Toll Brothers (TOL) 10-Q 2 Jun 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Apr. 30, 2022	May 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2022
Document Transition Report	false
Entity File Number	001-09186
Entity Registrant Name	Toll Brothers, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-2416878
Entity Address, Address Line One	1140 Virginia Drive
Entity Address, City or Town	Fort Washington
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19034
City Area Code	215
Local Phone Number	938-8000
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	TOL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		114,977,000
Entity Central Index Key	0000794170
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2022	Oct. 31, 2021
ASSETS
Cash and cash equivalents	$ 535,038	$ 1,638,494
Inventory	8,978,816	7,915,884
Property, construction and office equipment, net	310,422	310,455
Receivables, prepaid expenses and other assets	722,702	738,078
Mortgage loans held for sale, at fair value	146,865	247,211
Customer deposits held in escrow	154,171	88,627
Investments in unconsolidated entities	684,385	599,101
Income Taxes Receivable	12,212	0
Total assets	11,544,611	11,537,850
Liabilities:
Loans payable	1,196,415	1,011,534
Senior notes	1,994,786	2,403,989
Mortgage company loan facility	113,688	147,512
Customer deposits	812,383	636,379
Accounts payable	588,742	562,466
Accrued expenses	1,232,825	1,220,235
Income taxes payable	226,106	215,280
Total liabilities	6,164,945	6,197,395
Stockholders' equity:
Preferred stock, none issued	0	0
Common stock, 127,937 shares issued April 30, 2022 and October 31, 2021, respectively	1,279	1,279
Additional paid-in capital	714,651	714,453
Retained earnings	5,297,939	4,969,839
Treasury stock, at cost - 12,614 and 7,820 shares at April 30, 2022 and October 31, 2021, respectively	(669,396)	(391,656)
Total AOCI ending balance	19,419	1,109
Total stockholders' equity	5,363,892	5,295,024
Noncontrolling interest	15,774	45,431
Total equity	5,379,666	5,340,455
Total liabilities and stockholders' equity	11,544,611	11,537,850
Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Total assets	$ 36,000	$ 90,800

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands	Apr. 30, 2022	Oct. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, shares issued		0
Common stock, shares issued	127,937	127,937
Treasury stock, at cost	12,614	7,820

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, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Revenues	$ 2,277,541	$ 1,930,124	$ 4,068,622	$ 3,493,500
Cost of revenues	1,752,246	1,526,584	3,141,390	2,760,111
Selling, general and administrative	243,637	219,170	470,507	429,909
Income from operations	281,658	184,370	456,725	303,480
Other:
Income from unconsolidated entities	2,933	10,483	24,970	11,677
Other income - net	11,224	9,213	14,936	17,285
Gain (Loss) on Extinguishment of Debt			0	(35,211)
Income before income taxes	295,815	169,826	496,631	297,231
Income tax provision	75,222	41,960	124,134	72,866
Net income	220,593	127,866	372,497	224,365
Other comprehensive income, net of tax:
Other comprehensive income, net	13,608	4,438	18,310	5,150
Total comprehensive income	$ 234,201	$ 132,304	$ 390,807	$ 229,515
Per share:
Basic earnings	$ 1.87	$ 1.03	$ 3.12	$ 1.79
Diluted earnings	$ 1.85	$ 1.01	$ 3.08	$ 1.77
Weighted average number of shares:
Basic	117,839	124,295	119,418	125,177
Diluted	118,925	125,999	120,891	126,780
5.625% Senior notes due 2024
Other:
Gain (Loss) on Extinguishment of Debt	$ 0	$ 34,240	$ 0	$ 35,211
Home Building [Member]
Revenues	2,186,529	1,836,260	3,873,881	3,246,964
Cost of revenues	1,659,265	1,434,493	2,948,792	2,556,286
Land [Member]
Revenues	91,012	93,864	194,741	246,536
Cost of revenues	$ 92,981	$ 92,091	$ 192,598	$ 203,825

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]	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, AdjustmentCommon Stock [Member]	Cumulative Effect, Period of Adoption, AdjustmentAdditional Paid-in Capital [Member]	Cumulative Effect, Period of Adoption, AdjustmentRetained Earnings [Member]	Cumulative Effect, Period of Adoption, AdjustmentTreasury Stock [Member]	Cumulative Effect, Period of Adoption, AdjustmentAOCI Attributable to Parent [Member]	Cumulative Effect, Period of Adoption, AdjustmentNoncontrolling Interest [Member]
Beginning balance at Oct. 31, 2020	$ 4,927,476	$ 1,529	$ 717,272	$ 5,164,086	$ (1,000,454)	$ (7,198)	$ 52,241
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' Equity, Period Increase (Decrease)								$ (595)			$ (595)
Net income	224,365			224,365
Purchase of treasury stock	(179,648)				(179,648)
Exercise of stock options, stock based compensation issuances, and employee stock purchase plan issuances	7,567		(24,129)		31,696
Stock-based compensation	16,279		16,279
Dividends declared	(35,283)			(35,283)
Other Comprehensive Income (Loss), Net of Tax	5,150					5,150
Net income (loss) attributable to noncontrolling interest	(20)						(20)
Capital contributions (distributions) – net	4,502						4,502
Ending balance at Apr. 30, 2021	4,960,789	1,529	709,422	5,352,573	(1,148,406)	(2,048)	47,719
Beginning balance at Jan. 31, 2021	4,834,492	1,529	708,668	5,245,935	(1,162,811)	(6,486)	47,657
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	127,866			127,866
Purchase of treasury stock	(253)				(253)
Exercise of stock options, stock based compensation issuances, and employee stock purchase plan issuances	11,966		(2,692)		14,658
Stock-based compensation	3,446		3,446
Dividends declared	(21,228)			(21,228)
Other Comprehensive Income (Loss), Net of Tax	4,438					4,438
Net income (loss) attributable to noncontrolling interest	1						1
Capital contributions (distributions) – net	(61)						(61)
Ending balance at Apr. 30, 2021	4,960,789	1,529	709,422	5,352,573	(1,148,406)	(2,048)	47,719
Beginning balance at Oct. 31, 2021	5,340,455	1,279	714,453	4,969,839	(391,656)	1,109	45,431
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	372,497			372,497
Purchase of treasury stock	(292,279)				(292,279)
Exercise of stock options, stock based compensation issuances, and employee stock purchase plan issuances	(2,283)		(16,822)		14,539
Stock-based compensation	17,020		17,020
Dividends declared	(44,397)			(44,397)
Other Comprehensive Income (Loss), Net of Tax	18,310					18,310
Net income (loss) attributable to noncontrolling interest	86						86
Capital contributions (distributions) – net	29,743						29,743
Ending balance at Apr. 30, 2022	5,379,666	1,279	714,651	5,297,939	(669,396)	19,419	15,774
Beginning balance at Jan. 31, 2022	5,301,450	1,279	711,558	5,100,841	(563,618)	5,811	45,579
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	220,593			220,593
Purchase of treasury stock	(106,511)				(106,511)
Exercise of stock options, stock based compensation issuances, and employee stock purchase plan issuances	421		(312)		733
Stock-based compensation	3,405		3,405
Dividends declared	(23,495)			(23,495)
Other Comprehensive Income (Loss), Net of Tax	13,608					13,608
Net income (loss) attributable to noncontrolling interest	65						65
Capital contributions (distributions) – net	29,870						29,870
Ending balance at Apr. 30, 2022	$ 5,379,666	$ 1,279	$ 714,651	$ 5,297,939	$ (669,396)	$ 19,419	$ 15,774

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Cash flow provided by (used in) operating activities:
Net income	$ 372,497	$ 224,365
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization	33,536	33,181
Stock-based compensation	17,020	16,279
Income (Loss) from unconsolidated entities	(24,970)	(11,677)
Distributions of earnings from unconsolidated entities	29,636	11,464
Deferred tax (benefit) provision	6,797	3,222
Inventory impairments and write-offs	4,425	2,847
Asset Impairment Charges	6,800	0
Gain (Loss) on Sale of Assets	0	(38,706)
Expenses related to early retirement of debt	0	35,211
Other	2,831	1,882
Changes in operating assets and liabilities
Inventory	(890,202)	(528,048)
Payments for Origination of Mortgage Loans Held-for-sale	(931,958)	(906,251)
Sale of mortgage loans	1,027,696	929,763
Receivables, prepaid expenses and other assets	(239)	77,624
Current income taxes, net	(14,321)	(17,178)
Customer deposits, net	110,460	132,840
Accounts payable and accrued expenses	45,020	60,449
Net Cash Provided by (Used in) Operating Activities, Continuing Operations	(204,972)	27,267
Cash flow (used in) provided by investing activities:
Purchase of property and equipment - net	(39,140)	(29,606)
Investments in and advances to unconsolidated entities	(121,282)	(153,828)
Return of investments in unconsolidated entities	88,371	144,047
Proceeds from sales of golf club property and an office building	0	80,418
Payments for (Proceeds from) Other Investing Activities	194	579
Net Cash (Used in) Provided By Investing Activities, Continuing Operations	(71,857)	41,610
Cash flow used in financing activities:
Proceeds from loans payable	1,826,068	1,335,309
Repayments of loans payable	(1,879,318)	(1,548,152)
Redemption of senior notes	(409,856)	(294,168)
(Payments) proceeds from stock-based benefit plans	(2,279)	7,569
Purchase of treasury stock	(284,276)	(179,648)
Dividends paid	(44,255)	(35,272)
Proceeds from (Payments to) Noncontrolling Interests	(25,766)	(4,718)
Net Cash Used in Financing Activities, Continuing Operations	(819,682)	(719,080)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	(1,096,511)	(650,203)
Cash, Cash Equivalents, and Restricted Cash , beginning of period	1,684,412	1,396,604
Cash, Cash Equivalents, and Restricted Cash, end of period	$ 587,901	$ 746,401

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Apr. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Significant Accounting Policies Basis of Presentation Our 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. Our 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, 2021 balance sheet amounts and disclosures have been derived from our October 31, 2021 audited financial statements. Since the 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 included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2021 (“2021 Form 10-K”). In the opinion of management, the unaudited condensed consolidated financial statements include all recurring adjustments, necessary to present fairly our financial position as of April 30, 2022; the results of our operations and changes in equity for the three-month and six-month periods ended April 30, 2022 and 2021; and our cash flows for the six-month periods ended April 30, 2022 and 2021. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Use of Estimates The preparation of financial statements in accordance with GAAP requires estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. In times of economic disruption when uncertainty regarding future economic conditions is heightened, these estimates and assumptions are subject to greater variability. We are subject to risks and uncertainties, including risks and uncertainties resulting from the COVID-19 pandemic, and are likely to continue to impact our business operations. As a result, actual results could differ from the estimates and assumptions we make and such differences may be material. Revenue Recognition 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 where we build, we are not able to complete certain outdoor features prior to the closing of the home. 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, 2022, the home sales revenues and related costs we deferred related to these obligations were immaterial. Our contract liabilities, consisting of deposits received from customers for sold but undelivered homes, totaled $812.4 million and $636.4 million at April 30, 2022 and October 31, 2021, respectively. Of the outstanding customer deposits held as of October 31, 2021, we recognized $132.9 million and $243.8 million in home sales revenues during the three months and six months ended April 30, 2022. Land sales and other revenues: Our revenues from land sales and other generally consist of: (1) land sales to joint ventures in which we retain an interest; (2) bulk sales to third parties of land we have decided no longer meets our development criteria; (3) lot sales to third-party builders within our master planned communities; and (4) sales of commercial and retail properties generally located at our City Living buildings. 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. For 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: 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 offer our home buyers sales incentives. These incentives 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 March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848),” as amended by ASU 2021-01 in January 2021, directly addressing the effects of reference rate reform on financial reporting as a result of the cessation of the publication of certain LIBOR rates beginning December 31, 2021, with complete elimination of the publication of the LIBOR rates by June 30, 2023. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform by virtue of referencing LIBOR or another reference rate expected to be discontinued. This guidance became effective on March 12, 2020 and can be adopted no later than December 31, 2022, with early adoption permitted. We are currently evaluating the impact, but do not expect that the adoption of ASU 2020-04, as amended by ASU 2021-01, will have a material impact on our consolidated financial statements or disclosures. Reclassification

Inventory

Inventory	6 Months Ended
	Apr. 30, 2022
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory at April 30, 2022 and October 31, 2021 consisted of the following (amounts in thousands): April 30, October 31, Land controlled for future communities $ 218,402 $ 185,656 Land owned for future communities 933,730 564,737 Operating communities 7,826,684 7,165,491 $ 8,978,816 $ 7,915,884 Operating communities include communities offering homes for sale; communities that have sold all available home sites but have not completed delivery of the homes 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. Backlog consists of homes under contract but not yet delivered to our home buyers (“backlog”). The amounts we have provided for inventory impairment charges and the expensing of costs that we believe not to be recoverable, for the periods indicated, are shown in the table below (amounts in thousands): Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Land controlled for future communities $ 2,192 $ 1,581 $ 2,985 $ 1,747 Land owned for future communities — — 1,440 — Operating communities — — — 1,100 $ 2,192 $ 1,581 $ 4,425 $ 2,847 See Note 13, “Commitments and Contingencies,” for information regarding land purchase commitments. At April 30, 2022, we evaluated our land purchase contracts, including those to acquire land for apartment developments, to determine whether any of the selling entities were variable interest entities (“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, 2022, we determined that 235 land purchase contracts, with an aggregate purchase price of $3.91 billion, on which we had made aggregate deposits totaling $356.1 million, were VIEs, and that we were not the primary beneficiary of any VIE related to our land purchase contracts. At October 31, 2021, we determined that 289 land purchase contracts, with an aggregate purchase price of $3.67 billion, on which we had made aggregate deposits totaling $302.4 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): Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Interest capitalized, beginning of period $ 247,942 $ 302,961 $ 253,938 $ 297,975 Interest incurred 31,888 38,047 62,893 79,315 Interest expensed to home sales cost of revenues (40,822) (44,092) (73,259) (77,417) Interest expensed to land sales and other cost of revenues (219) (579) (3,628) (2,417) Interest capitalized on investments in unconsolidated entities (1,516) (1,192) (2,806) (2,326) Previously capitalized interest on investments in unconsolidated entities transferred to inventory 60 — 195 15 Interest capitalized, end of period $ 237,333 $ 295,145 $ 237,333 $ 295,145

