þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware (State or other jurisdiction of incorporation or organization) | 23-2416878 (I.R.S. Employer Identification No.) | |
250 Gibraltar Road, Horsham, Pennsylvania (Address of principal executive offices) | 19044 (Zip Code) |
Large accelerated filer þ | Accelerated filer o | ||
Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o | ||
Emerging growth company o |
Page No. | |
April 30, 2017 | October 31, 2016 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 691,266 | $ | 633,715 | |||
Restricted cash and investments | 797 | 31,291 | |||||
Inventory | 7,602,695 | 7,353,967 | |||||
Property, construction, and office equipment, net | 173,449 | 169,576 | |||||
Receivables, prepaid expenses, and other assets | 536,514 | 582,758 | |||||
Mortgage loans held for sale | 89,485 | 248,601 | |||||
Customer deposits held in escrow | 74,493 | 53,057 | |||||
Investments in unconsolidated entities | 540,215 | 496,411 | |||||
Deferred tax assets, net of valuation allowances | 158,050 | 167,413 | |||||
$ | 9,866,964 | $ | 9,736,789 | ||||
LIABILITIES AND EQUITY | |||||||
Liabilities | |||||||
Loans payable | $ | 637,931 | $ | 871,079 | |||
Senior notes | 2,993,882 | 2,694,372 | |||||
Mortgage company loan facility | 61,129 | 210,000 | |||||
Customer deposits | 387,940 | 309,099 | |||||
Accounts payable | 305,500 | 281,955 | |||||
Accrued expenses | 937,396 | 1,072,300 | |||||
Income taxes payable | 89,191 | 62,782 | |||||
Total liabilities | 5,412,969 | 5,501,587 | |||||
Equity | |||||||
Stockholders’ equity | |||||||
Preferred stock, none issued | — | — | |||||
Common stock, 177,937 shares issued at April 30, 2017 and October 31, 2016 | 1,779 | 1,779 | |||||
Additional paid-in capital | 716,124 | 728,464 | |||||
Retained earnings | 4,159,300 | 3,977,297 | |||||
Treasury stock, at cost — 14,743 and 16,154 shares at April 30, 2017 and October 31, 2016, respectively | (426,116 | ) | (474,912 | ) | |||
Accumulated other comprehensive loss | (2,999 | ) | (3,336 | ) | |||
Total stockholders’ equity | 4,448,088 | 4,229,292 | |||||
Noncontrolling interest | 5,907 | 5,910 | |||||
Total equity | 4,453,995 | 4,235,202 | |||||
$ | 9,866,964 | $ | 9,736,789 |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | $ | 2,284,242 | $ | 2,044,123 | $ | 1,363,512 | $ | 1,115,557 | |||||||
Cost of revenues | 1,810,443 | 1,582,882 | 1,077,441 | 870,571 | |||||||||||
Selling, general and administrative | 284,971 | 250,136 | 147,876 | 128,340 | |||||||||||
2,095,414 | 1,833,018 | 1,225,317 | 998,911 | ||||||||||||
Income from operations | 188,828 | 211,105 | 138,195 | 116,646 | |||||||||||
Other: | |||||||||||||||
Income from unconsolidated entities | 92,349 | 17,756 | 45,904 | 9,118 | |||||||||||
Other income – net | 27,813 | 28,353 | 15,110 | 14,633 | |||||||||||
Income before income taxes | 308,990 | 257,214 | 199,209 | 140,397 | |||||||||||
Income tax provision | 113,936 | 94,980 | 74,571 | 51,343 | |||||||||||
Net income | $ | 195,054 | $ | 162,234 | $ | 124,638 | $ | 89,054 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Change in pension liability | 337 | (132 | ) | 168 | 155 | ||||||||||
Change in unrealized income on derivative held by equity investee | 31 | 4 | |||||||||||||
Other comprehensive income (loss) | 337 | (101 | ) | 168 | 159 | ||||||||||
Total comprehensive income | $ | 195,391 | $ | 162,133 | $ | 124,806 | $ | 89,213 | |||||||
Per share: | |||||||||||||||
Basic earnings | $ | 1.20 | $ | 0.95 | $ | 0.76 | $ | 0.53 | |||||||
Diluted earnings | $ | 1.15 | $ | 0.91 | $ | 0.73 | $ | 0.51 | |||||||
Cash dividend declared | $ | 0.08 | $ | 0.08 | |||||||||||
Weighted-average number of shares: | |||||||||||||||
Basic | 163,040 | 171,578 | 163,492 | 168,952 | |||||||||||
Diluted | 170,910 | 179,403 | 171,403 | 176,414 |
Six months ended April 30, | |||||||
2017 | 2016 | ||||||
Cash flow provided by (used in) operating activities: | |||||||
Net income | $ | 195,054 | $ | 162,234 | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization | 12,123 | 11,029 | |||||
Stock-based compensation | 15,585 | 15,081 | |||||
Excess tax benefits from stock-based compensation | (708 | ) | (665 | ) | |||
Income from unconsolidated entities | (92,349 | ) | (17,756 | ) | |||
Distributions of earnings from unconsolidated entities | 108,864 | 10,230 | |||||
Income from foreclosed real estate and distressed loans | (4,018 | ) | (1,415 | ) | |||
Deferred tax provision | 3,816 | 722 | |||||
Change in deferred tax valuation allowances | 262 | 302 | |||||
Inventory impairments and write-offs | 8,917 | 7,634 | |||||
Other | 2,501 | 79 | |||||
Changes in operating assets and liabilities | |||||||
Increase in inventory | (190,125 | ) | (289,735 | ) | |||
Origination of mortgage loans | (513,836 | ) | (490,279 | ) | |||
Sale of mortgage loans | 671,899 | 488,890 | |||||
Decrease (increase) in restricted cash and investments | 30,494 | (12,102 | ) | ||||
Decrease in receivables, prepaid expenses, and other assets | 56,034 | 11,421 | |||||
Increase in customer deposits | 57,405 | 32,416 | |||||
(Decrease) increase in accounts payable and accrued expenses | (128,634 | ) | 32,845 | ||||
Increase in income taxes payable | 27,117 | 23,189 | |||||
Net cash provided by (used in) operating activities | 260,401 | (15,880 | ) | ||||
Cash flow (used in) provided by investing activities: | |||||||
Purchase of property and equipment — net | (11,709 | ) | (7,324 | ) | |||
Sale and redemption of marketable securities | 10,000 | ||||||
Investments in unconsolidated entities | (113,515 | ) | (21,383 | ) | |||
Return of investments in unconsolidated entities | 98,087 | 28,478 | |||||
Investment in foreclosed real estate and distressed loans | (513 | ) | (866 | ) | |||
Return of investments in foreclosed real estate and distressed loans | 4,376 | 33,435 | |||||
Acquisition of a business | (85,183 | ) | |||||
Net cash (used in) provided by investing activities | (108,457 | ) | 42,340 | ||||
Cash flow used in financing activities: | |||||||
Proceeds from issuance of senior notes | 300,000 | ||||||
Debt issuance costs for senior notes | (2,830 | ) | (43 | ) | |||
Proceeds from loans payable | 769,454 | 821,984 | |||||
Principal payments of loans payable | (1,173,880 | ) | (1,119,911 | ) | |||
Proceeds from stock-based benefit plans | 40,628 | 5,003 | |||||
Excess tax benefits from stock-based compensation | 708 | 665 | |||||
Purchase of treasury stock | (15,422 | ) | (230,263 | ) | |||
Dividends paid | (13,051 | ) | |||||
Receipts related to noncontrolling interest, net | 290 | ||||||
Net cash used in financing activities | (94,393 | ) | (522,275 | ) | |||
Net increase (decrease) in cash and cash equivalents | 57,551 | (495,815 | ) | ||||
Cash and cash equivalents, beginning of period | 633,715 | 918,993 | |||||
Cash and cash equivalents, end of period | $ | 691,266 | $ | 423,178 |
April 30, 2017 | October 31, 2016 | ||||||
Land controlled for future communities | $ | 76,604 | $ | 71,729 | |||
Land owned for future communities | 1,457,975 | 1,884,146 | |||||
Operating communities | 6,068,116 | 5,398,092 | |||||
$ | 7,602,695 | $ | 7,353,967 |
April 30, 2017 | October 31, 2016 | ||||||
Land owned for future communities: | |||||||
Number of communities | 15 | 18 | |||||
Carrying value (in thousands) | $ | 124,691 | $ | 123,936 | |||
Operating communities: | |||||||
Number of communities | 5 | 3 | |||||
Carrying value (in thousands) | $ | 24,713 | $ | 8,523 |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Land controlled for future communities | $ | 782 | $ | 634 | $ | 121 | $ | 253 | |||||||
Land owned for future communities | 1,200 | 300 | 1,200 | ||||||||||||
Operating communities | 6,935 | 6,700 | 2,935 | 6,100 | |||||||||||
$ | 8,917 | $ | 7,634 | $ | 4,256 | $ | 6,353 |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest capitalized, beginning of period | $ | 369,419 | $ | 373,128 | $ | 376,880 | $ | 379,930 | |||||||
Interest incurred | 85,310 | 80,412 | 43,536 | 40,305 | |||||||||||
Interest expensed to cost of revenues | (68,486 | ) | (67,745 | ) | (40,558 | ) | (35,722 | ) | |||||||
Interest expensed in other income | (1,995 | ) | (309 | ) | (1,953 | ) | (34 | ) | |||||||
Interest capitalized on investments in unconsolidated entities | (4,214 | ) | (2,243 | ) | (1,820 | ) | (1,236 | ) | |||||||
Previously capitalized interest transferred to investments in unconsolidated entities | (4,030 | ) | — | — | |||||||||||
Previously capitalized interest on investments in unconsolidated entities transferred to inventory | 209 | 239 | 128 | 239 | |||||||||||
Interest capitalized, end of period | $ | 376,213 | $ | 383,482 | $ | 376,213 | $ | 383,482 |
Land Development Joint Ventures | Home Building Joint Ventures | Rental Property Joint Ventures | Gibraltar Joint Ventures | Total | |||||||||||||||
Number of unconsolidated entities | 7 | 4 | 13 | 4 | 28 | ||||||||||||||
Investment in unconsolidated entities | $ | 292,463 | $ | 100,772 | $ | 128,181 | $ | 18,799 | $ | 540,215 | |||||||||
Number of unconsolidated entities with funding commitments by the Company | 5 | 1 | 3 | 1 | 10 | ||||||||||||||
Company’s remaining funding commitment to unconsolidated entities | $ | 35,843 | $ | 8,300 | $ | 2,467 | $ | 9,621 | $ | 56,231 |
Land Development Joint Ventures | Home Building Joint Ventures | Rental Property Joint Ventures | Total | ||||||||||||
Number of joint ventures with debt financing | 3 | 1 | 11 | 15 | |||||||||||
Aggregate loan commitments | $ | 275,000 | $ | 236,500 | $ | 1,015,866 | $ | 1,527,366 | |||||||
Amounts borrowed under loan commitments | $ | 250,111 | $ | 82,677 | $ | 756,606 | $ | 1,089,394 |
April 30, 2017 | October 31, 2016 | ||||||
Cash and cash equivalents | $ | 108,560 | $ | 130,794 | |||
Inventory | 1,146,487 | 1,074,888 | |||||
Loans receivable, net | 27,900 | — | |||||
Non-performing loan portfolio | 1,698 | 4,298 | |||||
Rental properties | 911,344 | 621,615 | |||||
Rental properties under development | 186,558 | 302,632 | |||||
Real estate owned (“REO”) | 60,137 | 87,226 | |||||
Other assets | 168,913 | 175,805 | |||||
Total assets | $ | 2,611,597 | $ | 2,397,258 | |||
Debt | $ | 1,093,498 | $ | 1,164,883 | |||
Other liabilities | 125,239 | 152,881 | |||||
Members’ equity | 1,362,679 | 980,354 | |||||
Noncontrolling interest | 30,181 | 99,140 | |||||
Total liabilities and equity | $ | 2,611,597 | $ | 2,397,258 | |||
Company’s net investment in unconsolidated entities (1) | $ | 540,215 | $ | 496,411 |
(1) | Differences between our net investment in unconsolidated entities and our underlying equity in the net assets of the entities are primarily a result of the acquisition price of an investment in a Land Development Joint Venture in fiscal 2012 that was in excess of our pro rata share of the underlying equity; impairments related to our investments in unconsolidated entities; interest capitalized on our investments; the estimated fair value of the guarantees provided to the joint ventures; gains recognized from the sale of our ownership interests; and distributions from entities in excess of the carrying amount of our net investment. |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | $ | 500,727 | $ | 166,018 | $ | 205,024 | $ | 123,531 | |||||||
Cost of revenues | 290,894 | 102,492 | 125,188 | 66,979 | |||||||||||
Other expenses | 39,722 | 18,375 | 18,588 | 9,065 | |||||||||||
Total expenses | 330,616 | 120,867 | 143,776 | 76,044 | |||||||||||
Gain on disposition of loans and REO | 31,639 | 34,689 | 22,753 | 8,706 | |||||||||||
Income from operations | 201,750 | 79,840 | 84,001 | 56,193 | |||||||||||
Other income | 9,497 | 2,351 | 6,912 | 1,346 | |||||||||||
Income before income taxes | 211,247 | 82,191 | 90,913 | 57,539 | |||||||||||
Income tax provision | 6,314 | — | 2,487 | — | |||||||||||
Net income including earnings from noncontrolling interests | 204,933 | 82,191 | 88,426 | 57,539 | |||||||||||
Less: income attributable to noncontrolling interest | (13,089 | ) | (15,023 | ) | (11,009 | ) | (3,413 | ) | |||||||
Net income attributable to controlling interest | 191,844 | 67,168 | 77,417 | 54,126 | |||||||||||
Other comprehensive income | — | 100 | — | 13 | |||||||||||
Total comprehensive income | $ | 191,844 | $ | 67,268 | $ | 77,417 | $ | 54,139 | |||||||
Company’s equity in earnings of unconsolidated entities (2) | $ | 92,349 | $ | 17,756 | $ | 45,904 | $ | 9,118 |
(2) | Differences between our equity in earnings of unconsolidated entities and the underlying net income of the entities are primarily a result of a basis difference of an acquired joint venture interest; distributions from entities in excess of the carrying amount of our net investment; recoveries of previously incurred charges; unrealized gains on our retained joint venture interests; and our share of the entities’ profits related to home sites purchased by us which reduces our cost basis of the home sites acquired. |
April 30, 2017 | October 31, 2016 | ||||||
Expected recoveries from insurance carriers and others | $ | 162,475 | $ | 165,696 | |||
Improvement cost receivable | 95,129 | 85,627 | |||||
Escrow cash held by our captive title company | 40,919 | 138,633 | |||||
Property held for rental development | 134,874 | 81,693 | |||||
Investment in foreclosed real estate owned | 4,258 | 11,552 | |||||
Prepaid expenses | 18,143 | 25,659 | |||||
Other | 80,716 | 73,898 | |||||
$ | 536,514 | $ | 582,758 |
April 30, 2017 | October 31, 2016 | ||||||
Senior unsecured term loan | $ | 500,000 | $ | 500,000 | |||
Credit facility borrowings | — | 250,000 | |||||
Loans payable – other | 139,483 | 122,809 | |||||
Deferred issuance costs | (1,552 | ) | (1,730 | ) | |||
$ | 637,931 | $ | 871,079 |
April 30, 2017 | October 31, 2016 | ||||||
Land, land development, and construction | $ | 139,603 | $ | 153,264 | |||
Compensation and employee benefits | 136,924 | 138,282 | |||||
Escrow liability | 40,198 | 137,396 | |||||
Self-insurance | 129,190 | 126,431 | |||||
Warranty | 355,934 | 370,992 | |||||
Deferred income | 40,722 | 43,488 | |||||
Interest | 36,472 | 34,903 | |||||
Commitments to unconsolidated entities | 8,278 | 5,637 | |||||
Other | 50,075 | 61,907 | |||||
$ | 937,396 | $ | 1,072,300 |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Balance, beginning of period | $ | 370,992 | $ | 93,083 | $ | 364,058 | $ | 90,661 | |||||||
Additions – homes closed during the period | 12,701 | 10,967 | 7,597 | 6,471 | |||||||||||
Addition – Coleman liabilities acquired | 1,111 | ||||||||||||||
Increase in accruals for homes closed in prior years | 3,188 | 6,192 | 1,494 | 3,739 | |||||||||||
Reclassification from other accruals | 1,082 | — | 350 | — | |||||||||||
Charges incurred | (33,140 | ) | (19,048 | ) | (17,565 | ) | (9,677 | ) | |||||||
Balance, end of period | $ | 355,934 | $ | 91,194 | $ | 355,934 | $ | 91,194 |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Total stock-based compensation expense recognized | $ | 15,585 | $ | 15,081 | $ | 6,256 | $ | 5,858 | |||||||
Income tax benefit recognized | $ | 6,094 | $ | 5,809 | $ | 2,441 | $ | 2,254 |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Number of shares purchased (in thousands) | 563 | 7,707 | 5 | 2,938 | |||||||||||
Average price per share | $ | 27.41 | $ | 29.88 | $ | 35.57 | $ | 27.27 | |||||||
Remaining authorization at April 30 (in thousands) | 15,276 | 10,827 | 15,276 | 10,827 |
Six months ended April 30, | Three months ended April 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Numerator: | ||||||||||||||||
Net income as reported | $ | 195,054 | $ | 162,234 | $ | 124,638 | $ | 89,054 | ||||||||
Plus interest and costs attributable to 0.5% Exchangeable Senior Notes, net of income tax benefit | 769 | 777 | 385 | 388 | ||||||||||||
Numerator for diluted earnings per share | $ | 195,823 | $ | 163,011 | $ | 125,023 | $ | 89,442 | ||||||||
Denominator: | ||||||||||||||||
Basic weighted-average shares | 163,040 | 171,578 | 163,492 | 168,952 | ||||||||||||
Common stock equivalents (a) | 2,011 | 1,967 | 2,051 | 1,604 | ||||||||||||
Shares attributable to 0.5% Exchangeable Senior Notes | 5,859 | 5,858 | 5,860 | 5,858 | ||||||||||||
Diluted weighted-average shares | 170,910 | 179,403 | 171,403 | 176,414 | ||||||||||||
Other information: | ||||||||||||||||
Weighted-average number of antidilutive options and restricted stock units (b) | 3,535 | 3,659 | 1,865 | 4,364 | ||||||||||||
Shares issued under stock incentive and employee stock purchase plans | 1,974 | 483 | 694 | 10 |
(a) | Common stock equivalents represent the dilutive effect of outstanding in-the-money stock options using the treasury stock method and shares expected to be issued under performance-based restricted stock units and nonperformance-based restricted stock units. |
(b) | Weighted-average number of antidilutive options and restricted stock units are based upon the average closing price of our common stock on the NYSE for the period. |
Fair value | ||||||||||
Financial Instrument | Fair value hierarchy | April 30, 2017 | October 31, 2016 | |||||||
Mortgage Loans Held for Sale | Level 2 | $ | 89,485 | $ | 248,601 | |||||
Forward Loan Commitments — Residential Mortgage Loans Held for Sale | Level 2 | $ | (59 | ) | $ | 1,390 | ||||
Interest Rate Lock Commitments (“IRLCs”) | Level 2 | $ | (646 | ) | $ | (921 | ) | |||
Forward Loan Commitments — IRLCs | Level 2 | $ | 646 | $ | 921 |
Aggregate unpaid principal balance | Fair value | Excess/(Deficit) | |||||||||
At April 30, 2017 | $ | 88,731 | $ | 89,485 | $ | 754 | |||||
At October 31, 2016 | $ | 246,794 | $ | 248,601 | $ | 1,807 |
Three months ended: | Selling price per unit ($ in thousands) | Sales pace per year (in units) | Discount rate | ||
Fiscal 2017: | |||||
January 31 | 692 - 880 | 4 - 12 | 16.3% | ||
April 30 | 827 - 856 | 6 - 11 | 16.3% | ||
Fiscal 2016: | |||||
January 31 | — | — | — | ||
April 30 | 369 - 394 | 18 - 23 | 16.3% | ||
July 31 | — | — | — | ||
October 31 | — | — | — |
Impaired operating communities | |||||||||||
Three months ended: | Number of communities tested | Number of communities | Fair value of communities, net of impairment charges | Impairment charges recognized | |||||||
Fiscal 2017: | |||||||||||
January 31 | 57 | 2 | $ | 8,372 | $ | 4,000 | |||||
April 30 | 46 | 6 | $ | 25,092 | 2,935 | ||||||
$ | 6,935 | ||||||||||
Fiscal 2016: | |||||||||||
January 31 | 43 | 2 | $ | 1,713 | $ | 600 | |||||
April 30 | 41 | 2 | $ | 10,103 | 6,100 | ||||||
July 31 | 51 | 2 | $ | 11,714 | 1,250 | ||||||
October 31 | 59 | 2 | $ | 1,126 | 415 | ||||||
$ | 8,365 |
April 30, 2017 | October 31, 2016 | ||||||||||||||||
Fair value hierarchy | Book value | Estimated fair value | Book value | Estimated fair value | |||||||||||||
Loans payable (a) | Level 2 | $ | 639,483 | $ | 637,819 | $ | 872,809 | $ | 870,384 | ||||||||
Senior notes (b) | Level 1 | 3,007,376 | 3,148,869 | 2,707,376 | 2,843,177 | ||||||||||||
Mortgage company loan facility (c) | Level 2 | 61,129 | 61,129 | 210,000 | 210,000 | ||||||||||||
$ | 3,707,988 | $ | 3,847,817 | $ | 3,790,185 | $ | 3,923,561 |
(a) | The estimated fair value of loans payable was based upon contractual cash flows discounted at interest rates that we believed were available to us for loans with similar terms and remaining maturities as of the applicable valuation date. |
(b) | The estimated fair value of our senior notes is based upon their market prices as of the applicable valuation date. |
(c) | We believe that the carrying value of our mortgage company loan borrowings approximates their fair value. |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest income | $ | 1,930 | $ | 936 | $ | 989 | $ | 532 | |||||||
Income from ancillary businesses | 6,846 | 7,421 | 4,549 | 3,692 | |||||||||||
Gibraltar | 2,870 | 6,249 | 2,932 | 5,421 | |||||||||||
Management fee income from unconsolidated entities | 7,971 | 4,515 | 3,682 | 2,408 | |||||||||||
Retained customer deposits | 3,054 | 3,669 | 1,308 | 1,556 | |||||||||||
Income from land sales | 5,086 | 4,491 | 1,527 | 493 | |||||||||||
Other | 56 | 1,072 | 123 | 531 | |||||||||||
Total other income – net | $ | 27,813 | $ | 28,353 | $ | 15,110 | $ | 14,633 |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | $ | 60,584 | $ | 54,132 | $ | 32,056 | $ | 29,263 | |||||||
Expenses | $ | 53,738 | $ | 46,711 | $ | 27,507 | $ | 25,571 |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | $ | 146,837 | $ | 13,592 | $ | 2,123 | $ | 2,901 | |||||||
Expenses | (146,205 | ) | (9,101 | ) | (1,932 | ) | (2,408 | ) | |||||||
Deferred gain recognized | 4,454 | 1,336 | |||||||||||||
Income from land sales | $ | 5,086 | $ | 4,491 | $ | 1,527 | $ | 493 |
April 30, 2017 | October 31, 2016 | ||||||
