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Supplemental Guarantor Information (Tables) | 3 Months Ended
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Jan. 31, 2016
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, 2016
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 |
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, 2016:
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Nonguarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | — |  |  | — |  |  | 178,762 |  |  | 157,482 |  |  | — |  |  | 336,244 |
Restricted cash | 15,192 |  |  |  |  | 255 |  |  | 13,903 |  |  |  |  | 29,350 |
Inventory |  |  |  |  | 6,756,683 |  |  | 423,367 |  |  |  |  | 7,180,050 |
Property, construction and office equipment, net |  |  |  |  | 119,303 |  |  | 15,443 |  |  |  |  | 134,746 |
Receivables, prepaid expenses and other assets | 108 |  |  |  |  |  | 175,176 |  |  | 169,600 |  |  | (51,417 | ) |  | 293,467 |
Mortgage loans held for sale |  |  |  |  |  |  | 73,145 |  |  |  |  | 73,145 |
Customer deposits held in escrow |  |  |  |  | 57,012 |  |  | 1,290 |  |  |  |  | 58,302 |
Investments in unconsolidated entities |  |  |  |  | 109,031 |  |  | 305,833 |  |  |  |  | 414,864 |
Investments in foreclosed real estate and distressed loans |  |  |  |  |  |  |  | 48,576 |  |  |  |  | 48,576 |
Investments in and advances to consolidated entities | 4,004,727 |  |  | 2,740,891 |  |  | 4,740 |  |  |  |  |  | (6,750,358 | ) |  | — |
Deferred tax assets, net of valuation allowances | 194,693 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 194,693 |
| 4,214,720 |  |  | 2,740,891 |  |  | 7,400,962 |  |  | 1,208,639 |  |  | (6,801,775 | ) |  | 8,763,437 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Loans payable |  |  |  |  | 615,298 |  |  |  |  |  |  |  | 615,298 |
Senior notes |  |  | 2,673,316 |  |  |  |  |  |  | 17,573 |  |  | 2,690,889 |
Mortgage company loan facility |  |  |  |  |  |  | 63,907 |  |  |  |  | 63,907 |
Customer deposits |  |  |  |  | 293,703 |  |  | 7,579 |  |  |  |  | 301,282 |
Accounts payable |  |  |  |  | 263,955 |  |  | 497 |  |  |  |  | 264,452 |
Accrued expenses |  |  | 38,160 |  |  | 352,643 |  |  | 269,844 |  |  | (53,570 | ) |  | 607,077 |
Advances from consolidated entities |  |  |  |  |  | 1,870,150 |  |  | 747,531 |  |  | (2,617,681 | ) |  | — |
Income taxes payable | 64,567 |  |  |  |  |  |  |  |  |  |  |  | 64,567 |
Total liabilities | 64,567 |  |  | 2,711,476 |  |  | 3,395,749 |  |  | 1,089,358 |  |  | (2,653,678 | ) |  | 4,607,472 |
Equity |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |
Common stock | 1,779 |  |  |  |  | 48 |  |  | 3,006 |  |  | (3,054 | ) |  | 1,779 |
Additional paid-in capital | 718,412 |  |  | 49,400 |  |  |  |  |  | 1,734 |  |  | (51,134 | ) |  | 718,412 |
Retained earnings (deficits) | 3,668,382 |  |  | (19,985 | ) |  | 4,005,169 |  |  | 108,725 |  |  | (4,093,909 | ) |  | 3,668,382 |
Treasury stock, at cost | (235,654 | ) |  |  |  |  |  |  |  |  |  | (235,654 | )
Accumulated other comprehensive loss | (2,766 | ) |  |  |  | (4 | ) |  |  |  |  |  |  | (2,770 | )
Total stockholders’ equity | 4,150,153 |  |  | 29,415 |  |  | 4,005,213 |  |  | 113,465 |  |  | (4,148,097 | ) |  | 4,150,149 |
Noncontrolling interest |  |  |  |  |  |  | 5,816 |  |  |  |  | 5,816 |
Total equity | 4,150,153 |  |  | 29,415 |  |  | 4,005,213 |  |  | 119,281 |  |  | (4,148,097 | ) |  | 4,155,965 |
| 4,214,720 |  |  | 2,740,891 |  |  | 7,400,962 |  |  | 1,208,639 |  |  | (6,801,775 | ) |  | 8,763,437 |
Condensed Consolidating Balance Sheet at October 31, 2015:
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Nonguarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | — |  |  | — |  |  | 783,599 |  |  | 135,394 |  |  | — |  |  | 918,993 |
Marketable securities |  |  |  |  |  |  |  | 10,001 |  |  |  |  | 10,001 |
Restricted cash | 15,227 |  |  |  |  | 499 |  |  | 1,069 |  |  |  |  | 16,795 |
Inventory |  |  |  |  | 6,530,698 |  |  | 466,818 |  |  |  |  | 6,997,516 |