Investments in Unconsolidated E

Investments in Unconsolidated Entities	6 Months Ended
	Apr. 30, 2022
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 and our ownership interest in these investments ranges from 5.0% to 50%. These entities, which are structured as joint ventures and either: (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”); or (iv) 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, 2022, 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 14 2 38 4 58 Investment in unconsolidated entities (1) $ 285,070 $ 6,676 $ 383,135 $ 9,504 $ 684,385 Number of unconsolidated entities with funding commitments by the Company 11 — 15 1 27 Company’s remaining funding commitment to unconsolidated entities (2) $ 107,738 $ — $ 132,526 $ 18,799 $ 259,063 (1) Our total investment includes $84.2 million related to 13 unconsolidated joint venture-related variable interests in VIEs and our maximum exposure to losses related to these VIEs is approximately $263.1 million as of April 30, 2022. Our ownership interest in such unconsolidated Joint Venture VIEs ranges from 20% to 50% . (2) Our remaining funding commitment includes approximately $168.1 million related to our unconsolidated joint venture-related variable interests in VIEs. Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at April 30, 2022, regarding the debt financing obtained by category ($ amounts in thousands): Land Rental Property Total Number of joint ventures with debt financing 8 29 37 Aggregate loan commitments $ 507,427 $ 2,789,904 $ 3,297,331 Amounts borrowed under loan commitments $ 375,481 $ 1,492,027 $ 1,867,508 More specific and/or recent information regarding our investments in, advances to, and future commitments to these entities is provided below. New Joint Ventures The table below provides information on joint ventures entered into during the six-months ended April 30, 2022 ($ amounts in thousands): Land Development Joint Ventures Rental Property Joint Ventures Gibraltar Joint Ventures Number of unconsolidated joint ventures entered into during the period 2 7 1 Investment balance at April 30, 2022 $ 13,816 $ 69,513 $ 2,093 In addition, in the first quarter of fiscal 2022, we entered into a joint venture with an unrelated party to develop a luxury for-rent residential apartment project in Washington, D.C. on land which we contributed to the venture. The land we contributed has a carrying value of $60.1 million and remains on our balance sheet under “Receivables, prepaid expenses, and other assets”. Under the terms of the joint venture agreement, our partner has the right to put their interest back to us if certain conditions are not satisfied. If those conditions are satisfied, we would expect to deconsolidate this land and recognize a land sale at that time. In the second quarter of fiscal 2022, the joint venture entered into a $162.7 million construction loan commitment agreement to finance the development of the project. As of April 30, 2022, no amounts were borrowed under this commitment. The table below provides information on joint ventures entered into during the six-months ended April 30, 2021 ($ amounts in thousands): Land Development Joint Ventures Rental Property Joint Ventures Number of unconsolidated joint ventures entered into during the period 4 3 Investment balance at April 30, 2021 $ 86,200 $ 43,700 Results of Operations and Intra-entity Transactions From time to time, certain of our land development and rental property joint ventures sell assets to unrelated parties or to our joint venture partner. In connection with these sales, we recognized gains of $11.5 million in the three -month period ended April 30, 2021 . No gains were recognized in the three-month period ended April 30, 2022. In the six-month periods ended April 30, 2022 and 2021, we recognized gains of $21.0 million and $17.5 million, respectively. These gains ar e included in “Income from unconsolidated entities” on our Condensed Consolidated Statements of Operations and Comprehensive Income. In the six-month period ended April 30, 2021, we recognized other-than-temporary impairment charges on our investments in certain Home Building Joint Ventures of $2.1 million. There were no other-than-temporary impairment charges recognized in the six-month period ended April 30, 2022 or the three-month periods ended April 30, 2022 and 2021. In the three -month periods ended April 30, 2022 and 2021, w e purchased land from unconsolidated entities, principally related to our acquisition of lots from our Land Development Joint Ventures, totaling $14.1 million and $3.5 million, respectively. In the six- month periods ended April 30, 2022 and 2021 , w e purchased land from unconsolidated entities, principally related to our acquisition of lots from our Land Development Joint Ventures, totaling $37.9 million and $7.8 million, respectively. Our share of income from the lots we acquired was insignificant in each period. In the three -month periods ended April 30, 2022 and 2021, w e sold land to unconsolidated entities, which principally involved land sales to our Rental Property Joint Ventures, totaling $73.9 million and $82.6 million, respectively. In the six- month periods ended April 30, 2022 and 2021, w e sold land to unconsolidated entities, which principally involved land sales to our Rental Property Joint Ventures, totaling $151.9 million and $140.0 million, respectively. These amounts are included in “Land sales and other revenue” on our Condensed Consolidated Statements of Operations and Comprehensive Income and are generally sold at or near our land basis. 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 have guaranteed portions of debt of 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, we and our joint venture partner have provided joint and several guarantees in connection with loans to unconsolidated entities. In these situations, we generally seek to implement 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, we are not always successful. In addition, if the joint venture partner does not have adequate financial resources to meet its obligations under such a reimbursement agreement, we may be liable for more than our proportionate share. We believe that, as of April 30, 2022, 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. Information with respect to certain of the Company’s unconsolidated entities’ outstanding debt obligations, loan commitments and our guarantees thereon are as follows ($ amounts in thousands): April 30, 2022 Loan commitments in the aggregate $ 2,789,200 Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed (1) $ 481,900 Debt obligations borrowed in the aggregate $ 1,359,400 Our maximum estimated exposure under repayment and carry cost guarantees of the debt obligations borrowed $ 266,600 Estimated fair value of guarantees provided by us related to debt and other obligations $ 12,900 Terms of guarantees 1 month - 4.0 years (1) Our maximum estimated exposure under repayment and carry cost guarantees includes approximately $95.0 million related to our unconsolidated Joint Venture VIEs. The maximum exposure estimates presented above do not take into account any recoveries from the underlying collateral or any reimbursement from our partners. We have not made payments under any of the outstanding guarantees, nor have we been called upon to do so. Variable Interest Entities We have both unconsolidated and consolidated joint venture-related variable interests in VIEs. Information regarding our involvement in unconsolidated joint-venture related variable interests in VIEs has been disclosed throughout information presented above. The table below provides information as of April 30, 2022 and October 31, 2021, regarding our consolidated joint venture-related variable interests in VIEs ($ amounts in thousands): Balance Sheet Classification April 30, October 31, Number of Joint Venture VIEs that the Company is the primary beneficiary and consolidates 5 5 Carrying value of consolidated VIEs assets Receivables prepaid expenses, and other assets $ 36,000 $ 90,800 Our partners’ interests in consolidated VIEs Noncontrolling interest $ 9,700 $ 39,400 Our ownership interest in the above consolidated Joint Venture VIEs ranges from 50% to 98%. We are actively looking for additional partners for these investments and to the extent we are able to find such partners, we will reduce our ownership interest in these entities. As shown above, we are the primary beneficiary of certain 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. For other VIEs, we are not the primary beneficiary 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 other members. Joint Venture Condensed Combined Financial Information The Condensed Combined Balance Sheets, as of the dates indicated, and the Condensed Combined Statements of Operations, for the periods indicated, for the unconsolidated entities in which we have an investment are included below (in thousands): Condensed Combined Balance Sheets: April 30, October 31, Cash and cash equivalents $ 189,373 $ 153,582 Inventory 1,037,284 964,962 Loans receivable – net 58,547 86,727 Rental properties 1,447,011 1,496,355 Rental properties under development 1,205,474 697,659 Other assets 250,783 227,579 Total assets $ 4,188,472 $ 3,626,864 Debt – net of deferred financing costs $ 1,861,211 $ 1,677,619 Other liabilities 267,771 248,545 Members’ equity 2,059,490 1,700,700 Total liabilities and equity $ 4,188,472 $ 3,626,864 Company’s net investment in unconsolidated entities (1) $ 684,385 $ 599,101 (1) Our underlying equity in the net assets of the unconsolidated entities exceeded our net investment in unconsolidated entities by $22.1 million and $16.5 million as of April 30, 2022 and October 31, 2021, respectively, and these differences are primarily a result of other than temporary impairments we have recognized; 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 Combined Statements of Operations: Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Revenues $ 130,771 $ 86,422 $ 286,523 $ 178,952 Cost of revenues 86,219 60,136 194,701 156,859 Other expenses 39,172 35,081 82,776 70,470 Total expenses 125,391 95,217 277,477 227,329 Loss on disposition of loans and real estate owned — (209) (113) (209) Income (loss) from operations 5,380 (9,004) 8,933 (48,586) Other income (2) 7,064 34,385 40,410 35,332 Income (loss) before income taxes 12,444 25,381 49,343 (13,254) Income tax expense (benefit) 74 (152) 156 (1,659) Net income (loss) including earnings from noncontrolling interests 12,370 25,533 49,187 (11,595) Less: income attributable to noncontrolling interest — — — (174) Net income (loss) attributable to controlling interest $ 12,370 $ 25,533 $ 49,187 $ (11,769) Company’s equity in earnings of unconsolidated entities (3) $ 2,933 $ 10,483 $ 24,970 $ 11,677 (2) The six months ended April 30, 2022 includes $29.9 million related to the sale of an asset by one Rental Property Joint Venture. The three months and six months ended April 30, 2021 includes $32.6 million related to the sale of an asset by one Rental Property Joint Venture. (3) Differences between our equity in earnings of unconsolidated entities and the underlying net income (loss) of the entities are primarily a result of distributions from entities in excess of the carrying amount of our investment; promote earned on the gains recognized by joint ventures and those promoted cash flows being distributed; other than temporary impairments

Receivables, Prepaid Expenses,

Receivables, Prepaid Expenses, and Other Assets	6 Months Ended
	Apr. 30, 2022
Receivables, prepaid expenses and other assets [Abstract]
Receivables, Prepaid Expenses, and Other Assets	Receivables, Prepaid Expenses, and Other Assets Receivables, prepaid expenses, and other assets at April 30, 2022 and October 31, 2021, consisted of the following (amounts in thousands): April 30, 2022 October 31, 2021 Expected recoveries from insurance carriers and others $ 15,960 $ 16,773 Improvement cost receivable 65,484 67,626 Escrow cash held by our wholly owned title company 51,603 41,429 Properties held for rental apartment and commercial development 311,776 381,401 Prepaid expenses 34,328 34,960 Right-of-use asset 101,139 96,276 Other 142,412 99,613 $ 722,702 $ 738,078 See Note 6, “Accrued Expenses,” for additional information regarding the expected recoveries from insurance carriers and others. As of April 30, 2022 and October 31, 2021, properties held for rental apartment and commercial development include $36.0 million and $90.8 million, respectively, of assets related to consolidated VIEs. See Note 3, “Investments in Unconsolidated Entities” for additional information regarding VIEs.

Loans Payable, Senior Notes and

Loans Payable, Senior Notes and Mortgage Company Loan Facility	6 Months Ended
	Apr. 30, 2022
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, 2022 and October 31, 2021, loans payable consisted of the following (amounts in thousands): April 30, October 31, Senior unsecured term loan $ 650,000 $ 650,000 Loans payable – other 548,659 364,042 Deferred issuance costs (2,244) (2,508) $ 1,196,415 $ 1,011,534 Senior Unsecured Term Loan We are party to a $650.0 million senior unsecured term loan facility (the “Term Loan Facility”) with a syndicate of banks. On October 31, 2021, we entered into term loan extension agreements to extend the maturity date of $548.4 million of outstanding term loans from November 1, 2025 to November 1, 2026, with the remainder of the term loans remaining due November 1, 2025. Other than $101.6 million of term loans that are scheduled to mature on November 1, 2025, there are no payments required before the final maturity date on the Term Loan Facility. At April 30, 2022, the interest rate on the Term Loan Facility was 1.82% per annum. We and substantially all of our 100%-owned home building subsidiaries are guarantors under the Term Loan Facility. The Term Loan Facility contains substantially the same financial covenants as the Revolving Credit Facility described below. In November 2020, we entered into five interest rate swap transactions to hedge $400.0 million of the Term Loan Facility through October 2025. The interest rate swaps effectively fix the interest cost on the $400.0 million at 0.369% plus the spread set forth in the pricing schedule in the Term Loan Facility, which was 1.05% as of April 30, 2022. These interest rate swaps were designated as cash flow hedges. Revolving Credit Facility We have a $1.905 billion, senior unsecured revolving credit facility (the “Revolving Credit Facility”) with a syndicate of banks. On October 31, 2021, we entered into extension letter agreements which extended the maturity date of $1.78 billion of the revolving loans and commitments under the Revolving Credit Facility from November 1, 2025 to November 1, 2026, with the remainder of the revolving loans and commitments continuing to terminate on November 1, 2025. We and substantially all of our 100%-owned home building subsidiaries are guarantors under the Revolving Credit Facility. Under the terms of the Revolving Credit Facility, at April 30, 2022, 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 $2.08 billion. Under the terms of the Revolving Credit Facility, at April 30, 2022, our leverage ratio was approximately 0.46 to 1.00, and our tangible net worth was approximately $5.31 billion. Based upon the terms of the Revolving Credit Facility, our ability to repurchase our common stock was limited to approximately $4.24 billion as of April 30, 2022. In addition, under the provisions of the Revolving Credit Facility, our ability to pay cash dividends was limited to approximately $3.23 billion as of April 30, 2022. At April 30, 2022, we had no outstanding borrowings under the Revolving Credit Facility and had approximately $84.0 million of outstanding letters of credit that were issued under the Revolving Credit Facility. At April 30, 2022, the interest rate on outstanding borrowings under the Revolving Credit Facility would have been 1.97% per annum. In May 2022, we borrowed $200.0 million under our Revolving Credit Facility. Loans Payable – Other “Loans payable – other” primarily represents purchase money mortgages on properties we acquired that the seller had financed, project-level financing, and various revenue bonds that were issued by government entities on our behalf to finance community infrastructure and our manufacturing facilities. At April 30, 2022, the weighted-average interest rate on “Loans payable – other” was 3.88% per annum. Senior Notes At April 30, 2022, we had five issues of senior notes outstanding with an aggregate principal amount of $2.00 billion. In our first quarter of fiscal 2022, we redeemed the remaining $409.9 million principal amount of 5.875% Senior Notes due February 15, 2022, at par, plus accrued interest. Mortgage Company Loan Facility

