Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Apr. 30, 2019 | Jun. 04, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Toll Brothers, Inc. | |
Entity Central Index Key | 0000794170 | |
Current Fiscal Year End Date | --10-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 143,870,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 924,448 | $ 1,182,195 |
Inventory | 7,790,840 | 7,598,219 |
Property, construction and office equipment, net | 289,186 | 193,281 |
Receivables, Prepaid Expenses and Other Assets | 659,768 | 550,778 |
Mortgage loans held for sale | 124,940 | 170,731 |
Customer deposits held in escrow | 97,462 | 117,573 |
Investments in unconsolidated entities | 390,085 | 431,813 |
Total assets | 10,276,729 | 10,244,590 |
Liabilities: | ||
Loans payable | 1,027,408 | 686,801 |
Senior notes | 2,512,404 | 2,861,375 |
Mortgage company loan facility | 110,012 | 150,000 |
Customer deposits | 419,479 | 410,864 |
Accounts payable | 318,346 | 362,098 |
Accrued expenses | 890,668 | 973,581 |
Income taxes payable | 12,172 | 30,959 |
Total liabilities | 5,290,489 | 5,475,678 |
Stockholders' equity: | ||
Preferred stock, none issued | 0 | 0 |
Common stock, 177,937 shares issued at April 30, 2019 and October 31, 2018, respectively | 1,779 | 1,779 |
Additional paid-in capital | 721,311 | 727,053 |
Retained earnings | 5,352,424 | 5,161,551 |
Treasury stock, at cost - 31,907 and 31,774 shares at April 30, 2019 and October 31, 2018, respectively | (1,135,166) | (1,130,878) |
Accumulated other comprehensive loss | 806 | 694 |
Total stockholders' equity | 4,941,154 | 4,760,199 |
Noncontrolling interest | 45,086 | 8,713 |
Total equity | 4,986,240 | 4,768,912 |
Total liabilities and stockholders' equity | 10,276,729 | 10,244,590 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 138,500 | $ 19,700 |
Rental Property Joint Venture Woburn MA [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 19,900 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares issued | 0 | 0 |
Common stock, shares issued | 177,937 | 177,937 |
Treasury stock, at cost | 31,907 | 31,774 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Revenues | $ 1,716,094 | $ 1,599,199 | $ 3,079,275 | $ 2,774,667 |
Cost of revenues | 1,377,268 | 1,298,157 | 2,453,766 | 2,232,637 |
Selling, general and administrative | 178,371 | 166,652 | 340,609 | 323,919 |
Income from operations | 160,455 | 134,390 | 284,900 | 218,111 |
Other: | ||||
Income from unconsolidated entities | 4,419 | 2,564 | 10,559 | 41,444 |
Other income - net | 11,285 | 15,794 | 32,146 | 24,791 |
Income before income taxes | 176,159 | 152,748 | 327,605 | 284,346 |
Income tax provision | 46,835 | 40,938 | 86,231 | 40,429 |
Net income | 129,324 | 111,810 | 241,374 | 243,917 |
Other comprehensive income, net of tax: | ||||
Other comprehensive income, net | 56 | 170 | 112 | 341 |
Total comprehensive income | $ 129,380 | $ 111,980 | $ 241,486 | $ 244,258 |
Per share: | ||||
Basic earnings | $ 0.88 | $ 0.73 | $ 1.65 | $ 1.58 |
Diluted earnings | $ 0.87 | $ 0.72 | $ 1.63 | $ 1.55 |
Weighted average number of shares: | ||||
Basic | 146,622 | 152,731 | 146,687 | 154,306 |
Diluted | 148,129 | 155,129 | 148,081 | 157,013 |
Home Building [Member] | ||||
Revenues | $ 1,712,057 | $ 1,599,199 | $ 3,031,365 | $ 2,774,667 |
Cost of revenues | 1,374,347 | 1,298,157 | 2,416,592 | 2,232,637 |
Land [Member] | ||||
Revenues | 4,037 | 0 | 47,910 | 0 |
Cost of revenues | $ 2,921 | $ 0 | $ 37,174 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Oct. 31, 2017 | $ 4,537,090 | $ 1,779 | $ 720,115 | $ 4,474,064 | $ (662,854) | $ (1,910) | $ 5,896 |
Net income | 243,917 | 243,917 | |||||
Purchase of treasury stock | (291,478) | (291,478) | |||||
Exercise of stock options and stock based compensation issuances | 8,536 | (19,984) | 28,520 | ||||
Employee stock purchase plan issuances | 593 | 98 | 495 | ||||
Stock-based compensation | 15,346 | 15,346 | |||||
Dividends declared | (29,211) | (29,211) | |||||
Other comprehensive income | 341 | 341 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | (3) | (3) | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Apr. 30, 2018 | 4,486,596 | 1,779 | 715,949 | 4,690,272 | (925,317) | (1,980) | 5,893 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Jan. 31, 2018 | 4,464,890 | 1,779 | 709,800 | 4,595,233 | (845,668) | (2,150) | 5,896 |
Net income | 111,810 | 111,810 | |||||
Purchase of treasury stock | (81,508) | (81,508) | |||||
Exercise of stock options and stock based compensation issuances | 1,236 | (347) | 1,583 | ||||
Employee stock purchase plan issuances | 315 | 39 | 276 | ||||
Stock-based compensation | 6,457 | 6,457 | |||||
Dividends declared | (16,771) | (16,771) | |||||
Other comprehensive income | 170 | 170 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | (3) | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Apr. 30, 2018 | 4,486,596 | 1,779 | 715,949 | 4,690,272 | (925,317) | (1,980) | 5,893 |
Cumulative effect adjustment upon adoption of new accounting pronouncements | 1,465 | 374 | 1,502 | (411) | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Oct. 31, 2018 | 4,768,912 | 1,779 | 727,053 | 5,161,551 | (1,130,878) | 694 | 8,713 |
Net income | 241,374 | 241,374 | |||||
Purchase of treasury stock | (25,244) | (25,244) | |||||
Exercise of stock options and stock based compensation issuances | 578 | (19,667) | 20,245 | ||||
Employee stock purchase plan issuances | 720 | 9 | 711 | ||||
Stock-based compensation | 13,916 | 13,916 | |||||
Dividends declared | (32,514) | (32,514) | |||||
Other comprehensive income | 112 | 112 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | (4) | (4) | |||||
Capital contributions | 36,377 | 36,377 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Apr. 30, 2019 | 4,986,240 | 1,779 | 721,311 | 5,352,424 | (1,135,166) | 806 | 45,086 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Jan. 31, 2019 | 4,861,189 | 1,779 | 717,405 | 5,239,251 | (1,139,623) | 750 | 41,627 |
Net income | 129,324 | 129,324 | |||||
Purchase of treasury stock | (101) | (101) | |||||
Exercise of stock options and stock based compensation issuances | 2,728 | (1,473) | 4,201 | ||||
Employee stock purchase plan issuances | 405 | 48 | 357 | ||||
Stock-based compensation | 5,331 | 5,331 | |||||
Dividends declared | (16,151) | (16,151) | |||||
Other comprehensive income | 56 | 56 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | (4) | (4) | |||||
Capital contributions | 3,463 | 3,463 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Apr. 30, 2019 | 4,986,240 | 1,779 | 721,311 | 5,352,424 | (1,135,166) | 806 | 45,086 |
Cumulative effect adjustment upon adoption of new accounting pronouncements | $ (17,987) | $ (17,987) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Cash flow (used in) provided by operating activities: | ||
Net income | $ 241,374 | $ 243,917 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 33,314 | 12,520 |
Stock-based compensation | 13,916 | 15,347 |
Income (Loss) from unconsolidated entities | (10,559) | (41,444) |
Distributions of earnings from unconsolidated entities | 13,835 | 39,508 |
Income from foreclosed real estate and distressed loans | (351) | (1,026) |
Deferred tax (benefit) provision | 2,557 | (29,886) |
Inventory impairments and write-offs | 26,956 | 17,685 |
Gain on sales of golf club property and an office building | (13,331) | |
Other | 254 | 754 |
Changes in operating assets and liabilities | ||
Increase in inventory | (215,141) | (540,898) |
Origination of mortgage loans | (673,032) | (575,285) |
Sale of mortgage loans | 720,231 | 594,933 |
(Increase) decrease in receivables, prepaid expenses and other assets | (94,837) | (97,388) |
Increase in customer deposits, net | 28,726 | 40,505 |
Decrease in accounts payable and accrued expenses | (142,959) | 14,204 |
Decrease in income taxes payable | (16,631) | (19,714) |
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | (85,678) | (326,268) |
Cash flow provided by (used in) investing activities: | ||
Purchase of property and equipment - net | (44,941) | (6,501) |
Investments in and advances to unconsolidated entities | (31,560) | (10,800) |
Return of investments in unconsolidated entities | 70,465 | 54,315 |
Investment in distressed loans and foreclosed real estate | (522) | (195) |
Return of investments in distressed loans and foreclosed real estate | 1,214 | 3,122 |
Proceeds from sales of golf club property and an office building | 33,539 | |
Net Cash Provided By (Used In) Investing Activities, Continuing Operations | 28,195 | 39,941 |
Cash flow provided by (used in) financing activities: | ||
Proceeds from issuance of senior notes | 400,000 | |
Debt issuance costs for senior notes | (3,410) | |
Proceeds from loans payable | 1,339,641 | 1,238,283 |
Debt issuance costs for loans payable | (1,948) | |
Repayments of loans payable | (1,131,795) | (1,276,148) |
Redemption of senior notes | (350,000) | |
(Payments) proceeds from stock-based benefit plans | 1,302 | 9,133 |
Purchase of treasury stock | (25,244) | (291,478) |
Dividends paid | (32,434) | (29,090) |
Proceeds from (Payments to) Noncontrolling Interests | 13 | |
Net Cash Provided By (Used in) Financing Activities, Continuing Operations | (200,465) | 47,290 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (257,948) | (239,037) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 1,182,939 | 715,311 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | $ 924,991 | $ 476,274 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Apr. 30, 2019 | |
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, 2018 balance sheet amounts and disclosures included herein have been derived from our October 31, 2018 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, they should 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, 2018 (“ 2018 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 April 30, 2019 ; the results of our operations and changes in equity for the six -month and three-month periods ended April 30, 2019 and 2018 ; and our cash flows for the six -month periods ended April 30, 2019 and 2018 . The results of operations for such interim periods are not necessarily indicative of the results to be expected for the full year. Revenue Recognition As discussed under “Recent Accounting Pronouncements” below, on November 1, 2018, we adopted Accounting Standards Codification (“ASC”) Topic 606 “Revenue from Contracts with Customers” (“ASC 606”). As a result of this adoption, we updated our revenue recognition policies effective November 1, 2018, as follows: Home sales revenues: Revenues and cost of revenues from home sales are recognized at the time each home is delivered and title and possession are transferred to the buyer. For the majority of our home closings, our performance obligation to deliver a home is satisfied in less than one year from the date a binding sale agreement is signed. In certain states that we build, we are not able to complete certain outdoor features prior to the closing of the home. Effective November 1, 2018, to the extent these separate performance obligations are not complete upon the home closing, we defer a portion of the home sales revenues related to these obligations and subsequently recognize the revenue upon completion of such obligations. As of April 30, 2019 , we deferred home sales revenues and related costs of $2.5 million and $1.9 million , respectively, related to obligations not completed on closed homes. Our contract liabilities, consisting of deposits received from customers for sold but undelivered homes, totaled $419.5 million , $406.4 million , and $410.9 million at April 30, 2019 , January 31, 2019, and October 31, 2018 , respectively. Of the outstanding customer deposits held as of October 31, 2018 , we recognized $204.4 million in home sales revenues during the six months ended April 30, 2019 . Of the outstanding customer deposits held as of January 31, 2019, we recognized $124.5 million in home sales revenues during the three months ended April 30, 2019 . Land sales revenues: Our revenues from land sales generally consist of the following: (1) lot sales to third-party builders within our master planned communities; (2) land sales to joint ventures in which we retain an interest; and (3) bulk land sales to third parties of land we have decided no longer meets our development criteria. In general, our performance obligation for each of these land sales is fulfilled upon the delivery of the land, which generally coincides with the receipt of cash consideration from the counterparty. Effective November 1, 2018, in land sale transactions that contain repurchase options, revenues and related costs are not recognized until the repurchase option expires. In addition, when we sell land to a joint venture in which we retain an interest, we do not recognize revenue or gains on the sale to the extent of our retained interest in such joint venture. Forfeited Customer Deposits: Effective November 1, 2018, forfeited customer deposits are recognized in “Home sales revenues” in our Condensed Consolidated Statements of Operations and Comprehensive Income in the period in which we determine that the customer will not complete the purchase of the home and we have the right to retain the deposit. Sales Incentives: In order to promote sales of our homes, we may grant our home buyers sales incentives. These incentives will vary by type of incentive and by amount on a community-by-community and home-by-home basis. Incentives are reflected as a reduction in home sales revenues. Incentives are recognized at the time the home is delivered to the home buyer and we receive the sales proceeds. Recent Accounting Pronouncements In May 2014, the FASB created ASC 606 with the issuance ASU No. 2014-09, “Revenue from Contracts with Customers,” which provides guidance for revenue recognition. ASC 606 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. ASC 606 supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition,” and most industry-specific guidance. ASC 606 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 previous 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 delayed the effective date of ASC 606 by one year. ASC 606, as amended by ASU 2015-14, became effective for our fiscal year beginning November 1, 2018, and we adopted the new standard under the modified retrospective transition method applied to contracts that were not completed as of November 1, 2018. We recognized the cumulative effect, net of tax, of applying ASC 606 as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the previous accounting standards. The adoption of ASC 606 did not have a material impact on our Condensed Consolidated Balance Sheet or Condensed Consolidated Statement of Operations or Comprehensive Income, and there have been no significant changes to our internal controls, processes, or systems as a result of implementing this new standard. However, the adoption of ASC 606 resulted in the following changes: • Prior to adoption of ASC 606, we capitalized certain costs related to our marketing efforts, including sales offices and model home upgrades and furnishings within “Inventory” on our Condensed Consolidated Balance Sheets and amortized such costs through “Selling, general, and administrative” on our Condensed Consolidated Statements of Operations and Comprehensive Income. As of November 1, 2018, we reclassified $104.8 million to “Property, construction, and office equipment, net” on our Condensed Consolidated Balance Sheets, primarily related to sales offices and model home improvement costs. The amortization of such costs will remain unchanged and will continue to be included in “Selling, general, and administrative” on our Condensed Consolidated Statements of Operations and Comprehensive Income. Additionally, we recorded a net cumulative effect adjustment to retained earnings of approximately $13.2 million for certain other marketing costs that no longer qualify for capitalization under the new guidance, and such costs will be expensed as incurred in the future. • Prior to adoption of ASC 606, we recorded our land sale revenues, net of their related expenses, within “Other income – net” on our Condensed Consolidated Statements of Operations and Comprehensive Income. As of November 1, 2018, we are presenting this activity in income from operations and breaking out the components of land sales revenues and land sales cost of revenues on our Condensed Consolidated Statements of Operations and Comprehensive Income. In addition, due to the existence of certain repurchase options in existing agreements to sell lots to third party builders in our master planned communities, both for wholly owned projects as well as projects in which we are a joint venture partner, we recorded a net cumulative effect adjustment to retained earnings of approximately $4.6 million to account for previously settled lots for which the related repurchase option has not yet expired. Because the amount of the deferred earning is not material to our condensed consolidated financial statements, we have elected to recognize the revenue and related expenses for such lots in future periods when such repurchase options expire rather than account for them as leases under ASC 840, “Leases.” • Prior to adoption of ASC 606, retained customer deposits were classified in “Other income – net” on our Condensed Consolidated Statements of Operations and Comprehensive Income. As of November 1, 2018, retained customer deposits, which totaled $6.4 million and $3.2 million during the six months and three months ended April 30, 2019 , respectively, are included in “Home sales revenue” on our Condensed Consolidated Statements of Operations and Comprehensive Income. Prior period balances for retained customer deposits have not been reclassified and are not material to our condensed consolidated financial statements. 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 ASC 606, 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 became effective for our fiscal year beginning November 1, 2018 and we adopted ASU 2017-05 concurrent with our adoption of ASC 606. The adoption of ASU 2017-05 did not have a material effect on our condensed consolidated financial statements and disclosures. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”), which provides guidance on the classification of restricted cash in the statement of cash flows. ASU 2016-18 became effective for our fiscal year beginning November 1, 2018 and resulted in a change in the presentation to our Condensed Consolidated Statement of Cash Flows but did not have a material effect on our other condensed consolidated financial statements or disclosures. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”), which is intended to reduce diversity in practice in how certain transactions are classified and makes eight targeted changes to how cash receipts and cash payments are presented in the statement of cash flows. ASU 2016-15 became effective for our fiscal year beginning November 1, 2018 and did not have a material effect on our condensed 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. In July 2018, the FASB issued ASU No. 2018-11, “Leases: Targeted Improvements” (“ASU 2018-11”), which provides an entity with the option to apply the transition provisions of the new standard at its adoption date instead of at its earliest comparative period presented. ASU 2018-11 also provides an entity with a practical expedient that permits lessors to not separate nonlease components from the associated lease component if certain conditions are met. ASU 2016-02, as amended by ASU 2018-11, is effective for our fiscal year beginning November 1, 2019, at which 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, as amended by ASU 2018-11, may have on our consolidated financial statements and disclosures. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate credit losses. ASU 2016-13 is effective for our fiscal year beginning November 1, 2020, with early adoption permitted as of November 1, 2019. We are currently evaluating the impact that the adoption of ASU 2016-13 may have on our consolidated financial statements and disclosures. |
Acquisition - Subsequent Event
Acquisition - Subsequent Event (Notes) | 6 Months Ended |
Apr. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition – Subsequent Event In May 2019, we acquired substantially all of the assets and operations of Sharp Residential, LLC (“Sharp”), a builder in metropolitan Atlanta, Georgia, for approximately $93.2 million in cash. The assets acquired were primarily inventory, including approximately 950 home sites owned or controlled through land purchase agreements. In connection with this acquisition, we assumed contracts to deliver 125 homes with an aggregate value of $66.1 million . The average price of undelivered homes at the date of acquisition was approximately $528,900 . As a result of this acquisition, our selling community count increased by 10 communities at the acquisition date. |
Inventory
Inventory | 6 Months Ended |
Apr. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory at April 30, 2019 and October 31, 2018 consisted of the following (amounts in thousands): April 30, October 31, Land controlled for future communities $ 174,116 $ 139,985 Land owned for future communities 934,774 916,616 Operating communities 6,681,950 6,541,618 $ 7,790,840 $ 7,598,219 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: April 30, October 31, Land owned for future communities: Number of communities 15 17 Carrying value (in thousands) $ 105,281 $ 124,426 Operating communities: Number of communities 3 1 Carrying value (in thousands) $ 21,931 $ 2,622 The amounts we have provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable, for the periods indicated, are shown in the table below (amounts in thousands): Six months ended April 30, Three months ended April 30, 2019 2018 2019 2018 Land controlled for future communities $ 3,676 $ 377 $ 1,899 $ 260 Land owned for future communities 247 247 Operating communities 23,280 17,061 17,495 13,325 $ 26,956 $ 17,685 $ 19,394 $ 13,832 See Note 12, “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 April 30, 2019 , 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 April 30, 2019 , we determined that 130 land purchase contracts, with an aggregate purchase price of $2.00 billion , on which we had made aggregate deposits totaling $130.1 million , were VIEs, and that we were not the primary beneficiary of any VIE related to our land purchase contracts. At October 31, 2018 , we determined that 110 land purchase contracts, with an aggregate purchase price of $1.88 billion , on which we had made aggregate deposits totaling $120.5 million , were VIEs and that we were not the primary beneficiary of any VIE related to our land purchase contracts. Interest incurred, capitalized, and expensed, for the periods indicated, was as follows (amounts in thousands): Six months ended April 30, Three months ended April 30, 2019 2018 2019 2018 Interest capitalized, beginning of period $ 319,364 $ 352,049 $ 330,167 $ 354,496 Interest incurred 87,862 81,269 43,440 42,582 Interest expensed to home sales cost of revenues (79,227 ) (78,912 ) (44,786 ) (45,027 ) Interest expensed to land sales cost of revenues (635 ) (283 ) Interest expensed in other income (1,001 ) (285 ) Interest capitalized on investments in unconsolidated entities (3,084 ) (3,602 ) (1,270 ) (1,891 ) Previously capitalized interest on investments in unconsolidated entities transferred to inventory 4,303 115 1,315 43 Interest capitalized, end of period $ 328,583 $ 349,918 $ 328,583 $ 349,918 |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 6 Months Ended |
Apr. 30, 2019 | |
