Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jul. 31, 2017 | Sep. 05, 2017 | |
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, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 158,255,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2017 | Oct. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 946,195 | $ 633,715 |
Restricted cash and investments | 781 | 31,291 |
Inventory | 7,633,568 | 7,353,967 |
Property, construction and office equipment, net | 179,476 | 169,576 |
Receivables, prepaid expenses and other assets | 536,524 | 582,758 |
Mortgage loans held for sale | 89,419 | 248,601 |
Customer deposits held in escrow | 93,851 | 53,057 |
Investments in unconsolidated entities | 514,265 | 496,411 |
Deferred tax assets, net of valuation allowances | 134,857 | 167,413 |
Total assets | 10,128,936 | 9,736,789 |
Liabilities: | ||
Loans payable | 619,574 | 871,079 |
Senior notes | 3,148,905 | 2,694,372 |
Mortgage company loan facility | 57,921 | 210,000 |
Customer deposits | 414,145 | 309,099 |
Accounts payable | 276,766 | 281,955 |
Accrued expenses | 956,121 | 1,072,300 |
Income taxes payable | 116,883 | 62,782 |
Total liabilities | 5,590,315 | 5,501,587 |
Stockholders' equity: | ||
Preferred stock, none issued | 0 | 0 |
Common stock, 177,937 shares issued at July 31, 2017 and October 31, 2016, respectively | 1,779 | 1,779 |
Additional paid-in capital | 713,624 | 728,464 |
Retained earnings | 4,294,808 | 3,977,297 |
Treasury stock, at cost - 15,884 and 16,154 shares at July 31, 2017 and October 31, 2016, respectively | (474,665) | (474,912) |
Accumulated other comprehensive loss | (2,832) | (3,336) |
Total stockholders' equity | 4,532,714 | 4,229,292 |
Noncontrolling interest | 5,907 | 5,910 |
Total equity | 4,538,621 | 4,235,202 |
Total liabilities and stockholders' equity | $ 10,128,936 | $ 9,736,789 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands | Jul. 31, 2017 | Oct. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares issued | 0 | 0 |
Common stock, shares issued | 177,937 | 177,937 |
Treasury stock, at cost | 15,884 | 16,154 |
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, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Revenues | $ 1,502,909 | $ 1,269,934 | $ 3,787,151 | $ 3,314,057 |
Cost of revenues | 1,176,028 | 991,416 | 2,986,471 | 2,574,298 |
Selling, general and administrative | 155,212 | 134,984 | 440,183 | 385,120 |
Total | 1,331,240 | 1,126,400 | 3,426,654 | 2,959,418 |
Income from operations | 171,669 | 143,534 | 360,497 | 354,639 |
Other: | ||||
Income from unconsolidated entities | 19,925 | 4,998 | 112,274 | 22,754 |
Other income - net | 11,980 | 15,121 | 39,793 | 43,474 |
Income before income taxes | 203,574 | 163,653 | 512,564 | 420,867 |
Income tax provision (benefit) | 55,011 | 58,170 | 168,947 | 153,150 |
Net income | 148,563 | 105,483 | 343,617 | 267,717 |
Other comprehensive (loss) income, net of tax: | ||||
Other comprehensive (loss) income, net | 167 | 155 | 504 | 54 |
Total comprehensive income | $ 148,730 | $ 105,638 | $ 344,121 | $ 267,771 |
Per share: | ||||
Basic earnings | $ 0.91 | $ 0.64 | $ 2.11 | $ 1.58 |
Diluted earnings | 0.87 | 0.61 | 2.01 | 1.52 |
Cash dividends declared | $ 0.08 | $ 0.16 | ||
Weighted average number of shares: | ||||
Basic | 163,478 | 165,919 | 163,186 | 169,692 |
Diluted | 171,562 | 173,405 | 171,127 | 177,403 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Cash flow used in operating activities: | ||
Net income | $ 343,617 | $ 267,717 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 18,423 | 16,838 |
Stock-based compensation | 22,088 | 21,006 |
Excess tax benefits from stock-based compensation | (1,172) | (1,131) |
Income (Loss) from unconsolidated entities | (112,274) | (22,754) |
Distributions of earnings from unconsolidated entities | 125,138 | 14,615 |
Income from distressed loans and foreclosed real estate | (4,287) | (1,593) |
Deferred tax provision (benefit) | 59,266 | (9,807) |
Deferred tax valuation allowances | (32,154) | 506 |
Inventory impairments and write-offs | 11,314 | 11,353 |
Other | 2,299 | (669) |
Changes in operating assets and liabilities | ||
Increase in inventory | (228,887) | (667,539) |
Origination of mortgage loans | (821,265) | (826,058) |
Sale of mortgage loans | 979,625 | 780,508 |
(Increase) decrease in restricted cash and investments | 30,510 | (26,388) |
(Increase) decrease in receivables, prepaid expenses and other assets | 46,941 | (11,108) |
Increase in customer deposits | 64,252 | 43,407 |
(Decrease) increase in accounts payable and accrued expenses | (133,845) | 38,073 |
Increase (decrease) in income taxes payable | 55,273 | 47,771 |
Net Cash Used in Operating Activities, Continuing Operations | 424,862 | (325,253) |
Cash flow provided by investing activities: | ||
Purchase of property and equipment - net | (22,401) | (23,280) |
Sale and redemption of marketable securities | 10,000 | |
Investment in and advances to unconsolidated entities | (119,714) | (40,627) |
Return of investments in unconsolidated entities | 139,346 | 34,769 |
Investment in distressed loans and foreclosed real estate | (688) | (964) |
Return of investments in distressed loans and foreclosed real estate | 12,429 | 34,601 |
Acquisition of a business, net of cash acquired | (85,183) | |
Net Cash Provided By Investing Activities, Continuing Operations | (76,211) | 14,499 |
Cash flow (used in) provided by financing activities: | ||
Proceeds from issuance of senior notes | 455,483 | |
Debt issuance costs for senior notes | (4,446) | (35) |
Proceeds from loans payable | 1,083,472 | 1,756,528 |
Debt issuance costs for loans payable | (3,936) | |
Principal payments of loans payable | (1,513,078) | (1,688,087) |
Proceeds from stock-based benefit plans | 57,958 | 5,336 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 1,172 | 1,131 |
Purchase of treasury stock | (90,716) | (327,612) |
Dividends paid | (26,016) | |
(Payments) receipts related to noncontrolling interest, net | 290 | |
Net Cash Used in Financing Activities, Continuing Operations | (36,171) | (256,385) |
Net increase (decrease) in cash and cash equivalents | 312,480 | (567,139) |
Cash and cash equivalents, beginning of period | 633,715 | 918,993 |
Cash and cash equivalents, end of period | $ 946,195 | $ 351,854 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Jul. 31, 2017 | |
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 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, 2016 balance sheet amounts and disclosures included herein have been derived from our October 31, 2016 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, 2016 (“2016 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, 2017 ; the results of our operations for the nine -month and three -month periods ended July 31, 2017 and 2016 ; and our cash flows for the nine -month periods ended July 31, 2017 and 2016 . The results of operations for such interim periods are not necessarily indicative of the results to be expected for the full year. Acquisition In November 2016, we acquired substantially all of the assets and operations of Coleman Real Estate Holdings, LLC (“Coleman”) for $85.2 million in cash. The assets acquired were primarily inventory, including approximately 1,750 home sites owned or controlled through land purchase agreements. As part of the acquisition, we assumed contracts to deliver 128 homes with an aggregate value of $38.8 million . The average price of the undelivered homes at the date of acquisition was approximately $303,000 . Our selling community count increased by 15 communities at the acquisition date. The acquisition of Coleman’s assets and operations was not material to our results of operations or financial condition. Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. We adopted ASU 2015-05 on November 1, 2016, and we elected to adopt the standard prospectively. The adoption did not 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 requires re-evaluation of these entities under the revised guidance which may change previous consolidation conclusions. We adopted ASU 2015-02 on November 1, 2016, and the adoption did not have a material effect on our consolidated financial statements or disclosures. In March 2017, the FASB issued ASU No. 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”). ASU 2017-07 requires an employer to report the service cost component of pension and other postretirement benefit costs in the same line item as other compensation costs arising from services rendered by the pertinent employees while the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. ASU 2017-07 is effective for our fiscal year beginning November 1, 2018; however, early adoption is permitted. We expect to adopt ASU 2017-07 on November 1, 2017 and do not expect the adoption to have a material effect on our consolidated financial statements and disclosures. In February 2017, the FASB issued ASU No. 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” (“ASU 2017-05”). ASU 2017-05 is meant to clarify the scope of the original guidance within Subtopic 610-20 that was issued in connection with ASU 2014-09, as defined below, which provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. ASU 2017-05 also added guidance for partial sales of nonfinancial assets. ASU 2017-05 is effective for our fiscal year beginning November 1, 2018 and we are required to adopt ASU 2017-05 concurrent with the adoption of ASU 2014-09. We are currently evaluating the impact that the adoption of ASU 2017-05 may have on our consolidated financial statements and disclosures. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which provides guidance for revenue recognition. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. ASU 2014-09 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 expect to adopt the new standard under the modified retrospective approach. We do not believe the adoption of ASU 2014-09 will have a material impact on the amount or timing of our home building revenues. We are continuing to evaluate the impact the adoption of ASU 2014-09 may have on other aspects of our business and on our consolidated financial statements and disclosures. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”), which provides a more robust framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for our fiscal year beginning November 1, 2018. We are currently evaluating the impact that the adoption of ASU 2017-01 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 do not expect the adoption of ASU 2016-09 to have a material effect 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. |
Inventory
Inventory | 9 Months Ended |
Jul. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory at July 31, 2017 and October 31, 2016 consisted of the following (amounts in thousands): July 31, October 31, Land controlled for future communities $ 81,512 $ 71,729 Land owned for future communities 1,153,712 1,884,146 Operating communities 6,398,344 5,398,092 $ 7,633,568 $ 7,353,967 Operating communities include communities offering homes for sale; communities that have sold all available home sites but have not completed delivery of the homes; communities that were previously offering homes for sale but are temporarily closed due to business conditions or non-availability of improved home sites and that are expected to reopen within 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, 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. 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 17 18 Carrying value (in thousands) $ 136,704 $ 123,936 Operating communities: Number of communities 4 3 Carrying value (in thousands) $ 11,553 $ 8,523 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, 2017 2016 2017 2016 Land controlled for future communities $ 1,479 $ 3,103 $ 697 $ 2,469 Land owned for future communities 1,540 300 340 Operating communities 8,295 7,950 1,360 1,250 $ 11,314 $ 11,353 $ 2,397 $ 3,719 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. At July 31, 2017 , we evaluated our land purchase contracts, including those to acquire land for apartment developments, 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, 2017 , we determined that 96 land purchase contracts, with an aggregate purchase price of $1.26 billion , on which we had made aggregate deposits totaling $58.3 million , were VIEs, and that we were not the primary beneficiary of any VIE related to our land purchase contracts. At October 31, 2016 , we determined that 78 land purchase contracts, with an aggregate purchase price of $987.3 million , on which we had made aggregate deposits totaling $44.1 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, 2017 2016 2017 2016 Interest capitalized, beginning of period $ 369,419 $ 373,128 $ 376,213 $ 383,482 Interest incurred 130,887 122,079 45,577 41,667 Interest expensed to cost of revenues (114,365 ) (107,176 ) (45,879 ) (39,431 ) Interest expensed in other income (2,097 ) (606 ) (102 ) (297 ) Interest capitalized on investments in unconsolidated entities (6,485 ) (3,947 ) (2,271 ) (1,704 ) Previously capitalized interest transferred to investments in unconsolidated entities (4,030 ) Previously capitalized interest on investments in unconsolidated entities transferred to inventory 979 687 770 448 Interest capitalized, end of period $ 374,308 $ 384,165 $ 374,308 $ 384,165 |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 9 Months Ended |
Jul. 31, 2017 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities We have investments in various unconsolidated entities. These entities, which are structured as joint ventures (i) develop land for the joint venture participants and for sale to outside builders (“Land Development Joint Ventures”); (ii) develop for-sale homes (“Home Building Joint Ventures”); (iii) develop luxury for-rent residential apartments, commercial space, and 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 and land banking 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, 2017 , 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 4 13 5 29 Investment in unconsolidated entities $ 283,248 $ 89,437 $ 124,951 $ 16,629 $ 514,265 Number of unconsolidated entities with funding commitments by the Company 5 1 1 1 8 Company’s remaining funding commitment to unconsolidated entities $ 33,950 $ 8,300 $ 1,000 $ 9,621 $ 52,871 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, 2017 , regarding the debt financing obtained by category ($ amounts in thousands): Land Home Building Rental Property Total Number of joint ventures with debt financing 3 1 11 15 Aggregate loan commitments $ 275,000 $ 236,500 $ 1,021,406 $ 1,532,906 Amounts borrowed under loan commitments $ 262,175 $ 100,989 $ 780,157 $ 1,143,321 More specific and/or recent information regarding our investments in, advances to, and future commitments to these entities is provided below. Land Development Joint Ventures During the nine months ended July 31, 2017 , our Land Development Joint Ventures sold 871 lots and recognized revenues of $215.9 million . We acquired 288 of these lots for $122.5 million . Our share of the joint venture income from the lots we acquired of $12.9 million was deferred by reducing our basis in those lots acquired. The Company recognized impairment charges in connection with one Land Development Joint Venture of $2.0 million in the nine months ended July 31, 2017 . During the nine months ended July 31, 2016 , our Land Development Joint Ventures sold approximately 634 lots and recognized revenues of $126.5 million . We acquired 178 of these lots for $61.2 million . Our share of the income from the lots we acquired of $8.9 million was deferred by reducing our basis in those lots acquired. There were no impairment charges recognized for the nine months ending July 31, 2016 . During the three months ended July 31, 2017 , our Land Development Joint Ventures sold 362 lots and recognized revenues of $115.0 million . We acquired 126 of these lots for $76.3 million . Our share of the joint venture income of $5.9 million from the lots we acquired was deferred by reducing our basis in those acquired lots. During the three months ended July 31, 2016 , our Land Development Joint Ventures sold approximately 95 lots and recognized revenues of $27.8 million . We acquired 66 of these lots for $25.9 million . Our share of the income of $3.7 million from the lots we acquired was deferred by reducing our basis in those acquired lots. There were no impairment charges recognized for the three months ended July 31, 2017 or 2016 . 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. In the third quarter of fiscal 2017, we purchased the first 48 lots from this joint venture for $43.3 million . At July 31, 2017 , we had an investment of $180.7 million in this joint venture and were committed to make additional contributions to this joint venture of up to $3.6 million . To finance a portion of the land purchase, the joint venture entered into a $320.0 million purchase money mortgage with the seller. In December 2016, the joint venture entered into a $200.0 million loan agreement and each member made a capital contribution of $80.0 million . A portion of the proceeds from the loan in addition to the capital contributions made by the members were used to repay the purchase money mortgage. At July 31, 2017 , this joint venture had $198.0 million of outstanding borrowings under the loan. Home Building Joint Ventures Our Home Building Joint Ventures are delivering homes in New York City and Jupiter, Florida. During the nine months ended July 31, 2017 and 2016 , our Home Building Joint Ventures delivered 176 homes with a sales value of $451.6 million , and 61 homes with a sales value of $55.4 million , respectively. During the three months ended July 31, 2017 and 2016 , our Home Building Joint Ventures delivered 33 homes with a sales value of $81.0 million , and 21 homes with a sales value of $17.9 million , respectively. In December 2016, 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. Before the formation of this joint venture, we acquired the property and incurred approximately $176.0 million of land and land development costs. The joint venture, in which we have a 20% interest, purchased the property from us at our cost, a portion of which was financed by a $236.5 million construction loan obtained by the joint venture. From the sale and financing, we received proceeds of $148.0 million , of which $106.1 million was held in escrow by our captive title company at October 31, 2016 and was included in “Receivables, prepaid expenses, and other assets” on our Condensed Consolidated Balance Sheet at October 31, 2016 . The amount held in escrow was released to us in December 2016. At July 31, 2017 , we had an investment of $30.1 million in this joint venture and the joint venture had $101.0 million of outstanding borrowings under the construction loan. Rental Property Joint Ventures As of July 31, 2017 , our Rental Property Joint Ventures owned 12 for-rent apartment projects and a hotel, which are located in the metro Boston to metro Washington, D.C. corridor. At July 31, 2017 , our joint ventures had approximately 2,950 units that were occupied or ready for occupancy, 1,000 units in the lease-up stage, and 1,650 units under active development. In addition, we either own, have under contract, or under a letter of intent approximately 7,000 units. We intend to develop these units in joint ventures with unrelated parties in the future. In the third quarter of fiscal 2017, one of our Rental Property Joint Ventures amended its existing $70.0 million construction loan agreement to finance construction of multifamily residential apartments in northern New Jersey. The terms of the amendment extended the maturity date and revised certain guarantees provided for under the loan, including the repayment guaranty for which our obligation increased from 25% to 100% . At July 31, 2017 , this joint venture had $56.8 million of borrowings under the facility. In the second quarter of fiscal 2017, we sold a 25% interest in one of our Rental Property Joint Ventures to an unrelated party. In connection with the sale, we, along with our partner, recapitalized the joint venture and refinanced the existing $112.2 million construction loan with a $133.0 million , 10 -year fixed rate loan. As a result of these transactions, we received cash of $42.9 million and recognized a gain of $20.5 million in the three months ended April 30, 2017 and in the nine months ended July 31, 2017, which is included in “Income from unconsolidated entities” in our Condensed Consolidated Statements of Operations and Comprehensive Income. At July 31, 2017 , we had a 25% interest and an $8.0 million investment in this joint venture. In the first quarter of fiscal 2017, we sold a 25% interest in another one of our Rental Property Joint Ventures to an unrelated party. In connection with the sale, we, along with our partner, recapitalized the joint venture and refinanced the existing $54.1 million construction loan with a $56.0 million , 10 -year fixed rate loan. As a result of these transactions, we received cash of $12.0 million and recognized a gain of $6.2 million in the three months ended January 31, 2017 and the nine months ended July 31, 2017 , which is included in “Income from unconsolidated entities” in our Condensed Consolidated Statements of Operations and Comprehensive Income. At July 31, 2017 , we had a 25% interest and a $3.2 million investment in this joint venture. 