Property, construction and office equipment, net |  |  |  |  | 121,178 |  |  | 15,577 |  |  |  |  | 136,755 |
Receivables, prepaid expenses and other assets | 52 |  |  |  |  |  | 149,268 |  |  | 178,680 |  |  | (43,870 | ) |  | 284,130 |
Mortgage loans held for sale |  |  |  |  |  |  | 123,175 |  |  |  |  | 123,175 |
Customer deposits held in escrow |  |  |  |  | 51,767 |  |  | 4,338 |  |  |  |  | 56,105 |
Investments in unconsolidated entities |  |  |  |  | 115,999 |  |  | 296,861 |  |  |  |  | 412,860 |
Investments in foreclosed real estate and distressed loans |  |  |  |  |  |  |  |  |  | 51,730 |  |  |  |  |  | 51,730 |
Investments in and advances to consolidated entities | 4,067,722 |  |  | 2,726,428 |  |  | 4,740 |  |  |  |  |  | (6,798,890 | ) |  | — |
Deferred tax assets, net of valuation allowances | 198,455 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 198,455 |
| 4,281,456 |  |  | 2,726,428 |  |  | 7,757,748 |  |  | 1,283,643 |  |  | (6,842,760 | ) |  | 9,206,515 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Loans payable |  |  |  |  | 1,000,439 |  |  |  |  |  |  |  | 1,000,439 |
Senior notes |  |  | 2,669,860 |  |  |  |  |  |  | 19,941 |  |  | 2,689,801 |
Mortgage company loan facility |  |  |  |  |  |  | 100,000 |  |  |  |  | 100,000 |
Customer deposits |  |  |  |  | 271,124 |  |  | 13,185 |  |  |  |  | 284,309 |
Accounts payable |  |  |  |  | 236,436 |  |  | 517 |  |  |  |  | 236,953 |
Accrued expenses |  |  | 25,699 |  |  | 361,089 |  |  | 266,411 |  |  | (45,133 | ) |  | 608,066 |
Advances from consolidated entities |  |  |  |  |  | 1,932,075 |  |  | 850,374 |  |  | (2,782,449 | ) |  | — |
Income taxes payable | 58,868 |  |  |  |  |  |  |  |  |  |  |  | 58,868 |
Total liabilities | 58,868 |  |  | 2,695,559 |  |  | 3,801,163 |  |  | 1,230,487 |  |  | (2,807,641 | ) |  | 4,978,436 |
Equity |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |
Common stock | 1,779 |  |  |  |  | 48 |  |  | 3,006 |  |  | (3,054 | ) |  | 1,779 |
Additional paid-in capital | 728,125 |  |  | 49,400 |  |  |  |  |  | 1,734 |  |  | (51,134 | ) |  | 728,125 |
Retained earnings (deficits) | 3,595,202 |  |  | (18,531 | ) |  | 3,956,568 |  |  | 42,894 |  |  | (3,980,931 | ) |  | 3,595,202 |
Treasury stock, at cost | (100,040 | ) |  |  |  |  |  |  |  |  |  | (100,040 | )
Accumulated other comprehensive loss | (2,478 | ) |  |  |  | (31 | ) |  |  |  |  |  |  | (2,509 | )
Total stockholders’ equity | 4,222,588 |  |  | 30,869 |  |  | 3,956,585 |  |  | 47,634 |  |  | (4,035,119 | ) |  | 4,222,557 |
Noncontrolling interest |  |  |  |  |  |  | 5,522 |  |  |  |  | 5,522 |
Total equity | 4,222,588 |  |  | 30,869 |  |  | 3,956,585 |  |  | 53,156 |  |  | (4,035,119 | ) |  | 4,228,079 |
| 4,281,456 |  |  | 2,726,428 |  |  | 7,757,748 |  |  | 1,283,643 |  |  | (6,842,760 | ) |  | 9,206,515 |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended January 31, 2016:
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Nonguarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  |  |  |  | 784,596 |  |  | 170,223 |  |  | (26,253 | ) |  | 928,566 |
Cost of revenues |  |  |  |  | 624,801 |  |  | 90,087 |  |  | (2,577 | ) |  | 712,311 |
Selling, general and administrative | 12 |  |  | 969 |  |  | 125,905 |  |  | 17,973 |  |  | (23,063 | ) |  | 121,796 |
| 12 |  |  | 969 |  |  | 750,706 |  |  | 108,060 |  |  | (25,640 | ) |  | 834,107 |
Income (loss) from operations | (12 | ) |  | (969 | ) |  | 33,890 |  |  | 62,163 |  |  | (613 | ) |  | 94,459 |
Other: |  |  |  |  |  |  |  |  |  |  |
Income from unconsolidated entities |  |  |  |  | 2,997 |  |  | 5,641 |  |  |  |  | 8,638 |
Other income – net | 2,391 |  |  |  |  |  | 8,169 |  |  | 4,193 |  |  | (1,033 | ) |  | 13,720 |
Intercompany interest income |  |  | 36,497 |  |  |  |  |  |  |  |  | (36,497 | ) |  | — |
Interest expense |  |  | (37,895 | ) |  |  |  |  | (248 | ) |  | 38,143 |  |  | — |
Income from subsidiaries | 114,438 |  |  |  |  | 69,382 |  |  |  |  | (183,820 | ) |  | — |