Accrued Expenses

Accrued Expenses	6 Months Ended
	Apr. 30, 2022
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses at April 30, 2022 and October 31, 2021 consisted of the following (amounts in thousands): April 30, October 31, Land, land development, and construction $ 285,161 $ 310,996 Compensation and employee benefits 194,952 232,161 Escrow liability 44,735 36,107 Self-insurance 237,023 236,369 Warranty 143,991 145,062 Lease liabilities 122,700 116,248 Deferred revenue 86,575 36,638 Interest 31,316 34,033 Commitments to unconsolidated entities 22,260 22,150 Treasury share purchases 8,003 — Other 56,109 50,471 $ 1,232,825 $ 1,220,235 The table below provides, for the periods indicated, a reconciliation of the changes in our warranty accrual (amounts in thousands): Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Balance, beginning of period $ 143,043 $ 150,878 $ 145,062 $ 157,351 Additions – homes closed during the period 13,745 11,309 23,200 18,711 Increase in accruals for homes closed in prior years – net 715 3,696 3,672 4,891 Charges incurred (13,512) (12,243) (27,943) (27,313) Balance, end of period $ 143,991 $ 153,640 $ 143,991 $ 153,640 Since fiscal 2014, we have received water intrusion claims from owners of homes built since 2002 in communities located in Pennsylvania and Delaware. 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 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. From October 31, 2016 through the second quarter of fiscal 2020, our recorded aggregate estimated repair costs to be incurred for known and unknown water intrusion claims were $324.4 million and our recorded aggregate expected recoveries from insurance carriers and suppliers were approximately $152.6 million. Based on trends in claims experience over several years and lower than anticipated repair costs, in the second fiscal quarter of 2020 and again in the fourth fiscal quarter of 2021, we reduced the aggregate estimated repair costs to be incurred for known and unknown water intrusion claims by a total of $36.2 million. Because this reduction was associated with periods in which we expect our insurance deductibles and self-insured retentions to be exhausted, we reduced our aggregate expected recoveries from insurance carriers and suppliers by a corresponding $36.2 million. Our recorded remaining estimated repair costs, which reflects a reduction for the aggregate amount expended to resolve claims, were approximately $50.6 million at April 30, 2022 and $54.7 million at October 31, 2021. Our recorded remaining expected recoveries from insurance carriers and suppliers were approximately $4.5 million at April 30, 2022 and $5.8 million at October 31, 2021. As noted above, our review process includes a number of estimates that are based on assumptions with uncertain outcomes. 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.

Income Taxes

Income Taxes	6 Months Ended
	Apr. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We recorded income tax provisions of $75.2 million and $42.0 million for the three months ended April 30, 2022 and 2021, respectively. The effective tax rate was 25.4% for the three months ended April 30, 2022, compared to 24.7% for the three months ended April 30, 2021. We recorded income tax provisions of $124.1 million and $72.9 million for the six months ended April 30, 2022 and 2021, respectively. The effective tax rate was 25.0% for the six months ended April 30, 2022, compared to 24.5% for the six months ended April 30, 2021. The income tax provisions for all periods included the provision for state income taxes, interest accrued on anticipated tax assessments, excess tax benefits related to stock-based compensation, federal energy efficient home credits and other permanent differences. 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 2022 will be approximately 5.3%. Our state income tax rate for the full fiscal year 2021 was 5.8%. At April 30, 2022, we had $5.9 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, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Benefit Plans	Stock-Based Benefit Plans We grant stock options and various types of restricted stock units to our employees and our non-employee directors. Additionally, we have an employee stock purchase plan that allows employees to purchase our stock at a discount. Information regarding the amount of total stock-based compensation expense and tax benefit recognized by us, for the periods indicated, is as follows (amounts in thousands): Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Total stock-based compensation expense recognized $ 3,405 $ 3,446 $ 17,020 $ 16,279 Income tax benefit recognized $ 855 $ 878 $ 4,268 $ 4,150 At April 30, 2022 and October 31, 2021, the aggregate unamortized value of unvested stock-based compensation awards was approximately $20.7 million and $14.7 million, respectively.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Apr. 30, 2022
Stock Repurchase Program [Abstract]
Stockholders’ Equity	Stockholders’ Equity Stock Repurchase Program From time to time since fiscal 2017, our Board of Directors has renewed its authorization to repurchase up to 20 million shares of our common stock in open market transactions, privately negotiated transactions (including accelerated share repurchases), issuer tender offers or other financial arrangements or transactions. Most recently, on May 17, 2022, our Board of Directors renewed its authorization to repurchase 20 million shares of our common stock. Shares may be repurchased in open market transactions, privately negotiated transactions (including accelerated share repurchases), issuer tender offers or other financial arrangements or transactions for general corporate purposes, including to obtain shares for the Company’s equity award and other employee benefit plans. The Board of Directors did not fix any expiration date for this repurchase program. The table below provides, for the periods indicated, information about our share repurchase programs: Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Number of shares purchased (in thousands) 2,205 5 5,219 4,032 Average price per share $ 48.30 $ 55.11 $ 56.01 $ 44.56 Remaining authorization at April 30 (in thousands) 7,344 15,952 7,344 15,952 Cash Dividends On March 8, 2022, our Board of Directors approved an increase in our quarterly cash dividend from $0.17 per share to $0.20 per share. During the three month periods ended April 30, 2022 and 2021, we declared and paid cash dividends of $0.20 and $0.17 per share, respectively, to our shareholders. During the six months ended April 30, 2022 and 2021, we declared and paid cash dividends of $0.37 and $0.28 per share, respectively, to our shareholders. Accumulated Other Comprehensive Income (Loss) The changes in each component of accumulated other comprehensive income (loss) (“AOCI”), for the periods indicated, were as follows (amounts in thousands): Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Employee Retirement Plans Beginning balance $ (5,685) $ (6,864) $ (6,024) $ (7,198) Gains reclassified from AOCI to net income (1) 451 450 903 900 Less: Tax expense (2) (113) (115) (226) (231) Net gains reclassified from AOCI to net income 338 335 677 669 Other comprehensive income – net of tax 338 335 677 669 Ending balance $ (5,347) $ (6,529) $ (5,347) $ (6,529) Derivative Instruments Beginning balance $ 11,496 $ 378 $ 7,133 $ — Unrealized gains on derivative instruments 17,616 5,474 23,363 5,972 Less: Tax expense (4,425) (1,395) (5,866) (1,523) Net gains on derivative instruments 13,191 4,079 17,497 4,449 Gains reclassified from AOCI to net income (3) 106 32 182 42 Less: Tax expense (2) (27) (8) (46) (10) Net gains reclassified from AOCI to net income 79 24 136 32 Other comprehensive income – net of tax 13,270 4,103 17,633 4,481 Ending balance $ 24,766 $ 4,481 $ 24,766 $ 4,481 Total AOCI ending balance $ 19,419 $ (2,048) $ 19,419 $ (2,048) (1) Reclassified to “Other income – net” (2) Reclassified to “Income tax provision” (3) Reclassified to “Cost of revenues – home sales”

Earnings Per Share Information

Earnings Per Share Information	6 Months Ended
	Apr. 30, 2022
Earnings Per Share [Abstract]
Earnings 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): Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Numerator: Net income as reported $ 220,593 $ 127,866 $ 372,497 $ 224,365 Denominator: Basic weighted-average shares 117,839 124,295 119,418 125,177 Common stock equivalents (1) 1,086 1,704 1,473 1,603 Diluted weighted-average shares 118,925 125,999 120,891 126,780 Other information: Weighted-average number of antidilutive options and restricted stock units (2) 214 36 209 311 Shares issued under stock incentive and employee stock purchase plans 17 418 424 874 (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, 2022
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Fair Value Disclosures Financial Instruments The table below provides, as of the dates indicated, a summary of assets/(liabilities) related to our financial instruments, measured at fair value on a recurring basis (amounts in thousands): Fair value Financial Instrument Fair value April 30, October 31, 2021 Residential Mortgage Loans Held for Sale Level 2 $ 146,865 $ 247,211 Forward Loan Commitments — Residential Mortgage Loans Held for Sale Level 2 $ 3,617 $ 1,782 Interest Rate Lock Commitments (“IRLCs”) Level 2 $ (10,606) $ (1,773) Forward Loan Commitments — IRLCs Level 2 $ 10,606 $ 1,773 Interest Rate Swap Contracts Level 2 $ 34,061 $ 10,330 At April 30, 2022 and October 31, 2021, the carrying value of cash and cash equivalents and customer deposits held in escrow approximated fair value. The fair values of the interest rate swap contracts are included in “Receivables, prepaid expenses and other assets” in our Condensed Consolidated Balance Sheets and are determined using widely accepted valuation techniques including discounted cash flow analysis based on the expected cash flows of each swap contract. Although the Company has determined that the significant inputs, such as interest yield curve and discount rate, used to value its interest rate swap contracts fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our counterparties and our own credit risk utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of April 30, 2022, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our interest rate swap contract positions and have determined that the credit valuation adjustments were not significant to the overall valuation of our interest rate swap contracts. As a result, we have determined that our interest rate swap contracts valuations in their entirety are classified in Level 2 of the fair value hierarchy. 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 Fair value Fair value At April 30, 2022 $ 148,729 $ 146,865 $ (1,864) At October 31, 2021 $ 244,467 $ 247,211 $ 2,744 Inventory We recognize inventory impairment charges based on the difference in the carrying value of the inventory and its fair value at the time of the evaluation. The fair value of the aforementioned inventory was determined using Level 3 criteria. Estimated fair value is primarily determined by discounting the estimated future cash flow of each community. See Note 1, “Significant Accounting Policies – Inventory,” in our 2021 Form 10-K for additional information regarding our methodology for determining fair value. Impairments on operating communities were insignificant during the three month and six month periods ended April 30, 2022 and 2021 and, accordingly, we did not disclose the ranges of certain quantitative unobservable inputs utilized in determining the fair value of such impaired operating communities. 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, 2022 October 31, 2021 Fair value Book value Estimated Book value Estimated Loans payable (1) Level 2 $ 1,198,659 $ 1,190,896 $ 1,014,042 $ 1,021,662 Senior notes (2) Level 1 2,000,000 1,951,047 2,409,856 2,577,818 Mortgage company loan facility (3) Level 2 113,688 113,688 147,512 147,512 $ 3,312,347 $ 3,255,631 $ 3,571,410 $ 3,746,992 (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, 2022
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): Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Income from ancillary businesses 12,334 9,061 14,294 15,920 Management fee income from Home Building Joint Ventures – net 1,037 448 2,375 565 Other (2,147) (296) (1,733) 800 Total other income – net $ 11,224 $ 9,213 $ 14,936 $ 17,285 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. Income from ancillary businesses is generated by our mortgage, title, landscaping, smart home technology, Gibraltar, apartment living 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): Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Revenues $ 31,890 $ 32,731 $ 59,586 $ 61,831 Expenses $ 19,556 $ 23,670 $ 45,292 $ 45,911 In the three-month and six-month periods ended April 30, 2022, our smart home technology business recognized a $9.0 million gain from a bulk sale of security monitoring accounts, which is included in income from ancillary businesses above. In the three-month periods ended April 30, 2022 and 2021, our apartment living operations earned fees from unconsolidated entities of $4.8 million and $3.8 million, respectively. In the six-month periods ended April 30, 2022 and 2021, our apartment living operations earned fees from unconsolidated entities of $9.6 million and $8.6 million, respectively. Fees earned by our apartment living operations are included in income from ancillary businesses.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Apr. 30, 2022
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. Land Purchase Contracts 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 contracts, as of the dates indicated, is provided in the table below (amounts in thousands): April 30, 2022 October 31, 2021 Aggregate purchase price: Unrelated parties $ 4,592,468 $ 4,442,804 Unconsolidated entities that the Company has investments in 30,011 9,953 Total $ 4,622,479 $ 4,452,757 Deposits against aggregate purchase price $ 402,910 $ 336,363 Additional cash required to acquire land 4,219,569 4,116,394 Total $ 4,622,479 $ 4,452,757 Amount of additional cash required to acquire land included in accrued expenses $ 23,617 $ 37,447 In addition, we expect to purchase approximately 6,000 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, 2022, we also had purchase contracts to acquire land for apartment developments of approximately $113.9 million, of which we had outstanding deposits in the amount of $4.6 million. We intend to acquire and 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 price 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, 2022, we had investments in a number of unconsolidated entities, were committed to invest or advance additional funds, and had guaranteed a portion of the indebtedness and/or loan commitments of these entities. See Note 3, “Investments in Unconsolidated Entities,” for more information regarding our commitments to these entities. Surety Bonds and Letters of Credit At April 30, 2022, we had outstanding surety bonds amounting to $894.8 million, primarily related to our obligations to governmental entities to construct improvements in our communities. We estimate that approximately $423.4 million of work remains on these improvements. We have an additional $254.8 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, 2022, we had outstanding letters of credit of $84.0 million under our Revolving 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. At April 30, 2022, we had provided financial guarantees of $26.3 million related to fronted letters of credit to secure obligations related to certain of our insurance policy deductibles and other claims. Backlog At April 30, 2022, we had agreements of sale outstanding to deliver 11,768 homes with an aggregate sales value of $11.71 billion. Mortgage Commitments Our mortgage subsidiary provides mortgage financing for a portion of our home closings. For those home buyers to whom our mortgage subsidiary provides mortgages, we determine whether the home buyer qualifies for the mortgage based upon information provided by the home buyer and other sources. For those home buyers who qualify, our mortgage subsidiary provides the home buyer with a mortgage commitment that specifies the terms and conditions of a proposed mortgage loan based upon then-current market conditions. Prior to the actual closing of the home and funding of the mortgage, the home buyer will lock in an interest rate based upon the terms of the commitment. At the time of rate lock, our mortgage subsidiary agrees to sell the proposed mortgage loan to one of several outside recognized mortgage financing institutions (“investors”) that is willing to honor the terms and conditions, including interest rate, committed to the home buyer. We believe that these investors have adequate financial resources to honor their commitments to our mortgage subsidiary. Mortgage loans are sold to investors with limited recourse provisions derived from industry-standard representations and warranties in the relevant agreements. These representations and warranties primarily involve the absence of misrepresentations by the borrower or other parties, the appropriate underwriting of the loan and in some cases, a required minimum number of payments to be made by the borrower. The Company generally does not retain any other continuing interest related to mortgage loans sold in the secondary market. Information regarding our mortgage commitments, as of the dates indicated, is provided in the table below (amounts in thousands): April 30, October 31, 2021 Aggregate mortgage loan commitments: IRLCs $ 779,144 $ 528,127 Non-IRLCs 3,168,794 2,705,772 Total $ 3,947,938 $ 3,233,899 Investor commitments to purchase: IRLCs $ 779,144 $ 528,127 Mortgage loans held for sale 146,899 244,376 Total $ 926,043 $ 772,503