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. In the third quarter of fiscal 2016, as a result of the sale of 50% of our interest to our partner, we recognized a gain of $3.0 million . Due to our continued involvement in the joint venture through our ownership interest, we deferred an additional $3.0 million of the gain on the sale. At July 31, 2017 , we had an investment of $29.8 million in this joint venture. In November 2016, the joint venture entered into a $130.6 million construction loan agreement. At July 31, 2017 , there were $11.0 million of outstanding borrowings under the construction loan agreement. In the fourth quarter of fiscal 2016, we entered into a joint venture with an unrelated party to develop a 390 -unit luxury for-rent residential apartment building in a suburb of Boston, Massachusetts, on land that we were under contract to purchase. We have a 25% interest in this joint venture. On October 20, 2016, the joint venture entered into a $91.0 million construction loan agreement with a bank to finance the development of this project. At July 31, 2017 , there was $1.0 million of outstanding borrowings under the construction loan agreement. At July 31, 2017 , we had an investment of $11.4 million in this joint venture. 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 Home Building Joint Venture. The hotel commenced operations in February 2017. At July 31, 2017 , we had an investment of $35.7 million in this joint venture. In December 2016, this joint venture entered into an $80.0 million , three -year term loan agreement. The proceeds from the term loan, along with proceeds from the closing of condominium units at the Home Building Joint Venture, were used to repay an existing construction loan. At July 31, 2017 , this joint venture had $80.0 million of outstanding borrowings under the term loan. 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, 2017 , 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 amount of $1.4 million and $1.2 million in the nine -month periods ended July 31, 2017 and 2016 , respectively, of which $0.6 million and $0.4 million were recognized in the three -month periods ended July 31, 2017 and 2016 , respectively. In the first quarter of fiscal 2016 , 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. No distributions have been received from the Trust in fiscal 2017. Gibraltar Joint Ventures In the second quarter of fiscal 2016 and third quarter of fiscal 2017, we, through our wholly owned subsidiary, Gibraltar Capital and Asset Management, LLC (“Gibraltar”), entered into three 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, 2017 , we had an investment of $8.8 million 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, 2017 , we have a $4.2 million investment in this venture and are committed to invest an additional $9.6 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, 2017 , in the event we become legally obligated to perform under a guarantee of an obligation of an unconsolidated entity due to a triggering event, the collateral in such entity should be sufficient to repay a significant portion of the obligation. If it is not, we and our partners would need to contribute additional capital to the venture. At July 31, 2017 , certain unconsolidated entities have loan commitments aggregating $1.08 billion , of which, if the full amount of the debt obligations were borrowed, we estimate $250.5 million to be our maximum exposure related to repayment and carry cost guarantees. At July 31, 2017 , the unconsolidated entities had borrowed an aggregate of $693.5 million , of which we estimate $207.1 million to be our maximum exposure related to repayment and carry cost guarantees. The terms of these guarantees generally range from 1 month to 40 months . These maximum exposure estimates do not take into account any recoveries from the underlying collateral or any reimbursement from our partners. As of July 31, 2017 , the estimated aggregate fair value of the guarantees provided by us related to debt and other obligations of certain unconsolidated entities was approximately $4.7 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, 2017 and October 31, 2016 , we determined that seven and three , 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, 2017 and October 31, 2016 , our investments in the unconsolidated entities deemed to be VIEs, which are included in “Investments in unconsolidated entities” in the accompanying Condensed Consolidated Balance Sheets, totaled $25.6 million and $16.4 million , respectively. At July 31, 2017 , the maximum exposure of loss to our investments in these entities was limited to our investments in the unconsolidated VIEs, except with regard to $70.0 million of loan guarantees and $10.6 million of additional commitments to the VIEs. Of our potential exposure for these loan guarantees, $70.0 million is related to repayment and carry cost guarantees, of which $56.8 million was borrowed at July 31, 2017 . At October 31, 2016 , the maximum exposure of loss to our investments in these entities was limited to our investments in the unconsolidated VIEs, except with regard to $70.0 million of loan guarantees and $1.4 million of additional commitments to the VIEs. At October 31, 2016 , $14.3 million of our potential exposure for these loan guarantees was 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 $ 103,517 $ 130,794 Inventory 1,134,699 1,074,888 Loans receivable, net 23,853 — Rental properties 952,289 621,615 Rental properties under development 169,631 302,632 Real estate owned (“REO”) 55,970 87,226 Other assets 162,055 180,103 Total assets $ 2,602,014 $ 2,397,258 Debt $ 1,146,833 $ 1,164,883 Other liabilities 127,374 152,881 Members’ equity 1,298,996 980,354 Noncontrolling interest 28,811 99,140 Total liabilities and equity $ 2,602,014 $ 2,397,258 Company’s net investment in unconsolidated entities (1) $ 514,265 $ 496,411 (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 investments in unconsolidated entities; interest capitalized on our investments; the estimated fair value of the guarantees provided to the joint ventures; gains recognized from the sale of our ownership interests; 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, 2017 2016 2017 2016 Revenues $ 690,441 $ 226,772 $ 189,714 $ 60,755 Cost of revenues 389,996 145,401 99,102 42,910 Other expenses 62,193 29,723 22,472 11,347 Total expenses 452,189 175,124 121,574 54,257 Gain on disposition of loans and REO 39,530 38,102 7,891 3,413 Income from operations 277,782 89,750 76,031 9,911 Other income 11,175 4,121 1,678 1,769 Income before income taxes 288,957 93,871 77,709 11,680 Income tax provision 7,453 — 1,138 — Net income including earnings from noncontrolling interests 281,504 93,871 76,571 11,680 Less: income attributable to noncontrolling interest (16,417 ) (11,204 ) (3,328 ) 3,819 Net income attributable to controlling interest 265,087 82,667 73,243 15,499 Other comprehensive income — 100 — — Total comprehensive income $ 265,087 $ 82,767 $ 73,243 $ 15,499 Company’s equity in earnings of unconsolidated entities (2) $ 112,274 $ 22,754 $ 19,925 $ 4,998 (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; unrealized gains on our retained joint venture interests; and our share of the entities’ profits related to home sites purchased by us which reduces our cost basis of the home sites acquired. |
Receivables, Prepaid Expenses,
Receivables, Prepaid Expenses, and Other Assets | 9 Months Ended |
Jul. 31, 2017 | |
Receivables, prepaid expenses and other assets [Abstract] | |
Receivables, prepaid expenses and other assets [Text Block] | Receivables, Prepaid Expenses, and Other Assets Receivables, prepaid expenses, and other assets at July 31, 2017 and October 31, 2016 , consisted of the following (amounts in thousands): July 31, 2017 October 31, 2016 Expected recoveries from insurance carriers and others $ 158,353 $ 165,696 Improvement cost receivable 100,092 85,627 Escrow cash held by our captive title company 46,937 138,633 Properties held for rental apartment development 143,896 81,693 Investment in foreclosed real estate owned 4,098 11,552 Prepaid expenses 18,765 25,659 Other 64,383 73,898 $ 536,524 $ 582,758 |
Loans Payable, Senior Notes and
Loans Payable, Senior Notes and Mortgage Company Loan Facility | 9 Months Ended |
Jul. 31, 2017 | |
Debt Disclosure [Abstract] | |
Loans Payable, Senior Notes, and Mortgage Company Loan Facility | Loans Payable, Senior Notes, and Mortgage Company Loan Facility Loans Payable At July 31, 2017 and October 31, 2016 , loans payable consisted of the following (amounts in thousands): July 31, October 31, Senior unsecured term loan $ 500,000 $ 500,000 Credit facility borrowings — 250,000 Loans payable – other 121,371 122,809 Deferred issuance costs (1,797 ) (1,730 ) $ 619,574 $ 871,079 Senior Unsecured Term Loan We have a $500.0 million , five -year senior unsecured term loan facility (the “Term Loan Facility”) with a syndicate of banks. The Term Loan Facility, as amended, matures in August 2021. At July 31, 2017 , the interest rate on borrowings was 2.64% per annum. We and substantially all of our 100% -owned home building subsidiaries are guarantors under the Term Loan Facility. The Term Loan Facility contains substantially the same financial covenants as our Credit Facility, as described below. Credit Facility We have a $1.295 billion , unsecured, five -year revolving credit facility (the “Credit Facility”) with a syndicate of banks. The Credit Facility is scheduled to expire in May 2021. We and substantially all of our 100% -owned home building subsidiaries are guarantors under the Credit Facility. Under the terms of the Credit Facility, at July 31, 2017 , 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 $2.72 billion . Under the terms of the Credit Facility, at July 31, 2017 , our leverage ratio was approximately 0.67 to 1.00, and our tangible net worth was approximately $4.49 billion . Based upon the limitations related to our repurchase of common stock in the Credit Facility, our ability to repurchase our common stock was limited to approximately $2.40 billion as of July 31, 2017 . At July 31, 2017 , we had no outstanding borrowings under the Credit Facility and had outstanding letters of credit of approximately $146.5 million under it. At July 31, 2017 , the interest rate on borrowings under the Credit Facility would have been 2.74% per annum. Loans Payable – Other “Loans payable – other” primarily 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, 2017 , the weighted-average interest rate on “Loans payable – other” was 4.04% per annum. Senior Notes At July 31, 2017 , we had nine issues of senior notes outstanding with an aggregate principal amount of $3.16 billion . In March 2017, the Company issued $300.0 million principal amount of 4.875% Senior Notes due 2027 (“ 4.875% Senior Notes”). The Company received $297.2 million of net proceeds from the issuance of these senior notes. In June 2017, we issued an additional $150.0 million principal amount of the 4.875% Senior Notes. These additional notes were issued at a premium of 103.655% of principal plus accrued interest. We received $156.4 million of net proceeds from the issuance of these additional notes. Subsequent event On August 15, 2017 , we notified holders of our 0.5% Exchangeable Senior Notes due 2032 (the “ 0.5% Exchangeable Senior Notes”) that we will redeem all $287.5 million aggregate principal amount of the 0.5% Exchangeable Senior Notes on September 15, 2017 with cash at a redemption price of 100% of their principal amount, plus accrued and unpaid interest. Mortgage Company Loan Facility In October 2016, TBI Mortgage ® Company (“TBI Mortgage”), our wholly owned mortgage subsidiary, entered into a mortgage warehousing agreement (“Warehousing Agreement”) with a syndicate of banks. The purpose of the Warehousing Agreement is to finance the origination of mortgage loans by TBI Mortgage; the Warehousing Agreement is accounted for as a secured borrowing under ASC 860, “Transfers and Servicing.” The Warehousing Agreement provides for loan purchases up to $150.0 million , subject to certain sublimits. In addition, the Warehousing Agreement provides for an accordion feature under which TBI Mortgage may request that the aggregate commitments under the Warehousing Agreement be increased to an amount up to $210.0 million for a short period of time. The Warehousing Agreement expires on October 27, 2017 , and borrowings thereunder bear interest at LIBOR plus 2.00% per annum. At July 31, 2017 , the interest rate on the Warehousing Agreement was 3.23% per annum. At July 31, 2017 and October 31, 2016 , there was $57.9 million and $210.0 million , respectively, outstanding under the Warehousing Agreement, which are included in liabilities in our Condensed Consolidated Balance Sheets. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Jul. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses at July 31, 2017 and October 31, 2016 consisted of the following (amounts in thousands): July 31, October 31, Land, land development, and construction $ 133,383 $ 153,264 Compensation and employee benefits 142,081 138,282 Escrow liability 46,302 137,396 Self-insurance 141,270 126,431 Warranty 344,365 370,992 Deferred income 39,798 43,488 Interest 47,307 34,903 Commitments to unconsolidated entities 8,596 5,637 Other 53,019 61,907 $ 956,121 $ 1,072,300 As previously disclosed in Note 6, “Accrued Expenses” in our 2016 Form 10-K, we reviewed communities in Pennsylvania and Delaware (which are in our Mid-Atlantic region) and determined that we needed to make repairs primarily to older homes in certain of these communities relating to stucco and other water intrusion claims. Each quarter, we review and update our assumptions to the estimates used in determining our estimated liability for these claims. This review and update includes an analysis to determine an estimated number of claims likely to be received and the estimated costs to resolve these claims. This analysis involves many factors including: the number of communities involved; the closing dates of the homes in each community; the number of claims received to date; our inspection of homes; an estimate of the number of homes we expect to repair; the type and cost of repairs that have been performed in each community; the estimated costs to remediate pending and future claims in each community; the expected recovery from our insurance carriers and others; and the amount of warranty and self-insurance reserves already recorded. Due to the degree of judgment required and the potential for variability in the underlying assumptions, it is reasonably possible that our actual costs could differ from those estimated, such differences could be material, and, therefore, we are unable to estimate the range of any such differences. In the quarter ended July 31, 2017, we identified a small number of claims from homes delivered in Delaware after the date parameters disclosed in our 2016 Form 10-K. Based on the limited number of homes delivered by the Company in Delaware, we believe that any accrual for these pending and any future claims would be immaterial to our results of operations, liquidity, or our financial condition. Based upon our reviews for the nine month and three month periods ended July 31, 2017 , we determined that no adjustments to our previous estimates were needed. Based upon our review for the nine month and three month periods ended July 31, 2016 , we determined that our estimated costs had increased and we recognized an additional charge of $4.3 million and $1.9 million , respectively, in the nine month and three month periods ended July 31, 2016 . As of July 31, 2017 , we recognized cumulative charges of approximately $171.8 million for water intrusion claims; the estimated aggregate cost of these claims is $324.4 million , of which we expect to recover approximately $152.6 million from outside insurance carriers and suppliers. At July 31, 2017 and October 31, 2016 , our estimated remaining liability to be expended for the aforementioned known and unknown stucco and other water intrusion claims was $269.3 million and $298.0 million , respectively, of which we expect to recover a total of approximately $122.7 million and $141.7 million , respectively, from outside insurance carriers and others. 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, 2017 2016 2017 2016 Balance, beginning of period $ 370,992 $ 93,083 $ 355,934 $ 91,194 Additions – homes closed during the period 21,220 18,208 8,519 7,241 Addition – Coleman liabilities acquired 1,111 Increase in accruals for homes closed in prior years 5,539 11,045 2,351 4,853 Reclassification from other accruals 1,082 Charges incurred (55,579 ) (30,369 ) (22,439 ) (11,321 ) Balance, end of period $ 344,365 $ 91,967 $ 344,365 $ 91,967 |
Income Taxes
Income Taxes | 9 Months Ended |
Jul. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We recorded income tax provisions of $168.9 million and $153.2 million for the nine months ended July 31, 2017 and 2016 , respectively. The effective tax rate was 33.0% for the nine months ended July 31, 2017 , compared to 36.4% for the nine months ended July 31, 2016 . For the three months ended July 31, 2017 and 2016 , we recorded an income tax provision of $55.0 million and $58.2 million , respectively. The effective tax rate for the three months ended July 31, 2017 was 27.0% , compared to 35.5% for the three months ended July 31, 2016 . 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. In addition, in the nine-month and three-month periods ended July 31, 2017 , we recognized net benefits of $27.1 million and $27.9 million , respectively, associated primarily with the reversal of a state deferred tax asset valuation allowance. We currently operate in 20 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. We estimate our rate for the full fiscal year 2017 for state income taxes will be 7.3% . Our state income tax rate for the full fiscal year 2016 was 7.0% . At July 31, 2017 , we had $26.6 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, 2017 | |
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, 2017 2016 2017 2016 Total stock-based compensation expense recognized $ 22,088 $ 21,006 $ 6,503 $ 5,925 Income tax benefit recognized $ 8,718 $ 8,092 $ 2,624 $ 2,283 At July 31, 2017 and October 31, 2016 , the aggregate unamortized value of outstanding stock-based compensation awards was approximately $30.7 million and $27.0 million , respectively. |
Stock Repurchase Program and Ca
Stock Repurchase Program and Cash Dividend | 9 Months Ended |
Jul. 31, 2017 | |
Stock Repurchase Program [Abstract] | |
Stock Repurchase Program [Text Block] | Stock Repurchase Program and Cash Dividend On May 23, 2016, our Board of Directors terminated a prior 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, 2017 2016 2017 2016 Number of shares purchased (in thousands) 2,492 11,405 1,929 3,698 Average price per share $ 36.40 $ 28.72 $ 39.02 $ 26.33 Remaining authorization at July 31 (in thousands) 13,347 18,085 13,347 18,085 Subsequent to July 31, 2017 and through September 5, 2017, we repurchased approximately 3.8 million shares of our common stock at an average price of $38.27 per share. On February 21, 2017, our Board of Directors approved the initiation of quarterly cash dividends to shareholders. During the nine months and three months ended July 31, 2017, we declared and paid dividends of $0.16 per share and $0.08 per share, respectively. |
Earnings Per Share Information
Earnings Per Share Information | 9 Months Ended |
Jul. 31, 2017 | |
Earnings Per Share [Abstract] | |
Income per Share Information | Earnings per Share Information The table below provides, for the periods indicated, information pertaining to the calculation of earnings 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, 2017 2016 2017 2016 Numerator: Net income as reported $ 343,617 $ 267,717 $ 148,563 $ 105,483 Plus interest and costs attributable to 0.5% Exchangeable Senior Notes, net of income tax benefit 1,147 1,165 378 388 Numerator for diluted earnings per share $ 344,764 $ 268,882 $ 148,941 $ 105,871 Denominator: Basic weighted-average shares 163,186 169,692 163,478 165,919 Common stock equivalents (a) 2,077 1,853 2,210 1,628 Shares attributable to 0.5% Exchangeable Senior Notes 5,864 5,858 5,874 5,858 Diluted weighted-average shares 171,127 177,403 171,562 173,405 Other information: Weighted-average number of antidilutive options and restricted stock units (b) 2,556 3,854 600 4,243 Shares issued under stock incentive and employee stock purchase plans 2,762 502 788 19 (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. On August 15, 2017 , we notified holders of our 0.5% Exchangeable Senior Notes that we will redeem all $287.5 million aggregate principal amount of such notes on September 15, 2017 . Accordingly, subsequent to September 15, 2017 , the above adjustments to our diluted earnings per share calculation, related to such notes, will be removed. See Note 5, “Loans Payable, Senior Notes, and Mortgage Company Loan Facility” for additional information. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Jul. 31, 2017 | |