Income (loss) before income taxes | 116,817 |  |  | (2,367 | ) |  | 114,438 |  |  | 71,749 |  |  | (183,820 | ) |  | 116,817 |
Income tax provision (benefit) | 43,637 |  |  | (912 | ) |  | 44,104 |  |  | 27,652 |  |  | (70,844 | ) |  | 43,637 |
Net income (loss) | 73,180 |  |  | (1,455 | ) |  | 70,334 |  |  | 44,097 |  |  | (112,976 | ) |  | 73,180 |
Other comprehensive (loss) income | (288 | ) |  |  |  |  | 27 |  |  |  |  |  |  |  |  | (261 | )
Total comprehensive income (loss) | 72,892 |  |  | (1,455 | ) |  | 70,361 |  |  | 44,097 |  |  | (112,976 | ) |  | 72,919 |
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 Cash Flows for the three months ended January 31, 2016:
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Nonguarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash (used in) provided by operating activities | 18,482 |  |  | 14,528 |  |  | (178,283 | ) |  | 132,051 |  |  | (10,003 | ) |  | (23,225 | )
Cash flow provided by (used in) investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment - net |  |  |  |  | (1,667 | ) |  | 74 |  |  |  |  | (1,593 | )
Sale and redemption of marketable securities |  |  |  |  |  |  |  | 10,000 |  |  |  |  | 10,000 |
Investment in unconsolidated entities |  |  |  |  | (1,445 | ) |  | (10,393 | ) |  |  |  | (11,838 | )
Return of investments in unconsolidated entities |  |  |  |  | 12,167 |  |  | 2,637 |  |  |  |  | 14,804 |
Investment in foreclosed real estate and distressed loans |  |  |  |  |  |  |  | (694 | ) |  |  |  | (694 | )
Return of investments in foreclosed real estate and distressed loans |  |  |  |  |  |  | 5,321 |  |  |  |  | 5,321 |
Dividend received - intercompany |  |  |  |  | 5,000 |  |  |  |  |  | (5,000 | ) |  | — |
Intercompany advances | 126,587 |  |  | (14,464 | ) |  |  |  |  |  |  | (112,123 | ) |  | — |
Net cash provided by (used in) investing activities | 126,587 |  |  | (14,464 | ) |  | 14,055 |  |  | 6,945 |  |  | (117,123 | ) |  | 16,000 |
Cash flow used in financing activities: |  |  |  |  |  |  |  |  |  |  |
Debt issuance costs for senior notes |  |  | (64 | ) |  |  |  |  |  |  |  |  | (64 | )
Proceeds from loans payable |  |  |  |  |  |  | 339,854 |  |  |  |  | 339,854 |
Principal payments of loans payable |  |  |  |  | (394,592 | ) |  | (375,947 | ) |  |  |  | (770,539 | )
Proceeds from stock-based benefit plans | 4,769 |  |  |  |  |  |  |  |  |  |  | 4,769 |
Excess tax benefits from stock-based compensation | 297 |  |  |  |  |  |  |  |  |  |  | 297 |
Purchase of treasury stock | (150,135 | ) |  |  |  |  |  |  |  |  |  | (150,135 | )
Receipts related to noncontrolling interest, net |  |  |  |  |  |  |  | 294 |  |  |  |  | 294 |
Dividend paid - intercompany |  |  |  |  |  |  |  | (5,000 | ) |  | 5,000 |  |  | — |
Intercompany advances |  |  |  |  |  | (46,017 | ) |  | (76,109 | ) |  | 122,126 |  |  | — |
Net cash used in financing activities | (145,069 | ) |  | (64 | ) |  | (440,609 | ) |  | (116,908 | ) |  | 127,126 |  |  | (575,524 | )
Net (decrease) increase in cash and cash equivalents | — |  |  | — |  |  | (604,837 | ) |  | 22,088 |  |  | — |  |  | (582,749 | )
Cash and cash equivalents, beginning of period | — |  |  | — |  |  | 783,599 |  |  | 135,394 |  |  | — |  |  | 918,993 |
Cash and cash equivalents, end of period | — |  |  | — |  |  | 178,762 |  |  | 157,482 |  |  | — |  |  | 336,244 |
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 |
Investments in unconsolidated entities |  |  |  |  | (595 | ) |  | (18,089 | ) |  |  |  | (18,684 | )
Return of investments in unconsolidated entities |  |  |  |  | 1,500 |  |  | 4,840 |  |  |  |  | 6,340 |
Investment in foreclosed real estate and distressed loans |  |  |  |  |  |  |  | (1,468 | ) |  |  |  | (1,468 | )
Return of investments in foreclosed real estate and distressed loans |  |  |  |  |  |  |  | 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 |

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