controlling interest 82,667 49,830 15,499 25,557 Other comprehensive income (loss) 100 (6 ) — 40 Total comprehensive income $ 82,767 $ 49,824 $ 15,499 $ 25,597 Company’s equity in earnings of unconsolidated entities (2) $ 22,754 $ 17,080 $ 4,998 $ 5,952 (2) Differences between our equity in earnings of unconsolidated entities and the underlying net income 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, recoveries of previously incurred charges, 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 Rea25
Investments in Foreclosed Real Estate and Distressed Loans (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
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: Held and used classification $ 11,172 $ 48,514 Held for sale classification 2,515 1,719 13,687 50,233 Investment in distressed loans 1,497 $ 13,687 $ 51,730 |
Schedule of Changes in Real Estate Owned [Table Text Block] | 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, 2016 2015 2016 2015 Balance, beginning of period $ 50,233 $ 69,799 $ 14,576 $ 63,680 Additions 964 2,304 98 400 Sales (36,485 ) (14,139 ) (757 ) (6,471 ) Impairments (943 ) (183 ) (230 ) Depreciation (82 ) (257 ) (85 ) Balance, end of period $ 13,687 $ 57,524 $ 13,687 $ 57,524 |
Loans Payable, Senior Notes a26
Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Text Block] | At July 31, 2016 and October 31, 2015 , loans payable consisted of the following (amounts in thousands): July 31, October 31, Senior unsecured term loan $ 500,000 $ 500,000 Credit facility borrowings 450,000 350,000 Loans payable – other 109,627 151,702 Deferred issuance costs (971 ) (1,263 ) $ 1,058,656 $ 1,000,439 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued expenses | Accrued expenses at July 31, 2016 and October 31, 2015 consisted of the following (amounts in thousands): July 31, October 31, Land, land development, and construction $ 127,577 $ 118,634 Compensation and employee benefits 125,876 125,045 Self-insurance 116,358 113,727 Warranty 91,967 93,083 Interest 39,035 26,926 Commitments to unconsolidated entities 5,260 5,534 Other 122,611 125,117 $ 628,684 $ 608,066 |
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, 2016 2015 2016 2015 Balance, beginning of period $ 93,083 $ 86,282 $ 91,194 $ 83,057 Additions – homes closed during the period 18,208 13,200 7,241 4,947 Increase in accruals for homes closed in prior years 11,045 1,763 4,853 454 Charges incurred (30,369 ) (22,240 ) (11,321 ) (9,453 ) Balance, end of period $ 91,967 $ 79,005 $ 91,967 $ 79,005 |
Stock-Based Benefit Plans (Tabl
Stock-Based Benefit Plans (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
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, 2016 2015 2016 2015 Total stock-based compensation expense recognized $ 21,006 $ 17,694 $ 5,925 $ 5,142 Income tax benefit recognized $ 8,092 $ 6,694 $ 2,283 $ 1,958 |
Stock Issuance and Stock Repurc
Stock Issuance and Stock Repurchase Program (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
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, 2016 2015 2016 2015 Number of shares purchased (in thousands) 11,405 214 3,698 3 Average price per share $ 28.72 $ 31.50 $ 26.33 $ 37.64 Remaining authorization at July 31 (in thousands) 18,085 19,986 18,085 19,986 |
Income Per Share Information (T
Income Per Share Information (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | 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, 2016 2015 2016 2015 Numerator: Net income as reported $ 267,717 $ 216,004 $ 105,483 $ 66,749 Plus interest and costs attributable to 0.5% Exchangeable Senior Notes, net of income tax benefit 1,165 1,179 388 393 Numerator for diluted earnings per share $ 268,882 $ 217,183 $ 105,871 $ 67,142 Denominator: Basic weighted-average shares 169,692 176,443 165,919 176,797 Common stock equivalents (a) 1,853 2,391 1,628 2,478 Shares attributable to 0.5% Exchangeable Senior Notes 5,858 5,858 5,858 5,858 Diluted weighted-average shares 177,403 184,692 173,405 185,133 Other information: Weighted-average number of antidilutive options and restricted stock units (b) 3,854 1,918 4,243 1,572 Shares issued under stock incentive and employee stock purchase plans 502 1,320 19 55 (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, 2016 | |
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, 2015 Marketable Securities Level 2 $ 10,001 Mortgage Loans Held for Sale Level 2 $ 170,937 $ 123,175 Forward Loan Commitments — Residential Mortgage Loans Held for Sale Level 2 $ (1,355 ) $ 186 Interest Rate Lock Commitments (“IRLCs”) Level 2 $ 1,191 $ (297 ) Forward Loan Commitments — IRLCs Level 2 $ (1,191 ) $ 297 |
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, 2016 $ 167,453 $ 170,937 $ 3,484 At October 31, 2015 $ 121,904 $ 123,175 $ 1,271 |
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 recognized Fiscal 2016: January 31 43 2 $ 1,713 $ 600 April 30 41 2 $ 10,103 6,100 July 31 51 2 $ 11,714 1,250 $ 7,950 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 October 31 44 3 $ 8,726 4,300 $ 22,300 |
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, 2016 October 31, 2015 Fair value Book value Estimated fair value Book value Estimated fair value Loans payable (a) Level 2 $ 1,059,627 $ 1,058,881 $ 1,001,702 $ 1,001,366 Senior notes (b) Level 1 2,707,376 2,869,896 2,707,376 2,877,039 Mortgage company loan facility (c) Level 2 125,000 125,000 100,000 100,000 $ 3,892,003 $ 4,053,777 $ 3,809,078 $ 3,978,405 (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 2016: January 31 — — — April 30 369 - 394 18 - 23 16.3% July 31 — — — 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% October 31 301 - 764 3 - 24 16.3% - 22.0% |
Other Income - Net (Tables)
Other Income - Net (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
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, 2016 2015 2016 2015 Interest income $ 1,612 $ 1,754 $ 676 $ 568 Income from ancillary businesses 11,559 18,392 4,139 4,667 Gibraltar 6,351 4,907 102 888 Management fee income from unconsolidated entities 6,863 9,441 2,348 3,051 Retained customer deposits 4,449 3,735 780 1,423 Income from land sales 11,018 10,302 6,527 2,952 Other 1,622 1,474 549 521 Total other income – net $ 43,474 $ 50,005 $ 15,121 $ 14,070 |
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, 2016 2015 2016 2015 Revenues $ 85,955 $ 88,244 $ 32,823 $ 32,017 Expenses $ 74,396 $ 69,852 $ 28,684 $ 27,350 |
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, 2016 2015 2016 2015 Revenues $ 77,701 $ 139,027 $ 64,109 $ 12,281 Deferred gain on land sale to joint venture (2,607 ) (9,260 ) (2,607 ) Expenses (64,076 ) (119,465 ) (54,975 ) (9,329 ) Income from land sales $ 11,018 $ 10,302 $ 6,527 $ 2,952 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
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, 2016 October 31, 2015 Aggregate purchase commitments: Unrelated parties $ 1,478,209 $ 1,081,008 Unconsolidated entities that the Company has investments in 80,662 136,340 Total $ 1,558,871 $ 1,217,348 Deposits against aggregate purchase commitments $ 69,466 $ 79,072 Additional cash required to acquire land 1,489,405 1,138,276 Total $ 1,558,871 $ 1,217,348 Amount of additional cash required to acquire land in accrued expenses $ 8,071 $ 4,809 |
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, 2015 Aggregate mortgage loan commitments: IRLCs $ 404,433 $ 316,184 Non-IRLCs 1,258,814 941,243 Total $ 1,663,247 $ 1,257,427 Investor commitments to purchase: IRLCs $ 404,433 $ 316,184 Mortgage loans receivable 160,173 115,859 Total $ 564,606 $ 432,043 |
Information on Operating Segm34
Information on Operating Segments (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
Segment Reporting [Abstract] | |
Revenue and income (loss) before income taxes and total assets | Revenue and income (loss) before income taxes for each of our segments, for the periods indicated, were as follows (amounts in thousands): Nine months ended July 31, Three months ended July 31, 2016 2015 2016 2015 Revenues: Traditional Home Building: North $ 491,692 $ 463,159 $ 205,200 $ 180,705 Mid-Atlantic 576,991 579,195 220,596 228,304 South 571,364 611,288 232,118 233,504 West 548,701 455,573 223,076 179,155 California 881,779 439,824 336,438 145,833 Traditional Home Building 3,070,527 2,549,039 1,217,428 967,501 City Living 243,530 185,007 52,506 60,510 Total $ 3,314,057 $ 2,734,046 $ 1,269,934 $ 1,028,011 Income (loss) before income taxes: Traditional Home Building: North $ 35,300 $ 27,918 $ 18,994 $ 14,487 Mid-Atlantic 56,348 50,251 18,478 9,432 South 84,765 100,960 32,386 38,360 West 74,164 73,811 30,313 28,826 California 198,776 71,684 80,293 25,040 Traditional Home Building 449,353 324,624 180,464 116,145 City Living 74,598 80,314 14,682 22,309 Corporate and other (103,084 ) (86,919 ) (31,493 ) (30,990 ) Total $ 420,867 $ 318,019 $ 163,653 $ 107,464 “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 segments, as of the dates indicated, are shown in the table below (amounts in thousands): July 31, October 31, Traditional Home Building: North $ 1,122,979 $ 1,061,777 Mid-Atlantic 1,233,802 1,225,988 South 1,230,005 1,196,650 West 1,168,085 949,566 California 2,573,603 2,243,309 Traditional Home Building 7,328,474 6,677,290 City Living 894,105 873,013 Corporate and other 1,183,120 1,656,212 Total $ 9,405,699 $ 9,206,515 “Corporate and other” is comprised principally of cash and cash equivalents, marketable securities, restricted cash and investments, deferred tax assets, the assets of our Gibraltar investments, manufacturing facilities, and our mortgage subsidiary. |
Supplemental Disclosure to Co35
Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
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, 2016 2015 Cash flow information: Interest paid, net of amount capitalized $ 876 $ 10,897 Income tax payments $ 116,681 $ 162,390 Income tax refunds $ 2,002 $ 16,916 Noncash activity: Cost of inventory acquired through seller financing or municipal bonds, net $ 25,368 $ 51,980 Reduction in inventory for our share of earnings in land purchased from unconsolidated entities and allocation of basis difference $ 8,546 $ 4,309 Defined benefit plan amendment $ 757 $ 754 Deferred tax decrease related to stock based compensation activity included in additional paid-in capital $ 9,797 Increase in accrued expenses related to stock based compensation $ 6,240 Income tax benefit recognized in total comprehensive income $ 25 Transfer of investment in unconsolidated entity to inventory $ 132,256 Transfer of investment in distressed loans and foreclosed real estate to investment in unconsolidated entities $ 5,917 Transfer of other assets to investment in unconsolidated entities $ 19,050 $ 4,852 Unrealized loss on derivatives held by equity investees $ (2 ) (Decrease) increase in investments in unconsolidated entities for change in the fair value of debt guarantees $ (324 ) $ 1,575 Miscellaneous increases to investments in unconsolidated entities $ 1,558 $ 119 |
