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Supplemental Guarantor Information | 3 Months Ended
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Jan. 31, 2013
Supplemental Guarantor Information [Abstract] |
Supplemental Guarantor Information [Text Block] | Supplemental Guarantor Information A 100% owned subsidiary of the Company, Toll Brothers Finance Corp. (the “Subsidiary Issuer”), has issued the following Senior Notes (amounts in thousands):
|  | Original Amount Issued |  | Amount outstanding at January 31, 2013
| 5.95% Senior Notes due 2013 | $ | 250,000 |  |  | $ | 104,785 |
| 4.95% Senior Notes due 2014 | $ | 300,000 |  |  | $ | 267,960 |
| 5.15% Senior Notes due 2015 | $ | 300,000 |  |  | $ | 300,000 |
| 8.91% Senior Notes due 2017 | $ | 400,000 |  |  | $ | 400,000 |
| 6.75% Senior Notes due 2019 | $ | 250,000 |  |  | $ | 250,000 |
| 5.875% Senior Notes due 2022 | $ | 419,876 |  |  | $ | 419,876 |
| 0.5% Exchangeable Senior Notes due 2032 | $ | 287,500 |  |  | $ | 287,500 |
The obligations of the Subsidiary Issuer to pay principal, premiums, if any, and interest is guaranteed jointly and severally on a senior basis by the Company and a majority of the Company’s 100% owned home building subsidiaries (the “Guarantor Subsidiaries”). The guarantees are full and unconditional. The Company’s non-home building subsidiaries and several of its home building subsidiaries (the “Non-Guarantor Subsidiaries”) do not guarantee the debt. The Subsidiary Issuer generates no operating revenues and does not have any independent operations other the the financing of other subsidiaries of the Company by lending the proceeds from the above described debt issuances. As of April 30, 2013, certain Non-Guarantor Subsidiaries became Guarantor Subsidiaries. This change in status has been retrospectively reflected in the accompanying condensed consolidating financial statements. 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. Prior to the above described senior debt issuances, the Subsidiary Issuer did not have any operations. The condensed consolidating financial statements have been revised in order to (i) reflect the transfer of the balance sheet, statements of operations and cash flows of certain non-guarantor subsidiaries to guarantor subsidiaries as a result of such entities becoming guarantor subsidiaries as of April 30, 2013 and the reclassification of guarantor and non-guarantor intercompany advances and equity balances with corresponding offsets in the elimination column and (ii) revise the presentation of cash flows from operating activities, financing activities and investing activities in the condensed consolidating statements of cash flows for the three-month periods ended January 31, 2013 and 2012 to reflect intercompany activity, which had previously been included in cash flow from operating activities, as cash flow from investing activities and cash flow from financing activities. This revised presentation has no impact or effect on Toll Brothers, Inc.'s condensed consolidated financial statements for any period presented, including the Condensed Consolidated Balance Sheets, Statements of Operations, Statements of Comprehensive Income, or Statements of Cash Flows. Summary financial information related to the transfer of certain Non-Guarantor Subsidiaries to Guarantor Subsidiaries and the reclassification of guarantor and non-guarantor intercompany advances and equity balances, resulting in a decrease in Non-Guarantor Subsidiaries amounts, is presented below (amounts in thousands).