Aggregate purchase commitments: | |||||||
Unrelated parties | $ | 1,476,063 | $ | 1,544,185 | |||
Unconsolidated entities that the Company has investments in | 33,036 | 79,204 | |||||
Total | $ | 1,509,099 | $ | 1,623,389 | |||
Deposits against aggregate purchase commitments | $ | 77,734 | $ | 65,299 | |||
Additional cash required to acquire land | 1,431,365 | 1,558,090 | |||||
Total | $ | 1,509,099 | $ | 1,623,389 | |||
Amount of additional cash required to acquire land included in accrued expenses | $ | 16,145 | $ | 18,266 |
April 30, 2017 | October 31, 2016 | ||||||
Aggregate mortgage loan commitments: | |||||||
IRLCs | $ | 360,056 | $ | 255,647 | |||
Non-IRLCs | 1,316,381 | 1,094,861 | |||||
Total | $ | 1,676,437 | $ | 1,350,508 | |||
Investor commitments to purchase: | |||||||
IRLCs | $ | 360,056 | $ | 255,647 | |||
Mortgage loans receivable | 82,495 | 231,398 | |||||
Total | $ | 442,551 | $ | 487,045 |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Traditional Home Building: | |||||||||||||||
North | $ | 334,983 | $ | 286,492 | $ | 189,345 | $ | 165,674 | |||||||
Mid-Atlantic | 410,542 | 356,395 | 226,491 | 186,587 | |||||||||||
South | 337,307 | 339,246 | 195,111 | 192,448 | |||||||||||
West | 513,835 | 325,625 | 302,702 | 188,367 | |||||||||||
California | 593,079 | 545,341 | 373,303 | 328,439 | |||||||||||
Traditional Home Building | 2,189,746 | 1,853,099 | 1,286,952 | 1,061,515 | |||||||||||
City Living | 94,496 | 191,024 | 76,560 | 54,042 | |||||||||||
Total | $ | 2,284,242 | $ | 2,044,123 | $ | 1,363,512 | $ | 1,115,557 | |||||||
Income (loss) before income taxes: | |||||||||||||||
Traditional Home Building: | |||||||||||||||
North | $ | 20,606 | $ | 16,306 | $ | 10,513 | $ | 8,273 | |||||||
Mid-Atlantic | 33,543 | 37,870 | 21,911 | 20,887 | |||||||||||
South | 33,930 | 52,379 | 20,819 | 31,134 | |||||||||||
West | 67,822 | 43,851 | 42,325 | 24,163 | |||||||||||
California | 126,529 | 118,483 | 83,336 | 74,948 | |||||||||||
Traditional Home Building | 282,430 | 268,889 | 178,904 | 159,405 | |||||||||||
City Living | 85,032 | 59,916 | 41,930 | 16,235 | |||||||||||
Corporate and other | (58,472 | ) | (71,591 | ) | (21,625 | ) | (35,243 | ) | |||||||
Total | $ | 308,990 | $ | 257,214 | $ | 199,209 | $ | 140,397 |
April 30, 2017 | October 31, 2016 | ||||||
Traditional Home Building: | |||||||
North | $ | 1,110,080 | $ | 1,020,250 | |||
Mid-Atlantic | 1,196,635 | 1,166,023 | |||||
South | 1,296,650 | 1,203,554 | |||||
West | 1,253,967 | 1,130,625 | |||||
California | 2,635,819 | 2,479,885 | |||||
Traditional Home Building | 7,493,151 | 7,000,337 | |||||
City Living | 793,714 | 946,738 | |||||
Corporate and other | 1,580,099 | 1,789,714 | |||||
Total | $ | 9,866,964 | $ | 9,736,789 |
Six months ended April 30, | ||||||||
2017 | 2016 | |||||||
Cash flow information: | ||||||||
Interest paid, net of amount capitalized | $ | 7,659 | $ | 267 | ||||
Income tax payments | $ | 83,666 | $ | 72,767 | ||||
Income tax refunds | $ | 925 | $ | 2,001 | ||||
Noncash activity: | ||||||||
Cost of inventory acquired through seller financing or municipal bonds, net | $ | 26,232 | $ | 10,647 | ||||
Financed portion of land sale | $ | 625 | ||||||
Reduction in inventory for our share of earnings in land purchased from unconsolidated entities and allocation of basis difference | $ | 7,094 | $ | 4,913 | ||||
Rental property acquired by capital land lease | $ | 7,167 | ||||||
Defined benefit plan amendment | $ | 757 | ||||||
Deferred tax decrease related to stock-based compensation activity included in additional paid-in capital | $ | 5,068 | $ | 9,797 | ||||
Transfer of inventory to investment in unconsolidated entities | $ | 36,256 | ||||||
Transfer of investment in distressed loans and foreclosed real estate to investment in unconsolidated entities | $ | 5,917 | ||||||
Miscellaneous increases to investments in unconsolidated entities | $ | 1,951 | $ | 102 | ||||
Acquisition of a Business: | ||||||||
Fair value of assets purchased | $ | 90,560 | ||||||
Liabilities assumed | $ | 5,377 | ||||||
Cash paid | $ | 85,183 |
Original amount issued and amount outstanding | ||||
8.91% Senior Notes due 2017 | $ | 400,000 | ||
4.0% Senior Notes due 2018 | $ | 350,000 | ||
6.75% Senior Notes due 2019 | $ | 250,000 | ||
5.875% Senior Notes due 2022 | $ | 419,876 | ||
4.375% Senior Notes due 2023 | $ | 400,000 | ||
5.625% Senior Notes due 2024 | $ | 250,000 | ||
4.875% Senior Notes due 2025 | $ | 350,000 | ||
4.875% Senior Notes due 2027 | $ | 300,000 | ||
0.5% Exchangeable Senior Notes due 2032 | $ | 287,500 |
Toll Brothers, Inc. | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | — | — | 602,081 | 89,185 | — | 691,266 | |||||||||||
Restricted cash and investments | 797 | 797 | |||||||||||||||
Inventory | 7,323,997 | 278,698 | 7,602,695 | ||||||||||||||
Property, construction and office equipment, net | 158,001 | 15,448 | 173,449 | ||||||||||||||
Receivables, prepaid expenses and other assets | 362,081 | 228,506 | (54,073 | ) | 536,514 | ||||||||||||
Mortgage loans held for sale | 89,485 | 89,485 | |||||||||||||||
Customer deposits held in escrow | 72,088 | 2,405 | 74,493 | ||||||||||||||
Investments in unconsolidated entities | 82,450 | 457,765 | 540,215 | ||||||||||||||
Investments in and advances to consolidated entities | 4,379,229 | 3,045,059 | 91,740 | 168,054 | (7,684,082 | ) | — | ||||||||||
Deferred tax assets, net of valuation allowances | 158,050 | 158,050 | |||||||||||||||
4,537,279 | 3,045,059 | 8,692,438 | 1,330,343 | (7,738,155 | ) | 9,866,964 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities | |||||||||||||||||
Loans payable | 630,764 | 7,167 | 637,931 | ||||||||||||||
Senior notes | 2,987,990 | 5,892 | 2,993,882 | ||||||||||||||
Mortgage company loan facility | 61,129 | 61,129 | |||||||||||||||
Customer deposits | 368,389 | 19,551 | 387,940 | ||||||||||||||
Accounts payable | 303,078 | 2,422 | 305,500 | ||||||||||||||
Accrued expenses | 35,231 | 592,050 | 375,644 | (65,529 | ) | 937,396 | |||||||||||
Advances from consolidated entities | 2,276,748 | 693,772 | (2,970,520 | ) | — | ||||||||||||
Income taxes payable | 89,191 | 89,191 | |||||||||||||||
Total liabilities | 89,191 | 3,023,221 | 4,171,029 | 1,159,685 | (3,030,157 | ) | 5,412,969 | ||||||||||
Equity | |||||||||||||||||
Stockholders’ equity | |||||||||||||||||
Common stock | 1,779 | 48 | 3,006 | (3,054 | ) | 1,779 | |||||||||||
Additional paid-in capital | 716,124 | 49,400 | 93,734 | (143,134 | ) | 716,124 | |||||||||||
Retained earnings (deficit) | 4,159,300 | (27,562 | ) | 4,521,361 | 68,011 | (4,561,810 | ) | 4,159,300 | |||||||||
Treasury stock, at cost | (426,116 | ) | (426,116 | ) | |||||||||||||
Accumulated other comprehensive loss | (2,999 | ) | (2,999 | ) | |||||||||||||
Total stockholders’ equity | 4,448,088 | 21,838 | 4,521,409 | 164,751 | (4,707,998 | ) | 4,448,088 | ||||||||||
Noncontrolling interest | 5,907 | 5,907 | |||||||||||||||
Total equity | 4,448,088 | 21,838 | 4,521,409 | 170,658 | (4,707,998 | ) | 4,453,995 | ||||||||||
4,537,279 | 3,045,059 | 8,692,438 | 1,330,343 | (7,738,155 | ) | 9,866,964 |
Toll Brothers, Inc. | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | — | — | 583,440 | 50,275 | — | 633,715 | |||||||||||
Restricted cash and investments | 11,708 | 19,583 | 31,291 | ||||||||||||||
Inventory | 6,896,205 | 457,806 | (44 | ) | 7,353,967 | ||||||||||||
Property, construction and office equipment, net | 153,663 | 15,913 | 169,576 | ||||||||||||||
Receivables, prepaid expenses and other assets | 77 | 319,319 | 299,978 | (36,616 | ) | 582,758 | |||||||||||
Mortgage loans held for sale | 248,601 | 248,601 | |||||||||||||||
Customer deposits held in escrow | 50,079 | 2,978 | 53,057 | ||||||||||||||
Investments in unconsolidated entities | 101,999 | 394,412 | 496,411 | ||||||||||||||
Investments in and advances to consolidated entities | 4,112,876 | 2,741,160 | 20,519 | 90,671 | (6,965,226 | ) | — | ||||||||||
Deferred tax assets, net of valuation allowances | 167,413 | 167,413 | |||||||||||||||
4,292,074 | 2,741,160 | 8,125,224 | 1,580,217 | (7,001,886 | ) | 9,736,789 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities | |||||||||||||||||
Loans payable | 871,079 | 871,079 | |||||||||||||||
Senior notes | 2,683,823 | 10,549 | 2,694,372 | ||||||||||||||
Mortgage company loan facility | 210,000 | 210,000 | |||||||||||||||
Customer deposits | 292,794 | 16,305 | 309,099 | ||||||||||||||
Accounts payable | 280,107 | 1,848 | 281,955 | ||||||||||||||
Accrued expenses | 32,559 | 610,958 | 469,527 | (40,744 | ) | 1,072,300 | |||||||||||
Advances from consolidated entities | 1,737,682 | 799,082 | (2,536,764 | ) | — | ||||||||||||
Income taxes payable | 62,782 | 62,782 | |||||||||||||||
Total liabilities | 62,782 | 2,716,382 | 3,792,620 | 1,496,762 | (2,566,959 | ) | 5,501,587 | ||||||||||
Equity | |||||||||||||||||
Stockholders’ equity | |||||||||||||||||
Common stock | 1,779 | 48 | 3,006 | (3,054 | ) | 1,779 | |||||||||||
Additional paid-in capital | 728,464 | 49,400 | 6,734 | (56,134 | ) | 728,464 | |||||||||||
Retained earnings (deficit) | 3,977,297 | (24,622 | ) | 4,332,556 | 67,805 | (4,375,739 | ) | 3,977,297 | |||||||||
Treasury stock, at cost | (474,912 | ) | (474,912 | ) | |||||||||||||
Accumulated other comprehensive loss | (3,336 | ) | (3,336 | ) | |||||||||||||
Total stockholders’ equity | 4,229,292 | 24,778 | 4,332,604 | 77,545 | (4,434,927 | ) | 4,229,292 | ||||||||||
Noncontrolling interest | 5,910 | 5,910 | |||||||||||||||
Total equity | 4,229,292 | 24,778 | 4,332,604 | 83,455 | (4,434,927 | ) | 4,235,202 | ||||||||||
4,292,074 | 2,741,160 | 8,125,224 | 1,580,217 | (7,001,886 | ) | 9,736,789 |
Toll Brothers, Inc. | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||
Revenues | 2,239,917 | 129,698 | (85,373 | ) | 2,284,242 | ||||||||||||
Cost of revenues | 1,767,348 | 79,634 | (36,539 | ) | 1,810,443 | ||||||||||||
Selling, general and administrative | 24 | 1,965 | 298,648 | 34,872 | (50,538 | ) | 284,971 | ||||||||||
24 | 1,965 | 2,065,996 | 114,506 | (87,077 | ) | 2,095,414 | |||||||||||
Income (loss) from operations | (24 | ) | (1,965 | ) | 173,921 | 15,192 | 1,704 | 188,828 | |||||||||
Other: | |||||||||||||||||
Income from unconsolidated entities | 8,478 | 83,871 | 92,349 | ||||||||||||||
Other income – net | 4,682 | 12,266 | 8,809 | 2,056 | 27,813 | ||||||||||||
Intercompany interest income | 75,053 | 2,146 | (77,199 | ) | — | ||||||||||||
Interest expense | (77,745 | ) | (954 | ) | 78,699 | — | |||||||||||
Income from subsidiaries | 304,332 | 104,408 | (408,740 | ) | — | ||||||||||||
Income (loss) before income taxes | 308,990 | (4,657 | ) | 299,073 | 109,064 | (403,480 | ) | 308,990 | |||||||||
Income tax provision (benefit) | 113,936 | (1,717 | ) | 110,268 | 40,211 | (148,762 | ) | 113,936 | |||||||||
Net income (loss) | 195,054 | (2,940 | ) | 188,805 | 68,853 | (254,718 | ) | 195,054 | |||||||||
Other comprehensive income | 337 | 337 | |||||||||||||||
Total comprehensive income (loss) | 195,391 | (2,940 | ) | 188,805 | 68,853 | (254,718 | ) | 195,391 |
Toll Brothers, Inc. | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||
Revenues | 1,874,962 | 225,750 | (56,589 | ) | 2,044,123 | ||||||||||||
Cost of revenues | 1,478,061 | 110,867 | (6,046 | ) | 1,582,882 | ||||||||||||
Selling, general and administrative | 22 | 1,920 | 260,530 | 35,201 | (47,537 | ) | 250,136 | ||||||||||
22 | 1,920 | 1,738,591 | 146,068 | (53,583 | ) | 1,833,018 | |||||||||||
Income (loss) from operations | (22 | ) | (1,920 | ) | 136,371 | 79,682 | (3,006 | ) | 211,105 | ||||||||
Other: | |||||||||||||||||
Income from unconsolidated entities | 10,333 | 7,423 | 17,756 | ||||||||||||||
Other income – net | 4,711 | 13,395 | 10,539 | (292 | ) | 28,353 | |||||||||||
Intercompany interest income | 72,977 | (72,977 | ) | — | |||||||||||||
Interest expense | (75,714 | ) | (563 | ) | 76,277 | — | |||||||||||
Income from subsidiaries | 252,525 | 92,425 | (344,950 | ) | — | ||||||||||||
Income (loss) before income taxes | 257,214 | (4,657 | ) | 252,524 | 97,081 | (344,948 | ) | 257,214 | |||||||||
Income tax provision (benefit) | 94,980 | (1,794 | ) | 97,272 | 37,396 | (132,874 | ) | 94,980 | |||||||||
Net income (loss) | 162,234 | (2,863 | ) | 155,252 | 59,685 | (212,074 | ) | 162,234 | |||||||||
Other comprehensive (loss) income | (132 | ) | 31 | (101 | ) | ||||||||||||
Total comprehensive income (loss) | 162,102 | (2,863 | ) | 155,283 | 59,685 | (212,074 | ) | 162,133 |
Toll Brothers, Inc. | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||
Revenues | 1,324,094 | 84,002 | (44,584 | ) | 1,363,512 | ||||||||||||
Cost of revenues | 1,043,091 | 50,163 | (15,813 | ) | 1,077,441 | ||||||||||||
Selling, general and administrative | 24 | 997 | 154,767 | 17,924 | (25,836 | ) | 147,876 | ||||||||||
24 | 997 | 1,197,858 | 68,087 | (41,649 | ) | 1,225,317 | |||||||||||
Income (loss) from operations | (24 | ) | (997 | ) | 126,236 | 15,915 | (2,935 | ) | 138,195 | ||||||||
Other: | |||||||||||||||||
Income from unconsolidated entities | 3,334 | 42,570 | 45,904 | ||||||||||||||
Other income – net | 2,289 | 5,015 | 4,309 | 3,497 | 15,110 | ||||||||||||
Intercompany interest income | 38,557 | 2,146 | (40,703 | ) | — | ||||||||||||
Interest expense | (39,850 | ) | (291 | ) | 40,141 | — | |||||||||||
Income from subsidiaries | 196,944 | 62,360 | (259,304 | ) | — | ||||||||||||
Income (loss) before income taxes | 199,209 | (2,290 | ) | 196,945 | 64,649 | (259,304 | ) | 199,209 | |||||||||
Income tax provision (benefit) | 74,571 | (868 | ) | 73,647 | 24,285 | (97,064 | ) | 74,571 | |||||||||
Net income (loss) | 124,638 | (1,422 | ) | 123,298 | 40,364 | (162,240 | ) | 124,638 | |||||||||
Other comprehensive income | 168 | 168 | |||||||||||||||
Total comprehensive income (loss) | 124,806 | (1,422 | ) | 123,298 | 40,364 | (162,240 | ) | 124,806 |
Toll Brothers, Inc. | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||
Revenues | 1,090,366 | 55,527 | (30,336 | ) | 1,115,557 | ||||||||||||
Cost of revenues | 853,260 | 20,780 | (3,469 | ) | 870,571 | ||||||||||||
Selling, general and administrative | 10 | 951 | 134,625 | 17,228 | (24,474 | ) | 128,340 | ||||||||||
10 | 951 | 987,885 | 38,008 | (27,943 | ) | 998,911 | |||||||||||
Income (loss) from operations | (10 | ) | (951 | ) | 102,481 | 17,519 | (2,393 | ) | 116,646 | ||||||||
Other: | |||||||||||||||||
Income from unconsolidated entities | 7,336 | 1,782 | 9,118 | ||||||||||||||
Other income – net | 2,320 | 5,226 | 6,346 | 741 | 14,633 | ||||||||||||
Intercompany interest income | 36,480 | (36,480 | ) | — | |||||||||||||
Interest expense | (37,819 | ) | (315 | ) | 38,134 | — | |||||||||||
Income from subsidiaries | 138,087 | 23,043 | (161,130 | ) | — | ||||||||||||
Income (loss) before income taxes | 140,397 | (2,290 | ) | 138,086 | 25,332 | (161,128 | ) | 140,397 | |||||||||
Income tax provision (benefit) | 51,343 | (882 | ) | 53,168 | 9,744 | (62,030 | ) | 51,343 | |||||||||
Net income (loss) | 89,054 | (1,408 | ) | 84,918 | 15,588 | (99,098 | ) | 89,054 | |||||||||
Other comprehensive income | 155 | 4 | 159 | ||||||||||||||
Total comprehensive income (loss) | 89,209 | (1,408 | ) | 84,922 | 15,588 | (99,098 | ) | 89,213 |
Toll Brothers, Inc. | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||
Revenues | 4,984,356 | 361,685 | (176,533 | ) | 5,169,508 | ||||||||||||
Cost of revenues | 3,919,729 | 288,044 | (63,708 | ) | 4,144,065 | ||||||||||||
Selling, general and administrative | 75 | 3,809 | 558,822 | 74,328 | (101,652 | ) | 535,382 | ||||||||||
75 | 3,809 | 4,478,551 | 362,372 | (165,360 | ) | 4,679,447 | |||||||||||
Income (loss) from operations | (75 | ) | (3,809 | ) | 505,805 | (687 | ) | (11,173 | ) | 490,061 | |||||||
Other: | |||||||||||||||||
Income from unconsolidated entities | 16,913 | 23,835 | 40,748 | ||||||||||||||
Other income - net | 9,501 | 27,873 | 17,456 | 3,388 | 58,218 | ||||||||||||
Intercompany interest income | 145,828 | (145,828 | ) | — | |||||||||||||
Interest expense | (151,410 | ) | (2,203 | ) | 153,613 | — | |||||||||||
Income from consolidated subsidiaries | 579,601 | 29,010 | (608,611 | ) | — | ||||||||||||
Income (loss) before income taxes | 589,027 | (9,391 | ) | 579,601 | 38,401 | (608,611 | ) | 589,027 | |||||||||
Income tax provision (benefit) | 206,932 | (3,299 | ) | 203,614 | 13,490 | (213,805 | ) | 206,932 | |||||||||
Net income (loss) | 382,095 | (6,092 | ) | 375,987 | 24,911 | (394,806 | ) | 382,095 | |||||||||
Other comprehensive (loss) income | (858 | ) | 31 | (827 | ) | ||||||||||||
Total comprehensive income (loss) | 381,237 | (6,092 | ) | 376,018 | 24,911 | (394,806 | ) | 381,268 |
Toll Brothers, Inc. | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||
Net cash provided by (used in) operating activities | 64,132 | 6,729 | (189,934 | ) | 390,949 | (11,475 | ) | 260,401 | |||||||||
Cash flow (used in) provided by investing activities: | |||||||||||||||||
Purchase of property and equipment - net | (12,043 | ) | 334 | (11,709 | ) | ||||||||||||
Investment in unconsolidated entities | (1,969 | ) | (111,546 | ) | (113,515 | ) | |||||||||||
Return of investments in unconsolidated entities | 29,566 | 68,521 | 98,087 | ||||||||||||||
Investment in foreclosed real estate and distressed loans | (513 | ) | (513 | ) | |||||||||||||
Return of investments in foreclosed real estate and distressed loans | 4,376 | 4,376 | |||||||||||||||
Acquisition of a business | (85,183 | ) | (85,183 | ) | |||||||||||||
Investment paid - intercompany | (45,000 | ) | 45,000 | — | |||||||||||||
Intercompany advances | (76,995 | ) | (303,899 | ) | 380,894 | — | |||||||||||
Net cash (used in) provided by investing activities | (76,995 | ) | (303,899 | ) | (114,629 | ) | (38,828 | ) | 425,894 | (108,457 | ) | ||||||
Cash flow (used in) provided by financing activities: | |||||||||||||||||
Net proceeds from issuance of senior notes | 300,000 | 300,000 | |||||||||||||||
Debt issuance costs for senior notes | (2,830 | ) | (2,830 | ) | |||||||||||||
Proceeds from loans payable | 125,000 | 644,454 | 769,454 | ||||||||||||||
Principal payments of loans payable | (380,555 | ) | (793,325 | ) | (1,173,880 | ) | |||||||||||
Proceeds from stock-based benefit plans | 40,628 | 40,628 | |||||||||||||||
Excess tax benefits from stock-based compensation | 708 | 708 | |||||||||||||||
Purchase of treasury stock | (15,422 | ) | (15,422 | ) | |||||||||||||
Dividends paid | (13,051 | ) | (13,051 | ) | |||||||||||||
Investment received intercompany | 45,000 | (45,000 | ) | — | |||||||||||||
Intercompany advances | 578,759 | (209,340 | ) | (369,419 | ) | — | |||||||||||
Net cash (used in) provided by financing activities | 12,863 | 297,170 | 323,204 | (313,211 | ) | (414,419 | ) | (94,393 | ) | ||||||||
Net increase in cash and cash equivalents | — | — | 18,641 | 38,910 | — | 57,551 | |||||||||||
Cash and cash equivalents, beginning of period | — | — | 583,440 | 50,275 | — | 633,715 | |||||||||||
Cash and cash equivalents, end of period | — | — | 602,081 | 89,185 | — | 691,266 |
Toll Brothers, Inc. | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||
Net cash (used in) provided by operating activities | 45,565 | 11,996 | (166,251 | ) | 104,238 | (11,428 | ) | (15,880 | ) | ||||||||
Cash flow provided by (used in) investing activities: | |||||||||||||||||
Purchase of property and equipment — net | (6,626 | ) | (698 | ) | (7,324 | ) | |||||||||||
Sale and redemption of marketable securities | 10,000 | 10,000 | |||||||||||||||
Investments in unconsolidated entities | (1,763 | ) | (19,620 | ) | (21,383 | ) | |||||||||||
Return of investments in unconsolidated entities | 22,236 | 6,242 | 28,478 | ||||||||||||||
Investment in foreclosed real estate and distressed loans | (866 | ) | (866 | ) | |||||||||||||
Return of investments in foreclosed real estate and distressed loans | 33,435 | 33,435 | |||||||||||||||
Dividend received – intercompany | 5,000 | (5,000 | ) | — | |||||||||||||
Intercompany advances | 179,030 | (11,953 | ) | (167,077 | ) | — | |||||||||||
Net cash provided by (used in) investing activities | 179,030 | (11,953 | ) | 18,847 | 28,493 | (172,077 | ) | 42,340 | |||||||||
Cash flow (used in) provided by financing activities: | |||||||||||||||||
Debt issuance costs for senior notes | (43 | ) | (43 | ) | |||||||||||||
Proceeds from loans payable | 100,000 | 721,984 | 821,984 | ||||||||||||||
Principal payments of loans payable | (397,927 | ) | (721,984 | ) | (1,119,911 | ) | |||||||||||
Proceeds from stock-based benefit plans | 5,003 | 5,003 | |||||||||||||||
Excess tax benefits from stock-based compensation | 665 | 665 | |||||||||||||||
Purchase of treasury stock | (230,263 | ) | (230,263 | ) | |||||||||||||