Supplemental Guarantor Inform36
Supplemental Guarantor Information (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
Supplemental Guarantor Information [Abstract] | |
Senior Notes issued by Subsidiary Issuer [Table Text Block] | At July 31, 2016 , our 100% -owned subsidiary, Toll Brothers Finance Corp. (the “Subsidiary Issuer”), has issued the following outstanding Senior Notes (amounts in thousands): Original amount issued and amount outstanding 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 4.875% Senior Notes due 2025 $ 350,000 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, 2016 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents — — 302,234 49,620 — 351,854 Restricted cash and investments 15,253 14,099 13,831 43,183 Inventory 7,236,183 434,340 7,670,523 Property, construction and office equipment, net 132,758 16,046 148,804 Receivables, prepaid expenses and other assets 99 207,426 126,307 (53,555 ) 280,277 Mortgage loans held for sale 170,937 170,937 Customer deposits held in escrow 62,885 3,961 66,846 Investments in unconsolidated entities 103,683 357,921 461,604 Investments in foreclosed real estate and distressed loans 13,687 13,687 Investments in and advances to consolidated entities 4,066,323 2,743,725 29,394 90,211 (6,929,653 ) — Deferred tax assets, net of valuation allowances 197,984 197,984 4,279,659 2,743,725 8,088,662 1,276,861 (6,983,208 ) 9,405,699 LIABILITIES AND EQUITY Liabilities Loans payable 1,058,656 1,058,656 Senior notes 2,680,305 12,916 2,693,221 Mortgage company loan facility 125,000 125,000 Customer deposits 325,317 13,140 338,457 Accounts payable 274,836 1,377 276,213 Accrued expenses 36,869 388,459 258,397 (55,041 ) 628,684 Advances from consolidated entities 1,830,325 755,820 (2,586,145 ) — Income taxes payable 105,508 105,508 Total liabilities 105,508 2,717,174 3,877,593 1,153,734 (2,628,270 ) 5,225,739 Equity Stockholders’ equity Common stock 1,779 48 3,006 (3,054 ) 1,779 Additional paid-in capital 724,151 49,400 1,734 (51,134 ) 724,151 Retained earnings (deficits) 3,862,919 (22,849 ) 4,211,021 112,578 (4,300,750 ) 3,862,919 Treasury stock, at cost (412,243 ) (412,243 ) Accumulated other comprehensive loss (2,455 ) (2,455 ) Total stockholders’ equity 4,174,151 26,551 4,211,069 117,318 (4,354,938 ) 4,174,151 Noncontrolling interest 5,809 5,809 Total equity 4,174,151 26,551 4,211,069 123,127 (4,354,938 ) 4,179,960 4,279,659 2,743,725 8,088,662 1,276,861 (6,983,208 ) 9,405,699 Condensed Consolidating Balance Sheet at October 31, 2015 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated ASSETS Cash and cash equivalents — — 783,599 135,394 — 918,993 Marketable securities 10,001 10,001 Restricted cash and investments 15,227 499 1,069 16,795 Inventory 6,530,698 466,818 6,997,516 Property, construction and office equipment, net 121,178 15,577 136,755 Receivables, prepaid expenses and other assets 52 149,268 178,680 (43,870 ) 284,130 Mortgage loans held for sale 123,175 123,175 Customer deposits held in escrow 51,767 4,338 56,105 Investments in unconsolidated entities 115,999 296,861 412,860 Investments in foreclosed real estate and distressed loans 51,730 51,730 Investments in and advances to consolidated entities 4,067,722 2,726,428 4,740 (6,798,890 ) — Deferred tax assets, net of valuation allowances 198,455 198,455 4,281,456 2,726,428 7,757,748 1,283,643 (6,842,760 ) 9,206,515 LIABILITIES AND EQUITY Liabilities Loans payable 1,000,439 1,000,439 Senior notes 2,669,860 19,941 2,689,801 Mortgage company loan facility 100,000 100,000 Customer deposits 271,124 13,185 284,309 Accounts payable 236,436 517 236,953 Accrued expenses 25,699 361,089 266,411 (45,133 ) 608,066 Advances from consolidated entities 1,932,075 850,374 (2,782,449 ) — Income taxes payable 58,868 58,868 Total liabilities 58,868 2,695,559 3,801,163 1,230,487 (2,807,641 ) 4,978,436 Equity Stockholders’ equity Common stock 1,779 48 3,006 (3,054 ) 1,779 Additional paid-in capital 728,125 49,400 1,734 (51,134 ) 728,125 Retained earnings (deficits) 3,595,202 (18,531 ) 3,956,568 42,894 (3,980,931 ) 3,595,202 Treasury stock, at cost (100,040 ) (100,040 ) Accumulated other comprehensive loss (2,478 ) (31 ) (2,509 ) Total stockholders’ equity 4,222,588 30,869 3,956,585 47,634 (4,035,119 ) 4,222,557 Noncontrolling interest 5,522 5,522 Total equity 4,222,588 30,869 3,956,585 53,156 (4,035,119 ) 4,228,079 4,281,456 2,726,428 7,757,748 1,283,643 (6,842,760 ) 9,206,515 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the nine months ended July 31, 2016 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Revenues 3,123,436 282,207 (91,586 ) 3,314,057 Cost of revenues 2,451,554 134,952 (12,208 ) 2,574,298 Selling, general and administrative 49 2,857 402,049 53,399 (73,234 ) 385,120 49 2,857 2,853,603 188,351 (85,442 ) 2,959,418 Income (loss) from operations (49 ) (2,857 ) 269,833 93,856 (6,144 ) 354,639 Other: Income from unconsolidated entities 16,168 6,586 22,754 Other income – net 7,106 21,504 14,164 700 43,474 Intercompany interest income 109,347 (109,347 ) — Interest expense (113,514 ) (1,277 ) 114,791 — Income from subsidiaries 413,810 106,305 (520,115 ) — Income (loss) before income taxes 420,867 (7,024 ) 413,810 113,329 (520,115 ) 420,867 Income tax provision (benefit) 153,150 (2,705 ) 159,358 43,645 (200,298 ) 153,150 Net income (loss) 267,717 (4,319 ) 254,452 69,684 (319,817 ) 267,717 Other comprehensive income 23 31 54 Total comprehensive income (loss) 267,740 (4,319 ) 254,483 69,684 (319,817 ) 267,771 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 three months ended July 31, 2016 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Revenues 1,248,474 56,457 (34,997 ) 1,269,934 Cost of revenues 973,493 24,085 (6,162 ) 991,416 Selling, general and administrative 27 937 141,519 18,198 (25,697 ) 134,984 27 937 1,115,012 42,283 (31,859 ) 1,126,400 Income (loss) from operations (27 ) (937 ) 133,462 14,174 (3,138 ) 143,534 Other: Income from unconsolidated entities 5,835 (837 ) 4,998 Other income – net 2,395 8,109 3,625 992 15,121 Intercompany interest income 36,370 (36,370 ) — Interest expense (37,800 ) (714 ) 38,514 — Income from subsidiaries 161,285 13,880 (175,165 ) — Income (loss) before income taxes 163,653 (2,367 ) 161,286 16,248 (175,167 ) 163,653 Income tax provision (benefit) 58,170 (911 ) 62,086 6,249 (67,424 ) 58,170 Net income (loss) 105,483 (1,456 ) 99,200 9,999 (107,743 ) 105,483 Other comprehensive income 155 155 Total comprehensive income (loss) 105,638 (1,456 ) 99,200 9,999 (107,743 ) 105,638 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 income 139 12 151 Total comprehensive income (loss) 66,888 (1,472 ) 65,361 2,520 (66,397 ) 66,900 Condensed Consolidating Statement of Cash Flows for the nine months ended July 31, 2016 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Net cash (used in) provided by operating activities 71,539 17,333 (461,637 ) 61,008 (13,496 ) (325,253 ) Cash flow provided by (used in) investing activities: Purchase of property and equipment - net (22,623 ) (657 ) (23,280 ) Sale and redemption of marketable securities 10,000 10,000 Investment in unconsolidated entities (2,057 ) (38,570 ) (40,627 ) Return of investments in unconsolidated entities 26,486 8,283 34,769 Investment in foreclosed real estate and distressed loans (964 ) (964 ) Return of investments in foreclosed real estate and distressed loans 34,601 34,601 Dividend received - intercompany 5,000 (5,000 ) — Intercompany advances 249,606 (17,298 ) (232,308 ) — Net cash provided by (used in) investing activities 249,606 (17,298 ) 6,806 12,693 (237,308 ) 14,499 Cash flow used in financing activities: Debt issuance costs for senior notes (35 ) (35 ) Proceeds from loans payable 550,000 1,206,528 1,756,528 Debt issuance costs for loans payable (3,936 ) (3,936 ) Principal payments of loans payable (506,559 ) (1,181,528 ) (1,688,087 ) Proceeds from stock-based benefit plans 5,336 5,336 Excess tax benefits from stock-based compensation 1,131 1,131 Purchase of treasury stock (327,612 ) (327,612 ) Receipts related to noncontrolling interest, net 290 290 Dividend paid - intercompany (5,000 ) 5,000 — Intercompany advances (66,039 ) (179,765 ) 245,804 — Net cash used in financing activities (321,145 ) (35 ) (26,534 ) (159,475 ) 250,804 (256,385 ) Net decrease in cash and cash equivalents — — (481,365 ) (85,774 ) — (567,139 ) Cash and cash equivalents, beginning of period — — 783,599 135,394 — 918,993 Cash and cash equivalents, end of period — — 302,234 49,620 — 351,854 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 provided by (used in) investing activities: Purchase of property and equipment — net (5,954 ) (1,291 ) (7,245 ) Sale and redemption of marketable securities 2,000 2,000 Investments in 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 foreclosed 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 provided by (used in) 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 ) Receipts related to noncontrolling interest (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 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 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Jul. 31, 2016 | Oct. 31, 2015 |
Total Inventory | ||
Inventory | $ 7,670,523 | $ 6,997,516 |
Land controlled for future communities [Member] | ||
Total Inventory | ||
Inventory | 79,319 | 75,214 |
Land Owned for Future Communities [Member] | ||
Total Inventory | ||
Inventory | 2,021,007 | 2,033,447 |
Operating communities [Member] | ||
Total Inventory | ||
Inventory | $ 5,570,197 | $ 4,888,855 |
Inventory (Details 1)
Inventory (Details 1) $ in Thousands | Jul. 31, 2016USD ($)communities | Oct. 31, 2015USD ($)communities |
Land Owned for Future Communities [Member] | ||
Temporarily Closed communities | ||
Number of Communities (in ones) | communities | 20 | 15 |
Carrying Value | $ | $ 139,277 | $ 119,138 |
Operating communities [Member] | ||
Temporarily Closed communities | ||
Number of Communities (in ones) | communities | 5 | 11 |
Carrying Value | $ | $ 28,261 | $ 63,668 |
Inventory (Details 2)
Inventory (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | |
Schedule of inventory [Line Items] | ||||
Inventory Write-down | $ 3,719 | $ 17,969 | $ 11,353 | $ 31,279 |
Land controlled for future communities [Member] | ||||
Schedule of inventory [Line Items] | ||||
Inventory Write-down | 2,469 | 69 | 3,103 | 679 |
Land Owned for Future Communities [Member] | ||||
Schedule of inventory [Line Items] | ||||
Inventory Write-down | 11,900 | 300 | 12,600 | |
Operating communities [Member] | ||||
Schedule of inventory [Line Items] | ||||
Inventory Write-down | $ 1,250 | $ 6,000 | $ 7,950 | $ 18,000 |
Inventory (Details 3)
Inventory (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | |
Inventory Disclosure [Abstract] | ||||
Interest capitalized, beginning of period | $ 383,482 | $ 372,894 | $ 373,128 | $ 356,180 |
Interest incurred | 41,667 | 37,438 | 122,079 | 117,896 |
Interest expensed to cost of revenues | (39,431) | (36,989) | (107,176) | (94,942) |
Write-off against other income | (297) | (1,057) | (606) | (2,795) |
Interest capitalized on investments in unconsolidated entities | (1,704) | (1,324) | (3,947) | (6,149) |
Real Estate Inventory Capitalized Interest Unconsolidated Entities Transfer to Inventory | 448 | 15,143 | 687 | 15,915 |
Interest capitalized, end of period | $ 384,165 | $ 386,105 | $ 384,165 | $ 386,105 |
Inventory (Details Textual)
Inventory (Details Textual) - Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] $ in Thousands | Jul. 31, 2016USD ($) | Oct. 31, 2015USD ($) |
Variable Interest Entity [Line Items] | ||
Number of VIE Land Purchase Contracts (in ones) | 80 | 61 |
Aggregate purchase price of VIE lands | $ 994,100 | $ 663,600 |
Deposits for purchase of lands with VIE entities | $ 43,700 | $ 45,000 |
Investments in Unconsolidated42
Investments in Unconsolidated Entities (Details 1) $ in Thousands | Jul. 31, 2016USD ($)joint_ventures | Oct. 31, 2015USD ($) |
Schedule of Equity Method Investments [Line Items] | ||
Number of Joint Ventures | joint_ventures | 25 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ | $ 461,604 | $ 412,860 |
Number of joint venture with funding commitments | joint_ventures | 11 | |
Other Commitment | $ | $ 280,141 | |
Land Development Joint Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Joint Ventures | joint_ventures | 7 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ | $ 214,812 | |
Number of joint venture with funding commitments | joint_ventures | 5 | |
Home Building Joint Ventures, Total [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Joint Ventures | joint_ventures | 3 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ | $ 85,523 | |
Number of joint venture with funding commitments | joint_ventures | 2 | |
Rental Joint Ventures, including the Trust [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Joint Ventures | joint_ventures | 11 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ | $ 149,023 | |
Number of joint venture with funding commitments | joint_ventures | 3 | |
Gibraltar Joint Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Joint Ventures | joint_ventures | 4 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ | $ 12,246 | |
Number of joint venture with funding commitments | joint_ventures | 1 | |
Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | Land Development Joint Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Other Commitment | $ | $ 248,193 | |
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 | $ | 8,763 | |
Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | Rental Joint Ventures, including the Trust [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Other Commitment | $ | 13,185 | |
Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | Gibraltar Joint Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Other Commitment | $ | $ 10,000 |
Investments in Unconsolidated43
Investments in Unconsolidated Entities (Details 2) $ in Thousands | Jul. 31, 2016USD ($)joint_ventures |
Schedule of Equity Method Investments [Line Items] | |
Number of joint ventures with loan commitments | joint_ventures | 15 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,457,196 |
Amounts borrowed under commitments | $ 1,184,758 |
Land Development Joint Ventures [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of joint ventures with loan commitments | joint_ventures | 4 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 470,000 |
Amounts borrowed under commitments | $ 395,518 |
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 | $ 160,962 |
Rental Joint Ventures, including the Trust [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of joint ventures with loan commitments | joint_ventures | 9 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 765,196 |
Amounts borrowed under commitments | $ 628,278 |
Investments in Unconsolidated44
Investments in Unconsolidated Entities (Details Textual) | 3 Months Ended | 9 Months Ended | 20 Months Ended | 35 Months Ended | ||||||||
Jul. 31, 2016USD ($)joint_ventureshome_sites | Apr. 30, 2016USD ($) | Jan. 31, 2016USD ($) | Jul. 31, 2015USD ($) | Apr. 30, 2015USD ($) | Jan. 31, 2015USD ($) | Jul. 31, 2016USD ($)joint_ventureshome_sites | Jul. 31, 2015USD ($) | Apr. 17, 2015USD ($) | Mar. 08, 2016USD ($) | Apr. 15, 2016USD ($) | Oct. 31, 2015USD ($) | |
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||
Other Commitment | $ 280,141,000 | $ 280,141,000 | ||||||||||
Land Sales | 64,109,000 | $ 12,281,000 | 77,701,000 | $ 139,027,000 | ||||||||
Proceeds from Equity Method Investment, Dividends or Distributions | 14,615,000 | 8,459,000 | ||||||||||
Non Cash Transfer Of Other Assets To Investment In Unconsolidated Entities | 19,050,000 | 4,852,000 | ||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 461,604,000 | 461,604,000 | $ 412,860,000 | |||||||||
Land sales earnings, net | 6,527,000 | 2,952,000 | 11,018,000 | 10,302,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,457,196,000 | 1,457,196,000 | ||||||||||
Long-term Line of Credit | $ 1,184,758,000 | $ 1,184,758,000 | ||||||||||
Number of Joint Ventures | joint_ventures | 25 | 25 | ||||||||||
Management Fees Revenue | $ 2,348,000 | 3,051,000 | $ 6,863,000 | 9,441,000 | ||||||||
Income (Loss) from Equity Method Investments | $ 4,998,000 | $ 5,952,000 | $ 22,754,000 | $ 17,080,000 | ||||||||
Land Development Joint Venture, Irvine, California [Member] | ||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||
Number of Units in Real Estate Property | home_sites | 840 | 840 | ||||||||||
Expected Percentage Of Homes To Be Sold To Each Joint Venture Partner | 50.00% | |||||||||||
Secured Debt | $ 320,000,000 | $ 320,000,000 | ||||||||||
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 | ||||||||||
Long-term Line of Credit | 95,100,000 | 95,100,000 | ||||||||||
Home Building Joint Venture Metro New York Two [Member] | ||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 98,000,000 | 98,000,000 | ||||||||||
Long-term Line of Credit | 65,800,000 | 65,800,000 | ||||||||||
Rental Property Joint Ventures Metro Washington, D.C. [Member] | ||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||
Number of Units in Real Estate Property | 525 | |||||||||||
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 | 87,000,000 | 87,000,000 | ||||||||||
Long-term Line of Credit | 28,000,000 | 28,000,000 | ||||||||||
Rental Property Joint Venture Metro New York [Member] | ||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 62,000,000 | 62,000,000 | ||||||||||
Long-term Line of Credit | 42,400,000 | 42,400,000 | ||||||||||
Residential and Hotel JV [Member] | ||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 160,000,000 | $ 160,000,000 | ||||||||||
Toll Brothers Realty Trust [Member] | ||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||
Partners' Capital Account, Distributions | $ 2,000,000 | $ 4,100,000 | $ 2,000,000 | |||||||||
Income (Loss) from Equity Method Investments | $ 1,500,000 | |||||||||||
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, Irvine, California [Member] | ||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||||||
Other Commitment | $ 216,900,000 | $ 216,900,000 | ||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 81,000,000 | 81,000,000 | ||||||||||
Home Building Joint Venture Metro New York Three [Member] | ||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | ||||||||||
Payments to Acquire Interest in Joint Venture | $ 15,900,000 | |||||||||||
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 | $ 17,400,000 | $ 17,400,000 | ||||||||||
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 | $ 52,700,000 | $ 52,700,000 | ||||||||||
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 | 500,000 | 500,000 | ||||||||||
Rental Property Joint Ventures Metro Washington, D.C. [Member] | ||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||
Land Sales | 37,700,000 | 37,700,000 | ||||||||||
Future Financing To Be Obtained By JV | 130,000,000 | 130,000,000 | ||||||||||
Proceeds from Equity Method Investment, Dividends or Distributions | 18,700,000 | |||||||||||
Retail Land Sales, Installment Method, Gross Profit, Deferred | 2,607,000 | 2,607,000 | ||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 22,900,000 | $ 22,900,000 | ||||||||||
Land sales earnings, net | $ 2,600,000 | |||||||||||
Payments to Acquire and Develop Real Estate | $ 35,100,000 | |||||||||||
Rental Property Joint Ventures Metro Washington, D.C. [Member] | Co-venturer [Member] | ||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||||||
Land Sales | $ 20,200,000 | |||||||||||
Rental Property Joint Ventures Metro Washington, D.C. [Member] | Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | ||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||
Other Commitment | $ 5,900,000 | 5,900,000 | ||||||||||
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 | $ 10,200,000 | $ 10,200,000 | ||||||||||
Number of Joint Ventures | joint_ventures | 2 | 2 | ||||||||||
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 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 | $ 36,200,000 | $ 36,200,000 | ||||||||||
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 | $ 5,600,000 | $ 5,600,000 | ||||||||||
Toll Brothers Realty Trust [Member] | ||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||
Equity Method Investment, Ownership Percentage | 33.30% | 33.30% | ||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 0 | $ 0 | ||||||||||
Management Fees Revenue | $ 1,200,000 | $ 1,700,000 | ||||||||||
Gibraltar Land Banking & Development Joint Ventures [Member] | ||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | ||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 0 | $ 0 | ||||||||||