| January 31, 2013 |  | October 31, 2012
Inventory | $ | 235,490 |  |  | $ | 168,218 |
Investments in and advances to unconsolidated entities | $ | 100,887 |  |  | $ | 110,014 |
Total assets | $ | 341,569 |  |  | $ | 282,638 |
Loans payable | $ | 15,006 |  |  | $ | 30,424 |
Intercompany advances | $ | 306,410 |  |  | $ | 237,298 |
Total liabilities | $ | 333,393 |  |  | $ | 277,738 |
Equity | $ | 8,176 |  |  | $ | 4,900 |
| Three months ended January 31,
| 2013 |  | 2012
Revenue | $ | 10,444 |  |  | $ | — |
Operating income | $ | 3,202 |  |  | $ | 3,393 |
Income (loss) before income taxes | $ | 1,003 |  |  | $ | (395 | )
Following are reconciliations of the amounts previously reported to the revised amounts as stated in the following components of the revised condensed consolidating statements of cash flows for the three-month periods ended January 31, 2013 and 2012. For the three months ended January 31, 2013
| As Previously Reported |  | Reclassification of intercompany activity |  | Change in status from Non-Guarantor to Guarantor |  | As Revised
Cash flow (used in) provided by operating activities: |  |  |  |  |  |  |
Net cash (used in) provided by operating activities |  |  |  |  |  |  |
Toll Brothers, Inc. | $ | (6,029 | ) |  | $ | 30,082 |  |  | $ | — |  |  | $ | 24,053 |
Subsidiary Issuer | $ | 59,068 |  |  | $ | (46,913 | ) |  | $ | — |  |  | $ | 12,155 |
Guarantor Subsidiaries | $ | (421,634 | ) |  | $ | 37,381 |  |  | $ | 6,389 |  |  | $ | (377,864 | )
Non-Guarantor Subsidiaries | $ | 62,773 |  |  | $ | (15,074 | ) |  | $ | (6,389 | ) |  | $ | 41,310 |
Elimination | $ | — |  |  | $ | (5,476 | ) |  | $ | — |  |  | $ | (5,476 | )
Cash flow provided by (used in) investing activities: |  |  |  |  |  |  |
Intercompany advances |  |  |  |  |  |  |
Toll Brothers, Inc. | $ | — |  |  | $ | (30,082 | ) |  | $ | — |  |  | $ | (30,082 | )
Subsidiary Issuer | $ | — |  |  | $ | 46,913 |  |  | $ | — |  |  | $ | 46,913 |
Guarantor Subsidiaries | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Non-Guarantor Subsidiaries | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Elimination | $ | — |  |  | $ | (16,831 | ) |  | $ | — |  |  | $ | (16,831 | )
Net cash provided by (used in) investing activities |  |  |  |  |  |  |
Toll Brothers, Inc. | $ | — |  |  | $ | (30,082 | ) |  | $ | — |  |  | $ | (30,082 | )
Subsidiary Issuer | $ | — |  |  | $ | 46,913 |  |  | $ | — |  |  | $ | 46,913 |
Guarantor Subsidiaries | $ | 13,627 |  |  | $ | — |  |  | $ | 9,104 |  |  | $ | 22,731 |
Non-Guarantor Subsidiaries | $ | (9,802 | ) |  | $ | — |  |  | $ | (9,104 | ) |  | $ | (18,906 | )
Elimination | $ | — |  |  | $ | (16,831 | ) |  | $ | — |  |  | $ | (16,831 | )
Cash flow (used in) provided by financing activities: |  |  |  |  |  |  |
Intercompany advances |  |  |  |  |  |  |
Toll Brothers, Inc. | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Subsidiary Issuer | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Guarantor Subsidiaries | $ | — |  |  | $ | (37,381 | ) |  | $ | — |  |  | $ | (37,381 | )
Non-Guarantor Subsidiaries | $ | — |  |  | $ | 15,074 |  |  | $ | — |  |  | $ | 15,074 |