Information on Segments

Information on Segments	6 Months Ended
	Apr. 30, 2022
Segment Reporting [Abstract]
Information on Segments	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, affordable luxury, 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. Our Traditional Home Building segment operates in the following five geographic segments, with current operations generally located in the states listed below: • The North region: Connecticut, Delaware, Illinois, Massachusetts, Michigan, New Jersey, New York and Pennsylvania; • The Mid-Atlantic region: Georgia, Maryland, North Carolina, Tennessee and Virginia; • The South region: Florida, South Carolina and Texas; • The Mountain region: Arizona, Colorado, Idaho, Nevada and Utah; and • The Pacific region: California, Oregon and Washington. Revenues and income (loss) before income taxes for each of our segments, for the periods indicated, were as follows (amounts in thousands): Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Revenues: Traditional Home Building: North $ 380,905 $ 390,665 $ 696,267 $ 703,304 Mid-Atlantic 268,250 218,291 511,127 382,275 South 326,351 280,176 569,870 497,060 Mountain 653,558 431,850 1,115,858 809,827 Pacific 541,495 458,605 926,444 789,763 Traditional Home Building 2,170,559 1,779,587 3,819,566 3,182,229 City Living 18,002 57,985 57,774 65,778 Corporate and other (2,032) (1,312) (3,459) (1,043) Total home sales revenues 2,186,529 1,836,260 3,873,881 3,246,964 Land sales and other revenues 91,012 93,864 194,741 246,536 Total revenues $ 2,277,541 $ 1,930,124 $ 4,068,622 $ 3,493,500 Income (loss) before income taxes: Traditional Home Building: North $ 50,729 $ 39,220 $ 82,269 $ 58,102 Mid-Atlantic 43,807 23,967 77,231 42,780 South 42,979 38,268 65,511 59,751 Mountain 104,962 52,080 175,973 88,093 Pacific 117,020 74,167 181,554 121,721 Traditional Home Building 359,497 227,702 582,538 370,447 City Living (1) (264) 12,480 12,453 45,172 Corporate and other (63,418) (70,356) (98,360) (118,388) Total $ 295,815 $ 169,826 $ 496,631 $ 297,231 (1) In the first quarter of fiscal 2021, we sold certain commercial assets associated with our Hoboken, New Jersey condominium projects for $82.4 million which is included in Land sales and other revenues above. City Living recognized net gains of $38.3 million from these sales. “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 our apartment rental development business; 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 $ 1,439,036 $ 1,357,168 Mid-Atlantic 1,065,594 976,887 South 1,867,816 1,421,612 Mountain 2,748,850 2,397,484 Pacific 2,331,142 2,174,997 Traditional Home Building 9,452,438 8,328,148 City Living 316,998 332,972 Corporate and other 1,775,175 2,876,730 Total $ 11,544,611 $ 11,537,850 “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. The amounts we have provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable for each of our segments, for the periods indicated, were as follows (amounts in thousands): Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Traditional Home Building: North $ 443 $ 31 $ 769 $ 65 Mid-Atlantic 706 59 1,145 90 South 466 419 609 444 Mountain 342 11 444 20 Pacific 235 1,061 258 1,128 Traditional Home Building 2,192 1,581 3,225 1,747 City Living — — 1,200 1,100 Total $ 2,192 $ 1,581 $ 4,425 $ 2,847

Supplemental Disclosure to Cond

Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows	6 Months Ended
	Apr. 30, 2022
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, 2022 2021 Cash flow information: Income tax paid – net $ 131,658 $ 86,822 Noncash activity: Cost of inventory acquired through seller financing, municipal bonds, or included in accrued expenses - net $ 180,576 $ 124,333 Accrued treasury share purchases $ 8,003 $ — Transfer of inventory to investment in unconsolidated entities $ 556 $ 49,979 Transfer of other assets to investment in unconsolidated entities - net $ 55,202 $ 35,540 Unrealized gain on derivatives $ 23,731 $ 6,372 At April 30, 2022 2021 Cash, cash equivalents, and restricted cash Cash and cash equivalents $ 535,038 $ 714,968 Restricted cash included in receivables, prepaid expenses, and other assets 52,863 31,433 Total cash, cash equivalents, and restricted cash shown on the Condensed Consolidated Statements of Cash Flows $ 587,901 $ 746,401

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Apr. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our 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. Our 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, 2021 balance sheet amounts and disclosures have been derived from our October 31, 2021 audited financial statements. Since the 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 included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2021 (“2021 Form 10-K”). In the opinion of management, the unaudited condensed consolidated financial statements include all recurring adjustments, necessary to present fairly our financial position as of April 30, 2022; the results of our operations and changes in equity for the three-month and six-month periods ended April 30, 2022 and 2021; and our cash flows for the six-month periods ended April 30, 2022 and 2021. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Use of Estimates The preparation of financial statements in accordance with GAAP requires estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. In times of economic disruption when uncertainty regarding future economic conditions is heightened, these estimates and assumptions are subject to greater variability. We are subject to risks and uncertainties, including risks and uncertainties resulting from the COVID-19 pandemic, and are likely to continue to impact our business operations. As a result, actual results could differ from the estimates and assumptions we make and such differences may be material.
Revenue Recognition	Revenue Recognition 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 where we build, we are not able to complete certain outdoor features prior to the closing of the home. 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, 2022, the home sales revenues and related costs we deferred related to these obligations were immaterial. Our contract liabilities, consisting of deposits received from customers for sold but undelivered homes, totaled $812.4 million and $636.4 million at April 30, 2022 and October 31, 2021, respectively. Of the outstanding customer deposits held as of October 31, 2021, we recognized $132.9 million and $243.8 million in home sales revenues during the three months and six months ended April 30, 2022. Land sales and other revenues: Our revenues from land sales and other generally consist of: (1) land sales to joint ventures in which we retain an interest; (2) bulk sales to third parties of land we have decided no longer meets our development criteria; (3) lot sales to third-party builders within our master planned communities; and (4) sales of commercial and retail properties generally located at our City Living buildings. 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. For 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: 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 offer our home buyers sales incentives. These incentives vary by type of incentive and by amount on a community-by-community and home-by-home basis. Incentives are reflected as a
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848),” as amended by ASU 2021-01 in January 2021, directly addressing the effects of reference rate reform on financial reporting as a result of the cessation of the publication of certain LIBOR rates beginning December 31, 2021, with complete elimination of the publication of the LIBOR rates by June 30, 2023. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform by virtue of referencing LIBOR or another reference rate expected to be discontinued. This guidance became effective on March 12, 2020 and can be adopted no later than December 31, 2022, with early adoption permitted. We are currently evaluating the impact, but do not expect that the adoption of ASU 2020-04, as amended by ASU 2021-01, will have a material impact on our consolidated financial statements or disclosures.
Reclassification	ReclassificationCertain prior period amounts have been reclassified to conform to the fiscal 2022 presentation.

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Apr. 30, 2022
Inventory Disclosure [Abstract]
Inventory	Inventory at April 30, 2022 and October 31, 2021 consisted of the following (amounts in thousands): April 30, October 31, Land controlled for future communities $ 218,402 $ 185,656 Land owned for future communities 933,730 564,737 Operating communities 7,826,684 7,165,491 $ 8,978,816 $ 7,915,884
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 believe not to be recoverable, for the periods indicated, are shown in the table below (amounts in thousands): Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Land controlled for future communities $ 2,192 $ 1,581 $ 2,985 $ 1,747 Land owned for future communities — — 1,440 — Operating communities — — — 1,100 $ 2,192 $ 1,581 $ 4,425 $ 2,847
Interest incurred, capitalized and expensed	Interest incurred, capitalized, and expensed, for the periods indicated, was as follows (amounts in thousands): Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Interest capitalized, beginning of period $ 247,942 $ 302,961 $ 253,938 $ 297,975 Interest incurred 31,888 38,047 62,893 79,315 Interest expensed to home sales cost of revenues (40,822) (44,092) (73,259) (77,417) Interest expensed to land sales and other cost of revenues (219) (579) (3,628) (2,417) Interest capitalized on investments in unconsolidated entities (1,516) (1,192) (2,806) (2,326) Previously capitalized interest on investments in unconsolidated entities transferred to inventory 60 — 195 15 Interest capitalized, end of period $ 237,333 $ 295,145 $ 237,333 $ 295,145