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 April 30, 2019 , 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 18 8 37 Investment in unconsolidated entities $ 139,883 $ 64,081 $ 168,574 $ 17,547 $ 390,085 Number of unconsolidated entities with funding commitments by the Company 2 1 2 1 6 Company’s remaining funding commitment to unconsolidated entities $ 17,551 $ 1,400 $ 2,300 $ 9,621 $ 30,872 Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at April 30, 2019 , regarding the debt financing obtained by category ($ amounts in thousands): Land Home Building Rental Property Total Number of joint ventures with debt financing 3 3 16 22 Aggregate loan commitments $ 100,877 $ 280,118 $ 1,191,229 $ 1,572,224 Amounts borrowed under loan commitments $ 76,894 $ 247,328 $ 924,613 $ 1,248,835 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 six months ended April 30, 2019 , our Land Development Joint Ventures sold approximately 498 lots and recognized revenues of $138.8 million . We acquired 195 of these lots for $96.5 million . Our share of the joint venture income from the lots we acquired was insignificant. During the six months ended April 30, 2018 , our Land Development Joint Ventures sold approximately 449 lots and recognized revenues of $102.8 million . We acquired 55 of these lots for $7.3 million . Our share of the income of $0.9 million from the lots we acquired was deferred by reducing our basis in those lots. During the three months ended April 30, 2019 , our Land Development Joint Ventures sold approximately 297 lots and recognized revenues of $49.0 million . We acquired 88 of these lots for $25.3 million . Our share of the joint venture income from the lots we acquired was insignificant. During the three months ended April 30, 2018, our Land Development Joint Ventures sold approximately 200 lots and recognized revenues of $62.6 million . We acquired 25 of these lots for $4.2 million . Our share of the income of $0.4 million from the lots we acquired was deferred by reducing our basis in those lots. Home Building Joint Ventures Our Home Building Joint Ventures are delivering homes in New York, New York, and Jupiter, Florida. During the six months ended April 30, 2019 and 2018 , our Home Building Joint Ventures delivered 72 homes with a sales value of $121.8 million and 54 homes with a sales value of $67.9 million , respectively. During the three months ended April 30, 2019 and 2018 , our Home Building Joint Ventures delivered 55 homes with a sales value of $94.6 million and 26 homes with a sales value of $35.4 million , respectively. Rental Property Joint Ventures As of April 30, 2019 , our Rental Property Joint Ventures, including those that we consolidate, owned 21 for-rent apartment projects and a hotel, which are located in the metropolitan Boston, Massachusetts to metropolitan Washington, D.C. corridor; Tempe, Arizona; San Diego, California; Miami, Florida; Atlanta, Georgia; and Frisco, Texas. At April 30, 2019 , these joint ventures had approximately 2,100 units that were occupied or ready for occupancy, 1,500 units in the lease-up stage, and 1,700 units under development. In addition, we either own, have under contract, or under a letter of intent approximately 13,200 units, including 1,700 units under active development; we intend to develop these units in joint ventures with unrelated parties in the future. In the second quarter of fiscal 2019, we entered into a joint venture with unrelated parties to develop, build, and operate single-family rental communities. As of April 30, 2019, we have invested $0.9 million in this joint venture and have committed to invest up to $60.0 million . In the first quarter of fiscal 2019, we entered into two separate joint ventures with unrelated parties to develop luxury for-rent residential apartment projects located in Harrison, New York and Frisco, Texas. Prior to the formation of these joint ventures, we acquired the properties and incurred approximately $41.9 million of land and land development costs. Our partners each acquired a 75% interest in these entities for an aggregate amount of $39.8 million and we recognized a gain on land sale of $8.4 million in our first quarter of fiscal 2019. At April 30, 2019 , we had an aggregate investment of $13.6 million in these joint ventures. Concurrent with their formation, these joint ventures entered into construction loan agreements for an aggregate amount of $134.4 million to finance the development of these projects. At April 30, 2019 , the joint ventures had $5.6 million outstanding borrowings under these construction loan facilities. In addition, during the six months ended April 30, 2019 , we entered into four separate joint ventures with unrelated parties to develop luxury for-rent residential apartment projects and student housing communities located in Boston, Massachusetts, San Diego, California, Tempe, Arizona and Miami, Florida. We contributed an aggregate of $79.4 million for our initial ownership interests in these joint ventures, which ranged from 50% to 98% . Due to our controlling financial interest, our power to direct the activities that most significantly impact each joint venture’s performance, and/or our obligation to absorb expected losses or receive benefits from these joint ventures, we consolidated these joint ventures at April 30, 2019 . The carrying value of these joint ventures’ assets totaling $118.6 million are reflected in “Receivables, prepaid expenses, and other assets” in our Condensed Consolidated Balance Sheet as of April 30, 2019 . Our partners’ interests aggregating $36.2 million in the joint ventures are reflected as a component of “Noncontrolling interest” in our Condensed Consolidated Balance Sheet as of April 30, 2019 . These joint ventures intend to obtain additional equity investors and secure third-party financing at a later date. At such time, it is expected that these entities would no longer be consolidated. In the third quarter of fiscal 2018, we entered into a joint venture with an unrelated party to develop a 289 -unit luxury for-rent residential apartment project in a suburb of Boston, Massachusetts. We contributed cash of $15.9 million for our initial 85% ownership interest in this joint venture. Due to our controlling financial interest, our power to direct the activities that most significantly impact the joint venture’s performance, and/or our obligation to absorb expected losses or receive benefits from the joint venture, we have consolidated this joint venture at April 30, 2019 . The carrying value of the joint venture’s assets totaling $19.9 million are reflected in “Receivables, prepaid expenses, and other assets” in our Condensed Consolidated Balance Sheet as of April 30, 2019 . Our partner’s 15% interest of $3.0 million in the joint venture is reflected as a component of “Noncontrolling interest” in our Condensed Consolidated Balance Sheet as of April 30, 2019 . The joint venture intends to obtain additional equity investors and secure third-party financing at a later date. At such time, it is expected that the entity would no longer be consolidated. In the first quarter of fiscal 2018, one of our Rental Property Joint Ventures sold its assets to an unrelated party for $219.0 million . The joint venture had owned, developed, and operated a student housing community in College Park, Maryland. In connection with the sale, the joint venture’s existing $110.0 million loan was repaid. We received cash of $39.3 million and recognized a gain of $30.8 million in the three months ended January 31, 2018, which is included in “Income from unconsolidated entities” in our Condensed Consolidated Statements of Operations and Comprehensive Income. 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 April 30, 2019 , 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 $0.5 million and $1.2 million in the six -month periods ended April 30, 2019 and 2018 , respectively. Gibraltar Joint Ventures We, through our wholly owned subsidiary, Gibraltar Capital and Asset Management, LLC (“Gibraltar”), have entered into six ventures with an institutional investor to provide builders and developers with land banking and venture capital. These ventures will finance builders’ and developers’ acquisition and development of land and home sites and pursue other complementary investment strategies. We also are a member in a separate venture with the same institutional investor, which purchased, from Gibraltar, certain foreclosed real estate owned and distressed loans in fiscal 2016. Our ownership interest in these ventures is approximately 25% . We may invest up to $100.0 million in these ventures. As of April 30, 2019 , we had an aggregate investment of $17.5 million in these ventures. 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 April 30, 2019 , 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 April 30, 2019 , certain unconsolidated entities have loan commitments aggregating $1.23 billion , of which, if the full amount of the debt obligations were borrowed, we estimate $310.6 million to be our maximum exposure related to repayment and carry cost guarantees. At April 30, 2019 , the unconsolidated entities had borrowed an aggregate of $903.5 million , of which we estimate $271.1 million to be our maximum exposure related to repayment and carry cost guarantees. The terms of these guarantees generally range from 2 months to 42 months . These maximum exposure estimates do not take into account any recoveries from the underlying collateral or any reimbursement from our partners. As of April 30, 2019 , the estimated aggregate fair value of the guarantees provided by us related to debt and other obligations of certain unconsolidated entities was approximately $5.4 million . We have not made payments under any of the guarantees, nor have we been called upon to do so. Variable Interest Entities At April 30, 2019 and October 31, 2018 , we determined that 17 and 11 , respectively, of our joint ventures were VIEs under the guidance of ASC 810, “Consolidation.” For 12 and 10 of these VIEs as of April 30, 2019 and October 31, 2018 , respectively, we 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. As of April 30, 2019 , we have consolidated five Rental Property Joint Ventures. The carrying value of these joint ventures’ assets totaling $138.5 million is reflected in “Receivables, prepaid expenses, and other assets” in our Condensed Consolidated Balance Sheet as of April 30, 2019 . Our partners’ interests aggregating $39.2 million in the joint ventures are reflected as a component of “Noncontrolling interest” in our Condensed Consolidated Balance Sheet as of April 30, 2019 . These joint ventures were determined to be VIEs due to their current inability to finance their activities without additional subordinated financial support as well as our partners’ inability to participate in the significant decisions of the joint venture and their lack of substantive kick-out rights. We further concluded that we are the primary beneficiary of these VIEs due to our controlling financial interest in such ventures as we have the power to direct the activities that most significantly impact the joint ventures’ performance and the obligation to absorb expected losses or receive benefits from the joint ventures. The assets of these VIEs can only be used to settle the obligations of the VIEs. In addition, in certain of the joint ventures, in the event additional contributions are required to be funded to the joint ventures prior to the admission of any additional investor at a future date, we will fund 100% of such contributions, including our partner’s pro rata share, which we expect would be funded through an interest-bearing loan. At April 30, 2019 and October 31, 2018 , our investments in the unconsolidated entities deemed to be VIEs totaled $36.3 million and $33.8 million , respectively. At April 30, 2019 and October 31, 2018 , 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 $10.4 million and $10.8 million , respectively, of additional commitments to the VIEs. Of our potential exposure for these loan guarantees, $70.0 million is related to loan repayment and carry cost guarantees, of which $70.0 million was borrowed at April 30, 2019 and October 31, 2018 . Joint Venture Condensed Financial Information The Condensed Balance Sheets, as of the dates indicated, and the Condensed Statements of Operations, for the periods indicated, for the unconsolidated entities in which we have an investment are included below (in thousands): Condensed Balance Sheets: April 30, October 31, Cash and cash equivalents $ 90,183 $ 102,462 Inventory 803,161 973,990 Loans receivable, net 38,887 40,065 Rental properties 1,070,823 808,785 Rental properties under development 348,886 437,586 Real estate owned 14,860 14,838 Other assets 168,261 166,029 Total assets $ 2,535,061 $ 2,543,755 Debt, net of deferred financing costs $ 1,240,577 $ 1,145,998 Other liabilities 181,247 158,570 Members’ equity 1,110,319 1,235,974 Noncontrolling interest 2,918 3,213 Total liabilities and equity $ 2,535,061 $ 2,543,755 Company’s net investment in unconsolidated entities (1) $ 390,085 $ 431,813 (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 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; unrealized gains on our retained joint venture interests; 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: Six months ended April 30, Three months ended April 30, 2019 2018 2019 2018 Revenues $ 331,617 $ 276,284 $ 178,388 $ 82,663 Cost of revenues 288,951 209,410 157,196 60,660 Other expenses 41,354 44,584 22,879 20,297 Total expenses 330,305 253,994 180,075 80,957 Gain on disposition of loans and real estate owned 3,694 26,480 — 11,809 Income (loss) from operations 5,006 48,770 (1,687 ) 13,515 Other income 1,737 80,866 1,090 1,502 Income (loss) before income taxes 6,743 129,636 (597 ) 15,017 Income tax provision (benefit) 225 349 (40 ) 151 Net income (loss) including earnings from noncontrolling interests 6,518 129,287 (557 ) 14,866 Less: income attributable to noncontrolling interest (2,078 ) (11,937 ) 31 (5,855 ) Net income (loss) attributable to controlling interest $ 4,440 $ 117,350 $ (526 ) $ 9,011 Company’s equity in earnings of unconsolidated entities (1) $ 10,559 $ 41,444 $ 4,419 $ 2,564 (1) 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 | 6 Months Ended |
Apr. 30, 2019 | |
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 April 30, 2019 and October 31, 2018 , consisted of the following (amounts in thousands): April 30, 2019 October 31, 2018 Expected recoveries from insurance carriers and others $ 121,354 $ 126,291 Improvement cost receivable 103,377 96,937 Escrow cash held by our captive title company 32,787 33,471 Properties held for rental apartment and commercial development 302,706 193,015 Prepaid expenses 19,418 23,065 Other 80,126 77,999 $ 659,768 $ 550,778 See Note 7, “Accrued Expenses,” for additional information regarding the expected recoveries from insurance carriers and others. |
Loans Payable, Senior Notes and
Loans Payable, Senior Notes and Mortgage Company Loan Facility | 6 Months Ended |
Apr. 30, 2019 | |
Debt Disclosure [Abstract] | |
Loans Payable, Senior Notes, and Mortgage Company Loan Facility | Loans Payable, Senior Notes, and Mortgage Company Loan Facility Loans Payable At April 30, 2019 and October 31, 2018 , loans payable consisted of the following (amounts in thousands): April 30, October 31, Senior unsecured term loan $ 800,000 $ 500,000 Loans payable – other 230,305 188,115 Deferred issuance costs (2,897 ) (1,314 ) $ 1,027,408 $ 686,801 Senior Unsecured Term Loan At April 30, 2019 , we had an $800.0 million , five -year senior unsecured term loan facility (the “Term Loan Facility”) with a syndicate of banks. On November 1, 2018 , we entered into an amendment to the Term Loan Facility to, among other things, (i) increase the size of the outstanding term loan to $800.0 million ; (ii) extend the maturity date to November 1, 2023 , with no principal payments being required before the maturity date; (iii) provide an accordion feature under which we may, subject to certain conditions set forth in the agreement, increase the Term Loan Facility up to a maximum aggregate amount of $1.0 billion ; (iv) revise certain provisions to reduce the interest rate applicable on outstanding borrowings; and (v) modify certain provisions relating to existing financial maintenance and negative covenants. At April 30, 2019 , the interest rate on borrowings was 3.78% per annum. We and substantially all of our 100% -owned home building subsidiaries are guarantors under the Term Loan Facility. Under the terms of the Term Loan Facility, at April 30, 2019 , our maximum leverage ratio, as defined, may not exceed 1.75 to 1.00, and we are required to maintain a minimum tangible net worth, as defined, of no less than approximately $2.76 billion . Under the terms of the Term Loan Facility, at April 30, 2019 , our leverage ratio was approximately 0.56 to 1.00, and our tangible net worth was approximately $4.90 billion . Based upon the limitations related to our repurchase of common stock in the Term Loan Facility, our ability to repurchase our common stock was limited to approximately $3.35 billion as of April 30, 2019 . In addition, our ability to pay cash dividends was limited to approximately $2.14 billion as of April 30, 2019 . Credit Facility We have a $1.295 billion , five -year senior unsecured 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 April 30, 2019 , our maximum leverage ratio, as defined, may not exceed 1.75 to 1.00, and we are required to maintain a minimum tangible net worth, as defined, of no less than approximately $2.59 billion . Under the terms of the Credit Facility, at April 30, 2019 , our leverage ratio was approximately 0.56 to 1.00, and our tangible net worth was approximately $4.90 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 $3.00 billion as of April 30, 2019 . In addition, under the provisions of the Credit Facility, our ability to pay cash dividends was limited to approximately $2.31 billion as of April 30, 2019 . At April 30, 2019 , we had no outstanding borrowings under the Credit Facility and had approximately $179.3 million of outstanding letters of credit that were issued under the Credit Facility. At April 30, 2019 , the interest rate on borrowings under the Credit Facility would have been 3.98% 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 April 30, 2019 , the weighted-average interest rate on “Loans payable – other” was 4.81% per annum. Senior Notes At April 30, 2019 , we had seven issues of senior notes outstanding with an aggregate principal amount of $2.52 billion . In January 2018, we issued $400.0 million principal amount of 4.350% Senior Notes due 2028. We received $396.4 million of net proceeds from the issuance of these senior notes. On November 30, 2018 , we redeemed, prior to maturity, the $350.0 million of then-outstanding principal amount of 4.00% Senior Notes due December 31, 2018, at par, plus accrued interest. Mortgage Company Loan Facility In October 2017, TBI Mortgage ® Company (“TBI Mortgage”), our wholly owned mortgage subsidiary, entered into a mortgage warehousing agreement (the “Warehousing Agreement”) with a bank 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.” In December 2018, the Warehousing Agreement was amended again to provide for loan purchases up to $75.0 million , subject to certain sublimits. In addition, the Warehousing Agreement, as amended, 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 $150.0 million for a short period of time. The Warehousing Agreement, as amended, expires on December 6, 2019 , and borrowings thereunder bear interest at LIBOR plus 1.90% per annum. At April 30, 2019 , the interest rate on the Warehousing Agreement, as amended, was 4.38% per annum. Prior to the December 2018 amendment, the Warehousing Agreement was operating pursuant to the December 2017 amendment which had substantially similar terms to the December 2018 amendment. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Apr. 30, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses at April 30, 2019 and October 31, 2018 consisted of the following (amounts in thousands): April 30, October 31, Land, land development, and construction $ 178,474 $ 213,641 Compensation and employee benefits 136,715 159,374 Escrow liability 31,809 32,543 Self-insurance 182,275 168,012 Warranty 223,655 258,831 Deferred income 43,993 42,179 Interest 37,882 40,325 Commitments to unconsolidated entities 8,653 10,553 Other 47,212 48,123 $ 890,668 $ 973,581 The table below provides, for the periods indicated, a reconciliation of the changes in our warranty accrual (amounts in thousands): Six months ended April 30, Three months ended April 30, 2019 2018 2019 2018 Balance, beginning of period $ 258,831 $ 329,278 $ 237,326 $ 311,450 Additions – homes closed during the period 14,954 14,687 8,329 8,462 Increase in accruals for homes closed in prior years 272 3,154 963 1,211 Charges incurred (50,402 ) (49,776 ) (22,963 ) (23,780 ) Balance, end of period $ 223,655 $ 297,343 $ 223,655 $ 297,343 Since fiscal 2014, we have received water intrusion claims from owners of homes built since 2002 in communities located in Pennsylvania and Delaware (which are in our Mid-Atlantic region). During the first two quarters of fiscal 2019 , we continued to receive water intrusion claims from homeowners in this region, mostly related to older homes, and we continue to perform review procedures to assess, among other things, the number of affected homes, whether repairs are likely to be required, and the extent of such repairs. Our review process, conducted quarterly, includes an analysis of many factors applicable to these communities to determine whether a claim is likely to be received and the estimated costs to resolve any such claim, including: the closing dates of the homes; the number of claims received; 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; the expected recovery from our insurance carriers and suppliers; and the previously recorded amounts related to these claims. We also monitor legal developments relating to these types of claims and review the volume, relative merits and adjudication of claims in litigation or arbitration. As of April 30, 2019 , our recorded aggregate estimated repair costs to be incurred for known and unknown water intrusion claims was $324.4 million , which was unchanged from October 31, 2016, and our recorded aggregate expected recoveries from insurance carriers and suppliers were approximately $152.6 million , which was also unchanged from October 31, 2016. Our recorded remaining estimated repair costs, which reflects a reduction for the aggregate amount expended to resolve claims, were approximately $148.1 million at April 30, 2019 and $177.6 million at October 31, 2018 . Our recorded remaining expected recoveries from insurance carriers and suppliers were approximately $104.1 million at April 30, 2019 and $109.3 million at October 31, 2018 . As noted above, our review process includes a number of estimates that are based on assumptions with uncertain outcomes, including, but not limited to, the number of homes to be repaired, the extent of repairs needed, the repair procedures employed, the cost of those repairs, outcomes of litigation or arbitrations, and expected recoveries from insurance carriers and suppliers. Due to the degree of judgment required in making these estimates and the inherent uncertainty in potential outcomes, it is reasonably possible that our actual costs and recoveries could differ from those recorded and such differences could be material. In addition, due to such uncertainty, we are unable to estimate the range of any such differences. We believe collection of our recorded insurance receivables is probable based on the legal merits that support our pending insurance claims and the high credit ratings of our insurance carriers; however, due to the complexity of the underlying claims and the variability of the other factors described above, it is reasonably possible that our actual insurance recoveries could materially differ from those recorded. Resolution of these known and unknown claims is expected to take several years. |
Income Taxes
Income Taxes | 6 Months Ended |
Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We recorded income tax provisions of $86.2 million and $40.4 million for the six months ended April 30, 2019 and 2018 , respectively. The effective tax rate was 26.3% for the six months ended April 30, 2019 , compared to 14.2% for the six months ended April 30, 2018 . For the three months ended April 30, 2019 and 2018 , we recorded income tax provisions of $46.8 million and $40.9 million , respectively. The effective tax rate was 26.6% for the three months ended April 30, 2019 , compared to 26.8% for the three months ended April 30, 2018 . The lower effective tax rate for the six months ended April 30, 2018 was primarily due to a $31.2 million income tax benefit from the remeasurement of the Company’s net deferred tax liability as a result of the Tax Cuts and Jobs Act (the “Tax Act”), which was enacted into law on December 22, 2017. The income tax provisions for both periods included a provision for state income taxes; interest accrued on anticipated tax assessments; excess tax benefits related to stock-based compensation; and other permanent differences. The income tax provisions for the fiscal 2018 periods also benefited from the domestic activities deduction. The Tax Act repealed the domestic production activities deduction effective for the fiscal 2019 period. The Tax Act, among other changes, reduced the corporate income tax rate from 35% to 21% effective for tax years beginning after December 31, 2017. For companies with a fiscal year that does not end on December 31, the change in law required the application of a blended tax rate for the year of the change. Our blended tax rate for the fiscal 2018 periods was 23.3% . For the fiscal 2019 periods and thereafter, the applicable statutory rate is 21% . We are subject to state tax in the jurisdictions in which we operate. We estimate our state tax liability based upon the individual taxing authorities’ regulations, estimates of income by taxing jurisdiction, and our ability to utilize certain tax-saving strategies. Based on our estimate of the allocation of income or loss among the various taxing jurisdictions and changes in tax regulations and their impact on our tax strategies, we estimate that our state income tax rate for the full fiscal year 2019 will be approximately 6.8% . Our state income tax rate for the full fiscal year 2018 was 6.6% . At April 30, 2019 , we had $9.9 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 | 6 Months Ended |
Apr. 30, 2019 | |
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): Six months ended April 30, Three months ended April 30, 2019 2018 2019 2018 Total stock-based compensation expense recognized $ 13,916 $ 15,347 $ 5,331 $ 6,458 Income tax benefit recognized $ 3,652 $ 4,359 $ 1,396 $ 1,843 At April 30, 2019 and October 31, 2018 , the aggregate unamortized value of outstanding stock-based compensation awards was approximately $30.1 million and $20.9 million , respectively. |
Stock Repurchase Program and Ca
Stock Repurchase Program and Cash Dividend | 6 Months Ended |
Apr. 30, 2019 | |
Stock Repurchase Program [Abstract] | |
Stock Repurchase Program [Text Block] | Stock Repurchase Program and Cash Dividends Stock Repurchase Program On December 12, 2018, our Board of Directors terminated our existing 20 million share repurchase program, which was authorized in December 2017, 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. Our 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: Six months ended April 30, Three months ended April 30, 2019 2018 2019 2018 Number of shares purchased (in thousands) 788 6,221 3 1,794 Average price per share $ 32.04 $ 46.86 $ 36.95 $ 45.44 Remaining authorization at April 30 (in thousands) 19,784 16,876 19,784 16,876 Subsequent to April 30, 2019 and through June 5, 2019, we repurchased approximately 2.5 million shares of our common stock at an average price of $35.70 per share. Cash Dividends On February 21, 2017, our Board of Directors approved the initiation of quarterly cash dividends to shareholders. During the six months ended April 30, 2019 and 2018 , we declared and paid aggregate cash dividends of $0.22 and $0.19 per share, respectively, to our shareholders. During the three months ended April 30, 2019 and 2018 , we declared and paid cash dividends $0.11 and $0.08 per share, respectively, to our shareholders. |
Earnings Per Share Information
Earnings Per Share Information | 6 Months Ended |
Apr. 30, 2019 | |
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): Six months ended April 30, Three months ended April 30, 2019 2018 2019 2018 Numerator: Net income as reported $ 241,374 $ 243,917 $ 129,324 $ 111,810 Denominator: Basic weighted-average shares 146,687 154,306 146,622 152,731 Common stock equivalents (1) 1,394 2,707 1,507 2,398 Diluted weighted-average shares 148,081 157,013 148,129 155,129 Other information: Weighted-average number of antidilutive options and restricted stock units (2) 1,690 823 756 278 Shares issued under stock incentive and employee stock purchase plans 654 880 144 57 (1) 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 upon the conversion of restricted stock units under our equity award programs. (2) Weighted-average number of antidilutive options and restricted stock units are based upon the average closing price of our common stock on the New York Stock Exchange for the period. |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Apr. 30, 2019 | |
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 April 30, October 31, 2018 Mortgage Loans Held for Sale Level 2 $ 124,940 $ 170,731 Forward Loan Commitments — Mortgage Loans Held for Sale Level 2 $ 87 $ 1,750 Interest Rate Lock Commitments (“IRLCs”) Level 2 $ 2,330 $ (4,366 ) Forward Loan Commitments — IRLCs Level 2 $ (2,330 ) $ 4,366 At April 30, 2019 and October 31, 2018 , the carrying value of cash and cash equivalents and customer deposits held in escrow 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 April 30, 2019 $ 123,529 $ 124,940 $ 1,411 At October 31, 2018 $ 170,728 $ 170,731 $ 3 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 inventory was determined using Level 3 criteria. See Note 1, “Significant Accounting Policies – Inventory,” in our 2018 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 2019: January 31 836 - 13,495 2 - 12 12.5% - 15.8% April 30 372 - 1,915 2 - 19 12.0% - 26.0% Fiscal 2018: January 31 381 - 1,029 7 - 10 13.8% - 19.0% April 30 485 - 522 10 - 16 16.9% July 31 (1) – – – October 31 470 - 1071 4 - 23 13.5% - 16.3% (1) The impairment charges recognized were related to our decisions to sell lots in a bulk sale in certain communities rather than sell and construct homes as previously intended. The sale price per lot used in the fair value determination for these bulk sales ranged from $10,000 to $155,000 . The table below provides, for the periods indicated, the number of operating communities that we reviewed for potential impairment, the number of operating communities in which we recognized impairment charges, the amount of impairment charges recognized, and, as of the end of the period indicated, the fair value of those communities, net of impairment charges ($ amounts in thousands): Impaired operating communities Three months ended: Number of Number of Fair value of Impairment charges recognized Fiscal 2019: January 31 (1) 49 5 $ 37,282 $ 5,785 April 30 (2) 64 6 $ 36,159 17,495 $ 23,280 Fiscal 2018: January 31 64 5 $ 13,318 $ 3,736 April 30 (2) 65 4 $ 21,811 13,325 July 31 (3) 55 5 $ 43,063 9,065 October 31 43 6 $ 24,692 4,025 $ 30,151 (1) Includes $2.8 million ( one community), $1.5 million ( three communities), and $1.5 million ( one community) located in our City Living, North, and South segments, respectively. (2) Includes $2.0 million ( one community), $7.0 million ( two communities), $8.0 million ( two communities), and $0.5 million ( one community) located in our City Living, North, Mid-Atlantic, and South segments, respectively, in our fiscal 2019 period. Includes $12.0 million of impairments from one community located in our North segment in our fiscal 2018 period. (3) Includes $7.3 million of impairments from two communities located in our Mid-Atlantic segment. Debt The table below provides, as of the dates indicated, the book value and estimated fair value of our debt (amounts in thousands): April 30, 2019 October 31, 2018 Fair value Book value Estimated fair value Book value Estimated fair value Loans payable (1) Level 2 $ 1,030,305 $ 1,028,938 $ 688,115 $ 687,974 Senior notes (2) Level 1 2,519,876 2,573,568 2,869,876 2,779,270 Mortgage company loan facility (3) Level 2 110,012 110,012 150,000 150,000 $ 3,660,193 $ 3,712,518 $ 3,707,991 $ 3,617,244 (1) 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. (2) The estimated fair value of our senior notes is based upon their market prices as of the applicable valuation date. (3) We believe that the carrying value of our mortgage company loan borrowings approximates their fair value. |
Other Income - Net
Other Income - Net | 6 Months Ended |
Apr. 30, 2019 | |
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): Six months ended April 30, Three months ended April 30, 2019 2018 2019 2018 Interest income $ 10,210 $ 3,292 $ 4,338 $ 1,212 Income from ancillary businesses 18,086 7,456 4,242 4,873 Management fee income from home building unconsolidated entities, net 4,727 7,425 3,119 4,354 Retained customer deposits 4,155 3,071 Income from land sales 3,287 2,587 Other (877 ) (824 ) (414 ) (303 ) Total other income – net $ 32,146 $ 24,791 $ 11,285 $ 15,794 As a result of our adoption of ASC 606 as of November 1, 2018, revenues and cost of revenues from land sales are presented as separate components on our Condensed Consolidated Statement of Operations and Comprehensive Income. In addition, retained customer deposits are presented in home sales revenues on our Condensed Consolidated Statement of Operations and Comprehensive Income. Because we elected to apply the modified retrospective method of adoption, prior periods have not been restated to reflect these changes in presentation. See Note 1, “Significant Accounting Policies – Recent Accounting Pronouncements” for additional information regarding the impact of the adoption of ASC 606. Management fee income from home building unconsolidated entities presented above primarily represents fees earned by Toll Brothers City Living ® (“City Living”) and traditional home building operations. In addition, in the six -month periods ended April 30, 2019 and 2018 , our apartment living operations earned fees from unconsolidated entities of $4.7 million and $4.0 million , respectively. In the three-month periods ended April 30, 2019 and 2018 , our apartment living operations earned fees from unconsolidated entities of $2.1 million and $1.7 million , respectively. Fees earned by our apartment living operations are included in income from ancillary businesses. Income from ancillary businesses is generated by our mortgage, title, landscaping, security monitoring, Gibraltar, and golf course and country club operations. The table below provides, for the periods indicated, revenues and expenses for our ancillary businesses (amounts in thousands): Six months ended April 30, Three months ended April 30, 2019 2018 2019 2018 Revenues $ 65,129 $ 65,234 $ 32,846 $ 33,911 Expenses $ 60,374 $ 57,778 $ 29,749 $ 29,038 Other income $ 13,331 $ 1,145 In December 2018, we sold one of our golf club properties to a third party for $18.2 million and we recognized a gain of $12.2 million in the first quarter of fiscal 2019. The table below provides revenues and expenses recognized from land sales for the periods indicated (amounts in thousands): Six months ended April 30, 2018 Three months ended April 30, 2018 Revenues $ 41,352 $ 34,384 Expenses (38,065 ) (31,797 ) Income from land sales $ 3,287 $ 2,587 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Apr. 30, 2019 | |
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 and 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 March 2018, the Pennsylvania Attorney General informed the Company that it was conducting a review of our construction of stucco homes in Pennsylvania after January 1, 2005 and requested that we voluntarily produce documents and information. The Company has produced documents and information in response to this request and, in addition, has produced requested information and documents in response to a subpoena issued in the second quarter of fiscal 2019. Management cannot at this time predict the eventual scope or outcome of this matter. Land Purchase Commitments Generally, our 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 an agreement. Information regarding our land purchase commitments, as of the dates indicated, is provided in the table below (amounts in thousands): April 30, 2019 October 31, 2018 Aggregate purchase commitments: Unrelated parties $ 2,407,312 $ 2,404,660 Unconsolidated entities that the Company has investments in 43,953 128,235 Total $ 2,451,265 $ 2,532,895 Deposits against aggregate purchase commitments $ 180,724 $ 168,421 Credits to be received from unconsolidated entities 46,233 79,168 Additional cash required to acquire land 2,224,308 2,285,306 Total $ 2,451,265 $ 2,532,895 Amount of additional cash required to acquire land included in accrued expenses $ 12,553 $ 40,103 In addition, we expect to purchase approximately 2,600 additional home sites over a number of years from several joint ventures in which we have interests; the purchase prices of these home sites will be determined at a future date. At April 30, 2019 , we also had purchase commitments to acquire land for apartment developments of approximately $326.9 million , of which we had outstanding deposits in the amount of $14.3 million . We intend to develop these projects in joint ventures with unrelated parties in the future. We have additional land parcels under option that have been excluded from the aggregate purchase commitments 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. Investments in Unconsolidated Entities At April 30, 2019 , we had investments in a number of unconsolidated entities, were committed to invest or advance additional funds, and had guaranteed a portion of the indebtedness and/or loan commitments of these entities. See Note 4, “Investments in Unconsolidated Entities,” for more information regarding our commitments to these entities. Surety Bonds and Letters of Credit At April 30, 2019 , we had outstanding surety bonds amounting to $734.2 million , primarily related to our obligations to governmental entities to construct improvements in our communities. We estimate that approximately $334.5 million of work remains on these improvements. We have an additional $175.4 million of surety bonds outstanding that guarantee other obligations. We do not believe that it is probable that any outstanding bonds will be drawn upon. At April 30, 2019 , we had outstanding letters of credit of $179.3 million under our Credit Facility. These letters of credit were issued to secure 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 April 30, 2019 , we had agreements of sale outstanding to deliver 6,467 homes with an aggregate sales value of $5.66 billion . Mortgage Commitments Information regarding our mortgage commitments, as of the dates indicated, is provided in the table below (amounts in thousands): April 30, October 31, 2018 Aggregate mortgage loan commitments: IRLCs $ 813,497 $ 614,255 Non-IRLCs 1,113,759 1,329,674 Total $ 1,927,256 $ 1,943,929 Investor commitments to purchase: IRLCs $ 813,497 $ 614,255 Mortgage loans held for sale 115,107 163,208 Total $ 928,604 $ 777,463 |
Information on Segments
Information on Segments | 6 Months Ended |
Apr. 30, 2019 | |
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 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, Oregon, Utah, and Washington California: California In fiscal 2018, we acquired land and commenced development activities in the Salt Lake City, Utah and Portland, Oregon markets. In the second quarter of fiscal 2019, we opened several communities in these markets. Revenue and income (loss) before income taxes for each of our segments, for the periods indicated, were as follows (amounts in thousands): Six months ended April 30, Three months ended April 30, 2019 2018 2019 2018 Revenues: Traditional Home Building: North $ 391,397 $ 360,494 $ 221,896 $ 226,214 Mid-Atlantic 461,388 461,865 255,692 254,907 South 492,499 412,206 284,352 240,714 West 665,314 607,421 364,884 349,388 California 870,559 725,446 500,541 438,342 Traditional Home Building 2,881,157 2,567,432 1,627,365 1,509,565 City Living 152,668 207,235 84,074 89,634 Corporate and other (2,460 ) — 618 — Total home sales revenue 3,031,365 2,774,667 1,712,057 1,599,199 Land sales revenue 47,910 — 4,037 — Total revenue $ 3,079,275 $ 2,774,667 $ 1,716,094 $ 1,599,199 Income (loss) before income taxes: Traditional Home Building: North $ 17,962 $ 2,036 $ 7,226 $ 1,657 Mid-Atlantic 18,952 34,344 7,580 20,444 South 47,363 39,278 31,595 27,130 West 87,422 78,653 43,808 48,049 California 180,173 146,518 106,552 85,661 Traditional Home Building 351,872 300,829 196,761 182,941 City Living 40,476 46,649 25,834 16,685 Corporate and other (64,743 ) (63,132 ) (46,436 ) (46,878 ) Total $ 327,605 $ 284,346 $ 176,159 $ 152,748 “Corporate and other” is comprised principally of general corporate expenses such as our executive offices; 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 our Rental Property Joint Ventures and Gibraltar Joint Ventures. Total assets for each of our segments, as of the dates indicated, are shown in the table below (amounts in thousands): April 30, October 31, Traditional Home Building: North $ 968,396 $ 970,854 Mid-Atlantic 1,202,321 1,130,417 South 1,289,163 1,237,744 West 1,782,581 1,580,199 California 2,697,809 2,733,956 Traditional Home Building 7,940,270 7,653,170 City Living 502,406 516,238 Corporate and other 1,834,053 2,075,182 Total $ 10,276,729 $ 10,244,590 “Corporate and other” is comprised principally of cash and cash equivalents, restricted cash, deferred tax assets, investments in our Rental Property Joint Ventures, expected recoveries from insurance carriers and suppliers, our Gibraltar investments and operations, manufacturing facilities, and our mortgage and title subsidiaries. |
Supplemental Disclosure to Cond
Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows | 6 Months Ended |
Apr. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosure to Statements of Cash Flows | Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows The following are supplemental disclosures to the Condensed Consolidated Statements of Cash Flows, for the periods indicated (amounts in thousands): Six months ended April 30, 2019 2018 Cash flow information: Interest paid, net of amount capitalized $ 13,999 $ 5,878 Income tax payments $ 101,232 $ 90,352 Income tax refunds $ 927 $ 322 Noncash activity: Cost of inventory acquired through seller financing, municipal bonds, or included in accrued expenses, net $ 110,269 $ 46,575 (Increase) decrease in inventory for capitalized interest, our share of earnings, and allocation of basis difference in land purchased from unconsolidated entities, net $ (4,276 ) $ 861 Reclassification from inventory to property, construction, and office equipment, net due to the adoption of ASC 606 $ 104,807 Net decrease in inventory and retained earnings due to the adoption of ASC 606 $ 8,989 Net increase in accrued expenses and decrease in retained earnings due to the adoption of ASC 606 $ 6,541 Net decrease in investment in unconsolidated entities and retained earnings due to the adoption of ASC 606 $ 2,457 Non-controlling interest $ 36,362 Transfer of other assets to inventory $ 7,100 $ 21,189 Transfer of other assets to investment in unconsolidated entities, net $ 11,656 $ 21,546 Reclassification of deferred income from accrued expenses to investment in unconsolidated entities $ 5,995 At April 30, 2019 2018 Cash, cash equivalents, and restricted cash Cash and cash equivalents $ 924,448 $ 475,113 Restricted cash included in receivables, prepaid expenses, and other assets 543 1,161 Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated $ 924,991 $ 476,274 |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 6 Months Ended |
Apr. 30, 2019 | |
Supplemental Guarantor Information [Abstract] | |
Supplemental Guarantor Information [Text Block] | Supplemental Guarantor Information At April 30, 2019 , 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 6.75% Senior Notes due November 1, 2019 $ 250,000 5.875% Senior Notes due February 15, 2022 $ 419,876 4.375% Senior Notes due April 15, 2023 $ 400,000 5.625% Senior Notes due January 15, 2024 $ 250,000 4.875% Senior Notes due November 15, 2025 $ 350,000 4.875% Senior Notes due March 15, 2027 $ 450,000 4.350% Senior Notes due February 15, 2028 $ 400,000 The obligations of the Subsidiary Issuer to pay principal, premiums, if any, and interest are guaranteed jointly and severally on a senior basis by 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. Separate financial statements and other disclosures concerning the Guarantor Subsidiaries are not presented because management has determined that such disclosures would not be material to investors. Supplemental consolidating financial information of Toll Brothers, Inc., the Subsidiary Issuer, the Guarantor Subsidiaries, the Nonguarantor Subsidiaries, and the eliminations to arrive at Toll Brothers, Inc. on a consolidated basis is presented below ($ amounts in thousands). Condensed Consolidating Balance Sheet at April 30, 2019 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents — — 701,016 223,432 — 924,448 Inventory 7,713,940 76,900 7,790,840 Property, construction and office equipment, net 273,870 15,316 289,186 Receivables, prepaid expenses and other assets 1,585 269,886 470,437 (82,140 ) 659,768 Mortgage loans held for sale 124,940 124,940 Customer deposits held in escrow 96,419 1,043 97,462 Investments in unconsolidated entities 46,092 343,993 390,085 Investments in and advances to consolidated entities 4,970,319 2,562,921 149,657 148,993 (7,831,890 ) — 4,971,904 2,562,921 9,250,880 1,405,054 (7,914,030 ) 10,276,729 LIABILITIES AND EQUITY Liabilities Loans payable 1,025,599 1,809 1,027,408 Senior notes 2,512,404 2,512,404 Mortgage company loan facility 110,012 110,012 Customer deposits 415,831 3,648 419,479 Accounts payable 317,922 424 318,346 Accrued expenses 592 32,676 532,744 411,498 (86,842 ) 890,668 Advances from consolidated entities 1,120,299 472,324 (1,592,623 ) — Income taxes payable 12,172 12,172 Total liabilities 12,764 2,545,080 3,412,395 999,715 (1,679,465 ) 5,290,489 Equity Stockholders’ equity Common stock 1,779 48 3,006 (3,054 ) 1,779 Additional paid-in capital 721,311 49,400 151,651 (201,051 ) 721,311 Retained earnings (deficit) 5,370,410 (31,559 ) 5,838,437 205,596 (6,030,460 ) 5,352,424 Treasury stock, at cost (1,135,166 ) (1,135,166 ) Accumulated other comprehensive income 806 806 Total stockholders’ equity 4,959,140 17,841 5,838,485 360,253 (6,234,565 ) 4,941,154 Noncontrolling interest 45,086 45,086 Total equity 4,959,140 17,841 5,838,485 405,339 (6,234,565 ) 4,986,240 4,971,904 2,562,921 9,250,880 1,405,054 (7,914,030 ) 10,276,729 Condensed Consolidating Balance Sheet at October 31, 2018 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated ASSETS Cash and cash equivalents — — 1,011,863 170,332 — 1,182,195 Inventory 7,493,205 105,014 7,598,219 Property, construction and office equipment, net 169,265 24,016 193,281 Receivables, prepaid expenses and other assets 291,299 392,559 (133,080 ) 550,778 Mortgage loans held for sale 170,731 170,731 Customer deposits held in escrow 116,332 1,241 117,573 Investments in unconsolidated entities 44,329 387,484 431,813 Investments in and advances to consolidated entities 4,791,629 2,916,557 91,740 126,872 (7,926,798 ) — 4,791,629 2,916,557 9,218,033 1,378,249 (8,059,878 ) 10,244,590 LIABILITIES AND EQUITY Liabilities Loans payable 686,801 686,801 Senior notes 2,861,375 2,861,375 Mortgage company loan facility 150,000 150,000 Customer deposits 405,318 5,546 410,864 Accounts payable 361,655 443 362,098 Accrued expenses 471 37,341 600,907 462,128 (127,266 ) 973,581 Advances from consolidated entities 1,551,196 476,040 (2,027,236 ) — Income taxes payable 30,959 30,959 Total liabilities 31,430 2,898,716 3,605,877 1,094,157 (2,154,502 ) 5,475,678 Equity Stockholders’ equity Common stock 1,779 48 3,006 (3,054 ) 1,779 Additional paid-in capital 727,053 49,400 93,734 (143,134 ) 727,053 Retained earnings (deficit) 5,161,551 (31,559 ) 5,612,108 178,639 (5,759,188 ) 5,161,551 Treasury stock, at cost (1,130,878 ) (1,130,878 ) Accumulated other comprehensive income 694 694 Total stockholders’ equity 4,760,199 17,841 5,612,156 275,379 (5,905,376 ) 4,760,199 Noncontrolling interest 8,713 8,713 Total equity 4,760,199 17,841 5,612,156 284,092 (5,905,376 ) 4,768,912 4,791,629 2,916,557 9,218,033 1,378,249 (8,059,878 ) 10,244,590 Condensed Consolidating Statement of Operations and Comprehensive Income for the six months ended April 30, 2019 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Revenues: Home sales 2,967,351 64,014 3,031,365 Land sales and other 30,793 107,644 (90,527 ) 47,910 — — 2,998,144 171,658 (90,527 ) 3,079,275 Cost of revenues: Home sales 2,365,786 50,965 (159 ) 2,416,592 Land sales and other 7,979 62,801 (33,606 ) 37,174 — — 2,373,765 113,766 (33,765 ) 2,453,766 Selling, general and administrative 491 1,395 355,050 36,095 (52,422 ) 340,609 Income (loss) from operations (491 ) (1,395 ) 269,329 21,797 (4,340 ) 284,900 Other: Income from unconsolidated entities 8,541 2,018 10,559 Other income – net 12,255 14,250 5,641 32,146 Intercompany interest income 67,004 870 2,980 (70,854 ) — Interest expense (65,609 ) (2,980 ) (964 ) 69,553 — Income from subsidiaries 328,096 40,081 (368,177 ) — Income before income taxes 327,605 — 328,096 40,081 (368,177 ) 327,605 Income tax provision 86,231 86,355 10,549 (96,904 ) 86,231 Net income 241,374 — 241,741 29,532 (271,273 ) 241,374 Other comprehensive income 112 112 Total comprehensive income 241,486 — 241,741 29,532 (271,273 ) 241,486 Condensed Consolidating Statement of Operations and Comprehensive Income for the six months ended April 30, 2018 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Revenues 2,627,343 237,658 (90,334 ) 2,774,667 Cost of revenues 2,093,152 171,743 (32,258 ) 2,232,637 Selling, general and administrative 32 1,627 333,128 40,334 (51,202 ) 323,919 32 1,627 2,426,280 212,077 (83,460 ) 2,556,556 Income (loss) from operations (32 ) (1,627 ) 201,063 25,581 (6,874 ) 218,111 Other: Income from unconsolidated entities 6,733 34,711 41,444 Other income – net 12,683 4,066 8,042 24,791 Intercompany interest income 69,203 389 2,081 (71,673 ) — Interest expense (67,576 ) (2,081 ) (786 ) 70,443 — Income from subsidiaries 284,378 65,653 (350,031 ) — Income before income taxes 284,346 — 284,440 65,653 (350,093 ) 284,346 Income tax provision 40,429 40,442 9,335 (49,777 ) 40,429 Net income 243,917 — 243,998 56,318 (300,316 ) 243,917 Other comprehensive income 341 341 Total comprehensive income 244,258 — 243,998 56,318 (300,316 ) 244,258 Condensed Consolidating Statement of Operations and Comprehensive Income for the three months ended April 30, 2019 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Revenues: Home sales 1,675,155 36,902 1,712,057 Land sales and other 15,460 34,329 (45,752 ) 4,037 — — 1,690,615 71,231 (45,752 ) 1,716,094 Cost of revenues: Home sales 1,344,891 29,616 (160 ) 1,374,347 Land sales and other 3,841 16,909 (17,829 ) 2,921 — — 1,348,732 46,525 (17,989 ) 1,377,268 Selling, general and administrative 101 662 185,133 17,342 (24,867 ) 178,371 Income (loss) from operations (101 ) (662 ) 156,750 7,364 (2,896 ) 160,455 Other: Income from unconsolidated entities 3,154 1,265 4,419 Other income – net 6,758 1,019 3,508 11,285 Intercompany interest income 32,883 343 1,475 (34,701 ) — Interest expense (32,221 ) (1,475 ) (393 ) 34,089 — Income from subsidiaries 176,260 10,730 (186,990 ) — Income before income taxes 176,159 — 176,260 10,730 (186,990 ) 176,159 Income tax provision 46,835 46,859 2,914 (49,773 ) 46,835 Net income 129,324 — 129,401 7,816 (137,217 ) 129,324 Other comprehensive income 56 56 Total comprehensive income 129,380 — 129,401 7,816 (137,217 ) 129,380 Condensed Consolidating Statement of Operations and Comprehensive Income for the three months ended April 30, 2018 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Revenues 1,511,989 133,544 (46,334 ) 1,599,199 Cost of revenues 1,218,344 94,256 (14,443 ) 1,298,157 Selling, general and administrative 14 787 171,049 20,161 (25,359 ) 166,652 14 787 1,389,393 114,417 (39,802 ) 1,464,809 Income (loss) from operations (14 ) (787 ) 122,596 19,127 (6,532 ) 134,390 Other: Income from unconsolidated entities 1,601 963 2,564 Other income – net 6,798 3,022 5,974 15,794 Intercompany interest income 36,508 389 1,058 (37,955 ) — Interest expense (35,721 ) (1,058 ) (418 ) 37,197 — Income from subsidiaries 152,762 23,752 (176,514 ) — Income before income taxes 152,748 — 154,078 23,752 (177,830 ) 152,748 Income tax provision (benefit) 40,938 52,971 (2,527 ) (50,444 ) 40,938 Net income 111,810 — 101,107 26,279 (127,386 ) 111,810 Other comprehensive income 170 170 Total comprehensive income 111,980 — 101,107 26,279 (127,386 ) 111,980 Condensed Consolidating Statement of Cash Flows for the six months ended April 30, 2019 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Net cash used in operating activities (525 ) (3,635 ) (69,339 ) (1,854 ) (10,325 ) (85,678 ) Cash flow provided by (used in) investing activities: Purchase of property and equipment - net (45,805 ) 864 (44,941 ) Investments in unconsolidated entities (3,091 ) (28,469 ) (31,560 ) Return of investments in unconsolidated entities 70,465 70,465 Investment in foreclosed real estate and distressed loans (522 ) (522 ) Return of investments in foreclosed real estate and distressed loans 1,214 1,214 Proceeds from sales of golf club property and an office building 15,319 18,220 33,539 Investment paid - intercompany (57,917 ) 57,917 — Intercompany advances 56,901 353,635 (410,536 ) — Net cash provided by (used in) investing activities 56,901 353,635 (91,494 ) 61,772 (352,619 ) 28,195 Cash flow provided by (used in) financing activities: Proceeds from loans payable 300,000 1,039,641 1,339,641 Debt issuance costs for loans payable (1,948 ) (1,948 ) Principal payments of loans payable (52,165 ) (1,079,630 ) (1,131,795 ) Redemption of senior notes (350,000 ) (350,000 ) Proceeds from stock-based benefit plans, net 1,302 1,302 Purchase of treasury stock (25,244 ) (25,244 ) Dividends paid (32,434 ) (32,434 ) Receipts related to noncontrolling interest, net 13 13 Investment received - intercompany 57,917 (57,917 ) — Intercompany advances (395,905 ) (24,956 ) 420,861 — Net cash (used in) provided by financing activities (56,376 ) (350,000 ) (150,018 ) (7,015 ) 362,944 (200,465 ) Net (decrease) increase in cash, cash equivalents, and restricted cash — — (310,851 ) 52,903 — (257,948 ) Cash, cash equivalents, and restricted cash, beginning of period — — 1,011,867 171,072 — 1,182,939 Cash and cash equivalents, end of period — — 701,016 223,975 — 924,991 Condensed Consolidating Statement of Cash Flows for the six months ended April 30, 2018 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Net cash (used in) provided by operating activities (34,719 ) 5,576 (357,136 ) 61,072 (1,061 ) (326,268 ) Cash flow provided by (used in) investing activities: Purchase of property and equipment — net (6,660 ) 159 (6,501 ) Investments in unconsolidated entities (1,393 ) (9,407 ) (10,800 ) Return of investments in unconsolidated entities 23,421 30,894 54,315 Investment in foreclosed real estate and distressed loans (195 ) (195 ) Return of investments in foreclosed real estate and distressed loans 3,122 3,122 Intercompany advances 346,154 (402,166 ) 56,012 — Net cash provided by (used in) investing activities 346,154 (402,166 ) 15,368 24,573 56,012 39,941 Cash flow provided by (used in) financing activities: Proceeds from issuance of senior notes 400,000 400,000 Debt issuance costs for senior notes (3,410 ) (3,410 ) Proceeds from loans payable 450,000 788,283 1,238,283 Principal payments of loans payable (471,270 ) (804,878 ) (1,276,148 ) Proceeds from stock-based benefit plans, net 9,133 9,133 Purchase of treasury stock (291,478 ) (291,478 ) Dividends paid (29,090 ) (29,090 ) Intercompany advances 112,935 (57,984 ) (54,951 ) — Net cash provided by (used in) financing activities (311,435 ) 396,590 91,665 (74,579 ) (54,951 ) 47,290 Net (decrease) increase in cash, cash equivalents, and restricted cash — — (250,103 ) 11,066 — (239,037 ) Cash, cash equivalents, and restricted cash, beginning of period — — 534,704 180,607 — 715,311 Cash, cash equivalents, and restricted cash, end of period — — 284,601 191,673 — 476,274 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Apr. 30, 2019 | |
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, 2018 balance sheet amounts and disclosures included herein have been derived from our October 31, 2018 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, they should 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, 2018 (“ 2018 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 April 30, 2019 ; the results of our operations and changes in equity for the six -month and three-month periods ended April 30, 2019 and 2018 ; and our cash flows for the six -month periods ended April 30, 2019 and 2018 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition As discussed under “Recent Accounting Pronouncements” below, on November 1, 2018, we adopted Accounting Standards Codification (“ASC”) Topic 606 “Revenue from Contracts with Customers” (“ASC 606”). As a result of this adoption, we updated our revenue recognition policies effective November 1, 2018, as follows: Home sales revenues: Revenues and cost of revenues from home sales are recognized at the time each home is delivered and title and possession are transferred to the buyer. For the majority of our home closings, our performance obligation to deliver a home is satisfied in less than one year from the date a binding sale agreement is signed. In certain states that we build, we are not able to complete certain outdoor features prior to the closing of the home. Effective November 1, 2018, to the extent these separate performance obligations are not complete upon the home closing, we defer a portion of the home sales revenues related to these obligations and subsequently recognize the revenue upon completion of such obligations. As of April 30, 2019 , we deferred home sales revenues and related costs of $2.5 million and $1.9 million , respectively, related to obligations not completed on closed homes. Our contract liabilities, consisting of deposits received from customers for sold but undelivered homes, totaled $419.5 million , $406.4 million , and $410.9 million at April 30, 2019 , January 31, 2019, and October 31, 2018 , respectively. Of the outstanding customer deposits held as of October 31, 2018 , we recognized $204.4 million in home sales revenues during the six months ended April 30, 2019 . Of the outstanding customer deposits held as of January 31, 2019, we recognized $124.5 million in home sales revenues during the three months ended April 30, 2019 . Land sales revenues: Our revenues from land sales generally consist of the following: (1) lot sales to third-party builders within our master planned communities; (2) land sales to joint ventures in which we retain an interest; and (3) bulk land sales to third parties of land we have decided no longer meets our development criteria. In general, our performance obligation for each of these land sales is fulfilled upon the delivery of the land, which generally coincides with the receipt of cash consideration from the counterparty. Effective November 1, 2018, in land sale transactions that contain repurchase options, revenues and related costs are not recognized until the repurchase option expires. In addition, when we sell land to a joint venture in which we retain an interest, we do not recognize revenue or gains on the sale to the extent of our retained interest in such joint venture. Forfeited Customer Deposits: Effective November 1, 2018, forfeited customer deposits are recognized in “Home sales revenues” in our Condensed Consolidated Statements of Operations and Comprehensive Income in the period in which we determine that the customer will not complete the purchase of the home and we have the right to retain the deposit. Sales Incentives: In order to promote sales of our homes, we may grant our home buyers sales incentives. These incentives will vary by type of incentive and by amount on a community-by-community and home-by-home basis. Incentives are reflected as a reduction in home sales revenues. Incentives are recognized at the time the home is delivered to the home buyer and we receive the sales proceeds. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, the FASB created ASC 606 with the issuance ASU No. 2014-09, “Revenue from Contracts with Customers,” which provides guidance for revenue recognition. ASC 606 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. ASC 606 supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition,” and most industry-specific guidance. ASC 606 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 previous 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 delayed the effective date of ASC 606 by one year. ASC 606, as amended by ASU 2015-14, became effective for our fiscal year beginning November 1, 2018, and we adopted the new standard under the modified retrospective transition method applied to contracts that were not completed as of November 1, 2018. We recognized the cumulative effect, net of tax, of applying ASC 606 as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the previous accounting standards. The adoption of ASC 606 did not have a material impact on our Condensed Consolidated Balance Sheet or Condensed Consolidated Statement of Operations or Comprehensive Income, and there have been no significant changes to our internal controls, processes, or systems as a result of implementing this new standard. However, the adoption of ASC 606 resulted in the following changes: • Prior to adoption of ASC 606, we capitalized certain costs related to our marketing efforts, including sales offices and model home upgrades and furnishings within “Inventory” on our Condensed Consolidated Balance Sheets and amortized such costs through “Selling, general, and administrative” on our Condensed Consolidated Statements of Operations and Comprehensive Income. As of November 1, 2018, we reclassified $104.8 million to “Property, construction, and office equipment, net” on our Condensed Consolidated Balance Sheets, primarily related to sales offices and model home improvement costs. The amortization of such costs will remain unchanged and will continue to be included in “Selling, general, and administrative” on our Condensed Consolidated Statements of Operations and Comprehensive Income. Additionally, we recorded a net cumulative effect adjustment to retained earnings of approximately $13.2 million for certain other marketing costs that no longer qualify for capitalization under the new guidance, and such costs will be expensed as incurred in the future. • Prior to adoption of ASC 606, we recorded our land sale revenues, net of their related expenses, within “Other income – net” on our Condensed Consolidated Statements of Operations and Comprehensive Income. As of November 1, 2018, we are presenting this activity in income from operations and breaking out the components of land sales revenues and land sales cost of revenues on our Condensed Consolidated Statements of Operations and Comprehensive Income. In addition, due to the existence of certain repurchase options in existing agreements to sell lots to third party builders in our master planned communities, both for wholly owned projects as well as projects in which we are a joint venture partner, we recorded a net cumulative effect adjustment to retained earnings of approximately $4.6 million to account for previously settled lots for which the related repurchase option has not yet expired. Because the amount of the deferred earning is not material to our condensed consolidated financial statements, we have elected to recognize the revenue and related expenses for such lots in future periods when such repurchase options expire rather than account for them as leases under ASC 840, “Leases.” • Prior to adoption of ASC 606, retained customer deposits were classified in “Other income – net” on our Condensed Consolidated Statements of Operations and Comprehensive Income. As of November 1, 2018, retained customer deposits, which totaled $6.4 million and $3.2 million during the six months and three months ended April 30, 2019 , respectively, are included in “Home sales revenue” on our Condensed Consolidated Statements of Operations and Comprehensive Income. Prior period balances for retained customer deposits have not been reclassified and are not material to our condensed consolidated financial statements. 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 ASC 606, 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 became effective for our fiscal year beginning November 1, 2018 and we adopted ASU 2017-05 concurrent with our adoption of ASC 606. The adoption of ASU 2017-05 did not have a material effect on our condensed consolidated financial statements and disclosures. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”), which provides guidance on the classification of restricted cash in the statement of cash flows. ASU 2016-18 became effective for our fiscal year beginning November 1, 2018 and resulted in a change in the presentation to our Condensed Consolidated Statement of Cash Flows but did not have a material effect on our other condensed consolidated financial statements or disclosures. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”), which is intended to reduce diversity in practice in how certain transactions are classified and makes eight targeted changes to how cash receipts and cash payments are presented in the statement of cash flows. ASU 2016-15 became effective for our fiscal year beginning November 1, 2018 and did not have a material effect on our condensed 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. In July 2018, the FASB issued ASU No. 2018-11, “Leases: Targeted Improvements” (“ASU 2018-11”), which provides an entity with the option to apply the transition provisions of the new standard at its adoption date instead of at its earliest comparative period presented. ASU 2018-11 also provides an entity with a practical expedient that permits lessors to not separate nonlease components from the associated lease component if certain conditions are met. ASU 2016-02, as amended by ASU 2018-11, is effective for our fiscal year beginning November 1, 2019, at which 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, as amended by ASU 2018-11, may have on our consolidated financial statements and disclosures. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate credit losses. ASU 2016-13 is effective for our fiscal year beginning November 1, 2020, with early adoption permitted as of November 1, 2019. We are currently evaluating the impact that the adoption of ASU 2016-13 may have on our consolidated financial statements and disclosures. |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory at April 30, 2019 and October 31, 2018 consisted of the following (amounts in thousands): April 30, October 31, Land controlled for future communities $ 174,116 $ 139,985 Land owned for future communities 934,774 916,616 Operating communities 6,681,950 6,541,618 $ 7,790,840 $ 7,598,219 |
Temporarily Closed communities | Information regarding the classification, number, and carrying value of these temporarily closed communities, as of the dates indicated, is provided in the table below: April 30, October 31, Land owned for future communities: Number of communities 15 17 Carrying value (in thousands) $ 105,281 $ 124,426 Operating communities: Number of communities 3 1 Carrying value (in thousands) $ 21,931 $ 2,622 |
Inventory impairment charges and expensing of costs that it is believed not to be recoverable | The amounts we have provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable, for the periods indicated, are shown in the table below (amounts in thousands): Six months ended April 30, Three months ended April 30, 2019 2018 2019 2018 Land controlled for future communities $ 3,676 $ 377 $ 1,899 $ 260 Land owned for future communities 247 247 Operating communities 23,280 17,061 17,495 13,325 $ 26,956 $ 17,685 $ 19,394 $ 13,832 |
Interest incurred, capitalized and expensed | Interest incurred, capitalized, and expensed, for the periods indicated, was as follows (amounts in thousands): Six months ended April 30, Three months ended April 30, 2019 2018 2019 2018 Interest capitalized, beginning of period $ 319,364 $ 352,049 $ 330,167 $ 354,496 Interest incurred 87,862 81,269 43,440 42,582 Interest expensed to home sales cost of revenues (79,227 ) (78,912 ) (44,786 ) (45,027 ) Interest expensed to land sales cost of revenues (635 ) (283 ) Interest expensed in other income (1,001 ) (285 ) Interest capitalized on investments in unconsolidated entities (3,084 ) (3,602 ) (1,270 ) (1,891 ) Previously capitalized interest on investments in unconsolidated entities transferred to inventory 4,303 115 1,315 43 Interest capitalized, end of period $ 328,583 $ 349,918 $ 328,583 $ 349,918 |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Summary of Joint Venture Information [Table Text Block] | The table below provides information as of April 30, 2019 , 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 18 8 37 Investment in unconsolidated entities $ 139,883 $ 64,081 $ 168,574 $ 17,547 $ 390,085 Number of unconsolidated entities with funding commitments by the Company 2 1 2 1 6 Company’s remaining funding commitment to unconsolidated entities $ 17,551 $ 1,400 $ 2,300 $ 9,621 $ 30,872 |
Summary of Joint Ventures Borrowing information [Table Text Block] | Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at April 30, 2019 , regarding the debt financing obtained by category ($ amounts in thousands): Land Home Building Rental Property Total Number of joint ventures with debt financing 3 3 16 22 Aggregate loan commitments $ 100,877 $ 280,118 $ 1,191,229 $ 1,572,224 Amounts borrowed under loan commitments $ 76,894 $ 247,328 $ 924,613 $ 1,248,835 |
Condensed balance sheet | Condensed Balance Sheets: April 30, October 31, Cash and cash equivalents $ 90,183 $ 102,462 Inventory 803,161 973,990 Loans receivable, net 38,887 40,065 Rental properties 1,070,823 808,785 Rental properties under development 348,886 437,586 Real estate owned 14,860 14,838 Other assets 168,261 166,029 Total assets $ 2,535,061 $ 2,543,755 Debt, net of deferred financing costs $ 1,240,577 $ 1,145,998 Other liabilities 181,247 158,570 Members’ equity 1,110,319 1,235,974 Noncontrolling interest 2,918 3,213 Total liabilities and equity $ 2,535,061 $ 2,543,755 Company’s net investment in unconsolidated entities (1) $ 390,085 $ 431,813 (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 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; unrealized gains on our retained joint venture interests; 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: Six months ended April 30, Three months ended April 30, 2019 2018 2019 2018 Revenues $ 331,617 $ 276,284 $ 178,388 $ 82,663 Cost of revenues 288,951 209,410 157,196 60,660 Other expenses 41,354 44,584 22,879 20,297 Total expenses 330,305 253,994 180,075 80,957 Gain on disposition of loans and real estate owned 3,694 26,480 — 11,809 Income (loss) from operations 5,006 48,770 (1,687 ) 13,515 Other income 1,737 80,866 1,090 1,502 Income (loss) before income taxes 6,743 129,636 (597 ) 15,017 Income tax provision (benefit) 225 349 (40 ) 151 Net income (loss) including earnings from noncontrolling interests 6,518 129,287 (557 ) 14,866 Less: income attributable to noncontrolling interest (2,078 ) (11,937 ) 31 (5,855 ) Net income (loss) attributable to controlling interest $ 4,440 $ 117,350 $ (526 ) $ 9,011 Company’s equity in earnings of unconsolidated entities (1) $ 10,559 $ 41,444 $ 4,419 $ 2,564 (1) 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_2
Receivables, Prepaid Expenses, and Other Assets (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Receivables, prepaid expenses and other assets [Abstract] | |
Receivables, prepaid expenses, and other assets [Table Text Block] | Receivables, prepaid expenses, and other assets at April 30, 2019 and October 31, 2018 , consisted of the following (amounts in thousands): April 30, 2019 October 31, 2018 Expected recoveries from insurance carriers and others $ 121,354 $ 126,291 Improvement cost receivable 103,377 96,937 Escrow cash held by our captive title company 32,787 33,471 Properties held for rental apartment and commercial development 302,706 193,015 Prepaid expenses 19,418 23,065 Other 80,126 77,999 $ 659,768 $ 550,778 See Note 7, “Accrued Expenses,” for additional information regarding the expected recoveries from insurance carriers and others. |
Loans Payable, Senior Notes a_2
Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Debt Disclosure [Abstract] | |
Loans Payable [Text Block] | At April 30, 2019 and October 31, 2018 , loans payable consisted of the following (amounts in thousands): April 30, October 31, Senior unsecured term loan $ 800,000 $ 500,000 Loans payable – other 230,305 188,115 Deferred issuance costs (2,897 ) (1,314 ) $ 1,027,408 $ 686,801 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Payables and Accruals [Abstract] | |
Accrued expenses | Accrued expenses at April 30, 2019 and October 31, 2018 consisted of the following (amounts in thousands): April 30, October 31, Land, land development, and construction $ 178,474 $ 213,641 Compensation and employee benefits 136,715 159,374 Escrow liability 31,809 32,543 Self-insurance 182,275 168,012 Warranty 223,655 258,831 Deferred income 43,993 42,179 Interest 37,882 40,325 Commitments to unconsolidated entities 8,653 10,553 Other 47,212 48,123 $ 890,668 $ 973,581 |