Elimination | $ | — |  |  | $ | 22,307 |  |  | $ | — |  |  | $ | 22,307 |
Net cash (used in) provided by financing activities |  |  |  |  |  |  |
Toll Brothers, Inc. | $ | 6,029 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,029 |
Subsidiary Issuer | $ | (59,068 | ) |  | $ | — |  |  | $ | — |  |  | $ | (59,068 | )
Guarantor Subsidiaries | $ | (10,112 | ) |  | $ | (37,381 | ) |  | $ | (15,720 | ) |  | $ | (63,213 | )
Non-Guarantor Subsidiaries | $ | (44,920 | ) |  | $ | 15,074 |  |  | $ | 15,720 |  |  | $ | (14,126 | )
Elimination | $ | — |  |  | $ | 22,307 |  |  | $ | — |  |  | $ | 22,307 |
For the three months ended January 31, 2012
| As Previously Reported |  | Reclassification of intercompany activity |  | Change in status from Non-Guarantor to Guarantor |  | As Revised
Cash flow (used in) provided by operating activities: |  |  |  |  |  |  |
Net cash (used in) provided by operating activities |  |  |  |  |  |  |
Toll Brothers, Inc. | $ | (9,270 | ) |  | $ | (19,315 | ) |  | $ | — |  |  | $ | (28,585 | )
Subsidiary Issuer | $ | — |  |  | $ | 4,793 |  |  | $ | — |  |  | $ | 4,793 |
Guarantor Subsidiaries | $ | (276,849 | ) |  | $ | 71,183 |  |  | $ | (140 | ) |  | $ | (205,806 | )
Non-Guarantor Subsidiaries | $ | 124,040 |  |  | $ | (56,624 | ) |  | $ | 140 |  |  | $ | 67,556 |
Elimination | $ | — |  |  | $ | (37 | ) |  | $ | — |  |  | $ | (37 | )
Cash flow (used in) provided by investing activities: |  |  |  |  |  |  |
Intercompany advances |  |  |  |  |  |  |
Toll Brothers, Inc. | $ | — |  |  | $ | 19,315 |  |  | $ | — |  |  | $ | 19,315 |
Subsidiary Issuer | $ | — |  |  | $ | (4,793 | ) |  | $ | — |  |  | $ | (4,793 | )
Guarantor Subsidiaries | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Non-Guarantor Subsidiaries | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Elimination | $ | — |  |  | $ | (14,522 | ) |  | $ | — |  |  | $ | (14,522 | )
Net cash (used in) provided by investing activities |  |  |  |  |  |  |
Toll Brothers, Inc. | $ | — |  |  | $ | 19,315 |  |  | $ | — |  |  | $ | 19,315 |
Subsidiary Issuer | $ | — |  |  | $ | (4,793 | ) |  | $ | — |  |  | $ | (4,793 | )
Guarantor Subsidiaries | $ | (44,015 | ) |  | $ | — |  |  | $ | (880 | ) |  | $ | (44,895 | )
Non-Guarantor Subsidiaries | $ | (95,065 | ) |  | $ | — |  |  | $ | 880 |  |  | $ | (94,185 | )
Elimination | $ | — |  |  | $ | (14,522 | ) |  | $ | — |  |  | $ | (14,522 | )
Cash flow (used in) provided by financing activities: |  |  |  |  |  |  |
Intercompany advances |  |  |  |  |  |  |
Toll Brothers, Inc. | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Subsidiary Issuer | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Guarantor Subsidiaries | $ | — |  |  | $ | (71,183 | ) |  | $ | — |  |  | $ | (71,183 | )
Non-Guarantor Subsidiaries | $ | — |  |  | $ | 56,624 |  |  | $ | — |  |  | $ | 56,624 |
Elimination | $ | — |  |  | $ | 14,559 |  |  | $ | — |  |  | $ | 14,559 |
Net cash (used in) provided by financing activities |  |  |  |  |  |  |
Toll Brothers, Inc. | $ | 9,270 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,270 |