Number of Joint Ventures | joint_ventures | 2 | 2 | ||||||||||
Gibraltar Land Banking & Development Joint Ventures [Member] | Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | ||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||
Other Commitment | $ 100,000,000 | $ 100,000,000 | ||||||||||
Gibraltar Legacy Assets Joint Venture [Member] | ||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||
Equity Method Investment, Ownership Percentage | 24.00% | 24.00% | ||||||||||
Gains (Losses) on Sales of Other Real Estate | $ 1,300,000 | |||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 5,400,000 | $ 5,400,000 | ||||||||||
Real Estate Owned & Distressed Loans, Sales | $ 24,100,000 | |||||||||||
Gibraltar Legacy Assets 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 | $ 10,000,000 | $ 10,000,000 |
Investments in Unconsolidated45
Investments in Unconsolidated Entities (Details Textual 2) $ in Thousands | 9 Months Ended | |
Jul. 31, 2016USD ($)joint_ventures | Oct. 31, 2015USD ($)joint_ventures | |
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,457,196 | |
Amounts borrowed under commitments | 1,184,758 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 461,604 | $ 412,860 |
Other Commitment | 280,141 | |
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 | 3 | 1 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 7,300 | $ 6,700 |
Indirect Guarantee of Indebtedness [Member] | Equity Method Investee [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 871,500 | |
Amounts borrowed under commitments | 600,000 | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 871,500 | |
Guarantees, Repayment and Carry Cost, Maximum | 78,800 | |
Maxiumum guarantor obigation for borrowings by JVs | 600,000 | |
Maximum repapyment and carry cost guarantee obligation for borrowings by JV | $ 64,000 | |
Indirect Guarantee of Indebtedness [Member] | Equity Method Investee [Member] | Minimum [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Guarantor Obligations, Term | 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 | P45M | |
Indirect Guarantee of Indebtedness [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 | $ 70,000 | 89,800 |
Maximum repapyment and carry cost guarantee obligation for borrowings by JV | 14,300 | 14,300 |
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 | $ 4,400 | |
Number of JVs, ground lease and other | 3 | |
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 | $ 1,600 | $ 400 |
Investments in Unconsolidated46
Investments in Unconsolidated Entities (Details 3) - USD ($) $ in Thousands | Jul. 31, 2016 | Oct. 31, 2015 |
Condensed Balance Sheets: | ||
Cash and cash equivalents | $ 109,622 | $ 95,263 |
Inventory | 1,086,118 | 1,024,157 |
Non-performing loan portfolio | 4,826 | 27,572 |
Rental properties | 432,354 | 278,897 |
Rental properties under development | 425,783 | 390,399 |
Real estate owned ("REO") | 96,307 | 117,758 |
Other assets | 172,064 | 224,617 |
Total assets | 2,327,074 | 2,158,663 |
Debt | 1,190,394 | 1,127,121 |
Other liabilities | 152,798 | 130,315 |
Member's equity | 908,374 | 806,327 |
Non-controlling interest | 75,508 | 94,900 |
Total liabilities and equity | 2,327,074 | 2,158,663 |
Investments in and advances to unconsolidated entities | $ 461,604 | $ 412,860 |
Investments in Unconsolidated47
Investments in Unconsolidated Entities (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | |
Condensed Statements of Operations and Comprehensive Income: | ||||
Revenues | $ 60,755 | $ 84,578 | $ 226,772 | $ 170,884 |
Cost of revenues | 42,910 | 53,378 | 145,401 | 116,928 |
Other expenses | 11,347 | 8,762 | 29,723 | 25,598 |
Total expenses | 54,257 | 62,140 | 175,124 | 142,526 |
Gain on disposition of loans and REO | 3,413 | 1,507 | 38,102 | 25,094 |
Income (loss) from operations | 9,911 | 23,945 | 89,750 | 53,452 |
Other income | 1,769 | 906 | 4,121 | 6,749 |
Net income (loss) | 11,680 | 24,851 | 93,871 | 60,201 |
Less: (income) loss attributable to noncontrolling interest | 3,819 | 706 | (11,204) | (10,371) |
Net income (loss) attributable to controlling interest | 15,499 | 25,557 | 82,667 | 49,830 |
Other comprehensive income (loss) | 0 | 40 | 100 | (6) |
Total comprehensive income (loss) | 15,499 | 25,597 | 82,767 | 49,824 |
Income (loss) from unconsolidated entities | $ 4,998 | $ 5,952 | $ 22,754 | $ 17,080 |
Investments in Foreclosed Rea48
Investments in Foreclosed Real Estate and Distressed Loans (Details) - USD ($) $ in Thousands | Jul. 31, 2016 | Apr. 30, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Oct. 31, 2014 |
Real Estate Properties [Line Items] | ||||||
Real Estate Acquired Through Foreclosure | $ 13,687 | $ 14,576 | $ 50,233 | $ 57,524 | $ 63,680 | $ 69,799 |
Investment in distressed loans | 1,497 | |||||
Investments in foreclosed real estate and distressed loans | 13,687 | 51,730 | ||||
real estate held and used [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Real Estate Acquired Through Foreclosure | 11,172 | 48,514 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Real Estate Acquired Through Foreclosure | $ 2,515 | $ 1,719 |
Investments in Foreclosed Rea49
Investments in Foreclosed Real Estate (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | |
Schedule of changes in real estate owned [Roll Forward] | ||||
Real Estate Acquired Through Foreclosure | $ 14,576 | $ 63,680 | $ 50,233 | $ 69,799 |
Real Estate Owned Additions | 98 | 400 | 964 | 2,304 |
Real Estate Owned, Sales | (757) | (6,471) | (36,485) | (14,139) |
Real Estate Owned, Impairments | (230) | (943) | (183) | |
Real Estate Held And Used Depreciation | (85) | (82) | (257) | |
Real Estate Acquired Through Foreclosure | $ 13,687 | $ 57,524 | $ 13,687 | $ 57,524 |
Investments in Foreclosed Rea50
Investments in Foreclosed Real Estate and Distressed Loans Investments in Foreclosed Real Estate (Detail Textuals) | Apr. 15, 2016USD ($) |
Gibraltar Legacy Assets Joint Venture [Member] | |
Real Estate [Line Items] | |
Real Estate Owned & Distressed Loans, Sales | $ 24,100,000 |
Loans Payable, Senior Notes a51
Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable (Details) - USD ($) $ in Thousands | Jul. 31, 2016 | Oct. 31, 2015 |
Debt Instrument [Line Items] | ||
Long-term Line of Credit | $ 1,184,758 | |
Other Loans Payable | 109,627 | $ 151,702 |
Loans payable | 1,058,656 | 1,000,439 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Line of Credit | 450,000 | 350,000 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Long-term Debt, Noncurrent | 500,000 | 500,000 |
Deferred Finance Costs, Net | $ (971) | $ (1,263) |
Loans Payable, Senior Notes a52
Loans Payable, Senior Notes and Mortgage Company Loan Facility Term Loan Facility (Details Textual 1) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Apr. 30, 2014 | Oct. 31, 2014 | Jul. 31, 2016 | |
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 | 1.89% | ||
Guarantor Subsidiaries [Member] | |||
Debt Instrument [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Loans Payable, Senior Notes a53
Loans Payable, Senior Notes and Mortgage Company Loan Facility Credit Facility (Details Textual 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2016 | Jul. 31, 2016 | May 19, 2016 | Oct. 31, 2015 | Aug. 01, 2013 | |
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,457,196 | ||||
Long-term Line of Credit | $ 1,184,758 | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,035,000 | ||||
Line of Credit Facility, term of contract | 5 years | ||||
Line of Credit Facility, Expiration Date | Aug. 1, 2018 | ||||
Long-term Line of Credit | $ 450,000 | $ 350,000 | |||
Letters of Credit Outstanding, Amount | $ 80,000 | ||||
Debt Instrument, Interest Rate at Period End | 1.97% | ||||
May 2016 Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,295,000 | $ 1,215,000 | |||
Line of Credit Facility, term of contract | 5 years | ||||
Line of Credit Facility, Expiration Date | May 19, 2021 | ||||
Maximum Permissible Leverage Ratio | 175.00% | ||||
Minimum Net Worth Required for Compliance | $ 2,610,000 | ||||
Existing Leverage Ratio | .8383 | ||||
Tangible Net Worth | $ 4,120,000 | ||||
Ability to repurchase common stock | $ 2,140,000 | ||||
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] | |||||
Repayments of Lines of Credit | $ 100,000 |
Loans Payable, Senior Notes a54
Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable - Other (Details Textual 3) | Jul. 31, 2016 |
Loans Payable [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 3.98% |
Loans Payable, Senior Notes a55
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 ($) | Jul. 31, 2016USD ($)debtissuances | Jul. 31, 2015USD ($) | Oct. 31, 2015USD ($) | Oct. 30, 2015USD ($) | Jun. 02, 2005 | |
Senior Note Payable (Textual) [Abstract] | ||||||
Number of issuances of senior debt | debtissuances | 8 | |||||
Issued Senior Notes | $ 2,693,221 | $ 2,689,801 | ||||
Repayments of Senior Debt | $ 300,000 | |||||
Senior Notes [Member] | ||||||
Senior Note Payable (Textual) [Abstract] | ||||||
Debt Instrument, Face Amount | 2,707,000 | |||||
4.875% Senior Notes Due 2025 [Member] | ||||||
Senior Note Payable (Textual) [Abstract] | ||||||
Debt Instrument, Face Amount | 350,000 | |||||
Issued Senior Notes | $ 350,000 | $ 350,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | 4.875% | ||||
Proceeds from Debt, Net of Issuance Costs | $ 347,700 | |||||
5.15% Senior Notes due 2015 [Member] | ||||||
Senior Note Payable (Textual) [Abstract] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | |||||
Repayments of Senior Debt | $ 300,000 |
Loans Payable, Senior Notes a56
Loans Payable, Senior Notes and Mortgage Company Loan Facility Mortgage Company Loan Facility (Details Textual 5) - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2016 | Oct. 31, 2015 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,457,196 | |
Mortgage company loan facility | 125,000 | $ 100,000 |
Warehouse Agreement Borrowings [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 85,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | |
Debt Instrument, Maturity Date | Jul. 13, 2017 | |
Debt Instrument, Interest Rate, Effective Percentage | 2.50% | |
Mortgage company loan facility | $ 125,000 | |
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% | |
Minimum [Member] | Warehouse Agreement Borrowings [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Jul. 31, 2016 | Apr. 30, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Oct. 31, 2014 |