Changes in the warranty accrual | The table below provides, for the periods indicated, a reconciliation of the changes in our warranty accrual (amounts in thousands): Six months ended April 30, Three months ended April 30, 2019 2018 2019 2018 Balance, beginning of period $ 258,831 $ 329,278 $ 237,326 $ 311,450 Additions – homes closed during the period 14,954 14,687 8,329 8,462 Increase in accruals for homes closed in prior years 272 3,154 963 1,211 Charges incurred (50,402 ) (49,776 ) (22,963 ) (23,780 ) Balance, end of period $ 223,655 $ 297,343 $ 223,655 $ 297,343 |
Stock-Based Benefit Plans (Tabl
Stock-Based Benefit Plans (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation expense and income tax benefit recognized | Information regarding the amount of total stock-based compensation expense and tax benefit recognized by us, for the periods indicated, is as follows (amounts in thousands): Six months ended April 30, Three months ended April 30, 2019 2018 2019 2018 Total stock-based compensation expense recognized $ 13,916 $ 15,347 $ 5,331 $ 6,458 Income tax benefit recognized $ 3,652 $ 4,359 $ 1,396 $ 1,843 |
Stock Repurchase Program and _2
Stock Repurchase Program and Cash Dividend (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Stock Repurchase Program [Abstract] | |
Stock repurchase program | The table below provides, for the periods indicated, information about our share repurchase programs: Six months ended April 30, Three months ended April 30, 2019 2018 2019 2018 Number of shares purchased (in thousands) 788 6,221 3 1,794 Average price per share $ 32.04 $ 46.86 $ 36.95 $ 45.44 Remaining authorization at April 30 (in thousands) 19,784 16,876 19,784 16,876 |
Earnings Per Share Information
Earnings Per Share Information (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
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): Six months ended April 30, Three months ended April 30, 2019 2018 2019 2018 Numerator: Net income as reported $ 241,374 $ 243,917 $ 129,324 $ 111,810 Denominator: Basic weighted-average shares 146,687 154,306 146,622 152,731 Common stock equivalents (1) 1,394 2,707 1,507 2,398 Diluted weighted-average shares 148,081 157,013 148,129 155,129 Other information: Weighted-average number of antidilutive options and restricted stock units (2) 1,690 823 756 278 Shares issued under stock incentive and employee stock purchase plans 654 880 144 57 (1) 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 upon the conversion of restricted stock units under our equity award programs. (2) |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
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 April 30, October 31, 2018 Mortgage Loans Held for Sale Level 2 $ 124,940 $ 170,731 Forward Loan Commitments — Mortgage Loans Held for Sale Level 2 $ 87 $ 1,750 Interest Rate Lock Commitments (“IRLCs”) Level 2 $ 2,330 $ (4,366 ) Forward Loan Commitments — IRLCs Level 2 $ (2,330 ) $ 4,366 |
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 April 30, 2019 $ 123,529 $ 124,940 $ 1,411 At October 31, 2018 $ 170,728 $ 170,731 $ 3 |
Fair value of inventory adjusted for impairment | The table below provides, for the periods indicated, the number of operating communities that we reviewed for potential impairment, the number of operating communities in which we recognized impairment charges, the amount of impairment charges recognized, and, as of the end of the period indicated, the fair value of those communities, net of impairment charges ($ amounts in thousands): Impaired operating communities Three months ended: Number of Number of Fair value of Impairment charges recognized Fiscal 2019: January 31 (1) 49 5 $ 37,282 $ 5,785 April 30 (2) 64 6 $ 36,159 17,495 $ 23,280 Fiscal 2018: January 31 64 5 $ 13,318 $ 3,736 April 30 (2) 65 4 $ 21,811 13,325 July 31 (3) 55 5 $ 43,063 9,065 October 31 43 6 $ 24,692 4,025 $ 30,151 (1) Includes $2.8 million ( one community), $1.5 million ( three communities), and $1.5 million ( one community) located in our City Living, North, and South segments, respectively. (2) Includes $2.0 million ( one community), $7.0 million ( two communities), $8.0 million ( two communities), and $0.5 million ( one community) located in our City Living, North, Mid-Atlantic, and South segments, respectively, in our fiscal 2019 period. Includes $12.0 million of impairments from one community located in our North segment in our fiscal 2018 period. (3) Includes $7.3 million of impairments from two communities located in our Mid-Atlantic segment. |
Book value and estimated fair value of the Company's debt | The table below provides, as of the dates indicated, the book value and estimated fair value of our debt (amounts in thousands): April 30, 2019 October 31, 2018 Fair value Book value Estimated fair value Book value Estimated fair value Loans payable (1) Level 2 $ 1,030,305 $ 1,028,938 $ 688,115 $ 687,974 Senior notes (2) Level 1 2,519,876 2,573,568 2,869,876 2,779,270 Mortgage company loan facility (3) Level 2 110,012 110,012 150,000 150,000 $ 3,660,193 $ 3,712,518 $ 3,707,991 $ 3,617,244 (1) 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. (2) The estimated fair value of our senior notes is based upon their market prices as of the applicable valuation date. (3) 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 2019: January 31 836 - 13,495 2 - 12 12.5% - 15.8% April 30 372 - 1,915 2 - 19 12.0% - 26.0% Fiscal 2018: January 31 381 - 1,029 7 - 10 13.8% - 19.0% April 30 485 - 522 10 - 16 16.9% July 31 (1) – – – October 31 470 - 1071 4 - 23 13.5% - 16.3% (1) The impairment charges recognized were related to our decisions to sell lots in a bulk sale in certain communities rather than sell and construct homes as previously intended. The sale price per lot used in the fair value determination for these bulk sales ranged from $10,000 to $155,000 . |
Other Income - Net (Tables)
Other Income - Net (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Other Income - net | The table below provides the significant components of other income – net (amounts in thousands): Six months ended April 30, Three months ended April 30, 2019 2018 2019 2018 Interest income $ 10,210 $ 3,292 $ 4,338 $ 1,212 Income from ancillary businesses 18,086 7,456 4,242 4,873 Management fee income from home building unconsolidated entities, net 4,727 7,425 3,119 4,354 Retained customer deposits 4,155 3,071 Income from land sales 3,287 2,587 Other (877 ) (824 ) (414 ) (303 ) Total other income – net $ 32,146 $ 24,791 $ 11,285 $ 15,794 |
Revenues and expenses of non-core ancillary businesses | The table below provides, for the periods indicated, revenues and expenses for our ancillary businesses (amounts in thousands): Six months ended April 30, Three months ended April 30, 2019 2018 2019 2018 Revenues $ 65,129 $ 65,234 $ 32,846 $ 33,911 Expenses $ 60,374 $ 57,778 $ 29,749 $ 29,038 Other income $ 13,331 $ 1,145 |
Schedule of revenues and expenses from land sales [Table Text Block] | The table below provides revenues and expenses recognized from land sales for the periods indicated (amounts in thousands): Six months ended April 30, 2018 Three months ended April 30, 2018 Revenues $ 41,352 $ 34,384 Expenses (38,065 ) (31,797 ) Income from land sales $ 3,287 $ 2,587 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Company land purchase commitments | Information regarding our land purchase commitments, as of the dates indicated, is provided in the table below (amounts in thousands): April 30, 2019 October 31, 2018 Aggregate purchase commitments: Unrelated parties $ 2,407,312 $ 2,404,660 Unconsolidated entities that the Company has investments in 43,953 128,235 Total $ 2,451,265 $ 2,532,895 Deposits against aggregate purchase commitments $ 180,724 $ 168,421 Credits to be received from unconsolidated entities 46,233 79,168 Additional cash required to acquire land 2,224,308 2,285,306 Total $ 2,451,265 $ 2,532,895 Amount of additional cash required to acquire land included in accrued expenses $ 12,553 $ 40,103 |
Company mortgage commitments | Information regarding our mortgage commitments, as of the dates indicated, is provided in the table below (amounts in thousands): April 30, October 31, 2018 Aggregate mortgage loan commitments: IRLCs $ 813,497 $ 614,255 Non-IRLCs 1,113,759 1,329,674 Total $ 1,927,256 $ 1,943,929 Investor commitments to purchase: IRLCs $ 813,497 $ 614,255 Mortgage loans held for sale 115,107 163,208 Total $ 928,604 $ 777,463 |
Information on Segments (Tables
Information on Segments (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
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): Six months ended April 30, Three months ended April 30, 2019 2018 2019 2018 Revenues: Traditional Home Building: North $ 391,397 $ 360,494 $ 221,896 $ 226,214 Mid-Atlantic 461,388 461,865 255,692 254,907 South 492,499 412,206 284,352 240,714 West 665,314 607,421 364,884 349,388 California 870,559 725,446 500,541 438,342 Traditional Home Building 2,881,157 2,567,432 1,627,365 1,509,565 City Living 152,668 207,235 84,074 89,634 Corporate and other (2,460 ) — 618 — Total home sales revenue 3,031,365 2,774,667 1,712,057 1,599,199 Land sales revenue 47,910 — 4,037 — Total revenue $ 3,079,275 $ 2,774,667 $ 1,716,094 $ 1,599,199 Income (loss) before income taxes: Traditional Home Building: North $ 17,962 $ 2,036 $ 7,226 $ 1,657 Mid-Atlantic 18,952 34,344 7,580 20,444 South 47,363 39,278 31,595 27,130 West 87,422 78,653 43,808 48,049 California 180,173 146,518 106,552 85,661 Traditional Home Building 351,872 300,829 196,761 182,941 City Living 40,476 46,649 25,834 16,685 Corporate and other (64,743 ) (63,132 ) (46,436 ) (46,878 ) Total $ 327,605 $ 284,346 $ 176,159 $ 152,748 “Corporate and other” is comprised principally of general corporate expenses such as our executive offices; 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 our Rental Property Joint Ventures and Gibraltar Joint Ventures. Total assets for each of our segments, as of the dates indicated, are shown in the table below (amounts in thousands): April 30, October 31, Traditional Home Building: North $ 968,396 $ 970,854 Mid-Atlantic 1,202,321 1,130,417 South 1,289,163 1,237,744 West 1,782,581 1,580,199 California 2,697,809 2,733,956 Traditional Home Building 7,940,270 7,653,170 City Living 502,406 516,238 Corporate and other 1,834,053 2,075,182 Total $ 10,276,729 $ 10,244,590 “Corporate and other” is comprised principally of cash and cash equivalents, restricted cash, deferred tax assets, investments in our Rental Property Joint Ventures, expected recoveries from insurance carriers and suppliers, our Gibraltar investments and operations, manufacturing facilities, and our mortgage and title subsidiaries. |
Supplemental Disclosure to Co_2
Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental disclosures to the statements of cash flows | The following are supplemental disclosures to the Condensed Consolidated Statements of Cash Flows, for the periods indicated (amounts in thousands): Six months ended April 30, 2019 2018 Cash flow information: Interest paid, net of amount capitalized $ 13,999 $ 5,878 Income tax payments $ 101,232 $ 90,352 Income tax refunds $ 927 $ 322 Noncash activity: Cost of inventory acquired through seller financing, municipal bonds, or included in accrued expenses, net $ 110,269 $ 46,575 (Increase) decrease in inventory for capitalized interest, our share of earnings, and allocation of basis difference in land purchased from unconsolidated entities, net $ (4,276 ) $ 861 Reclassification from inventory to property, construction, and office equipment, net due to the adoption of ASC 606 $ 104,807 Net decrease in inventory and retained earnings due to the adoption of ASC 606 $ 8,989 Net increase in accrued expenses and decrease in retained earnings due to the adoption of ASC 606 $ 6,541 Net decrease in investment in unconsolidated entities and retained earnings due to the adoption of ASC 606 $ 2,457 Non-controlling interest $ 36,362 Transfer of other assets to inventory $ 7,100 $ 21,189 Transfer of other assets to investment in unconsolidated entities, net $ 11,656 $ 21,546 Reclassification of deferred income from accrued expenses to investment in unconsolidated entities $ 5,995 At April 30, 2019 2018 Cash, cash equivalents, and restricted cash Cash and cash equivalents $ 924,448 $ 475,113 Restricted cash included in receivables, prepaid expenses, and other assets 543 1,161 Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated $ 924,991 $ 476,274 |
Supplemental Guarantor Inform_2
Supplemental Guarantor Information (Tables) | 6 Months Ended |
Apr. 30, 2019 | |
Supplemental Guarantor Information [Abstract] | |
Senior Notes issued by Subsidiary Issuer [Table Text Block] | At April 30, 2019 , 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 6.75% Senior Notes due November 1, 2019 $ 250,000 5.875% Senior Notes due February 15, 2022 $ 419,876 4.375% Senior Notes due April 15, 2023 $ 400,000 5.625% Senior Notes due January 15, 2024 $ 250,000 4.875% Senior Notes due November 15, 2025 $ 350,000 4.875% Senior Notes due March 15, 2027 $ 450,000 4.350% Senior Notes due February 15, 2028 $ 400,000 |
Supplemental Consolidated Financial Information | Supplemental consolidating financial information of Toll Brothers, Inc., the Subsidiary Issuer, the Guarantor Subsidiaries, the Nonguarantor Subsidiaries, and the eliminations to arrive at Toll Brothers, Inc. on a consolidated basis is presented below ($ amounts in thousands). Condensed Consolidating Balance Sheet at April 30, 2019 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents — — 701,016 223,432 — 924,448 Inventory 7,713,940 76,900 7,790,840 Property, construction and office equipment, net 273,870 15,316 289,186 Receivables, prepaid expenses and other assets 1,585 269,886 470,437 (82,140 ) 659,768 Mortgage loans held for sale 124,940 124,940 Customer deposits held in escrow 96,419 1,043 97,462 Investments in unconsolidated entities 46,092 343,993 390,085 Investments in and advances to consolidated entities 4,970,319 2,562,921 149,657 148,993 (7,831,890 ) — 4,971,904 2,562,921 9,250,880 1,405,054 (7,914,030 ) 10,276,729 LIABILITIES AND EQUITY Liabilities Loans payable 1,025,599 1,809 1,027,408 Senior notes 2,512,404 2,512,404 Mortgage company loan facility 110,012 110,012 Customer deposits 415,831 3,648 419,479 Accounts payable 317,922 424 318,346 Accrued expenses 592 32,676 532,744 411,498 (86,842 ) 890,668 Advances from consolidated entities 1,120,299 472,324 (1,592,623 ) — Income taxes payable 12,172 12,172 Total liabilities 12,764 2,545,080 3,412,395 999,715 (1,679,465 ) 5,290,489 Equity Stockholders’ equity Common stock 1,779 48 3,006 (3,054 ) 1,779 Additional paid-in capital 721,311 49,400 151,651 (201,051 ) 721,311 Retained earnings (deficit) 5,370,410 (31,559 ) 5,838,437 205,596 (6,030,460 ) 5,352,424 Treasury stock, at cost (1,135,166 ) (1,135,166 ) Accumulated other comprehensive income 806 806 Total stockholders’ equity 4,959,140 17,841 5,838,485 360,253 (6,234,565 ) 4,941,154 Noncontrolling interest 45,086 45,086 Total equity 4,959,140 17,841 5,838,485 405,339 (6,234,565 ) 4,986,240 4,971,904 2,562,921 9,250,880 1,405,054 (7,914,030 ) 10,276,729 Condensed Consolidating Balance Sheet at October 31, 2018 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated ASSETS Cash and cash equivalents — — 1,011,863 170,332 — 1,182,195 Inventory 7,493,205 105,014 7,598,219 Property, construction and office equipment, net 169,265 24,016 193,281 Receivables, prepaid expenses and other assets 291,299 392,559 (133,080 ) 550,778 Mortgage loans held for sale 170,731 170,731 Customer deposits held in escrow 116,332 1,241 117,573 Investments in unconsolidated entities 44,329 387,484 431,813 Investments in and advances to consolidated entities 4,791,629 2,916,557 91,740 126,872 (7,926,798 ) — 4,791,629 2,916,557 9,218,033 1,378,249 (8,059,878 ) 10,244,590 LIABILITIES AND EQUITY Liabilities Loans payable 686,801 686,801 Senior notes 2,861,375 2,861,375 Mortgage company loan facility 150,000 150,000 Customer deposits 405,318 5,546 410,864 Accounts payable 361,655 443 362,098 Accrued expenses 471 37,341 600,907 462,128 (127,266 ) 973,581 Advances from consolidated entities 1,551,196 476,040 (2,027,236 ) — Income taxes payable 30,959 30,959 Total liabilities 31,430 2,898,716 3,605,877 1,094,157 (2,154,502 ) 5,475,678 Equity Stockholders’ equity Common stock 1,779 48 3,006 (3,054 ) 1,779 Additional paid-in capital 727,053 49,400 93,734 (143,134 ) 727,053 Retained earnings (deficit) 5,161,551 (31,559 ) 5,612,108 178,639 (5,759,188 ) 5,161,551 Treasury stock, at cost (1,130,878 ) (1,130,878 ) Accumulated other comprehensive income 694 694 Total stockholders’ equity 4,760,199 17,841 5,612,156 275,379 (5,905,376 ) 4,760,199 Noncontrolling interest 8,713 8,713 Total equity 4,760,199 17,841 5,612,156 284,092 (5,905,376 ) 4,768,912 4,791,629 2,916,557 9,218,033 1,378,249 (8,059,878 ) 10,244,590 Condensed Consolidating Statement of Operations and Comprehensive Income for the six months ended April 30, 2019 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Revenues: Home sales 2,967,351 64,014 3,031,365 Land sales and other 30,793 107,644 (90,527 ) 47,910 — — 2,998,144 171,658 (90,527 ) 3,079,275 Cost of revenues: Home sales 2,365,786 50,965 (159 ) 2,416,592 Land sales and other 7,979 62,801 (33,606 ) 37,174 — — 2,373,765 113,766 (33,765 ) 2,453,766 Selling, general and administrative 491 1,395 355,050 36,095 (52,422 ) 340,609 Income (loss) from operations (491 ) (1,395 ) 269,329 21,797 (4,340 ) 284,900 Other: Income from unconsolidated entities 8,541 2,018 10,559 Other income – net 12,255 14,250 5,641 32,146 Intercompany interest income 67,004 870 2,980 (70,854 ) — Interest expense (65,609 ) (2,980 ) (964 ) 69,553 — Income from subsidiaries 328,096 40,081 (368,177 ) — Income before income taxes 327,605 — 328,096 40,081 (368,177 ) 327,605 Income tax provision 86,231 86,355 10,549 (96,904 ) 86,231 Net income 241,374 — 241,741 29,532 (271,273 ) 241,374 Other comprehensive income 112 112 Total comprehensive income 241,486 — 241,741 29,532 (271,273 ) 241,486 Condensed Consolidating Statement of Operations and Comprehensive Income for the six months ended April 30, 2018 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Revenues 2,627,343 237,658 (90,334 ) 2,774,667 Cost of revenues 2,093,152 171,743 (32,258 ) 2,232,637 Selling, general and administrative 32 1,627 333,128 40,334 (51,202 ) 323,919 32 1,627 2,426,280 212,077 (83,460 ) 2,556,556 Income (loss) from operations (32 ) (1,627 ) 201,063 25,581 (6,874 ) 218,111 Other: Income from unconsolidated entities 6,733 34,711 41,444 Other income – net 12,683 4,066 8,042 24,791 Intercompany interest income 69,203 389 2,081 (71,673 ) — Interest expense (67,576 ) (2,081 ) (786 ) 70,443 — Income from subsidiaries 284,378 65,653 (350,031 ) — Income before income taxes 284,346 — 284,440 65,653 (350,093 ) 284,346 Income tax provision 40,429 40,442 9,335 (49,777 ) 40,429 Net income 243,917 — 243,998 56,318 (300,316 ) 243,917 Other comprehensive income 341 341 Total comprehensive income 244,258 — 243,998 56,318 (300,316 ) 244,258 Condensed Consolidating Statement of Operations and Comprehensive Income for the three months ended April 30, 2019 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Revenues: Home sales 1,675,155 36,902 1,712,057 Land sales and other 15,460 34,329 (45,752 ) 4,037 — — 1,690,615 71,231 (45,752 ) 1,716,094 Cost of revenues: Home sales 1,344,891 29,616 (160 ) 1,374,347 Land sales and other 3,841 16,909 (17,829 ) 2,921 — — 1,348,732 46,525 (17,989 ) 1,377,268 Selling, general and administrative 101 662 185,133 17,342 (24,867 ) 178,371 Income (loss) from operations (101 ) (662 ) 156,750 7,364 (2,896 ) 160,455 Other: Income from unconsolidated entities 3,154 1,265 4,419 Other income – net 6,758 1,019 3,508 11,285 Intercompany interest income 32,883 343 1,475 (34,701 ) — Interest expense (32,221 ) (1,475 ) (393 ) 34,089 — Income from subsidiaries 176,260 10,730 (186,990 ) — Income before income taxes 176,159 — 176,260 10,730 (186,990 ) 176,159 Income tax provision 46,835 46,859 2,914 (49,773 ) 46,835 Net income 129,324 — 129,401 7,816 (137,217 ) 129,324 Other comprehensive income 56 56 Total comprehensive income 129,380 — 129,401 7,816 (137,217 ) 129,380 Condensed Consolidating Statement of Operations and Comprehensive Income for the three months ended April 30, 2018 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Revenues 1,511,989 133,544 (46,334 ) 1,599,199 Cost of revenues 1,218,344 94,256 (14,443 ) 1,298,157 Selling, general and administrative 14 787 171,049 20,161 (25,359 ) 166,652 14 787 1,389,393 114,417 (39,802 ) 1,464,809 Income (loss) from operations (14 ) (787 ) 122,596 19,127 (6,532 ) 134,390 Other: Income from unconsolidated entities 1,601 963 2,564 Other income – net 6,798 3,022 5,974 15,794 Intercompany interest income 36,508 389 1,058 (37,955 ) — Interest expense (35,721 ) (1,058 ) (418 ) 37,197 — Income from subsidiaries 152,762 23,752 (176,514 ) — Income before income taxes 152,748 — 154,078 23,752 (177,830 ) 152,748 Income tax provision (benefit) 40,938 52,971 (2,527 ) (50,444 ) 40,938 Net income 111,810 — 101,107 26,279 (127,386 ) 111,810 Other comprehensive income 170 170 Total comprehensive income 111,980 — 101,107 26,279 (127,386 ) 111,980 Condensed Consolidating Statement of Cash Flows for the six months ended April 30, 2019 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Net cash used in operating activities (525 ) (3,635 ) (69,339 ) (1,854 ) (10,325 ) (85,678 ) Cash flow provided by (used in) investing activities: Purchase of property and equipment - net (45,805 ) 864 (44,941 ) Investments in unconsolidated entities (3,091 ) (28,469 ) (31,560 ) Return of investments in unconsolidated entities 70,465 70,465 Investment in foreclosed real estate and distressed loans (522 ) (522 ) Return of investments in foreclosed real estate and distressed loans 1,214 1,214 Proceeds from sales of golf club property and an office building 15,319 18,220 33,539 Investment paid - intercompany (57,917 ) 57,917 — Intercompany advances 56,901 353,635 (410,536 ) — Net cash provided by (used in) investing activities 56,901 353,635 (91,494 ) 61,772 (352,619 ) 28,195 Cash flow provided by (used in) financing activities: Proceeds from loans payable 300,000 1,039,641 1,339,641 Debt issuance costs for loans payable (1,948 ) (1,948 ) Principal payments of loans payable (52,165 ) (1,079,630 ) (1,131,795 ) Redemption of senior notes (350,000 ) (350,000 ) Proceeds from stock-based benefit plans, net 1,302 1,302 Purchase of treasury stock (25,244 ) (25,244 ) Dividends paid (32,434 ) (32,434 ) Receipts related to noncontrolling interest, net 13 13 Investment received - intercompany 57,917 (57,917 ) — Intercompany advances (395,905 ) (24,956 ) 420,861 — Net cash (used in) provided by financing activities (56,376 ) (350,000 ) (150,018 ) (7,015 ) 362,944 (200,465 ) Net (decrease) increase in cash, cash equivalents, and restricted cash — — (310,851 ) 52,903 — (257,948 ) Cash, cash equivalents, and restricted cash, beginning of period — — 1,011,867 171,072 — 1,182,939 Cash and cash equivalents, end of period — — 701,016 223,975 — 924,991 Condensed Consolidating Statement of Cash Flows for the six months ended April 30, 2018 : Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Eliminations Consolidated Net cash (used in) provided by operating activities (34,719 ) 5,576 (357,136 ) 61,072 (1,061 ) (326,268 ) Cash flow provided by (used in) investing activities: Purchase of property and equipment — net (6,660 ) 159 (6,501 ) Investments in unconsolidated entities (1,393 ) (9,407 ) (10,800 ) Return of investments in unconsolidated entities 23,421 30,894 54,315 Investment in foreclosed real estate and distressed loans (195 ) (195 ) Return of investments in foreclosed real estate and distressed loans 3,122 3,122 Intercompany advances 346,154 (402,166 ) 56,012 — Net cash provided by (used in) investing activities 346,154 (402,166 ) 15,368 24,573 56,012 39,941 Cash flow provided by (used in) financing activities: Proceeds from issuance of senior notes 400,000 400,000 Debt issuance costs for senior notes (3,410 ) (3,410 ) Proceeds from loans payable 450,000 788,283 1,238,283 Principal payments of loans payable (471,270 ) (804,878 ) (1,276,148 ) Proceeds from stock-based benefit plans, net 9,133 9,133 Purchase of treasury stock (291,478 ) (291,478 ) Dividends paid (29,090 ) (29,090 ) Intercompany advances 112,935 (57,984 ) (54,951 ) — Net cash provided by (used in) financing activities (311,435 ) 396,590 91,665 (74,579 ) (54,951 ) 47,290 Net (decrease) increase in cash, cash equivalents, and restricted cash — — (250,103 ) 11,066 — (239,037 ) Cash, cash equivalents, and restricted cash, beginning of period — — 534,704 180,607 — 715,311 Cash, cash equivalents, and restricted cash, end of period — — 284,601 191,673 — 476,274 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Nov. 01, 2018 | Oct. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Inventory, Operative Builders | $ 7,790,840 | $ 7,790,840 | $ 7,598,219 | ||