Subsidiary Issuer | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Guarantor Subsidiaries | $ | (12,520 | ) |  | $ | (71,183 | ) |  | $ | (692 | ) |  | $ | (84,395 | )
Non-Guarantor Subsidiaries | $ | (26,237 | ) |  | $ | 56,624 |  |  | $ | 692 |  |  | $ | 31,079 |
Elimination | $ | — |  |  | $ | 14,559 |  |  | $ | — |  |  | $ | 14,559 |
Supplemental consolidating financial information of Toll Brothers, Inc., the Subsidiary Issuer, the Guarantor Subsidiaries, the Non-Guarantor 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 January 31, 2013:
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | — |  |  | — |  |  | 293,678 |  |  | 75,078 |  |  | — |  |  | 368,756 |
Marketable securities |  |  |  |  | 364,585 |  |  | 60,234 |  |  |  |  | 424,819 |
Restricted cash | 15,060 |  |  |  |  | 17,369 |  |  | 1,328 |  |  |  |  | 33,757 |
Inventory |  |  |  |  | 4,095,454 |  |  | 59,593 |  |  |  |  | 4,155,047 |
Property, construction and office equipment, net |  |  |  |  | 109,618 |  |  | 3,259 |  |  |  |  | 112,877 |
Receivables, prepaid expenses and other assets | 146 |  |  | 14,458 |  |  | 79,443 |  |  | 72,895 |  |  | (14,061 | ) |  | 152,881 |
Mortgage loans held for sale |  |  |  |  |  |  | 49,400 |  |  |  |  | 49,400 |
Customer deposits held in escrow |  |  |  |  | 28,455 |  |  | 2,846 |  |  |  |  | 31,301 |
Investments in and advances to unconsolidated entities |  |  |  |  | 165,818 |  |  | 156,033 |  |  |  |  | 321,851 |
Investments in distressed loans |  |  |  |  |  |  |  | 42,832 |  |  |  |  | 42,832 |
Investments in foreclosed real estate |  |  |  |  |  |  |  | 68,764 |  |  |  |  | 68,764 |
Investments in and advances to consolidated entities | 2,847,200 |  |  | 2,045,897 |  |  | 4,740 |  |  |  |  |  | (4,897,837 | ) |  | — |
Deferred tax assets, net of valuation allowances | 355,966 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 355,966 |
| 3,218,372 |  |  | 2,060,355 |  |  | 5,159,160 |  |  | 592,262 |  |  | (4,911,898 | ) |  | 6,118,251 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Loans payable |  |  |  |  | 93,314 |  |  |  |  |  |  |  | 93,314 |
Senior notes |  |  | 1,976,150 |  |  |  |  |  |  | 45,747 |  |  | 2,021,897 |
Mortgage company warehouse loan |  |  |  |  |  |  | 43,464 |  |  |  |  | 43,464 |
Customer deposits |  |  |  |  | 156,758 |  |  |  |  |  |  |  | 156,758 |
Accounts payable |  |  |  |  | 110,764 |  |  | 27 |  |  |  |  | 110,791 |
Accrued expenses |  |  | 37,526 |  |  | 320,441 |  |  | 123,892 |  |  | (14,207 | ) |  | 467,652 |
Advances from consolidated entities |  |  |  |  |  | 1,302,700 |  |  | 408,269 |  |  | (1,710,969 | ) |  | — |
Income taxes payable | 83,265 |  |  |  |  |  |  |  |  |  |  |  | 83,265 |
Total liabilities | 83,265 |  |  | 2,013,676 |  |  | 1,983,977 |  |  | 575,652 |  |  | (1,679,429 | ) |  | 2,977,141 |
Equity: |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |
Common stock | 1,692 |  |  |  |  | 48 |  |  | 3,006 |  |  | (3,054 | ) |  | 1,692 |
Additional paid-in capital | 412,242 |  |  | 49,400 |  |  |  |  |  | 1,734 |  |  | (51,134 | ) |  | 412,242 |
Retained earnings | 2,725,829 |  |  | (2,721 | ) |  | 3,175,277 |  |  | 5,725 |  |  | (3,178,281 | ) |  | 2,725,829 |
