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Supplemental Guarantor Information (Tables) | 3 Months Ended
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Jan. 31, 2015
Supplemental Guarantor Information [Abstract] |
Senior Notes issued by Subsidiary Issuer [Table Text Block] | Our 100%-owned subsidiary, Toll Brothers Finance Corp. (the “Subsidiary Issuer”), has issued the following Senior Notes (amounts in thousands):
|  | Original amount issued and amount outstanding at
|  | January 31, 2015
5.15% Senior Notes due 2015 |  | $ | 300,000 |
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 |
0.50% Exchangeable Senior Notes due 2032 |  | $ | 287,500 |
Supplemental Consolidated Financial Information | Supplemental consolidating financial information of Toll Brothers, Inc., the Subsidiary Issuer, the Guarantor Subsidiaries, the Nonguarantor Subsidiaries and the eliminations to arrive at Toll Brothers, Inc. on a consolidated basis is presented below ($ amounts in thousands). Condensed Consolidating Balance Sheet at January 31, 2015:
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Nonguarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | — |  |  | — |  |  | 365,900 |  |  | 135,000 |  |  | — |  |  | 500,900 |
Marketable securities |  |  |  |  |  |  |  | 10,022 |  |  |  |  | 10,022 |
Restricted cash | 15,211 |  |  |  |  | 1,652 |  |  | 599 |  |  |  |  | 17,462 |
Inventory |  |  |  |  | 6,330,188 |  |  | 297,293 |  |  |  |  | 6,627,481 |
Property, construction and office equipment, net |  |  |  |  | 125,316 |  |  | 16,780 |  |  |  |  | 142,096 |
Receivables, prepaid expenses and other assets |  |  | 15,915 |  |  | 119,138 |  |  | 133,764 |  |  | (18,468 | ) |  | 250,349 |
Mortgage loans held for sale |  |  |  |  |  |  | 55,945 |  |  |  |  | 55,945 |
Customer deposits held in escrow |  |  |  |  | 29,424 |  |  | 1,255 |  |  |  |  | 30,679 |
Investments in and advances to unconsolidated entities |  |  |  |  | 133,528 |  |  | 330,050 |  |  |  |  | 463,578 |
Investments in distressed loans and foreclosed real estate |  |  |  |  |  |  |  | 70,935 |  |  |  |  | 70,935 |
Investments in and advances to consolidated entities | 3,754,694 |  |  | 2,684,318 |  |  | 4,740 |  |  |  |  |  | (6,443,752 | ) |  | — |
Deferred tax assets, net of valuation allowances | 252,172 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 252,172 |
| 4,022,077 |  |  | 2,700,233 |  |  | 7,109,886 |  |  | 1,051,643 |  |  | (6,462,220 | ) |  | 8,421,619 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Loans payable |  |  |  |  | 665,652 |  |  |  |  |  |  |  | 665,652 |
Senior notes |  |  | 2,628,457 |  |  |  |  |  |  | 26,964 |  |  | 2,655,421 |
Mortgage company loan facility |  |  |  |  |  |  | 46,559 |  |  |  |  | 46,559 |
Customer deposits |  |  |  |  | 221,118 |  |  | 5,326 |  |  |  |  | 226,444 |
Accounts payable |  |  |  |  | 221,904 |  |  | 157 |  |  |  |  | 222,061 |
Accrued expenses |  |  | 36,620 |  |  | 362,076 |  |  | 198,790 |  |  | (20,416 | ) |  | 577,070 |
Advances from consolidated entities |  |  |  |  |  | 1,929,665 |  |  | 759,301 |  |  | (2,688,966 | ) |  | — |
Income taxes payable | 65,768 |  |  |  |  |  |  |  |  |  |  |  | 65,768 |
Total liabilities | 65,768 |  |  | 2,665,077 |  |  | 3,400,415 |  |  | 1,010,133 |  |  | (2,682,418 | ) |  | 4,458,975 |