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, 2016 Mortgage Loans Held for Sale Level 2 $ 89,419 $ 248,601 Forward Loan Commitments — Residential Mortgage Loans Held for Sale Level 2 $ (88 ) $ 1,390 Interest Rate Lock Commitments (“IRLCs”) Level 2 $ 99 $ (921 ) Forward Loan Commitments — IRLCs Level 2 $ (99 ) $ 921 At July 31, 2017 and October 31, 2016 , the carrying value of cash and cash equivalents and restricted cash and investments approximated fair value. 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, 2017 $ 88,434 $ 89,419 $ 985 At October 31, 2016 $ 246,794 $ 248,601 $ 1,807 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 2016 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 2017: January 31 692 - 880 4 - 12 16.3% April 30 827 - 856 6 - 11 16.3% July 31 465 - 754 3 - 10 16.5% - 19.5% Fiscal 2016: January 31 — — — April 30 369 - 394 18 - 23 16.3% July 31 — — — October 31 — — — 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 2017: January 31 57 2 $ 8,372 $ 4,000 April 30 46 6 $ 25,092 2,935 July 31 53 4 $ 5,965 1,360 $ 8,295 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 October 31 59 2 $ 1,126 415 $ 8,365 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, 2017 October 31, 2016 Fair value Book value Estimated fair value Book value Estimated fair value Loans payable (a) Level 2 $ 621,371 $ 619,975 $ 872,809 $ 870,384 Senior notes (b) Level 1 3,157,376 3,321,149 2,707,376 2,843,177 Mortgage company loan facility (c) Level 2 57,921 57,921 210,000 210,000 $ 3,836,668 $ 3,999,045 $ 3,790,185 $ 3,923,561 (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, 2017 | |
Other Income and Expenses [Abstract] | |
Other Income - net | Other Income – Net The table below provides the significant components of other income – net (amounts in thousands): Nine months ended July 31, Three months ended July 31, 2017 2016 2017 2016 Interest income $ 3,834 $ 1,612 $ 1,904 $ 676 Income from ancillary businesses, net 10,555 11,559 3,709 4,139 Gibraltar 2,650 6,351 (220 ) 102 Management fee income from unconsolidated entities, net 10,448 6,863 2,477 2,348 Retained customer deposits 4,461 4,449 1,407 780 Income from land sales 7,503 11,018 2,417 6,527 Other 342 1,622 286 549 Total other income – net $ 39,793 $ 43,474 $ 11,980 $ 15,121 In the nine months ended July 31, 2016 , our security monitoring business recognized a gain of $1.6 million from a bulk sale of security monitoring accounts in fiscal 2015, 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, 2017 2016 2017 2016 Revenues $ 95,317 $ 85,955 $ 34,733 $ 32,823 Expenses $ 84,762 $ 74,396 $ 31,024 $ 28,684 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, 2017 2016 2017 2016 Revenues $ 151,470 $ 77,701 $ 4,633 $ 64,109 Expenses (148,625 ) (64,076 ) (2,420 ) (54,975 ) Deferred gain on land sale to joint venture (2,607 ) (2,607 ) Deferred gain recognized 4,658 204 Income from land sales $ 7,503 $ 11,018 $ 2,417 $ 6,527 Land sale revenues for the nine months ended July 31, 2017 includes $143.3 million related to an in substance real estate sale transaction which resulted in a new Home Building Joint Venture in which we have a 20% interest. No gain or loss was realized on the sale. See Note 3, “Investments in Unconsolidated Entities,” for more information on this transaction. The deferred gains recognized in the fiscal 2017 periods relate to the sale of a property in fiscal 2015 to a Home Building Joint Venture in which we have a 25% interest. Due to our continued involvement in this unconsolidated entity through our ownership interest and guarantees provided on the entity’s debt, we deferred the $9.3 million gain realized on the sale. We are recognizing the gain as units are sold by the entity to the ultimate home buyers. The deferred gain on land sale to joint venture in the fiscal 2016 periods relate to a sales transaction to a Rental Property Joint Venture in which we have a 50% interest. Due to our continued involvement in this unconsolidated entity through our ownership interest, we deferred 50% of the gain realized on the sale. We will amortize this deferred gain into income over the life of the rental property using the straight line method. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jul. 31, 2017 | |
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. In April 2017, the SEC informed the Company that it was conducting an investigation and requested that we voluntarily produce documents and information relating to our estimated repair costs for stucco and other water intrusion claims in fiscal 2016. As previously described in our 2016 Form 10-K, in the fourth quarter of fiscal 2016, our estimated liability for these water intrusion claims increased significantly. The Company has produced detailed information and documents in response to this request. Management cannot at this time predict the eventual scope or outcome of this matter. Investments in Unconsolidated Entities At July 31, 2017 , 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. Information regarding our land purchase commitments, as of the dates indicated, is provided in the table below (amounts in thousands): July 31, 2017 October 31, 2016 Aggregate purchase commitments: Unrelated parties $ 1,872,468 $ 1,544,185 Unconsolidated entities that the Company has investments in 8,921 79,204 Total $ 1,881,389 $ 1,623,389 Deposits against aggregate purchase commitments $ 94,903 $ 65,299 Additional cash required to acquire land 1,786,486 1,558,090 Total $ 1,881,389 $ 1,623,389 Amount of additional cash required to acquire land included in accrued expenses $ 3,672 $ 18,266 In addition, we expect to purchase approximately 3,400 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, 2017 , we also had purchase commitments to acquire land for apartment developments of approximately $150.1 million , of which we had outstanding deposits in the amount of $6.2 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, 2017 , we had outstanding surety bonds amounting to $713.1 million , primarily related to our obligations to governmental entities to construct improvements in our communities. We estimate that $363.2 million of work remains on these improvements. We have an additional $168.3 million of surety bonds outstanding that guarantee other obligations. We do not believe that it is probable that any outstanding bonds will be drawn upon. At July 31, 2017 , we had outstanding letters of credit of $146.5 million under our Credit Facility. These letters of credit were issued to secure our various financial obligations, including insurance policy deductibles and other claims, land deposits, and security to complete improvements in communities in which we are operating. We do not believe that it is probable that any outstanding letters of credit will be drawn upon. Backlog At July 31, 2017 , we had agreements of sale outstanding to deliver 6,282 homes with an aggregate sales value of $5.31 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, 2016 Aggregate mortgage loan commitments: IRLCs $ 422,782 $ 255,647 Non-IRLCs 1,256,917 1,094,861 Total $ 1,679,699 $ 1,350,508 Investor commitments to purchase: IRLCs $ 422,782 $ 255,647 Mortgage loans receivable 80,637 231,398 Total $ 503,419 $ 487,045 |
Information on Segments
Information on Segments | 9 Months Ended |
Jul. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Information on 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, Idaho, Nevada, and Washington California: California 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, 2017 2016 2017 2016 Revenues: Traditional Home Building: North $ 560,812 $ 491,692 $ 225,829 $ 205,200 Mid-Atlantic 692,457 576,991 281,915 220,596 South 591,211 571,364 253,904 232,118 West 821,241 548,701 307,406 223,076 California 928,303 881,779 335,224 336,438 Traditional Home Building 3,594,024 3,070,527 1,404,278 1,217,428 City Living 193,127 243,530 98,631 52,506 Total $ 3,787,151 $ 3,314,057 $ 1,502,909 $ 1,269,934 Income (loss) before income taxes: Traditional Home Building: North $ 37,042 $ 35,300 $ 16,436 $ 18,994 Mid-Atlantic 69,171 56,348 35,628 18,478 South 67,496 84,765 33,566 32,386 West 111,002 74,164 43,180 30,313 California 199,232 198,776 72,703 80,293 Traditional Home Building 483,943 449,353 201,513 180,464 City Living 131,782 74,598 46,750 14,682 Corporate and other (103,161 ) (103,084 ) (44,689 ) (31,493 ) Total $ 512,564 $ 420,867 $ 203,574 $ 163,653 “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 $ 1,089,376 $ 1,020,250 Mid-Atlantic 1,177,785 1,166,023 South 1,288,665 1,203,554 West 1,276,911 1,130,625 California 2,714,799 2,479,885 Traditional Home Building 7,547,536 7,000,337 City Living 760,349 946,738 Corporate and other 1,821,051 1,789,714 Total $ 10,128,936 $ 9,736,789 “Corporate and other” is comprised principally of cash and cash equivalents, restricted cash and investments, deferred tax assets, investments in our Rental Property Joint Ventures, expected recoveries from insurance carriers and suppliers, our Gibraltar investments, manufacturing facilities, and our mortgage and title subsidiaries. |
Supplemental Disclosure to Cond
Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows | 9 Months Ended |
Jul. 31, 2017 | |
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, 2017 2016 Cash flow information: Interest paid, net of amount capitalized $ 3,142 $ 876 Income tax payments $ 88,281 $ 116,681 Income tax refunds $ 1,719 $ 2,002 Noncash activity: Cost of inventory acquired through seller financing or municipal bonds, net $ 25,880 $ 25,368 Financed portion of land sale $ 625 Reduction in inventory for our share of earnings in land purchased from unconsolidated entities and allocation of basis difference $ 12,235 $ 8,546 Rental property acquired by capital land lease $ 7,167 Defined benefit plan amendment $ 757 Deferred tax decrease related to stock-based compensation activity included in additional paid-in capital $ 5,119 $ 9,797 Transfer of inventory to investment in unconsolidated entities $ 36,256 Transfer of investment in distressed loans and REO to investment in unconsolidated entities $ 5,917 Transfer of other assets to investment in unconsolidated entities $ 19,050 Miscellaneous increases to investments in unconsolidated entities $ 1,977 $ 1,558 Acquisition of a Business: Fair value of assets purchased $ 90,560 Liabilities assumed $ 5,377 Cash paid $ 85,183 |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 9 Months Ended |
Jul. 31, 2017 | |
Supplemental Guarantor Information [Abstract] | |
Supplemental Guarantor Information [Text Block] | Supplemental Guarantor Information At July 31, 2017 , 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 4.875% Senior Notes due 2027 $ 450,000 0.5% 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 Credit Facility will guarantee the Senior Notes. The indentures further provide that any Guarantor Subsidiary may be released from its guarantee so long as (i) no default or event of default exists or would result from release of such guarantee; (ii) the Guarantor Subsidiary being released has consolidated net worth of less than 5% of the Company’s consolidated net worth as of the end of our most recent fiscal quarter; (iii) the Guarantor Subsidiaries released from their guarantees in any fiscal year comprise in the aggregate less than 10% (or 15% if and to the extent necessary to permit the cure of a default) of our consolidated net worth as of the end of our most recent fiscal quarter; (iv) such release would not have a material adverse effect on our and our subsidiaries’ home building business; and (v) the Guarantor Subsidiary is released from its guaranty under the Credit Facility. If there are no guarantors under the Credit Facility, all Guarantor Subsidiaries under the indentures will be released from their guarantees. During the preparation of the Form 10-Q for the three months ended January 31, 2017, we identified an immaterial revision that was necessary to certain columns in the consolidating statements for the year ended October 31, 2016. The revision impacted the Guarantor and Nonguarantor Subsidiaries columns in the Consolidating Statement of Operations and Comprehensive Income for the year ended October 31, 2016 and the Nonguarantor Subsidiaries and Eliminations columns in the Condensed Consolidating Balance Sheet as of October 31, 2016, by offsetting amounts. Corresponding changes to the Consolidating Statement of Cash Flows for the year ended October 31, 2016 were also made. The revision had no impact on any consolidated totals of such consolidating statements. Accordingly, the Consolidating Statements of Operations and Comprehensive Income and of Cash Flows for the year ended October 31, 2016 and the Condensed Consolidating Balance Sheet as of October 31, 2016 have been revised to reflect the immaterial adjustment described above and are included hereunder. 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, 2017 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents — — 784,527 161,668 — 946,195 Restricted cash and investments 781 781 Inventory 7,378,098 255,470 7,633,568 Property, construction and office equipment, net 164,156 15,320 179,476 Receivables, prepaid expenses and other assets 354,597 252,406 (70,479 ) 536,524 Mortgage loans held for sale 89,419 89,419 Customer deposits held in escrow 91,378 2,473 93,851 Investments in unconsolidated entities 66,405 447,860 514,265 Investments in and advances to consolidated entities 4,514,891 3,211,923 91,740 128,433 (7,946,987 ) — Deferred tax assets, net of valuation allowances 134,857 134,857 4,649,748 3,211,923 8,930,901 1,353,830 (8,017,466 ) 10,128,936 LIABILITIES AND EQUITY Liabilities Loans payable 612,407 7,167 619,574 Senior notes 3,145,380 3,525 3,148,905 Mortgage company loan facility 57,921 57,921 Customer deposits 395,407 18,738 414,145 Accounts payable 274,350 2,416 276,766 Accrued expenses 151 46,233 593,862 393,208 (77,333 ) 956,121 Advances from consolidated entities 2,404,026 685,740 (3,089,766 ) — Income taxes payable 116,883 116,883 Total liabilities 117,034 3,191,613 4,280,052 1,165,190 (3,163,574 ) 5,590,315 Equity Stockholders’ equity Common stock 1,779 48 3,006 (3,054 ) 1,779 Additional paid-in capital 713,624 49,400 93,734 (143,134 ) 713,624 Retained earnings (deficit) 4,294,808 (29,090 ) 4,650,801 85,993 (4,707,704 ) 4,294,808 Treasury stock, at cost (474,665 ) (474,665 ) Accumulated other comprehensive loss (2,832 ) (2,832 ) Total stockholders’ equity 4,532,714 20,310 4,650,849 182,733 (4,853,892 ) 4,532,714 Noncontrolling interest 5,907 5,907 Total equity 4,532,714 20,310 4,650,849 188,640 (4,853,892 ) 4,538,621 4,649,748 3,211,923 8,930,901 1,353,830 (8,017,466 ) 10,128,936 Condensed Consolidating Balance Sheet at October 31, 2016 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated ASSETS Cash and cash equivalents — — 583,440 50,275 — 633,715 Restricted cash and investments 11,708 19,583 31,291 Inventory 6,896,205 457,806 (44 ) 7,353,967 Property, construction and office equipment, net 153,663 15,913 169,576 Receivables, prepaid expenses and other assets 77 319,319 299,978 (36,616 ) 582,758 Mortgage loans held for sale 248,601 248,601 Customer deposits held in escrow 50,079 2,978 53,057 Investments in unconsolidated entities 101,999 394,412 496,411 Investments in and advances to consolidated entities 4,112,876 2,741,160 20,519 90,671 (6,965,226 ) — Deferred tax assets, net of valuation allowances 167,413 167,413 4,292,074 2,741,160 8,125,224 1,580,217 (7,001,886 ) 9,736,789 LIABILITIES AND EQUITY Liabilities Loans payable 871,079 871,079 Senior notes 2,683,823 10,549 2,694,372 Mortgage company loan facility 210,000 210,000 Customer deposits 292,794 16,305 309,099 Accounts payable 280,107 1,848 281,955 Accrued expenses 32,559 610,958 469,527 (40,744 ) 1,072,300 Advances from consolidated entities 1,737,682 799,082 (2,536,764 ) — Income taxes payable 62,782 62,782 Total liabilities 62,782 2,716,382 3,792,620 1,496,762 (2,566,959 ) 5,501,587 Equity Stockholders’ equity Common stock 1,779 48 3,006 (3,054 ) 1,779 Additional paid-in capital 728,464 49,400 6,734 (56,134 ) 728,464 Retained earnings (deficit) 3,977,297 (24,622 ) 4,332,556 67,805 (4,375,739 ) 3,977,297 Treasury stock, at cost (474,912 ) (474,912 ) Accumulated other comprehensive loss (3,336 ) (3,336 ) Total stockholders’ equity 4,229,292 24,778 4,332,604 77,545 (4,434,927 ) 4,229,292 Noncontrolling interest 5,910 5,910 Total equity 4,229,292 24,778 4,332,604 83,455 (4,434,927 ) 4,235,202 4,292,074 2,741,160 8,125,224 1,580,217 (7,001,886 ) 9,736,789 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the nine months ended July 31, 2017 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Revenues 3,699,032 224,120 (136,001 ) 3,787,151 Cost of revenues 2,896,053 145,229 (54,811 ) 2,986,471 Selling, general and administrative 45 3,010 461,722 54,955 (79,549 ) 440,183 45 3,010 3,357,775 200,184 (134,360 ) 3,426,654 Income (loss) from operations (45 ) (3,010 ) 341,257 23,936 (1,641 ) 360,497 Other: Income from unconsolidated entities 11,224 101,050 112,274 Other income – net 7,049 21,655 9,482 1,607 39,793 Intercompany interest income 116,164 48 3,370 (119,582 ) — Interest expense (120,178 ) (3,370 ) (1,328 ) 124,876 — Income from subsidiaries 505,560 129,486 (635,046 ) — Income (loss) before income taxes 512,564 (7,024 ) 500,300 136,510 (629,786 ) 512,564 Income tax provision (benefit) 168,947 (2,556 ) 182,055 49,674 (229,173 ) 168,947 Net income (loss) 343,617 (4,468 ) 318,245 86,836 (400,613 ) 343,617 Other comprehensive income 504 504 Total comprehensive income (loss) 344,121 (4,468 ) 318,245 86,836 (400,613 ) 344,121 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 three months ended July 31, 2017 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Revenues 1,459,115 94,422 (50,628 ) 1,502,909 Cost of revenues 1,128,705 65,595 (18,272 ) 1,176,028 Selling, general and administrative 21 1,045 163,074 20,083 (29,011 ) 155,212 21 1,045 1,291,779 85,678 (47,283 ) 1,331,240 Income (loss) from operations (21 ) (1,045 ) 167,336 8,744 (3,345 ) 171,669 Other: Income from unconsolidated entities 2,746 17,179 19,925 Other income – net 2,367 9,389 673 (449 ) 11,980 Intercompany interest income 41,111 48 1,224 (42,383 ) — Interest expense (42,433 ) (3,370 ) (374 ) 46,177 — Income from subsidiaries 201,228 25,078 (226,306 ) — Income (loss) before income taxes 203,574 (2,367 ) 201,227 27,446 (226,306 ) 203,574 Income tax provision (benefit) 55,011 (839 ) 71,787 9,462 (80,410 ) 55,011 Net income (loss) 148,563 (1,528 ) 129,440 17,984 (145,896 ) 148,563 Other comprehensive income 167 167 Total comprehensive income (loss) 148,730 (1,528 ) 129,440 17,984 (145,896 ) 148,730 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 (loss) 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 Consolidating Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended October 31, 2016 Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Revenues 4,984,356 361,685 (176,533 ) 5,169,508 Cost of revenues 3,919,729 288,044 (63,708 ) 4,144,065 Selling, general and administrative 75 3,809 558,822 74,328 (101,652 ) 535,382 75 3,809 4,478,551 362,372 (165,360 ) 4,679,447 Income (loss) from operations (75 ) (3,809 ) 505,805 (687 ) (11,173 ) 490,061 Other: Income from unconsolidated entities 16,913 23,835 40,748 Other income - net 9,501 27,873 17,456 3,388 58,218 Intercompany interest income 145,828 (145,828 ) — Interest expense (151,410 ) (2,203 ) 153,613 — Income from consolidated subsidiaries 579,601 29,010 (608,611 ) — Income (loss) before income taxes 589,027 (9,391 ) 579,601 38,401 (608,611 ) 589,027 Income tax provision (benefit) 206,932 (3,299 ) 203,614 13,490 (213,805 ) 206,932 Net income (loss) 382,095 (6,092 ) 375,987 24,911 (394,806 ) 382,095 Other comprehensive (loss) income (858 ) 31 (827 ) Total comprehensive income (loss) 381,237 (6,092 ) 376,018 24,911 (394,806 ) 381,268 Condensed Consolidating Statement of Cash Flows for the nine months ended July 31, 2017 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Net cash provided by (used in) operating activities 140,483 19,726 (165,502 ) 439,059 (8,904 ) 424,862 Cash flow (used in) provided by investing activities: Purchase of property and equipment - net (22,797 ) 396 (22,401 ) Investment in unconsolidated entities (3,471 ) (116,243 ) (119,714 ) Return of investments in unconsolidated entities 57,068 82,278 139,346 Investment in foreclosed real estate and distressed loans (688 ) (688 ) Return of investments in foreclosed real estate and distressed loans 12,429 12,429 Acquisition of a business (85,183 ) (85,183 ) Investment paid - intercompany (45,000 ) 45,000 — Intercompany advances (82,881 ) (470,763 ) 553,644 — Net cash (used in) provided by investing activities (82,881 ) (470,763 ) (99,383 ) (21,828 ) 598,644 (76,211 ) Cash flow (used in) provided by financing activities: Net proceeds from issuance of senior notes 455,483 455,483 Debt issuance costs for senior notes (4,446 ) (4,446 ) Proceeds from loans payable 125,068 958,404 1,083,472 Principal payments of loans payable (402,596 ) (1,110,482 ) (1,513,078 ) Proceeds from stock-based benefit plans 57,958 57,958 Excess tax benefits from stock-based compensation 1,172 1,172 Purchase of treasury stock (90,716 ) (90,716 ) Dividends paid (26,016 ) (26,016 ) Investment received intercompany 45,000 (45,000 ) — Intercompany advances 743,500 (198,760 ) (544,740 ) — Net cash (used in) provided by financing activities (57,602 ) 451,037 465,972 (305,838 ) (589,740 ) (36,171 ) Net increase in cash and cash equivalents — — 201,087 111,393 — 312,480 Cash and cash equivalents, beginning of period — — 583,440 50,275 — 633,715 Cash and cash equivalents, end of period — — 784,527 161,668 — 946,195 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 Investments 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) provided by 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 290 290 Dividend paid – intercompany (5,000 ) 5,000 — Intercompany advances (66,039 ) (179,765 ) 245,804 — Net cash (used in) provided by 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 Consolidating Statement of Cash Flows for the fiscal year ended October 31, 2016 Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities 60,465 14,768 105,709 (64,386 ) 32,215 148,771 Cash flow provided by (used in) investing activities: Purchase of property and equipment — net (27,835 ) (591 ) (28,426 ) Sale and redemption of marketable securities 10,000 10,000 Investment in unconsolidated entities (2,637 ) (67,018 ) (69,655 ) Return of investments in unconsolidated entities 32,857 14,949 47,806 Investment in distressed loans and foreclosed real estate (1,133 ) (1,133 ) Return of investments in distressed loans and foreclosed real estate 49,619 49,619 Dividends received intercompany 5,000 (5,000 ) — Investment paid intercompany (5,000 ) 5,000 — Intercompany advances 323,207 (14,733 ) (308,474 ) — Net cash provided by (used in) investing activities 323,207 (14,733 ) 2,385 5,826 (308,474 ) 8,211 Cash flow (used in) provided by financing activities: Debt issuance costs for senior notes (35 ) (35 ) Proceeds from loans payable 550,000 1,893,496 2,443,496 Debt issuance costs for loans payable (4,868 ) (4,868 ) Principal payments of loans payable (714,089 ) (1,783,496 ) (2,497,585 ) Proceeds from stock-based benefit plans 6,986 6,986 Excess tax benefits from stock-based compensation 2,114 2,114 Purchase of treasury stock (392,772 ) (392,772 ) Receipts related to noncontrolling interest 404 404 Dividends paid intercompany (5,000 ) 5,000 — Investment received intercompany 5,000 (5,000 ) — Intercompany advances (139,296 ) (136,963 ) 276,259 — Net cash (used in) provided by financing activities (383,672 ) (35 ) (308,253 ) (26,559 ) 276,259 (442,260 ) Net decrease in cash and cash equivalents — — (200,159 ) (85,119 ) — (285,278 ) Cash and cash equivalents, beginning of period — — 783,599 135,394 — 918,993 Cash and cash equivalents, end of period — — 583,440 50,275 — 633,715 |