Receipts related to noncontrolling interest | 290 | 290 | |||||||||||||||
Dividend paid – intercompany | (5,000 | ) | 5,000 | — | |||||||||||||
Intercompany advances | (46,447 | ) | (132,058 | ) | 178,505 | — | |||||||||||
Net cash (used in) provided by financing activities | (224,595 | ) | (43 | ) | (344,374 | ) | (136,768 | ) | 183,505 | (522,275 | ) | ||||||
Net decrease in cash and cash equivalents | — | — | (491,778 | ) | (4,037 | ) | — | (495,815 | ) | ||||||||
Cash and cash equivalents, beginning of period | — | — | 783,599 | 135,394 | — | 918,993 | |||||||||||
Cash and cash equivalents, end of period | — | — | 291,821 | 131,357 | — | 423,178 |
Toll Brothers, Inc. | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||
Net cash provided by (used in) operating activities | 60,465 | 14,768 | 105,709 | (64,386 | ) | 32,215 | 148,771 | ||||||||||
Cash flow provided by (used in) investing activities: | |||||||||||||||||
Purchase of property and equipment — net | (27,835 | ) | (591 | ) | (28,426 | ) | |||||||||||
Sale and redemption of marketable securities | 10,000 | 10,000 | |||||||||||||||
Investment in unconsolidated entities | (2,637 | ) | (67,018 | ) | (69,655 | ) | |||||||||||
Return of investments in unconsolidated entities | 32,857 | 14,949 | 47,806 | ||||||||||||||
Investment in distressed loans and foreclosed real estate | (1,133 | ) | (1,133 | ) | |||||||||||||
Return of investments in distressed loans and foreclosed real estate | 49,619 | 49,619 | |||||||||||||||
Dividends received intercompany | 5,000 | (5,000 | ) | — | |||||||||||||
Investment paid intercompany | (5,000 | ) | 5,000 | — | |||||||||||||
Intercompany advances | 323,207 | (14,733 | ) | (308,474 | ) | — | |||||||||||
Net cash provided by (used in) investing activities | 323,207 | (14,733 | ) | 2,385 | 5,826 | (308,474 | ) | 8,211 | |||||||||
Cash flow (used in) provided by financing activities: | |||||||||||||||||
Debt issuance costs for senior notes | (35 | ) | (35 | ) | |||||||||||||
Proceeds from loans payable | 550,000 | 1,893,496 | 2,443,496 | ||||||||||||||
Debt issuance costs for loans payable | (4,868 | ) | (4,868 | ) | |||||||||||||
Principal payments of loans payable | (714,089 | ) | (1,783,496 | ) | (2,497,585 | ) | |||||||||||
Proceeds from stock-based benefit plans | 6,986 | 6,986 | |||||||||||||||
Excess tax benefits from stock-based compensation | 2,114 | 2,114 | |||||||||||||||
Purchase of treasury stock | (392,772 | ) | (392,772 | ) | |||||||||||||
Receipts related to noncontrolling interest | 404 | 404 | |||||||||||||||
Dividends paid intercompany | (5,000 | ) | 5,000 | — | |||||||||||||
Investment received intercompany | 5,000 | (5,000 | ) | — | |||||||||||||
Intercompany advances | (139,296 | ) | (136,963 | ) | 276,259 | — | |||||||||||
Net cash (used in) provided by financing activities | (383,672 | ) | (35 | ) | (308,253 | ) | (26,559 | ) | 276,259 | (442,260 | ) | ||||||
Net decrease in cash and cash equivalents | — | — | (200,159 | ) | (85,119 | ) | — | (285,278 | ) | ||||||||
Cash and cash equivalents, beginning of period | — | — | 783,599 | 135,394 | — | 918,993 | |||||||||||
Cash and cash equivalents, end of period | — | — | 583,440 | 50,275 | — | 633,715 |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||
Revenues | $ | 2,284.2 | $ | 2,044.1 | 12 | % | $ | 1,363.5 | $ | 1,115.6 | 22 | % | |||||||||
Cost of revenues | 1,810.4 | 1,582.9 | 14 | % | 1,077.4 | 870.6 | 24 | % | |||||||||||||
Selling, general and administrative | 285.0 | 250.1 | 14 | % | 147.9 | 128.3 | 15 | % | |||||||||||||
2,095.4 | 1,833.0 | 14 | % | 1,225.3 | 998.9 | 23 | % | ||||||||||||||
Income from operations | 188.8 | 211.1 | (11 | )% | 138.2 | 116.6 | 19 | % | |||||||||||||
Other | |||||||||||||||||||||
Income from unconsolidated entities | 92.3 | 17.8 | 420 | % | 45.9 | 9.1 | 404 | % | |||||||||||||
Other income – net | 27.8 | 28.4 | (2 | )% | 15.1 | 14.6 | 3 | % | |||||||||||||
Income before income taxes | 309.0 | 257.2 | 20 | % | 199.2 | 140.4 | 42 | % | |||||||||||||
Income tax provision | 113.9 | 95.0 | 20 | % | 74.6 | 51.3 | 45 | % | |||||||||||||
Net income | $ | 195.1 | $ | 162.2 | 20 | % | $ | 124.6 | $ | 89.1 | 40 | % | |||||||||
Supplemental information: | |||||||||||||||||||||
Cost of revenues as a percentage of revenues | 79.3 | % | 77.4 | % | 79.0 | % | 78.0 | % | |||||||||||||
SG&A as a percentage of revenues | 12.5 | % | 12.2 | % | 10.8 | % | 11.5 | % | |||||||||||||
Effective tax rate | 36.9 | % | 36.9 | % | 37.4 | % | 36.5 | % | |||||||||||||
Deliveries – units | 2,828 | 2,367 | 19 | % | 1,638 | 1,304 | 26 | % | |||||||||||||
Deliveries – average selling price * | $ | 807.7 | $ | 863.6 | (6 | )% | $ | 832.4 | $ | 855.5 | (3 | )% | |||||||||
Net contracts signed – value | $ | 3,262.3 | $ | 2,732.3 | 19 | % | $ | 2,019.3 | $ | 1,645.2 | 23 | % | |||||||||
Net contracts signed – units | 4,033 | 3,243 | 24 | % | 2,511 | 1,993 | 26 | % | |||||||||||||
Net contracts signed – average selling price * | $ | 808.9 | $ | 842.5 | (4 | )% | $ | 804.2 | $ | 825.5 | (3 | )% | |||||||||
April 30, 2017 | April 30, 2016 | % Change | October 31, 2016 | October 31, 2015 | % Change | ||||||||||||||||
Backlog – value | $ | 5,000.9 | $ | 4,192.1 | 19 | % | $ | 3,984.1 | $ | 3,504.0 | 14 | % | |||||||||
Backlog – units | 6,018 | 4,940 | 22 | % | 4,685 | 4,064 | 15 | % | |||||||||||||
Backlog – average selling price * | $ | 831.0 | $ | 848.6 | (2 | )% | $ | 850.4 | $ | 862.2 | (1 | )% |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Income from ancillary businesses | $ | 6,846 | $ | 7,421 | $ | 4,549 | $ | 3,692 | |||||||
Gibraltar | 2,870 | 6,249 | 2,932 | 5,421 | |||||||||||
Management fee income from unconsolidated entities | 7,971 | 4,515 | 3,682 | 2,408 | |||||||||||
Income from land sales | 5,086 | 4,491 | 1,527 | 493 | |||||||||||
Other | 5,040 | 5,677 | 2,420 | 2,619 | |||||||||||
Total other income – net | $ | 27,813 | $ | 28,353 | $ | 15,110 | $ | 14,633 |
Six months ended April 30, | ||||||||||||||||||||||||||||||
Revenues ($ in millions) | Units Delivered | Average Delivered Price ($ in thousands) | ||||||||||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||||||||
Traditional Home Building: | ||||||||||||||||||||||||||||||
North | $ | 335.0 | $ | 286.5 | 17 | % | 486 | 415 | 17 | % | $ | 689.3 | $ | 690.4 | — | % | ||||||||||||||
Mid-Atlantic | 410.5 | 356.4 | 15 | % | 664 | 579 | 15 | % | 618.2 | 615.5 | — | % | ||||||||||||||||||
South | 337.3 | 339.3 | (1 | )% | 464 | 437 | 6 | % | 726.9 | 776.4 | (6 | )% | ||||||||||||||||||
West | 513.8 | 325.6 | 58 | % | 776 | 490 | 58 | % | 662.1 | 664.5 | — | % | ||||||||||||||||||
California | 593.1 | 545.3 | 9 | % | 403 | 375 | 7 | % | 1,471.7 | 1,454.1 | 1 | % | ||||||||||||||||||
Traditional Home Building | 2,189.7 | 1,853.1 | 18 | % | 2,793 | 2,296 | 22 | % | 784.0 | 807.1 | (3 | )% | ||||||||||||||||||
City Living | 94.5 | 191.0 | (51 | )% | 35 | 71 | (51 | )% | 2,700.0 | 2,690.1 | — | % | ||||||||||||||||||
Total | $ | 2,284.2 | $ | 2,044.1 | 12 | % | 2,828 | 2,367 | 19 | % | $ | 807.7 | $ | 863.6 | (6 | )% |
Three months ended April 30, | ||||||||||||||||||||||||||||||
Revenues ($ in millions) | Units Delivered | Average Delivered Price ($ in thousands) | ||||||||||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||||||||
Traditional Home Building: | ||||||||||||||||||||||||||||||
North | $ | 189.3 | $ | 165.7 | 14 | % | 277 | 235 | 18 | % | $ | 683.6 | $ | 705.0 | (3 | )% | ||||||||||||||
Mid-Atlantic | 226.5 | 186.6 | 21 | % | 367 | 300 | 22 | % | 617.1 | 622.0 | (1 | )% | ||||||||||||||||||
South | 195.1 | 192.5 | 1 | % | 274 | 239 | 15 | % | 712.1 | 805.2 | (12 | )% | ||||||||||||||||||
West | 302.7 | 188.4 | 61 | % | 441 | 288 | 53 | % | 686.4 | 654.1 | 5 | % | ||||||||||||||||||
California | 373.3 | 328.4 | 14 | % | 248 | 216 | 15 | % | 1,505.3 | 1,520.5 | (1 | )% | ||||||||||||||||||
Traditional Home Building | 1,286.9 | 1,061.6 | 21 | % | 1,607 | 1,278 | 26 | % | 800.8 | 830.6 | (4 | )% | ||||||||||||||||||
City Living | 76.6 | 54.0 | 42 | % | 31 | 26 | 19 | % | 2,469.7 | 2,078.5 | 19 | % | ||||||||||||||||||
Total | $ | 1,363.5 | $ | 1,115.6 | 22 | % | 1,638 | 1,304 | 26 | % | $ | 832.4 | $ | 855.5 | (3 | )% |
Six months ended April 30, | ||||||||||||||||||||||||||||||
Net Contract Value ($ in millions) | Net Contracted Units | Average Contracted Price ($ in thousands) | ||||||||||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||||||||
Traditional Home Building: | ||||||||||||||||||||||||||||||
North | $ | 435.9 | $ | 403.0 | 8 | % | 684 | 571 | 20 | % | $ | 637.3 | $ | 705.8 | (10 | )% | ||||||||||||||
Mid-Atlantic | 583.5 | 495.7 | 18 | % | 943 | 802 | 18 | % | 618.8 | 618.1 | — | % | ||||||||||||||||||
South | 498.1 | 432.9 | 15 | % | 672 | 577 | 16 | % | 741.2 | 750.3 | (1 | )% | ||||||||||||||||||
West | 684.4 | 540.8 | 27 | % | 1,055 | 747 | 41 | % | 648.7 | 724.0 | (10 | )% | ||||||||||||||||||
California | 929.3 | 661.6 | 40 | % | 614 | 437 | 41 | % | 1,513.5 | 1,514.0 | — | % | ||||||||||||||||||
Traditional Home Building | 3,131.2 | 2,534.0 | 24 | % | 3,968 | 3,134 | 27 | % | 789.1 | 808.6 | (2 | )% | ||||||||||||||||||
City Living | 131.1 | 198.3 | (34 | )% | 65 | 109 | (40 | )% | 2,016.9 | 1,819.3 | 11 | % | ||||||||||||||||||
Total | $ | 3,262.3 | $ | 2,732.3 | 19 | % | 4,033 | 3,243 | 24 | % | $ | 808.9 | $ | 842.5 | (4 | )% |
Three months ended April 30, | ||||||||||||||||||||||||||||||
Net Contract Value ($ in millions) | Net Contracted Units | Average Contracted Price ($ in thousands) | ||||||||||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||||||||
Traditional Home Building: | ||||||||||||||||||||||||||||||
North | $ | 264.2 | $ | 230.4 | 15 | % | 408 | 327 | 25 | % | $ | 647.4 | $ | 704.5 | (8 | )% | ||||||||||||||
Mid-Atlantic | 346.9 | 308.6 | 12 | % | 563 | 502 | 12 | % | 616.2 | 614.8 | — | % | ||||||||||||||||||
South | 294.1 | 266.0 | 11 | % | 406 | 367 | 11 | % | 724.5 | 724.7 | — | % | ||||||||||||||||||
West | 438.2 | 340.6 | 29 | % | 703 | 466 | 51 | % | 623.4 | 730.9 | (15 | )% | ||||||||||||||||||
California | 594.1 | 408.5 | 45 | % | 388 | 275 | 41 | % | 1,531.2 | 1,485.5 | 3 | % | ||||||||||||||||||
Traditional Home Building | 1,937.5 | 1,554.1 | 25 | % | 2,468 | 1,937 | 27 | % | 785.1 | 802.3 | (2 | )% | ||||||||||||||||||
City Living | 81.8 | 91.1 | (10 | )% | 43 | 56 | (23 | )% | 1,901.0 | 1,627.7 | 17 | % | ||||||||||||||||||
Total | $ | 2,019.3 | $ | 1,645.2 | 23 | % | 2,511 | 1,993 | 26 | % | $ | 804.2 | $ | 825.5 | (3 | )% |
At April 30, | ||||||||||||||||||||||||||||||
Backlog Value ($ in millions) | Backlog Units | Average Backlog Price ($ in thousands) | ||||||||||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||||||||
Traditional Home Building: | ||||||||||||||||||||||||||||||
North | $ | 793.7 | $ | 735.7 | 8 | % | 1,175 | 1,046 | 12 | % | $ | 675.5 | $ | 703.4 | (4 | )% | ||||||||||||||
Mid-Atlantic | 782.9 | 658.2 | 19 | % | 1,265 | 1,034 | 22 | % | 618.9 | 636.6 | (3 | )% | ||||||||||||||||||
South | 897.2 | 762.8 | 18 | % | 1,168 | 964 | 21 | % | 768.2 | 791.3 | (3 | )% | ||||||||||||||||||
West | 975.9 | 788.7 | 24 | % | 1,427 | 1,073 | 33 | % | 683.9 | 735.1 | (7 | )% | ||||||||||||||||||
California | 1,203.9 | 1,014.0 | 19 | % | 744 | 671 | 11 | % | 1,618.1 | 1,511.1 | 7 | % | ||||||||||||||||||
Traditional Home Building | 4,653.6 | 3,959.4 | 18 | % | 5,779 | 4,788 | 21 | % | 805.3 | 827.0 | (3 | )% | ||||||||||||||||||
City Living | 347.3 | 232.7 | 49 | % | 239 | 152 | 57 | % | 1,453.0 | 1,530.7 | (5 | )% | ||||||||||||||||||
Total | $ | 5,000.9 | $ | 4,192.1 | 19 | % | 6,018 | 4,940 | 22 | % | $ | 831.0 | $ | 848.6 | (2 | )% |
At October 31, | ||||||||||||||||||||||||||||||
Backlog Value ($ in millions) | Backlog Units | Average Backlog Price ($ in thousands) | ||||||||||||||||||||||||||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||||||||
Traditional Home Building: | ||||||||||||||||||||||||||||||
North | $ | 692.8 | $ | 619.2 | 12 | % | 977 | 890 | 10 | % | $ | 709.1 | $ | 695.8 | 2 | % | ||||||||||||||
Mid-Atlantic | 610.0 | 518.9 | 18 | % | 986 | 811 | 22 | % | 618.7 | 639.9 | (3 | )% | ||||||||||||||||||
South | 736.4 | 669.2 | 10 | % | 960 | 824 | 17 | % | 767.1 | 812.1 | (6 | )% | ||||||||||||||||||
West | 766.5 | 573.5 | 34 | % | 1,020 | 816 | 25 | % | 751.5 | 702.8 | 7 | % | ||||||||||||||||||
California | 867.7 | 897.8 | (3 | )% | 533 | 609 | (12 | )% | 1,627.9 | 1,474.2 | 10 | % | ||||||||||||||||||
Traditional Home Building | 3,673.4 | 3,278.6 | 12 | % | 4,476 | 3,950 | 13 | % | 820.7 | 830.0 | (1 | )% | ||||||||||||||||||
City Living | 310.7 | 225.4 | 38 | % | 209 | 114 | 83 | % | 1,486.5 | 1,977.2 | (25 | )% | ||||||||||||||||||
Total | $ | 3,984.1 | $ | 3,504.0 | 14 | % | 4,685 | 4,064 | 15 | % | $ | 850.4 | $ | 862.2 | (1 | )% |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||
Traditional Home Building: | |||||||||||||||||||||
North | $ | 20.6 | $ | 16.3 | 26 | % | $ | 10.5 | $ | 8.3 | 27 | % | |||||||||
Mid-Atlantic | 33.5 | 37.9 | (12 | )% | 21.9 | 20.9 | 5 | % | |||||||||||||
South | 33.9 | 52.4 | (35 | )% | 20.8 | 31.1 | (33 | )% | |||||||||||||
West | 67.8 | 43.8 | 55 | % | 42.3 | 24.2 | 75 | % | |||||||||||||
California | 126.6 | 118.5 | 7 | % | 83.4 | 74.9 | 11 | % | |||||||||||||
Traditional Home Building | 282.4 | 268.9 | 5 | % | 178.9 | 159.4 | 12 | % | |||||||||||||
City Living | 85.0 | 59.9 | 42 | % | 41.9 | 16.2 | 159 | % | |||||||||||||
Corporate and other | (58.4 | ) | (71.6 | ) | (18 | )% | (21.6 | ) | (35.2 | ) | (39 | )% | |||||||||
Total | $ | 309.0 | $ | 257.2 | 20 | % | $ | 199.2 | $ | 140.4 | 42 | % |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Units Delivered and Revenues: | |||||||||||||||||||||
Revenues ($ in millions) | $ | 335.0 | $ | 286.5 | 17 | % | $ | 189.3 | $ | 165.7 | 14 | % | |||||||||
Units delivered | 486 | 415 | 17 | % | 277 | 235 | 18 | % | |||||||||||||
Average delivered price ($ in thousands) | $ | 689.3 | $ | 690.4 | — | % | $ | 683.6 | $ | 705.0 | (3 | )% | |||||||||
Net Contracts Signed: | |||||||||||||||||||||
Net contract value ($ in millions) | $ | 435.9 | $ | 403.0 | 8 | % | $ | 264.2 | $ | 230.4 | 15 | % | |||||||||
Net contracted units | 684 | 571 | 20 | % | 408 | 327 | 25 | % | |||||||||||||
Average contracted price ($ in thousands) | $ | 637.3 | $ | 705.8 | (10 | )% | $ | 647.4 | $ | 704.5 | (8 | )% | |||||||||
Cost of revenues as a percentage of revenues | 84.4 | % | 84.2 | % | 86.0 | % | 85.8 | % | |||||||||||||
Income before income taxes ($ in millions) | $ | 20.6 | $ | 16.3 | 26 | % | $ | 10.5 | $ | 8.3 | 27 | % | |||||||||
Number of selling communities at April 30, | 54 | 63 | (14 | )% |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Units Delivered and Revenues: | |||||||||||||||||||||
Revenues ($ in millions) | $ | 410.5 | $ | 356.4 | 15 | % | $ | 226.5 | $ | 186.6 | 21 | % | |||||||||
Units delivered | 664 | 579 | 15 | % | 367 | 300 | 22 | % | |||||||||||||
Average delivered price ($ in thousands) | $ | 618.2 | $ | 615.5 | — | % | $ | 617.1 | $ | 622.0 | (1 | )% | |||||||||
Net Contracts Signed: | |||||||||||||||||||||
Net contract value ($ in millions) | $ | 583.5 | $ | 495.7 | 18 | % | $ | 346.9 | $ | 308.6 | 12 | % | |||||||||
Net contracted units | 943 | 802 | 18 | % | 563 | 502 | 12 | % | |||||||||||||
Average contracted price ($ in thousands) | $ | 618.8 | $ | 618.1 | — | % | $ | 616.2 | $ | 614.8 | — | % | |||||||||
Cost of revenues as a percentage of revenues | 82.6 | % | 80.7 | % | 81.6 | % | 80.5 | % | |||||||||||||
Income before income taxes ($ in millions) | $ | 33.5 | $ | 37.9 | (12 | )% | $ | 21.9 | $ | 20.9 | 5 | % | |||||||||
Number of selling communities at April 30, | 66 | 68 | (3 | )% |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Units Delivered and Revenues: | |||||||||||||||||||||
Revenues ($ in millions) | $ | 337.3 | $ | 339.3 | (1 | )% | $ | 195.1 | $ | 192.5 | 1 | % | |||||||||
Units delivered | 464 | 437 | 6 | % | 274 | 239 | 15 | % | |||||||||||||
Average delivered price ($ in thousands) | $ | 726.9 | $ | 776.4 | (6 | )% | $ | 712.1 | $ | 805.2 | (12 | )% | |||||||||
Net Contracts Signed: | |||||||||||||||||||||
Net contract value ($ in millions) | $ | 498.1 | $ | 432.9 | 15 | % | $ | 294.1 | $ | 266.0 | 11 | % | |||||||||
Net contracted units | 672 | 577 | 16 | % | 406 | 367 | 11 | % | |||||||||||||
Average contracted price ($ in thousands) | $ | 741.2 | $ | 750.3 | (1 | )% | $ | 724.5 | $ | 724.7 | — | % | |||||||||
Cost of revenues as a percentage of revenues | 81.2 | % | 78.7 | % | 81.2 | % | 78.0 | % | |||||||||||||
Income before income taxes ($ in millions) | $ | 33.9 | $ | 52.4 | (35 | )% | $ | 20.8 | $ | 31.1 | (33 | )% | |||||||||
Number of selling communities at April 30, | 76 | 67 | 13 | % |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Units Delivered and Revenues: | |||||||||||||||||||||
Revenues ($ in millions) | $ | 513.8 | $ | 325.6 | 58 | % | $ | 302.7 | $ | 188.4 | 61 | % | |||||||||
Units delivered | 776 | 490 | 58 | % | 441 | 288 | 53 | % | |||||||||||||
Average delivered price ($ in thousands) | $ | 662.1 | $ | 664.5 | — | % | $ | 686.4 | $ | 654.1 | 5 | % | |||||||||
Net Contracts Signed: | |||||||||||||||||||||
Net contract value ($ in millions) | $ | 684.4 | $ | 540.8 | 27 | % | $ | 438.2 | $ | 340.6 | 29 | % | |||||||||
Net contracted units | 1,055 | 747 | 41 | % | 703 | 466 | 51 | % | |||||||||||||
Average contracted price ($ in thousands) | $ | 648.7 | $ | 724.0 | (10 | )% | $ | 623.4 | $ | 730.9 | (15 | )% | |||||||||
Cost of revenues as a percentage of revenues | 78.7 | % | 78.6 | % | 78.3 | % | 79.0 | % | |||||||||||||
Income before income taxes ($ in millions) | $ | 67.8 | $ | 43.8 | 55 | % | $ | 42.3 | $ | 24.2 | 75 | % | |||||||||
Number of selling communities at April 30, | 79 | 64 | 23 | % |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Units Delivered and Revenues: | |||||||||||||||||||||
Revenues ($ in millions) | $ | 593.1 | $ | 545.3 | 9 | % | $ | 373.3 | $ | 328.4 | 14 | % | |||||||||
Units delivered | 403 | 375 | 7 | % | 248 | 216 | 15 | % | |||||||||||||
Average delivered price ($ in thousands) | $ | 1,471.7 | $ | 1,454.1 | 1 | % | $ | 1,505.3 | $ | 1,520.5 | (1 | )% | |||||||||
Net Contracts Signed: | |||||||||||||||||||||
Net contract value ($ in millions) | $ | 929.3 | $ | 661.6 | 40 | % | $ | 594.1 | $ | 408.5 | 45 | % | |||||||||
Net contracted units | 614 | 437 | 41 | % | 388 | 275 | 41 | % | |||||||||||||
Average contracted price ($ in thousands) | $ | 1,513.5 | $ | 1,514.0 | — | % | $ | 1,531.2 | $ | 1,485.5 | 3 | % | |||||||||
Cost of revenues as a percentage of revenues | 73.6 | % | 74.0 | % | 73.2 | % | 74.0 | % | |||||||||||||
Income before income taxes ($ in millions) | $ | 126.6 | $ | 118.5 | 7 | % | $ | 83.4 | $ | 74.9 | 11 | % | |||||||||
Number of selling communities at April 30, | 36 | 31 | 16 | % |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Units Delivered and Revenues: | |||||||||||||||||||||
Revenues ($ in millions) | $ | 94.5 | $ | 191.0 | (51 | )% | $ | 76.6 | $ | 54.0 | 42 | % | |||||||||
Units delivered | 35 | 71 | (51 | )% | 31 | 26 | 19 | % | |||||||||||||
Average delivered price ($ in thousands) | $ | 2,700.0 | $ | 2,690.1 | — | % | $ | 2,469.7 | $ | 2,078.5 | 19 | % | |||||||||
Net Contracts Signed: | |||||||||||||||||||||
Net contract value ($ in millions) | $ | 131.1 | $ | 198.3 | (34 | )% | $ | 81.8 | $ | 91.1 | (10 | )% | |||||||||
Net contracted units | 65 | 109 | (40 | )% | 43 | 56 | (23 | )% | |||||||||||||
Average contracted price ($ in thousands) | $ | 2,016.9 | $ | 1,819.3 | 11 | % | $ | 1,901.0 | $ | 1,627.7 | 17 | % | |||||||||
Cost of revenues as a percentage of revenues | 75.7 | % | 65.8 | % | 78.1 | % | 65.0 | % | |||||||||||||
Income before income taxes ($ in millions) | $ | 85.0 | $ | 59.9 | 42 | % | $ | 41.9 | $ | 16.2 | 159 | % | |||||||||
Number of selling communities at April 30, | 5 | 6 | (17 | )% |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||||||||||||||
2017 Units | 2016 Units | 2017 $ | 2016 $ | 2017 Units | 2016 Units | 2017 $ | 2016 $ | ||||||||||||||||||||
Deliveries | 106 | — | $ | 337.4 | $ | — | 33 | — | $ | 132.8 | $ | — | |||||||||||||||
Net contracts signed | 23 | 15 | $ | 37.1 | $ | 60.1 | 9 | 7 | $ | 7.1 | $ | 30.8 |
At April 30, | At October 31, | ||||||||||||||||||||||||||
2017 Units | 2016 Units | 2017 $ | 2016 $ | 2016 Units | 2015 Units | 2016 $ | 2015 $ | ||||||||||||||||||||
Backlog | 31 | 136 | $ | 108.2 | $ | 467.9 | 114 | 121 | $ | 408.5 | $ | 407.8 |
Six months ended April 30, | Three months ended April 30, | ||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Loss before income taxes ($ in millions) | $ | (58.4 | ) | $ | (71.6 | ) | (18 | )% | $ | (21.6 | ) | $ | (35.2 | ) | (39 | )% |