Equity: |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |
Common stock | 1,779 |  |  |  |  | 48 |  |  | 3,006 |  |  | (3,054 | ) |  | 1,779 |
Additional paid-in capital | 718,195 |  |  | 49,400 |  |  |  |  |  | 1,734 |  |  | (51,134 | ) |  | 718,195 |
Retained earnings (deficits) | 3,313,360 |  |  | (14,244 | ) |  | 3,709,477 |  |  | 30,381 |  |  | (3,725,614 | ) |  | 3,313,360 |
Treasury stock, at cost | (74,058 | ) |  |  |  |  |  |  |  |  |  | (74,058 | )
Accumulated other comprehensive loss | (2,967 | ) |  |  |  | (54 | ) |  |  |  |  |  |  | (3,021 | )
Total stockholders’ equity | 3,956,309 |  |  | 35,156 |  |  | 3,709,471 |  |  | 35,121 |  |  | (3,779,802 | ) |  | 3,956,255 |
Noncontrolling interest |  |  |  |  |  |  | 6,389 |  |  |  |  | 6,389 |
Total equity | 3,956,309 |  |  | 35,156 |  |  | 3,709,471 |  |  | 41,510 |  |  | (3,779,802 | ) |  | 3,962,644 |
| 4,022,077 |  |  | 2,700,233 |  |  | 7,109,886 |  |  | 1,051,643 |  |  | (6,462,220 | ) |  | 8,421,619 |
Condensed Consolidating Balance Sheet at October 31, 2014:
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Nonguarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | — |  |  | — |  |  | 455,714 |  |  | 130,601 |  |  | — |  |  | 586,315 |
Marketable securities |  |  |  |  | 1,997 |  |  | 10,029 |  |  |  |  | 12,026 |
Restricted cash | 15,211 |  |  |  |  | 2,070 |  |  | 1,061 |  |  |  |  | 18,342 |
Inventory |  |  |  |  | 6,260,303 |  |  | 230,018 |  |  |  |  | 6,490,321 |
Property, construction and office equipment, net |  |  |  |  | 126,586 |  |  | 16,424 |  |  |  |  | 143,010 |
Receivables, prepaid expenses and other assets |  |  |  | 16,802 |  |  | 114,863 |  |  | 137,496 |  |  | (17,589 | ) |  | 251,572 |
Mortgage loans held for sale |  |  |  |  |  |  | 101,944 |  |  |  |  | 101,944 |
Customer deposits held in escrow |  |  |  |  | 39,912 |  |  | 2,161 |  |  |  |  | 42,073 |
Investments in and advances to unconsolidated entities |  |  |  |  | 132,096 |  |  | 314,982 |  |  |  |  | 447,078 |
Investments in distressed loans and foreclosed real estate |  |  |  |  |  |  |  |  |  | 73,800 |  |  |  |  |  | 73,800 |
Investments in and advances to consolidated entities | 3,714,788 |  |  | 2,677,448 |  |  | 4,740 |  |  |  |  |  | (6,396,976 | ) |  | — |
Deferred tax assets, net of valuation allowances | 250,421 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 250,421 |
| 3,980,420 |  |  | 2,694,250 |  |  | 7,138,281 |  |  | 1,018,516 |  |  | (6,414,565 | ) |  | 8,416,902 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Loans payable |  |  |  |  | 653,269 |  |  | 992 |  |  |  |  | 654,261 |
Senior notes |  |  | 2,625,712 |  |  |  |  |  |  | 29,332 |  |  | 2,655,044 |
Mortgage company loan facility |  |  |  |  |  |  | 90,281 |  |  |  |  | 90,281 |
Customer deposits |  |  |  |  | 221,084 |  |  | 2,715 |  |  |  |  | 223,799 |
Accounts payable |  |  |  |  | 225,106 |  |  | 241 |  |  |  |  | 225,347 |
Accrued expenses |  |  | 31,906 |  |  | 386,223 |  |  | 181,649 |  |  | (18,301 | ) |  | 581,477 |
Advances from consolidated entities |  |  |  |  |  | 2,018,981 |  |  | 708,167 |  |  | (2,727,148 | ) |  | — |
Income taxes payable | 125,996 |  |  |  |  |  |  |  |  |  |  |  | 125,996 |
Total liabilities | 125,996 |  |  | 2,657,618 |  |  | 3,504,663 |  |  | 984,045 |  |  | (2,716,117 | ) |  | 4,556,205 |