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	6 Months Ended
	Apr. 30, 2022
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Summary of Joint Venture Information	The table below provides information as of April 30, 2022, 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 14 2 38 4 58 Investment in unconsolidated entities (1) $ 285,070 $ 6,676 $ 383,135 $ 9,504 $ 684,385 Number of unconsolidated entities with funding commitments by the Company 11 — 15 1 27 Company’s remaining funding commitment to unconsolidated entities (2) $ 107,738 $ — $ 132,526 $ 18,799 $ 259,063 (1) Our total investment includes $84.2 million related to 13 unconsolidated joint venture-related variable interests in VIEs and our maximum exposure to losses related to these VIEs is approximately $263.1 million as of April 30, 2022. Our ownership interest in such unconsolidated Joint Venture VIEs ranges from 20% to 50% . (2) Our remaining funding commitment includes approximately $168.1 million related to our unconsolidated joint venture-related variable interests in VIEs.
Summary of Joint Ventures Borrowing information	Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at April 30, 2022, regarding the debt financing obtained by category ($ amounts in thousands): Land Rental Property Total Number of joint ventures with debt financing 8 29 37 Aggregate loan commitments $ 507,427 $ 2,789,904 $ 3,297,331 Amounts borrowed under loan commitments $ 375,481 $ 1,492,027 $ 1,867,508
New joint venture formations	The table below provides information on joint ventures entered into during the six-months ended April 30, 2022 ($ amounts in thousands): Land Development Joint Ventures Rental Property Joint Ventures Gibraltar Joint Ventures Number of unconsolidated joint ventures entered into during the period 2 7 1 Investment balance at April 30, 2022 $ 13,816 $ 69,513 $ 2,093 In addition, in the first quarter of fiscal 2022, we entered into a joint venture with an unrelated party to develop a luxury for-rent residential apartment project in Washington, D.C. on land which we contributed to the venture. The land we contributed has a carrying value of $60.1 million and remains on our balance sheet under “Receivables, prepaid expenses, and other assets”. Under the terms of the joint venture agreement, our partner has the right to put their interest back to us if certain conditions are not satisfied. If those conditions are satisfied, we would expect to deconsolidate this land and recognize a land sale at that time. In the second quarter of fiscal 2022, the joint venture entered into a $162.7 million construction loan commitment agreement to finance the development of the project. As of April 30, 2022, no amounts were borrowed under this commitment. The table below provides information on joint ventures entered into during the six-months ended April 30, 2021 ($ amounts in thousands): Land Development Joint Ventures Rental Property Joint Ventures Number of unconsolidated joint ventures entered into during the period 4 3 Investment balance at April 30, 2021 $ 86,200 $ 43,700
Summary of Unconsolidated Entities Debt Obligations, Loan Commitments and Guarantees	Information with respect to certain of the Company’s unconsolidated entities’ outstanding debt obligations, loan commitments and our guarantees thereon are as follows ($ amounts in thousands): April 30, 2022 Loan commitments in the aggregate $ 2,789,200 Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed (1) $ 481,900 Debt obligations borrowed in the aggregate $ 1,359,400 Our maximum estimated exposure under repayment and carry cost guarantees of the debt obligations borrowed $ 266,600 Estimated fair value of guarantees provided by us related to debt and other obligations $ 12,900 Terms of guarantees 1 month - 4.0 years (1) Our maximum estimated exposure under repayment and carry cost guarantees includes approximately $95.0 million related to our unconsolidated Joint Venture VIEs.
Condensed balance sheet	Condensed Combined Balance Sheets: April 30, October 31, Cash and cash equivalents $ 189,373 $ 153,582 Inventory 1,037,284 964,962 Loans receivable – net 58,547 86,727 Rental properties 1,447,011 1,496,355 Rental properties under development 1,205,474 697,659 Other assets 250,783 227,579 Total assets $ 4,188,472 $ 3,626,864 Debt – net of deferred financing costs $ 1,861,211 $ 1,677,619 Other liabilities 267,771 248,545 Members’ equity 2,059,490 1,700,700 Total liabilities and equity $ 4,188,472 $ 3,626,864 Company’s net investment in unconsolidated entities (1) $ 684,385 $ 599,101 (1) Our underlying equity in the net assets of the unconsolidated entities exceeded our net investment in unconsolidated entities by $22.1 million and $16.5 million as of April 30, 2022 and October 31, 2021, respectively, and these differences are primarily a result of other than temporary impairments we have recognized; 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 Combined Statements of Operations: Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Revenues $ 130,771 $ 86,422 $ 286,523 $ 178,952 Cost of revenues 86,219 60,136 194,701 156,859 Other expenses 39,172 35,081 82,776 70,470 Total expenses 125,391 95,217 277,477 227,329 Loss on disposition of loans and real estate owned — (209) (113) (209) Income (loss) from operations 5,380 (9,004) 8,933 (48,586) Other income (2) 7,064 34,385 40,410 35,332 Income (loss) before income taxes 12,444 25,381 49,343 (13,254) Income tax expense (benefit) 74 (152) 156 (1,659) Net income (loss) including earnings from noncontrolling interests 12,370 25,533 49,187 (11,595) Less: income attributable to noncontrolling interest — — — (174) Net income (loss) attributable to controlling interest $ 12,370 $ 25,533 $ 49,187 $ (11,769) Company’s equity in earnings of unconsolidated entities (3) $ 2,933 $ 10,483 $ 24,970 $ 11,677 (2) The six months ended April 30, 2022 includes $29.9 million related to the sale of an asset by one Rental Property Joint Venture. The three months and six months ended April 30, 2021 includes $32.6 million related to the sale of an asset by one Rental Property Joint Venture. (3) Differences between our equity in earnings of unconsolidated entities and the underlying net income (loss) of the entities are primarily a result of distributions from entities in excess of the carrying amount of our investment; promote earned on the gains recognized by joint ventures and those promoted cash flows being distributed; other than temporary impairments
Consolidated Joint Venture Related Variable Interest Entities	The table below provides information as of April 30, 2022 and October 31, 2021, regarding our consolidated joint venture-related variable interests in VIEs ($ amounts in thousands): Balance Sheet Classification April 30, October 31, Number of Joint Venture VIEs that the Company is the primary beneficiary and consolidates 5 5 Carrying value of consolidated VIEs assets Receivables prepaid expenses, and other assets $ 36,000 $ 90,800 Our partners’ interests in consolidated VIEs Noncontrolling interest $ 9,700 $ 39,400 Our ownership interest in the above consolidated Joint Venture VIEs ranges from 50% to 98%. We are actively looking for additional partners for these investments and to the extent we are able to find such partners, we will reduce our ownership interest in these entities.

Receivables, Prepaid Expenses_2

Receivables, Prepaid Expenses, and Other Assets (Tables)	6 Months Ended
	Apr. 30, 2022
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, 2022 and October 31, 2021, consisted of the following (amounts in thousands): April 30, 2022 October 31, 2021 Expected recoveries from insurance carriers and others $ 15,960 $ 16,773 Improvement cost receivable 65,484 67,626 Escrow cash held by our wholly owned title company 51,603 41,429 Properties held for rental apartment and commercial development 311,776 381,401 Prepaid expenses 34,328 34,960 Right-of-use asset 101,139 96,276 Other 142,412 99,613 $ 722,702 $ 738,078

Loans Payable, Senior Notes a_2

Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable (Tables)	6 Months Ended
	Apr. 30, 2022
Debt Disclosure [Abstract]
Loans Payable [Text Block]	At April 30, 2022 and October 31, 2021, loans payable consisted of the following (amounts in thousands): April 30, October 31, Senior unsecured term loan $ 650,000 $ 650,000 Loans payable – other 548,659 364,042 Deferred issuance costs (2,244) (2,508) $ 1,196,415 $ 1,011,534

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Apr. 30, 2022
Payables and Accruals [Abstract]
Accrued expenses	Accrued expenses at April 30, 2022 and October 31, 2021 consisted of the following (amounts in thousands): April 30, October 31, Land, land development, and construction $ 285,161 $ 310,996 Compensation and employee benefits 194,952 232,161 Escrow liability 44,735 36,107 Self-insurance 237,023 236,369 Warranty 143,991 145,062 Lease liabilities 122,700 116,248 Deferred revenue 86,575 36,638 Interest 31,316 34,033 Commitments to unconsolidated entities 22,260 22,150 Treasury share purchases 8,003 — Other 56,109 50,471 $ 1,232,825 $ 1,220,235
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): Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Balance, beginning of period $ 143,043 $ 150,878 $ 145,062 $ 157,351 Additions – homes closed during the period 13,745 11,309 23,200 18,711 Increase in accruals for homes closed in prior years – net 715 3,696 3,672 4,891 Charges incurred (13,512) (12,243) (27,943) (27,313) Balance, end of period $ 143,991 $ 153,640 $ 143,991 $ 153,640

Stock-Based Benefit Plans (Tabl

Stock-Based Benefit Plans (Tables)	6 Months Ended
	Apr. 30, 2022
Share-based Payment Arrangement [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): Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Total stock-based compensation expense recognized $ 3,405 $ 3,446 $ 17,020 $ 16,279 Income tax benefit recognized $ 855 $ 878 $ 4,268 $ 4,150

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Apr. 30, 2022
Stock Repurchase Program [Abstract]
Stock repurchase program	The table below provides, for the periods indicated, information about our share repurchase programs: Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Number of shares purchased (in thousands) 2,205 5 5,219 4,032 Average price per share $ 48.30 $ 55.11 $ 56.01 $ 44.56 Remaining authorization at April 30 (in thousands) 7,344 15,952 7,344 15,952
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The changes in each component of accumulated other comprehensive income (loss) (“AOCI”), for the periods indicated, were as follows (amounts in thousands): Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Employee Retirement Plans Beginning balance $ (5,685) $ (6,864) $ (6,024) $ (7,198) Gains reclassified from AOCI to net income (1) 451 450 903 900 Less: Tax expense (2) (113) (115) (226) (231) Net gains reclassified from AOCI to net income 338 335 677 669 Other comprehensive income – net of tax 338 335 677 669 Ending balance $ (5,347) $ (6,529) $ (5,347) $ (6,529) Derivative Instruments Beginning balance $ 11,496 $ 378 $ 7,133 $ — Unrealized gains on derivative instruments 17,616 5,474 23,363 5,972 Less: Tax expense (4,425) (1,395) (5,866) (1,523) Net gains on derivative instruments 13,191 4,079 17,497 4,449 Gains reclassified from AOCI to net income (3) 106 32 182 42 Less: Tax expense (2) (27) (8) (46) (10) Net gains reclassified from AOCI to net income 79 24 136 32 Other comprehensive income – net of tax 13,270 4,103 17,633 4,481 Ending balance $ 24,766 $ 4,481 $ 24,766 $ 4,481 Total AOCI ending balance $ 19,419 $ (2,048) $ 19,419 $ (2,048) (1) Reclassified to “Other income – net” (2) Reclassified to “Income tax provision” (3) Reclassified to “Cost of revenues – home sales”

Earnings Per Share Information

Earnings Per Share Information (Tables)	6 Months Ended
	Apr. 30, 2022
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): Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Numerator: Net income as reported $ 220,593 $ 127,866 $ 372,497 $ 224,365 Denominator: Basic weighted-average shares 117,839 124,295 119,418 125,177 Common stock equivalents (1) 1,086 1,704 1,473 1,603 Diluted weighted-average shares 118,925 125,999 120,891 126,780 Other information: Weighted-average number of antidilutive options and restricted stock units (2) 214 36 209 311 Shares issued under stock incentive and employee stock purchase plans 17 418 424 874 (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 (Tables)

Fair Value Disclosures (Tables)	6 Months Ended
	Apr. 30, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Summary of assets and (liabilities), measured at fair value on a recurring basis	The table below provides, as of the dates indicated, a summary of assets/(liabilities) related to our financial instruments, measured at fair value on a recurring basis (amounts in thousands): Fair value Financial Instrument Fair value April 30, October 31, 2021 Residential Mortgage Loans Held for Sale Level 2 $ 146,865 $ 247,211 Forward Loan Commitments — Residential Mortgage Loans Held for Sale Level 2 $ 3,617 $ 1,782 Interest Rate Lock Commitments (“IRLCs”) Level 2 $ (10,606) $ (1,773) Forward Loan Commitments — IRLCs Level 2 $ 10,606 $ 1,773 Interest Rate Swap Contracts Level 2 $ 34,061 $ 10,330
Aggregate unpaid principal and fair value of mortgage loans held for sale	The table below provides, as of the dates indicated, the aggregate unpaid principal and fair value of mortgage loans held for sale (amounts in thousands): Aggregate unpaid Fair value Fair value At April 30, 2022 $ 148,729 $ 146,865 $ (1,864) At October 31, 2021 $ 244,467 $ 247,211 $ 2,744
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, 2022 October 31, 2021 Fair value Book value Estimated Book value Estimated Loans payable (1) Level 2 $ 1,198,659 $ 1,190,896 $ 1,014,042 $ 1,021,662 Senior notes (2) Level 1 2,000,000 1,951,047 2,409,856 2,577,818 Mortgage company loan facility (3) Level 2 113,688 113,688 147,512 147,512 $ 3,312,347 $ 3,255,631 $ 3,571,410 $ 3,746,992 (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 (Tables)

Other Income - Net (Tables)	6 Months Ended
	Apr. 30, 2022
Other Income and Expenses [Abstract]
Other Income - net	The table below provides the significant components of other income – net (amounts in thousands): Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Income from ancillary businesses 12,334 9,061 14,294 15,920 Management fee income from Home Building Joint Ventures – net 1,037 448 2,375 565 Other (2,147) (296) (1,733) 800 Total other income – net $ 11,224 $ 9,213 $ 14,936 $ 17,285
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): Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Revenues $ 31,890 $ 32,731 $ 59,586 $ 61,831 Expenses $ 19,556 $ 23,670 $ 45,292 $ 45,911

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Apr. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Company land purchase commitments	Information regarding our land purchase contracts, as of the dates indicated, is provided in the table below (amounts in thousands): April 30, 2022 October 31, 2021 Aggregate purchase price: Unrelated parties $ 4,592,468 $ 4,442,804 Unconsolidated entities that the Company has investments in 30,011 9,953 Total $ 4,622,479 $ 4,452,757 Deposits against aggregate purchase price $ 402,910 $ 336,363 Additional cash required to acquire land 4,219,569 4,116,394 Total $ 4,622,479 $ 4,452,757 Amount of additional cash required to acquire land included in accrued expenses $ 23,617 $ 37,447
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, 2021 Aggregate mortgage loan commitments: IRLCs $ 779,144 $ 528,127 Non-IRLCs 3,168,794 2,705,772 Total $ 3,947,938 $ 3,233,899 Investor commitments to purchase: IRLCs $ 779,144 $ 528,127 Mortgage loans held for sale 146,899 244,376 Total $ 926,043 $ 772,503

Information on Segments (Tables

Information on Segments (Tables)	6 Months Ended
	Apr. 30, 2022
Segment Reporting [Abstract]
Revenue and income (loss) before income taxes and total assets	Revenues and income (loss) before income taxes for each of our segments, for the periods indicated, were as follows (amounts in thousands): Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Revenues: Traditional Home Building: North $ 380,905 $ 390,665 $ 696,267 $ 703,304 Mid-Atlantic 268,250 218,291 511,127 382,275 South 326,351 280,176 569,870 497,060 Mountain 653,558 431,850 1,115,858 809,827 Pacific 541,495 458,605 926,444 789,763 Traditional Home Building 2,170,559 1,779,587 3,819,566 3,182,229 City Living 18,002 57,985 57,774 65,778 Corporate and other (2,032) (1,312) (3,459) (1,043) Total home sales revenues 2,186,529 1,836,260 3,873,881 3,246,964 Land sales and other revenues 91,012 93,864 194,741 246,536 Total revenues $ 2,277,541 $ 1,930,124 $ 4,068,622 $ 3,493,500 Income (loss) before income taxes: Traditional Home Building: North $ 50,729 $ 39,220 $ 82,269 $ 58,102 Mid-Atlantic 43,807 23,967 77,231 42,780 South 42,979 38,268 65,511 59,751 Mountain 104,962 52,080 175,973 88,093 Pacific 117,020 74,167 181,554 121,721 Traditional Home Building 359,497 227,702 582,538 370,447 City Living (1) (264) 12,480 12,453 45,172 Corporate and other (63,418) (70,356) (98,360) (118,388) Total $ 295,815 $ 169,826 $ 496,631 $ 297,231 (1) In the first quarter of fiscal 2021, we sold certain commercial assets associated with our Hoboken, New Jersey condominium projects for $82.4 million which is included in Land sales and other revenues above. City Living recognized net gains of $38.3 million from these sales. “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 our apartment rental development business; 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 $ 1,439,036 $ 1,357,168 Mid-Atlantic 1,065,594 976,887 South 1,867,816 1,421,612 Mountain 2,748,850 2,397,484 Pacific 2,331,142 2,174,997 Traditional Home Building 9,452,438 8,328,148 City Living 316,998 332,972 Corporate and other 1,775,175 2,876,730 Total $ 11,544,611 $ 11,537,850
Schedule of inventory impairments by segment	The amounts we have provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable for each of our segments, for the periods indicated, were as follows (amounts in thousands): Three months ended April 30, Six months ended April 30, 2022 2021 2022 2021 Traditional Home Building: North $ 443 $ 31 $ 769 $ 65 Mid-Atlantic 706 59 1,145 90 South 466 419 609 444 Mountain 342 11 444 20 Pacific 235 1,061 258 1,128 Traditional Home Building 2,192 1,581 3,225 1,747 City Living — — 1,200 1,100 Total $ 2,192 $ 1,581 $ 4,425 $ 2,847