Significant Accounting Polici22
Significant Accounting Policies (Policies) | 9 Months Ended |
Jul. 31, 2017 | |
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 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, 2016 balance sheet amounts and disclosures included herein have been derived from our October 31, 2016 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, 2016 (“2016 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, 2017 ; the results of our operations for the nine -month and three -month periods ended July 31, 2017 and 2016 ; and our cash flows for the nine -month periods ended July 31, 2017 and 2016 . The results of operations for such interim periods are not necessarily indicative of the results to be expected for the full year. |
Business Combination Disclosure [Text Block] | Acquisition In November 2016, we acquired substantially all of the assets and operations of Coleman Real Estate Holdings, LLC (“Coleman”) for $85.2 million in cash. The assets acquired were primarily inventory, including approximately 1,750 home sites owned or controlled through land purchase agreements. As part of the acquisition, we assumed contracts to deliver 128 homes with an aggregate value of $38.8 million . The average price of the undelivered homes at the date of acquisition was approximately $303,000 . Our selling community count increased by 15 communities at the acquisition date. The acquisition of Coleman’s assets and operations was not material to our results of operations or financial condition. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. We adopted ASU 2015-05 on November 1, 2016, and we elected to adopt the standard prospectively. The adoption did not 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 requires re-evaluation of these entities under the revised guidance which may change previous consolidation conclusions. We adopted ASU 2015-02 on November 1, 2016, and the adoption did not have a material effect on our consolidated financial statements or disclosures. In March 2017, the FASB issued ASU No. 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”). ASU 2017-07 requires an employer to report the service cost component of pension and other postretirement benefit costs in the same line item as other compensation costs arising from services rendered by the pertinent employees while the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. ASU 2017-07 is effective for our fiscal year beginning November 1, 2018; however, early adoption is permitted. We expect to adopt ASU 2017-07 on November 1, 2017 and do not expect the adoption to have a material effect on our consolidated financial statements and disclosures. In February 2017, the FASB issued ASU No. 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” (“ASU 2017-05”). ASU 2017-05 is meant to clarify the scope of the original guidance within Subtopic 610-20 that was issued in connection with ASU 2014-09, as defined below, which provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. ASU 2017-05 also added guidance for partial sales of nonfinancial assets. ASU 2017-05 is effective for our fiscal year beginning November 1, 2018 and we are required to adopt ASU 2017-05 concurrent with the adoption of ASU 2014-09. We are currently evaluating the impact that the adoption of ASU 2017-05 may have on our consolidated financial statements and disclosures. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which provides guidance for revenue recognition. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. ASU 2014-09 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 expect to adopt the new standard under the modified retrospective approach. We do not believe the adoption of ASU 2014-09 will have a material impact on the amount or timing of our home building revenues. We are continuing to evaluate the impact the adoption of ASU 2014-09 may have on other aspects of our business and on our consolidated financial statements and disclosures. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”), which provides a more robust framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for our fiscal year beginning November 1, 2018. We are currently evaluating the impact that the adoption of ASU 2017-01 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 do not expect the adoption of ASU 2016-09 to have a material effect 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. |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory at July 31, 2017 and October 31, 2016 consisted of the following (amounts in thousands): July 31, October 31, Land controlled for future communities $ 81,512 $ 71,729 Land owned for future communities 1,153,712 1,884,146 Operating communities 6,398,344 5,398,092 $ 7,633,568 $ 7,353,967 |
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 17 18 Carrying value (in thousands) $ 136,704 $ 123,936 Operating communities: Number of communities 4 3 Carrying value (in thousands) $ 11,553 $ 8,523 |
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, 2017 2016 2017 2016 Land controlled for future communities $ 1,479 $ 3,103 $ 697 $ 2,469 Land owned for future communities 1,540 300 340 Operating communities 8,295 7,950 1,360 1,250 $ 11,314 $ 11,353 $ 2,397 $ 3,719 |
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, 2017 2016 2017 2016 Interest capitalized, beginning of period $ 369,419 $ 373,128 $ 376,213 $ 383,482 Interest incurred 130,887 122,079 45,577 41,667 Interest expensed to cost of revenues (114,365 ) (107,176 ) (45,879 ) (39,431 ) Interest expensed in other income (2,097 ) (606 ) (102 ) (297 ) Interest capitalized on investments in unconsolidated entities (6,485 ) (3,947 ) (2,271 ) (1,704 ) Previously capitalized interest transferred to investments in unconsolidated entities (4,030 ) Previously capitalized interest on investments in unconsolidated entities transferred to inventory 979 687 770 448 Interest capitalized, end of period $ 374,308 $ 384,165 $ 374,308 $ 384,165 |
Investments in Unconsolidated24
Investments in Unconsolidated Entities (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
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, 2017 , 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 4 13 5 29 Investment in unconsolidated entities $ 283,248 $ 89,437 $ 124,951 $ 16,629 $ 514,265 Number of unconsolidated entities with funding commitments by the Company 5 1 1 1 8 Company’s remaining funding commitment to unconsolidated entities $ 33,950 $ 8,300 $ 1,000 $ 9,621 $ 52,871 |
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, 2017 , regarding the debt financing obtained by category ($ amounts in thousands): Land Home Building Rental Property Total Number of joint ventures with debt financing 3 1 11 15 Aggregate loan commitments $ 275,000 $ 236,500 $ 1,021,406 $ 1,532,906 Amounts borrowed under loan commitments $ 262,175 $ 100,989 $ 780,157 $ 1,143,321 |
Condensed balance sheet | Condensed Balance Sheets: July 31, October 31, Cash and cash equivalents $ 103,517 $ 130,794 Inventory 1,134,699 1,074,888 Loans receivable, net 23,853 — Rental properties 952,289 621,615 Rental properties under development 169,631 302,632 Real estate owned (“REO”) 55,970 87,226 Other assets 162,055 180,103 Total assets $ 2,602,014 $ 2,397,258 Debt $ 1,146,833 $ 1,164,883 Other liabilities 127,374 152,881 Members’ equity 1,298,996 980,354 Noncontrolling interest 28,811 99,140 Total liabilities and equity $ 2,602,014 $ 2,397,258 Company’s net investment in unconsolidated entities (1) $ 514,265 $ 496,411 (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 investments in unconsolidated entities; interest capitalized on our investments; the estimated fair value of the guarantees provided to the joint ventures; gains recognized from the sale of our ownership interests; 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, 2017 2016 2017 2016 Revenues $ 690,441 $ 226,772 $ 189,714 $ 60,755 Cost of revenues 389,996 145,401 99,102 42,910 Other expenses 62,193 29,723 22,472 11,347 Total expenses 452,189 175,124 121,574 54,257 Gain on disposition of loans and REO 39,530 38,102 7,891 3,413 Income from operations 277,782 89,750 76,031 9,911 Other income 11,175 4,121 1,678 1,769 Income before income taxes 288,957 93,871 77,709 11,680 Income tax provision 7,453 — 1,138 — Net income including earnings from noncontrolling interests 281,504 93,871 76,571 11,680 Less: income attributable to noncontrolling interest (16,417 ) (11,204 ) (3,328 ) 3,819 Net income attributable to controlling interest 265,087 82,667 73,243 15,499 Other comprehensive income — 100 — — Total comprehensive income $ 265,087 $ 82,767 $ 73,243 $ 15,499 Company’s equity in earnings of unconsolidated entities (2) $ 112,274 $ 22,754 $ 19,925 $ 4,998 (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; unrealized gains on our retained joint venture interests; and our share of the entities’ profits related to home sites purchased by us which reduces our cost basis of the home sites acquired. |
Receivables, Prepaid Expenses25
Receivables, Prepaid Expenses, and Other Assets (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Receivables, prepaid expenses and other assets [Abstract] | |
Receivables, prepaid expenses, and other assets [Table Text Block] | Receivables, prepaid expenses, and other assets at July 31, 2017 and October 31, 2016 , consisted of the following (amounts in thousands): July 31, 2017 October 31, 2016 Expected recoveries from insurance carriers and others $ 158,353 $ 165,696 Improvement cost receivable 100,092 85,627 Escrow cash held by our captive title company 46,937 138,633 Properties held for rental apartment development 143,896 81,693 Investment in foreclosed real estate owned 4,098 11,552 Prepaid expenses 18,765 25,659 Other 64,383 73,898 $ 536,524 $ 582,758 |
Loans Payable, Senior Notes a26
Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Debt Disclosure [Abstract] | |
Loans Payable [Text Block] | At July 31, 2017 and October 31, 2016 , loans payable consisted of the following (amounts in thousands): July 31, October 31, Senior unsecured term loan $ 500,000 $ 500,000 Credit facility borrowings — 250,000 Loans payable – other 121,371 122,809 Deferred issuance costs (1,797 ) (1,730 ) $ 619,574 $ 871,079 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued expenses | Accrued expenses at July 31, 2017 and October 31, 2016 consisted of the following (amounts in thousands): July 31, October 31, Land, land development, and construction $ 133,383 $ 153,264 Compensation and employee benefits 142,081 138,282 Escrow liability 46,302 137,396 Self-insurance 141,270 126,431 Warranty 344,365 370,992 Deferred income 39,798 43,488 Interest 47,307 34,903 Commitments to unconsolidated entities 8,596 5,637 Other 53,019 61,907 $ 956,121 $ 1,072,300 |
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, 2017 2016 2017 2016 Balance, beginning of period $ 370,992 $ 93,083 $ 355,934 $ 91,194 Additions – homes closed during the period 21,220 18,208 8,519 7,241 Addition – Coleman liabilities acquired 1,111 Increase in accruals for homes closed in prior years 5,539 11,045 2,351 4,853 Reclassification from other accruals 1,082 Charges incurred (55,579 ) (30,369 ) (22,439 ) (11,321 ) Balance, end of period $ 344,365 $ 91,967 $ 344,365 $ 91,967 |
Stock-Based Benefit Plans (Tabl
Stock-Based Benefit Plans (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
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, 2017 2016 2017 2016 Total stock-based compensation expense recognized $ 22,088 $ 21,006 $ 6,503 $ 5,925 Income tax benefit recognized $ 8,718 $ 8,092 $ 2,624 $ 2,283 |
Stock Repurchase Program and 29
Stock Repurchase Program and Cash Dividend (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
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, 2017 2016 2017 2016 Number of shares purchased (in thousands) 2,492 11,405 1,929 3,698 Average price per share $ 36.40 $ 28.72 $ 39.02 $ 26.33 Remaining authorization at July 31 (in thousands) 13,347 18,085 13,347 18,085 |
Earnings Per Share Information
Earnings Per Share Information (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Earnings Per Share [Abstract] | |
Income per share calculation | The table below provides, for the periods indicated, information pertaining to the calculation of earnings 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, 2017 2016 2017 2016 Numerator: Net income as reported $ 343,617 $ 267,717 $ 148,563 $ 105,483 Plus interest and costs attributable to 0.5% Exchangeable Senior Notes, net of income tax benefit 1,147 1,165 378 388 Numerator for diluted earnings per share $ 344,764 $ 268,882 $ 148,941 $ 105,871 Denominator: Basic weighted-average shares 163,186 169,692 163,478 165,919 Common stock equivalents (a) 2,077 1,853 2,210 1,628 Shares attributable to 0.5% Exchangeable Senior Notes 5,864 5,858 5,874 5,858 Diluted weighted-average shares 171,127 177,403 171,562 173,405 Other information: Weighted-average number of antidilutive options and restricted stock units (b) 2,556 3,854 600 4,243 Shares issued under stock incentive and employee stock purchase plans 2,762 502 788 19 (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, 2017 | |
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, 2016 Mortgage Loans Held for Sale Level 2 $ 89,419 $ 248,601 Forward Loan Commitments — Residential Mortgage Loans Held for Sale Level 2 $ (88 ) $ 1,390 Interest Rate Lock Commitments (“IRLCs”) Level 2 $ 99 $ (921 ) Forward Loan Commitments — IRLCs Level 2 $ (99 ) $ 921 |
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, 2017 $ 88,434 $ 89,419 $ 985 At October 31, 2016 $ 246,794 $ 248,601 $ 1,807 |
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 2017: January 31 57 2 $ 8,372 $ 4,000 April 30 46 6 $ 25,092 2,935 July 31 53 4 $ 5,965 1,360 $ 8,295 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 October 31 59 2 $ 1,126 415 $ 8,365 |
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, 2017 October 31, 2016 Fair value Book value Estimated fair value Book value Estimated fair value Loans payable (a) Level 2 $ 621,371 $ 619,975 $ 872,809 $ 870,384 Senior notes (b) Level 1 3,157,376 3,321,149 2,707,376 2,843,177 Mortgage company loan facility (c) Level 2 57,921 57,921 210,000 210,000 $ 3,836,668 $ 3,999,045 $ 3,790,185 $ 3,923,561 (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 2017: January 31 692 - 880 4 - 12 16.3% April 30 827 - 856 6 - 11 16.3% July 31 465 - 754 3 - 10 16.5% - 19.5% Fiscal 2016: January 31 — — — April 30 369 - 394 18 - 23 16.3% July 31 — — — October 31 — — — |
Other Income - Net (Tables)
Other Income - Net (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other Income - net | The table below provides the significant components of other income – net (amounts in thousands): Nine months ended July 31, Three months ended July 31, 2017 2016 2017 2016 Interest income $ 3,834 $ 1,612 $ 1,904 $ 676 Income from ancillary businesses, net 10,555 11,559 3,709 4,139 Gibraltar 2,650 6,351 (220 ) 102 Management fee income from unconsolidated entities, net 10,448 6,863 2,477 2,348 Retained customer deposits 4,461 4,449 1,407 780 Income from land sales 7,503 11,018 2,417 6,527 Other 342 1,622 286 549 Total other income – net $ 39,793 $ 43,474 $ 11,980 $ 15,121 |
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, 2017 2016 2017 2016 Revenues $ 95,317 $ 85,955 $ 34,733 $ 32,823 Expenses $ 84,762 $ 74,396 $ 31,024 $ 28,684 |
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, 2017 2016 2017 2016 Revenues $ 151,470 $ 77,701 $ 4,633 $ 64,109 Expenses (148,625 ) (64,076 ) (2,420 ) (54,975 ) Deferred gain on land sale to joint venture (2,607 ) (2,607 ) Deferred gain recognized 4,658 204 Income from land sales $ 7,503 $ 11,018 $ 2,417 $ 6,527 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
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, 2017 October 31, 2016 Aggregate purchase commitments: Unrelated parties $ 1,872,468 $ 1,544,185 Unconsolidated entities that the Company has investments in 8,921 79,204 Total $ 1,881,389 $ 1,623,389 Deposits against aggregate purchase commitments $ 94,903 $ 65,299 Additional cash required to acquire land 1,786,486 1,558,090 Total $ 1,881,389 $ 1,623,389 Amount of additional cash required to acquire land included in accrued expenses $ 3,672 $ 18,266 |
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, 2016 Aggregate mortgage loan commitments: IRLCs $ 422,782 $ 255,647 Non-IRLCs 1,256,917 1,094,861 Total $ 1,679,699 $ 1,350,508 Investor commitments to purchase: IRLCs $ 422,782 $ 255,647 Mortgage loans receivable 80,637 231,398 Total $ 503,419 $ 487,045 |
Information on Segments (Tables
Information on Segments (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
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, 2017 2016 2017 2016 Revenues: Traditional Home Building: North $ 560,812 $ 491,692 $ 225,829 $ 205,200 Mid-Atlantic 692,457 576,991 281,915 220,596 South 591,211 571,364 253,904 232,118 West 821,241 548,701 307,406 223,076 California 928,303 881,779 335,224 336,438 Traditional Home Building 3,594,024 3,070,527 1,404,278 1,217,428 City Living 193,127 243,530 98,631 52,506 Total $ 3,787,151 $ 3,314,057 $ 1,502,909 $ 1,269,934 Income (loss) before income taxes: Traditional Home Building: North $ 37,042 $ 35,300 $ 16,436 $ 18,994 Mid-Atlantic 69,171 56,348 35,628 18,478 South 67,496 84,765 33,566 32,386 West 111,002 74,164 43,180 30,313 California 199,232 198,776 72,703 80,293 Traditional Home Building 483,943 449,353 201,513 180,464 City Living 131,782 74,598 46,750 14,682 Corporate and other (103,161 ) (103,084 ) (44,689 ) (31,493 ) Total $ 512,564 $ 420,867 $ 203,574 $ 163,653 “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 $ 1,089,376 $ 1,020,250 Mid-Atlantic 1,177,785 1,166,023 South 1,288,665 1,203,554 West 1,276,911 1,130,625 California 2,714,799 2,479,885 Traditional Home Building 7,547,536 7,000,337 City Living 760,349 946,738 Corporate and other 1,821,051 1,789,714 Total $ 10,128,936 $ 9,736,789 “Corporate and other” is comprised principally of cash and cash equivalents, restricted cash and investments, deferred tax assets, investments in our Rental Property Joint Ventures, expected recoveries from insurance carriers and suppliers, our Gibraltar investments, manufacturing facilities, and our mortgage and title subsidiaries. |
Supplemental Disclosure to Co35
Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