Treasury stock, at cost | (38 | ) |  |  |  |  |  |  |  |  |  | (38 | )
Accumulated other comprehensive loss | (4,618 | ) |  |  |  | (142 | ) |  | (43 | ) |  |  |  |  | (4,803 | )
Total stockholders’ equity | 3,135,107 |  |  | 46,679 |  |  | 3,175,183 |  |  | 10,422 |  |  | (3,232,469 | ) |  | 3,134,922 |
Noncontrolling interest |  |  |  |  |  |  | 6,188 |  |  |  |  | 6,188 |
Total equity | 3,135,107 |  |  | 46,679 |  |  | 3,175,183 |  |  | 16,610 |  |  | (3,232,469 | ) |  | 3,141,110 |
| 3,218,372 |  |  | 2,060,355 |  |  | 5,159,160 |  |  | 592,262 |  |  | (4,911,898 | ) |  | 6,118,251 |
Condensed Consolidating Balance Sheet at October 31, 2012:
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  | 712,024 |  |  | 66,800 |  |  |  |  | 778,824 |
Marketable securities |  |  |  |  | 378,858 |  |  | 60,210 |  |  |  |  | 439,068 |
Restricted cash | 28,268 |  |  |  |  | 17,561 |  |  | 1,447 |  |  |  |  | 47,276 |
Inventory |  |  |  |  | 3,695,895 |  |  | 65,292 |  |  |  |  | 3,761,187 |
Property, construction and office equipment, net |  |  |  |  | 106,963 |  |  | 3,008 |  |  |  |  | 109,971 |
Receivables, prepaid expenses and other assets | 134 |  |  | 15,130 |  |  | 76,192 |  |  | 64,543 |  |  | (11,441 | ) |  | 144,558 |
Mortgage loans held for sale |  |  |  |  |  |  | 86,386 |  |  |  |  | 86,386 |
Customer deposits held in escrow |  |  |  |  | 27,312 |  |  | 2,267 |  |  |  |  | 29,579 |
Investments in and advances to unconsolidated entities |  |  |  |  | 180,159 |  |  | 150,458 |  |  |  |  | 330,617 |
Investments in distressed loans |  |  |  |  |  |  |  | 37,169 |  |  |  |  | 37,169 |
Investments in foreclosed real estate |  |  |  |  |  |  |  |  |  | 58,353 |  |  |  |  |  | 58,353 |
Investments in and advances to consolidated entities | 2,816,607 |  |  | 2,092,810 |  |  | 4,740 |  |  |  |  |  | (4,914,157 | ) |  | — |
Deferred tax assets, net of valuation allowances | 358,056 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 358,056 |
| 3,203,065 |  |  | 2,107,940 |  |  | 5,199,704 |  |  | 595,933 |  |  | (4,925,598 | ) |  | 6,181,044 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Loans payable |  |  |  |  | 99,817 |  |  |  |  |  |  |  | 99,817 |
Senior notes |  |  | 2,032,335 |  |  |  |  |  |  | 48,128 |  |  | 2,080,463 |
Mortgage company warehouse loan |  |  |  |  |  |  | 72,664 |  |  |  |  | 72,664 |
Customer deposits |  |  |  |  | 142,919 |  |  | 58 |  |  |  |  | 142,977 |
Accounts payable |  |  |  |  | 99,889 |  |  | 22 |  |  |  |  | 99,911 |
Accrued expenses |  |  | 27,476 |  |  | 344,555 |  |  | 115,922 |  |  | (11,603 | ) |  | 476,350 |
Advances from consolidated entities |  |  |  |  |  | 1,341,189 |  |  | 393,195 |  |  | (1,734,384 | ) |  | — |
Income taxes payable | 80,991 |  |  |  |  |  |  |  |  |  |  |  | 80,991 |
Total liabilities | 80,991 |  |  | 2,059,811 |  |  | 2,028,369 |  |  | 581,861 |  |  | (1,697,859 | ) |  | 3,053,173 |
Equity: |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |
Common stock | 1,687 |  |  |  |  | 48 |  |  | 3,006 |  |  | (3,054 | ) |  | 1,687 |