Fixed-rate debt | Variable-rate debt (a) | ||||||||||||
Fiscal year of maturity | Amount | Weighted- average interest rate | Amount | Weighted- average interest rate | |||||||||
2017 | $ | 433,114 | 8.51% | $ | 61,129 | 3.00% | |||||||
2018 | 317,250 | 0.76% | 150 | 0.88% | |||||||||
2019 | 374,505 | 3.94% | 150 | 0.88% | |||||||||
2020 | 254,300 | 6.72% | 150 | 0.88% | |||||||||
2021 | 1,663 | 5.95% | 500,150 | 2.39% | |||||||||
Thereafter (b) | 1,752,217 | 5.12% | 13,210 | 0.79% | |||||||||
Discount and deferred issuance costs | (13,494 | ) | (1,552 | ) | |||||||||
Total | $ | 3,119,555 | 5.14% | $ | 573,387 | 2.42% | |||||||
Fair value at April 30, 2017 | $ | 3,272,879 | $ | 574,939 |
(a) | Based upon the amount of variable-rate debt outstanding at April 30, 2017, and holding the variable-rate debt balance constant, each 1% increase in interest rates would increase the interest incurred by us by approximately $5.7 million per year. |
(b) | The fixed-rate debt amount for fiscal 2018 includes $287.5 million principal amount of 0.5% Exchangeable Senior Notes (the “0.5% Exchangeable Senior Notes”). The 0.5% Exchangeable Senior Notes are exchangeable into shares of our common stock at an exchange rate, as adjusted, of 20.4206 shares per $1,000 principal amount of notes, corresponding to an initial exchange price, as adjusted, of approximately $48.97 per share of common stock. Holders of the 0.5% Exchangeable Senior Notes will have the right to require Toll Brothers Finance Corp. to repurchase their notes for cash equal to 100% of their principal amount, plus accrued but unpaid interest, on each of December 15, 2017, September 15, 2022, and September 15, 2027. We will have the right to redeem the 0.5% Exchangeable Senior Notes on or after September 15, 2017, for cash equal to 100% of their principal amount, plus accrued but unpaid interest. |
Period | Total number of shares purchased (a) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs (b) | Maximum number of shares that may yet be purchased under the plans or programs (b) | |||||||||
(in thousands) | (in thousands) | (in thousands) | |||||||||||
February 1, 2017 to February 28, 2017 | — | — | 15,281 | ||||||||||
March 1, 2017 to March 31, 2017 | 4 | $ | 35.52 | 4 | 15,277 | ||||||||
April 1, 2017 to April 30, 2017 | 1 | $ | 36.56 | 1 | 15,276 | ||||||||
Total | 5 | $ | 35.57 | 5 |
(a) | Our stock incentive plans permit us to withhold from the total number of shares that otherwise would be issued to a performance based restricted stock unit recipient or a restricted stock unit recipient upon distribution that number of shares having a fair value at the time of distribution equal to the applicable income tax withholdings due and remit the remaining shares to the recipient. During the three months ended April 30, 2017, we withheld 152 of the shares subject to performance based restricted stock units and restricted stock units to cover approximately $5,500 of income tax withholdings and we issued the remaining 328 shares to the recipients. The shares withheld are not included in the total number of shares purchased in the table above. |
(b) | On May 23, 2016, our Board of Directors authorized the repurchase of 20 million shares of our common stock in open market transactions or otherwise for general corporate purposes, including to obtain shares for the Company’s equity award and other employee benefit plans. The Board of Directors did not fix any expiration date for this repurchase program. |
4.1* | Sixteenth Supplemental Indenture dated as of April 28, 2017, to Indenture dated as of April 20, 2009 by and among the parties listed on Schedule A thereto, and The Bank of New York Mellon, as successor Trustee. |
4.2* | Fourteenth Supplemental Indenture dated as of April 30, 2017, to the Indenture dated as of February 7, 2012 by and among the parties listed on Schedule A thereto, and The Bank of New York Mellon, as successor Trustee. |
4.3* | Thirteenth Supplemental Indenture dated as of April 30, 2017, to the Indenture dated as of September 11, 2012 by and among the parties listed on Schedule A thereto, and The Bank of New York Mellon, as successor Trustee. |
10.1 | Toll Brothers, Inc. Employee Stock Purchase Plan (2017) is hereby incorporated by reference to Annex A to the Registrant’s Definitive Proxy Statement on Schedule 14A for its 2017 Annual Meeting of Stockholders filed with the SEC on January 31, 2017. |
31.1* | Certification of Douglas C. Yearley, Jr. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2* | Certification of Martin P. Connor pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1* | Certification of Douglas C. Yearley, Jr. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2* | Certification of Martin P. Connor pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS* | XBRL Instance Document |
101.SCH* | XBRL Schema Document |
101.CAL* | XBRL Calculation Linkbase Document |
101.LAB* | XBRL Labels Linkbase Document |
101.PRE* | XBRL Presentation Linkbase Document |
101.DEF* | XBRL Definition Linkbase Document |
* | Filed electronically herewith. |
TOLL BROTHERS, INC. | ||||
(Registrant) | ||||
Date: | June 5, 2017 | By: | /s/ Martin P. Connor | |
Martin P. Connor Senior Vice President and Chief Financial Officer (Principal Financial Officer) | ||||
Date: | June 5, 2017 | By: | /s/ Joseph R. Sicree | |
Joseph R. Sicree Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) |
TOLL BROTHERS FINANCE CORP., as Issuer | ||
By: | /s/ Joseph R. Sicree | |
Name: Joseph R. Sicree | ||
Title: Senior Vice President | ||
THE ADDITIONAL GUARANTOR NAMED | ||
ON SCHEDULE A HERETO, as Guarantor | ||
By: | /s/ Joseph R. Sicree | |
Name: Joseph R. Sicree | ||
Title: Designated Officer | ||
THE BANK OF NEW YORK MELLON, | ||
as Trustee | ||
By: | /s/ Laurence J. O'Brien | |
Name: Laurence J. O'Brien | ||
Title: Vice President | ||
TOLL BROTHERS FINANCE CORP., as Issuer | ||
By: | /s/ Joseph R. Sicree | |
Name: Joseph R. Sicree | ||
Title: Senior Vice President | ||
THE ADDITIONAL GUARANTOR NAMED | ||
ON SCHEDULE A HERETO, as Guarantor | ||
By: | /s/ Joseph R. Sicree | |
Name: Joseph R. Sicree | ||
Title: Designated Officer | ||
THE BANK OF NEW YORK MELLON, | ||
as Trustee | ||
By: | /s/ Laurence J. O'Brien | |
Name: Laurence J. O'Brien | ||
Title: Vice President | ||
TOLL BROTHERS FINANCE CORP., as Issuer | ||
By: | /s/ Joseph R. Sicree | |
Name: Joseph R. Sicree | ||
Title: Senior Vice President | ||
THE ADDITIONAL GUARANTOR NAMED | ||
ON SCHEDULE A HERETO, as Guarantor | ||
By: | /s/ Joseph R. Sicree | |
Name: Joseph R. Sicree | ||
Title: Designated Officer | ||
THE BANK OF NEW YORK MELLON, | ||
as Trustee | ||
By: | /s/ Laurence J. O'Brien | |
Name: Laurence J. O'Brien | ||
Title: Vice President | ||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Signed: | /s/ Douglas C. Yearley, Jr. | ||
Name: Douglas C. Yearley, Jr. Title: Chief Executive Officer |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Signed: | /s/ Martin P. Connor | ||
Name: Martin P. Connor Title: Chief Financial Officer |
By: | /s/ Douglas C. Yearley Jr. | |
Name: Douglas C. Yearley, Jr. Title: Chief Executive Officer |
By: | /s/ Martin P. Connor | |
Name: Martin P. Connor Title: Chief Financial Officer |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Apr. 30, 2017 |
Jun. 01, 2017 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | TOLL BROTHERS INC | |
Entity Central Index Key | 0000794170 | |
Current Fiscal Year End Date | --10-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 163,575,000 |
Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands |
Apr. 30, 2017 |
Oct. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, shares issued | 0 | 0 |
Common stock, shares issued | 177,937 | 177,937 |
Treasury stock, at cost | 14,743 | 16,154 |
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2017 |
Apr. 30, 2016 |
Apr. 30, 2017 |
Apr. 30, 2016 |
|
Revenues | $ 1,363,512 | $ 1,115,557 | $ 2,284,242 | $ 2,044,123 |
Cost of revenues | 1,077,441 | 870,571 | 1,810,443 | 1,582,882 |
Selling, general and administrative | 147,876 | 128,340 | 284,971 | 250,136 |
Total | 1,225,317 | 998,911 | 2,095,414 | 1,833,018 |
Income from operations | 138,195 | 116,646 | 188,828 | 211,105 |
Other: | ||||
Income from unconsolidated entities | 45,904 | 9,118 | 92,349 | 17,756 |
Other income - net | 15,110 | 14,633 | 27,813 | 28,353 |
Income before income taxes | 199,209 | 140,397 | 308,990 | 257,214 |
Income tax provision (benefit) | 74,571 | 51,343 | 113,936 | 94,980 |
Net income | 124,638 | 89,054 | 195,054 | 162,234 |
Other comprehensive (loss) income, net of tax: | ||||
Change in pension liability | 168 | 155 | 337 | (132) |
Change in unrealized income (loss) on derivative held by equity investee | 4 | 31 | ||
Other comprehensive (loss) income | 168 | 159 | 337 | (101) |
Total comprehensive income | $ 124,806 | $ 89,213 | $ 195,391 | $ 162,133 |
Income per share: | ||||
Basic | $ 0.76 | $ 0.53 | $ 1.20 | $ 0.95 |
Diluted | 0.73 | 0.51 | 1.15 | 0.91 |
Cash dividend declared | $ 0.08 | $ 0.08 | ||
Weighted average number of shares: | ||||
Basic | 163,492 | 168,952 | 163,040 | 171,578 |
Diluted | 171,403 | 176,414 | 170,910 | 179,403 |
Significant Accounting Policies |
6 Months Ended |
---|---|
Apr. 30, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Toll Brothers, Inc. (the “Company,” “we,” “us,” or “our”), a Delaware corporation, and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Investments in 50% or less owned partnerships and affiliates are accounted for using the equity method unless it is determined that we have effective control of the entity, in which case we would consolidate the entity. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. The October 31, 2016 balance sheet amounts and disclosures included herein have been derived from our October 31, 2016 audited financial statements. Since the accompanying condensed consolidated financial statements do not include all the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements, we suggest that they be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2016 (“2016 Form 10-K”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, which are of a normal recurring nature, necessary to present fairly our financial position as of April 30, 2017; the results of our operations for the six-month and three-month periods ended April 30, 2017 and 2016; and our cash flows for the six-month periods ended April 30, 2017 and 2016. The results of operations for such interim periods are not necessarily indicative of the results to be expected for the full year. Acquisition In November 2016, we acquired substantially all of the assets and operations of Coleman Real Estate Holdings, LLC (“Coleman”) for $85.2 million in cash. The assets acquired were primarily inventory, including approximately 1,750 home sites owned or controlled through land purchase agreements. As part of the acquisition, we assumed contracts to deliver 128 homes with an aggregate value of $38.8 million. The average price of the undelivered homes at the date of acquisition was approximately $303,000. Our selling community count increased by 15 communities at the acquisition date. The acquisition of Coleman’s assets and operations was not material to our results of operations or financial condition. Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customers’ Accounting for Fees Paid in a Cloud Computing Arrangement” (“ASU 2015-05”). ASU 2015-05 provides guidance for a customer to determine whether a cloud computing arrangement contains a software license or should be accounted for as a service contract. We adopted ASU 2015-05 on November 1, 2016, and we elected to adopt the standard prospectively. The adoption did not have a material effect on our consolidated financial statements or disclosures. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”), which eliminates the deferral granted to investment companies from applying the variable interest entities (“VIEs”) guidance and makes targeted amendments to the current consolidation guidance. The new guidance applies to all entities involved with limited partnerships or similar entities and requires re-evaluation of these entities under the revised guidance which may change previous consolidation conclusions. We adopted ASU 2015-02 on November 1, 2016, and the adoption did not have a material effect on our consolidated financial statements or disclosures. In March 2017, the FASB issued ASU No. 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”). ASU 2017-07 requires an employer to report the service cost component of pension and other postretirement benefit costs in the same line item as other compensation costs arising from services rendered by the pertinent employees while the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. ASU 2017-07 is effective for our fiscal year beginning November 1, 2018. Early adoption is permitted. We are currently evaluating the impact that the adoption of ASU 2017-07 may have on our consolidated financial statements and disclosures. In February 2017, the FASB issued ASU No. 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” (“ASU 2017-05”). ASU 2017-05 is meant to clarify the scope of the original guidance within Subtopic 610-20 that was issued in connection with ASU 2014-09, as defined below, which provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. ASU 2017-05 also added guidance for partial sales of nonfinancial assets. ASU 2017-05 is effective for our fiscal year beginning November 1, 2018 and we are required to adopt ASU 2017-05 concurrent with the adoption of ASU 2014-09. We are currently evaluating the impact that the adoption of ASU 2017-05 may have on our consolidated financial statements and disclosures. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which provides guidance for revenue recognition. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. ASU 2014-09 supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition,” and most industry-specific guidance. ASU 2014-09 also supersedes some cost guidance included in ASC Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts.” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under the current guidance. These judgments and estimates include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each separate performance obligation. In August 2015, the FASB issued ASU 2015-14 “Revenue from Contracts with Customers” (“ASU 2015-14”), which delays the effective date of ASU 2014-09 by one year. ASU 2014-09, as amended by ASU 2015-14, is effective for our fiscal year beginning November 1, 2018, and, at that time, we expect to adopt the new standard under the modified retrospective approach. We do not believe the adoption of ASU 2014-09 will have a material impact on the amount or timing of our home building revenues. We are continuing to evaluate the impact the adoption of ASU 2014-09 may have on other aspects of our business and on our consolidated financial statements and disclosures. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”), which provides a more robust framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for our fiscal year beginning November 1, 2018. We are currently evaluating the impact that the adoption of ASU 2017-01 may have on our consolidated financial statements and disclosures. In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). ASU 2016-09 simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes and forfeitures, statutory tax withholding requirements and classification on the statement of cash flows. ASU 2016-09 is effective for our fiscal year beginning November 1, 2017. We are currently evaluating the impact that the adoption of ASU 2016-09 may have on our consolidated financial statements and disclosures. In February 2016, the FASB issued ASU No. 2016-02, “Leases” (“ASU 2016-02”), which requires an entity to recognize assets and liabilities on the balance sheet for the rights and obligations created by leased assets and provide additional disclosures. ASU 2016-02 is effective for our fiscal year beginning November 1, 2019, and, at that time, we will adopt the new standard using a modified retrospective approach. We are currently evaluating the impact that the adoption of ASU 2016-02 may have on our consolidated financial statements and disclosures. |
Inventory |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | Inventory Inventory at April 30, 2017 and October 31, 2016 consisted of the following (amounts in thousands):
Operating communities include communities offering homes for sale, communities that have sold all available home sites but have not completed delivery of the homes, communities that were previously offering homes for sale but are temporarily closed due to business conditions or non-availability of improved home sites and that are expected to reopen within 12 months of the end of the fiscal period being reported on, and communities preparing to open for sale. The carrying value attributable to operating communities includes the cost of homes under construction, land and land development costs, the carrying cost of home sites in current and future phases of these communities, and the carrying cost of model homes. Communities that were previously offering homes for sale but are temporarily closed due to business conditions, do not have any remaining backlog, and are not expected to reopen within 12 months of the end of the fiscal period being reported on have been classified as land owned for future communities. Information regarding the classification, number, and carrying value of these temporarily closed communities, as of the dates indicated, is provided in the table below:
The amounts we have provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable, for the periods indicated, are shown in the table below (amounts in thousands):
See Note 11, “Fair Value Disclosures,” for information regarding the number of operating communities that we tested for potential impairment, the number of operating communities in which we recognized impairment charges, the amount of impairment charges recognized, and the fair values of those communities, net of impairment charges. At April 30, 2017, we evaluated our land purchase contracts, including those to acquire land for apartment developments, to determine whether any of the selling entities were VIEs and, if they were, whether we were the primary beneficiary of any of them. Under these land purchase contracts, we do not possess legal title to the land; our risk is generally limited to deposits paid to the sellers and predevelopment costs incurred; and the creditors of the sellers generally have no recourse against us. At April 30, 2017, we determined that 87 land purchase contracts, with an aggregate purchase price of $1.02 billion, on which we had made aggregate deposits totaling $51.7 million, were VIEs, and that we were not the primary beneficiary of any VIE related to our land purchase contracts. At October 31, 2016, we determined that 78 land purchase contracts, with an aggregate purchase price of $987.3 million, on which we had made aggregate deposits totaling $44.1 million, were VIEs and that we were not the primary beneficiary of any VIE related to our land purchase contracts. Interest incurred, capitalized, and expensed, for the periods indicated, was as follows (amounts in thousands):
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Investments in Unconsolidated Entities |
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Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities We have investments in various unconsolidated joint venture entities. These joint ventures (i) develop land for the joint venture participants and for sale to outside builders (“Land Development Joint Ventures”); (ii) develop for-sale homes (“Home Building Joint Ventures”); (iii) develop luxury for-rent residential apartments, commercial space, and a hotel (“Rental Property Joint Ventures”), which includes our investment in Toll Brothers Realty Trust (the “Trust”); and (iv) invest in distressed loans and real estate and provide financing 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, 2017, regarding active joint ventures that we are invested in, by joint venture category ($ amounts in thousands):
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, 2017, regarding the debt financing obtained by category ($ amounts in thousands):