Equity: |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |
Common stock | 1,779 |  |  |  |  | 48 |  |  | 3,006 |  |  | (3,054 | ) |  | 1,779 |
Additional paid-in capital | 712,162 |  |  | 49,400 |  |  |  |  |  | 1,734 |  |  | (51,134 | ) |  | 712,162 |
Retained earnings (deficits) | 3,232,035 |  |  | (12,768 | ) |  | 3,633,618 |  |  | 23,410 |  |  | (3,644,260 | ) |  | 3,232,035 |
Treasury stock, at cost | (88,762 | ) |  |  |  |  |  |  |  |  |  | (88,762 | )
Accumulated other comprehensive loss | (2,790 | ) |  |  |  | (48 | ) |  |  |  |  |  |  | (2,838 | )
Total stockholders’ equity | 3,854,424 |  |  | 36,632 |  |  | 3,633,618 |  |  | 28,150 |  |  | (3,698,448 | ) |  | 3,854,376 |
Noncontrolling interest |  |  |  |  |  |  | 6,321 |  |  |  |  | 6,321 |
Total equity | 3,854,424 |  |  | 36,632 |  |  | 3,633,618 |  |  | 34,471 |  |  | (3,698,448 | ) |  | 3,860,697 |
| 3,980,420 |  |  | 2,694,250 |  |  | 7,138,281 |  |  | 1,018,516 |  |  | (6,414,565 | ) |  | 8,416,902 |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended January 31, 2015:
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Nonguarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  |  |  |  | 862,154 |  |  | 15,602 |  |  | (24,304 | ) |  | 853,452 |
Cost of revenues |  |  |  |  | 652,212 |  |  | 1,666 |  |  | (3,846 | ) |  | 650,032 |
Selling, general and administrative | 14 |  |  | 908 |  |  | 112,043 |  |  | 13,389 |  |  | (20,040 | ) |  | 106,314 |
| 14 |  |  | 908 |  |  | 764,255 |  |  | 15,055 |  |  | (23,886 | ) |  | 756,346 |
Income (loss) from operations | (14 | ) |  | (908 | ) |  | 97,899 |  |  | 547 |  |  | (418 | ) |  | 97,106 |
Other: |  |  |  |  |  |  |  |  |  |  |
Income from unconsolidated entities |  |  |  |  | 4,722 |  |  | 179 |  |  |  |  | 4,901 |
Other income - net | 2,370 |  |  |  |  |  | 10,233 |  |  | 10,585 |  |  | (1,172 | ) |  | 22,016 |
Intercompany interest income |  |  | 36,193 |  |  |  |  |  |  |  |  | (36,193 | ) |  | — |
Interest expense |  |  | (37,652 | ) |  |  |  |  | (131 | ) |  | 37,783 |  |  | — |
Income from subsidiaries | 121,667 |  |  |  |  | 8,813 |  |  |  |  | (130,480 | ) |  | — |
Income (loss) before income taxes | 124,023 |  |  | (2,367 | ) |  | 121,667 |  |  | 11,180 |  |  | (130,480 | ) |  | 124,023 |
Income tax provision (benefit) | 42,698 |  |  | (891 | ) |  | 45,808 |  |  | 4,209 |  |  | (49,126 | ) |  | 42,698 |
Net income (loss) | 81,325 |  |  | (1,476 | ) |  | 75,859 |  |  | 6,971 |  |  | (81,354 | ) |  | 81,325 |
Other comprehensive loss | (178 | ) |  |  |  |  | (5 | ) |  |  |  |  |  |  |  | (183 | )
Total comprehensive income (loss) | 81,147 |  |  | (1,476 | ) |  | 75,854 |  |  | 6,971 |  |  | (81,354 | ) |  | 81,142 |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended January 31, 2014:
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Nonguarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  |  |  |  | 650,772 |  |  | 15,602 |  |  | (22,693 | ) |  | 643,681 |
Cost of revenues |  |  |  |  | 515,637 |  |  | 2,602 |  |  | (4,207 | ) |  | 514,032 |
Selling, general and administrative | 55 |  |  | 937 |  |  | 102,700 |  |  | 13,637 |  |  | (19,459 | ) |  | 97,870 |
| 55 |  |  | 937 |  |  | 618,337 |  |  | 16,239 |  |  | (23,666 | ) |  | 611,902 |
Income (loss) from operations | (55 | ) |  | (937 | ) |  | 32,435 |  |  | (637 | ) |  | 973 |  |  | 31,779 |