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, 2017 2016 Cash flow information: Interest paid, net of amount capitalized $ 3,142 $ 876 Income tax payments $ 88,281 $ 116,681 Income tax refunds $ 1,719 $ 2,002 Noncash activity: Cost of inventory acquired through seller financing or municipal bonds, net $ 25,880 $ 25,368 Financed portion of land sale $ 625 Reduction in inventory for our share of earnings in land purchased from unconsolidated entities and allocation of basis difference $ 12,235 $ 8,546 Rental property acquired by capital land lease $ 7,167 Defined benefit plan amendment $ 757 Deferred tax decrease related to stock-based compensation activity included in additional paid-in capital $ 5,119 $ 9,797 Transfer of inventory to investment in unconsolidated entities $ 36,256 Transfer of investment in distressed loans and REO to investment in unconsolidated entities $ 5,917 Transfer of other assets to investment in unconsolidated entities $ 19,050 Miscellaneous increases to investments in unconsolidated entities $ 1,977 $ 1,558 Acquisition of a Business: Fair value of assets purchased $ 90,560 Liabilities assumed $ 5,377 Cash paid $ 85,183 |
Supplemental Guarantor Inform36
Supplemental Guarantor Information (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Supplemental Guarantor Information [Abstract] | |
Senior Notes issued by Subsidiary Issuer [Table Text Block] | At July 31, 2017 , 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 4.875% Senior Notes due 2027 $ 450,000 0.5% 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, 2017 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents — — 784,527 161,668 — 946,195 Restricted cash and investments 781 781 Inventory 7,378,098 255,470 7,633,568 Property, construction and office equipment, net 164,156 15,320 179,476 Receivables, prepaid expenses and other assets 354,597 252,406 (70,479 ) 536,524 Mortgage loans held for sale 89,419 89,419 Customer deposits held in escrow 91,378 2,473 93,851 Investments in unconsolidated entities 66,405 447,860 514,265 Investments in and advances to consolidated entities 4,514,891 3,211,923 91,740 128,433 (7,946,987 ) — Deferred tax assets, net of valuation allowances 134,857 134,857 4,649,748 3,211,923 8,930,901 1,353,830 (8,017,466 ) 10,128,936 LIABILITIES AND EQUITY Liabilities Loans payable 612,407 7,167 619,574 Senior notes 3,145,380 3,525 3,148,905 Mortgage company loan facility 57,921 57,921 Customer deposits 395,407 18,738 414,145 Accounts payable 274,350 2,416 276,766 Accrued expenses 151 46,233 593,862 393,208 (77,333 ) 956,121 Advances from consolidated entities 2,404,026 685,740 (3,089,766 ) — Income taxes payable 116,883 116,883 Total liabilities 117,034 3,191,613 4,280,052 1,165,190 (3,163,574 ) 5,590,315 Equity Stockholders’ equity Common stock 1,779 48 3,006 (3,054 ) 1,779 Additional paid-in capital 713,624 49,400 93,734 (143,134 ) 713,624 Retained earnings (deficit) 4,294,808 (29,090 ) 4,650,801 85,993 (4,707,704 ) 4,294,808 Treasury stock, at cost (474,665 ) (474,665 ) Accumulated other comprehensive loss (2,832 ) (2,832 ) Total stockholders’ equity 4,532,714 20,310 4,650,849 182,733 (4,853,892 ) 4,532,714 Noncontrolling interest 5,907 5,907 Total equity 4,532,714 20,310 4,650,849 188,640 (4,853,892 ) 4,538,621 4,649,748 3,211,923 8,930,901 1,353,830 (8,017,466 ) 10,128,936 Condensed Consolidating Balance Sheet at October 31, 2016 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated ASSETS Cash and cash equivalents — — 583,440 50,275 — 633,715 Restricted cash and investments 11,708 19,583 31,291 Inventory 6,896,205 457,806 (44 ) 7,353,967 Property, construction and office equipment, net 153,663 15,913 169,576 Receivables, prepaid expenses and other assets 77 319,319 299,978 (36,616 ) 582,758 Mortgage loans held for sale 248,601 248,601 Customer deposits held in escrow 50,079 2,978 53,057 Investments in unconsolidated entities 101,999 394,412 496,411 Investments in and advances to consolidated entities 4,112,876 2,741,160 20,519 90,671 (6,965,226 ) — Deferred tax assets, net of valuation allowances 167,413 167,413 4,292,074 2,741,160 8,125,224 1,580,217 (7,001,886 ) 9,736,789 LIABILITIES AND EQUITY Liabilities Loans payable 871,079 871,079 Senior notes 2,683,823 10,549 2,694,372 Mortgage company loan facility 210,000 210,000 Customer deposits 292,794 16,305 309,099 Accounts payable 280,107 1,848 281,955 Accrued expenses 32,559 610,958 469,527 (40,744 ) 1,072,300 Advances from consolidated entities 1,737,682 799,082 (2,536,764 ) — Income taxes payable 62,782 62,782 Total liabilities 62,782 2,716,382 3,792,620 1,496,762 (2,566,959 ) 5,501,587 Equity Stockholders’ equity Common stock 1,779 48 3,006 (3,054 ) 1,779 Additional paid-in capital 728,464 49,400 6,734 (56,134 ) 728,464 Retained earnings (deficit) 3,977,297 (24,622 ) 4,332,556 67,805 (4,375,739 ) 3,977,297 Treasury stock, at cost (474,912 ) (474,912 ) Accumulated other comprehensive loss (3,336 ) (3,336 ) Total stockholders’ equity 4,229,292 24,778 4,332,604 77,545 (4,434,927 ) 4,229,292 Noncontrolling interest 5,910 5,910 Total equity 4,229,292 24,778 4,332,604 83,455 (4,434,927 ) 4,235,202 4,292,074 2,741,160 8,125,224 1,580,217 (7,001,886 ) 9,736,789 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the nine months ended July 31, 2017 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Revenues 3,699,032 224,120 (136,001 ) 3,787,151 Cost of revenues 2,896,053 145,229 (54,811 ) 2,986,471 Selling, general and administrative 45 3,010 461,722 54,955 (79,549 ) 440,183 45 3,010 3,357,775 200,184 (134,360 ) 3,426,654 Income (loss) from operations (45 ) (3,010 ) 341,257 23,936 (1,641 ) 360,497 Other: Income from unconsolidated entities 11,224 101,050 112,274 Other income – net 7,049 21,655 9,482 1,607 39,793 Intercompany interest income 116,164 48 3,370 (119,582 ) — Interest expense (120,178 ) (3,370 ) (1,328 ) 124,876 — Income from subsidiaries 505,560 129,486 (635,046 ) — Income (loss) before income taxes 512,564 (7,024 ) 500,300 136,510 (629,786 ) 512,564 Income tax provision (benefit) 168,947 (2,556 ) 182,055 49,674 (229,173 ) 168,947 Net income (loss) 343,617 (4,468 ) 318,245 86,836 (400,613 ) 343,617 Other comprehensive income 504 504 Total comprehensive income (loss) 344,121 (4,468 ) 318,245 86,836 (400,613 ) 344,121 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 three months ended July 31, 2017 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Revenues 1,459,115 94,422 (50,628 ) 1,502,909 Cost of revenues 1,128,705 65,595 (18,272 ) 1,176,028 Selling, general and administrative 21 1,045 163,074 20,083 (29,011 ) 155,212 21 1,045 1,291,779 85,678 (47,283 ) 1,331,240 Income (loss) from operations (21 ) (1,045 ) 167,336 8,744 (3,345 ) 171,669 Other: Income from unconsolidated entities 2,746 17,179 19,925 Other income – net 2,367 9,389 673 (449 ) 11,980 Intercompany interest income 41,111 48 1,224 (42,383 ) — Interest expense (42,433 ) (3,370 ) (374 ) 46,177 — Income from subsidiaries 201,228 25,078 (226,306 ) — Income (loss) before income taxes 203,574 (2,367 ) 201,227 27,446 (226,306 ) 203,574 Income tax provision (benefit) 55,011 (839 ) 71,787 9,462 (80,410 ) 55,011 Net income (loss) 148,563 (1,528 ) 129,440 17,984 (145,896 ) 148,563 Other comprehensive income 167 167 Total comprehensive income (loss) 148,730 (1,528 ) 129,440 17,984 (145,896 ) 148,730 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 (loss) 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 Consolidating Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended October 31, 2016 Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Revenues 4,984,356 361,685 (176,533 ) 5,169,508 Cost of revenues 3,919,729 288,044 (63,708 ) 4,144,065 Selling, general and administrative 75 3,809 558,822 74,328 (101,652 ) 535,382 75 3,809 4,478,551 362,372 (165,360 ) 4,679,447 Income (loss) from operations (75 ) (3,809 ) 505,805 (687 ) (11,173 ) 490,061 Other: Income from unconsolidated entities 16,913 23,835 40,748 Other income - net 9,501 27,873 17,456 3,388 58,218 Intercompany interest income 145,828 (145,828 ) — Interest expense (151,410 ) (2,203 ) 153,613 — Income from consolidated subsidiaries 579,601 29,010 (608,611 ) — Income (loss) before income taxes 589,027 (9,391 ) 579,601 38,401 (608,611 ) 589,027 Income tax provision (benefit) 206,932 (3,299 ) 203,614 13,490 (213,805 ) 206,932 Net income (loss) 382,095 (6,092 ) 375,987 24,911 (394,806 ) 382,095 Other comprehensive (loss) income (858 ) 31 (827 ) Total comprehensive income (loss) 381,237 (6,092 ) 376,018 24,911 (394,806 ) 381,268 Condensed Consolidating Statement of Cash Flows for the nine months ended July 31, 2017 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Net cash provided by (used in) operating activities 140,483 19,726 (165,502 ) 439,059 (8,904 ) 424,862 Cash flow (used in) provided by investing activities: Purchase of property and equipment - net (22,797 ) 396 (22,401 ) Investment in unconsolidated entities (3,471 ) (116,243 ) (119,714 ) Return of investments in unconsolidated entities 57,068 82,278 139,346 Investment in foreclosed real estate and distressed loans (688 ) (688 ) Return of investments in foreclosed real estate and distressed loans 12,429 12,429 Acquisition of a business (85,183 ) (85,183 ) Investment paid - intercompany (45,000 ) 45,000 — Intercompany advances (82,881 ) (470,763 ) 553,644 — Net cash (used in) provided by investing activities (82,881 ) (470,763 ) (99,383 ) (21,828 ) 598,644 (76,211 ) Cash flow (used in) provided by financing activities: Net proceeds from issuance of senior notes 455,483 455,483 Debt issuance costs for senior notes (4,446 ) (4,446 ) Proceeds from loans payable 125,068 958,404 1,083,472 Principal payments of loans payable (402,596 ) (1,110,482 ) (1,513,078 ) Proceeds from stock-based benefit plans 57,958 57,958 Excess tax benefits from stock-based compensation 1,172 1,172 Purchase of treasury stock (90,716 ) (90,716 ) Dividends paid (26,016 ) (26,016 ) Investment received intercompany 45,000 (45,000 ) — Intercompany advances 743,500 (198,760 ) (544,740 ) — Net cash (used in) provided by financing activities (57,602 ) 451,037 465,972 (305,838 ) (589,740 ) (36,171 ) Net increase in cash and cash equivalents — — 201,087 111,393 — 312,480 Cash and cash equivalents, beginning of period — — 583,440 50,275 — 633,715 Cash and cash equivalents, end of period — — 784,527 161,668 — 946,195 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 Investments 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) provided by 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 290 290 Dividend paid – intercompany (5,000 ) 5,000 — Intercompany advances (66,039 ) (179,765 ) 245,804 — Net cash (used in) provided by 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 Consolidating Statement of Cash Flows for the fiscal year ended October 31, 2016 Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities 60,465 14,768 105,709 (64,386 ) 32,215 148,771 Cash flow provided by (used in) investing activities: Purchase of property and equipment — net (27,835 ) (591 ) (28,426 ) Sale and redemption of marketable securities 10,000 10,000 Investment in unconsolidated entities (2,637 ) (67,018 ) (69,655 ) Return of investments in unconsolidated entities 32,857 14,949 47,806 Investment in distressed loans and foreclosed real estate (1,133 ) (1,133 ) Return of investments in distressed loans and foreclosed real estate 49,619 49,619 Dividends received intercompany 5,000 (5,000 ) — Investment paid intercompany (5,000 ) 5,000 — Intercompany advances 323,207 (14,733 ) (308,474 ) — Net cash provided by (used in) investing activities 323,207 (14,733 ) 2,385 5,826 (308,474 ) 8,211 Cash flow (used in) provided by financing activities: Debt issuance costs for senior notes (35 ) (35 ) Proceeds from loans payable 550,000 1,893,496 2,443,496 Debt issuance costs for loans payable (4,868 ) (4,868 ) Principal payments of loans payable (714,089 ) (1,783,496 ) (2,497,585 ) Proceeds from stock-based benefit plans 6,986 6,986 Excess tax benefits from stock-based compensation 2,114 2,114 Purchase of treasury stock (392,772 ) (392,772 ) Receipts related to noncontrolling interest 404 404 Dividends paid intercompany (5,000 ) 5,000 — Investment received intercompany 5,000 (5,000 ) — Intercompany advances (139,296 ) (136,963 ) 276,259 — Net cash (used in) provided by financing activities (383,672 ) (35 ) (308,253 ) (26,559 ) 276,259 (442,260 ) Net decrease in cash and cash equivalents — — (200,159 ) (85,119 ) — (285,278 ) Cash and cash equivalents, beginning of period — — 783,599 135,394 — 918,993 Cash and cash equivalents, end of period — — 583,440 50,275 — 633,715 |
Significant Accounting Polici37
Significant Accounting Policies (Details) | 1 Months Ended | 9 Months Ended | ||
Nov. 30, 2016USD ($)communitieshome_sites | Jul. 31, 2017USD ($)luxury_homes | Jul. 31, 2016USD ($) | Nov. 07, 2016USD ($)home_sites | |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 85,183,000 | |||
Number of Homes to be Delivered | luxury_homes | 6,282 | |||
Sales Value of Outstanding Deliver Homes | $ 5,310,000,000 | |||
Coleman Holdings LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 85,183,000 | |||
Number of home sites included in acquisition | home_sites | 1,750 | |||
Number of Homes to be Delivered | home_sites | 128 | |||
Sales Value of Outstanding Deliver Homes | $ 38,800,000 | |||
Average Sales Price of Backlog | $ 303,000 | |||
Business acquisition, number of selling communities | communities | 15 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | Oct. 31, 2016 |
Total Inventory | ||
Inventory | $ 7,633,568 | $ 7,353,967 |
Land controlled for future communities [Member] | ||
Total Inventory | ||
Inventory | 81,512 | 71,729 |
Land Owned for Future Communities [Member] | ||
Total Inventory | ||
Inventory | 1,153,712 | 1,884,146 |
Operating communities [Member] | ||
Total Inventory | ||
Inventory | $ 6,398,344 | $ 5,398,092 |
Inventory (Details 1)
Inventory (Details 1) $ in Thousands | Jul. 31, 2017USD ($)communities | Oct. 31, 2016USD ($)communities |
Land Owned for Future Communities [Member] | ||
Temporarily Closed communities | ||
Number of Communities (in ones) | communities | 17 | 18 |
Carrying Value | $ | $ 136,704 | $ 123,936 |
Operating communities [Member] | ||
Temporarily Closed communities | ||
Number of Communities (in ones) | communities | 4 | 3 |
Carrying Value | $ | $ 11,553 | $ 8,523 |
Inventory (Details 2)
Inventory (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Schedule of inventory [Line Items] | ||||
Inventory Write-down | $ 2,397 | $ 3,719 | $ 11,314 | $ 11,353 |
Land controlled for future communities [Member] | ||||
Schedule of inventory [Line Items] | ||||
Inventory Write-down | 697 | 2,469 | 1,479 | 3,103 |
Land Owned for Future Communities [Member] | ||||
Schedule of inventory [Line Items] | ||||
Inventory Write-down | 340 | 1,540 | 300 | |
Operating communities [Member] | ||||
Schedule of inventory [Line Items] | ||||
Inventory Write-down | $ 1,360 | $ 1,250 | $ 8,295 | $ 7,950 |
Inventory (Details 3)
Inventory (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Inventory Disclosure [Abstract] | ||||
Interest capitalized, beginning of period | $ 376,213 | $ 383,482 | $ 369,419 | $ 373,128 |
Interest incurred | 45,577 | 41,667 | 130,887 | 122,079 |
Interest expensed to cost of revenues | (45,879) | (39,431) | (114,365) | (107,176) |
Write-off against other income | (102) | (297) | (2,097) | (606) |
Interest capitalized on investments in unconsolidated entities | (2,271) | (1,704) | (6,485) | (3,947) |
Real Estate Inventory Capitalized Interest Transferred to Unconsolidated Entities | (4,030) | |||
Real Estate Inventory Capitalized Interest Unconsolidated Entities Transfer to Inventory | 770 | 448 | 979 | 687 |
Interest capitalized, end of period | $ 374,308 | $ 384,165 | $ 374,308 | $ 384,165 |
Inventory (Details Textual)
Inventory (Details Textual) - Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] $ in Thousands | Jul. 31, 2017USD ($) | Oct. 31, 2016USD ($) |
Variable Interest Entity [Line Items] | ||
Number of VIE Land Purchase Contracts (in ones) | 96 | 78 |
Aggregate purchase price of VIE lands | $ 1,260,000 | $ 987,300 |
Deposits for purchase of lands with VIE entities | $ 58,300 | $ 44,100 |
Investments in Unconsolidated43
Investments in Unconsolidated Entities (Details 1) $ in Thousands | Jul. 31, 2017USD ($)joint_ventures | Oct. 31, 2016USD ($) |
Schedule of Equity Method Investments [Line Items] | ||
Number of Joint Ventures | joint_ventures | 29 | |
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures | $ | $ 514,265 | $ 496,411 |
Number of joint venture with funding commitments | joint_ventures | 8 | |
Other Commitment | $ | $ 52,871 | |
Land Development Joint Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Joint Ventures | joint_ventures | 7 | |
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures | $ | $ 283,248 | |
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 | 4 | |
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures | $ | $ 89,437 | |
Number of joint venture with funding commitments | joint_ventures | 1 | |
Rental Joint Ventures, including the Trust [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Joint Ventures | joint_ventures | 13 | |
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures | $ | $ 124,951 | |
Number of joint venture with funding commitments | joint_ventures | 1 | |
Gibraltar Joint Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Joint Ventures | joint_ventures | 5 | |
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures | $ | $ 16,629 | |
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 | $ | $ 33,950 | |
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 | $ | 8,300 | |
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 | $ | 1,000 | |
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 | $ | $ 9,621 |
Investments in Unconsolidated44
Investments in Unconsolidated Entities (Details 2) $ in Thousands | Jul. 31, 2017USD ($)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 | $ 1,532,906 |
Amounts borrowed under commitments | $ 1,143,321 |
Land Development Joint Ventures [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of joint ventures with loan commitments | joint_ventures | 3 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 275,000 |
Amounts borrowed under commitments | $ 262,175 |
Home Building Joint Ventures, Total [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of joint ventures with loan commitments | joint_ventures | 1 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 236,500 |
Amounts borrowed under commitments | $ 100,989 |
Rental Joint Ventures, including the Trust [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of joint ventures with loan commitments | joint_ventures | 11 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,021,406 |
Amounts borrowed under commitments | $ 780,157 |
Investments in Unconsolidated45
Investments in Unconsolidated Entities (Details Textual) | Apr. 28, 2017USD ($) | Jan. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jul. 31, 2017USD ($)joint_venturesHomes_soldrental_unitshome_sites | Apr. 30, 2017USD ($) | Jan. 31, 2017USD ($) | Jul. 31, 2016USD ($)Homes_soldhome_sites | Apr. 30, 2016USD ($) | Jan. 31, 2016USD ($) | Apr. 30, 2017 | Jul. 31, 2017USD ($)joint_venturesHomes_soldrental_unitshome_sites | Jul. 31, 2016USD ($)Homes_soldhome_sites | Oct. 31, 2016USD ($) | Mar. 08, 2016USD ($) | Apr. 15, 2016USD ($) |
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Land Sales | $ 4,633,000 | $ 64,109,000 | $ 151,470,000 | $ 77,701,000 | |||||||||||
Equity Method Investment, Summarized Financial Information, Revenue | 189,714,000 | 60,755,000 | 690,441,000 | 226,772,000 | |||||||||||
Escrow Deposit | 46,937,000 | 46,937,000 | $ 138,633,000 | ||||||||||||
Other Commitment | 52,871,000 | 52,871,000 | |||||||||||||
Payments to Acquire Equity Method Investments | 119,714,000 | 40,627,000 | 69,655,000 | ||||||||||||
Proceeds from Equity Method Investment, Distribution | 125,138,000 | 14,615,000 | |||||||||||||
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures | 514,265,000 | 514,265,000 | 496,411,000 | ||||||||||||
Land sales earnings, net | 2,417,000 | 6,527,000 | 7,503,000 | 11,018,000 | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,532,906,000 | 1,532,906,000 | |||||||||||||
Long-term Line of Credit | $ 1,143,321,000 | $ 1,143,321,000 | |||||||||||||
Number of Joint Ventures | joint_ventures | 29 | 29 | |||||||||||||
Management Fees Revenue | $ 2,477,000 | $ 2,348,000 | $ 10,448,000 | $ 6,863,000 | |||||||||||
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 | ||||||||||||||
Payments to Acquire Equity Method Investments | $ 80,000,000 | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | $ 200,000,000 | |||||||||||||
Long-term Line of Credit | $ 198,000,000 | $ 198,000,000 | |||||||||||||
Home Building Joint Ventures, Total [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Home sites sold | Homes_sold | 33 | 21 | 176 | 61 | |||||||||||
Equity Method Investment, Summarized Financial Information, Revenue | $ 81,000,000 | $ 17,900,000 | $ 451,600,000 | $ 55,400,000 | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 236,500,000 | 236,500,000 | |||||||||||||
Long-term Line of Credit | 100,989,000 | 100,989,000 | |||||||||||||
Home Building Joint Venture Metro New York Four [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 236,500,000 | 236,500,000 | |||||||||||||
Long-term Line of Credit | $ 101,000,000 | $ 101,000,000 | |||||||||||||
Rental Joint Ventures, including the Trust [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Number of Real Estate Properties | joint_ventures | 12 | 12 | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,021,406,000 | $ 1,021,406,000 | |||||||||||||
Long-term Line of Credit | 780,157,000 | 780,157,000 | |||||||||||||