More specific and/or recent information regarding our investments in, advances to, and future commitments to these entities is provided below. Land Development Joint Ventures During the six months ended April 30, 2017, our Land Development Joint Ventures sold approximately 509 lots and recognized revenues of $100.8 million. We acquired 162 of these lots for $46.2 million. Our share of the joint venture income from the lots we acquired of $7.0 million was deferred by reducing our basis in those lots acquired. The Company recognized impairment charges in connection with one Land Development Joint Venture of $2.0 million for the six months ended April 30, 2017. During the six months ended April 30, 2016, our Land Development Joint Ventures sold approximately 539 lots and recognized revenues of $98.7 million. We acquired 112 of these lots for $35.3 million. Our share of the income from the lots we acquired of $5.2 million was deferred by reducing our basis in those lots acquired. There were no impairment charges recognized for the six months ending April 30, 2016. During the three months ended April 30, 2017, our Land Development Joint Ventures sold approximately 206 lots and recognized revenues of $44.6 million. We acquired 60 of these lots for $21.2 million. Our share of the joint venture income of $3.3 million from the lots we acquired was deferred by reducing our basis in those acquired lots. The Company recognized impairment charges in connection with one Land Development Joint Venture of $2.0 million for the three months ended April 30, 2017. During the three months ended April 30, 2016, our Land Development Joint Ventures sold approximately 456 lots and recognized revenues of $86.1 million. We acquired 103 of these lots for $34.5 million. Our share of the income of $5.0 million from the lots we acquired was deferred by reducing our basis in those acquired lots. There were no impairment charges recognized for the three months ended April 30, 2016. In the fourth quarter of fiscal 2015, we entered into a joint venture with an unrelated party to purchase and develop a parcel of land located in Irvine, California. The joint venture expects to develop approximately 840 home sites on this land in multiple phases. We have a 50% interest in this joint venture. The joint venture intends to develop the property and sell approximately 50% of the value of the home sites to each of the members of the joint venture. At April 30, 2017, we had an investment of $178.5 million in this joint venture and were committed to make additional contributions to this joint venture of up to $5.0 million. To finance a portion of the land purchase, the joint venture entered into a $320.0 million purchase money mortgage with the seller. In December 2016, the joint venture entered into a $200.0 million loan agreement and each member made a capital contribution of $80.0 million. A portion of the proceeds from the loan in addition to the capital contributions made by the members were used to repay the purchase money mortgage. At April 30, 2017, this joint venture had $189.2 million of outstanding borrowings under the loan. Home Building Joint Ventures Our Home Building Joint Ventures are delivering homes in New York City and Jupiter, Florida. During the six months ended April 30, 2017, our Home Building Joint Ventures delivered 143 homes with a sales value of $370.6 million. During the six months ended April 30, 2016, our Home Building Joint Ventures delivered 40 homes with a sales value of $37.5 million. During the three months ended April 30, 2017 and 2016, our Home Building Joint Ventures delivered 56 homes with a sales value of $153.2 million and 21 homes with a sales value of $21.5 million, respectively. In December 2016, we entered into a joint venture with an unrelated party to complete the development of a high-rise luxury condominium project in New York City. Before the formation of this joint venture, we acquired the property and incurred approximately $176.0 million of land and land development costs. The joint venture, in which we have a 20% interest, purchased the property from us at our cost, a portion of which was financed by a $236.5 million construction loan obtained by the joint venture. From the sale and financing, we received proceeds of $148.0 million, of which $106.1 million was held in escrow by our captive title company at October 31, 2016 and was included in “Receivables, prepaid expenses, and other assets” on our Condensed Consolidated Balance Sheet at October 31, 2016. At April 30, 2017, we had an investment of $30.0 million in this joint venture and the joint venture had $82.7 million of outstanding borrowings under the construction loan. Rental Property Joint Ventures As of April 30, 2017, our Rental Property Joint Ventures owned 12 for-rent apartment projects, which are located in the metro Boston to metro Washington, D.C. corridor. At April 30, 2017, our joint ventures had approximately 2,950 units that were occupied or ready for occupancy, 600 units in the lease-up stage, and 1,400 units under active development. In addition, we either own, have under contract, or under a letter of intent approximately 5,590 units. We intend to develop these units with joint venture partners in the future. In the second quarter of fiscal 2017, we sold a 25% interest in one of our Rental Property Joint Ventures to an unrelated third party. In connection with the sale, we, along with our partner, recapitalized the joint venture and refinanced the existing $112.2 million construction loan with a $133.0 million, 10-year fixed rate loan. As a result of these transactions, we received cash of $42.9 million and recognized a gain of $20.5 million in the six and three months ended April 30, 2017 which is included in “Income from unconsolidated entities” in our Condensed Consolidated Statements of Operations and Comprehensive Income. At April 30, 2017, we had a 25% interest and an $8.4 million investment in this joint venture. In the first quarter of fiscal 2017, we sold a 25% interest in another one of our Rental Property Joint Ventures to an unrelated third party. In connection with the sale, we, along with our partner, recapitalized the joint venture and refinanced the existing $54.1 million construction loan with a $56.0 million, 10-year fixed rate loan. As a result of these transactions, we received cash of $12.0 million and recognized a gain of $6.2 million in the three months ended January 31, 2017 and the six months ended April 30, 2017, which is included in “Income from unconsolidated entities” in our Condensed Consolidated Statements of Operations and Comprehensive Income. At April 30, 2017, we had a 25% interest and a $3.3 million investment in this joint venture. In the second quarter of fiscal 2016, we entered into a joint venture with an unrelated party to develop a 525-unit luxury for-rent residential apartment building near Union Station in Washington, D.C. Prior to the formation of this joint venture, we acquired the land, through a 100%-owned entity, and incurred $35.1 million of land and land development costs. Our partner acquired a 50% interest in this entity for $20.2 million and we subsequently received cash of $18.7 million to align the capital accounts of each of the partners of the joint venture. In the third quarter of fiscal 2016, as a result of the sale of 50% of our interest to our partner, we recognized a gain of $3.0 million. Due to our continued involvement in the joint venture through our ownership interest, we deferred an additional $3.0 million of the gain on the sale. At April 30, 2017, we had an investment of $29.3 million in this joint venture and expect to make additional investments of approximately $0.3 million for the development of this project. In November 2016, the joint venture entered into a $130.6 million construction loan agreement. At April 30, 2017, there were $6.8 million of outstanding borrowings under the construction loan agreement. In the fourth quarter of fiscal 2016, we entered into a joint venture with an unrelated party to develop a 390-unit luxury for-rent residential apartment building in a Boston, Massachusetts suburb, on land that we were under contract to purchase. We have a 25% interest in this joint venture. On October 20, 2016, the joint venture entered into a $91.0 million construction loan agreement with a bank to finance the development of this project. At April 30, 2017, there were no outstanding borrowings under the construction loan agreement. At April 30, 2017, we had an investment of $10.3 million in this joint venture and expect to make additional investments of approximately $1.2 million for the development of this project. We have an investment in a joint venture in which we have a 50% interest to develop a luxury hotel in conjunction with a high-rise luxury condominium project in New York City being developed by a related Home Building Joint Venture. At April 30, 2017, we had invested $37.4 million in this joint venture. In December 2016, this joint venture entered into an $80.0 million, three-year term loan agreement. The proceeds from the term loan, along with proceeds from the closing of condominium units at the Home Building Joint Venture, were used to repay an existing construction loan. At April 30, 2017, this joint venture had $80.0 million of outstanding borrowings under the term loan. In 1998, we formed the Trust to invest in commercial real estate opportunities. The Trust is effectively owned one-third by us; one-third by current and former members of our senior management; and one-third by an unrelated party. As of April 30, 2017, our investment in the Trust was zero as cumulative distributions received from the Trust have been in excess of the carrying amount of our net investment. We provide development, finance, and management services to the Trust and recognized fees under the terms of various agreements in the amount of $0.8 million in both the six-month periods ended April 30, 2017 and 2016. We recognized fees of $0.4 million in both the three-month periods ended April 30, 2017 and 2016. In the first quarter of fiscal 2016, we received a $2.0 million distribution from the Trust, which is included in “Income from unconsolidated entities” in our Condensed Consolidated Statements of Operations and Comprehensive Income. No distributions were received from the Trust in the first half of fiscal 2017. Gibraltar Joint Ventures In the second quarter of fiscal 2016, we, through our wholly owned subsidiary, Gibraltar Capital and Asset Management, LLC (“Gibraltar”), entered into two ventures with an institutional investor to provide builders and developers with land banking and venture capital. We have a 25% interest in these ventures. These ventures will finance builders’ and developers’ acquisition and development of land and home sites and pursue other complementary investment strategies. We may invest up to $100.0 million in these ventures. As of April 30, 2017, we had an investment of $10.3 million in these ventures. In addition, in the second quarter of fiscal 2016, we entered into a separate venture with the same institutional investor to purchase, from Gibraltar, certain foreclosed real estate owned (“REO”) and distressed loans for $24.1 million. We have a 24% interest in this venture. In the three months ended April 30, 2016, we recognized a gain of $1.3 million from the sale of these assets to the venture. At April 30, 2017, we have a $4.9 million investment in this venture and are committed to invest an additional $9.6 million, if necessary. Guarantees The unconsolidated entities in which we have investments generally finance their activities with a combination of partner equity and debt financing. In some instances, we and our partners have guaranteed debt of certain unconsolidated entities. These guarantees may include any or all of the following: (i) project completion guarantees, including any cost overruns; (ii) repayment guarantees, generally covering a percentage of the outstanding loan; (iii) carry cost guarantees, which cover costs such as interest, real estate taxes, and insurance; (iv) an environmental indemnity provided to the lender that holds the lender harmless from and against losses arising from the discharge of hazardous materials from the property and non-compliance with applicable environmental laws; and (v) indemnification of the lender from “bad boy acts” of the unconsolidated entity. In some instances, the guarantees provided in connection with loans to an unconsolidated entity are joint and several. In these situations, we generally have a reimbursement agreement with our partner that provides that neither party is responsible for more than its proportionate share or agreed upon share of the guarantee; however, if a joint venture partner does not have adequate financial resources to meet its obligations under the reimbursement agreement, we may be liable for more than our proportionate share. We believe that, as of April 30, 2017, in the event we become legally obligated to perform under a guarantee of an obligation of an unconsolidated entity due to a triggering event, the collateral in such entity should be sufficient to repay a significant portion of the obligation. If it is not, we and our partners would need to contribute additional capital to the venture. At April 30, 2017, certain unconsolidated entities have loan commitments aggregating $1.32 billion, of which, if the full amount of the debt obligations were borrowed, we estimate $194.0 million to be our maximum exposure related to repayment and carry cost guarantees. At April 30, 2017, the unconsolidated entities had borrowed an aggregate of $887.6 million, of which we estimate $157.8 million to be our maximum exposure related to repayment and carry cost guarantees. The terms of these guarantees generally range from 1 month to 43 months. These maximum exposure estimates do not take into account any recoveries from the underlying collateral or any reimbursement from our partners. In addition, we have guaranteed approximately $2.2 million of ground lease payments and insurance deductibles for three joint ventures. As of April 30, 2017, the estimated aggregate fair value of the guarantees provided by us related to debt and other obligations of certain unconsolidated entities was approximately $4.4 million. We have not made payments under any of the guarantees, nor have we been called upon to do so. Variable Interest Entities At April 30, 2017 and October 31, 2016, we determined that five and three, respectively, of our joint ventures were VIEs under the guidance of ASC 810, “Consolidation.” However, we have concluded that we were not the primary beneficiary of these VIEs because the power to direct the activities of such VIEs that most significantly impact their performance was either shared by us and such VIEs’ other partners or such activities were controlled by our partner. For VIEs where the power to direct significant activities is shared, business plans, budgets, and other major decisions are required to be unanimously approved by all members. Management and other fees earned by us are nominal and believed to be at market rates, and there is no significant economic disproportionality between us and the other members. The information presented below regarding the investments, commitments, and guarantees in unconsolidated entities deemed to be VIEs is also included in the information provided above. At April 30, 2017 and October 31, 2016, our investments in the unconsolidated joint ventures deemed to be VIEs, which is included in “Investments in unconsolidated entities” in the accompanying Condensed Consolidated Balance Sheets, totaled $18.8 million and $16.4 million, respectively. At April 30, 2017, the maximum exposure of loss to our investments in the unconsolidated joint ventures that are VIEs was limited to our investments in the unconsolidated VIEs, except with regard to $9.6 million of additional commitments to the VIEs. At October 31, 2016, the maximum exposure of loss to our investments in the unconsolidated joint ventures that are VIEs was limited to our investments in the unconsolidated VIEs, except with regard to $70.0 million of loan guarantees and $1.4 million of additional commitments to the VIEs. Of our potential exposure for these loan guarantees at October 31, 2016, $14.3 million is related to repayment and carry cost guarantees. Joint Venture Condensed Financial Information The Condensed Balance Sheets, as of the dates indicated, and the Condensed Statements of Operations and Comprehensive Income, for the periods indicated, for the unconsolidated entities in which we have an investment are included below (in thousands): Condensed Balance Sheets:
Condensed Statements of Operations and Comprehensive Income:
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Receivables, Prepaid Expenses, and Other Assets |
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Receivables, prepaid expenses and other assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables, prepaid expenses and other assets [Text Block] | Receivables, Prepaid Expenses, and Other Assets Receivables, prepaid expenses, and other assets at April 30, 2017 and October 31, 2016, consisted of the following (amounts in thousands):
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Loans Payable, Senior Notes and Mortgage Company Loan Facility |
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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, 2017 and October 31, 2016, loans payable consisted of the following (amounts in thousands):
Senior Unsecured Term Loan On February 3, 2014, we entered into a $485.0 million, five-year senior unsecured term loan facility (the “Term Loan Facility”) with a syndicate of banks. We borrowed the full amount of the Term Loan Facility on February 3, 2014. In October 2014, we increased the Term Loan Facility by $15.0 million and borrowed the full amount of the increase. The Term Loan Facility, as amended, matures on August 2, 2021. At April 30, 2017, the interest rate on borrowings was 2.39% per annum. We and substantially all of our 100%-owned home building subsidiaries are guarantors under the Term Loan Facility. The Term Loan Facility contains substantially the same financial covenants as our New Credit Facility, as described below. Credit Facility On August 1, 2013, we entered into a $1.035 billion, unsecured, five-year revolving credit facility (the “Credit Facility”). The commitments under the Credit Facility were scheduled to expire on August 1, 2018. On May 19, 2016, we entered into a new $1.215 billion (subsequently increased to $1.295 billion), unsecured, five-year revolving credit facility (the “New Credit Facility”) with a syndicate of banks (the “Aggregate Credit Commitment”) and terminated the Credit Facility. The commitments under the New Credit Facility are scheduled to expire on May 19, 2021. We and substantially all of our 100%-owned home building subsidiaries are guarantors under the New Credit Facility. Under the terms of the New Credit Facility, at April 30, 2017, our maximum leverage ratio (as defined in the credit agreement) may not exceed 1.75 to 1.00, and we are required to maintain a minimum tangible net worth (as defined in the credit agreement) of no less than approximately $2.71 billion. Under the terms of the New Credit Facility, at April 30, 2017, our leverage ratio was approximately 0.70 to 1.00, and our tangible net worth was approximately $4.41 billion. Based upon the limitations related to our repurchase of common stock in the New Credit Facility, our ability to repurchase our common stock was limited to approximately $2.40 billion as of April 30, 2017. At April 30, 2017, we had no outstanding borrowings under the New Credit Facility and had outstanding letters of credit of approximately $120.0 million under the New Credit Facility. At April 30, 2017, the interest rate on borrowings under the New Credit Facility would have been 2.50% per annum. Loans Payable – Other Our “Loans payable – other” primarily represent purchase money mortgages on properties we acquired that the seller had financed and various revenue bonds that were issued by government entities on our behalf to finance community infrastructure and our manufacturing facilities. At April 30, 2017, the weighted-average interest rate on “Loans payable – other” was 3.75% per annum. Senior Notes At April 30, 2017, we, through Toll Brothers Finance Corp., had nine issues of Senior Notes outstanding with an aggregate principal amount of $3.01 billion. In March 2017, the Company issued $300 million principal amount of 4.875% Senior Notes due 2027. The Company received $297.2 million of net proceeds from the issuance of these Senior Notes. Mortgage Company Loan Facility In October 2016, TBI Mortgage® Company (“TBI Mortgage”), our wholly owned mortgage subsidiary, entered into a Mortgage Warehousing Agreement (“Warehousing Agreement”) with a syndicate of banks. The purpose of the Warehousing Agreement is to finance the origination of mortgage loans by TBI Mortgage, and the Warehousing Agreement is accounted for as a secured borrowing under ASC 860, “Transfers and Servicing.” The Warehousing Agreement provides for loan purchases up to $150.0 million, subject to certain sublimits. In addition, the Warehousing Agreement provides for an accordion feature under which TBI Mortgage may request that the aggregate commitments under the Warehousing Agreement be increased to an amount up to $210.0 million for a short period of time. The Warehousing Agreement expires on October 27, 2017, and borrowings thereunder bear interest at LIBOR plus 2.00% per annum. At April 30, 2017, the interest rate on the Warehousing Agreement was 3.00% per annum. At April 30, 2017 and October 31, 2016, there was $61.1 million and $210.0 million, respectively, outstanding under the Warehousing Agreement, respectively, which are included in liabilities in our Condensed Consolidated Balance Sheets. |