Additional paid-in capital | 404,418 |  |  | 49,400 |  |  |  |  |  | 1,734 |  |  | (51,134 | ) |  | 404,418 |
Retained earnings | 2,721,397 |  |  | (1,271 | ) |  | 3,171,654 |  |  | 3,168 |  |  | (3,173,551 | ) |  | 2,721,397 |
Treasury stock, at cost | (983 | ) |  |  |  |  |  |  |  |  |  | (983 | )
Accumulated other comprehensive loss | (4,445 | ) |  |  |  | (367 | ) |  | (7 | ) |  |  |  |  | (4,819 | )
Total stockholders’ equity | 3,122,074 |  |  | 48,129 |  |  | 3,171,335 |  |  | 7,901 |  |  | (3,227,739 | ) |  | 3,121,700 |
Noncontrolling interest |  |  |  |  |  |  | 6,171 |  |  |  |  | 6,171 |
Total equity | 3,122,074 |  |  | 48,129 |  |  | 3,171,335 |  |  | 14,072 |  |  | (3,227,739 | ) |  | 3,127,871 |
| 3,203,065 |  |  | 2,107,940 |  |  | 5,199,704 |  |  | 595,933 |  |  | (4,925,598 | ) |  | 6,181,044 |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended January 31, 2013 ($ in thousands):
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  |  |  |  | 430,222 |  |  | 15,046 |  |  | (20,667 | ) |  | 424,601 |
Cost of revenues |  |  |  |  | 348,703 |  |  | 4,992 |  |  | (7,758 | ) |  | 345,937 |
Selling, general and administrative | 16 |  |  | 687 |  |  | 84,508 |  |  | 10,140 |  |  | (17,304 | ) |  | 78,047 |
| 16 |  |  | 687 |  |  | 433,211 |  |  | 15,132 |  |  | (25,062 | ) |  | 423,984 |
Income (loss) from operations | (16 | ) |  | (687 | ) |  | (2,989 | ) |  | (86 | ) |  | 4,395 |  |  | 617 |
Other: |  |  |  |  |  |  |  |  |  |  |
Income from unconsolidated entities |  |  |  |  | 1,096 |  |  | 1,987 |  |  |  |  | 3,083 |
Other income - net | 2,386 |  |  |  |  |  | 6,027 |  |  | 2,494 |  |  | (6,281 | ) |  | 4,626 |
Intercompany interest income |  |  | 29,727 |  |  |  |  |  |  |  |  | (29,727 | ) |  | — |
Interest expense |  |  | (31,422 | ) |  |  |  |  | (191 | ) |  | 31,613 |  |  | — |
Income from subsidiaries | 5,956 |  |  |  |  | 1,822 |  |  |  |  | (7,778 | ) |  | — |
Income (loss) before income taxes | 8,326 |  |  | (2,382 | ) |  | 5,956 |  |  | 4,204 |  |  | (7,778 | ) |  | 8,326 |
Income tax provision (benefit) | 3,894 |  |  | (933 | ) |  | 2,333 |  |  | 1,647 |  |  | (3,047 | ) |  | 3,894 |
Net income (loss) | 4,432 |  |  | (1,449 | ) |  | 3,623 |  |  | 2,557 |  |  | (4,731 | ) |  | 4,432 |
Other comprehensive income (loss) | (173 | ) |  |  |  |  | 225 |  |  | (36 | ) |  |  |  |  | 16 |
Comprehensive income (loss) | 4,259 |  |  | (1,449 | ) |  | 3,848 |  |  | 2,521 |  |  | (4,731 | ) |  | 4,448 |
Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income for the three months ended January 31, 2012 ($ in thousands):
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  |  |  |  | 327,692 |  |  | 12,386 |  |  | (18,123 | ) |  | 321,955 |
Cost of revenues |  |  |  |  | 273,050 |  |  | 4,312 |  |  | (5,754 | ) |  | 271,608 |
Selling, general and administrative | 13 |  |  | 478 |  |  | 73,532 |  |  | 9,274 |  |  | (13,660 | ) |  | 69,637 |
| 13 |  |  | 478 |  |  | 346,582 |  |  | 13,586 |  |  | (19,414 | ) |  | 341,245 |
Loss from operations | (13 | ) |  | (478 | ) |  | (18,890 | ) |  | (1,200 | ) |  | 1,291 |  |  | (19,290 | )
Other: |  |  |  |  |  |  |  |  |  |  |