Accrued expenses | ||||||
Land, land development and construction | $ 127,577 | $ 118,634 | ||||
Compensation and employee benefits | 125,876 | 125,045 | ||||
Self-insurance | 116,358 | 113,727 | ||||
Warranty | 91,967 | $ 91,194 | 93,083 | $ 79,005 | $ 83,057 | $ 86,282 |
Interest | 39,035 | 26,926 | ||||
Commitments to unconsolidated entities | 5,260 | 5,534 | ||||
Other | 122,611 | 125,117 | ||||
Accrued expenses, Total | $ 628,684 | $ 608,066 |
Accrued Expenses (Detail Textua
Accrued Expenses (Detail Textuals) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 31, 2016USD ($) | Jul. 31, 2016USD ($) | Oct. 31, 2015USD ($)communities | Apr. 30, 2016USD ($) | Jul. 31, 2015USD ($) | Apr. 30, 2015USD ($) | Oct. 31, 2014USD ($) | |
Loss Contingencies [Line Items] | |||||||
Standard and Extended Product Warranty Accrual | $ 91,967 | $ 91,967 | $ 93,083 | $ 91,194 | $ 79,005 | $ 83,057 | $ 86,282 |
Stucco Related [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Estimate of Possible Loss | 80,300 | ||||||
Loss Contingency, Receivable | 36,600 | 36,600 | 32,600 | ||||
Standard and Extended Product Warranty Accrual, Increase for Warranties Issued | 47,700 | ||||||
Standard and Extended Product Warranty Accrual | 40,300 | 40,300 | $ 44,200 | ||||
Standard Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | 12,600 | ||||||
Product Liability Contingency, Third Party Recovery | 8,300 | ||||||
Product Warranty Expense | $ 1,900 | $ 4,300 | |||||
Construction Claims, Three Community Associations, West Region [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, New Claims Filed, Number | communities | 3 |
Accrued Expenses (Details 1)
Accrued Expenses (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | Oct. 31, 2015 | |
Changes in the warranty accrual | |||||
Balance, beginning of year | $ 91,194 | $ 83,057 | $ 93,083 | $ 86,282 | $ 86,282 |
Additions - homes closed during the year | 7,241 | 4,947 | 18,208 | 13,200 | |
Charges incurred | (11,321) | (9,453) | (30,369) | (22,240) | |
Balance, end of year | 91,967 | 79,005 | 91,967 | 79,005 | $ 93,083 |
Warranty change, homes closed in prior period, other [Member] | |||||
Changes in the warranty accrual | |||||
Increase (decrease) to accruals for homes closed in prior periods | $ 4,853 | $ 454 | $ 11,045 | $ 1,763 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 31, 2016USD ($) | Jul. 31, 2015USD ($) | Jul. 31, 2016USD ($) | Jul. 31, 2015USD ($) | Oct. 31, 2015USD ($) | |
Income Taxes (Textual) [Abstract] | |||||
Income Tax Expense | $ 58,170 | $ 40,715 | $ 153,150 | $ 102,015 | |
Effective Income Tax Rate Reconciliation, Percent | 35.50% | 37.90% | 36.40% | 32.10% | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 13,700 | ||||
Number of states | 19 | 19 | |||
Unrecognized Tax Benefits | $ 62,100 | $ 62,100 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range Not Possible | During the next 12 months, it is reasonably possible that our unrecognized tax benefits will change, but we are not able to provide a range of such change. | ||||
State and Local Jurisdiction [Member] | |||||
Income Taxes (Textual) [Abstract] | |||||
Effective Income Tax Rate Reconciliation, Percent | 6.70% | 6.30% | |||
Deferred Tax Assets, Valuation Allowance | $ 31,600 | $ 31,600 | $ 31,100 |
Stock-Based Benefit Plans (Deta
Stock-Based Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based expense recognized | $ 5,925 | $ 5,142 | $ 21,006 | $ 17,694 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 2,283 | $ 1,958 | $ 8,092 | $ 6,694 |
Stock-Based Benefit Plans (De62
Stock-Based Benefit Plans (Details Textual) - USD ($) $ in Millions | Jul. 31, 2016 | Oct. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 32.9 | $ 25.2 |
Stock Issuance and Stock Repu63
Stock Issuance and Stock Repurchase Program (Details) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | |
Stock Repurchase Program [Abstract] | ||||
Number of shares purchased | 3,698 | 3 | 11,405 | 214 |
Average price per share | $ 26.33 | $ 37.64 | $ 28.72 | $ 31.50 |
Remaining authorization at July 31: | 18,085 | 19,986 | 18,085 | 19,986 |
Stock issuance and stock repu64
Stock issuance and stock repurchase program (Details Textual) - shares shares in Thousands | May 23, 2016 | Dec. 16, 2014 |
Stock Issuance and Stock Repurchase Program [Abstract] | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 20,000 | 20,000 |
Income Per Share Information (D
Income Per Share Information (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | Sep. 05, 2012 | |
Earnings Per Share [Abstract] | |||||
Net Income Attributable to Parent | $ 105,483 | $ 66,749 | $ 267,717 | $ 216,004 | |
Interest on Convertible Debt, Net of Tax | 388 | 393 | 1,165 | 1,179 | |
Net Income Available to Common Stockholders, Diluted | $ 105,871 | $ 67,142 | $ 268,882 | $ 217,183 | |
Basic weighted-average shares | 165,919 | 176,797 | 169,692 | 176,443 | |
Common stock equivalents | 1,628 | 2,478 | 1,853 | 2,391 | |
Incremental Common Shares Attributable to Conversion of Debt Securities | 5,858 | 5,858 | 5,858 | 5,858 | |
Diluted weighted-average shares | 173,405 | 185,133 | 177,403 | 184,692 | |
Debt Instrument [Line Items] | |||||
Shares Issued under Stock Incentive and Employee Stock Purchase Plans | 19 | 55 | 502 | 1,320 | |
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 | 4,243 | 1,572 | 3,854 | 1,918 |
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, 2016 | Oct. 31, 2015 |
Forward Contracts [Member] | Residential Mortgage [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Derivative Liability | $ 1,355 | |
Derivative Asset | $ 186 | |
Corporate Debt Securities [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Fair value of securities | 10,001 | |
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 | 170,937 | 123,175 |
Interest Rate Lock Commitments [Member] | Forward Contracts [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Derivative Liability | (1,191) | |
Derivative Asset | 297 | |
Interest Rate Lock Commitments [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Derivative Liability | $ (297) | |
Derivative Asset | $ 1,191 |
Fair Value Disclosures (Level67
Fair Value Disclosures (Level 4 loan UPB vs FV) (Details 1) - USD ($) $ in Thousands | Jul. 31, 2016 | Oct. 31, 2015 |
Aggregate unpaid principal and fair value of mortgage loans held for sale | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 170,937 | $ 123,175 |
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 | 167,453 | 121,904 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 170,937 | 123,175 |
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | $ 3,484 | $ 1,271 |
Fair Value Disclosures (Level68
Fair Value Disclosures (Level 4 Inv Impair inputs) (Details 2) - Operating communities [Member] $ in Thousands | 3 Months Ended | ||||||
Jul. 31, 2016USD ($)Homes_sold | Apr. 30, 2016USD ($)Homes_sold | Jan. 31, 2016USD ($)Homes_sold | Oct. 31, 2015USD ($) | Jul. 31, 2015USD ($) | Apr. 30, 2015USD ($) | Jan. 31, 2015USD ($) | |
Minimum [Member] | |||||||
Fair value inputs, assets, quantitative information [Line Items] | |||||||
Average selling price | $ 0 | $ 369 | $ 0 | $ 301 | $ 788 | $ 527 | $ 289 |
Sales Pace (in ones) | 0 | 18 | 0 | 3 | 4 | 13 | 1 |
Fair Value Inputs, Discount Rate | 0.00% | 16.30% | 0.00% | 16.30% | 15.50% | 17.00% | 13.50% |
Maximum [Member] | |||||||
Fair value inputs, assets, quantitative information [Line Items] | |||||||
Average selling price | $ 0 | $ 394 | $ 0 | $ 764 | $ 1,298 | $ 600 | $ 680 |
Sales Pace (in ones) | 0 | 23 | 0 | 24 | 8 | 25 | 7 |
Fair Value Inputs, Discount Rate | 0.00% | 16.30% | 0.00% | 22.00% | 16.20% | 17.00% | 16.00% |
Fair Value Disclosures (Level69
Fair Value Disclosures (Level 4 inventory fv) (Details 3) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Jul. 31, 2016USD ($) | Apr. 30, 2016USD ($) | Jan. 31, 2016USD ($) | Oct. 31, 2015USD ($) | Jul. 31, 2015USD ($) | Apr. 30, 2015USD ($) | Jan. 31, 2015USD ($) | Jul. 31, 2016USD ($) | Jul. 31, 2015USD ($) | Oct. 31, 2015USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Inventory Write-down | $ 3,719 | $ 17,969 | $ 11,353 | $ 31,279 | ||||||
Operating communities [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Inventory Write-down | 7,950 | $ 22,300 | ||||||||
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) | 51 | 41 | 43 | 44 | 40 | 52 | 58 | |||
Number of Communities Impaired (in ones) | 2 | 2 | 2 | 3 | 3 | 1 | 4 | |||
Fair Value Of Communities Net Of Impairment Charges | $ 11,714 | $ 10,103 | $ 1,713 | $ 8,726 | $ 13,527 | $ 16,235 | $ 24,968 | $ 11,714 | $ 13,527 | $ 8,726 |
Inventory Write-down | $ 1,250 | $ 6,100 | $ 600 | $ 4,300 | $ 6,000 | $ 11,100 | $ 900 |
Fair Value Disclosures (Level70
Fair Value Disclosures (Level 4 debt fv) (Details 4) - USD ($) $ in Thousands | Jul. 31, 2016 | Oct. 31, 2015 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 3,892,003 | $ 3,809,078 |
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 | 1,059,627 | 1,001,702 |
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 | 125,000 | 100,000 |
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 | 2,707,376 | 2,707,376 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 4,053,777 | 3,978,405 |
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 | 1,058,881 | 1,001,366 |
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 | 125,000 | 100,000 |
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 | $ 2,869,896 | $ 2,877,039 |
Other Income - Net (Details)
Other Income - Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | |
Other Nonoperating Income By Component [Line Items] | ||||
Interest income | $ 676 | $ 568 | $ 1,612 | $ 1,754 |
Income from Ancillary Businesses | 4,139 | 4,667 | 11,559 | 18,392 |
Management fee income from unconsolidated entities | 2,348 | 3,051 | 6,863 | 9,441 |
Retained customer deposits | 780 | 1,423 | 4,449 | 3,735 |
Income from land sales | 6,527 | 2,952 | 11,018 | 10,302 |
Other | 549 | 521 | 1,622 | 1,474 |
Total other income - net | 15,121 | 14,070 | 43,474 | 50,005 |
Revenues and expenses of non-core ancillary businesses | ||||
Revenue | 32,823 | 32,017 | 85,955 | 88,244 |
Expense | 28,684 | 27,350 | 74,396 | 69,852 |
Revenues and expenses from land sales [Abstract] | ||||
Revenue | 64,109 | 12,281 | 77,701 | 139,027 |
Expense | 54,975 | 9,329 | 64,076 | 119,465 |
Income from land sales | 6,527 | 2,952 | 11,018 | 10,302 |
Gibraltar [Member] | ||||
Other Nonoperating Income By Component [Line Items] | ||||
Gibraltar | 102 | 888 | 6,351 | 4,907 |
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) | |||