Supplemental Disclosure to Co_2

Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows (Tables)	6 Months Ended
	Apr. 30, 2022
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, 2022 2021 Cash flow information: Income tax paid – net $ 131,658 $ 86,822 Noncash activity: Cost of inventory acquired through seller financing, municipal bonds, or included in accrued expenses - net $ 180,576 $ 124,333 Accrued treasury share purchases $ 8,003 $ — Transfer of inventory to investment in unconsolidated entities $ 556 $ 49,979 Transfer of other assets to investment in unconsolidated entities - net $ 55,202 $ 35,540 Unrealized gain on derivatives $ 23,731 $ 6,372 At April 30, 2022 2021 Cash, cash equivalents, and restricted cash Cash and cash equivalents $ 535,038 $ 714,968 Restricted cash included in receivables, prepaid expenses, and other assets 52,863 31,433 Total cash, cash equivalents, and restricted cash shown on the Condensed Consolidated Statements of Cash Flows $ 587,901 $ 746,401

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Apr. 30, 2022	Apr. 30, 2022	Oct. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract liabilities consisting of customer deposits	$ 812,383	$ 812,383	$ 636,379
Home Building [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract liabilities, revenue recognized	$ 132,900	$ 243,800

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Oct. 31, 2021
Total Inventory
Inventory	$ 8,978,816	$ 7,915,884
Land controlled for future communities [Member]
Total Inventory
Inventory	218,402	185,656
Land Owned for Future Communities [Member]
Total Inventory
Inventory	933,730	564,737
Operating communities [Member]
Total Inventory
Inventory	$ 7,826,684	$ 7,165,491

Inventory (Details 1)

Inventory (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Schedule of inventory [Line Items]
Inventory Write-down	$ 2,192	$ 1,581	$ 4,425	$ 2,847
Land controlled for future communities [Member]
Schedule of inventory [Line Items]
Inventory Write-down	2,192	1,581	2,985	1,747
Land Owned for Future Communities [Member]
Schedule of inventory [Line Items]
Inventory Write-down	0	0	1,440	0
Operating communities [Member]
Schedule of inventory [Line Items]
Inventory Write-down	$ 0	$ 0	$ 0	$ 1,100

Inventory (Details 2)

Inventory (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest capitalized, beginning of period	$ 247,942	$ 302,961	$ 253,938	$ 297,975
Interest incurred	31,888	38,047	62,893	79,315
Interest capitalized on investments in unconsolidated entities	(1,516)	(1,192)	(2,806)	(2,326)
Previously capitalized interest on investments in unconsolidated entities transferred to inventory	60	0	195	15
Interest capitalized, end of period	237,333	295,145	237,333	295,145
Home Building [Member]
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest expensed to cost of revenues	(40,822)	(44,092)	(73,259)	(77,417)
Land [Member]
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest expensed to cost of revenues	$ (219)	$ (579)	$ (3,628)	$ (2,417)

Inventory (Details Textual)

Inventory (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2022USD ($)	Apr. 30, 2021USD ($)	Apr. 30, 2022USD ($)	Apr. 30, 2021USD ($)	Oct. 31, 2021USD ($)
Variable Interest Entity [Line Items]
Purchase obligation	$ 4,622,479		$ 4,622,479		$ 4,452,757
Home Building [Member]
Real estate inventory capitalized interest costs [Line Items]
Interest expensed to cost of revenues	$ 40,822	$ 44,092	$ 73,259	$ 77,417
VariableInterestEntityNotPrimaryBeneficiaryAggregatedDisclosureMember [Member]
Variable Interest Entity [Line Items]
Number of VIE Land Purchase Contracts (in ones)	235		235		289
Interest Rate Swap [Member] | Home Building [Member]
Real estate inventory capitalized interest costs [Line Items]
Interest expensed to cost of revenues	$ 106	32	$ 182	42
Interest Rate Swap [Member] | AOCI Attributable to Parent [Member]
Real estate inventory capitalized interest costs [Line Items]
Interest costs incurred	94	$ 246	368	$ 400
Land Purchase Commitment To Unrelated Party [Member]
Variable Interest Entity [Line Items]
Purchase obligation	4,592,468		4,592,468		$ 4,442,804
Land Purchase Commitment To Unrelated Party [Member] | VariableInterestEntityNotPrimaryBeneficiaryAggregatedDisclosureMember [Member]
Variable Interest Entity [Line Items]
Purchase obligation	3,910,000		3,910,000		3,670,000
Land Parcel Purchase Commitment [Member]
Variable Interest Entity [Line Items]
Deposits against aggregate purchase commitments	402,910		402,910		336,363
Land Parcel Purchase Commitment [Member] | VariableInterestEntityNotPrimaryBeneficiaryAggregatedDisclosureMember [Member]
Variable Interest Entity [Line Items]
Deposits against aggregate purchase commitments	$ 356,100		$ 356,100		$ 302,400

Investments in Unconsolidated_3

Investments in Unconsolidated Entities (Details 1) $ in Thousands	Apr. 30, 2022USD ($)joint_ventures	Oct. 31, 2021USD ($)
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | joint_ventures	58
Investment in unconsolidated entities (1)	$ 684,385	$ 599,101
Number of joint venture with funding commitments | joint_ventures	27
Other commitment	$ 259,063
Land Development Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | joint_ventures	14
Investment in unconsolidated entities (1)	$ 285,070
Number of joint venture with funding commitments | joint_ventures	11
Home Building Joint Ventures, Total [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | joint_ventures	2
Investment in unconsolidated entities (1)	$ 6,676
Number of joint venture with funding commitments | joint_ventures	0
Rental Joint Ventures, including the Trust [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | joint_ventures	38
Investment in unconsolidated entities (1)	$ 383,135
Number of joint venture with funding commitments | joint_ventures	15
Gibraltar Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | joint_ventures	4
Investment in unconsolidated entities (1)	$ 9,504
Number of joint venture with funding commitments | joint_ventures	1
Variable Interest Entity, Not Primary Beneficiary [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | joint_ventures	13
Investment in unconsolidated entities (1)	$ 84,200
Other commitment	$ 168,100
Variable Interest Entity, Not Primary Beneficiary [Member] | Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	20.00%
Variable Interest Entity, Not Primary Beneficiary [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%
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	$ 107,738
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	0
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	132,526
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	18,799
Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Schedule of Equity Method Investments [Line Items]
Other commitment	$ 263,100

Investments in Unconsolidated_4

Investments in Unconsolidated Entities (Details 2) $ in Thousands	Apr. 30, 2022USD ($)joint_ventures
Schedule of Equity Method Investments [Line Items]
Number of joint ventures with loan commitments | joint_ventures	37
Line of credit facility, maximum borrowing capacity	$ 3,297,331
Amounts borrowed under commitments	$ 1,867,508
Land Development Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint ventures with loan commitments | joint_ventures	8
Line of credit facility, maximum borrowing capacity	$ 507,427
Amounts borrowed under commitments	$ 375,481
Rental Joint Ventures, including the Trust [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint ventures with loan commitments | joint_ventures	29
Line of credit facility, maximum borrowing capacity	$ 2,789,904
Amounts borrowed under commitments	$ 1,492,027

Investments in Unconsolidated_5

Investments in Unconsolidated Entities (Details 3) $ in Thousands	6 Months Ended
	Apr. 30, 2022USD ($)joint_ventures	Apr. 30, 2021USD ($)joint_ventures	Oct. 31, 2021USD ($)
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities (1)	$ 684,385		$ 599,101
Total assets	11,544,611		11,537,850
Line of credit facility, maximum borrowing capacity	3,297,331
Long-term line of credit	1,867,508
Variable Interest Entity, Primary Beneficiary [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	36,000		90,800
Noncontrolling Interest in Variable Interest Entity	9,700		$ 39,400
Land Development Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities (1)	285,070
Rental Joint Ventures, including the Trust [Member]
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities (1)	383,135
Gibraltar Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities (1)	9,504
Newly Formed Joint Ventures [Member] | Rental Joint Ventures, including the Trust [Member]
Schedule of Equity Method Investments [Line Items]
Line of credit facility, maximum borrowing capacity	162,700
Long-term line of credit	$ 0
Newly Formed Joint Ventures [Member] | Land Development Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Number of JVs formed in the period | joint_ventures	2	4
Investment in unconsolidated entities (1)	$ 13,816	$ 86,200
Newly Formed Joint Ventures [Member] | Rental Joint Ventures, including the Trust [Member]
Schedule of Equity Method Investments [Line Items]
Number of JVs formed in the period | joint_ventures	7	3
Investment in unconsolidated entities (1)	$ 69,513	$ 43,700
Newly Formed Joint Ventures [Member] | Gibraltar Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Number of JVs formed in the period | joint_ventures	1
Investment in unconsolidated entities (1)	$ 2,093

Investments in Unconsolidated_6

Investments in Unconsolidated Entities (Details 4) $ in Thousands	6 Months Ended
	Apr. 30, 2022USD ($)
Schedule of Equity Method Investments [Line Items]
Line of credit facility, maximum borrowing capacity	$ 3,297,331
Long-term line of credit	1,867,508
Variable Interest Entity, Not Primary Beneficiary [Member]
Schedule of Equity Method Investments [Line Items]
Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed (1)	95,000
Equity Method Investee [Member]
Schedule of Equity Method Investments [Line Items]
Estimated fair value of guarantees provided by us related to debt and other obligations	12,900
Indirect Guarantee of Indebtedness [Member] | Equity Method Investee [Member]
Schedule of Equity Method Investments [Line Items]
Line of credit facility, maximum borrowing capacity	2,789,200
Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed (1)	481,900
Long-term line of credit	1,359,400
Maximum repapyment and carry cost guarantee obligation for borrowings by JV	$ 266,600
Indirect Guarantee of Indebtedness [Member] | Equity Method Investee [Member] | Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Terms of guarantees	1 month
Indirect Guarantee of Indebtedness [Member] | Equity Method Investee [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Terms of guarantees	4.0 years

Investments in Unconsolidated_7

Investments in Unconsolidated Entities (Details 5) $ in Thousands	6 Months Ended
	Apr. 30, 2022USD ($)joint_ventures	Apr. 30, 2021USD ($)joint_ventures	Oct. 31, 2021USD ($)
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract]
Number of joint ventures | joint_ventures	58
Investment in unconsolidated entities (1)	$ 684,385		$ 599,101
Other commitment	$ 259,063
Variable Interest Entity, Not Primary Beneficiary [Member]
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract]
Number of joint ventures | joint_ventures	13
Investment in unconsolidated entities (1)	$ 84,200
Other commitment	168,100
Variable Interest Entity, Not Primary Beneficiary [Member] | Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member]
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract]
Other commitment	$ 263,100
Rental Joint Ventures, including the Trust [Member]
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract]
Number of joint ventures | joint_ventures	38
Investment in unconsolidated entities (1)	$ 383,135
Rental Joint Ventures, including the Trust [Member] | Newly Formed Joint Ventures [Member]
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract]
Investment in unconsolidated entities (1)	$ 69,513	$ 43,700
Number of JVs formed in the period | joint_ventures	7	3
Rental Joint Ventures, including the Trust [Member] | Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member]
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract]
Other commitment	$ 132,526
Land Development Joint Ventures [Member]
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract]
Number of joint ventures | joint_ventures	14
Investment in unconsolidated entities (1)	$ 285,070
Land Development Joint Ventures [Member] | Newly Formed Joint Ventures [Member]
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract]
Investment in unconsolidated entities (1)	$ 13,816	$ 86,200
Number of JVs formed in the period | joint_ventures	2	4
Land Development Joint Ventures [Member] | Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member]
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract]
Other commitment	$ 107,738
Minimum [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract]
Ownership interest	20.00%
Maximum [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract]
Ownership interest	50.00%

Investments in Unconsolidated_8

Investments in Unconsolidated Entities (Details 6) $ in Thousands	Apr. 30, 2022USD ($)joint_ventures	Oct. 31, 2021USD ($)joint_ventures
Statement of Investments in and Advances to Unconsolidated Entities [Line Items]
Number of joint ventures | joint_ventures	58
Total assets	$ 11,544,611	$ 11,537,850
Variable Interest Entity, Primary Beneficiary [Member]
Statement of Investments in and Advances to Unconsolidated Entities [Line Items]
Number of joint ventures | joint_ventures	5	5
Total assets	$ 36,000	$ 90,800
Noncontrolling Interest in Variable Interest Entity	$ 9,700	$ 39,400
Variable Interest Entity, Primary Beneficiary [Member] | Minimum [Member]
Statement of Investments in and Advances to Unconsolidated Entities [Line Items]
Ownership interest	50.00%
Variable Interest Entity, Primary Beneficiary [Member] | Maximum [Member]
Statement of Investments in and Advances to Unconsolidated Entities [Line Items]
Ownership interest	98.00%