Accrued Expenses |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses | Accrued Expenses Accrued expenses at April 30, 2017 and October 31, 2016 consisted of the following (amounts in thousands):
As previously disclosed in Note 6, “Accrued Expenses” in our 2016 Form 10-K, we reviewed communities in Pennsylvania and Delaware (which are in our Mid-Atlantic region) and determined that we needed to make repairs primarily to older homes in certain of these communities relating to stucco and other water intrusion claims. Each quarter, we review and update our assumptions to the estimates used in determining our estimated liability for these claims. This review and update includes an analysis to determine an estimated number of claims likely to be received and the estimated costs to resolve these claims. This analysis involves many factors including: the number of communities involved; the closing dates of the homes in each community; the number of claims received to date; our inspection of homes; an estimate of the number of homes we expect to repair; the type and cost of repairs that have been performed in each community; the estimated costs to remediate pending and future claims in each community; the expected recovery from our insurance carriers and others; and the amount of warranty and self-insurance reserves already recorded. Due to the degree of judgment required and the potential for variability in the underlying assumptions, it is reasonably possible that our actual costs could differ from those estimated, such differences could be material, and, therefore, we are unable to estimate the range of any such differences. Based upon our reviews for the six month and three month periods ended April 30, 2017, we determined that no adjustments to our previous estimates were needed. Based upon our review for the three months ended April 30, 2016, we determined that our estimated costs had increased and we recognized an additional charge of $2.5 million in the six month and three month periods ended April 30, 2016. As of April 30, 2017, we recognized cumulative charges of approximately $171.8 million for water intrusion claims; the estimated aggregate cost of these claims is $324.4 million, of which we expect to recover approximately $152.6 million from outside insurance carriers and suppliers. At April 30, 2017 and October 31, 2016, our estimated remaining liability to be expended for the aforementioned known and unknown stucco and other water intrusion claims was $282.8 million and $298.0 million, respectively, of which we expect to recover a total of approximately $130.4 million and $141.7 million, respectively, from outside insurance carriers and others. The table below provides, for the periods indicated, a reconciliation of the changes in our warranty accrual (amounts in thousands):
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Income Taxes |
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Apr. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We recorded income tax provisions of $113.9 million and $95.0 million for the six months ended April 30, 2017 and 2016, respectively. The effective tax rate was 36.9% for the six months ended April 30, 2017 and 2016. For the three months ended April 30, 2017 and 2016, we recorded an income tax provision of $74.6 million and $51.3 million, respectively. The effective tax rate for the three months ended April 30, 2017 was 37.4%, compared to 36.6% for the three months ended April 30, 2016. The income tax provisions for all periods included the provision for state income taxes and interest accrued on anticipated tax assessments, offset by tax benefits related to the utilization of domestic production activities deductions and other permanent differences. We currently operate in 20 states and are subject to various state tax jurisdictions. We estimate our state tax liability based upon the individual taxing authorities’ regulations, estimates of income by taxing jurisdiction, and our ability to utilize certain tax-saving strategies. We estimate our rate for the full fiscal year 2017 for state income taxes will be 7.5%. Our state income tax rate for the full fiscal year 2016 was 7.0%. For state tax purposes, due to past and projected losses in certain jurisdictions where we do not have carryback potential and/or cannot sufficiently forecast future taxable income, we recognized net cumulative valuation allowances against our state deferred tax assets of $32.4 million and $32.2 million as of April 30, 2017 and October 31, 2016, respectively. At April 30, 2017, we had $26.2 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 |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Benefit Plans | Stock-Based Benefit Plans We grant stock options and various types of restricted stock units to our employees and our nonemployee directors. Additionally, we have an employee stock purchase plan that allows employees to purchase our stock at a discount. Information regarding the amount of total stock-based compensation expense and tax benefit recognized by us, for the periods indicated, is as follows (amounts in thousands):
At April 30, 2017 and October 31, 2016, the aggregate unamortized value of outstanding stock-based compensation awards was approximately $37.2 million and $27.0 million, respectively. |
Stock Repurchase Program and Cash Dividend |
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Stock Repurchase Program [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Repurchase Program [Text Block] | Stock Repurchase Program and Cash Dividend On May 23, 2016, our Board of Directors terminated a prior share repurchase program and authorized, under a new repurchase program, the repurchase of 20 million shares of our common stock in open market transactions or otherwise for general corporate purposes, including to obtain shares for the Company’s equity award and other employee benefit plans. The Board of Directors did not fix any expiration date for this repurchase program. The table below provides, for the periods indicated, information about our share repurchase programs:
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Income Per Share Information |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income per Share Information | Income per Share Information The table below provides, for the periods indicated, information pertaining to the calculation of income per share, common stock equivalents, weighted-average number of antidilutive options, and shares issued (amounts in thousands):
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Fair Value Disclosures |
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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):
At April 30, 2017 and October 31, 2016, the carrying value of cash and cash equivalents and restricted cash and investments approximated fair value. Mortgage Loans Held for Sale At the end of the reporting period, we determine the fair value of our mortgage loans held for sale and the forward loan commitments we have entered into as a hedge against the interest rate risk of our mortgage loans and commitments using the market approach to determine fair value. The table below provides, as of the dates indicated, the aggregate unpaid principal and fair value of mortgage loans held for sale (amounts in thousands):
Inventory We recognize inventory impairment charges based on the difference in the carrying value of the inventory and its fair value at the time of the evaluation. The fair value of the aforementioned inventory was determined using Level 3 criteria. See Note 1, “Significant Accounting Policies – Inventory,” in our 2016 Form 10-K for information regarding our methodology for determining fair value. The table below summarizes, for the periods indicated, the ranges of certain quantitative unobservable inputs utilized in determining the fair value of impaired operating communities:
The table below provides, for the periods indicated, the fair value of operating communities whose carrying value was adjusted and the amount of impairment charges recognized ($ amounts in thousands):
Debt The table below provides, as of the dates indicated, the book value and estimated fair value of our debt (amounts in thousands):
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Other Income - Net |
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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):
In the six months ended April 30, 2016, our security monitoring business recognized a gain of $1.6 million from a bulk sale of security monitoring accounts in fiscal 2015, which is included in income from ancillary businesses in the table above. Income from ancillary businesses includes our mortgage, title, landscaping, security monitoring, and golf course and country club operations. The table below provides, for the periods indicated, revenues and expenses for our ancillary businesses (amounts in thousands):
The table below provides, for the periods indicated, revenues and expenses recognized from land sales (amounts in thousands):
Land sale revenues for the six months ended April 30, 2017 includes $143.3 million related to an in substance real estate sale transaction which resulted in a new Home Building Joint Venture in which we have a 20% interest. No gain or loss was realized on the sale. See Note 3, “Investments in Unconsolidated Entities,” for more information on this transaction. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Legal Proceedings We are involved in various claims and litigation arising principally in the ordinary course of business. We believe that adequate provision for resolution of all current claims and pending litigation has been made for probable losses. We believe that the disposition of these matters will not have a material adverse effect on our results of operations and liquidity or on our financial condition. In April 2017, the SEC informed the Company that it was conducting an investigation and requested that we voluntarily produce documents and information relating to our estimated repair costs for stucco and other water intrusion claims in fiscal 2016. As previously described in our 2016 Form 10-K, in the fourth quarter of fiscal 2016, our estimated liability for these water intrusion claims increased significantly. The Company will produce documents and information in response to this request. Management cannot at this time predict the eventual scope or outcome of this matter. Investments in Unconsolidated Entities At April 30, 2017, we had investments in a number of unconsolidated entities, were committed to invest or advance additional funds, and had guaranteed a portion of the indebtedness and/or loan commitments of these entities. See Note 3, “Investments in Unconsolidated Entities,” for more information regarding our commitments to these entities. Land Purchase Commitments Generally, our purchase agreements to acquire land parcels do not require us to purchase those land parcels, although we, in some cases, forfeit any deposit balance outstanding if and when we terminate a purchase agreement. Information regarding our land purchase commitments, as of the dates indicated, is provided in the table below (amounts in thousands):
In addition, we expect to purchase approximately 3,600 additional home sites over a number of years from several joint ventures in which we have interests; the purchase prices of these home sites will be determined at a future date. At April 30, 2017, we also had purchase commitments to acquire land for apartment developments of approximately $104.0 million, of which we had outstanding deposits in the amount of $4.7 million. We have additional land parcels under option that have been excluded from the aforementioned aggregate purchase amounts since we do not believe that we will complete the purchase of these land parcels and no additional funds will be required from us to terminate these contracts. Surety Bonds and Letters of Credit At April 30, 2017, we had outstanding surety bonds amounting to $685.5 million, primarily related to our obligations to governmental entities to construct improvements in our communities. We estimate that $347.9 million of work remains on these improvements. We have an additional $138.6 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, 2017, we had outstanding letters of credit of $120.0 million under our New Credit Facility. These letters of credit were issued to secure our various financial obligations, including insurance policy deductibles and other claims, land deposits, and security to complete improvements in communities in which we are operating. We do not believe that it is probable that any outstanding letters of credit will be drawn upon. Backlog At April 30, 2017, we had agreements of sale outstanding to deliver 6,018 homes with an aggregate sales value of $5.00 billion. Mortgage Commitments Information regarding our mortgage commitments, as of the dates indicated, is provided in the table below (amounts in thousands):
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Information on Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | Information on Segments We operate in two segments: Traditional Home Building and Urban Infill. We build and sell detached and attached homes in luxury residential communities located in affluent suburban markets that cater to move-up, empty-nester, active-adult, age-qualified, and second-home buyers in the United States (“Traditional Home Building”). We also build and sell homes in urban infill markets through Toll Brothers City Living® (“City Living”). We have determined that our Traditional Home Building operations operate in five geographic segments: North, Mid-Atlantic, South, West, and California. The states comprising each geographic segment are as follows: North: Connecticut, Illinois, Massachusetts, Michigan, Minnesota, New Jersey, and New York Mid-Atlantic: Delaware, Maryland, Pennsylvania, and Virginia South: Florida, North Carolina, and Texas West: Arizona, Colorado, Idaho, Nevada, and Washington California: California Revenue and income (loss) before income taxes for each of our segments, for the periods indicated, were as follows (amounts in thousands):
“Corporate and other” is comprised principally of general corporate expenses such as the offices of our executive officers; the corporate finance, accounting, audit, tax, human resources, risk management, information technology, marketing, and legal groups; interest income; income from certain of our ancillary businesses, including Gibraltar; and income from a number of our unconsolidated entities. Total assets for each of our segments, as of the dates indicated, are shown in the table below (amounts in thousands):
“Corporate and other” is comprised principally of cash and cash equivalents, restricted cash and investments, deferred tax assets, investments in our Rental Property Joint Ventures, expected recoveries from insurance carriers and suppliers, our Gibraltar investments, manufacturing facilities, and our mortgage and title subsidiaries. |
Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows |
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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):
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Supplemental Guarantor Information |
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Supplemental Guarantor Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Guarantor Information [Text Block] | Supplemental Guarantor Information At April 30, 2017, our 100%-owned subsidiary, Toll Brothers Finance Corp. (the “Subsidiary Issuer”), has issued the following outstanding Senior Notes (amounts in thousands):
The obligations of the Subsidiary Issuer to pay principal, premiums, if any, and interest are guaranteed jointly and severally on a senior basis by us and substantially all of our 100%-owned home building subsidiaries (the “Guarantor Subsidiaries”). The guarantees are full and unconditional. Our non-home building subsidiaries and several of our home building subsidiaries (together, the “Nonguarantor Subsidiaries”) do not guarantee these Senior Notes. The Subsidiary Issuer generates no operating revenues and does not have any independent operations other than the financing of our other subsidiaries by lending the proceeds from the above-described debt issuances. The indentures under which the Senior Notes were issued provide that any of our subsidiaries that provide a guarantee of our obligations under the New Credit Facility will guarantee the Senior Notes. The indentures further provide that any Guarantor Subsidiary may be released from its guarantee so long as (i) no default or event of default exists or would result from release of such guarantee; (ii) the Guarantor Subsidiary being released has consolidated net worth of less than 5% of the Company’s consolidated net worth as of the end of our most recent fiscal quarter; (iii) the Guarantor Subsidiaries released from their guarantees in any fiscal year comprise in the aggregate less than 10% (or 15% if and to the extent necessary to permit the cure of a default) of our consolidated net worth as of the end of our most recent fiscal quarter; (iv) such release would not have a material adverse effect on our and our subsidiaries’ home building business; and (v) the Guarantor Subsidiary is released from its guaranty under the New Credit Facility. If there are no guarantors under the New Credit Facility, all Guarantor Subsidiaries under the indentures will be released from their guarantees. During the preparation of the Form 10-Q for the three months ended January 31, 2017, we identified an immaterial revision that was necessary to certain columns in the consolidating statements for the year ended October 31, 2016. The revision impacted the Guarantor and Nonguarantor Subsidiaries columns in the Consolidating Statement of Operations and Comprehensive Income for the year ended October 31, 2016 and the Nonguarantor Subsidiaries and Eliminations columns in the Condensed Consolidating Balance Sheet as of October 31, 2016, by offsetting amounts. Corresponding changes to the Consolidating Statement of Cash Flows for the year ended October 31, 2016 were also made. The revision had no impact on any consolidated totals of such consolidating statements. Accordingly, the Consolidating Statements of Operations and Comprehensive Income and of Cash Flows for the year ended October 31, 2016 and the Condensed Consolidating Balance Sheet as of October 31, 2016 have been revised to reflect the immaterial adjustment described above and are included hereunder. Separate financial statements and other disclosures concerning the Guarantor Subsidiaries are not presented because management has determined that such disclosures would not be material to investors. Supplemental consolidating financial information of Toll Brothers, Inc., the Subsidiary Issuer, the Guarantor Subsidiaries, the Nonguarantor Subsidiaries, and the eliminations to arrive at Toll Brothers, Inc. on a consolidated basis is presented below ($ amounts in thousands). Condensed Consolidating Balance Sheet at April 30, 2017:
Condensed Consolidating Balance Sheet at October 31, 2016:
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the six months ended April 30, 2017:
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the six months ended April 30, 2016:
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended April 30, 2017:
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended April 30, 2016:
Consolidating Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended October 31, 2016
Condensed Consolidating Statement of Cash Flows for the six months ended April 30, 2017:
Condensed Consolidating Statement of Cash Flows for the six months ended April 30, 2016:
Consolidating Statement of Cash Flows for the fiscal year ended October 31, 2016
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Significant Accounting Policies (Policies) |
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Apr. 30, 2017 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Toll Brothers, Inc. (the “Company,” “we,” “us,” or “our”), a Delaware corporation, and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Investments in 50% or less owned partnerships and affiliates are accounted for using the equity method unless it is determined that we have effective control of the entity, in which case we would consolidate the entity. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. The October 31, 2016 balance sheet amounts and disclosures included herein have been derived from our October 31, 2016 audited financial statements. Since the accompanying condensed consolidated financial statements do not include all the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements, we suggest that they be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2016 (“2016 Form 10-K”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, which are of a normal recurring nature, necessary to present fairly our financial position as of April 30, 2017; the results of our operations for the six-month and three-month periods ended April 30, 2017 and 2016; and our cash flows for the six-month periods ended April 30, 2017 and 2016. The results of operations for such interim periods are not necessarily indicative of the results to be expected for the full year. |
Business Combination Disclosure [Text Block] | Acquisition In November 2016, we acquired substantially all of the assets and operations of Coleman Real Estate Holdings, LLC (“Coleman”) for $85.2 million in cash. The assets acquired were primarily inventory, including approximately 1,750 home sites owned or controlled through land purchase agreements. As part of the acquisition, we assumed contracts to deliver 128 homes with an aggregate value of $38.8 million. The average price of the undelivered homes at the date of acquisition was approximately $303,000. Our selling community count increased by 15 communities at the acquisition date. The acquisition of Coleman’s assets and operations was not material to our results of operations or financial condition. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customers’ Accounting for Fees Paid in a Cloud Computing Arrangement” (“ASU 2015-05”). ASU 2015-05 provides guidance for a customer to determine whether a cloud computing arrangement contains a software license or should be accounted for as a service contract. We adopted ASU 2015-05 on November 1, 2016, and we elected to adopt the standard prospectively. The adoption did not have a material effect on our consolidated financial statements or disclosures. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”), which eliminates the deferral granted to investment companies from applying the variable interest entities (“VIEs”) guidance and makes targeted amendments to the current consolidation guidance. The new guidance applies to all entities involved with limited partnerships or similar entities and requires re-evaluation of these entities under the revised guidance which may change previous consolidation conclusions. We adopted ASU 2015-02 on November 1, 2016, and the adoption did not have a material effect on our consolidated financial statements or disclosures. In March 2017, the FASB issued ASU No. 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”). ASU 2017-07 requires an employer to report the service cost component of pension and other postretirement benefit costs in the same line item as other compensation costs arising from services rendered by the pertinent employees while the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. ASU 2017-07 is effective for our fiscal year beginning November 1, 2018. Early adoption is permitted. We are currently evaluating the impact that the adoption of ASU 2017-07 may have on our consolidated financial statements and disclosures. In February 2017, the FASB issued ASU No. 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” (“ASU 2017-05”). ASU 2017-05 is meant to clarify the scope of the original guidance within Subtopic 610-20 that was issued in connection with ASU 2014-09, as defined below, which provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. ASU 2017-05 also added guidance for partial sales of nonfinancial assets. ASU 2017-05 is effective for our fiscal year beginning November 1, 2018 and we are required to adopt ASU 2017-05 concurrent with the adoption of ASU 2014-09. We are currently evaluating the impact that the adoption of ASU 2017-05 may have on our consolidated financial statements and disclosures. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which provides guidance for revenue recognition. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. ASU 2014-09 supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition,” and most industry-specific guidance. ASU 2014-09 also supersedes some cost guidance included in ASC Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts.” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under the current guidance. These judgments and estimates include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each separate performance obligation. In August 2015, the FASB issued ASU 2015-14 “Revenue from Contracts with Customers” (“ASU 2015-14”), which delays the effective date of ASU 2014-09 by one year. ASU 2014-09, as amended by ASU 2015-14, is effective for our fiscal year beginning November 1, 2018, and, at that time, we expect to adopt the new standard under the modified retrospective approach. We do not believe the adoption of ASU 2014-09 will have a material impact on the amount or timing of our home building revenues. We are continuing to evaluate the impact the adoption of ASU 2014-09 may have on other aspects of our business and on our consolidated financial statements and disclosures. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU 2017-01”), which provides a more robust framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for our fiscal year beginning November 1, 2018. We are currently evaluating the impact that the adoption of ASU 2017-01 may have on our consolidated financial statements and disclosures. In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). ASU 2016-09 simplifies several aspects related to the accounting for share-based payment transactions, including the accounting for income taxes and forfeitures, statutory tax withholding requirements and classification on the statement of cash flows. ASU 2016-09 is effective for our fiscal year beginning November 1, 2017. We are currently evaluating the impact that the adoption of ASU 2016-09 may have on our consolidated financial statements and disclosures. In February 2016, the FASB issued ASU No. 2016-02, “Leases” (“ASU 2016-02”), which requires an entity to recognize assets and liabilities on the balance sheet for the rights and obligations created by leased assets and provide additional disclosures. ASU 2016-02 is effective for our fiscal year beginning November 1, 2019, and, at that time, we will adopt the new standard using a modified retrospective approach. We are currently evaluating the impact that the adoption of ASU 2016-02 may have on our consolidated financial statements and disclosures. |
Inventory (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | Inventory at April 30, 2017 and October 31, 2016 consisted of the following (amounts in thousands):
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Temporarily Closed communities | Information regarding the classification, number, and carrying value of these temporarily closed communities, as of the dates indicated, is provided in the table below:
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Inventory impairment charges and expensing of costs that it is believed not to be recoverable | The amounts we have provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable, for the periods indicated, are shown in the table below (amounts in thousands):
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Interest incurred, capitalized and expensed | Interest incurred, capitalized, and expensed, for the periods indicated, was as follows (amounts in thousands):
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Investments in Unconsolidated Entities (Tables) |
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Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Joint Venture Information [Table Text Block] | The table below provides information as of April 30, 2017, regarding active joint ventures that we are invested in, by joint venture category ($ amounts in thousands):
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Summary of Joint Ventures Borrowing information [Table Text Block] | Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at April 30, 2017, regarding the debt financing obtained by category ($ amounts in thousands):
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Condensed balance sheet | Condensed Balance Sheets:
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Condensed statements of operations and comprehensive income | Condensed Statements of Operations and Comprehensive Income:
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Receivables, Prepaid Expenses, and Other Assets (Tables) |
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Apr. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2017 and October 31, 2016, consisted of the following (amounts in thousands):
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Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable [Text Block] | At April 30, 2017 and October 31, 2016, loans payable consisted of the following (amounts in thousands):
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Accrued Expenses (Tables) |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses | Accrued expenses at April 30, 2017 and October 31, 2016 consisted of the following (amounts in thousands):
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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):
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Stock-Based Benefit Plans (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense and income tax benefit recognized | Information regarding the amount of total stock-based compensation expense and tax benefit recognized by us, for the periods indicated, is as follows (amounts in thousands):
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Stock Repurchase Program and Cash Dividend (Tables) |
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Stock Repurchase Program [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock repurchase program | The table below provides, for the periods indicated, information about our share repurchase programs:
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Income Per Share Information (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income per share calculation | The table below provides, for the periods indicated, information pertaining to the calculation of income per share, common stock equivalents, weighted-average number of antidilutive options, and shares issued (amounts in thousands):
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Fair Value Disclosures (Tables) |
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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):
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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):
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Fair value of inventory adjusted for impairment | The table below provides, for the periods indicated, the fair value of operating communities whose carrying value was adjusted and the amount of impairment charges recognized ($ amounts in thousands):
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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):
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Operating communities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | The table below summarizes, for the periods indicated, the ranges of certain quantitative unobservable inputs utilized in determining the fair value of impaired operating communities:
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Other Income - Net (Tables) |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income - net | The table below provides the significant components of other income – net (amounts in thousands):
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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):
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Schedule of revenues and expenses from land sales [Table Text Block] | The table below provides, for the periods indicated, revenues and expenses recognized from land sales (amounts in thousands):
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company land purchase commitments | Information regarding our land purchase commitments, as of the dates indicated, is provided in the table below (amounts in thousands):
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Company mortgage commitments | Information regarding our mortgage commitments, as of the dates indicated, is provided in the table below (amounts in thousands):
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Information on Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue and income (loss) before income taxes and total assets | Revenue and income (loss) before income taxes for each of our segments, for the periods indicated, were as follows (amounts in thousands):
“Corporate and other” is comprised principally of general corporate expenses such as the offices of our executive officers; the corporate finance, accounting, audit, tax, human resources, risk management, information technology, marketing, and legal groups; interest income; income from certain of our ancillary businesses, including Gibraltar; and income from a number of our unconsolidated entities. Total assets for each of our segments, as of the dates indicated, are shown in the table below (amounts in thousands):
“Corporate and other” is comprised principally of cash and cash equivalents, restricted cash and investments, deferred tax assets, investments in our Rental Property Joint Ventures, expected recoveries from insurance carriers and suppliers, our Gibraltar investments, manufacturing facilities, and our mortgage and title subsidiaries. |
Supplemental Disclosure to Condensed Consolidated Statements of Cash Flows (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental disclosures to the statements of cash flows | The following are supplemental disclosures to the Condensed Consolidated Statements of Cash Flows, for the periods indicated (amounts in thousands):
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Supplemental Guarantor Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes issued by Subsidiary Issuer [Table Text Block] | At April 30, 2017, our 100%-owned subsidiary, Toll Brothers Finance Corp. (the “Subsidiary Issuer”), has issued the following outstanding Senior Notes (amounts in thousands):
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Supplemental Consolidated Financial Information | Supplemental consolidating financial information of Toll Brothers, Inc., the Subsidiary Issuer, the Guarantor Subsidiaries, the Nonguarantor Subsidiaries, and the eliminations to arrive at Toll Brothers, Inc. on a consolidated basis is presented below ($ amounts in thousands). Condensed Consolidating Balance Sheet at April 30, 2017:
Condensed Consolidating Balance Sheet at October 31, 2016:
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the six months ended April 30, 2017:
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the six months ended April 30, 2016:
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended April 30, 2017:
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended April 30, 2016:
Consolidating Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended October 31, 2016
Condensed Consolidating Statement of Cash Flows for the six months ended April 30, 2017:
Condensed Consolidating Statement of Cash Flows for the six months ended April 30, 2016:
Consolidating Statement of Cash Flows for the fiscal year ended October 31, 2016
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Significant Accounting Policies (Details) |
1 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Nov. 30, 2016
USD ($)
communities
home_sites
|
Apr. 30, 2017
USD ($)
luxury_homes
|
Apr. 30, 2016
USD ($)
|
Nov. 07, 2016
USD ($)
home_sites
|
|
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 85,183,000 | |||
Number of Homes to be Delivered | luxury_homes | 6,018 | |||
Sales Value of Outstanding Deliver Homes | $ 5,000,000,000 | |||
Coleman Holdings LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 85,183,000 | |||
Number of home sites included in acquisition | home_sites | 1,750 | |||
Number of Homes to be Delivered | home_sites | 128 | |||
Sales Value of Outstanding Deliver Homes | $ 38,800,000 | |||
Average Sales Price of Backlog | $ 303,000 | |||
Business acquisition, number of selling communities | communities | 15 |
Inventory (Details) - USD ($) $ in Thousands |
Apr. 30, 2017 |
Oct. 31, 2016 |
---|---|---|
Total Inventory | ||
Inventory | $ 7,602,695 | $ 7,353,967 |
Land controlled for future communities [Member] | ||
Total Inventory | ||
Inventory | 76,604 | 71,729 |
Land Owned for Future Communities [Member] | ||
Total Inventory | ||
Inventory | 1,457,975 | 1,884,146 |
Operating communities [Member] | ||
Total Inventory | ||
Inventory | $ 6,068,116 | $ 5,398,092 |
Inventory (Details 1) $ in Thousands |
Apr. 30, 2017
USD ($)
communities
|
Oct. 31, 2016
USD ($)
communities
|
---|---|---|
Land Owned for Future Communities [Member] | ||
Temporarily Closed communities | ||
Number of Communities (in ones) | communities | 15 | 18 |
Carrying Value | $ | $ 124,691 | $ 123,936 |
Operating communities [Member] | ||
Temporarily Closed communities | ||
Number of Communities (in ones) | communities | 5 | 3 |
Carrying Value | $ | $ 24,713 | $ 8,523 |
Inventory (Details 2) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2017 |
Apr. 30, 2016 |
Apr. 30, 2017 |
Apr. 30, 2016 |
|
Schedule of inventory [Line Items] | ||||
Inventory Write-down | $ 4,256 | $ 6,353 | $ 8,917 | $ 7,634 |
Land controlled for future communities [Member] | ||||
Schedule of inventory [Line Items] | ||||
Inventory Write-down | 121 | 253 | 782 | 634 |
Land Owned for Future Communities [Member] | ||||
Schedule of inventory [Line Items] | ||||
Inventory Write-down | 1,200 | 1,200 | 300 | |
Operating communities [Member] | ||||
Schedule of inventory [Line Items] | ||||
Inventory Write-down | $ 2,935 | $ 6,100 | $ 6,935 | $ 6,700 |
Inventory (Details 3) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2017 |
Apr. 30, 2016 |
Apr. 30, 2017 |
Apr. 30, 2016 |
|
Inventory Disclosure [Abstract] | ||||
Interest capitalized, beginning of period | $ 376,880 | $ 379,930 | $ 369,419 | $ 373,128 |
Interest incurred | 43,536 | 40,305 | 85,310 | 80,412 |
Interest expensed to cost of revenues | (40,558) | (35,722) | (68,486) | (67,745) |
Write-off against other income | (1,953) | (34) | (1,995) | (309) |
Interest capitalized on investments in unconsolidated entities | (1,820) | (1,236) | (4,214) | (2,243) |
Real Estate Inventory Capitalized Interest Transferred to Unconsolidated Entities | 0 | 0 | (4,030) | |
Real Estate Inventory Capitalized Interest Unconsolidated Entities Transfer to Inventory | 128 | 239 | 209 | 239 |
Interest capitalized, end of period | $ 376,213 | $ 383,482 | $ 376,213 | $ 383,482 |
Inventory (Details Textual) - Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] $ in Thousands |
Apr. 30, 2017
USD ($)
|
Oct. 31, 2016
USD ($)
|
---|---|---|
Variable Interest Entity [Line Items] | ||
Number of VIE Land Purchase Contracts (in ones) | 87 | 78 |
Aggregate purchase price of VIE lands | $ 1,020,000 | $ 987,300 |