Income from unconsolidated entities |  |  |  |  | 5,229 |  |  | 1,458 |  |  |  |  | 6,687 |
Other income - net | 5 |  |  |  |  |  | 2,982 |  |  | 4,050 |  |  | (842 | ) |  | 6,195 |
Intercompany interest income |  |  | 25,764 |  |  |  |  |  |  |  |  | (25,764 | ) |  | — |
Interest expense |  |  | (25,286 | ) |  |  |  |  | (29 | ) |  | 25,315 |  |  | — |
(Loss) income from subsidiaries | (6,400 | ) |  |  |  | 4,279 |  |  |  |  | 2,121 |  |  | — |
(Loss) income before income taxes | (6,408 | ) |  | — |  |  | (6,400 | ) |  | 4,279 |  |  | 2,121 |  |  | (6,408 | )
Income tax (benefit) provision | (3,622 | ) |  | — |  |  | (3,618 | ) |  | 2,419 |  |  | 1,199 |  |  | (3,622 | )
Net (loss) income | (2,786 | ) |  | — |  |  | (2,782 | ) |  | 1,860 |  |  | 922 |  |  | (2,786 | )
Other comprehensive loss | (109 | ) |  |  |  |  | (552 | ) |  |  |  |  |  |  |  | (661 | )
Comprehensive (loss) income | (2,895 | ) |  | — |  |  | (3,334 | ) |  | 1,860 |  |  | 922 |  |  | (3,447 | )
Condensed Consolidating Statement of Cash Flows for the three months ended January 31, 2013 ($ in thousands):
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash (used in) provided by operating activities | 24,053 |  |  | 12,155 |  |  | (377,864 | ) |  | 41,310 |  |  | (5,476 | ) |  | (305,822 | )
Cash flow provided by (used in) investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment - net |  |  |  |  | (5,123 | ) |  | (268 | ) |  |  |  | (5,391 | )
Purchase of marketable securities |  |  |  |  | (25,938 | ) |  | (81 | ) |  |  |  | (26,019 | )
Sale and redemption of marketable securities |  |  |  |  | 38,775 |  |  |  |  |  |  | 38,775 |
Investments in and advances to unconsolidated entities |  |  |  |  | (2,280 | ) |  | (5,334 | ) |  |  |  | (7,614 | )
Return of investments in unconsolidated entities |  |  |  |  | 17,297 |  |  | 14 |  |  |  |  | 17,311 |
Investments in distressed loans and foreclosed real estate |  |  |  |  |  |  |  | (16,252 | ) |  |  |  | (16,252 | )
Return of investments in distressed loans and foreclosed real estate |  |  |  |  |  |  | 3,015 |  |  |  |  | 3,015 |
Intercompany advances | (30,082 | ) |  | 46,913 |  |  |  |  |  |  |  | (16,831 | ) |  | — |
Net cash provided by (used in) investing activities | (30,082 | ) |  | 46,913 |  |  | 22,731 |  |  | (18,906 | ) |  | (16,831 | ) |  | 3,825 |
Cash flow (used in) provided by financing activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from loans payable |  |  |  |  |  |  | 244,830 |  |  |  |  | 244,830 |
Principal payments of loans payable |  |  |  |  | (25,832 | ) |  | (274,030 | ) |  |  |  | (299,862 | )
Redemption of senior notes |  |  |  | (59,068 | ) |  |  |  |  |  |  |  | (59,068 | )
Proceeds from stock-based benefit plans | 6,108 |  |  |  |  |  |  |  |  |  |  | 6,108 |
Purchase of treasury stock | (79 | ) |  |  |  |  |  |  |  |  |  | (79 | )
Intercompany advances |  |  |  |  |  | (37,381 | ) |  | 15,074 |  |  | 22,307 |  |  | — |
Net cash (used in) provided by financing activities | 6,029 |  |  | (59,068 | ) |  | (63,213 | ) |  | (14,126 | ) |  | 22,307 |  |  | (108,071 | )