Rental Property Joint Ventures Northern New Jersey [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 70,000,000 | 70,000,000 | |||||||||||||
Long-term Line of Credit | 56,800,000 | 56,800,000 | |||||||||||||
Rental Property Joint Ventures Jersey City [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Debt Instrument, Term | 10 years | ||||||||||||||
Long-term Debt | 133,000,000 | 133,000,000 | |||||||||||||
Rental Property Joint Venture Suburban Philadelphia [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Debt Instrument, Term | 10 years | ||||||||||||||
Long-term Debt | $ 56,000,000 | $ 56,000,000 | |||||||||||||
Rental Property Joint Venture Boston Suburb [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Number of Units in Real Estate Property | rental_units | 390 | 390 | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 91,000,000 | $ 91,000,000 | |||||||||||||
Long-term Line of Credit | $ 1,000,000 | $ 1,000,000 | |||||||||||||
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 | 525 | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 130,600,000 | $ 130,600,000 | |||||||||||||
Long-term Line of Credit | 11,000,000 | $ 11,000,000 | |||||||||||||
Rental Property Joint Venture Metro New York [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Line of Credit Facility, term of contract | 3 years | ||||||||||||||
Long-term Debt | $ 80,000,000 | $ 80,000,000 | |||||||||||||
Toll Brothers Realty Trust [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Partners' Capital Account, Distributions | $ 2,000,000 | $ 0 | |||||||||||||
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 Ventures [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Home sites sold | home_sites | 362 | 95 | 871 | 634 | |||||||||||
Land Sales | $ 115,000,000 | $ 27,800,000 | $ 215,900,000 | $ 126,500,000 | |||||||||||
Other than temporary impairment losses, investment | 0 | 2,000,000 | $ 0 | ||||||||||||
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 283,248,000 | $ 283,248,000 | |||||||||||||
Number of Joint Ventures | joint_ventures | 7 | 7 | |||||||||||||
Land Development Joint Ventures [Member] | Equity Method Investee [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Home sites sold | home_sites | 126 | 66 | 288 | 178 | |||||||||||
Equity Method Investment, Deferred Gain on Sale | $ 5,900,000 | $ 3,700,000 | $ 12,900,000 | $ 8,900,000 | |||||||||||
Equity Method Investment, Summarized Financial Information, Revenue | 76,300,000 | 25,900,000 | 122,500,000 | 61,200,000 | |||||||||||
Land 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 | $ 33,950,000 | $ 33,950,000 | |||||||||||||
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% | |||||||||||||
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 180,700,000 | $ 180,700,000 | |||||||||||||
Land Development Joint Venture, Irvine, California [Member] | Equity Method Investee [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Home sites sold | home_sites | 48 | ||||||||||||||
Equity Method Investment, Summarized Financial Information, Revenue | $ 43,300,000 | ||||||||||||||
Land Development Joint Venture, Irvine, California [Member] | Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Other Commitment | $ 3,600,000 | 3,600,000 | |||||||||||||
Home Building Joint Venture Metro New York Four [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Land Sales | $ 143,300,000 | ||||||||||||||
Payments to Acquire and Develop Real Estate | 176,000,000 | ||||||||||||||
Escrow Deposit | 106,100,000 | ||||||||||||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | |||||||||||||
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 30,100,000 | $ 30,100,000 | |||||||||||||
Proceeds from Sale of Real Estate | $ 148,000,000 | ||||||||||||||
Rental Property Joint Ventures Northern New Jersey [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Guarantor obligations, recourse provision | 100.00% | 0.00% | |||||||||||||
Rental Property Joint Ventures Jersey City [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | |||||||||||||
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 8,000,000 | $ 8,000,000 | |||||||||||||
Rental Property Joint Venture Suburban Philadelphia [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | |||||||||||||
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 3,200,000 | $ 3,200,000 | |||||||||||||
Rental Property Joint Venture Boston Suburb [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | |||||||||||||
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 11,400,000 | $ 11,400,000 | |||||||||||||
Rental Property Joint Ventures Metro Washington, D.C. [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Payments to Acquire and Develop Real Estate | $ 35,100,000 | ||||||||||||||
Proceeds from Equity Method Investment, Distribution | 18,700,000 | ||||||||||||||
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures | 29,800,000 | 29,800,000 | |||||||||||||
Land sales earnings, net | 3,000,000 | ||||||||||||||
Retail Land Sales, Installment Method, Gross Profit, Deferred | 2,607,000 | $ 2,607,000 | $ 2,999,000 | ||||||||||||
Rental Property Joint Ventures Metro Washington, D.C. [Member] | Co-venturer [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Land Sales | $ 20,200,000 | ||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||||||||||||
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 Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 35,700,000 | $ 35,700,000 | |||||||||||||
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 Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 0 | $ 0 | |||||||||||||
Management Fees Revenue | $ 600,000 | $ 400,000 | $ 1,400,000 | $ 1,200,000 | |||||||||||
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 Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 8,800,000 | $ 8,800,000 | |||||||||||||
Number of Joint Ventures | joint_ventures | 3 | 3 | |||||||||||||
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 Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 4,200,000 | $ 4,200,000 | |||||||||||||
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 | $ 9,600,000 | $ 9,600,000 | |||||||||||||
Occupied or Ready for Occupancy [Member] | Rental Joint Ventures, including the Trust [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Number of Units in Real Estate Property | rental_units | 2,950 | 2,950 | |||||||||||||
Lease up Stage [Member] | Rental Joint Ventures, including the Trust [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Number of Units in Real Estate Property | rental_units | 1,000 | 1,000 | |||||||||||||
Asset under Construction [Member] | Rental Joint Ventures, including the Trust [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Number of Units in Real Estate Property | rental_units | 1,650 | 1,650 | |||||||||||||
In Planning Phase [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Number of Units in Real Estate Property | rental_units | 7,000 | 7,000 | |||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Rental Property Joint Ventures Jersey City [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Proceeds from Sale of Equity Method Investments | $ 42,900,000 | ||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 20,500,000 | $ 20,500,000 | |||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | ||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Rental Property Joint Venture Suburban Philadelphia [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Proceeds from Sale of Equity Method Investments | $ 12,000,000 | ||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 6,200,000 | $ 6,200,000 | |||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | |||||||||||||
Line of Credit [Member] | Rental Property Joint Ventures Jersey City [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Long-term Line of Credit | $ 112,200,000 | ||||||||||||||
Line of Credit [Member] | Rental Property Joint Venture Suburban Philadelphia [Member] | |||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||||||||||
Long-term Line of Credit | $ 54,100,000 | $ 54,100,000 |
Investments in Unconsolidated46
Investments in Unconsolidated Entities (Details Textual 2) $ in Thousands | 9 Months Ended | |
Jul. 31, 2017USD ($)joint_ventures | Oct. 31, 2016USD ($)joint_ventures | |
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,532,906 | |
Amounts borrowed under commitments | 1,143,321 | |
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures | 514,265 | $ 496,411 |
Other Commitment | 52,871 | |
Equity Method Investee [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Guarantees, Fair Value Disclosure | $ 4,700 | |
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 | 7 | 3 |
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 25,600 | $ 16,400 |
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 | 1,080,100 | |
Amounts borrowed under commitments | 693,500 | |
Guarantees, Repayment and Carry Cost, Maximum | 250,500 | |
Maximum repapyment and carry cost guarantee obligation for borrowings by JV | $ 207,100 | |
Indirect Guarantee of Indebtedness [Member] | Equity Method Investee [Member] | Minimum [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Guarantor Obligations, Term | P1M | |
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 | P40M | |
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 | 70,000 |
Guarantees, Repayment and Carry Cost, Maximum | 70,000 | 14,300 |
Maximum repapyment and carry cost guarantee obligation for borrowings by JV | 56,800 | |
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 | $ 10,600 | $ 1,400 |
Investments in Unconsolidated47
Investments in Unconsolidated Entities (Details 3) - USD ($) $ in Thousands | Jul. 31, 2017 | Oct. 31, 2016 |
Condensed Balance Sheets: | ||
Cash and cash equivalents | $ 103,517 | $ 130,794 |
Inventory | 1,134,699 | 1,074,888 |
Loans receivable, net | 23,853 | 0 |
Rental properties | 952,289 | 621,615 |
Rental properties under development | 169,631 | 302,632 |
Real estate owned ("REO") | 55,970 | 87,226 |
Other assets | 162,055 | 180,103 |
Total assets | 2,602,014 | 2,397,258 |
Debt | 1,146,833 | 1,164,883 |
Other liabilities | 127,374 | 152,881 |
Member's equity | 1,298,996 | 980,354 |
Noncontrolling interest | 28,811 | 99,140 |
Total liabilities and equity | 2,602,014 | 2,397,258 |
Investments in unconsolidated entities | $ 514,265 | $ 496,411 |
Investments in Unconsolidated48
Investments in Unconsolidated Entities (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | Oct. 31, 2016 | |
Condensed Statements of Operations and Comprehensive Income: | |||||
Revenues | $ 189,714 | $ 60,755 | $ 690,441 | $ 226,772 | |
Cost of revenues | 99,102 | 42,910 | 389,996 | 145,401 | |
Other expenses | 22,472 | 11,347 | 62,193 | 29,723 | |
Total expenses | 121,574 | 54,257 | 452,189 | 175,124 | |
Gain on disposition of loans and REO | 7,891 | 3,413 | 39,530 | 38,102 | |
Income (loss) from operations | 76,031 | 9,911 | 277,782 | 89,750 | |
Other income | 1,678 | 1,769 | 11,175 | 4,121 | |
Income before income taxes | 77,709 | 11,680 | 288,957 | 93,871 | |
Income tax provision | 1,138 | 0 | 7,453 | 0 | |
Net income including earnings from noncontrolling interests | 76,571 | 11,680 | 281,504 | 93,871 | |
Less: (income) loss attributable to noncontrolling interest | (3,328) | 3,819 | (16,417) | (11,204) | |
Net income (loss) attributable to controlling interest | 73,243 | 15,499 | 265,087 | 82,667 | |
Other comprehensive income (loss) | 0 | 0 | 0 | 100 | |
Total comprehensive income (loss) | 73,243 | 15,499 | 265,087 | 82,767 | |
Income (loss) from unconsolidated entities | $ 19,925 | $ 4,998 | $ 112,274 | $ 22,754 | $ 40,748 |
Receivables, Prepaid Expenses49
Receivables, Prepaid Expenses, and Other Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | Oct. 31, 2016 |
Receivables, prepaid expenses and other assets [Abstract] | ||
Expected recoveries from insurance carriers and others | $ 158,353 | $ 165,696 |
Improvement cost receivable | 100,092 | 85,627 |
Escrow cash held by our captive title company | 46,937 | 138,633 |
Property held for rental apartment development | 143,896 | 81,693 |
Investment in foreclosed real estate owned | 4,098 | 11,552 |
Prepaid expenses | 18,765 | 25,659 |
Other | 64,383 | 73,898 |
Receivables, Prepaid Expenses and Other Assets | $ 536,524 | $ 582,758 |
Loans Payable, Senior Notes a50
Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | Oct. 31, 2016 |
Debt Instrument [Line Items] | ||
Long-term Line of Credit | $ 1,143,321 | |
Other Loans Payable | 121,371 | $ 122,809 |
Loans payable | 619,574 | 871,079 |
May 2016 Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Line of Credit | 0 | 250,000 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Long-term Debt, Noncurrent | 500,000 | 500,000 |
Deferred Finance Costs, Net | $ (1,797) | $ (1,730) |
Loans Payable, Senior Notes a51
Loans Payable, Senior Notes and Mortgage Company Loan Facility Term Loan Facility (Details Textual 1) - USD ($) $ in Thousands | 9 Months Ended | ||
Oct. 31, 2014 | Jul. 31, 2017 | Oct. 31, 2016 | |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Long-term Debt, Noncurrent | $ 500,000 | $ 500,000 | |
Five year term note [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Term | 5 years | ||
Debt Instrument, Interest Rate at Period End | 2.64% | ||
Guarantor Subsidiaries [Member] | |||
Debt Instrument [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Loans Payable, Senior Notes a52
Loans Payable, Senior Notes and Mortgage Company Loan Facility Credit Facility (Details Textual 2) - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2017 | Oct. 31, 2016 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,532,906 | |
Long-term Line of Credit | 1,143,321 | |
May 2016 Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,295,000 | |
Line of Credit Facility, term of contract | 5 years | |
Maximum Permissible Leverage Ratio | 175.00% | |
Minimum Net Worth Required for Compliance | $ 2,720,000 | |
Existing Leverage Ratio | .67 | |
Tangible Net Worth | $ 4,490,000 | |
Ability to repurchase common stock | 2,400,000 | |
Long-term Line of Credit | 0 | $ 250,000 |
Letters of Credit Outstanding, Amount | $ 146,500 | |
Debt Instrument, Interest Rate at Period End | 2.74% | |
Guarantor Subsidiaries [Member] | ||
Line of Credit Facility [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Loans Payable, Senior Notes a53
Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable - Other (Details Textual 3) | Jul. 31, 2017 |
Loans Payable [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 4.04% |
Loans Payable, Senior Notes a54
Loans Payable, Senior Notes and Mortgage Company Loan Facility Senior Notes Payable (Details Textual 4) | Aug. 15, 2017USD ($) | Jul. 31, 2017USD ($)debtissuances | Apr. 30, 2017USD ($) | Jun. 12, 2017USD ($) | Mar. 10, 2017USD ($) | Oct. 31, 2016USD ($) | Sep. 05, 2012 |
Senior Note Payable (Textual) [Abstract] | |||||||
Number of issuances of senior debt | debtissuances | 9 | ||||||
Proceeds from Issuance of Senior Long-term Debt | $ 3,148,905,000 | $ 2,694,372,000 | |||||
Senior Notes [Member] | |||||||
Senior Note Payable (Textual) [Abstract] | |||||||
Debt Instrument, Face Amount | 3,157,000,000 | ||||||
4.875% Senior Notes Due 2027 [Member] | |||||||
Senior Note Payable (Textual) [Abstract] | |||||||
Debt Instrument, Face Amount | 450,000,000 | ||||||
Proceeds from Issuance of Senior Long-term Debt | $ 450,000,000 | $ 150,000,000 | $ 300,000,000 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 103.655% | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | 4.875% | |||||
Proceeds from Debt, Net of Issuance Costs | $ 156,400,000 | $ 297,200,000 | |||||
0.5% Exchangeable Senior Notes Due 2032 [Member] | |||||||
Senior Note Payable (Textual) [Abstract] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.50% | ||||||
Subsequent Event [Member] | 0.5% Exchangeable Senior Notes Due 2032 [Member] | |||||||
Senior Note Payable (Textual) [Abstract] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.50% | ||||||
Debt Instrument, Repurchase Amount | $ 287,500,000 | ||||||
Debt Instrument, Repurchase Date | Sep. 15, 2017 | ||||||
Debt Instrument, Redemption Price, Percentage | 100.00% |
Loans Payable, Senior Notes a55
Loans Payable, Senior Notes and Mortgage Company Loan Facility Mortgage Company Loan Facility (Details Textual 5) - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2017 | Oct. 31, 2016 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,532,906 | |
Mortgage company loan facility | 57,921 | $ 210,000 |
Warehouse Agreement Borrowings [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 150,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 210,000 | |
Debt Instrument, Maturity Date | Oct. 27, 2017 | |
Debt Instrument, Interest Rate, Effective Percentage | 3.23% | |
Mortgage company loan facility | $ 57,900 | $ 210,000 |
London Interbank Offered Rate (LIBOR) [Member] | Warehouse Agreement Borrowings [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | Apr. 30, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Oct. 31, 2015 |
Accrued expenses | ||||||
Land, land development and construction | $ 133,383 | $ 153,264 | ||||
Compensation and employee benefits | 142,081 | 138,282 | ||||
Escrow liability | 46,302 | 137,396 | ||||
Self-insurance | 141,270 | 126,431 | ||||
Warranty | 344,365 | $ 355,934 | 370,992 | $ 91,967 | $ 91,194 | $ 93,083 |
Deferred income | 39,798 | 43,488 | ||||
Interest | 47,307 | 34,903 | ||||
Commitments to unconsolidated entities | 8,596 | 5,637 | ||||
Other | 53,019 | 61,907 | ||||
Accrued expenses, Total | $ 956,121 | $ 1,072,300 |
Accrued Expenses (Detail Textua
Accrued Expenses (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 36 Months Ended | ||||||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Apr. 30, 2017 | Oct. 31, 2016 | Apr. 30, 2016 | Oct. 31, 2015 | |
Loss Contingencies [Line Items] | |||||||||
Standard and Extended Product Warranty Accrual | $ 344,365 | $ 91,967 | $ 344,365 | $ 91,967 | $ 344,365 | $ 355,934 | $ 370,992 | $ 91,194 | $ 93,083 |
Loss Contingency, Receivable | 158,353 | 158,353 | 158,353 | 165,696 | |||||
Stucco Related [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Product Liability Accrual, Period Expense | $ 1,900 | $ 4,300 | |||||||
Water intrusion related [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Product Liability Accrual, Period Expense | 0 | 0 | 171,800 | ||||||
Loss Contingency, Estimate of Possible Loss | 324,400 | 324,400 | 324,400 | ||||||
Product Liability Contingency, Third Party Recovery | 152,600 | ||||||||
Standard and Extended Product Warranty Accrual | 269,300 | 269,300 | 269,300 | 298,000 | |||||
Loss Contingency, Receivable | $ 122,700 | $ 122,700 | $ 122,700 | $ 141,700 |
Accrued Expenses (Details 1)
Accrued Expenses (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Changes in the warranty accrual | ||||
Balance, beginning of year | $ 355,934 | $ 91,194 | $ 370,992 | $ 93,083 |
Additions - homes closed during the year | 8,519 | 7,241 | 21,220 | 18,208 |
Addition - Coleman liabilities acquired | 1,111 | |||
Reclassification from other accruals | 1,082 | |||
Charges incurred | (22,439) | (11,321) | (55,579) | (30,369) |
Balance, end of year | 344,365 | 91,967 | 344,365 | 91,967 |
Warranty change, homes closed in prior period, other [Member] | ||||
Changes in the warranty accrual | ||||
Increase (decrease) to accruals for homes closed in prior periods | $ 2,351 | $ 4,853 | $ 5,539 | $ 11,045 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jul. 31, 2017USD ($) | Jul. 31, 2016USD ($) | Jul. 31, 2017USD ($) | Jul. 31, 2016USD ($) | Oct. 31, 2017 | Oct. 31, 2016USD ($) | |
Income Taxes (Textual) [Abstract] | ||||||
Income Tax Expense | $ 55,011 | $ 58,170 | $ 168,947 | $ 153,150 | $ 206,932 | |
Effective Income Tax Rate Reconciliation, Percent | 27.00% | 35.50% | 33.00% | 36.40% | ||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 27,900 | $ 27,100 | ||||
Number of states | 20 | 20 | ||||
Unrecognized Tax Benefits | $ 26,600 | $ 26,600 | ||||
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 | 7.00% | |||||
Scenario, Forecast [Member] | State and Local Jurisdiction [Member] | ||||||
Income Taxes (Textual) [Abstract] | ||||||
Effective Income Tax Rate Reconciliation, Percent | 7.30% |
Stock-Based Benefit Plans (Deta
Stock-Based Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based expense recognized | $ 6,503 | $ 5,925 | $ 22,088 | $ 21,006 |
Income tax benefit recognized | $ 2,624 | $ 2,283 | $ 8,718 | $ 8,092 |
Stock-Based Benefit Plans (De61
Stock-Based Benefit Plans (Details Textual) - USD ($) $ in Millions | Jul. 31, 2017 | Oct. 31, 2016 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Unamortized value of outstanding stock-based compensation awards | $ 30.7 | $ 27 |
Stock Repurchase Program and 62
Stock Repurchase Program and Cash Dividend (Details) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Stock Repurchase Program [Abstract] | ||||
Number of shares purchased | 1,929 | 3,698 | 2,492 | 11,405 |
Average price per share | $ 39.02 | $ 26.33 | $ 36.40 | $ 28.72 |
Remaining authorization at July 31: | 13,347 | 18,085 | 13,347 | 18,085 |
Stock Repurchase Program and 63
Stock Repurchase Program and Cash Dividend (Details Textual) - $ / shares shares in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 05, 2017 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | May 23, 2016 | |
Subsequent Event [Line Items] | ||||||