Rental Property Joint Ventures Metro Washington, D.C. [Member] | ||||
Other Nonoperating Income By Component [Line Items] | ||||
Income from land sales | 2,600 | |||
Revenues and expenses from land sales [Abstract] | ||||
Revenue | 37,700 | 37,700 | ||
Deferred gain on land sale to joint venture | (2,607) | $ (2,607) | ||
Income from land sales | $ 2,600 |
Other Income - Net (Details Tex
Other Income - Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Income from Ancillary Businesses | $ 4,139 | $ 4,667 | $ 11,559 | $ 18,392 |
Land Sales | 64,109 | $ 12,281 | 77,701 | 139,027 |
Rental Property Joint Ventures Metro Washington, D.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Land Sales | 37,700 | $ 37,700 | ||
Retail Land Sales, Installment Method, Gross Profit, Deferred, Percentage | 50.00% | |||
Deferred gain on land sale to joint venture | 2,607 | $ 2,607 | ||
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 | $ 1,600 | $ 8,100 | ||
Co-venturer [Member] | Rental Property Joint Ventures Metro Washington, D.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Land Sales | $ 20,200 | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% |
Commitments and Contingencies73
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Jul. 31, 2016 | Oct. 31, 2015 |
Company's land purchase commitments | ||
Purchase Obligation | $ 1,558,871 | $ 1,217,348 |
Land Purchase Commitment To Unrelated Party [Member] | ||
Company's land purchase commitments | ||
Purchase Obligation | 1,478,209 | 1,081,008 |
Land Purchase Commitment To JV [Member] | ||
Company's land purchase commitments | ||
Purchase Obligation | 80,662 | 136,340 |
Land Parcel Purchase Commitment [Member] | ||
Company's land purchase commitments | ||
Deposits against aggregate purchase commitments | 69,466 | 79,072 |
Additional cash required to acquire land | 1,489,405 | 1,138,276 |
Amount of Additional Cash Required to Acquire Land Included in Accrued Expenses | $ 8,071 | $ 4,809 |
Commitments and Contingencies74
Commitments and Contingencies (Details Textual) $ in Thousands | Jul. 31, 2016USD ($)home_sites | Oct. 31, 2015USD ($) |
Long-term Purchase Commitment [Line Items] | ||
Expected Lot Purchase | home_sites | 3,600 | |
Purchase Obligation | $ 1,558,871 | $ 1,217,348 |
Land for Apartment Development Purchase Commitment [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase Obligation | 98,400 | |
Deposits against Aggregate Purchase Commitments | $ 3,800 |
Commitments and Contingencies75
Commitments and Contingencies (Details Textual 1) $ in Millions | Jul. 31, 2016USD ($)luxury_homes |
Backlog Information [Abstract] | |
Number of homes to be delivered (in ones) | luxury_homes | 5,181 |
Aggregate sales value of outstanding homes to be delivered | $ 4,370 |
Revolving Credit Facility [Member] | |
Loss Contingencies [Line Items] | |
Outstanding letter of credit | 80 |
Surety Bond Construction Improvements [Member] | |
Loss Contingencies [Line Items] | |
Outstanding Surety Bonds Amount | 659.9 |
Amount of work remains on improvements in the Company's various communities | 351.8 |
Surety Bond Other Obligations [Member] | |
Loss Contingencies [Line Items] | |
Additional outstanding surety bonds | 138.4 |
Restricted Cash and Investments [Member] | |
Loss Contingencies [Line Items] | |
Outstanding letter of credit | $ 14.1 |
Commitments and Contingencies76
Commitments and Contingencies (Details 1) - Loan Origination Commitments [Member] - USD ($) $ in Thousands | Jul. 31, 2016 | Oct. 31, 2015 |
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | $ 1,663,247 | $ 1,257,427 |
Investor commitments to purchase | 564,606 | 432,043 |
Interest Rate Lock Commitments [Member] | ||
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | 404,433 | 316,184 |
Investor commitments to purchase | 404,433 | 316,184 |
Non Interest Rate Lock Commitments [Member] [Member] | ||
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | 1,258,814 | 941,243 |
Mortgage Receivable [Member] | ||
Company's mortgage commitments | ||
Investor commitments to purchase | $ 160,173 | $ 115,859 |
Information on Operating Segm77
Information on Operating Segments (Details Textual) | 9 Months Ended |
Jul. 31, 2016 | |
Information on Operating Segments [Abstract] | |
Number of Operating Segments | 2 |
Number of Geographic Segments | 5 |
Information on Operating Segm78
Information on Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | Oct. 31, 2015 | |
Revenues | |||||
Revenues | $ 1,269,934 | $ 1,028,011 | $ 3,314,057 | $ 2,734,046 | |
Income (loss) before income taxes | |||||
Income before income taxes | 163,653 | 107,464 | 420,867 | 318,019 | |
Total assets | |||||
Total assets | 9,405,699 | 9,405,699 | $ 9,206,515 | ||
North [Member] | |||||
Revenues | |||||
Revenues | 205,200 | 180,705 | 491,692 | 463,159 | |
Income (loss) before income taxes | |||||
Income before income taxes | 18,994 | 14,487 | 35,300 | 27,918 | |
Total assets | |||||
Total assets | 1,122,979 | 1,122,979 | 1,061,777 | ||
Mid-Atlantic [Member] | |||||
Revenues | |||||
Revenues | 220,596 | 228,304 | 576,991 | 579,195 | |
Income (loss) before income taxes | |||||
Income before income taxes | 18,478 | 9,432 | 56,348 | 50,251 | |
Total assets | |||||
Total assets | 1,233,802 | 1,233,802 | 1,225,988 | ||
South [Member] | |||||
Revenues | |||||
Revenues | 232,118 | 233,504 | 571,364 | 611,288 | |
Income (loss) before income taxes | |||||
Income before income taxes | 32,386 | 38,360 | 84,765 | 100,960 | |
Total assets | |||||
Total assets | 1,230,005 | 1,230,005 | 1,196,650 | ||
West [Member] | |||||
Revenues | |||||
Revenues | 223,076 | 179,155 | 548,701 | 455,573 | |
Income (loss) before income taxes | |||||
Income before income taxes | 30,313 | 28,826 | 74,164 | 73,811 | |
Total assets | |||||
Total assets | 1,168,085 | 1,168,085 | 949,566 | ||
California [Member] | |||||
Revenues | |||||
Revenues | 336,438 | 145,833 | 881,779 | 439,824 | |
Income (loss) before income taxes | |||||
Income before income taxes | 80,293 | 25,040 | 198,776 | 71,684 | |
Total assets | |||||
Total assets | 2,573,603 | 2,573,603 | 2,243,309 | ||
Traditional Homebuilding [Member] | |||||
Revenues | |||||
Revenues | 1,217,428 | 967,501 | 3,070,527 | 2,549,039 | |
Income (loss) before income taxes | |||||
Income before income taxes | 180,464 | 116,145 | 449,353 | 324,624 | |
Total assets | |||||
Total assets | 7,328,474 | 7,328,474 | 6,677,290 | ||
City Living [Member] | |||||
Revenues | |||||
Revenues | 52,506 | 60,510 | 243,530 | 185,007 | |
Income (loss) before income taxes | |||||
Income before income taxes | 14,682 | 22,309 | 74,598 | 80,314 | |
Total assets | |||||
Total assets | 894,105 | 894,105 | 873,013 | ||
Corporate and other [Member] | |||||
Income (loss) before income taxes | |||||
Income before income taxes | (31,493) | $ (30,990) | (103,084) | $ (86,919) | |
Total assets | |||||
Total assets | $ 1,183,120 | $ 1,183,120 | $ 1,656,212 |
Supplemental Disclosure to Co79
Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2016 | Jul. 31, 2015 | |
Cash flow information: | ||
Interest Paid, Net | $ 876 | $ 10,897 |
Income tax payment | 116,681 | 162,390 |
Income tax refunds | 2,002 | 16,916 |
Non-cash activity: | ||
Cost of inventory acquired through seller financing municipal bonds or recorded due to VIE criteria, net | 25,368 | 51,980 |
Reduction in inventory, share of equity earnings, land purchase from JV | 8,546 | 4,309 |
Defined Benefit Plan, Plan Amendments | 757 | 754 |
Deferred tax decrease related to stock based compenation activity included in additional paid-in capital | 9,797 | |
Inrease in accrued expenses related to stock based compensation | 6,240 | |
Income tax benefit recognized in total comprehensive income | 25 | |
Non cash transfer of investment in unconsolidated investments to inventory | 132,256 | |
Non Cash Transfer Of Investment in Distressed Loans and Foreclosed Real Estate To Investment In Unconsolidated Entities | 5,917 | |
Non Cash Transfer Of Other Assets To Investment In Unconsolidated Entities | 19,050 | 4,852 |
Unrealized gain (loss) on derivatives held by equity investees | (2) | |
(Decrease) increase in investments in unconsolidated entities for change in the fair value of debt guarantees | (324) | 1,575 |
Miscellaneous (decreases) increases to investments in unconsolidated entities | $ 1,558 | $ 119 |
Supplemental Guarantor Inform80
Supplemental Guarantor Information (Level 4 Senior Note table) (Details) - USD ($) $ in Thousands | Jul. 31, 2016 | Oct. 31, 2015 | Oct. 30, 2015 |
Supplemental Guarantor Information (Textual) [Abstract] | |||
Senior notes | $ 2,693,221 | $ 2,689,801 | |
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% | ||
4.875% Senior Notes Due 2025 [Member] | |||
Supplemental Guarantor Information (Textual) [Abstract] | |||
Issued Senior Notes | $ 350,000 | ||
Senior notes | $ 350,000 | $ 350,000 | |
Interest rate on notes | 4.875% | 4.875% | |
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 Inform81
Supplemental Guarantor Information (Level 4 BS) (Details 1) - USD ($) $ in Thousands | Jul. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Oct. 31, 2014 |
ASSETS | ||||
Cash and cash equivalents | $ 351,854 | $ 918,993 | $ 394,808 | $ 586,315 |
Marketable securities | 10,001 | |||
Restricted cash and investments | 43,183 | 16,795 | ||
Inventory | 7,670,523 | 6,997,516 | ||
Property, construction and office equipment, net | 148,804 | 136,755 | ||
Receivables, prepaid expenses and other assets | 280,277 | 284,130 | ||
Mortgage loans held for sale | 170,937 | 123,175 | ||
Customer deposits held in escrow | 66,846 | 56,105 | ||
Investments in and advances to unconsolidated entities | 461,604 | 412,860 | ||
Investments in foreclosed real estate and distressed loans | 13,687 | 51,730 | ||
Investments in and advances to consolidated entities | 0 | 0 | ||
Deferred tax assets, net of valuation allowances | 197,984 | 198,455 | ||
Total assets | 9,405,699 | 9,206,515 | ||
Liabilities: | ||||
Loans payable | 1,058,656 | 1,000,439 | ||
Senior notes | 2,693,221 | 2,689,801 | ||
Mortgage company loan facility | 125,000 | 100,000 | ||
Customer deposits | 338,457 | 284,309 | ||
Accounts payable | 276,213 | 236,953 | ||
Accrued expenses | 628,684 | 608,066 | ||
Advances from Affiliiate | 0 | 0 | ||
Income taxes payable | 105,508 | 58,868 | ||
Total liabilities | 5,225,739 | 4,978,436 | ||
Equity: | ||||
Common stock | 1,779 | 1,779 | ||
Additional paid-in capital | 724,151 | 728,125 | ||
Retained earnings | 3,862,919 | 3,595,202 | ||