Other: |  |  |  |  |  |  |  |  |  |  |
Income (loss) from unconsolidated entities |  |  |  |  | 24,207 |  |  | (1,292 | ) |  |  |  | 22,915 |
Other income - net | 2,365 |  |  |  |  |  | 10,572 |  |  | 6,200 |  |  | (2,596 | ) |  | 16,541 |
Intercompany interest income |  |  | 38,144 |  |  |  |  |  |  |  |  | (38,144 | ) |  | — |
Interest expense |  |  | (39,574 | ) |  |  |  |  | (193 | ) |  | 39,767 |  |  | — |
Income from subsidiaries | 68,925 |  |  |  |  | 1,711 |  |  |  |  | (70,636 | ) |  | — |
Income (loss) before income taxes | 71,235 |  |  | (2,367 | ) |  | 68,925 |  |  | 4,078 |  |  | (70,636 | ) |  | 71,235 |
Income tax provision (benefit) | 25,655 |  |  | (928 | ) |  | 27,012 |  |  | 1,598 |  |  | (27,682 | ) |  | 25,655 |
Net income (loss) | 45,580 |  |  | (1,439 | ) |  | 41,913 |  |  | 2,480 |  |  | (42,954 | ) |  | 45,580 |
Other comprehensive income | 53 |  |  |  |  |  | 200 |  |  | 10 |  |  |  |  |  | 263 |
Total comprehensive income (loss) | 45,633 |  |  | (1,439 | ) |  | 42,113 |  |  | 2,490 |  |  | (42,954 | ) |  | 45,843 |
Condensed Consolidating Statement of Cash Flows for the three months ended January 31, 2015:
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Nonguarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash (used in) provided by operating activities | (48,956 | ) |  | 6,870 |  |  | 6,618 |  |  | 6,418 |  |  | (3,998 | ) |  | (33,048 | )
Cash flow (used in) provided by investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment - net |  |  |  |  | (2,528 | ) |  | (356 | ) |  |  |  | (2,884 | )
Sale and redemption of marketable securities |  |  |  |  | 2,000 |  |  |  |  |  |  | 2,000 |
Investment in and advances to unconsolidated entities |  |  |  |  | (595 | ) |  | (18,089 | ) |  |  |  | (18,684 | )
Return of investments in unconsolidated entities |  |  |  |  | 1,500 |  |  | 4,840 |  |  |  |  | 6,340 |
Investment in distressed loans and foreclosed real estate |  |  |  |  |  |  |  | (1,468 | ) |  |  |  | (1,468 | )
Return of investments in distressed loans and foreclosed real estate |  |  |  |  |  |  | 6,592 |  |  |  |  | 6,592 |
Intercompany advances | 35,559 |  |  | (6,870 | ) |  |  |  |  |  |  | (28,689 | ) |  | — |
Net cash (used in) provided by investing activities | 35,559 |  |  | (6,870 | ) |  | 377 |  |  | (8,481 | ) |  | (28,689 | ) |  | (8,104 | )
Cash flow (used in) provided by financing activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from loans payable |  |  |  |  |  |  | 214,624 |  |  |  |  | 214,624 |
Principal payments of loans payable |  |  |  |  | (12,988 | ) |  | (259,346 | ) |  |  |  | (272,334 | )
Proceeds from stock-based benefit plans | 17,773 |  |  |  |  |  |  |  |  |  |  | 17,773 |
Excess tax benefits from stock-based compensation | 1,866 |  |  |  |  |  |  |  |  |  |  | 1,866 |
Purchase of treasury stock | (6,242 | ) |  |  |  |  |  |  |  |  |  | (6,242 | )
Receipts related to noncontrolling interest |  |  |  |  |  |  |  | 50 |  |  |  |  | 50 |
Intercompany advances |  |  |  |  |  | (83,821 | ) |  | 51,134 |  |  | 32,687 |  |  | — |
Net cash (used in) provided by financing activities | 13,397 |  |  | — |  |  | (96,809 | ) |  | 6,462 |  |  | 32,687 |  |  | (44,263 | )
Net (decrease) increase in cash and cash equivalents | — |  |  | — |  |  | (89,814 | ) |  | 4,399 |  |  | — |  |  | (85,415 | )