Investments in Unconsolidated_9

Investments in Unconsolidated Entities (Details 7) - USD ($) $ in Thousands	Apr. 30, 2022	Oct. 31, 2021	Apr. 30, 2021	Oct. 31, 2020
Condensed Balance Sheets:
Total cash, cash equivalents, and restricted cash shown on the Condensed Consolidated Statements of Cash Flows	$ 587,901	$ 1,684,412	$ 746,401	$ 1,396,604
Inventory	8,978,816	7,915,884
Other	142,412	99,613
Total assets	11,544,611	11,537,850
Stockholders' Equity Attributable to Noncontrolling Interest	15,774	45,431
Total liabilities and stockholders' equity	11,544,611	11,537,850
Investments in unconsolidated entities	684,385	599,101
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity	22,100	16,500
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Condensed Balance Sheets:
Total cash, cash equivalents, and restricted cash shown on the Condensed Consolidated Statements of Cash Flows	189,373	153,582
Inventory	1,037,284	964,962
Loans Receivable, Net	58,547	86,727
Rental Properties	1,447,011	1,496,355
Rental properties under development	1,205,474	697,659
Other	250,783	227,579
Total assets	4,188,472	3,626,864
Debt, net of deferred financing costs	1,861,211	1,677,619
Accrued Liabilities and Other Liabilities	267,771	248,545
Members' Equity	2,059,490	1,700,700
Total liabilities and stockholders' equity	4,188,472	3,626,864
Investments in unconsolidated entities	$ 684,385	$ 599,101

Investments in Unconsolidate_10

Investments in Unconsolidated Entities (Details 8) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Condensed Statements of Operations and Comprehensive Income:
Income before income taxes	$ 295,815	$ 169,826	$ 496,631	$ 297,231
Income Tax Expense (Benefit)	75,222	41,960	124,134	72,866
Net Income (Loss) Attributable to Noncontrolling Interest	(65)	(1)	(86)	20
Net income	220,593	127,866	372,497	224,365
Income (loss) from equity method investments	2,933	10,483	24,970	11,677
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Condensed Statements of Operations and Comprehensive Income:
Revenues	130,771	86,422	286,523	178,952
Cost of Revenue	86,219	60,136	194,701	156,859
Other Cost and Expense, Operating	39,172	35,081	82,776	70,470
Costs and Expenses	125,391	95,217	277,477	227,329
Income From Non Performing Loan Portfolios and Foreclosed Real Estate	0	(209)	(113)	(209)
Income before income taxes	5,380	(9,004)	8,933	(48,586)
Other Income	7,064	34,385	40,410	35,332
Net Income Before Noncontrolling Interest	12,444	25,381	49,343	(13,254)
Income Tax Expense (Benefit)	74	(152)	156	(1,659)
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	12,370	25,533	49,187	(11,595)
Net Income (Loss) Attributable to Noncontrolling Interest	0	0	0	(174)
Net income	12,370	25,533	49,187	(11,769)
Income (loss) from equity method investments	$ 2,933	10,483	24,970	11,677
Gain (Loss) on Disposition of Property Plant Equipment		$ 32,600	$ 29,900	$ 32,600

Investments in Unconsolidate_11

Investments in Unconsolidated Entities (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2022USD ($)joint_ventures	Apr. 30, 2021USD ($)	Apr. 30, 2022USD ($)joint_ventures	Apr. 30, 2021USD ($)	Oct. 31, 2021USD ($)
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | joint_ventures	58		58
Line of credit facility, maximum borrowing capacity	$ 3,297,331		$ 3,297,331
Proceeds from Equity Method Investment, Distribution			29,636	$ 11,464
Long-term line of credit	1,867,508		1,867,508
Total assets	11,544,611		11,544,611		$ 11,537,850
Rental Joint Ventures, including the Trust [Member] | Newly Formed Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Line of credit facility, maximum borrowing capacity	162,700		162,700
Long-term line of credit	0		0
Rental Joint Ventures, including the Trust [Member] | Newly Formed Joint Ventures [Member] | Receivables Prepaids and Other Assets
Schedule of Equity Method Investments [Line Items]
Total assets	$ 60,100		$ 60,100
Co-venturer [Member] | Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	5.00%		5.00%
Co-venturer [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Land Development Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | joint_ventures	14		14
Land Development Joint Ventures [Member] | Equity Method Investee [Member]
Schedule of Equity Method Investments [Line Items]
Revenues	$ 14,100	$ 3,500	$ 37,900	7,800
Rental Joint Ventures, including the Trust [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | joint_ventures	38		38
Rental Joint Ventures, including Trusts i and II [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Realized Gain (Loss) on Disposal	$ 0	11,500	$ 21,000	17,500
Land sales earnings, net	73,900	82,600	151,900	140,000
Home Building Joint Ventures, Total [Member]
Schedule of Equity Method Investments [Line Items]
Other than Temporary Impairment Losses, Investments	$ 0	$ 0	$ 0	$ 2,100

Receivables, Prepaid Expenses_3

Receivables, Prepaid Expenses, and Other Assets (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Oct. 31, 2021
Receivables, prepaid expenses and other assets [Abstract]
Expected recoveries from insurance carriers and others	$ 15,960	$ 16,773
Improvement cost receivable	65,484	67,626
Escrow cash held by our wholly owned title company	51,603	41,429
Properties held for rental apartment and commercial development	311,776	381,401
Prepaid expenses	34,328	34,960
Right-of-use asset	101,139	96,276
Other	142,412	99,613
Receivables, prepaid expenses and other assets	$ 722,702	$ 738,078

Receivables, Notes Receivable,

Receivables, Notes Receivable, and Others (Details Textual) - USD ($) $ in Thousands	Apr. 30, 2022	Oct. 31, 2021
Receivables, prepaid expenses and other assets [Line Items]
Assets	$ 11,544,611	$ 11,537,850
Variable Interest Entity, Primary Beneficiary [Member]
Receivables, prepaid expenses and other assets [Line Items]
Assets	$ 36,000	$ 90,800

Loans Payable, Senior Notes a_3

Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Oct. 31, 2021
Debt Instrument [Line Items]
Other Loans Payable	$ 548,659	$ 364,042
Loans payable	1,196,415	1,011,534
Senior unsecured term loan [Member]
Debt Instrument [Line Items]
Unsecured Long-term Debt, Noncurrent	650,000	650,000
Deferred Finance Costs, Net	$ (2,244)	$ (2,508)

Loans Payable, Senior Notes a_4

Loans Payable, Senior Notes and Mortgage Company Loan Facility Term Loan Facility (Details Textual 1) $ in Thousands	6 Months Ended
	Apr. 30, 2022USD ($)	Oct. 31, 2021USD ($)	Nov. 30, 2020USD ($)numberOfInterestRateSwaps
Senior unsecured term loan due November 1 2026
Debt Instrument [Line Items]
Repayments of Debt	$ 0
Senior unsecured term loan [Member]
Debt Instrument [Line Items]
Unsecured Long-term Debt, Noncurrent	650,000	$ 650,000
Senior unsecured term loan [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Unsecured Long-term Debt, Noncurrent			$ 400,000
Number of Interest Rate Derivatives Held | numberOfInterestRateSwaps			5
Derivative, Fixed Interest Rate			0.369%
Fixed interest rate spread			1.05%
Senior unsecured term loan due November 1 2026
Debt Instrument [Line Items]
Unsecured Long-term Debt, Noncurrent	$ 650,000	$ 548,400
Debt Instrument, Interest Rate at Period End	1.82%
Senior unsecured term loan due November 1 2025 | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Unsecured Long-term Debt, Noncurrent	$ 101,600
Guarantor Subsidiaries [Member] | Toll Brothers
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) - USD ($) $ in Thousands	6 Months Ended
	Apr. 30, 2022	May 31, 2022	Oct. 31, 2021
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 3,297,331
Long-term line of credit	1,867,508
Oct 2021 Revolving Credit Facility Extension Agreement
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,905,000		$ 1,780,000
Maximum Permissible Leverage Ratio	175.00%
Minimum Net Worth Required for Compliance	$ 2,080,000
Existing Leverage Ratio	0.46
Tangible Net Worth	$ 5,310,000
Ability to repurchase common stock	4,240,000
Ability to pay dividends	3,230,000
Long-term line of credit	0
Letters of Credit Outstanding, Amount	$ 84,000
Debt Instrument, Interest Rate at Period End	1.97%
Oct 2021 Revolving Credit Facility Extension Agreement | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Long-term line of credit		$ 200,000

Loans Payable, Senior Notes a_6

Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable - Other (Details Textual 3)	Apr. 30, 2022
Loans Payable [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	3.88%

Loans Payable, Senior Notes a_7

Loans Payable, Senior Notes and Mortgage Company Loan Facility Senior Notes Payable (Details Textual 4) $ in Thousands	6 Months Ended
	Apr. 30, 2022USD ($)debtissuances	Apr. 30, 2021USD ($)	Oct. 31, 2021USD ($)
Senior Note Payable (Textual) [Abstract]
Number of issuances of senior debt | debtissuances	5
Repayments of Senior Debt	$ 409,856	$ 294,168
Senior notes	1,994,786		$ 2,403,989
Senior Notes [Member]
Senior Note Payable (Textual) [Abstract]
Debt Instrument, Face Amount	2,000,000
5.875% Senior Notes Due 2022
Senior Note Payable (Textual) [Abstract]
Senior notes	$ 409,900
Interest rate on notes	5.875%

Loans Payable, Senior Notes a_8

Loans Payable, Senior Notes and Mortgage Company Loan Facility Mortgage Company Loan Facility (Details Textual 5) - USD ($) $ in Thousands	Apr. 02, 2022	Apr. 30, 2022
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 3,297,331
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	Apr. 2, 2022
Debt Instrument, Interest Rate, Effective Percentage		2.42%
London Interbank Offered Rate (LIBOR) [Member] | Warehouse Agreement Borrowings [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Bloomsberg Short-Term Bank Yield Index (BSBY) | Warehouse Agreement Borrowings [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.75%
Bloomsberg Short-Term Bank Yield Index (BSBY) | Warehouse Agreement Borrowings [Member] | Interest Rate Floor
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0.50%

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 31, 2022	Oct. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Oct. 31, 2020
Accrued expenses
Land, land development, and construction	$ 285,161		$ 310,996
Compensation and employee benefits	194,952		232,161
Escrow liability	44,735		36,107
Self-insurance	237,023		236,369
Warranty	143,991	$ 143,043	145,062	$ 153,640	$ 150,878	$ 157,351
Lease Liabilities	$ 122,700		$ 116,248
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses, Total		Accrued expenses, Total
Deferred revenue	$ 86,575		$ 36,638
Interest	31,316		34,033
Commitments to unconsolidated entities	22,260		22,150
Treasury share purchases	8,003		0
Other	56,109		50,471
Accrued expenses, Total	$ 1,232,825		$ 1,220,235

Accrued Expenses (Detail Textua

Accrued Expenses (Detail Textuals) - USD ($) $ in Thousands	6 Months Ended	42 Months Ended	45 Months Ended
	Apr. 30, 2022	Apr. 30, 2020	Jul. 31, 2020	Jan. 31, 2022	Oct. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Oct. 31, 2020	Oct. 31, 2018
Loss Contingencies [Line Items]
Standard and Extended Product Warranty Accrual	$ 143,991			$ 143,043	$ 145,062	$ 153,640	$ 150,878	$ 157,351
Loss Contingency, Receivable	15,960				16,773
Water intrusion related [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss		$ 324,400							$ 324,400
Standard and Extended Product Warranty Accrual	50,600				54,700
Water intrusion related [Member] | Warranty Obligations
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss	36,200
Other Assets [Member] | Water intrusion related [Member]
Loss Contingencies [Line Items]
Product Liability Contingency, Third Party Recovery		$ 152,600	$ 152,600
Loss Contingency, Receivable	4,500				$ 5,800
Other Assets [Member] | Water intrusion related [Member] | Warranty Obligations
Loss Contingencies [Line Items]
Product Liability Contingency, Third Party Recovery	$ 36,200

Accrued Expenses (Details 1)

Accrued Expenses (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Changes in the warranty accrual
Balance, beginning of year	$ 143,043	$ 150,878	$ 145,062	$ 157,351
Additions - homes closed during the period	13,745	11,309	23,200	18,711
Charges incurred	(13,512)	(12,243)	(27,943)	(27,313)
Balance, end of year	143,991	153,640	143,991	153,640
Warranty change, homes closed in prior period, other [Member]
Changes in the warranty accrual
Increase in accruals for homes closed in prior years - net	$ 715	$ 3,696	$ 3,672	$ 4,891

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021	Oct. 31, 2021
Income Taxes (Textual) [Abstract]
Income tax provision	$ 75,222	$ 41,960	$ 124,134	$ 72,866
Effective Income Tax Rate Reconciliation, Percent	25.40%	24.70%	25.00%	24.50%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent			5.30%		5.80%
Unrecognized Tax Benefits	$ 5,900		$ 5,900

Stock-Based Benefit Plans (Deta

Stock-Based Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense recognized	$ 3,405	$ 3,446	$ 17,020	$ 16,279
Income tax benefit recognized	$ 855	$ 878	$ 4,268	$ 4,150

Stock-Based Benefit Plans (De_2

Stock-Based Benefit Plans (Details Textual) - USD ($) $ in Millions	Apr. 30, 2022	Oct. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized value of unvested stock-based compensation awards	$ 20.7	$ 14.7

Stockholders' Equity (Details)