Customer Advances and Deposits | 419,479 | 419,479 | $ 406,400 | $ 410,864 | |
Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 13,200 | ||||
Home Building [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Contract with Customer, Liability, Revenue Recognized | 124,500 | 204,400 | |||
Home Building [Member] | Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Revenue, Remaining Performance Obligation, Amount | 2,500 | 2,500 | |||
Inventory, Operative Builders | $ 1,900 | $ 1,900 | |||
Land sales prior [Member] | Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 4,600 |
Significant accounting polici_4
Significant accounting policies (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Nov. 01, 2018 | Nov. 02, 2017 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Retained customer deposits | $ 3,071 | $ 4,155 | ||||
Accounting Standards Update 2014-09 [Member] | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 13,200 | |||||
Reclassification of Inventory to Property, Construction and Office Equipment | 104,807 | |||||
Home Building [Member] | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Retained customer deposits | $ 3,200 | $ 6,400 | ||||
Land sales prior [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 4,600 |
Acquisition - Subsequent Even_2
Acquisition - Subsequent Event (Details Textuals) | 1 Months Ended | ||
May 31, 2019USD ($)communitieshome_sites | May 20, 2019USD ($)home_sites | Apr. 30, 2019USD ($)luxury_homes | |
Business Acquisition [Line Items] | |||
Number of Homes to be Delivered | luxury_homes | 6,467 | ||
Sales Value of Outstanding Homes to be Delivered | $ 5,660,000,000 | ||
Sharp Residential [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Name of Acquired Entity | Sharp Residential, LLC | ||
Payments to Acquire Businesses, Net of Cash Acquired | $ 93,200,000 | ||
Number of home sites included in acquisition | home_sites | 950 | ||
Number of Homes to be Delivered | home_sites | 125 | ||
Sales Value of Outstanding Homes to be Delivered | $ 66,100,000 | ||
Average Sales Price of Backlog | $ 528,900 | ||
Business acquisition, number of selling communities | communities | 10 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Total Inventory | ||
Inventory | $ 7,790,840 | $ 7,598,219 |
Land controlled for future communities [Member] | ||
Total Inventory | ||
Inventory | 174,116 | 139,985 |
Land Owned for Future Communities [Member] | ||
Total Inventory | ||
Inventory | 934,774 | 916,616 |
Operating communities [Member] | ||
Total Inventory | ||
Inventory | $ 6,681,950 | $ 6,541,618 |
Inventory (Details 1)
Inventory (Details 1) $ in Thousands | Apr. 30, 2019USD ($)communities | Oct. 31, 2018USD ($)communities |
Land Owned for Future Communities [Member] | ||
Temporarily Closed communities | ||
Number of Communities (in ones) | communities | 15 | 17 |
Carrying Value | $ | $ 105,281 | $ 124,426 |
Operating communities [Member] | ||
Temporarily Closed communities | ||
Number of Communities (in ones) | communities | 3 | 1 |
Carrying Value | $ | $ 21,931 | $ 2,622 |
Inventory (Details 2)
Inventory (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Schedule of inventory [Line Items] | ||||
Inventory Write-down | $ 19,394 | $ 13,832 | $ 26,956 | $ 17,685 |
Land controlled for future communities [Member] | ||||
Schedule of inventory [Line Items] | ||||
Inventory Write-down | 1,899 | 260 | 3,676 | 377 |
Land Owned for Future Communities [Member] | ||||
Schedule of inventory [Line Items] | ||||
Inventory Write-down | 247 | 247 | ||
Operating communities [Member] | ||||
Schedule of inventory [Line Items] | ||||
Inventory Write-down | $ 17,495 | $ 13,325 | $ 23,280 | $ 17,061 |
Inventory (Details 3)
Inventory (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Real estate inventory capitalized interest costs [Line Items] | ||||
Interest capitalized, beginning of period | $ 330,167 | $ 354,496 | $ 319,364 | $ 352,049 |
Interest incurred | 43,440 | 42,582 | 87,862 | 81,269 |
Interest expensed in other income | (285) | (1,001) | ||
Interest capitalized on investments in unconsolidated entities | (1,270) | (1,891) | (3,084) | (3,602) |
Previously capitalized interest on investments in unconsolidated entities transferred to inventory | 1,315 | 43 | 4,303 | 115 |
Interest capitalized, end of period | 328,583 | 349,918 | 328,583 | 349,918 |
Home Building [Member] | ||||
Real estate inventory capitalized interest costs [Line Items] | ||||
Interest expensed to cost of revenues | (44,786) | (45,027) | (79,227) | (78,912) |
Land [Member] | ||||
Real estate inventory capitalized interest costs [Line Items] | ||||
Interest expensed to cost of revenues | $ (283) | $ (635) |
Inventory (Details Textual)
Inventory (Details Textual) $ in Thousands | Apr. 30, 2019USD ($) | Oct. 31, 2018USD ($) |
Variable Interest Entity [Line Items] | ||
Purchase Obligation | $ 2,451,265 | $ 2,532,895 |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of VIE Land Purchase Contracts (in ones) | 130 | 110 |
Land Purchase Commitment To Unrelated Party [Member] | ||
Variable Interest Entity [Line Items] | ||
Purchase Obligation | $ 2,407,312 | $ 2,404,660 |
Land Purchase Commitment To Unrelated Party [Member] | Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | ||
Variable Interest Entity [Line Items] | ||
Purchase Obligation | 2,000,000 | 1,880,000 |
Land Parcel Purchase Commitment [Member] | ||
Variable Interest Entity [Line Items] | ||
Deposits against Aggregate Purchase Commitments | 180,724 | 168,421 |
Land Parcel Purchase Commitment [Member] | Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | ||
Variable Interest Entity [Line Items] | ||
Deposits against Aggregate Purchase Commitments | $ 130,100 | $ 120,500 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities (Details 1) $ in Thousands | Apr. 30, 2019USD ($)joint_ventures | Oct. 31, 2018USD ($) |
Schedule of Equity Method Investments [Line Items] | ||
Number of Joint Ventures | joint_ventures | 37 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ | $ 390,085 | $ 431,813 |
Number of joint venture with funding commitments | joint_ventures | 6 | |
Other Commitment | $ | $ 30,872 | |
Land Development Joint Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Joint Ventures | joint_ventures | 7 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ | $ 139,883 | |
Number of joint venture with funding commitments | joint_ventures | 2 | |
Home Building Joint Ventures, Total [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Joint Ventures | joint_ventures | 4 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ | $ 64,081 | |
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 | 18 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ | $ 168,574 | |
Number of joint venture with funding commitments | joint_ventures | 2 | |
Gibraltar Joint Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Joint Ventures | joint_ventures | 8 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ | $ 17,547 | |
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 | $ | $ 17,551 | |
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 | $ | 1,400 | |
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 | $ | 2,300 | |
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 Unconsolidated_4
Investments in Unconsolidated Entities (Details 2) $ in Thousands | Apr. 30, 2019USD ($)joint_ventures |
Schedule of Equity Method Investments [Line Items] | |
Number of joint ventures with loan commitments | joint_ventures | 22 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,572,224 |
Amounts borrowed under commitments | $ 1,248,835 |
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 | $ 100,877 |
Amounts borrowed under commitments | $ 76,894 |
Home Building Joint Ventures, Total [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 | $ 280,118 |
Amounts borrowed under commitments | $ 247,328 |
Rental Joint Ventures, including the Trust [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of joint ventures with loan commitments | joint_ventures | 16 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,191,229 |
Amounts borrowed under commitments | $ 924,613 |
Investments in Unconsolidated_5
Investments in Unconsolidated Entities (Details Textual) | 3 Months Ended | 6 Months Ended | |||||
Apr. 30, 2019USD ($)joint_venturesHomes_soldrental_unitshome_sites | Apr. 30, 2018USD ($)Homes_soldhome_sites | Jan. 31, 2018USD ($) | Apr. 30, 2019USD ($)joint_venturesHomes_soldrental_unitshome_sites | Apr. 30, 2018USD ($)Homes_soldhome_sites | Oct. 31, 2018USD ($) | Nov. 01, 2017USD ($) | |
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Equity Method Investment, Summarized Financial Information, Revenue | $ 178,388,000 | $ 82,663,000 | $ 331,617,000 | $ 276,284,000 | |||
Revenues | 1,716,094,000 | 1,599,199,000 | 3,079,275,000 | 2,774,667,000 | |||
Land sales earnings, net | $ 2,587,000 | $ 3,287,000 | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 390,085,000 | 390,085,000 | $ 431,813,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,572,224,000 | 1,572,224,000 | |||||
Long-term Line of Credit | 1,248,835,000 | 1,248,835,000 | |||||
Other Commitment | $ 30,872,000 | $ 30,872,000 | |||||
Number of Joint Ventures | joint_ventures | 37 | 37 | |||||
Land Development Joint Ventures [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Home sites sold | home_sites | 297 | 200 | 498 | 449 | |||
Equity Method Investment, Summarized Financial Information, Revenue | $ 49,000,000 | $ 62,600,000 | $ 138,800,000 | $ 102,800,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 100,877,000 | 100,877,000 | |||||
Long-term Line of Credit | $ 76,894,000 | $ 76,894,000 | |||||
Home Building Joint Ventures, Total [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Home sites sold | Homes_sold | 55 | 26 | 72 | 54 | |||
Equity Method Investment, Summarized Financial Information, Revenue | $ 94,600,000 | $ 35,400,000 | $ 121,800,000 | $ 67,900,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 280,118,000 | 280,118,000 | |||||
Long-term Line of Credit | $ 247,328,000 | $ 247,328,000 | |||||
Rental Joint Ventures, including the Trust [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Number of Real Estate Properties | joint_ventures | 21 | 21 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,191,229,000 | $ 1,191,229,000 | |||||
Long-term Line of Credit | $ 924,613,000 | $ 924,613,000 | |||||
Rental Property Joint Ventures College Park, Maryland [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Assets, Fair Value Disclosure | $ 219,000,000 | ||||||
Toll Brothers Realty Trust [Member] | Co-venturer [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Equity Method Investment, Ownership Percentage | 33.30% | 33.30% | |||||
Toll Brothers Realty Trust [Member] | Management [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Equity Method Investment, Ownership Percentage | 33.30% | 33.30% | |||||
Rental Property Joint Venture Woburn MA [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Number of Units in Real Estate Property | 289 | 289 | |||||
Rental Property Joint Ventures Harrison NY and Frisco TX [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Number of Real Estate Properties | joint_ventures | 2 | 2 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 134,400,000 | $ 134,400,000 | |||||
Long-term Line of Credit | 5,600,000 | 5,600,000 | |||||
Single Family Build to Rent JV [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 900,000 | 900,000 | |||||
Rental Property Joint Ventures Harrison NY and Frisco TX [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Payments to Acquire and Develop Real Estate | 41,900,000 | ||||||
Land sales earnings, net | 8,400,000 | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 13,600,000 | $ 13,600,000 | |||||
Rental Property Joint Ventures Harrison NY and Frisco TX [Member] | Co-venturer [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Equity Method Investment, Ownership Percentage | 75.00% | 75.00% | |||||
Land Development Joint Ventures [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 139,883,000 | $ 139,883,000 | |||||
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 | 88 | 25 | 195 | 55 | |||
Equity Method Investment, Summarized Financial Information, Revenue | $ 25,300,000 | $ 4,200,000 | $ 96,500,000 | $ 7,300,000 | |||
Equity Method Investment, Deferred Gain on Sale | 400,000 | 900,000 | |||||
Rental Property Joint Ventures College Park, Maryland [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Proceeds from Sale of Equity Method Investments | $ 39,300,000 | ||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 30,800,000 | ||||||
Toll Brothers Realty Trust [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Equity Method Investment, Ownership Percentage | 33.30% | 33.30% | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 0 | $ 0 | |||||
Property Management Fee Revenue | $ 500,000 | 1,200,000 | |||||
Gibraltar Joint Ventures [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 17,547,000 | $ 17,547,000 | |||||
Number of Joint Ventures | joint_ventures | 8 | 8 | |||||
Gibraltar Land Banking & Development Joint Ventures [Member] [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Number of Joint Ventures | joint_ventures | 6 | 6 | |||||
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 | 2,100 | 2,100 | |||||
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 | 1,500 | 1,500 | |||||
Asset under Construction [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Number of Units in Real Estate Property | rental_units | 1,700 | 1,700 | |||||
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 | 1,700 | 1,700 | |||||
In Planning Phase [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Number of Units in Real Estate Property | rental_units | 13,200 | 13,200 | |||||
Line of Credit [Member] | Rental Property Joint Ventures College Park, Maryland [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 110,000,000 | ||||||
Rental Property Joint Ventures Boston MA, San Diego CA and Miami FL [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Number of Real Estate Properties | joint_ventures | 4 | 4 | |||||
Real Estate Investment Property, at Cost | $ 79,400,000 | $ 79,400,000 | |||||
Rental Property Joint Venture Woburn MA [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Real Estate Investment Property, at Cost | $ 15,900,000 | $ 15,900,000 | |||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 85.00% | ||||||
Noncontrolling Interest in Variable Interest Entity | 15.00% | 15.00% | |||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 138,500,000 | $ 138,500,000 | $ 19,700,000 | ||||
Noncontrolling Interest in Variable Interest Entity | 39,200,000 | 39,200,000 | |||||
Variable Interest Entity, Primary Beneficiary [Member] | Rental Property Joint Ventures Boston MA, San Diego CA and Miami FL [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 118,600,000 | 118,600,000 | |||||
Noncontrolling Interest in Variable Interest Entity | 36,200,000 | 36,200,000 | |||||
Variable Interest Entity, Primary Beneficiary [Member] | Rental Property Joint Venture Woburn MA [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 19,900,000 | 19,900,000 | |||||
Noncontrolling Interest in Variable Interest Entity | 3,000,000 | 3,000,000 | |||||
Land [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Revenues | 4,037,000 | $ 0 | 47,910,000 | $ 0 | |||
Land [Member] | Rental Property Joint Ventures Harrison NY and Frisco TX [Member] | Co-venturer [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Revenues | 39,800,000 | ||||||
Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | Single Family Build to Rent JV [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Other Commitment | 60,000,000 | 60,000,000 | |||||
Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | Land Development Joint Ventures [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Other Commitment | 17,551,000 | 17,551,000 | |||||
Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | Gibraltar Joint Ventures [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Other Commitment | 9,621,000 | 9,621,000 | |||||
Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | Gibraltar Land Banking & Development Joint Ventures [Member] [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Other Commitment | $ 100,000,000 | $ 100,000,000 | |||||
Minimum [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% | ||||||
Maximum [Member] | |||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | |||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 98.00% |
Investments in Unconsolidated_6
Investments in Unconsolidated Entities (Details Textual 2) $ in Thousands | 6 Months Ended | |
Apr. 30, 2019USD ($)joint_ventures | Oct. 31, 2018USD ($)joint_ventures | |
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,572,224 | |
Amounts borrowed under commitments | $ 1,248,835 | |
Number Of Entities That Are Considered Variable Interest Entities | joint_ventures | 17 | 11 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 390,085 | $ 431,813 |
Other Commitment | $ 30,872 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Number Of Entities That Are Considered Variable Interest Entities | joint_ventures | 5 | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 138,500 | $ 19,700 |
Noncontrolling Interest in Variable Interest Entity | 39,200 | |
Equity Method Investee [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Guarantees, Fair Value Disclosure | $ 5,400 | |
Number Of Unconsolidated Entities That Are Considered Variable Interest Entities | joint_ventures | 12 | 10 |
Equity Method Investee [Member] | Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 36,300 | $ 33,800 |
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 | 1,230,000 | |
Guarantees, Repayment and Carry Cost, Maximum | 310,600 | |
Amounts borrowed under commitments | 903,500 | |
Maximum repapyment and carry cost guarantee obligation for borrowings by JV | $ 271,100 | |
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 | P2M | |
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 | P42M | |
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] | ||
Guarantees, Repayment and Carry Cost, Maximum | $ 70,000 | 70,000 |
Maximum repapyment and carry cost guarantee obligation for borrowings by JV | 70,000 | 70,000 |
Guarantor Obligations, Maximum Exposure, Undiscounted | 70,000 | 70,000 |
Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Ventures [Member] | Equity Method Investee [Member] | Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Other Commitment | $ 10,400 | $ 10,800 |
Investments in Unconsolidated_7
Investments in Unconsolidated Entities (Details 3) - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Condensed Balance Sheets: | ||
Cash and cash equivalents | $ 90,183 | $ 102,462 |
Inventory | 803,161 | 973,990 |
Loans receivable, net | 38,887 | 40,065 |
Rental properties | 1,070,823 | 808,785 |
Rental properties under development | 348,886 | 437,586 |
Real estate owned ("REO") | 14,860 | 14,838 |
Other assets | 168,261 | 166,029 |
Total assets | 2,535,061 | 2,543,755 |
Debt | 1,240,577 | 1,145,998 |
Other liabilities | 181,247 | 158,570 |
Member's equity | 1,110,319 | 1,235,974 |
Noncontrolling interest | 2,918 | 3,213 |
Total liabilities and equity | 2,535,061 | 2,543,755 |
Investments in unconsolidated entities | $ 390,085 | $ 431,813 |
Investments in Unconsolidated_8
Investments in Unconsolidated Entities (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Condensed Statements of Operations and Comprehensive Income: | ||||
Revenues | $ 178,388 | $ 82,663 | $ 331,617 | $ 276,284 |
Cost of revenues | 157,196 | 60,660 | 288,951 | 209,410 |
Other expenses | 22,879 | 20,297 | 41,354 | 44,584 |
Total expenses | 180,075 | 80,957 | 330,305 | 253,994 |
Gain on disposition of loans and REO | 0 | 11,809 | 3,694 | 26,480 |
Income (loss) from operations | (1,687) | 13,515 | 5,006 | 48,770 |
Other income | 1,090 | 1,502 | 1,737 | 80,866 |
Income before income taxes | (597) | 15,017 | 6,743 | 129,636 |
Income tax provision | (40) | 151 | 225 | 349 |
Net income including earnings from noncontrolling interests | (557) | 14,866 | 6,518 | 129,287 |
Less: (income) loss attributable to noncontrolling interest | 31 | (5,855) | (2,078) | (11,937) |
Net income (loss) attributable to controlling interest | (526) | 9,011 | 4,440 | 117,350 |
Income (loss) from unconsolidated entities | $ 4,419 | $ 2,564 | $ 10,559 | $ 41,444 |
Receivables, Prepaid Expenses_3
Receivables, Prepaid Expenses, and Other Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Receivables, prepaid expenses and other assets [Abstract] | ||
Expected recoveries from insurance carriers and others | $ 121,354 | $ 126,291 |
Improvement cost receivable | 103,377 | 96,937 |
Escrow cash held by our captive title company | 32,787 | 33,471 |
Property held for rental apartment and commercial development | 302,706 | 193,015 |
Prepaid expenses | 19,418 | 23,065 |
Other | 80,126 | 77,999 |
Receivables, Prepaid Expenses and Other Assets | $ 659,768 | $ 550,778 |
Loans Payable, Senior Notes a_3
Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Debt Instrument [Line Items] | ||
Other Loans Payable | $ 230,305 | $ 188,115 |
Loans payable | 1,027,408 | 686,801 |
Senior unsecured term loan [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Long-term Debt, Noncurrent | 800,000 | 500,000 |
Deferred Finance Costs, Net | $ (2,897) | $ (1,314) |
Loans Payable, Senior Notes a_4
Loans Payable, Senior Notes and Mortgage Company Loan Facility Term Loan Facility (Details Textual 1) - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 30, 2019 | Oct. 31, 2018 | |
Senior unsecured term loan [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Long-term Debt, Noncurrent | $ 800,000 | $ 500,000 |
Debt Instrument, Term | 5 years | |
Debt Instrument, Maturity Date | Nov. 1, 2023 | |
Maximum borrowing capacity for unsecured long-term debt | $ 1,000,000 | |
Debt Instrument, Interest Rate at Period End | 3.78% | |
Maximum Permissible Leverage Ratio | 175.00% | |
Minimum Net Worth Required for Compliance | $ 2,760,000 | |
Existing Leverage Ratio | 0.56 | |
Tangible Net Worth | $ 4,900,000 | |
Ability to repurchase common stock | 3,350,000 | |
Ability to pay dividends | $ 2,140,000 | |
Guarantor Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Loans Payable, Senior Notes a_5
Loans Payable, Senior Notes and Mortgage Company Loan Facility Credit Facility (Details Textual 2) $ in Thousands | 6 Months Ended |
Apr. 30, 2019USD ($) | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,572,224 |
Long-term Line of Credit | 1,248,835 |
May 2016 Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,295,000 |
Debt Instrument, Term | 5 years |
Maximum Permissible Leverage Ratio | 175.00% |
Minimum Net Worth Required for Compliance | $ 2,590,000 |
Existing Leverage Ratio | 0.56 |
Tangible Net Worth | $ 4,900,000 |
Ability to repurchase common stock | 3,000,000 |
Ability to pay dividends | 2,310,000 |
Long-term Line of Credit | 0 |
Letters of Credit Outstanding, Amount | $ 179,300 |
Debt Instrument, Interest Rate at Period End | 3.98% |
Guarantor Subsidiaries [Member] | |
Line of Credit Facility [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Loans Payable, Senior Notes a_6
Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable - Other (Details Textual 3) | Apr. 30, 2019 |
Loans Payable [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 4.81% |
Loans Payable, Senior Notes a_7
Loans Payable, Senior Notes and Mortgage Company Loan Facility Senior Notes Payable (Details Textual 4) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2018USD ($) | Apr. 30, 2019USD ($)debtissuances | Apr. 30, 2018USD ($) | Oct. 31, 2018USD ($) | |
Senior Note Payable (Textual) [Abstract] | ||||
Number of issuances of senior debt | debtissuances | 7 | |||
Proceeds from Issuance of Senior Long-term Debt | $ 2,512,404 | $ 2,861,375 | ||
Repayments of Senior Debt | 350,000 | |||
Senior Notes [Member] | ||||
Senior Note Payable (Textual) [Abstract] | ||||
Debt Instrument, Face Amount | 2,520,000 | |||