Treasury Stock, Shares, Acquired | 1,929 | 3,698 | 2,492 | 11,405 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 39.02 | $ 26.33 | $ 36.40 | $ 28.72 | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 20,000 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Treasury Stock, Shares, Acquired | 3,800 | |||||
Treasury Stock Acquired, Average Cost Per Share | $ 38.27 |
Stock Repurchase Program and 64
Stock Repurchase Program and Cash Dividend (Details Textual 1) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Cash Dividend [Abstract] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.08 | $ 0.16 |
Earnings Per Share Informatio65
Earnings Per Share Information (Details) - USD ($) shares in Thousands | Aug. 15, 2017 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | Oct. 31, 2016 | Sep. 05, 2012 |
Earnings Per Share [Abstract] | |||||||
Net income as reported | $ 148,563,000 | $ 105,483,000 | $ 343,617,000 | $ 267,717,000 | $ 382,095,000 | ||
Interest and costs attributable to 0.5% Exchangeable Senior Notes, net of income tax benefit | 378,000 | 388,000 | 1,147,000 | 1,165,000 | |||
Numerator for diluted earnings per share | $ 148,941,000 | $ 105,871,000 | $ 344,764,000 | $ 268,882,000 | |||
Basic weighted-average shares | 163,478 | 165,919 | 163,186 | 169,692 | |||
Common stock equivalents | 2,210 | 1,628 | 2,077 | 1,853 | |||
Shares attributable to 0.5% Exchangeable Senior Notes | 5,874 | 5,858 | 5,864 | 5,858 | |||
Diluted weighted-average shares | 171,562 | 173,405 | 171,127 | 177,403 | |||
Debt Instrument [Line Items] | |||||||
Shares issued under stock incentive and employee stock purchase plans | 788 | 19 | 2,762 | 502 | |||
0.5% Exchangeable Senior Notes Due 2032 [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] | |||||||
Weighted-average number of antidilutive options and restricted stock units | 600 | 4,243 | 2,556 | 3,854 | |||
Subsequent Event [Member] | 0.5% Exchangeable Senior Notes Due 2032 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.50% | ||||||
Debt Instrument, Repurchase Amount | $ 287,500,000 | ||||||
Debt Instrument, Repurchase Date | Sep. 15, 2017 |
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, 2017 | Oct. 31, 2016 |
Forward Contracts [Member] | Residential Mortgage [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Derivative Liability | $ 88 | |
Derivative Asset | $ 1,390 | |
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 | 89,419 | 248,601 |
Interest Rate Lock Commitments [Member] | Forward Contracts [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Derivative Liability | 99 | |
Derivative Asset | 921 | |
Interest Rate Lock Commitments [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Derivative Liability | $ (921) | |
Derivative Asset | $ (99) |
Fair Value Disclosures (Level67
Fair Value Disclosures (Level 4 loan UPB vs FV) (Details 1) - USD ($) $ in Thousands | Jul. 31, 2017 | Oct. 31, 2016 |
Aggregate unpaid principal and fair value of mortgage loans held for sale | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 89,419 | $ 248,601 |
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 | 88,434 | 246,794 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 89,419 | 248,601 |
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | $ 985 | $ 1,807 |
Fair Value Disclosures (Level68
Fair Value Disclosures (Level 4 Inv Impair inputs) (Details 2) - Operating communities [Member] $ in Thousands | 3 Months Ended | ||||||
Jul. 31, 2017USD ($)Homes_sold | Apr. 30, 2017USD ($)Homes_sold | Jan. 31, 2017USD ($)Homes_sold | Oct. 31, 2016USD ($) | Jul. 31, 2016USD ($) | Apr. 30, 2016USD ($) | Jan. 31, 2016USD ($) | |
Minimum [Member] | |||||||
Fair value inputs, assets, quantitative information [Line Items] | |||||||
Average selling price | $ 465 | $ 827 | $ 692 | $ 0 | $ 0 | $ 369 | $ 0 |
Sales Pace (in ones) | 3 | 6 | 4 | 0 | 0 | 18 | 0 |
Fair Value Inputs, Discount Rate | 16.50% | 16.30% | 16.30% | 0.00% | 0.00% | 16.30% | 0.00% |
Maximum [Member] | |||||||
Fair value inputs, assets, quantitative information [Line Items] | |||||||
Average selling price | $ 754 | $ 856 | $ 880 | $ 0 | $ 0 | $ 394 | $ 0 |
Sales Pace (in ones) | 10 | 11 | 12 | 0 | 0 | 23 | 0 |
Fair Value Inputs, Discount Rate | 19.50% | 16.30% | 16.30% | 0.00% | 0.00% | 16.30% | 0.00% |
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, 2017USD ($) | Apr. 30, 2017USD ($) | Jan. 31, 2017USD ($) | Oct. 31, 2016USD ($) | Jul. 31, 2016USD ($) | Apr. 30, 2016USD ($) | Jan. 31, 2016USD ($) | Jul. 31, 2017USD ($) | Jul. 31, 2016USD ($) | Oct. 31, 2016USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Inventory Write-down | $ 2,397 | $ 3,719 | $ 11,314 | $ 11,353 | ||||||
Operating communities [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Inventory Write-down | 8,295 | $ 8,365 | ||||||||
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) | 53 | 46 | 57 | 59 | 51 | 41 | 43 | |||
Number of Communities Impaired (in ones) | 4 | 6 | 2 | 2 | 2 | 2 | 2 | |||
Fair Value Of Communities Net Of Impairment Charges | $ 5,965 | $ 25,092 | $ 8,372 | $ 1,126 | $ 11,714 | $ 10,103 | $ 1,713 | $ 5,965 | $ 11,714 | $ 1,126 |
Inventory Write-down | $ 1,360 | $ 2,935 | $ 4,000 | $ 415 | $ 1,250 | $ 6,100 | $ 600 |
Fair Value Disclosures (Level70
Fair Value Disclosures (Level 4 debt fv) (Details 4) - USD ($) $ in Thousands | Jul. 31, 2017 | Oct. 31, 2016 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 3,836,668 | $ 3,790,185 |
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 | 621,371 | 872,809 |
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 | 57,921 | 210,000 |
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 | 3,157,376 | 2,707,376 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 3,999,045 | 3,923,561 |
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 | 619,975 | 870,384 |
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 | 57,921 | 210,000 |
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 | $ 3,321,149 | $ 2,843,177 |
Other Income - Net (Details)
Other Income - Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | Oct. 31, 2016 | |
Other Nonoperating Income By Component [Line Items] | |||||
Interest income | $ 1,904 | $ 676 | $ 3,834 | $ 1,612 | |
Income from Ancillary Businesses, net | 3,709 | 4,139 | 10,555 | 11,559 | |
Management fee income from unconsolidated entities, net | 2,477 | 2,348 | 10,448 | 6,863 | |
Retained customer deposits | 1,407 | 780 | 4,461 | 4,449 | |
Income from land sales | 2,417 | 6,527 | 7,503 | 11,018 | |
Other | 286 | 549 | 342 | 1,622 | |
Total other income - net | 11,980 | 15,121 | 39,793 | 43,474 | $ 58,218 |
Revenues and expenses of non-core ancillary businesses | |||||
Revenue | 34,733 | 32,823 | 95,317 | 85,955 | |
Expense | 31,024 | 28,684 | 84,762 | 74,396 | |
Gibraltar [Member] | |||||
Other Nonoperating Income By Component [Line Items] | |||||
Gibraltar | $ (220) | $ 102 | $ 2,650 | $ 6,351 |
Other Income - Net (Details 1)
Other Income - Net (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | Oct. 31, 2016 | |
Revenues and expenses from land sales [Abstract] | ||||||
Revenue | $ 4,633 | $ 64,109 | $ 151,470 | $ 77,701 | ||
Expense | 2,420 | 54,975 | 148,625 | 64,076 | ||
Income from land sales | 2,417 | 6,527 | 7,503 | 11,018 | ||
Rental Property Joint Ventures Metro Washington, D.C. [Member] | ||||||
Revenues and expenses from land sales [Abstract] | ||||||
Retail Land Sales, Installment Method, Gross Profit, Deferred | (2,607) | (2,607) | $ (2,999) | |||
Income from land sales | 3,000 | |||||
Home Building Joint Venture Metro New York Three [Member] | ||||||
Revenues and expenses from land sales [Abstract] | ||||||
Retail Land Sales, Installment Method, Gross Profit, Deferred | $ (9,300) | |||||
Deferred gain recognized | $ 204 | $ 4,658 |
Other Income - Net (Details Tex
Other Income - Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | Oct. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Income from Ancillary Businesses, net | $ 3,709 | $ 4,139 | $ 10,555 | $ 11,559 | ||
Land Sales | 4,633 | 64,109 | 151,470 | 77,701 | ||
Rental Property Joint Ventures Metro Washington, D.C. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Retail Land Sales, Installment Method, Gross Profit, Deferred | $ 2,607 | $ 2,607 | $ 2,999 | |||
Retail Land Sales, Installment Method, Gross Profit, Deferred, Percentage | 50.00% | |||||
Home Building Joint Venture Metro New York Four [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Land Sales | $ 143,300 | |||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | ||||
Home Building Joint Venture Metro New York Three [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | ||||
Retail Land Sales, Installment Method, Gross Profit, Deferred | $ 9,300 | |||||
Security Monitoring Business [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Income from Ancillary Businesses, net | $ 1,600 | |||||
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 Contingencies74
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | Oct. 31, 2016 |
Company's land purchase commitments | ||
Purchase Obligation | $ 1,881,389 | $ 1,623,389 |
Land Purchase Commitment To Unrelated Party [Member] | ||
Company's land purchase commitments | ||
Purchase Obligation | 1,872,468 | 1,544,185 |
Land Purchase Commitment To JV [Member] | ||
Company's land purchase commitments | ||
Purchase Obligation | 8,921 | 79,204 |
Land Parcel Purchase Commitment [Member] | ||
Company's land purchase commitments | ||
Deposits against Aggregate Purchase Commitments | 94,903 | 65,299 |
Additional cash required to acquire land | 1,786,486 | 1,558,090 |
Amount of Additional Cash Required to Acquire Land Included in Accrued Expenses | $ 3,672 | $ 18,266 |
Commitments and Contingencies75
Commitments and Contingencies (Details Textual) $ in Thousands | Jul. 31, 2017USD ($)home_sites | Oct. 31, 2016USD ($) |
Long-term Purchase Commitment [Line Items] | ||
Expected Lot Purchase | home_sites | 3,400 | |
Purchase Obligation | $ 1,881,389 | $ 1,623,389 |
Land for Apartment Development Purchase Commitment [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase Obligation | 150,100 | |
Deposits against Aggregate Purchase Commitments | $ 6,200 |
Commitments and Contingencies76
Commitments and Contingencies (Details Textual 1) $ in Millions | Jul. 31, 2017USD ($)luxury_homes |
Backlog Information [Abstract] | |
Number of homes to be delivered (in ones) | luxury_homes | 6,282 |
Aggregate sales value of outstanding homes to be delivered | $ 5,310 |
May 2016 Revolving Credit Facility [Member] | |
Loss Contingencies [Line Items] | |
Outstanding letter of credit | 146.5 |
Surety Bond Construction Improvements [Member] | |
Loss Contingencies [Line Items] | |
Outstanding Surety Bonds Amount | 713.1 |
Amount of work remains on improvements in the Company's various communities | 363.2 |
Surety Bond Other Obligations [Member] | |
Loss Contingencies [Line Items] | |
Additional outstanding surety bonds | $ 168.3 |
Commitments and Contingencies77
Commitments and Contingencies (Details 1) - Loan Origination Commitments [Member] - USD ($) $ in Thousands | Jul. 31, 2017 | Oct. 31, 2016 |
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | $ 1,679,699 | $ 1,350,508 |
Investor commitments to purchase | 503,419 | 487,045 |
Interest Rate Lock Commitments [Member] | ||
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | 422,782 | 255,647 |
Investor commitments to purchase | 422,782 | 255,647 |
Non Interest Rate Lock Commitments [Member] [Member] | ||
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | 1,256,917 | 1,094,861 |
Mortgage Receivable [Member] | ||
Company's mortgage commitments | ||
Investor commitments to purchase | $ 80,637 | $ 231,398 |
Information on Segments (Detail
Information on Segments (Details Textual) | 9 Months Ended |
Jul. 31, 2017 | |
Information on Segments [Abstract] | |
Number of Segments | 2 |
Number of Geographic Segments | 5 |
Information on Segments (Deta79
Information on Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | Oct. 31, 2016 | |
Revenues | |||||
Revenues | $ 1,502,909 | $ 1,269,934 | $ 3,787,151 | $ 3,314,057 | $ 5,169,508 |
Income (loss) before income taxes | |||||
Income before income taxes | 203,574 | 163,653 | 512,564 | 420,867 | 589,027 |
Total assets | |||||
Total assets | 10,128,936 | 10,128,936 | 9,736,789 | ||
North [Member] | |||||
Revenues | |||||
Revenues | 225,829 | 205,200 | 560,812 | 491,692 | |
Income (loss) before income taxes | |||||
Income before income taxes | 16,436 | 18,994 | 37,042 | 35,300 | |
Total assets | |||||
Total assets | 1,089,376 | 1,089,376 | 1,020,250 | ||
Mid-Atlantic [Member] | |||||
Revenues | |||||
Revenues | 281,915 | 220,596 | 692,457 | 576,991 | |
Income (loss) before income taxes | |||||
Income before income taxes | 35,628 | 18,478 | 69,171 | 56,348 | |
Total assets | |||||
Total assets | 1,177,785 | 1,177,785 | 1,166,023 | ||
South [Member] | |||||
Revenues | |||||
Revenues | 253,904 | 232,118 | 591,211 | 571,364 | |
Income (loss) before income taxes | |||||
Income before income taxes | 33,566 | 32,386 | 67,496 | 84,765 | |
Total assets | |||||
Total assets | 1,288,665 | 1,288,665 | 1,203,554 | ||
West [Member] | |||||
Revenues | |||||
Revenues | 307,406 | 223,076 | 821,241 | 548,701 | |
Income (loss) before income taxes | |||||
Income before income taxes | 43,180 | 30,313 | 111,002 | 74,164 | |
Total assets | |||||
Total assets | 1,276,911 | 1,276,911 | 1,130,625 | ||
California [Member] | |||||
Revenues | |||||
Revenues | 335,224 | 336,438 | 928,303 | 881,779 | |
Income (loss) before income taxes | |||||
Income before income taxes | 72,703 | 80,293 | 199,232 | 198,776 | |
Total assets | |||||
Total assets | 2,714,799 | 2,714,799 | 2,479,885 | ||
Traditional Homebuilding [Member] | |||||
Revenues | |||||
Revenues | 1,404,278 | 1,217,428 | 3,594,024 | 3,070,527 | |
Income (loss) before income taxes | |||||
Income before income taxes | 201,513 | 180,464 | 483,943 | 449,353 | |
Total assets | |||||
Total assets | 7,547,536 | 7,547,536 | 7,000,337 | ||
City Living [Member] | |||||
Revenues | |||||
Revenues | 98,631 | 52,506 | 193,127 | 243,530 | |
Income (loss) before income taxes | |||||
Income before income taxes | 46,750 | 14,682 | 131,782 | 74,598 | |
Total assets | |||||
Total assets | 760,349 | 760,349 | 946,738 | ||
Corporate and other [Member] | |||||
Income (loss) before income taxes | |||||
Income before income taxes | (44,689) | $ (31,493) | (103,161) | $ (103,084) | |
Total assets | |||||
Total assets | $ 1,821,051 | $ 1,821,051 | $ 1,789,714 |
Supplemental Disclosure to Co80
Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Cash flow information: | ||
Interest Paid, Net | $ 3,142 | $ 876 |
Income tax payment | 88,281 | 116,681 |
Income tax refunds | 1,719 | 2,002 |
Noncash activity: | ||
Noncash or Part Noncash Acquisition, Inventory Acquired | 25,880 | 25,368 |
Mortgage Loan Related to Property Sales | 625 | |
Reduction in inventory, share of equity earnings in land purchased from unconsolidated entities and allocation of basis difference | 12,235 | 8,546 |
Rental property acquired by capital land lease | 7,167 | |
Defined benefit plan amendment | 757 | |
Deferred tax decrease related to stock based compenation activity included in additional paid-in capital | 5,119 | 9,797 |
Transfer of inventory to investment in unconsolidated entities | 36,256 | |
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 | |
Miscellaneous Increases to Investments in Unconsolidated Entities | 1,977 | 1,558 |
Acquisition of a Business | ||
Fair value of assets purchased | 90,560 | |
Liabilities assumed | 5,377 | |
Payments to Acquire Businesses, Net of Cash Acquired | $ 85,183 |
Supplemental Guarantor Inform81
Supplemental Guarantor Information (Level 4 Senior Note table) (Details) - USD ($) $ in Thousands | Jul. 31, 2017 | Jun. 12, 2017 | Mar. 10, 2017 | Oct. 31, 2016 |
Supplemental Guarantor Information (Textual) [Abstract] | ||||
Senior notes | $ 3,148,905 | $ 2,694,372 | ||
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 | |||
Interest rate on notes | 4.875% | |||
4.875% Senior Notes Due 2027 [Member] | ||||
Supplemental Guarantor Information (Textual) [Abstract] | ||||
Issued Senior Notes | $ 450,000 | |||
Senior notes | $ 450,000 | $ 150,000 | $ 300,000 | |
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 Inform82
Supplemental Guarantor Information (Level 4 BS) (Details 1) - USD ($) $ in Thousands | Jul. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2014 |
ASSETS | |||||
Cash and cash equivalents | $ 946,195 | $ 633,715 | $ 351,854 | $ 918,993 | $ 918,993 |
Restricted cash and investments | 781 | 31,291 | |||
Inventory | 7,633,568 | 7,353,967 | |||
Property, construction and office equipment, net | 179,476 | 169,576 | |||
Receivables, prepaid expenses and other assets | 536,524 | 582,758 | |||
Mortgage loans held for sale | 89,419 | 248,601 | |||
Customer deposits held in escrow | 93,851 | 53,057 | |||
Investments in unconsolidated entities | 514,265 | 496,411 | |||
Investments in and advances to consolidated entities | 0 | 0 | |||
Deferred tax assets, net of valuation allowances | 134,857 | 167,413 | |||
Total assets | 10,128,936 | 9,736,789 | |||
Liabilities: | |||||
Loans payable | 619,574 | 871,079 | |||
Senior notes | 3,148,905 | 2,694,372 | |||
Mortgage company loan facility | 57,921 | 210,000 | |||
Customer deposits | 414,145 | 309,099 | |||
Accounts payable | 276,766 | 281,955 | |||
Accrued expenses | 956,121 | 1,072,300 | |||
Advances from Affiliiate | 0 | 0 | |||
Income taxes payable | 116,883 | 62,782 | |||
Total liabilities | 5,590,315 | 5,501,587 | |||
Equity: | |||||
Common stock | 1,779 | 1,779 | |||
Additional paid-in capital | 713,624 | 728,464 | |||
Retained earnings | 4,294,808 | 3,977,297 | |||
Treasury stock, at cost | (474,665) | (474,912) | |||
Accumulated other comprehensive loss | (2,832) | (3,336) | |||
Total stockholders' equity | 4,532,714 | 4,229,292 | |||
Noncontrolling interest | 5,907 | 5,910 | |||
Total equity | 4,538,621 | 4,235,202 | |||
Total liabilities and stockholders' equity | 10,128,936 | 9,736,789 | |||
Toll Brothers Inc. [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 |
Restricted cash and investments | 11,708 | ||||
Inventory | |||||
Property, construction and office equipment, net | |||||
Receivables, prepaid expenses and other assets | 77 | ||||
Mortgage loans held for sale | |||||
Customer deposits held in escrow | |||||
Investments in unconsolidated entities | |||||
Investments in and advances to consolidated entities | 4,514,891 | 4,112,876 | |||
Deferred tax assets, net of valuation allowances | 134,857 | 167,413 | |||
Total assets | 4,649,748 | 4,292,074 | |||
Liabilities: | |||||
Loans payable | |||||
Senior notes | |||||
Mortgage company loan facility | |||||
Customer deposits | |||||
Accounts payable | |||||
Accrued expenses | 151 | ||||
Advances from Affiliiate | |||||
Income taxes payable | 116,883 | 62,782 | |||
Total liabilities | 117,034 | 62,782 | |||
Equity: | |||||
Common stock | 1,779 | 1,779 | |||
Additional paid-in capital | 713,624 | 728,464 | |||
Retained earnings | 4,294,808 | 3,977,297 | |||
Treasury stock, at cost | (474,665) | (474,912) | |||
Accumulated other comprehensive loss | (2,832) | (3,336) | |||
Total stockholders' equity | 4,532,714 | 4,229,292 | |||
Noncontrolling interest | |||||
Total equity | 4,532,714 | 4,229,292 | |||
Total liabilities and stockholders' equity | 4,649,748 | 4,292,074 | |||
Subsidiary Issuer [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 |
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 unconsolidated entities | |||||
Investments in and advances to consolidated entities | 3,211,923 | 2,741,160 | |||
Deferred tax assets, net of valuation allowances | |||||
Total assets | 3,211,923 | 2,741,160 | |||
Liabilities: | |||||
Loans payable | |||||
Senior notes | 3,145,380 | 2,683,823 | |||
Mortgage company loan facility | |||||
Customer deposits | |||||
Accounts payable | |||||
Accrued expenses | 46,233 | 32,559 | |||
Advances from Affiliiate | |||||
Income taxes payable | |||||
Total liabilities | 3,191,613 | 2,716,382 | |||
Equity: | |||||
Common stock | |||||
Additional paid-in capital | 49,400 | 49,400 | |||
Retained earnings | (29,090) | (24,622) | |||
Treasury stock, at cost | |||||
Accumulated other comprehensive loss | |||||
Total stockholders' equity | 20,310 | 24,778 | |||
Noncontrolling interest | |||||
Total equity | 20,310 | 24,778 | |||
Total liabilities and stockholders' equity | 3,211,923 | 2,741,160 | |||
Guarantor Subsidiaries [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | 784,527 | 583,440 | 302,234 | 783,599 | 783,599 |
Restricted cash and investments | |||||
Inventory | 7,378,098 | 6,896,205 | |||
Property, construction and office equipment, net | 164,156 | 153,663 | |||
Receivables, prepaid expenses and other assets | 354,597 | 319,319 | |||
Mortgage loans held for sale | |||||
Customer deposits held in escrow | 91,378 | 50,079 | |||
Investments in unconsolidated entities | 66,405 | 101,999 | |||
Investments in and advances to consolidated entities | 91,740 | 20,519 | |||
Deferred tax assets, net of valuation allowances | |||||
Total assets | 8,930,901 | 8,125,224 | |||
Liabilities: | |||||
Loans payable | 612,407 | 871,079 | |||
Senior notes | |||||
Mortgage company loan facility | |||||
Customer deposits | 395,407 | 292,794 | |||
Accounts payable | 274,350 | 280,107 | |||
Accrued expenses | 593,862 | 610,958 | |||