Deposits for purchase of lands with VIE entities | $ 51,700 | $ 44,100 |
Investments in Unconsolidated Entities (Details 3) - USD ($) $ in Thousands |
Apr. 30, 2017 |
Oct. 31, 2016 |
---|---|---|
Condensed Balance Sheets: | ||
Cash and cash equivalents | $ 108,560 | $ 130,794 |
Inventory | 1,146,487 | 1,074,888 |
Loans receivable, net | 27,900 | 0 |
Non-performing loan portfolio | 1,698 | 4,298 |
Rental properties | 911,344 | 621,615 |
Rental properties under development | 186,558 | 302,632 |
Real estate owned ("REO") | 60,137 | 87,226 |
Other assets | 168,913 | 175,805 |
Total assets | 2,611,597 | 2,397,258 |
Debt | 1,093,498 | 1,164,883 |
Other liabilities | 125,239 | 152,881 |
Member's equity | 1,362,679 | 980,354 |
Noncontrolling interest | 30,181 | 99,140 |
Total liabilities and equity | 2,611,597 | 2,397,258 |
Investments in unconsolidated entities | $ 540,215 | $ 496,411 |
Investments in Unconsolidated Entities (Details 4) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Apr. 30, 2017 |
Apr. 30, 2016 |
Apr. 30, 2017 |
Apr. 30, 2016 |
Oct. 31, 2016 |
|
Condensed Statements of Operations and Comprehensive Income: | |||||
Revenues | $ 205,024 | $ 123,531 | $ 500,727 | $ 166,018 | |
Cost of revenues | 125,188 | 66,979 | 290,894 | 102,492 | |
Other expenses | 18,588 | 9,065 | 39,722 | 18,375 | |
Total expenses | 143,776 | 76,044 | 330,616 | 120,867 | |
Gain on disposition of loans and REO | 22,753 | 8,706 | 31,639 | 34,689 | |
Income (loss) from operations | 84,001 | 56,193 | 201,750 | 79,840 | |
Other income | 6,912 | 1,346 | 9,497 | 2,351 | |
Income before income taxes | 90,913 | 57,539 | 211,247 | 82,191 | |
Income tax provision | 2,487 | 0 | 6,314 | 0 | |
Net income including earnings from noncontrolling interests | 88,426 | 57,539 | 204,933 | 82,191 | |
Less: (income) loss attributable to noncontrolling interest | (11,009) | (3,413) | (13,089) | (15,023) | |
Net income (loss) attributable to controlling interest | 77,417 | 54,126 | 191,844 | 67,168 | |
Other comprehensive income (loss) | 0 | 13 | 0 | 100 | |
Total comprehensive income (loss) | 77,417 | 54,139 | 191,844 | 67,268 | |
Income (loss) from unconsolidated entities | $ 45,904 | $ 9,118 | $ 92,349 | $ 17,756 | $ 40,748 |
Receivables, Prepaid Expenses, and Other Assets (Details) - USD ($) $ in Thousands |
Apr. 30, 2017 |
Oct. 31, 2016 |
---|---|---|
Receivables, prepaid expenses and other assets [Abstract] | ||
Expected recoveries from insurance carriers and others | $ 162,475 | $ 165,696 |
Improvement cost receivable | 95,129 | 85,627 |
Escrow cash held by our captive title company | 40,919 | 138,633 |
Property held for rental development | 134,874 | 81,693 |
Investment in foreclosed real estate assets | 4,258 | 11,552 |
Prepaid expenses | 18,143 | 25,659 |
Other | 80,716 | 73,898 |
Receivables, Prepaid Expenses and Other Assets | $ 536,514 | $ 582,758 |
Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable (Details) - USD ($) $ in Thousands |
Apr. 30, 2017 |
Oct. 31, 2016 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term Line of Credit | $ 1,089,394 | |
Other Loans Payable | 139,483 | $ 122,809 |
Loans payable | 637,931 | 871,079 |
May 2016 Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Line of Credit | 0 | 250,000 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Long-term Debt, Noncurrent | 500,000 | 500,000 |
Deferred Finance Costs, Net | $ (1,552) | $ (1,730) |
Loans Payable, Senior Notes and Mortgage Company Loan Facility Term Loan Facility (Details Textual 1) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Apr. 30, 2014 |
Oct. 31, 2014 |
Apr. 30, 2017 |
|
Five year term note [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Bank Debt | $ 485.0 | $ 15.0 | |
Debt Instrument, Term | 5 years | ||
Debt Instrument, Interest Rate at Period End | 2.39% | ||
Guarantor Subsidiaries [Member] | |||
Debt Instrument [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Loans Payable, Senior Notes and Mortgage Company Loan Facility Loans Payable - Other (Details Textual 3) |
Apr. 30, 2017 |
---|---|
Loans Payable [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 3.75% |
Loans Payable, Senior Notes and Mortgage Company Loan Facility Senior Notes Payable (Details Textual 4) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Apr. 30, 2017
USD ($)
debtissuances
|
Mar. 10, 2017
USD ($)
|
Oct. 31, 2016
USD ($)
|
|
Senior Note Payable (Textual) [Abstract] | |||
Number of issuances of senior debt | debtissuances | 9 | ||
Proceeds from Issuance of Senior Long-term Debt | $ 2,993,882 | $ 2,694,372 | |
Senior Notes [Member] | |||
Senior Note Payable (Textual) [Abstract] | |||
Debt Instrument, Face Amount | 3,007,000 | ||
4.875% Senior Notes Due 2027 [Member] | |||
Senior Note Payable (Textual) [Abstract] | |||
Debt Instrument, Face Amount | 300,000 | ||
Proceeds from Issuance of Senior Long-term Debt | $ 300,000 | $ 300,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | 4.875% | |
Proceeds from Debt, Net of Issuance Costs | $ 297,200 |
Loans Payable, Senior Notes and Mortgage Company Loan Facility Mortgage Company Loan Facility (Details Textual 5) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Apr. 30, 2017 |
Oct. 31, 2016 |
|
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,527,366 | |
Mortgage company loan facility | 61,129 | $ 210,000 |
Warehouse Agreement Borrowings [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 150,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 210,000 | |
Debt Instrument, Maturity Date | Oct. 27, 2017 | |
Debt Instrument, Interest Rate, Effective Percentage | 3.00% | |
Mortgage company loan facility | $ 61,100 | $ 210,000 |
London Interbank Offered Rate (LIBOR) [Member] | Warehouse Agreement Borrowings [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Accrued Expenses (Details) - USD ($) $ in Thousands |
Apr. 30, 2017 |
Jan. 31, 2017 |
Oct. 31, 2016 |
Apr. 30, 2016 |
Jan. 31, 2016 |
Oct. 31, 2015 |
---|---|---|---|---|---|---|
Accrued expenses | ||||||
Land, land development and construction | $ 139,603 | $ 153,264 | ||||
Compensation and employee benefits | 136,924 | 138,282 | ||||
Escrow liability | 40,198 | 137,396 | ||||
Self-insurance | 129,190 | 126,431 | ||||
Warranty | 355,934 | $ 364,058 | 370,992 | $ 91,194 | $ 90,661 | $ 93,083 |
Deferred Revenue | 40,722 | 43,488 | ||||
Interest | 36,472 | 34,903 | ||||
Commitments to unconsolidated entities | 8,278 | 5,637 | ||||
Other | 50,075 | 61,907 | ||||
Accrued expenses, Total | $ 937,396 | $ 1,072,300 |
Accrued Expenses (Detail Textuals) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 33 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2017 |
Apr. 30, 2016 |
Apr. 30, 2017 |
Apr. 30, 2016 |
Apr. 30, 2017 |
Jan. 31, 2017 |
Oct. 31, 2016 |
Jan. 31, 2016 |
Oct. 31, 2015 |
|
Loss Contingencies [Line Items] | |||||||||
Standard and Extended Product Warranty Accrual | $ 355,934 | $ 91,194 | $ 355,934 | $ 91,194 | $ 355,934 | $ 364,058 | $ 370,992 | $ 90,661 | $ 93,083 |
Loss Contingency, Receivable | 162,475 | 162,475 | 162,475 | 165,696 | |||||
Water intrusion related [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Product Liability Accrual, Period Expense | 0 | $ 2,500 | 0 | $ 2,500 | 171,800 | ||||
Loss Contingency, Estimate of Possible Loss | 324,400 | 324,400 | 324,400 | ||||||
Product Liability Contingency, Third Party Recovery | 152,600 | ||||||||
Standard and Extended Product Warranty Accrual | 282,800 | 282,800 | 282,800 | 298,000 | |||||
Loss Contingency, Receivable | $ 130,400 | $ 130,400 | $ 130,400 | $ 141,700 |
Accrued Expenses (Details 1) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2017 |
Apr. 30, 2016 |
Apr. 30, 2017 |
Apr. 30, 2016 |
|
Changes in the warranty accrual | ||||
Balance, beginning of year | $ 364,058 | $ 90,661 | $ 370,992 | $ 93,083 |
Additions - homes closed during the year | 7,597 | 6,471 | 12,701 | 10,967 |
Addition - Coleman liabilities acquired | 1,111 | |||
Reclassification from other accruals | 350 | 0 | 1,082 | 0 |
Charges incurred | (17,565) | (9,677) | (33,140) | (19,048) |
Balance, end of year | 355,934 | 91,194 | 355,934 | 91,194 |
Warranty change, homes closed in prior period, other [Member] | ||||
Changes in the warranty accrual | ||||
Increase (decrease) to accruals for homes closed in prior periods | $ 1,494 | $ 3,739 | $ 3,188 | $ 6,192 |
Stock-Based Benefit Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2017 |
Apr. 30, 2016 |
Apr. 30, 2017 |
Apr. 30, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based expense recognized | $ 6,256 | $ 5,858 | $ 15,585 | $ 15,081 |
Income tax benefit recognized | $ 2,441 | $ 2,254 | $ 6,094 | $ 5,809 |
Stock-Based Benefit Plans (Details Textual) - USD ($) $ in Millions |
Apr. 30, 2017 |
Oct. 31, 2016 |
---|---|---|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Unamortized value of outstanding stock-based compensation awards | $ 37.2 | $ 27.0 |
Stock Repurchase Program and Cash Dividend (Details) - $ / shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2017 |
Apr. 30, 2016 |
Apr. 30, 2017 |
Apr. 30, 2016 |
|
Stock Repurchase Program [Abstract] | ||||
Number of shares purchased | 5 | 2,938 | 563 | 7,707 |
Average price per share | $ 35.57 | $ 27.27 | $ 27.41 | $ 29.88 |
Remaining authorization at April 30: | 15,276 | 10,827 | 15,276 | 10,827 |
Stock Repurchase Program and Cash Dividend (Details Textual) shares in Thousands |
May 23, 2016
shares
|
---|---|
Stock Issuance and Stock Repurchase Program [Abstract] | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 20,000 |
Stock Repurchase Program and Cash Dividend (Details Textual 1) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2017 |
Apr. 30, 2016 |
Apr. 30, 2017 |
Apr. 30, 2016 |
|
Cash Dividend [Abstract] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.08 | $ 0.08 |
Fair Value Disclosures (Level 4 FV of Fin Instr) (Details) - Fair Value, Measurements, Recurring [Member] - Level 2 [Member] - USD ($) $ in Thousands |
Apr. 30, 2017 |
Oct. 31, 2016 |
---|---|---|
Forward Contracts [Member] | Residential Mortgage [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Derivative Liability | $ 59 | |
Derivative Asset | $ 1,390 | |
Assets Held-for-sale [Member] | Residential Mortgage [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Loans Held-for-sale, Fair Value Disclosure | 89,485 | 248,601 |
Interest Rate Lock Commitments [Member] | Forward Contracts [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Derivative Asset | 646 | 921 |
Interest Rate Lock Commitments [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Derivative Liability | $ (646) | $ (921) |
Fair Value Disclosures (Level 4 loan UPB vs FV) (Details 1) - USD ($) $ in Thousands |
Apr. 30, 2017 |
Oct. 31, 2016 |
---|---|---|
Aggregate unpaid principal and fair value of mortgage loans held for sale | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 89,485 | $ 248,601 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Assets Held-for-sale [Member] | Residential Mortgage [Member] | ||
Aggregate unpaid principal and fair value of mortgage loans held for sale | ||
Aggregate unpaid principal balance | 88,731 | 246,794 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 89,485 | 248,601 |
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | $ 754 | $ 1,807 |
Fair Value Disclosures (Level 4 Inv Impair inputs) (Details 2) - Operating communities [Member] $ in Thousands |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Apr. 30, 2017
USD ($)
Homes_sold
|
Jan. 31, 2017
USD ($)
Homes_sold
|
Oct. 31, 2016
USD ($)
|
Jul. 31, 2016
USD ($)
|
Apr. 30, 2016
USD ($)
|
Jan. 31, 2016
USD ($)
|
|
Minimum [Member] | ||||||
Fair value inputs, assets, quantitative information [Line Items] | ||||||
Average selling price | $ 827 | $ 692 | $ 0 | $ 0 | $ 369 | $ 0 |
Sales Pace (in ones) | 6 | 4 | 0 | 0 | 18 | 0 |
Fair Value Inputs, Discount Rate | 16.30% | 16.30% | 0.00% | 0.00% | 16.30% | 0.00% |
Maximum [Member] | ||||||
Fair value inputs, assets, quantitative information [Line Items] | ||||||
Average selling price | $ 856 | $ 880 | $ 0 | $ 0 | $ 394 | $ 0 |
Sales Pace (in ones) | 11 | 12 | 0 | 0 | 23 | 0 |
Fair Value Inputs, Discount Rate | 16.30% | 16.30% | 0.00% | 0.00% | 16.30% | 0.00% |
Other Income - Net (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Apr. 30, 2017 |
Apr. 30, 2016 |
Apr. 30, 2017 |
Apr. 30, 2016 |
Oct. 31, 2016 |
|
Other Nonoperating Income By Component [Line Items] | |||||
Interest income | $ 989 | $ 532 | $ 1,930 | $ 936 | |
Income from Ancillary Businesses | 4,549 | 3,692 | 6,846 | 7,421 | |
Management fee income from unconsolidated entities | 3,682 | 2,408 | 7,971 | 4,515 | |
Retained customer deposits | 1,308 | 1,556 | 3,054 | 3,669 | |
Income from land sales | 1,527 | 493 | 5,086 | 4,491 | |
Other | 123 | 531 | 56 | 1,072 | |
Total other income - net | 15,110 | 14,633 | 27,813 | 28,353 | $ 58,218 |
Revenues and expenses of non-core ancillary businesses | |||||
Revenue | 32,056 | 29,263 | 60,584 | 54,132 | |
Expense | 27,507 | 25,571 | 53,738 | 46,711 | |
Gibraltar [Member] | |||||
Other Nonoperating Income By Component [Line Items] | |||||
Gibraltar | $ 2,932 | $ 5,421 | $ 2,870 | $ 6,249 |
Other Income - Net (Details 1) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2017 |
Apr. 30, 2016 |
Apr. 30, 2017 |
Apr. 30, 2016 |
|
Revenues and expenses from land sales [Abstract] | ||||
Revenue | $ 2,123 | $ 2,901 | $ 146,837 | $ 13,592 |
Expense | 1,932 | 2,408 | 146,205 | 9,101 |
Income from land sales | 1,527 | 493 | 5,086 | 4,491 |
Home Building Joint Venture Metro New York Three [Member] | ||||
Revenues and expenses from land sales [Abstract] | ||||
Deferred gain recognized | $ 1,336 | $ 4,454 |
Other Income - Net (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2017 |
Apr. 30, 2016 |
Apr. 30, 2017 |
Apr. 30, 2016 |
|
Schedule of Equity Method Investments [Line Items] | ||||
Income from Ancillary Businesses | $ 4,549 | $ 3,692 | $ 6,846 | $ 7,421 |
Land Sales | $ 2,123 | $ 2,901 | 146,837 | 13,592 |
Home Building Joint Venture Metro New York Four [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Land Sales | $ 143,300 | |||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | ||
Security Monitoring Business [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income from Ancillary Businesses | $ 1,600 |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
Apr. 30, 2017 |
Oct. 31, 2016 |
---|---|---|
Company's land purchase commitments | ||
Purchase Obligation | $ 1,509,099 | $ 1,623,389 |
Land Purchase Commitment To Unrelated Party [Member] | ||
Company's land purchase commitments | ||
Purchase Obligation | 1,476,063 | 1,544,185 |
Land Purchase Commitment To JV [Member] | ||
Company's land purchase commitments | ||
Purchase Obligation | 33,036 | 79,204 |
Land Parcel Purchase Commitment [Member] | ||
Company's land purchase commitments | ||
Deposits against Aggregate Purchase Commitments | 77,734 | 65,299 |
Additional cash required to acquire land | 1,431,365 | 1,558,090 |
Amount of Additional Cash Required to Acquire Land Included in Accrued Expenses | $ 16,145 | $ 18,266 |
Commitments and Contingencies (Details Textual) $ in Thousands |
Apr. 30, 2017
USD ($)
home_sites
|
Oct. 31, 2016
USD ($)
|
---|---|---|
Long-term Purchase Commitment [Line Items] | ||
Expected Lot Purchase | home_sites | 3,600 | |
Purchase Obligation | $ 1,509,099 | $ 1,623,389 |
Land for Apartment Development Purchase Commitment [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase Obligation | 104,000 | |
Deposits against Aggregate Purchase Commitments | $ 4,700 |
Commitments and Contingencies (Details Textual 1) $ in Millions |
Apr. 30, 2017
USD ($)
luxury_homes
|
---|---|
Backlog Information [Abstract] | |
Number of homes to be delivered (in ones) | luxury_homes | 6,018 |
Aggregate sales value of outstanding homes to be delivered | $ 5,000.0 |
May 2016 Revolving Credit Facility [Member] | |
Loss Contingencies [Line Items] | |
Outstanding letter of credit | 120.0 |
Surety Bond Construction Improvements [Member] | |
Loss Contingencies [Line Items] | |
Outstanding Surety Bonds Amount | 685.5 |
Amount of work remains on improvements in the Company's various communities | 347.9 |
Surety Bond Other Obligations [Member] | |
Loss Contingencies [Line Items] | |
Additional outstanding surety bonds | $ 138.6 |
Commitments and Contingencies (Details 1) - Loan Origination Commitments [Member] - USD ($) $ in Thousands |
Apr. 30, 2017 |
Oct. 31, 2016 |
---|---|---|
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | $ 1,676,437 | $ 1,350,508 |
Investor commitments to purchase | 442,551 | 487,045 |
Interest Rate Lock Commitments [Member] | ||
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | 360,056 | 255,647 |
Investor commitments to purchase | 360,056 | 255,647 |
Non Interest Rate Lock Commitments [Member] [Member] | ||
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | 1,316,381 | 1,094,861 |
Mortgage Receivable [Member] | ||
Company's mortgage commitments | ||
Investor commitments to purchase | $ 82,495 | $ 231,398 |
Information on Segments (Details Textual) |
6 Months Ended |
---|---|
Apr. 30, 2017 | |
Information on Operating Segments [Abstract] | |
Number of Segments | 2 |
Number of Geographic Segments | 5 |
Information on Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Apr. 30, 2017 |
Apr. 30, 2016 |
Apr. 30, 2017 |
Apr. 30, 2016 |
Oct. 31, 2016 |
|
Revenues | |||||
Revenues | $ 1,363,512 | $ 1,115,557 | $ 2,284,242 | $ 2,044,123 | $ 5,169,508 |
Income (loss) before income taxes | |||||
Income before income taxes | 199,209 | 140,397 | 308,990 | 257,214 | 589,027 |
Total assets | |||||
Total assets | 9,866,964 | 9,866,964 | 9,736,789 | ||
North [Member] | |||||
Revenues | |||||
Revenues | 189,345 | 165,674 | 334,983 | 286,492 | |
Income (loss) before income taxes | |||||
Income before income taxes | 10,513 | 8,273 | 20,606 | 16,306 | |
Total assets | |||||
Total assets | 1,110,080 | 1,110,080 | 1,020,250 | ||
Mid-Atlantic [Member] | |||||
Revenues | |||||
Revenues | 226,491 | 186,587 | 410,542 | 356,395 | |
Income (loss) before income taxes | |||||
Income before income taxes | 21,911 | 20,887 | 33,543 | 37,870 | |
Total assets | |||||
Total assets | 1,196,635 | 1,196,635 | 1,166,023 | ||
South [Member] | |||||
Revenues | |||||
Revenues | 195,111 | 192,448 | 337,307 | 339,246 | |
Income (loss) before income taxes | |||||
Income before income taxes | 20,819 | 31,134 | 33,930 | 52,379 | |
Total assets | |||||
Total assets | 1,296,650 | 1,296,650 | 1,203,554 | ||
West [Member] | |||||
Revenues | |||||
Revenues | 302,702 | 188,367 | 513,835 | 325,625 | |
Income (loss) before income taxes | |||||
Income before income taxes | 42,325 | 24,163 | 67,822 | 43,851 | |
Total assets | |||||
Total assets | 1,253,967 | 1,253,967 | 1,130,625 | ||
California [Member] | |||||
Revenues | |||||
Revenues | 373,303 | 328,439 | 593,079 | 545,341 | |
Income (loss) before income taxes | |||||
Income before income taxes | 83,336 | 74,948 | 126,529 | 118,483 | |
Total assets | |||||
Total assets | 2,635,819 | 2,635,819 | 2,479,885 | ||
Traditional Homebuilding [Member] | |||||
Revenues | |||||
Revenues | 1,286,952 | 1,061,515 | 2,189,746 | 1,853,099 | |
Income (loss) before income taxes | |||||
Income before income taxes | 178,904 | 159,405 | 282,430 | 268,889 | |
Total assets | |||||
Total assets | 7,493,151 | 7,493,151 | 7,000,337 | ||
City Living [Member] | |||||
Revenues | |||||
Revenues | 76,560 | 54,042 | 94,496 | 191,024 | |
Income (loss) before income taxes | |||||
Income before income taxes | 41,930 | 16,235 | 85,032 | 59,916 | |
Total assets | |||||
Total assets | 793,714 | 793,714 | 946,738 | ||
Corporate and other [Member] | |||||
Income (loss) before income taxes | |||||
Income before income taxes | (21,625) | $ (35,243) | (58,472) | $ (71,591) | |
Total assets | |||||
Total assets | $ 1,580,099 | $ 1,580,099 | $ 1,789,714 |
Supplemental Guarantor Information Supplemental Guarantor Information (Level 4 Textuals) (Details) |
Apr. 30, 2017 |
---|---|
Entity Information [Line Items] | |
Supplemental Guarantor Information, consolidated net worth of released guarantor subsidiary | 5.00% |
supplemental guarantor information, consolidated net worth of all released guarantor subsidiaries | 10.00% |
supplemental guarantor information, consolidated net worth, all released guarantor subs, default cure | 15.00% |
Subsidiary Issuer [Member] | |
Entity Information [Line Items] | |
Subsidiary of Company, Ownership Percentage by Parent | 100.00% |
Guarantor Subsidiaries [Member] | |
Entity Information [Line Items] | |
Subsidiary of Company, Ownership Percentage by Parent | 100.00% |
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