4.350% Senior Notes Due 2028 [Member] | ||||
Senior Note Payable (Textual) [Abstract] | ||||
Proceeds from Issuance of Senior Long-term Debt | $ 400,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.35% | |||
Proceeds from Debt, Net of Issuance Costs | $ 396,400 | |||
Four percent Senior Notes due two thousand and eighteen [Member] | ||||
Senior Note Payable (Textual) [Abstract] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||
Repayments of Senior Debt | $ 350,000 |
Loans Payable, Senior Notes a_8
Loans Payable, Senior Notes and Mortgage Company Loan Facility Mortgage Company Loan Facility (Details Textual 5) $ in Thousands | 6 Months Ended |
Apr. 30, 2019USD ($) | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,572,224 |
Warehouse Agreement Borrowings [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Current Borrowing Capacity | 75,000 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000 |
Debt Instrument, Maturity Date | Dec. 6, 2019 |
Debt Instrument, Interest Rate, Effective Percentage | 4.38% |
London Interbank Offered Rate (LIBOR) [Member] | Warehouse Agreement Borrowings [Member] | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.90% |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 |
Accrued expenses | ||||||
Land, land development and construction | $ 178,474 | $ 213,641 | ||||
Compensation and employee benefits | 136,715 | 159,374 | ||||
Escrow liability | 31,809 | 32,543 | ||||
Self-insurance | 182,275 | 168,012 | ||||
Warranty | 223,655 | $ 237,326 | 258,831 | $ 297,343 | $ 311,450 | $ 329,278 |
Deferred income | 43,993 | 42,179 | ||||
Interest | 37,882 | 40,325 | ||||
Commitments to unconsolidated entities | 8,653 | 10,553 | ||||
Other | 47,212 | 48,123 | ||||
Accrued expenses, Total | $ 890,668 | $ 973,581 |
Accrued Expenses (Detail Textua
Accrued Expenses (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | 57 Months Ended | |||||
Oct. 31, 2016 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | |
Loss Contingencies [Line Items] | |||||||
Standard and Extended Product Warranty Accrual | $ 223,655 | $ 237,326 | $ 258,831 | $ 297,343 | $ 311,450 | $ 329,278 | |
Loss Contingency, Receivable | 121,354 | 126,291 | |||||
Water intrusion related [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Estimate of Possible Loss | $ 324,400 | 324,400 | |||||
Standard and Extended Product Warranty Accrual | 148,100 | 177,600 | |||||
Other Assets [Member] | Water intrusion related [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Product Liability Contingency, Third Party Recovery | $ 152,600 | 152,600 | |||||
Loss Contingency, Receivable | $ 104,100 | $ 109,300 |
Accrued Expenses (Details 1)
Accrued Expenses (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Changes in the warranty accrual | ||||
Balance, beginning of year | $ 237,326 | $ 311,450 | $ 258,831 | $ 329,278 |
Additions - homes closed during the period | 8,329 | 8,462 | 14,954 | 14,687 |
Charges incurred | (22,963) | (23,780) | (50,402) | (49,776) |
Balance, end of year | 223,655 | 297,343 | 223,655 | 297,343 |
Warranty change, homes closed in prior period, other [Member] | ||||
Changes in the warranty accrual | ||||
Increase to accruals for homes closed in prior years | $ 963 | $ 1,211 | $ 272 | $ 3,154 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Oct. 31, 2017 | |
Income Taxes (Textual) [Abstract] | |||||
Income tax provision | $ 46,835 | $ 40,938 | $ 86,231 | $ 40,429 | |
Effective Income Tax Rate Reconciliation, Percent | 26.60% | 26.80% | 26.30% | 14.20% | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ (31,200) | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 23.30% | 35.00% | ||
Unrecognized Tax Benefits | $ 9,900 | $ 9,900 | |||
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, State and Local Income Taxes, Percent | 6.80% | 6.60% |
Stock-Based Benefit Plans (Deta
Stock-Based Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense recognized | $ 5,331 | $ 6,458 | $ 13,916 | $ 15,347 |
Income tax benefit recognized | $ 1,396 | $ 1,843 | $ 3,652 | $ 4,359 |
Stock-Based Benefit Plans (De_2
Stock-Based Benefit Plans (Details Textual) - USD ($) $ in Millions | Apr. 30, 2019 | Oct. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unamortized value of outstanding stock-based compensation awards | $ 30.1 | $ 20.9 |
Stock Repurchase Program and _3
Stock Repurchase Program and Cash Dividend (Details) - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Stock Repurchase Program [Abstract] | ||||
Number of shares purchased | 3 | 1,794 | 788 | 6,221 |
Average price per share | $ 36.95 | $ 45.44 | $ 32.04 | $ 46.86 |
Remaining authorization at April 30: | 19,784 | 16,876 | 19,784 | 16,876 |
Stock Repurchase Program and _4
Stock Repurchase Program and Cash Dividend (Details Textual) - $ / shares | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 05, 2019 | Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Oct. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Treasury Stock, Shares, Acquired | 3,000 | 1,794,000 | 788,000 | 6,221,000 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 36.95 | $ 45.44 | $ 32.04 | $ 46.86 | ||
Dec 2017 Repurchase Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 20,000,000 | |||||
December 2018 Repurchase Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 20,000,000 | 20,000,000 | ||||
Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Treasury Stock, Shares, Acquired | 2,500,000 | |||||
Treasury Stock Acquired, Average Cost Per Share | $ 35.70 |
Stock Repurchase Program and _5
Stock Repurchase Program and Cash Dividend (Details Textual 1) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Stock Repurchase Program and Cash Dividend [Abstract] | ||||
Common Stock, Dividends, Per Share, Declared and Paid | $ 0.11 | $ 0.08 | $ 0.22 | $ 0.19 |
Earnings Per Share Informatio_2
Earnings Per Share Information (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income as reported | $ 129,324 | $ 111,810 | $ 241,374 | $ 243,917 |
Basic weighted-average shares | 146,622 | 152,731 | 146,687 | 154,306 |
Common stock equivalents | 1,507 | 2,398 | 1,394 | 2,707 |
Diluted weighted-average shares | 148,129 | 155,129 | 148,081 | 157,013 |
Debt Instrument [Line Items] | ||||
Shares issued under stock incentive and employee stock purchase plans | 144 | 57 | 654 | 880 |
Restricted Stock Units RSU And Employee Stock Option Member [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted-average number of antidilutive options and restricted stock units | 756 | 278 | 1,690 | 823 |
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 | Apr. 30, 2019 | Oct. 31, 2018 |
Forward Contracts [Member] | Residential Mortgage [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Derivative Asset | $ 87 | $ 1,750 |
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 | 124,940 | 170,731 |
Interest Rate Lock Commitments [Member] | Forward Contracts [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Derivative Liability | (2,330) | |
Derivative Asset | 4,366 | |
Interest Rate Lock Commitments [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Derivative Liability | $ (4,366) | |
Derivative Asset | $ 2,330 |
Fair Value Disclosures (Level_2
Fair Value Disclosures (Level 4 loan UPB vs FV) (Details 1) - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Aggregate unpaid principal and fair value of mortgage loans held for sale | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 124,940 | $ 170,731 |
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 | 123,529 | 170,728 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 124,940 | 170,731 |
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | $ 1,411 | $ 3 |
Fair Value Disclosures (Level_3
Fair Value Disclosures (Level 4 Inv Impair inputs) (Details 2) $ in Thousands | 3 Months Ended | |||||
Apr. 30, 2019USD ($)Homes_sold | Jan. 31, 2019USD ($)Homes_sold | Oct. 31, 2018USD ($) | Jul. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Jan. 31, 2018USD ($) | |
Operating communities [Member] | Minimum [Member] | ||||||
Fair value inputs, assets, quantitative information [Line Items] | ||||||
Average selling price | $ 372 | $ 836 | $ 470 | $ 0 | $ 485 | $ 381 |
Sales Pace (in ones) | 2 | 2 | 4 | 0 | 10 | 7 |
Fair Value Inputs, Discount Rate | 12.00% | 12.50% | 13.50% | 0.00% | 16.90% | 13.80% |
Operating communities [Member] | Maximum [Member] | ||||||
Fair value inputs, assets, quantitative information [Line Items] | ||||||
Average selling price | $ 1,915 | $ 13,495 | $ 1,071 | $ 0 | $ 522 | $ 1,029 |
Sales Pace (in ones) | 19 | 12 | 23 | 0 | 16 | 10 |
Fair Value Inputs, Discount Rate | 26.00% | 15.80% | 16.30% | 0.00% | 16.90% | 19.00% |
Operating communities [Member] | Minimum [Member] | ||||||
Fair value inputs, assets, quantitative information [Line Items] | ||||||
Average selling price | $ 10 | |||||
Operating communities [Member] | Maximum [Member] | ||||||
Fair value inputs, assets, quantitative information [Line Items] | ||||||
Average selling price | $ 155 |
Fair Value Disclosures (Level_4
Fair Value Disclosures (Level 4 inventory fv) (Details 3) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Apr. 30, 2019USD ($) | Jan. 31, 2019USD ($) | Oct. 31, 2018USD ($) | Jul. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Jan. 31, 2018USD ($) | Apr. 30, 2019USD ($) | Apr. 30, 2018USD ($) | Oct. 31, 2018USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Inventory Write-down | $ 19,394 | $ 13,832 | $ 26,956 | $ 17,685 | |||||
Operating communities [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Inventory Write-down | 23,280 | $ 30,151 | |||||||
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) | 64 | 49 | 43 | 55 | 65 | 64 | |||
Number of Communities Impaired (in ones) | 6 | 5 | 6 | 5 | 4 | 5 | |||
Fair Value Of Communities Net Of Impairment Charges | $ 36,159 | $ 37,282 | $ 24,692 | $ 43,063 | $ 21,811 | $ 13,318 | $ 36,159 | $ 21,811 | $ 24,692 |
Inventory Write-down | $ 17,495 | $ 5,785 | $ 4,025 | $ 9,065 | $ 13,325 | $ 3,736 | |||
City Living [Member] | 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 Communities Impaired (in ones) | 1 | 1 | |||||||
Inventory Write-down | $ 2,000 | $ 2,800 | |||||||
North [Member] | 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 Communities Impaired (in ones) | 2 | 3 | 1 | ||||||
Inventory Write-down | $ 7,000 | $ 1,500 | $ 12,000 | ||||||
South [Member] | 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 Communities Impaired (in ones) | 1 | 1 | |||||||
Inventory Write-down | $ 500 | $ 1,500 | |||||||
Mid-Atlantic [Member] | 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 Communities Impaired (in ones) | 2 | 2 | |||||||
Inventory Write-down | $ 8,000 | $ 7,300 |
Fair Value Disclosures (Level_5
Fair Value Disclosures (Level 4 debt fv) (Details 4) - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 3,660,193 | $ 3,707,991 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Loans Payable [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 1,030,305 | 688,115 |
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 | 110,012 | 150,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 2,519,876 | 2,869,876 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 3,712,518 | 3,617,244 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Loans Payable [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 1,028,938 | 687,974 |
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 | 110,012 | 150,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 2,573,568 | $ 2,779,270 |
Other Income - Net (Details)
Other Income - Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2019 | Jan. 31, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Other Nonoperating Income By Component [Line Items] | |||||
Interest income | $ 4,338 | $ 1,212 | $ 10,210 | $ 3,292 | |
Income from Ancillary Businesses | 4,242 | 4,873 | 18,086 | 7,456 | |
Management fee income from home building unconsolidated entities, net | 1,716,094 | 1,599,199 | 3,079,275 | 2,774,667 | |
Retained customer deposits | 3,071 | 4,155 | |||
Income from land sales | 2,587 | 3,287 | |||
Other | (414) | (303) | (877) | (824) | |
Total other income - net | 11,285 | 15,794 | 32,146 | 24,791 | |
Revenues and expenses of non-core ancillary businesses | |||||
Revenue | 32,846 | 33,911 | 65,129 | 65,234 | |
Expense | 29,749 | 29,038 | 60,374 | 57,778 | |
Gain (Loss) on Disposition of Business | 1,145 | $ 12,200 | 13,331 | ||
Land sales prior [Member] | |||||
Other Nonoperating Income By Component [Line Items] | |||||
Management fee income from home building unconsolidated entities, net | 34,384 | 41,352 | |||
Income from land sales | 2,587 | 3,287 | |||
Management Fee [Member] | |||||
Other Nonoperating Income By Component [Line Items] | |||||
Management fee income from home building unconsolidated entities, net | $ 3,119 | $ 4,354 | $ 4,727 | $ 7,425 |
Other Income - Net (Details 1)
Other Income - Net (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Revenues and expenses from land sales [Abstract] | ||||
Revenues | $ 1,716,094 | $ 1,599,199 | $ 3,079,275 | $ 2,774,667 |
Cost of revenues | (1,377,268) | (1,298,157) | (2,453,766) | (2,232,637) |
Income from land sales | 2,587 | 3,287 | ||
Land sales prior [Member] | ||||
Revenues and expenses from land sales [Abstract] | ||||
Revenues | 34,384 | 41,352 | ||
Cost of revenues | (31,797) | (38,065) | ||
Income from land sales | $ 2,587 | $ 3,287 |
Other Income - Net (Details Tex
Other Income - Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2019 | Jan. 31, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||
Proceeds from sale of golf club property | $ 18,200 | $ 33,539 | |||
Gain (Loss) on Disposition of Business | $ 1,145 | $ 12,200 | 13,331 | ||
Income from Ancillary Businesses, net | 4,242 | 4,873 | 18,086 | 7,456 | |
Apartment living [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Income from Ancillary Businesses, net | $ 2,100 | $ 1,700 | $ 4,700 | $ 4,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Company's land purchase commitments | ||
Purchase Obligation | $ 2,451,265 | $ 2,532,895 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 390,085 | 431,813 |
Land Purchase Commitment To Unrelated Party [Member] | ||
Company's land purchase commitments | ||
Purchase Obligation | 2,407,312 | 2,404,660 |
Land Purchase Commitment To JV [Member] | ||
Company's land purchase commitments | ||
Purchase Obligation | 43,953 | 128,235 |
Land Parcel Purchase Commitment [Member] | ||
Company's land purchase commitments | ||
Deposits against Aggregate Purchase Commitments | 180,724 | 168,421 |
Additional cash required to acquire land | 2,224,308 | 2,285,306 |
Amount of Additional Cash Required to Acquire Land Included in Accrued Expenses | 12,553 | 40,103 |
Land Development Joint Venture, Irvine, California [Member] | Land Parcel Purchase Commitment [Member] | ||
Company's land purchase commitments | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 46,233 | $ 79,168 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Textual) $ in Thousands | Apr. 30, 2019USD ($)home_sites | Oct. 31, 2018USD ($) |
Long-term Purchase Commitment [Line Items] | ||
Purchase Obligation | $ 2,451,265 | $ 2,532,895 |
Land for Apartment Development Purchase Commitment [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase Obligation | 326,900 | |
Deposits against Aggregate Purchase Commitments | $ 14,300 | |
Land Development Joint Ventures [Member] | Commitment To Acquire Home Sites [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | home_sites | 2,600 |
Commitments and Contingencies_4
Commitments and Contingencies (Details Textual 1) $ in Millions | Apr. 30, 2019USD ($)luxury_homes |
Backlog Information [Abstract] | |
Number of homes to be delivered (in ones) | luxury_homes | 6,467 |
Aggregate sales value of outstanding homes to be delivered | $ 5,660 |
May 2016 Revolving Credit Facility [Member] | |
Loss Contingencies [Line Items] | |
Outstanding letter of credit | 179.3 |
Surety Bond Construction Improvements [Member] | |
Loss Contingencies [Line Items] | |
Outstanding Surety Bonds Amount | 734.2 |
Amount of work remains on improvements in the Company's various communities | 334.5 |
Surety Bond Other Obligations [Member] | |
Loss Contingencies [Line Items] | |
Additional outstanding surety bonds | $ 175.4 |
Commitments and Contingencies_5
Commitments and Contingencies (Details 1) - Loan Origination Commitments [Member] - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | $ 1,927,256 | $ 1,943,929 |
Investor commitments to purchase | 928,604 | 777,463 |
Interest Rate Lock Commitments [Member] | ||
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | 813,497 | 614,255 |
Investor commitments to purchase | 813,497 | 614,255 |
Non Interest Rate Lock Commitments [Member] | ||
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | 1,113,759 | 1,329,674 |
Mortgage Receivable [Member] | ||
Company's mortgage commitments | ||
Investor commitments to purchase | $ 115,107 | $ 163,208 |
Information on Segments (Detail
Information on Segments (Details Textual) | 6 Months Ended |
Apr. 30, 2019 | |
Information on Segments [Abstract] | |
Number of Segments | 2 |
Number of Geographic Segments | 5 |
Information on Segments (Deta_2
Information on Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Oct. 31, 2018 | |
Revenues | |||||
Revenues | $ 1,716,094 | $ 1,599,199 | $ 3,079,275 | $ 2,774,667 | |
Income (loss) before income taxes | |||||
Income before income taxes | 176,159 | 152,748 | 327,605 | 284,346 | |
Total assets | |||||
Total assets | 10,276,729 | 10,276,729 | $ 10,244,590 | ||
North [Member] | |||||
Revenues | |||||
Revenues | 221,896 | 226,214 | 391,397 | 360,494 | |
Income (loss) before income taxes | |||||
Income before income taxes | 7,226 | 1,657 | 17,962 | 2,036 | |
Total assets | |||||
Total assets | 968,396 | 968,396 | 970,854 | ||
Mid-Atlantic [Member] | |||||
Revenues | |||||
Revenues | 255,692 | 254,907 | 461,388 | 461,865 | |
Income (loss) before income taxes | |||||
Income before income taxes | 7,580 | 20,444 | 18,952 | 34,344 | |
Total assets | |||||
Total assets | 1,202,321 | 1,202,321 | 1,130,417 | ||
South [Member] | |||||
Revenues | |||||
Revenues | 284,352 | 240,714 | 492,499 | 412,206 | |
Income (loss) before income taxes | |||||
Income before income taxes | 31,595 | 27,130 | 47,363 | 39,278 | |
Total assets | |||||
Total assets | 1,289,163 | 1,289,163 | 1,237,744 | ||
West [Member] | |||||
Revenues | |||||
Revenues | 364,884 | 349,388 | 665,314 | 607,421 | |
Income (loss) before income taxes | |||||
Income before income taxes | 43,808 | 48,049 | 87,422 | 78,653 | |
Total assets | |||||
Total assets | 1,782,581 | 1,782,581 | 1,580,199 | ||
California [Member] | |||||
Revenues | |||||
Revenues | 500,541 | 438,342 | 870,559 | 725,446 | |
Income (loss) before income taxes | |||||
Income before income taxes | 106,552 | 85,661 | 180,173 | 146,518 | |
Total assets | |||||
Total assets | 2,697,809 | 2,697,809 | 2,733,956 | ||
Traditional Homebuilding [Member] | |||||
Revenues | |||||
Revenues | 1,627,365 | 1,509,565 | 2,881,157 | 2,567,432 | |
Income (loss) before income taxes | |||||
Income before income taxes | 196,761 | 182,941 | 351,872 | 300,829 | |
Total assets | |||||
Total assets | 7,940,270 | 7,940,270 | 7,653,170 | ||
City Living [Member] | |||||
Revenues | |||||
Revenues | 84,074 | 89,634 | 152,668 | 207,235 | |
Income (loss) before income taxes | |||||
Income before income taxes | 25,834 | 16,685 | 40,476 | 46,649 | |
Total assets | |||||
Total assets | 502,406 | 502,406 | 516,238 | ||
Corporate and other [Member] | |||||
Revenues | |||||
Increase (Decrease) in Deferred Revenue | 618 | 0 | (2,460) | 0 | |
Income (loss) before income taxes | |||||
Income before income taxes | (46,436) | (46,878) | (64,743) | (63,132) | |
Total assets | |||||
Total assets | 1,834,053 | 1,834,053 | $ 2,075,182 | ||
Home Building [Member] | |||||
Revenues | |||||
Revenues | 1,712,057 | 1,599,199 | 3,031,365 | 2,774,667 | |
Land [Member] | |||||
Revenues | |||||
Revenues | $ 4,037 | $ 0 | $ 47,910 | $ 0 |
Supplemental Disclosure to Co_3
Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |||||
Apr. 30, 2019 | Apr. 30, 2018 | Nov. 01, 2018 | Oct. 31, 2018 | Nov. 02, 2017 | Oct. 31, 2017 | |
Cash flow information: | ||||||
Interest paid, net of amount capitalized | $ 13,999 | $ 5,878 | ||||
Income tax payment | 101,232 | 90,352 | ||||
Income tax refunds | 927 | 322 | ||||
Noncash activity: | ||||||
Cost of inventory acquired through seller financing, municpal bonds, or included in accrued expenses, net | 110,269 | 46,575 | ||||
(Increase) decrease in inventory for capitalized interest, our share of earnings, and allocation of basis difference in land purchased from unconsolidated entities | (4,276) | 861 | ||||
Non-controlling interest | 36,362 | |||||
Noncash transfer of other assets to inventory | 7,100 | 21,189 | ||||
Noncash transfer of other assets to investment in unconsolidated entities | 11,656 | 21,546 | ||||
Reclassification deferred income from accrued expenses to investment in unconsolidated entities | 5,995 | |||||
Cash and Cash Equivalents, at Carrying Value | 924,448 | 475,113 | $ 1,182,195 | |||
Restricted Cash and Cash Equivalents | 543 | 1,161 | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 924,991 | $ 476,274 | $ 1,182,939 | $ 715,311 | ||
Accounting Standards Update 2014-09 [Member] | ||||||
Noncash activity: | ||||||
Reclassification from inventory to property, construction, and office equipment, net due to the adoption of ASU 2014-09 | $ 104,807 | |||||
Net decrease in inventory and retained earnings for adoption of ASU 2014-09 | 8,989 | |||||
Net increase in accrued expenses and decrease in retained earnings due to adoption of ASU 2014-09 | 6,541 | |||||
Net decrease in investment in unconsolidated entities and retained earnings due to adoption of ASU 2014-09 | $ 2,457 |
Supplemental Guarantor Inform_3
Supplemental Guarantor Information (Level 4 Senior Note table) (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Oct. 31, 2018 |
Supplemental Guarantor Information (Textual) [Abstract] | ||
Senior notes | $ 2,512,404 | $ 2,861,375 |
Senior Notes Due 2019 [Member] | ||
Supplemental Guarantor Information (Textual) [Abstract] | ||
Senior notes | $ 250,000 | |
Interest rate on notes | 6.75% | |
Senior Notes Due 2022 [Member] | ||
Supplemental Guarantor Information (Textual) [Abstract] | ||
Senior notes | $ 419,876 | |
Interest rate on notes | 5.875% | |
Senior Notes Due 2023 [Member] | ||
Supplemental Guarantor Information (Textual) [Abstract] | ||
Senior notes | $ 400,000 | |
Interest rate on notes | 4.375% | |
Senior Notes Due 2024 [Member] | ||
Supplemental Guarantor Information (Textual) [Abstract] | ||
Senior notes | $ 250,000 | |
Interest rate on notes | 5.625% | |
4.875% Senior Notes Due 2025 [Member] | ||
Supplemental Guarantor Information (Textual) [Abstract] | ||
Senior notes | $ 350,000 | |
Interest rate on notes | 4.875% | |
4.875% Senior Notes Due 2027 [Member] | ||
Supplemental Guarantor Information (Textual) [Abstract] | ||
Senior notes | $ 450,000 | |
Interest rate on notes | 4.875% | |
4.350% Senior Notes Due 2028 [Member] | ||
Supplemental Guarantor Information (Textual) [Abstract] | ||
Senior notes | $ 400,000 | |
Interest rate on notes | 4.35% |
Supplemental Guarantor Inform_4
Supplemental Guarantor Information (Level 4 BS) (Details 1) - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 |
ASSETS | ||||||
Cash and cash equivalents | $ 924,448 | $ 1,182,195 | $ 475,113 | |||
Inventory | 7,790,840 | 7,598,219 | ||||
Property, construction and office equipment, net | 289,186 | 193,281 | ||||
Receivables, prepaid expenses and other assets | 659,768 | 550,778 | ||||
Mortgage loans held for sale | 124,940 | 170,731 | ||||
Customer deposits held in escrow | 97,462 | 117,573 | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 390,085 | 431,813 | ||||
Investments in and advances to consolidated entities | 0 | 0 | ||||
Total assets | 10,276,729 | 10,244,590 | ||||
Liabilities: | ||||||
Loans payable | 1,027,408 | 686,801 | ||||
Senior notes | 2,512,404 | 2,861,375 | ||||
Mortgage company loan facility | 110,012 | 150,000 | ||||
Customer deposits | 419,479 | $ 406,400 | 410,864 | |||
Accounts payable | 318,346 | 362,098 | ||||
Accrued expenses | 890,668 | 973,581 | ||||
Advances from Affiliiate | 0 | 0 | ||||
Income taxes payable | 12,172 | 30,959 | ||||
Total liabilities | 5,290,489 | 5,475,678 | ||||
Equity: | ||||||
Common stock | 1,779 | 1,779 | ||||
Additional paid-in capital | 721,311 | 727,053 | ||||
Retained earnings | 5,352,424 | 5,161,551 | ||||