Advances from Affiliiate | 2,404,026 | 1,737,682 | |||
Income taxes payable | |||||
Total liabilities | 4,280,052 | 3,792,620 | |||
Equity: | |||||
Common stock | 48 | 48 | |||
Additional paid-in capital | |||||
Retained earnings | 4,650,801 | 4,332,556 | |||
Treasury stock, at cost | |||||
Accumulated other comprehensive loss | |||||
Total stockholders' equity | 4,650,849 | 4,332,604 | |||
Noncontrolling interest | |||||
Total equity | 4,650,849 | 4,332,604 | |||
Total liabilities and stockholders' equity | 8,930,901 | 8,125,224 | |||
Nonguarantor Subsidiaries [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | 161,668 | 50,275 | 49,620 | 135,394 | 135,394 |
Restricted cash and investments | 781 | 19,583 | |||
Inventory | 255,470 | 457,806 | |||
Property, construction and office equipment, net | 15,320 | 15,913 | |||
Receivables, prepaid expenses and other assets | 252,406 | 299,978 | |||
Mortgage loans held for sale | 89,419 | 248,601 | |||
Customer deposits held in escrow | 2,473 | 2,978 | |||
Investments in unconsolidated entities | 447,860 | 394,412 | |||
Investments in and advances to consolidated entities | 128,433 | 90,671 | |||
Deferred tax assets, net of valuation allowances | |||||
Total assets | 1,353,830 | 1,580,217 | |||
Liabilities: | |||||
Loans payable | 7,167 | ||||
Senior notes | |||||
Mortgage company loan facility | 57,921 | 210,000 | |||
Customer deposits | 18,738 | 16,305 | |||
Accounts payable | 2,416 | 1,848 | |||
Accrued expenses | 393,208 | 469,527 | |||
Advances from Affiliiate | 685,740 | 799,082 | |||
Income taxes payable | |||||
Total liabilities | 1,165,190 | 1,496,762 | |||
Equity: | |||||
Common stock | 3,006 | 3,006 | |||
Additional paid-in capital | 93,734 | 6,734 | |||
Retained earnings | 85,993 | 67,805 | |||
Treasury stock, at cost | |||||
Accumulated other comprehensive loss | |||||
Total stockholders' equity | 182,733 | 77,545 | |||
Noncontrolling interest | 5,907 | 5,910 | |||
Total equity | 188,640 | 83,455 | |||
Total liabilities and stockholders' equity | 1,353,830 | 1,580,217 | |||
Eliminations [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | $ 0 |
Restricted cash and investments | |||||
Inventory | (44) | ||||
Property, construction and office equipment, net | |||||
Receivables, prepaid expenses and other assets | (70,479) | (36,616) | |||
Mortgage loans held for sale | |||||
Customer deposits held in escrow | |||||
Investments in unconsolidated entities | |||||
Investments in and advances to consolidated entities | (7,946,987) | (6,965,226) | |||
Deferred tax assets, net of valuation allowances | |||||
Total assets | (8,017,466) | (7,001,886) | |||
Liabilities: | |||||
Loans payable | |||||
Senior notes | 3,525 | 10,549 | |||
Mortgage company loan facility | |||||
Customer deposits | |||||
Accounts payable | |||||
Accrued expenses | (77,333) | (40,744) | |||
Advances from Affiliiate | (3,089,766) | (2,536,764) | |||
Income taxes payable | |||||
Total liabilities | (3,163,574) | (2,566,959) | |||
Equity: | |||||
Common stock | (3,054) | (3,054) | |||
Additional paid-in capital | (143,134) | (56,134) | |||
Retained earnings | (4,707,704) | (4,375,739) | |||
Treasury stock, at cost | |||||
Accumulated other comprehensive loss | |||||
Total stockholders' equity | (4,853,892) | (4,434,927) | |||
Noncontrolling interest | |||||
Total equity | (4,853,892) | (4,434,927) | |||
Total liabilities and stockholders' equity | $ (8,017,466) | $ (7,001,886) |
Supplemental Guarantor Inform83
Supplemental Guarantor Information (Level 4 IS) (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | Oct. 31, 2016 | |
Supplemental Condensed Consolidating Statement of Operations | |||||
Revenues | $ 1,502,909 | $ 1,269,934 | $ 3,787,151 | $ 3,314,057 | $ 5,169,508 |
Cost of revenues | 1,176,028 | 991,416 | 2,986,471 | 2,574,298 | 4,144,065 |
Selling, general and administrative | 155,212 | 134,984 | 440,183 | 385,120 | 535,382 |
Total | 1,331,240 | 1,126,400 | 3,426,654 | 2,959,418 | 4,679,447 |
Income (loss) from operations | 171,669 | 143,534 | 360,497 | 354,639 | 490,061 |
Other [Abstract] | |||||
Income (loss) from unconsolidated entities | 19,925 | 4,998 | 112,274 | 22,754 | 40,748 |
Other income - net | 11,980 | 15,121 | 39,793 | 43,474 | 58,218 |
Intercompany interest income | 0 | 0 | 0 | 0 | 0 |
Interest Expense | 0 | 0 | 0 | 0 | 0 |
Income from subsidiaries | 0 | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 203,574 | 163,653 | 512,564 | 420,867 | 589,027 |
Income tax provision (benefit) | 55,011 | 58,170 | 168,947 | 153,150 | 206,932 |
Net income (loss) | 148,563 | 105,483 | 343,617 | 267,717 | 382,095 |
Other Comprehensive Income (Loss), Net of Tax | 167 | 155 | 504 | 54 | (827) |
Comprehensive Income (loss), Net of Tax, Attributable to Parent | 148,730 | 105,638 | 344,121 | 267,771 | 381,268 |
Toll Brothers Inc. [Member] | |||||
Supplemental Condensed Consolidating Statement of Operations | |||||
Revenues | |||||
Cost of revenues | |||||
Selling, general and administrative | 21 | 27 | 45 | 49 | 75 |
Total | 21 | 27 | 45 | 49 | 75 |
Income (loss) from operations | (21) | (27) | (45) | (49) | (75) |
Other [Abstract] | |||||
Income (loss) from unconsolidated entities | |||||
Other income - net | 2,367 | 2,395 | 7,049 | 7,106 | 9,501 |
Intercompany interest income | |||||
Interest Expense | |||||
Income from subsidiaries | 201,228 | 161,285 | 505,560 | 413,810 | 579,601 |
Income (loss) before income taxes | 203,574 | 163,653 | 512,564 | 420,867 | 589,027 |
Income tax provision (benefit) | 55,011 | 58,170 | 168,947 | 153,150 | 206,932 |
Net income (loss) | 148,563 | 105,483 | 343,617 | 267,717 | 382,095 |
Other Comprehensive Income (Loss), Net of Tax | 167 | 155 | 504 | 23 | (858) |
Comprehensive Income (loss), Net of Tax, Attributable to Parent | 148,730 | 105,638 | 344,121 | 267,740 | 381,237 |
Subsidiary Issuer [Member] | |||||
Supplemental Condensed Consolidating Statement of Operations | |||||
Revenues | |||||
Cost of revenues | |||||
Selling, general and administrative | 1,045 | 937 | 3,010 | 2,857 | 3,809 |
Total | 1,045 | 937 | 3,010 | 2,857 | 3,809 |
Income (loss) from operations | (1,045) | (937) | (3,010) | (2,857) | (3,809) |
Other [Abstract] | |||||
Income (loss) from unconsolidated entities | |||||
Other income - net | |||||
Intercompany interest income | 41,111 | 36,370 | 116,164 | 109,347 | 145,828 |
Interest Expense | (42,433) | (37,800) | (120,178) | (113,514) | (151,410) |
Income from subsidiaries | |||||
Income (loss) before income taxes | (2,367) | (2,367) | (7,024) | (7,024) | (9,391) |
Income tax provision (benefit) | (839) | (911) | (2,556) | (2,705) | (3,299) |
Net income (loss) | (1,528) | (1,456) | (4,468) | (4,319) | (6,092) |
Other Comprehensive Income (Loss), Net of Tax | |||||
Comprehensive Income (loss), Net of Tax, Attributable to Parent | (1,528) | (1,456) | (4,468) | (4,319) | (6,092) |
Guarantor Subsidiaries [Member] | |||||
Supplemental Condensed Consolidating Statement of Operations | |||||
Revenues | 1,459,115 | 1,248,474 | 3,699,032 | 3,123,436 | 4,984,356 |
Cost of revenues | 1,128,705 | 973,493 | 2,896,053 | 2,451,554 | 3,919,729 |
Selling, general and administrative | 163,074 | 141,519 | 461,722 | 402,049 | 558,822 |
Total | 1,291,779 | 1,115,012 | 3,357,775 | 2,853,603 | 4,478,551 |
Income (loss) from operations | 167,336 | 133,462 | 341,257 | 269,833 | 505,805 |
Other [Abstract] | |||||
Income (loss) from unconsolidated entities | 2,746 | 5,835 | 11,224 | 16,168 | 16,913 |
Other income - net | 9,389 | 8,109 | 21,655 | 21,504 | 27,873 |
Intercompany interest income | 48 | 48 | |||
Interest Expense | (3,370) | (3,370) | |||
Income from subsidiaries | 25,078 | 13,880 | 129,486 | 106,305 | 29,010 |
Income (loss) before income taxes | 201,227 | 161,286 | 500,300 | 413,810 | 579,601 |
Income tax provision (benefit) | 71,787 | 62,086 | 182,055 | 159,358 | 203,614 |
Net income (loss) | 129,440 | 99,200 | 318,245 | 254,452 | 375,987 |
Other Comprehensive Income (Loss), Net of Tax | 31 | 31 | |||
Comprehensive Income (loss), Net of Tax, Attributable to Parent | 129,440 | 99,200 | 318,245 | 254,483 | 376,018 |
Nonguarantor Subsidiaries [Member] | |||||
Supplemental Condensed Consolidating Statement of Operations | |||||
Revenues | 94,422 | 56,457 | 224,120 | 282,207 | 361,685 |
Cost of revenues | 65,595 | 24,085 | 145,229 | 134,952 | 288,044 |
Selling, general and administrative | 20,083 | 18,198 | 54,955 | 53,399 | 74,328 |
Total | 85,678 | 42,283 | 200,184 | 188,351 | 362,372 |
Income (loss) from operations | 8,744 | 14,174 | 23,936 | 93,856 | (687) |
Other [Abstract] | |||||
Income (loss) from unconsolidated entities | 17,179 | (837) | 101,050 | 6,586 | 23,835 |
Other income - net | 673 | 3,625 | 9,482 | 14,164 | 17,456 |
Intercompany interest income | 1,224 | 3,370 | |||
Interest Expense | (374) | (714) | (1,328) | (1,277) | (2,203) |
Income from subsidiaries | |||||
Income (loss) before income taxes | 27,446 | 16,248 | 136,510 | 113,329 | 38,401 |
Income tax provision (benefit) | 9,462 | 6,249 | 49,674 | 43,645 | 13,490 |
Net income (loss) | 17,984 | 9,999 | 86,836 | 69,684 | 24,911 |
Other Comprehensive Income (Loss), Net of Tax | |||||
Comprehensive Income (loss), Net of Tax, Attributable to Parent | 17,984 | 9,999 | 86,836 | 69,684 | 24,911 |
Eliminations [Member] | |||||
Supplemental Condensed Consolidating Statement of Operations | |||||
Revenues | (50,628) | (34,997) | (136,001) | (91,586) | (176,533) |
Cost of revenues | (18,272) | (6,162) | (54,811) | (12,208) | (63,708) |
Selling, general and administrative | (29,011) | (25,697) | (79,549) | (73,234) | (101,652) |
Total | (47,283) | (31,859) | (134,360) | (85,442) | (165,360) |
Income (loss) from operations | (3,345) | (3,138) | (1,641) | (6,144) | (11,173) |
Other [Abstract] | |||||
Income (loss) from unconsolidated entities | |||||
Other income - net | (449) | 992 | 1,607 | 700 | 3,388 |
Intercompany interest income | (42,383) | (36,370) | (119,582) | (109,347) | (145,828) |
Interest Expense | 46,177 | 38,514 | 124,876 | 114,791 | 153,613 |
Income from subsidiaries | (226,306) | (175,165) | (635,046) | (520,115) | (608,611) |
Income (loss) before income taxes | (226,306) | (175,167) | (629,786) | (520,115) | (608,611) |
Income tax provision (benefit) | (80,410) | (67,424) | (229,173) | (200,298) | (213,805) |
Net income (loss) | (145,896) | (107,743) | (400,613) | (319,817) | (394,806) |
Other Comprehensive Income (Loss), Net of Tax | |||||
Comprehensive Income (loss), Net of Tax, Attributable to Parent | $ (145,896) | $ (107,743) | $ (400,613) | $ (319,817) | $ (394,806) |
Supplemental Guarantor Inform84
Supplemental Guarantor Information (Level 4 CF) (Details 3) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | Oct. 31, 2016 | |
Cash flow (used in) provided by operating activities: | |||
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | $ 424,862 | $ (325,253) | $ 148,771 |
Cash flow (used in) provided by investing activities: | |||
Purchase of property and equipment - net | (22,401) | (23,280) | (28,426) |
Sale and redemption of marketable securities | 10,000 | 10,000 | |
Investment in and advances to unconsolidated entities | (119,714) | (40,627) | (69,655) |
Return of investments in unconsolidated entities | 139,346 | 34,769 | 47,806 |
Investment in distressed loans and foreclosed real estate | (688) | (964) | (1,133) |
Return of investments in distressed loans and foreclosed real estate | 12,429 | 34,601 | 49,619 |
Acquisition of a business, net of cash acquired | (85,183) | ||
Proceeds from Dividends Received | 0 | 0 | |
Investments paid intercompany | 0 | 0 | |
Intercompany investing advances (to) from consolidated entities | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | (76,211) | 14,499 | 8,211 |
Cash flow (used in) provided by financing activities: | |||
Proceeds from issuance of senior notes | 455,483 | ||
Payments of Debt Issuance Costs Senior Long Term Debt | (4,446) | (35) | (35) |
Proceeds from Notes Payable | 1,083,472 | 1,756,528 | 2,443,496 |
Payments of Debt Issuance Costs Notes Payable | (3,936) | (4,868) | |
Principal payments of loans payable | (1,513,078) | (1,688,087) | (2,497,585) |
Proceeds from stock-based benefit plans | 57,958 | 5,336 | 6,986 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 1,172 | 1,131 | 2,114 |
Purchase of treasury stock | (90,716) | (327,612) | (392,772) |
Dividends paid | (26,016) | ||
Proceeds from (Payments to) Noncontrolling Interests | 290 | 404 | |
Cash Dividends Paid to Parent Company | 0 | 0 | |
Investment received intercompany | 0 | 0 | |
Intercompany financing advances (to) from consolidated entities | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | (36,171) | (256,385) | (442,260) |
Net increase (decrease) in cash and cash equivalents | 312,480 | (567,139) | (285,278) |
Cash and cash equivalents, beginning of period | 633,715 | 918,993 | 918,993 |
Cash and cash equivalents, end of period | 946,195 | 351,854 | 633,715 |
Parent Company [Member] | |||
Cash flow (used in) provided by operating activities: | |||
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | 140,483 | 71,539 | 60,465 |
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 | |||
Acquisition of a business, net of cash acquired | |||
Proceeds from Dividends Received | |||
Investments paid intercompany | |||
Intercompany investing advances (to) from consolidated entities | (82,881) | 249,606 | 323,207 |
Net cash provided by (used in) investing activities | (82,881) | 249,606 | 323,207 |
Cash flow (used in) provided by financing activities: | |||
Proceeds from issuance of senior notes | |||
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 | |||
Proceeds from stock-based benefit plans | 57,958 | 5,336 | 6,986 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 1,172 | 1,131 | 2,114 |
Purchase of treasury stock | (90,716) | (327,612) | (392,772) |
Dividends paid | (26,016) | ||
Proceeds from (Payments to) Noncontrolling Interests | |||
Cash Dividends Paid to Parent Company | |||
Investment received intercompany | |||
Intercompany financing advances (to) from consolidated entities | |||
Net cash provided by (used in) financing activities | (57,602) | (321,145) | (383,672) |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 | 0 |
Subsidiary Issuer [Member] | |||
Cash flow (used in) provided by operating activities: | |||
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | 19,726 | 17,333 | 14,768 |
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 | |||
Acquisition of a business, net of cash acquired | |||
Proceeds from Dividends Received | |||
Investments paid intercompany | |||
Intercompany investing advances (to) from consolidated entities | (470,763) | (17,298) | (14,733) |
Net cash provided by (used in) investing activities | (470,763) | (17,298) | (14,733) |
Cash flow (used in) provided by financing activities: | |||
Proceeds from issuance of senior notes | 455,483 | ||
Payments of Debt Issuance Costs Senior Long Term Debt | (4,446) | (35) | (35) |
Proceeds from Notes Payable | |||
Payments of Debt Issuance Costs Notes Payable | |||
Principal payments of loans payable | |||
Proceeds from stock-based benefit plans | |||
Excess Tax Benefit from Share-based Compensation, Financing Activities | |||
Purchase of treasury stock | |||
Dividends paid | |||
Proceeds from (Payments to) Noncontrolling Interests | |||
Cash Dividends Paid to Parent Company | |||
Investment received intercompany | |||
Intercompany financing advances (to) from consolidated entities | |||
Net cash provided by (used in) financing activities | 451,037 | (35) | (35) |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 | 0 |
Guarantor Subsidiaries [Member] | |||
Cash flow (used in) provided by operating activities: | |||
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | (165,502) | (461,637) | 105,709 |
Cash flow (used in) provided by investing activities: | |||
Purchase of property and equipment - net | (22,797) | (22,623) | (27,835) |
Sale and redemption of marketable securities | |||
Investment in and advances to unconsolidated entities | (3,471) | (2,057) | (2,637) |
Return of investments in unconsolidated entities | 57,068 | 26,486 | 32,857 |
Investment in distressed loans and foreclosed real estate | |||
Return of investments in distressed loans and foreclosed real estate | |||
Acquisition of a business, net of cash acquired | (85,183) | ||
Proceeds from Dividends Received | 5,000 | 5,000 | |
Investments paid intercompany | (45,000) | (5,000) | |
Intercompany investing advances (to) from consolidated entities | |||
Net cash provided by (used in) investing activities | (99,383) | 6,806 | 2,385 |
Cash flow (used in) provided by financing activities: | |||
Proceeds from issuance of senior notes | |||
Payments of Debt Issuance Costs Senior Long Term Debt | |||
Proceeds from Notes Payable | 125,068 | 550,000 | 550,000 |
Payments of Debt Issuance Costs Notes Payable | (3,936) | (4,868) | |
Principal payments of loans payable | (402,596) | (506,559) | (714,089) |
Proceeds from stock-based benefit plans | |||
Excess Tax Benefit from Share-based Compensation, Financing Activities | |||
Purchase of treasury stock | |||
Dividends paid | |||
Proceeds from (Payments to) Noncontrolling Interests | |||
Cash Dividends Paid to Parent Company | |||
Investment received intercompany | |||
Intercompany financing advances (to) from consolidated entities | 743,500 | (66,039) | (139,296) |
Net cash provided by (used in) financing activities | 465,972 | (26,534) | (308,253) |
Net increase (decrease) in cash and cash equivalents | 201,087 | (481,365) | (200,159) |
Cash and cash equivalents, beginning of period | 583,440 | 783,599 | 783,599 |
Cash and cash equivalents, end of period | 784,527 | 302,234 | 583,440 |
Nonguarantor Subsidiaries [Member] | |||
Cash flow (used in) provided by operating activities: | |||
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | 439,059 | 61,008 | (64,386) |
Cash flow (used in) provided by investing activities: | |||
Purchase of property and equipment - net | 396 | (657) | (591) |
Sale and redemption of marketable securities | 10,000 | 10,000 | |
Investment in and advances to unconsolidated entities | (116,243) | (38,570) | (67,018) |
Return of investments in unconsolidated entities | 82,278 | 8,283 | 14,949 |
Investment in distressed loans and foreclosed real estate | (688) | (964) | (1,133) |
Return of investments in distressed loans and foreclosed real estate | 12,429 | 34,601 | 49,619 |
Acquisition of a business, net of cash acquired | |||
Proceeds from Dividends Received | |||
Investments paid intercompany | |||
Intercompany investing advances (to) from consolidated entities | |||
Net cash provided by (used in) investing activities | (21,828) | 12,693 | 5,826 |
Cash flow (used in) provided by financing activities: | |||
Proceeds from issuance of senior notes | |||
Payments of Debt Issuance Costs Senior Long Term Debt | |||
Proceeds from Notes Payable | 958,404 | 1,206,528 | 1,893,496 |
Payments of Debt Issuance Costs Notes Payable | |||
Principal payments of loans payable | (1,110,482) | (1,181,528) | (1,783,496) |
Proceeds from stock-based benefit plans | |||
Excess Tax Benefit from Share-based Compensation, Financing Activities | |||
Purchase of treasury stock | |||
Dividends paid | |||
Proceeds from (Payments to) Noncontrolling Interests | 290 | 404 | |
Cash Dividends Paid to Parent Company | (5,000) | (5,000) | |
Investment received intercompany | 45,000 | 5,000 | |
Intercompany financing advances (to) from consolidated entities | (198,760) | (179,765) | (136,963) |
Net cash provided by (used in) financing activities | (305,838) | (159,475) | (26,559) |
Net increase (decrease) in cash and cash equivalents | 111,393 | (85,774) | (85,119) |
Cash and cash equivalents, beginning of period | 50,275 | 135,394 | 135,394 |
Cash and cash equivalents, end of period | 161,668 | 49,620 | 50,275 |
Eliminations [Member] | |||
Cash flow (used in) provided by operating activities: | |||
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | (8,904) | (13,496) | 32,215 |
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 | |||
Acquisition of a business, net of cash acquired | |||
Proceeds from Dividends Received | (5,000) | (5,000) | |
Investments paid intercompany | 45,000 | 5,000 | |
Intercompany investing advances (to) from consolidated entities | 553,644 | (232,308) | (308,474) |
Net cash provided by (used in) investing activities | 598,644 | (237,308) | (308,474) |
Cash flow (used in) provided by financing activities: | |||
Proceeds from issuance of senior notes | |||
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 | |||
Proceeds from stock-based benefit plans | |||
Excess Tax Benefit from Share-based Compensation, Financing Activities | |||
Purchase of treasury stock | |||
Dividends paid | |||
Proceeds from (Payments to) Noncontrolling Interests | |||
Cash Dividends Paid to Parent Company | 5,000 | 5,000 | |
Investment received intercompany | (45,000) | (5,000) | |
Intercompany financing advances (to) from consolidated entities | (544,740) | 245,804 | 276,259 |
Net cash provided by (used in) financing activities | (589,740) | 250,804 | 276,259 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | $ 0 | $ 0 | $ 0 |
Supplemental Guarantor Inform85
Supplemental Guarantor Information Supplemental Guarantor Information (Level 4 Textuals) (Details) | Jul. 31, 2017 |
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% |