Stockholders' Equity (Details) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Stock Repurchase Program [Abstract]
Number of shares purchased	2,205	5	5,219	4,032
Average price per share	$ 48.30	$ 55.11	$ 56.01	$ 44.56
Remaining authorization at April 30:	7,344	15,952	7,344	15,952

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - $ / shares shares in Millions	Mar. 09, 2021	Apr. 30, 2022	Jan. 31, 2022	Apr. 30, 2022	Apr. 30, 2021	May 17, 2022	Oct. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends, declared and paid (in dollars per share)	$ 0.20	$ 0.20	$ 0.17	$ 0.37	$ 0.28
December 2019 Repurchase Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, number of shares authorized to be repurchased (in shares)							20
May 2022 Repurchase Program | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, number of shares authorized to be repurchased (in shares)						20

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ 1,109
Other Comprehensive Income (Loss), Net of Tax	$ 13,608	$ 4,438	18,310	$ 5,150
Ending balance	19,419	(2,048)	19,419	(2,048)
Total AOCI ending balance	19,419	(2,048)	19,419	(2,048)
Interest Rate Swap [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	11,496	378	7,133	0
Other Comprehensive Income (Loss), Net of Tax	13,270	4,103	17,633	4,481
Ending balance	24,766	4,481	24,766	4,481
Gains on derivative instruments	17,616	5,474	23,363	5,972
Less: Tax expense	(4,425)	(1,395)	(5,866)	(1,523)
Net gains on derivative instruments	13,191	4,079	17,497	4,449
Gains reclassified from AOCI to net income	106	32	182	42
Less: Tax expense	(27)	(8)	(46)	(10)
Net gains reclassified from AOCI to net income	79	24	136	32
Total AOCI ending balance	24,766	4,481	24,766	4,481
Defined Benefit Plan, Unfunded Plan [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(5,685)	(6,864)	(6,024)	(7,198)
Gains reclassified from AOCI to net income	451	450	903	900
Less: Tax expense	(113)	(115)	(226)	(231)
Net gains reclassified from AOCI to net income	338	335	677	669
Other Comprehensive Income (Loss), Net of Tax	338	335	677	669
Ending balance	(5,347)	(6,529)	(5,347)	(6,529)
Total AOCI ending balance	$ (5,347)	$ (6,529)	$ (5,347)	$ (6,529)

Earnings Per Share Informatio_2

Earnings Per Share Information (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Earnings Per Share [Abstract]
Net income as reported	$ 220,593	$ 127,866	$ 372,497	$ 224,365
Basic weighted-average shares (in shares)	117,839	124,295	119,418	125,177
Common stock equivalents (in shares)	1,086	1,704	1,473	1,603
Diluted weighted-average shares (in shares)	118,925	125,999	120,891	126,780
Debt Instrument [Line Items]
Shares issued under stock incentive and employee stock purchase plans (in shares)	17	418	424	874
Restricted Stock Units RSU And Employee Stock Option Member [Member]
Debt Instrument [Line Items]
Weighted-average number of antidilutive options and restricted stock units (in shares)	214	36	209	311

Fair Value Disclosures (Level 4

Fair Value Disclosures (Level 4 FV of Fin Instr) (Details) - Fair Value, Recurring [Member] - Level 2 [Member] - USD ($) $ in Thousands	Apr. 30, 2022	Oct. 31, 2021
Forward Contracts [Member] | Residential Mortgage [Member]
Summary of assets and (liabilities), measured at fair value on a recurring basis
Derivative Asset	$ 3,617	$ 1,782
Interest Rate Swap [Member]
Summary of assets and (liabilities), measured at fair value on a recurring basis
Derivative Asset	34,061	10,330
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	146,865	247,211
Interest Rate Lock Commitments [Member] | Forward Contracts [Member]
Summary of assets and (liabilities), measured at fair value on a recurring basis
Derivative Asset	10,606	1,773
Interest Rate Lock Commitments [Member]
Summary of assets and (liabilities), measured at fair value on a recurring basis
Derivative Liability	$ (10,606)	$ (1,773)

Fair Value Disclosures (Level_2

Fair Value Disclosures (Level 4 loan UPB vs FV) (Details 1) - USD ($) $ in Thousands	Apr. 30, 2022	Oct. 31, 2021
Aggregate unpaid principal and fair value of mortgage loans held for sale
Mortgage Loans on Real Estate, Commercial and Consumer, Net	$ 146,865	$ 247,211
Fair Value, 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	148,729	244,467
Mortgage Loans on Real Estate, Commercial and Consumer, Net	146,865	247,211
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables	$ (1,864)	$ 2,744

Fair Value Disclosures (Level_3

Fair Value Disclosures (Level 4 debt fv) (Details 2) - USD ($) $ in Thousands	Apr. 30, 2022	Oct. 31, 2021
Book value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	$ 3,312,347	$ 3,571,410
Book value [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	1,198,659	1,014,042
Book value [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	113,688	147,512
Book value [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	2,000,000	2,409,856
Estimate fair value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	3,255,631	3,746,992
Estimate fair value [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	1,190,896	1,021,662
Estimate fair value [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	113,688	147,512
Estimate fair value [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	$ 1,951,047	$ 2,577,818

Other Income - Net (Details)

Other Income - Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Other Nonoperating Income By Component [Line Items]
Income from ancillary businesses	$ 12,334	$ 9,061	$ 14,294	$ 15,920
Management fee income from Home Building Joint Ventures – net	2,277,541	1,930,124	4,068,622	3,493,500
Other	(2,147)	(296)	(1,733)	800
Total other income - net	11,224	9,213	14,936	17,285
Revenues and expenses of non-core ancillary businesses
Revenues	31,890	32,731	59,586	61,831
Expenses	19,556	23,670	45,292	45,911
Management Fee [Member]
Other Nonoperating Income By Component [Line Items]
Management fee income from Home Building Joint Ventures – net	$ 1,037	$ 448	$ 2,375	$ 565

Other Income - Net (Details Tex

Other Income - Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Schedule of Equity Method Investments [Line Items]
Income from Ancillary Businesses, net	$ 12,334	$ 9,061	$ 14,294	$ 15,920
Security Monitoring Business Member
Schedule of Equity Method Investments [Line Items]
Gain (Loss) on Disposition of Other Assets	9,000		9,000
Apartment living [Member]
Schedule of Equity Method Investments [Line Items]
Income from Ancillary Businesses, net	$ 4,800	$ 3,800	$ 9,600	$ 8,600

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Oct. 31, 2021
Company's land purchase commitments
Purchase obligation	$ 4,622,479	$ 4,452,757
Land Purchase Commitment To Unrelated Party [Member]
Company's land purchase commitments
Purchase obligation	4,592,468	4,442,804
Land Purchase Commitment To JV [Member]
Company's land purchase commitments
Purchase obligation	30,011	9,953
Land Parcel Purchase Commitment [Member]
Company's land purchase commitments
Deposits against aggregate purchase commitments	402,910	336,363
Additional cash required to acquire land	4,219,569	4,116,394
Amount of Additional Cash Required to Acquire Land Included in Accrued Expenses	$ 23,617	$ 37,447

Commitments and Contingencies_3

Commitments and Contingencies (Details Textual) $ in Thousands	Apr. 30, 2022USD ($)home_sites	Oct. 31, 2021USD ($)
Long-term Purchase Commitment [Line Items]
Purchase obligation	$ 4,622,479	$ 4,452,757
Minimum [Member] | Co-venturer [Member]
Long-term Purchase Commitment [Line Items]
Equity Method Investment, Ownership Percentage	5.00%
Land for Apartment Development Purchase Commitment [Member]
Long-term Purchase Commitment [Line Items]
Purchase obligation	$ 113,900
Deposits against aggregate purchase commitments	$ 4,600
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	6,000

Commitments and Contingencies_4

Commitments and Contingencies (Details Textual 1) $ in Thousands	Apr. 30, 2022USD ($)luxury_homes
Backlog Information [Abstract]
Number of homes to be delivered (in ones) | luxury_homes	11,768
Aggregate sales value of outstanding homes to be delivered	$ 11,710,000
Oct 2021 Revolving Credit Facility Extension Agreement
Loss Contingencies [Line Items]
Outstanding letter of credit	84,000
Surety Bond Construction Improvements [Member]
Loss Contingencies [Line Items]
Outstanding Surety Bonds Amount	894,800
Amount of work remains on improvements in the Company's various communities	423,400
Surety Bond Other Obligations [Member]
Loss Contingencies [Line Items]
Additional outstanding surety bonds	254,800
Financial Guarantee
Loss Contingencies [Line Items]
Outstanding Surety Bonds Amount	$ 26,300

Commitments and Contingencies_5

Commitments and Contingencies (Details 1) - Loan Origination Commitments [Member] - USD ($) $ in Thousands	Apr. 30, 2022	Oct. 31, 2021
Company's mortgage commitments
Unused Commitments to Extend Credit	$ 3,947,938	$ 3,233,899
Investor commitments to purchase	926,043	772,503
Interest Rate Lock Commitments [Member]
Company's mortgage commitments
Unused Commitments to Extend Credit	779,144	528,127
Investor commitments to purchase	779,144	528,127
Non Interest Rate Lock Commitments [Member]
Company's mortgage commitments
Unused Commitments to Extend Credit	3,168,794	2,705,772
Mortgage Receivable [Member]
Company's mortgage commitments
Investor commitments to purchase	$ 146,899	$ 244,376

Information on Segments (Detail

Information on Segments (Details Textual)	6 Months Ended
	Apr. 30, 2022joint_ventures
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, 2022	Jan. 31, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021	Oct. 31, 2021
Revenues
Revenues	$ 2,277,541		$ 1,930,124	$ 4,068,622	$ 3,493,500
Income (loss) before income taxes
Income before income taxes	295,815		169,826	496,631	297,231
Total assets
Total assets	11,544,611			11,544,611		$ 11,537,850
Inventory Write-down	2,192		1,581	4,425	2,847
Proceeds from sale of golf club property				0	80,418
Gain on disposition of assets				0	38,706
Corporate and other [Member]
Revenues
Revenues	(2,032)		(1,312)	(3,459)	(1,043)
Income (loss) before income taxes
Income before income taxes	(63,418)		(70,356)	(98,360)	(118,388)
Total assets
Total assets	1,775,175			1,775,175		2,876,730
Traditional Homebuilding [Member]
Revenues
Revenues	2,170,559		1,779,587	3,819,566	3,182,229
Income (loss) before income taxes
Income before income taxes	359,497		227,702	582,538	370,447
Total assets
Total assets	9,452,438			9,452,438		8,328,148
Inventory Write-down	2,192		1,581	3,225	1,747
City Living [Member]
Revenues
Revenues	18,002		57,985	57,774	65,778
Income (loss) before income taxes
Income before income taxes	(264)		12,480	12,453	45,172
Total assets
Total assets	316,998			316,998		332,972
Inventory Write-down	0		0	1,200	1,100
North [Member] | Traditional Homebuilding [Member]
Revenues
Revenues	380,905		390,665	696,267	703,304
Income (loss) before income taxes
Income before income taxes	50,729		39,220	82,269	58,102
Total assets
Total assets	1,439,036			1,439,036		1,357,168
Inventory Write-down	443		31	769	65
Mid-Atlantic [Member] | Traditional Homebuilding [Member]
Revenues
Revenues	268,250		218,291	511,127	382,275
Income (loss) before income taxes
Income before income taxes	43,807		23,967	77,231	42,780
Total assets
Total assets	1,065,594			1,065,594		976,887
Inventory Write-down	706		59	1,145	90
South [Member] | Traditional Homebuilding [Member]
Revenues
Revenues	326,351		280,176	569,870	497,060
Income (loss) before income taxes
Income before income taxes	42,979		38,268	65,511	59,751
Total assets
Total assets	1,867,816			1,867,816		1,421,612
Inventory Write-down	466		419	609	444
Mountain [Member] | Traditional Homebuilding [Member]
Revenues
Revenues	653,558		431,850	1,115,858	809,827
Income (loss) before income taxes
Income before income taxes	104,962		52,080	175,973	88,093
Total assets
Total assets	2,748,850			2,748,850		2,397,484
Inventory Write-down	342		11	444	20
Pacific [Member] | Traditional Homebuilding [Member]
Revenues
Revenues	541,495		458,605	926,444	789,763
Income (loss) before income taxes
Income before income taxes	117,020		74,167	181,554	121,721
Total assets
Total assets	2,331,142			2,331,142		$ 2,174,997
Inventory Write-down	235		1,061	258	1,128
Home Building [Member]
Revenues
Revenues	2,186,529		1,836,260	3,873,881	3,246,964
Land [Member]
Revenues
Revenues	$ 91,012		$ 93,864	$ 194,741	$ 246,536
Land [Member] | City Living [Member]
Total assets
Proceeds from sale of golf club property		$ 82,400
Gain on disposition of assets		$ 38,300

Supplemental Disclosure to Co_3

Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Oct. 31, 2021	Oct. 31, 2020
Cash flow information:
Income tax paid – net	$ 131,658	$ 86,822
Noncash activity:
Cost of inventory acquired through seller financing, municipal bonds, or included in accrued expenses - net	180,576	124,333
Accrued treasury share purchases	8,003	0
Transfer of inventory to investment in unconsolidated entities	556	49,979
Transfer of other assets to investment in unconsolidated entities - net	55,202	35,540
Unrealized gain on derivatives	23,731	6,372
Cash, cash equivalents, and restricted cash
Cash and cash equivalents	535,038	714,968	$ 1,638,494
Restricted cash included in receivables, prepaid expenses, and other assets	52,863	31,433
Total cash, cash equivalents, and restricted cash shown on the Condensed Consolidated Statements of Cash Flows	$ 587,901	$ 746,401	$ 1,684,412	$ 1,396,604

Uncategorized Items - tol-20220

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]