Treasury stock, at cost | (1,135,166) | (1,130,878) | ||||
Accumulated other comprehensive loss | 806 | 694 | ||||
Total stockholders' equity | 4,941,154 | 4,760,199 | ||||
Noncontrolling interest | 45,086 | 8,713 | ||||
Total equity | 4,986,240 | $ 4,861,189 | 4,768,912 | $ 4,486,596 | $ 4,464,890 | $ 4,537,090 |
Total liabilities and stockholders' equity | 10,276,729 | 10,244,590 | ||||
Toll Brothers Inc. [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Inventory | ||||||
Property, construction and office equipment, net | ||||||
Receivables, prepaid expenses and other assets | 1,585 | |||||
Mortgage loans held for sale | ||||||
Customer deposits held in escrow | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | ||||||
Investments in and advances to consolidated entities | 4,970,319 | 4,791,629 | ||||
Total assets | 4,971,904 | 4,791,629 | ||||
Liabilities: | ||||||
Loans payable | ||||||
Senior notes | ||||||
Mortgage company loan facility | ||||||
Customer deposits | ||||||
Accounts payable | ||||||
Accrued expenses | 592 | 471 | ||||
Advances from Affiliiate | ||||||
Income taxes payable | 12,172 | 30,959 | ||||
Total liabilities | 12,764 | 31,430 | ||||
Equity: | ||||||
Common stock | 1,779 | 1,779 | ||||
Additional paid-in capital | 721,311 | 727,053 | ||||
Retained earnings | 5,370,410 | 5,161,551 | ||||
Treasury stock, at cost | (1,135,166) | (1,130,878) | ||||
Accumulated other comprehensive loss | 806 | 694 | ||||
Total stockholders' equity | 4,959,140 | 4,760,199 | ||||
Noncontrolling interest | ||||||
Total equity | 4,959,140 | 4,760,199 | ||||
Total liabilities and stockholders' equity | 4,971,904 | 4,791,629 | ||||
Subsidiary Issuer [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Inventory | ||||||
Property, construction and office equipment, net | ||||||
Receivables, prepaid expenses and other assets | ||||||
Mortgage loans held for sale | ||||||
Customer deposits held in escrow | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | ||||||
Investments in and advances to consolidated entities | 2,562,921 | 2,916,557 | ||||
Total assets | 2,562,921 | 2,916,557 | ||||
Liabilities: | ||||||
Loans payable | ||||||
Senior notes | 2,512,404 | 2,861,375 | ||||
Mortgage company loan facility | ||||||
Customer deposits | ||||||
Accounts payable | ||||||
Accrued expenses | 32,676 | 37,341 | ||||
Advances from Affiliiate | ||||||
Income taxes payable | ||||||
Total liabilities | 2,545,080 | 2,898,716 | ||||
Equity: | ||||||
Common stock | ||||||
Additional paid-in capital | 49,400 | 49,400 | ||||
Retained earnings | (31,559) | (31,559) | ||||
Treasury stock, at cost | ||||||
Accumulated other comprehensive loss | ||||||
Total stockholders' equity | 17,841 | 17,841 | ||||
Noncontrolling interest | ||||||
Total equity | 17,841 | 17,841 | ||||
Total liabilities and stockholders' equity | 2,562,921 | 2,916,557 | ||||
Guarantor Subsidiaries [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 701,016 | 1,011,863 | ||||
Inventory | 7,713,940 | 7,493,205 | ||||
Property, construction and office equipment, net | 273,870 | 169,265 | ||||
Receivables, prepaid expenses and other assets | 269,886 | 291,299 | ||||
Mortgage loans held for sale | ||||||
Customer deposits held in escrow | 96,419 | 116,332 | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 46,092 | 44,329 | ||||
Investments in and advances to consolidated entities | 149,657 | 91,740 | ||||
Total assets | 9,250,880 | 9,218,033 | ||||
Liabilities: | ||||||
Loans payable | 1,025,599 | 686,801 | ||||
Senior notes | ||||||
Mortgage company loan facility | ||||||
Customer deposits | 415,831 | 405,318 | ||||
Accounts payable | 317,922 | 361,655 | ||||
Accrued expenses | 532,744 | 600,907 | ||||
Advances from Affiliiate | 1,120,299 | 1,551,196 | ||||
Income taxes payable | ||||||
Total liabilities | 3,412,395 | 3,605,877 | ||||
Equity: | ||||||
Common stock | 48 | 48 | ||||
Additional paid-in capital | ||||||
Retained earnings | 5,838,437 | 5,612,108 | ||||
Treasury stock, at cost | ||||||
Accumulated other comprehensive loss | ||||||
Total stockholders' equity | 5,838,485 | 5,612,156 | ||||
Noncontrolling interest | ||||||
Total equity | 5,838,485 | 5,612,156 | ||||
Total liabilities and stockholders' equity | 9,250,880 | 9,218,033 | ||||
Nonguarantor Subsidiaries [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 223,432 | 170,332 | ||||
Inventory | 76,900 | 105,014 | ||||
Property, construction and office equipment, net | 15,316 | 24,016 | ||||
Receivables, prepaid expenses and other assets | 470,437 | 392,559 | ||||
Mortgage loans held for sale | 124,940 | 170,731 | ||||
Customer deposits held in escrow | 1,043 | 1,241 | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 343,993 | 387,484 | ||||
Investments in and advances to consolidated entities | 148,993 | 126,872 | ||||
Total assets | 1,405,054 | 1,378,249 | ||||
Liabilities: | ||||||
Loans payable | 1,809 | |||||
Senior notes | ||||||
Mortgage company loan facility | 110,012 | 150,000 | ||||
Customer deposits | 3,648 | 5,546 | ||||
Accounts payable | 424 | 443 | ||||
Accrued expenses | 411,498 | 462,128 | ||||
Advances from Affiliiate | 472,324 | 476,040 | ||||
Income taxes payable | ||||||
Total liabilities | 999,715 | 1,094,157 | ||||
Equity: | ||||||
Common stock | 3,006 | 3,006 | ||||
Additional paid-in capital | 151,651 | 93,734 | ||||
Retained earnings | 205,596 | 178,639 | ||||
Treasury stock, at cost | ||||||
Accumulated other comprehensive loss | ||||||
Total stockholders' equity | 360,253 | 275,379 | ||||
Noncontrolling interest | 45,086 | 8,713 | ||||
Total equity | 405,339 | 284,092 | ||||
Total liabilities and stockholders' equity | 1,405,054 | 1,378,249 | ||||
Eliminations [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Inventory | ||||||
Property, construction and office equipment, net | ||||||
Receivables, prepaid expenses and other assets | (82,140) | (133,080) | ||||
Mortgage loans held for sale | ||||||
Customer deposits held in escrow | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | ||||||
Investments in and advances to consolidated entities | (7,831,890) | (7,926,798) | ||||
Total assets | (7,914,030) | (8,059,878) | ||||
Liabilities: | ||||||
Loans payable | ||||||
Senior notes | ||||||
Mortgage company loan facility | ||||||
Customer deposits | ||||||
Accounts payable | ||||||
Accrued expenses | (86,842) | (127,266) | ||||
Advances from Affiliiate | (1,592,623) | (2,027,236) | ||||
Income taxes payable | ||||||
Total liabilities | (1,679,465) | (2,154,502) | ||||
Equity: | ||||||
Common stock | (3,054) | (3,054) | ||||
Additional paid-in capital | (201,051) | (143,134) | ||||
Retained earnings | (6,030,460) | (5,759,188) | ||||
Treasury stock, at cost | ||||||
Accumulated other comprehensive loss | ||||||
Total stockholders' equity | (6,234,565) | (5,905,376) | ||||
Noncontrolling interest | ||||||
Total equity | (6,234,565) | (5,905,376) | ||||
Total liabilities and stockholders' equity | $ (7,914,030) | $ (8,059,878) |
Supplemental Guarantor Inform_5
Supplemental Guarantor Information (Level 4 IS) (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | $ 1,716,094 | $ 1,599,199 | $ 3,079,275 | $ 2,774,667 |
Cost of revenues | 1,377,268 | 1,298,157 | 2,453,766 | 2,232,637 |
Selling, general and administrative | 178,371 | 166,652 | 340,609 | 323,919 |
Total | 1,464,809 | 2,556,556 | ||
Income (loss) from operations | 160,455 | 134,390 | 284,900 | 218,111 |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | 4,419 | 2,564 | 10,559 | 41,444 |
Other income - net | 11,285 | 15,794 | 32,146 | 24,791 |
Intercompany interest income | 0 | 0 | 0 | 0 |
Interest Expense | 0 | 0 | 0 | 0 |
Income from subsidiaries | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 176,159 | 152,748 | 327,605 | 284,346 |
Income tax provision | 46,835 | 40,938 | 86,231 | 40,429 |
Net income (loss) | 129,324 | 111,810 | 241,374 | 243,917 |
Other Comprehensive Income (Loss), Net of Tax | 56 | 170 | 112 | 341 |
Comprehensive Income (loss), Net of Tax, Attributable to Parent | 129,380 | 111,980 | 241,486 | 244,258 |
Toll Brothers Inc. [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | 0 | 0 | ||
Cost of revenues | 0 | 0 | ||
Selling, general and administrative | 101 | 14 | 491 | 32 |
Total | 14 | 32 | ||
Income (loss) from operations | (101) | (14) | (491) | (32) |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | ||||
Other income - net | ||||
Intercompany interest income | ||||
Interest Expense | ||||
Income from subsidiaries | 176,260 | 152,762 | 328,096 | 284,378 |
Income (loss) before income taxes | 176,159 | 152,748 | 327,605 | 284,346 |
Income tax provision | 46,835 | 40,938 | 86,231 | 40,429 |
Net income (loss) | 129,324 | 111,810 | 241,374 | 243,917 |
Other Comprehensive Income (Loss), Net of Tax | 56 | 170 | 112 | 341 |
Comprehensive Income (loss), Net of Tax, Attributable to Parent | 129,380 | 111,980 | 241,486 | 244,258 |
Subsidiary Issuer [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | 0 | 0 | ||
Cost of revenues | 0 | 0 | ||
Selling, general and administrative | 662 | 787 | 1,395 | 1,627 |
Total | 787 | 1,627 | ||
Income (loss) from operations | (662) | (787) | (1,395) | (1,627) |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | ||||
Other income - net | ||||
Intercompany interest income | 32,883 | 36,508 | 67,004 | 69,203 |
Interest Expense | (32,221) | (35,721) | (65,609) | (67,576) |
Income from subsidiaries | ||||
Income (loss) before income taxes | 0 | 0 | 0 | 0 |
Income tax provision | ||||
Net income (loss) | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | ||||
Comprehensive Income (loss), Net of Tax, Attributable to Parent | 0 | 0 | 0 | 0 |
Guarantor Subsidiaries [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | 1,690,615 | 1,511,989 | 2,998,144 | 2,627,343 |
Cost of revenues | 1,348,732 | 1,218,344 | 2,373,765 | 2,093,152 |
Selling, general and administrative | 185,133 | 171,049 | 355,050 | 333,128 |
Total | 1,389,393 | 2,426,280 | ||
Income (loss) from operations | 156,750 | 122,596 | 269,329 | 201,063 |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | 3,154 | 1,601 | 8,541 | 6,733 |
Other income - net | 6,758 | 6,798 | 12,255 | 12,683 |
Intercompany interest income | 343 | 389 | 870 | 389 |
Interest Expense | (1,475) | (1,058) | (2,980) | (2,081) |
Income from subsidiaries | 10,730 | 23,752 | 40,081 | 65,653 |
Income (loss) before income taxes | 176,260 | 154,078 | 328,096 | 284,440 |
Income tax provision | 46,859 | 52,971 | 86,355 | 40,442 |
Net income (loss) | 129,401 | 101,107 | 241,741 | 243,998 |
Other Comprehensive Income (Loss), Net of Tax | ||||
Comprehensive Income (loss), Net of Tax, Attributable to Parent | 129,401 | 101,107 | 241,741 | 243,998 |
Nonguarantor Subsidiaries [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | 71,231 | 133,544 | 171,658 | 237,658 |
Cost of revenues | 46,525 | 94,256 | 113,766 | 171,743 |
Selling, general and administrative | 17,342 | 20,161 | 36,095 | 40,334 |
Total | 114,417 | 212,077 | ||
Income (loss) from operations | 7,364 | 19,127 | 21,797 | 25,581 |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | 1,265 | 963 | 2,018 | 34,711 |
Other income - net | 1,019 | 3,022 | 14,250 | 4,066 |
Intercompany interest income | 1,475 | 1,058 | 2,980 | 2,081 |
Interest Expense | (393) | (418) | (964) | (786) |
Income from subsidiaries | ||||
Income (loss) before income taxes | 10,730 | 23,752 | 40,081 | 65,653 |
Income tax provision | 2,914 | (2,527) | 10,549 | 9,335 |
Net income (loss) | 7,816 | 26,279 | 29,532 | 56,318 |
Other Comprehensive Income (Loss), Net of Tax | ||||
Comprehensive Income (loss), Net of Tax, Attributable to Parent | 7,816 | 26,279 | 29,532 | 56,318 |
Eliminations [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | (45,752) | (46,334) | (90,527) | (90,334) |
Cost of revenues | (17,989) | (14,443) | (33,765) | (32,258) |
Selling, general and administrative | (24,867) | (25,359) | (52,422) | (51,202) |
Total | (39,802) | (83,460) | ||
Income (loss) from operations | (2,896) | (6,532) | (4,340) | (6,874) |
Other [Abstract] | ||||
Income (loss) from unconsolidated entities | ||||
Other income - net | 3,508 | 5,974 | 5,641 | 8,042 |
Intercompany interest income | (34,701) | (37,955) | (70,854) | (71,673) |
Interest Expense | 34,089 | 37,197 | 69,553 | 70,443 |
Income from subsidiaries | (186,990) | (176,514) | (368,177) | (350,031) |
Income (loss) before income taxes | (186,990) | (177,830) | (368,177) | (350,093) |
Income tax provision | (49,773) | (50,444) | (96,904) | (49,777) |
Net income (loss) | (137,217) | (127,386) | (271,273) | (300,316) |
Other Comprehensive Income (Loss), Net of Tax | ||||
Comprehensive Income (loss), Net of Tax, Attributable to Parent | (137,217) | (127,386) | (271,273) | (300,316) |
Home Building [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | 1,712,057 | 1,599,199 | 3,031,365 | 2,774,667 |
Cost of revenues | 1,374,347 | 1,298,157 | 2,416,592 | 2,232,637 |
Home Building [Member] | Toll Brothers Inc. [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | ||||
Cost of revenues | ||||
Home Building [Member] | Subsidiary Issuer [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | ||||
Cost of revenues | ||||
Home Building [Member] | Guarantor Subsidiaries [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | 1,675,155 | 2,967,351 | ||
Cost of revenues | 1,344,891 | 2,365,786 | ||
Home Building [Member] | Nonguarantor Subsidiaries [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | 36,902 | 64,014 | ||
Cost of revenues | 29,616 | 50,965 | ||
Home Building [Member] | Eliminations [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | ||||
Cost of revenues | (160) | (159) | ||
Land [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | 4,037 | 0 | 47,910 | 0 |
Cost of revenues | 2,921 | $ 0 | 37,174 | $ 0 |
Land [Member] | Toll Brothers Inc. [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | ||||
Cost of revenues | ||||
Land [Member] | Subsidiary Issuer [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | ||||
Cost of revenues | ||||
Land [Member] | Guarantor Subsidiaries [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | 15,460 | 30,793 | ||
Cost of revenues | 3,841 | 7,979 | ||
Land [Member] | Nonguarantor Subsidiaries [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | 34,329 | 107,644 | ||
Cost of revenues | 16,909 | 62,801 | ||
Land [Member] | Eliminations [Member] | ||||
Supplemental Condensed Consolidating Statement of Operations | ||||
Revenues | (45,752) | (90,527) | ||
Cost of revenues | $ (17,829) | $ (33,606) |
Supplemental Guarantor Inform_6
Supplemental Guarantor Information (Level 4 CF) (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2019 | Apr. 30, 2019 | Apr. 30, 2018 | Oct. 31, 2018 | Oct. 31, 2017 | |
Cash flow (used in) provided by operating activities: | |||||
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | $ (85,678) | $ (326,268) | |||
Cash flow (used in) provided by investing activities: | |||||
Purchase of property and equipment - net | (44,941) | (6,501) | |||
Investments in and advances to unconsolidated entities | (31,560) | (10,800) | |||
Return of investments in unconsolidated entities | 70,465 | 54,315 | |||
Investment in distressed loans and foreclosed real estate | (522) | (195) | |||
Return of investments in distressed loans and foreclosed real estate | 1,214 | 3,122 | |||
Proceeds from sale of golf club property | $ 18,200 | 33,539 | |||
Investments paid intercompany | 0 | ||||
Intercompany investing advances (to) from consolidated entities | 0 | 0 | |||
Net cash provided by (used in) investing activities | 28,195 | 39,941 | |||
Cash flow provided by (used in) financing activities: | |||||
Proceeds from issuance of senior notes | 400,000 | ||||
Payments of Debt Issuance Costs Senior Long Term Debt | (3,410) | ||||
Proceeds from loans payable | 1,339,641 | 1,238,283 | |||
Debt issuance costs for loans payable | (1,948) | ||||
Repayments of Notes Payable | (1,131,795) | (1,276,148) | |||
Repayments of Senior Debt | (350,000) | ||||
(Payments) proceeds from stock-based benefit plans | 1,302 | 9,133 | |||
Purchase of treasury stock | (25,244) | (291,478) | |||
Dividends paid | (32,434) | (29,090) | |||
Proceeds from (Payments to) Noncontrolling Interests | 13 | ||||
Investment received intercompany | 0 | ||||
Intercompany financing advances (to) from consolidated entities | 0 | 0 | |||
Net cash provided by (used in) financing activities | (200,465) | 47,290 | |||
Net increase (decrease) in cash and cash equivalents | (257,948) | (239,037) | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 924,991 | 476,274 | $ 1,182,939 | $ 715,311 | |
Parent Company [Member] | |||||
Cash flow (used in) provided by operating activities: | |||||
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | (525) | (34,719) | |||
Cash flow (used in) provided by investing activities: | |||||
Purchase of property and equipment - net | |||||
Investments 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 | |||||
Proceeds from sale of golf club property | |||||
Investments paid intercompany | |||||
Intercompany investing advances (to) from consolidated entities | 56,901 | 346,154 | |||
Net cash provided by (used in) investing activities | 56,901 | 346,154 | |||
Cash flow provided by (used in) financing activities: | |||||
Proceeds from issuance of senior notes | |||||
Payments of Debt Issuance Costs Senior Long Term Debt | |||||
Proceeds from loans payable | |||||
Debt issuance costs for loans payable | |||||
Repayments of Notes Payable | |||||
Repayments of Senior Debt | |||||
(Payments) proceeds from stock-based benefit plans | 1,302 | 9,133 | |||
Purchase of treasury stock | (25,244) | (291,478) | |||
Dividends paid | (32,434) | (29,090) | |||
Proceeds from (Payments to) Noncontrolling Interests | |||||
Investment received intercompany | |||||
Intercompany financing advances (to) from consolidated entities | |||||
Net cash provided by (used in) financing activities | (56,376) | (311,435) | |||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 | |
Subsidiary Issuer [Member] | |||||
Cash flow (used in) provided by operating activities: | |||||
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | (3,635) | 5,576 | |||
Cash flow (used in) provided by investing activities: | |||||
Purchase of property and equipment - net | |||||
Investments 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 | |||||
Proceeds from sale of golf club property | |||||
Investments paid intercompany | |||||
Intercompany investing advances (to) from consolidated entities | 353,635 | (402,166) | |||
Net cash provided by (used in) investing activities | 353,635 | (402,166) | |||
Cash flow provided by (used in) financing activities: | |||||
Proceeds from issuance of senior notes | 400,000 | ||||
Payments of Debt Issuance Costs Senior Long Term Debt | (3,410) | ||||
Proceeds from loans payable | |||||
Debt issuance costs for loans payable | |||||
Repayments of Notes Payable | |||||
Repayments of Senior Debt | (350,000) | ||||
(Payments) proceeds from stock-based benefit plans | |||||
Purchase of treasury stock | |||||
Dividends paid | |||||
Proceeds from (Payments to) Noncontrolling Interests | |||||
Investment received intercompany | |||||
Intercompany financing advances (to) from consolidated entities | |||||
Net cash provided by (used in) financing activities | (350,000) | 396,590 | |||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 | |
Guarantor Subsidiaries [Member] | |||||
Cash flow (used in) provided by operating activities: | |||||
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | (69,339) | (357,136) | |||
Cash flow (used in) provided by investing activities: | |||||
Purchase of property and equipment - net | (45,805) | (6,660) | |||
Investments in and advances to unconsolidated entities | (3,091) | (1,393) | |||
Return of investments in unconsolidated entities | 23,421 | ||||
Investment in distressed loans and foreclosed real estate | |||||
Return of investments in distressed loans and foreclosed real estate | |||||
Proceeds from sale of golf club property | 15,319 | ||||
Investments paid intercompany | (57,917) | ||||
Intercompany investing advances (to) from consolidated entities | |||||
Net cash provided by (used in) investing activities | (91,494) | 15,368 | |||
Cash flow provided by (used in) financing activities: | |||||
Proceeds from issuance of senior notes | |||||
Payments of Debt Issuance Costs Senior Long Term Debt | |||||
Proceeds from loans payable | 300,000 | 450,000 | |||
Debt issuance costs for loans payable | (1,948) | ||||
Repayments of Notes Payable | (52,165) | (471,270) | |||
Repayments of Senior Debt | |||||
(Payments) proceeds from stock-based benefit plans | |||||
Purchase of treasury stock | |||||
Dividends paid | |||||
Proceeds from (Payments to) Noncontrolling Interests | |||||
Investment received intercompany | |||||
Intercompany financing advances (to) from consolidated entities | (395,905) | 112,935 | |||
Net cash provided by (used in) financing activities | (150,018) | 91,665 | |||
Net increase (decrease) in cash and cash equivalents | (310,851) | (250,103) | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 701,016 | 284,601 | 1,011,867 | 534,704 | |
Nonguarantor Subsidiaries [Member] | |||||
Cash flow (used in) provided by operating activities: | |||||
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | (1,854) | 61,072 | |||
Cash flow (used in) provided by investing activities: | |||||
Purchase of property and equipment - net | 864 | 159 | |||
Investments in and advances to unconsolidated entities | (28,469) | (9,407) | |||
Return of investments in unconsolidated entities | 70,465 | 30,894 | |||
Investment in distressed loans and foreclosed real estate | (522) | (195) | |||
Return of investments in distressed loans and foreclosed real estate | 1,214 | 3,122 | |||
Proceeds from sale of golf club property | 18,220 | ||||
Investments paid intercompany | |||||
Intercompany investing advances (to) from consolidated entities | |||||
Net cash provided by (used in) investing activities | 61,772 | 24,573 | |||
Cash flow provided by (used in) financing activities: | |||||
Proceeds from issuance of senior notes | |||||
Payments of Debt Issuance Costs Senior Long Term Debt | |||||
Proceeds from loans payable | 1,039,641 | 788,283 | |||
Debt issuance costs for loans payable | |||||
Repayments of Notes Payable | (1,079,630) | (804,878) | |||
Repayments of Senior Debt | |||||
(Payments) proceeds from stock-based benefit plans | |||||
Purchase of treasury stock | |||||
Dividends paid | |||||
Proceeds from (Payments to) Noncontrolling Interests | 13 | ||||
Investment received intercompany | 57,917 | ||||
Intercompany financing advances (to) from consolidated entities | (24,956) | (57,984) | |||
Net cash provided by (used in) financing activities | (7,015) | (74,579) | |||
Net increase (decrease) in cash and cash equivalents | 52,903 | 11,066 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 223,975 | 191,673 | 171,072 | 180,607 | |
Eliminations [Member] | |||||
Cash flow (used in) provided by operating activities: | |||||
Net Cash (Used in) Provided by Operating Activities, Continuing Operations | (10,325) | (1,061) | |||
Cash flow (used in) provided by investing activities: | |||||
Purchase of property and equipment - net | |||||
Investments 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 | |||||
Proceeds from sale of golf club property | |||||
Investments paid intercompany | 57,917 | ||||
Intercompany investing advances (to) from consolidated entities | (410,536) | 56,012 | |||
Net cash provided by (used in) investing activities | (352,619) | 56,012 | |||
Cash flow provided by (used in) financing activities: | |||||
Proceeds from issuance of senior notes | |||||
Payments of Debt Issuance Costs Senior Long Term Debt | |||||
Proceeds from loans payable | |||||
Debt issuance costs for loans payable | |||||
Repayments of Notes Payable | |||||
Repayments of Senior Debt | |||||
(Payments) proceeds from stock-based benefit plans | |||||
Purchase of treasury stock | |||||
Dividends paid | |||||
Proceeds from (Payments to) Noncontrolling Interests | |||||
Investment received intercompany | (57,917) | ||||
Intercompany financing advances (to) from consolidated entities | 420,861 | (54,951) | |||
Net cash provided by (used in) financing activities | 362,944 | (54,951) | |||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 0 | $ 0 | $ 0 | $ 0 |
Supplemental Guarantor Inform_7
Supplemental Guarantor Information Supplemental Guarantor Information (Level 4 Textuals) (Details) | Apr. 30, 2019 |
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% |