Treasury stock, at cost | (412,243) | (100,040) | ||
Accumulated other comprehensive loss | (2,455) | (2,509) | ||
Total stockholders' equity | 4,174,151 | 4,222,557 | ||
Noncontrolling interest | 5,809 | 5,522 | ||
Total equity | 4,179,960 | 4,228,079 | ||
Total liabilities and stockholders' equity | 9,405,699 | 9,206,515 | ||
Toll Brothers Inc. [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Marketable securities | ||||
Restricted cash and investments | 15,253 | 15,227 | ||
Inventory | ||||
Property, construction and office equipment, net | ||||
Receivables, prepaid expenses and other assets | 99 | 52 | ||
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 | 4,066,323 | 4,067,722 | ||
Deferred tax assets, net of valuation allowances | 197,984 | 198,455 | ||
Total assets | 4,279,659 | 4,281,456 | ||
Liabilities: | ||||
Loans payable | ||||
Senior notes | ||||
Mortgage company loan facility | ||||
Customer deposits | ||||
Accounts payable | ||||
Accrued expenses | ||||
Advances from Affiliiate | ||||
Income taxes payable | 105,508 | 58,868 | ||
Total liabilities | 105,508 | 58,868 | ||
Equity: | ||||
Common stock | 1,779 | 1,779 | ||
Additional paid-in capital | 724,151 | 728,125 | ||
Retained earnings | 3,862,919 | 3,595,202 | ||
Treasury stock, at cost | (412,243) | (100,040) | ||
Accumulated other comprehensive loss | (2,455) | (2,478) | ||
Total stockholders' equity | 4,174,151 | 4,222,588 | ||
Noncontrolling interest | ||||
Total equity | 4,174,151 | 4,222,588 | ||
Total liabilities and stockholders' equity | 4,279,659 | 4,281,456 | ||
Subsidiary Issuer [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Marketable securities | ||||
Restricted cash and investments | ||||
Inventory | ||||
Property, construction and office equipment, net | ||||
Receivables, prepaid expenses and other assets | ||||
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 | 2,743,725 | 2,726,428 | ||
Deferred tax assets, net of valuation allowances | ||||
Total assets | 2,743,725 | 2,726,428 | ||
Liabilities: | ||||
Loans payable | ||||
Senior notes | 2,680,305 | 2,669,860 | ||
Mortgage company loan facility | ||||
Customer deposits | ||||
Accounts payable | ||||
Accrued expenses | 36,869 | 25,699 | ||
Advances from Affiliiate | ||||
Income taxes payable | ||||
Total liabilities | 2,717,174 | 2,695,559 | ||
Equity: | ||||
Common stock | ||||
Additional paid-in capital | 49,400 | 49,400 | ||
Retained earnings | (22,849) | (18,531) | ||
Treasury stock, at cost | ||||
Accumulated other comprehensive loss | ||||
Total stockholders' equity | 26,551 | 30,869 | ||
Noncontrolling interest | ||||
Total equity | 26,551 | 30,869 | ||
Total liabilities and stockholders' equity | 2,743,725 | 2,726,428 | ||
Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 302,234 | 783,599 | 264,661 | 455,714 |
Marketable securities | ||||
Restricted cash and investments | 14,099 | 499 | ||
Inventory | 7,236,183 | 6,530,698 | ||
Property, construction and office equipment, net | 132,758 | 121,178 | ||
Receivables, prepaid expenses and other assets | 207,426 | 149,268 | ||
Mortgage loans held for sale | ||||
Customer deposits held in escrow | 62,885 | 51,767 | ||
Investments in and advances to unconsolidated entities | 103,683 | 115,999 | ||
Investments in foreclosed real estate and distressed loans | ||||
Investments in and advances to consolidated entities | 29,394 | 4,740 | ||
Deferred tax assets, net of valuation allowances | ||||
Total assets | 8,088,662 | 7,757,748 | ||
Liabilities: | ||||
Loans payable | 1,058,656 | 1,000,439 | ||
Senior notes | ||||
Mortgage company loan facility | ||||
Customer deposits | 325,317 | 271,124 | ||
Accounts payable | 274,836 | 236,436 | ||
Accrued expenses | 388,459 | 361,089 | ||
Advances from Affiliiate | 1,830,325 | 1,932,075 | ||
Income taxes payable | ||||
Total liabilities | 3,877,593 | 3,801,163 | ||
Equity: | ||||
Common stock | 48 | 48 | ||
Additional paid-in capital | ||||
Retained earnings | 4,211,021 | 3,956,568 | ||
Treasury stock, at cost | ||||
Accumulated other comprehensive loss | (31) | |||
Total stockholders' equity | 4,211,069 | 3,956,585 | ||
Noncontrolling interest | ||||
Total equity | 4,211,069 | 3,956,585 | ||
Total liabilities and stockholders' equity | 8,088,662 | 7,757,748 | ||
Nonguarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 49,620 | 135,394 | 130,147 | 130,601 |
Marketable securities | 10,001 | |||
Restricted cash and investments | 13,831 | 1,069 | ||
Inventory | 434,340 | 466,818 | ||
Property, construction and office equipment, net | 16,046 | 15,577 | ||
Receivables, prepaid expenses and other assets | 126,307 | 178,680 | ||
Mortgage loans held for sale | 170,937 | 123,175 | ||
Customer deposits held in escrow | 3,961 | 4,338 | ||
Investments in and advances to unconsolidated entities | 357,921 | 296,861 | ||
Investments in foreclosed real estate and distressed loans | 13,687 | 51,730 | ||
Investments in and advances to consolidated entities | 90,211 | |||
Deferred tax assets, net of valuation allowances | ||||
Total assets | 1,276,861 | 1,283,643 | ||
Liabilities: | ||||
Loans payable | ||||
Senior notes | ||||
Mortgage company loan facility | 125,000 | 100,000 | ||
Customer deposits | 13,140 | 13,185 | ||
Accounts payable | 1,377 | 517 | ||
Accrued expenses | 258,397 | 266,411 | ||
Advances from Affiliiate | 755,820 | 850,374 | ||
Income taxes payable | ||||
Total liabilities | 1,153,734 | 1,230,487 | ||
Equity: | ||||
Common stock | 3,006 | 3,006 | ||
Additional paid-in capital | 1,734 | 1,734 | ||
Retained earnings | 112,578 | 42,894 | ||
Treasury stock, at cost | ||||
Accumulated other comprehensive loss | ||||
Total stockholders' equity | 117,318 | 47,634 | ||
Noncontrolling interest | 5,809 | 5,522 | ||
Total equity | 123,127 | 53,156 | ||
Total liabilities and stockholders' equity | 1,276,861 | 1,283,643 | ||
Eliminations [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Marketable securities | ||||
Restricted cash and investments | ||||
Inventory | ||||
Property, construction and office equipment, net | ||||
Receivables, prepaid expenses and other assets | (53,555) | (43,870) | ||
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 | (6,929,653) | (6,798,890) | ||
Deferred tax assets, net of valuation allowances | ||||
Total assets | (6,983,208) | (6,842,760) | ||
Liabilities: | ||||
Loans payable | ||||
Senior notes | 12,916 | 19,941 | ||
Mortgage company loan facility | ||||
Customer deposits | ||||
Accounts payable | ||||
Accrued expenses | (55,041) | (45,133) | ||
Advances from Affiliiate | (2,586,145) | (2,782,449) | ||
Income taxes payable | ||||
Total liabilities | (2,628,270) | (2,807,641) | ||
Equity: | ||||
Common stock | (3,054) | (3,054) | ||
Additional paid-in capital | (51,134) | (51,134) | ||
Retained earnings | (4,300,750) | (3,980,931) | ||
Treasury stock, at cost | ||||
Accumulated other comprehensive loss | ||||
Total stockholders' equity | (4,354,938) | (4,035,119) | ||
Noncontrolling interest | ||||
Total equity | (4,354,938) | (4,035,119) | ||
Total liabilities and stockholders' equity | $ (6,983,208) | $ (6,842,760) |
Supplemental Guarantor Inform82
Supplemental Guarantor Information (Level 4 IS) (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | |
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | $ 1,269,934 | $ 1,028,011 | $ 3,314,057 | $ 2,734,046 |
Cost of revenues | 991,416 | 824,394 | 2,574,298 | 2,152,938 |
Selling, general and administrative | 134,984 | 116,175 | 385,120 | 330,174 |
Total | 1,126,400 | 940,569 | 2,959,418 | 2,483,112 |
Income (loss) from operations | 143,534 | 87,442 | 354,639 | 250,934 |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | 4,998 | 5,952 | 22,754 | 17,080 |
Other income - net | 15,121 | 14,070 | 43,474 | 50,005 |
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 | 163,653 | 107,464 | 420,867 | 318,019 |
Income tax provision (benefit) | 58,170 | 40,715 | 153,150 | 102,015 |
Net income (loss) | 105,483 | 66,749 | 267,717 | 216,004 |
Other Comprehensive Income (Loss), Net of Tax | 155 | 151 | 54 | (62) |
Comprehensive Income (loss), Net of Tax, Attributable to Parent | 105,638 | 66,900 | 267,771 | 215,942 |
Toll Brothers Inc. [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | ||||
Cost of revenues | ||||
Selling, general and administrative | 27 | 29 | 49 | 66 |
Total | 27 | 29 | 49 | 66 |
Income (loss) from operations | (27) | (29) | (49) | (66) |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | ||||
Other income - net | 2,395 | 2,379 | 7,106 | 7,049 |
Intercompany interest income | ||||
Interest Expense | ||||
Income from subsidiaries | 161,285 | 105,114 | 413,810 | 311,036 |
Income (loss) before income taxes | 163,653 | 107,464 | 420,867 | 318,019 |
Income tax provision (benefit) | 58,170 | 40,715 | 153,150 | 102,015 |
Net income (loss) | 105,483 | 66,749 | 267,717 | 216,004 |
Other Comprehensive Income (Loss), Net of Tax | 155 | 139 | 23 | (62) |
Comprehensive Income (loss), Net of Tax, Attributable to Parent | 105,638 | 66,888 | 267,740 | 215,942 |
Subsidiary Issuer [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | ||||
Cost of revenues | ||||
Selling, general and administrative | 937 | 867 | 2,857 | 2,689 |
Total | 937 | 867 | 2,857 | 2,689 |
Income (loss) from operations | (937) | (867) | (2,857) | (2,689) |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | ||||
Other income - net | ||||
Intercompany interest income | 36,370 | 32,741 | 109,347 | 105,134 |
Interest Expense | (37,800) | (34,241) | (113,514) | (109,469) |
Income from subsidiaries | ||||
Income (loss) before income taxes | (2,367) | (2,367) | (7,024) | (7,024) |
Income tax provision (benefit) | (911) | (895) | (2,705) | (2,657) |
Net income (loss) | (1,456) | (1,472) | (4,319) | (4,367) |
Other Comprehensive Income (Loss), Net of Tax | ||||
Comprehensive Income (loss), Net of Tax, Attributable to Parent | (1,456) | (1,472) | (4,319) | (4,367) |
Guarantor Subsidiaries [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | 1,248,474 | 1,040,738 | 3,123,436 | 2,764,788 |
Cost of revenues | 973,493 | 826,205 | 2,451,554 | 2,158,932 |
Selling, general and administrative | 141,519 | 123,667 | 402,049 | 349,861 |
Total | 1,115,012 | 949,872 | 2,853,603 | 2,508,793 |
Income (loss) from operations | 133,462 | 90,866 | 269,833 | 255,995 |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | 5,835 | 3,898 | 16,168 | 11,332 |
Other income - net | 8,109 | 8,664 | 21,504 | 26,697 |
Intercompany interest income | ||||
Interest Expense | ||||
Income from subsidiaries | 13,880 | 1,686 | 106,305 | 17,012 |