Net (decrease) increase in cash and cash equivalents | — |  |  | — |  |  | (418,346 | ) |  | 8,278 |  |  | — |  |  | (410,068 | )
Cash and cash equivalents, beginning of period |  |  |  |  | 712,024 |  |  | 66,800 |  |  |  |  | 778,824 |
Cash and cash equivalents, end of period | — |  |  | — |  |  | 293,678 |  |  | 75,078 |  |  | — |  |  | 368,756 |
Condensed Consolidating Statement of Cash Flows for the three months ended January 31, 2012 ($ in thousands):
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash (used in) provided by operating activities | (28,585 | ) |  | 4,793 |  |  | (205,806 | ) |  | 67,556 |  |  | (37 | ) |  | (162,079 | )
Cash flow (used in) provided by investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment — net |  |  |  |  | (3,443 | ) |  | 51 |  |  |  |  | (3,392 | )
Sale and redemption of marketable securities |  |  |  |  | 88,217 |  |  |  |  |  |  |  | 88,217 |
Investments in and advances to unconsolidated entities |  |  |  |  | (256 | ) |  | (71,528 | ) |  |  |  | (71,784 | )
Return of investments in unconsolidated entities |  |  |  |  | 15,333 |  |  |  |  |  |  | 15,333 |
Investments in distressed loans and foreclosed real estate |  |  |  |  |  |  |  | (26,410 | ) |  |  |  | (26,410 | )
Return of investments in distressed loans and foreclosed real estate |  |  |  |  |  |  |  | 3,702 |  |  |  |  | 3,702 |
Acquisition of a business |  |  |  |  | (144,746 | ) |  |  |  |  |  | (144,746 | )
Intercompany advances | 19,315 |  |  | (4,793 | ) |  |  |  |  |  | (14,522 | ) |  | — |
Net cash (used in) provided by investing activities | 19,315 |  |  | (4,793 | ) |  | (44,895 | ) |  | (94,185 | ) |  | (14,522 | ) |  | (139,080 | )
Cash flow (used in) provided by financing activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from loans payable |  |  |  |  |  |  | 199,139 |  |  |  |  | 199,139 |
Principal payments of loans payable |  |  |  |  | (13,212 | ) |  | (224,684 | ) |  |  |  | (237,896 | )
Proceeds from stock-based benefit plans | 9,334 |  |  |  |  |  |  |  |  |  |  | 9,334 |
Purchase of treasury stock | (64 | ) |  |  |  |  |  |  |  |  |  | (64 | )
Intercompany advances |  |  |  |  |  | (71,183 | ) |  | 56,624 |  |  | 14,559 |  |  | — |
Net cash (used in) provided by financing activities | 9,270 |  |  | — |  |  | (84,395 | ) |  | 31,079 |  |  | 14,559 |  |  | (29,487 | )
Net (decrease) increase in cash and cash equivalents | — |  |  | — |  |  | (335,096 | ) |  | 4,450 |  |  | — |  |  | (330,646 | )
Cash and cash equivalents, beginning of period | — |  |  |  |  | 777,012 |  |  | 129,328 |  |  |  |  | 906,340 |
Cash and cash equivalents, end of period | — |  |  | — |  |  | 441,916 |  |  | 133,778 |  |  | — |  |  | 575,694 |

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- Details
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- Definition Disclosure of supplemental consolidating financial information of the Parent, the Subsidiary Issuer, the Guarantor Subsidiaries, and the Non-Guarantor Subsidiaries and the eliminations to arrive at the Company on a consolidated basis. + References No definition available. + Details
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