Cash and cash equivalents, beginning of period | — |  |  | — |  |  | 455,714 |  |  | 130,601 |  |  | — |  |  | 586,315 |
Cash and cash equivalents, end of period | — |  |  | — |  |  | 365,900 |  |  | 135,000 |  |  | — |  |  | 500,900 |
Condensed Consolidating Statement of Cash Flows for the three months ended January 31, 2014:
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Nonguarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash (used in) provided by operating activities | 31,235 |  |  | 23,383 |  |  | (279,194 | ) |  | (17,808 | ) |  | (8,004 | ) |  | (250,388 | )
Cash flow (used in) provided by investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment — net |  |  |  |  | (2,659 | ) |  | (194 | ) |  |  |  | (2,853 | )
Sale and redemption of marketable securities |  |  |  |  | 39,243 |  |  |  |  |  |  |  | 39,243 |
Investment in and advances to unconsolidated entities |  |  |  |  | (4,879 | ) |  | (55,529 | ) |  |  |  | (60,408 | )
Return of investments in unconsolidated entities |  |  |  |  | 29,429 |  |  | 3,000 |  |  |  |  | 32,429 |
Investment in distressed loans and foreclosed real estate |  |  |  |  |  |  |  | (191 | ) |  |  |  | (191 | )
Return of investments in distressed loans and foreclosed real estate |  |  |  |  |  |  |  | 17,574 |  |  |  |  | 17,574 |
Deposit - acquisition of a business |  |  |  |  | (161,000 | ) |  |  |  |  |  | (161,000 | )
Dividend received - intercompany |  |  |  |  | 15,000 |  |  |  |  | (15,000 | ) |  | — |
Intercompany advances | (270,826 | ) |  | (618,683 | ) |  |  |  |  |  | 889,509 |  |  | — |
Net cash used in investing activities | (270,826 | ) |  | (618,683 | ) |  | (84,866 | ) |  | (35,340 | ) |  | 874,509 |  |  | (135,206 | )
Cash flow provided by (used in) financing activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of senior notes |  |  | 600,000 |  |  |  |  |  |  |  |  |  | 600,000 |
Debt issuance costs for senior notes |  |  | (4,700 | ) |  |  |  |  |  |  |  |  | (4,700 | )
Proceeds from loans payable |  |  |  |  |  |  | 275,334 |  |  |  |  | 275,334 |
Principal payments of loans payable |  |  |  |  | (8,331 | ) |  | (298,864 | ) |  |  |  | (307,195 | )
Net proceeds from issuance of common stock | 220,357 |  |  |  |  |  |  |  |  |  |  | 220,357 |
Proceeds from stock-based benefit plans | 18,529 |  |  |  |  |  |  |  |  |  |  | 18,529 |
Excess tax benefits from stock-based compensation | 789 |  |  |  |  |  |  |  |  |  |  | 789 |
Purchase of treasury stock | (84 | ) |  |  |  |  |  |  |  |  |  | (84 | )
Receipts related to noncontrolling interest |  |  |  |  |  |  |  | 81 |  |  |  |  | 81 |
Dividend paid - intercompany |  |  |  |  |  |  | (15,000 | ) |  | 15,000 |  |  | — |
Intercompany advances |  |  |  |  |  | 773,035 |  |  | 108,470 |  |  | (881,505 | ) |  | — |
Net cash provided by financing activities | 239,591 |  |  | 595,300 |  |  | 764,704 |  |  | 70,021 |  |  | (866,505 | ) |  | 803,111 |
Net increase in cash and cash equivalents | — |  |  | — |  |  | 400,644 |  |  | 16,873 |  |  | — |  |  | 417,517 |
Cash and cash equivalents, beginning of period | — |  |  | — |  |  | 670,102 |  |  | 102,870 |  |  | — |  |  | 772,972 |
Cash and cash equivalents, end of period | — |  |  | — |  |  | 1,070,746 |  |  | 119,743 |  |  | — |  |  | 1,190,489 |

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