Income (loss) before income taxes | 161,286 | 105,114 | 413,810 | 311,036 |
Income tax provision (benefit) | 62,086 | 39,765 | 159,358 | 117,665 |
Net income (loss) | 99,200 | 65,349 | 254,452 | 193,371 |
Other Comprehensive Income (Loss), Net of Tax | 12 | 31 | ||
Comprehensive Income (loss), Net of Tax, Attributable to Parent | 99,200 | 65,361 | 254,483 | 193,371 |
Nonguarantor Subsidiaries [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | 56,457 | 20,811 | 282,207 | 53,963 |
Cost of revenues | 24,085 | 3,838 | 134,952 | 6,933 |
Selling, general and administrative | 18,198 | 16,737 | 53,399 | 43,827 |
Total | 42,283 | 20,575 | 188,351 | 50,760 |
Income (loss) from operations | 14,174 | 236 | 93,856 | 3,203 |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | (837) | 2,054 | 6,586 | 5,748 |
Other income - net | 3,625 | 2,084 | 14,164 | 15,672 |
Intercompany interest income | ||||
Interest Expense | (714) | (321) | (1,277) | (587) |
Income from subsidiaries | ||||
Income (loss) before income taxes | 16,248 | 4,053 | 113,329 | 24,036 |
Income tax provision (benefit) | 6,249 | 1,533 | 43,645 | 9,092 |
Net income (loss) | 9,999 | 2,520 | 69,684 | 14,944 |
Other Comprehensive Income (Loss), Net of Tax | ||||
Comprehensive Income (loss), Net of Tax, Attributable to Parent | 9,999 | 2,520 | 69,684 | 14,944 |
Eliminations [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | (34,997) | (33,538) | (91,586) | (84,705) |
Cost of revenues | (6,162) | (5,649) | (12,208) | (12,927) |
Selling, general and administrative | (25,697) | (25,125) | (73,234) | (66,269) |
Total | (31,859) | (30,774) | (85,442) | (79,196) |
Income (loss) from operations | (3,138) | (2,764) | (6,144) | (5,509) |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | ||||
Other income - net | 992 | 943 | 700 | 587 |
Intercompany interest income | (36,370) | (32,741) | (109,347) | (105,134) |
Interest Expense | 38,514 | 34,562 | 114,791 | 110,056 |
Income from subsidiaries | (175,165) | (106,800) | (520,115) | (328,048) |
Income (loss) before income taxes | (175,167) | (106,800) | (520,115) | (328,048) |
Income tax provision (benefit) | (67,424) | (40,403) | (200,298) | (124,100) |
Net income (loss) | (107,743) | (66,397) | (319,817) | (203,948) |
Other Comprehensive Income (Loss), Net of Tax | ||||
Comprehensive Income (loss), Net of Tax, Attributable to Parent | $ (107,743) | $ (66,397) | $ (319,817) | $ (203,948) |
Supplemental Guarantor Inform83
Supplemental Guarantor Information (Level 4 CF) (Details 3) - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2016 | Jul. 31, 2015 | |
Cash flow (used in) provided by operating activities: | ||
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | $ (325,253) | $ (111,251) |
Cash flow (used in) provided by investing activities: | ||
Purchase of property and equipment - net | (23,280) | (7,245) |
Sale and redemption of marketable securities | 10,000 | 2,000 |
Investment in and advances to unconsolidated entities | (40,627) | (39,281) |
Return of investments in unconsolidated entities | 34,769 | 34,803 |
Investment in distressed loans and foreclosed real estate | (964) | (2,096) |
Return of investments in distressed loans and foreclosed real estate | 34,601 | 23,372 |
Net increase in cash from purchase of joint venture interest | 3,848 | |
Proceeds from Dividends Received | 0 | |
Intercompany investing advances (to) from consolidated entities | 0 | 0 |
Net cash provided by (used in) investing activities | 14,499 | 15,401 |
Cash flow (used in) provided by financing activities: | ||
Payments of Debt Issuance Costs Senior Long Term Debt | (35) | |
Proceeds from Notes Payable | 1,756,528 | 1,216,094 |
Payments of Debt Issuance Costs Notes Payable | (3,936) | |
Principal payments of loans payable | (1,688,087) | (1,043,542) |
Redemption of senior notes | (300,000) | |
Proceeds from stock-based benefit plans | 5,336 | 35,246 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 1,131 | 4,603 |
Purchase of treasury stock | (327,612) | (6,746) |
Proceeds from (Payments to) Noncontrolling Interests | 290 | (1,312) |
Payments of Dividends | 0 | |
Intercompany financing advances (to) from consolidated entities | 0 | 0 |
Net cash provided by (used in) financing activities | (256,385) | (95,657) |
Net increase (decrease) in cash and cash equivalents | (567,139) | (191,507) |
Cash and cash equivalents, beginning of period | 918,993 | 586,315 |
Cash and cash equivalents, end of period | 351,854 | 394,808 |
Toll Brothers Inc. [Member] | ||
Cash flow (used in) provided by operating activities: | ||
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | 71,539 | (7,795) |
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 | ||
Proceeds from Dividends Received | ||
Intercompany investing advances (to) from consolidated entities | 249,606 | (25,308) |
Net cash provided by (used in) investing activities | 249,606 | (25,308) |
Cash flow (used in) provided by financing activities: | ||
Payments of Debt Issuance Costs Senior Long Term Debt | ||
Proceeds from Notes Payable | ||
Payments of Debt Issuance Costs Notes Payable | ||
Principal payments of loans payable | ||
Redemption of senior notes | ||
Proceeds from stock-based benefit plans | 5,336 | 35,246 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 1,131 | 4,603 |
Purchase of treasury stock | (327,612) | (6,746) |
Proceeds from (Payments to) Noncontrolling Interests | ||
Payments of Dividends | ||
Intercompany financing advances (to) from consolidated entities | ||
Net cash provided by (used in) financing activities | (321,145) | 33,103 |
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 | 17,333 | 7,730 |
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 | ||
Proceeds from Dividends Received | ||
Intercompany investing advances (to) from consolidated entities | (17,298) | 292,270 |
Net cash provided by (used in) investing activities | (17,298) | 292,270 |
Cash flow (used in) provided by financing activities: | ||
Payments of Debt Issuance Costs Senior Long Term Debt | (35) | |
Proceeds from Notes Payable | ||
Payments of Debt Issuance Costs Notes Payable | ||
Principal payments of loans payable | ||
Redemption of senior notes | (300,000) | |
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 | (35) | (300,000) |
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 | (461,637) | (17,570) |
Cash flow (used in) provided by investing activities: | ||
Purchase of property and equipment - net | (22,623) | (5,954) |
Sale and redemption of marketable securities | 2,000 | |
Investment in and advances to unconsolidated entities | (2,057) | (3,172) |
Return of investments in unconsolidated entities | 26,486 | 20,261 |
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 | |
Proceeds from Dividends Received | 5,000 | |
Intercompany investing advances (to) from consolidated entities | ||
Net cash provided by (used in) investing activities | 6,806 | 16,983 |
Cash flow (used in) provided by financing activities: | ||
Payments of Debt Issuance Costs Senior Long Term Debt | ||
Proceeds from Notes Payable | 550,000 | 250,000 |
Payments of Debt Issuance Costs Notes Payable | (3,936) | |
Principal payments of loans payable | (506,559) | (86,166) |
Redemption of senior notes | ||
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 | (66,039) | (354,300) |
Net cash provided by (used in) financing activities | (26,534) | (190,466) |
Net increase (decrease) in cash and cash equivalents | (481,365) | (191,053) |
Cash and cash equivalents, beginning of period | 783,599 | 455,714 |
Cash and cash equivalents, end of period | 302,234 | 264,661 |
Nonguarantor Subsidiaries [Member] | ||
Cash flow (used in) provided by operating activities: | ||
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | 61,008 | (85,025) |
Cash flow (used in) provided by investing activities: | ||
Purchase of property and equipment - net | (657) | (1,291) |
Sale and redemption of marketable securities | 10,000 | |
Investment in and advances to unconsolidated entities | (38,570) | (36,109) |
Return of investments in unconsolidated entities | 8,283 | 14,542 |
Investment in distressed loans and foreclosed real estate | (964) | (2,096) |
Return of investments in distressed loans and foreclosed real estate | 34,601 | 23,372 |
Net increase in cash from purchase of joint venture interest | ||
Proceeds from Dividends Received | ||
Intercompany investing advances (to) from consolidated entities | ||
Net cash provided by (used in) investing activities | 12,693 | (1,582) |
Cash flow (used in) provided by financing activities: | ||
Payments of Debt Issuance Costs Senior Long Term Debt | ||
Proceeds from Notes Payable | 1,206,528 | 966,094 |
Payments of Debt Issuance Costs Notes Payable | ||
Principal payments of loans payable | (1,181,528) | (957,376) |
Redemption of senior notes | ||
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 | 290 | (1,312) |
Payments of Dividends | (5,000) | |
Intercompany financing advances (to) from consolidated entities | (179,765) | 78,747 |
Net cash provided by (used in) financing activities | (159,475) | 86,153 |
Net increase (decrease) in cash and cash equivalents | (85,774) | (454) |
Cash and cash equivalents, beginning of period | 135,394 | 130,601 |
Cash and cash equivalents, end of period | 49,620 | 130,147 |
Eliminations [Member] | ||
Cash flow (used in) provided by operating activities: | ||
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | (13,496) | (8,591) |
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 | ||
Proceeds from Dividends Received | (5,000) | |
Intercompany investing advances (to) from consolidated entities | (232,308) | (266,962) |
Net cash provided by (used in) investing activities | (237,308) | (266,962) |
Cash flow (used in) provided by financing activities: | ||
Payments of Debt Issuance Costs Senior Long Term Debt | ||
Proceeds from Notes Payable | ||
Payments of Debt Issuance Costs Notes Payable | ||
Principal payments of loans payable | ||
Redemption of senior notes | ||
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 | 5,000 | |
Intercompany financing advances (to) from consolidated entities | 245,804 | 275,553 |
Net cash provided by (used in) financing activities | 250,804 | 275,553 |
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 Inform84
Supplemental Guarantor Information Supplemental Guarantor Information (Level 4 Textuals) (Details) | Jul. 31, 2016 |
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% |
Subsidiary Issuer [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% |