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Supplemental Guarantor Information (Tables) | 3 Months Ended
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Jan. 31, 2017
Supplemental Guarantor Information [Abstract] |
Senior Notes issued by Subsidiary Issuer [Table Text Block] | At January 31, 2017, our 100%-owned subsidiary, Toll Brothers Finance Corp. (the “Subsidiary Issuer”), has issued the following outstanding Senior Notes (amounts in thousands):
|  | 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 |
0.5% 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, 2017:
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Nonguarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | — |  |  | — |  |  | 280,504 |  |  | 92,965 |  |  | — |  |  | 373,469 |
Restricted cash and investments | 11,796 |  |  |  |  |  |  |  | 649 |  |  |  |  | 12,445 |
Inventory |  |  |  |  | 7,244,287 |  |  | 295,687 |  |  |  |  | 7,539,974 |
Property, construction and office equipment, net |  |  |  |  | 156,691 |  |  | 15,768 |  |  |  |  | 172,459 |
Receivables, prepaid expenses and other assets | 17 |  |  |  |  |  | 353,100 |  |  | 200,837 |  |  | (40,980 | ) |  | 512,974 |
Mortgage loans held for sale |  |  |  |  |  |  | 85,765 |  |  |  |  | 85,765 |
Customer deposits held in escrow |  |  |  |  | 57,663 |  |  | 349 |  |  |  |  | 58,012 |
Investments in unconsolidated entities |  |  |  |  | 96,840 |  |  | 504,856 |  |  |  |  | 601,696 |
Investments in foreclosed real estate and distressed loans |  |  |  |  |  |  |  |  |  |  |  |  | — |
Investments in and advances to consolidated entities | 4,163,667 |  |  | 2,747,471 |  |  | 91,740 |  |  | 166,492 |  |  | (7,169,370 | ) |  | — |
Deferred tax assets, net of valuation allowances | 160,006 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 160,006 |
| 4,335,486 |  |  | 2,747,471 |  |  | 8,280,825 |  |  | 1,363,368 |  |  | (7,210,350 | ) |  | 9,516,800 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Loans payable |  |  |  |  | 879,894 |  |  |  |  |  |  |  | 879,894 |
Senior notes |  |  | 2,687,342 |  |  |  |  |  |  | 8,182 |  |  | 2,695,524 |
Mortgage company loan facility |  |  |  |  |  |  | 57,040 |  |  |  |  | 57,040 |
Customer deposits |  |  |  |  | 326,407 |  |  | 17,743 |  |  |  |  | 344,150 |
Accounts payable |  |  |  |  | 256,323 |  |  | 2,371 |  |  |  |  | 258,694 |
Accrued expenses |  |  | 36,869 |  |  | 585,661 |  |  | 367,776 |  |  | (50,204 | ) |  | 940,102 |
Advances from consolidated entities |  |  |  |  |  | 1,834,429 |  |  | 728,851 |  |  | (2,563,280 | ) |  | — |
Income taxes payable | 20,372 |  |  |  |  |  |  |  |  |  |  |  | 20,372 |
Total liabilities | 20,372 |  |  | 2,724,211 |  |  | 3,882,714 |  |  | 1,173,781 |  |  | (2,605,302 | ) |  | 5,195,776 |
Equity |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |
Common stock | 1,779 |  |  |  |  | 48 |  |  | 3,006 |  |  | (3,054 | ) |  | 1,779 |
Additional paid-in capital | 718,861 |  |  | 49,400 |  |  |  |  |  | 93,734 |  |  | (143,134 | ) |  | 718,861 |
Retained earnings (deficits) | 4,047,713 |  |  | (26,140 | ) |  | 4,398,063 |  |  | 86,937 |  |  | (4,458,860 | ) |  | 4,047,713 |
Treasury stock, at cost | (450,072 | ) |  |  |  |  |  |  |  |  |  | (450,072 | )
Accumulated other comprehensive loss | (3,167 | ) |  |  |  |  |  |  |  |  |  |  |  | (3,167 | )
Total stockholders’ equity | 4,315,114 |  |  | 23,260 |  |  | 4,398,111 |  |  | 183,677 |  |  | (4,605,048 | ) |  | 4,315,114 |
Noncontrolling interest |  |  |  |  |  |  | 5,910 |  |  |  |  | 5,910 |
Total equity | 4,315,114 |  |  | 23,260 |  |  | 4,398,111 |  |  | 189,587 |  |  | (4,605,048 | ) |  | 4,321,024 |
| 4,335,486 |  |  | 2,747,471 |  |  | 8,280,825 |  |  | 1,363,368 |  |  | (7,210,350 | ) |  | 9,516,800 |
Condensed Consolidating Balance Sheet at October 31, 2016:
| 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 (deficits) | 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 |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended January 31, 2017:
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Nonguarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  |  |  |  | 915,823 |  |  | 45,696 |  |  | (40,789 | ) |  | 920,730 |
Cost of revenues |  |  |  |  | 724,257 |  |  | 29,471 |  |  | (20,726 | ) |  | 733,002 |
Selling, general and administrative |  |  |  | 968 |  |  | 143,881 |  |  | 16,948 |  |  | (24,702 | ) |  | 137,095 |
| — |  |  | 968 |  |  | 868,138 |  |  | 46,419 |  |  | (45,428 | ) |  | 870,097 |
Income (loss) from operations | — |  |  | (968 | ) |  | 47,685 |  |  | (723 | ) |  | 4,639 |  |  | 50,633 |
Other: |  |  |  |  |  |  |  |  |  |  |
Income from unconsolidated entities |  |  |  |  | 5,144 |  |  | 41,301 |  |  |  |  | 46,445 |
Other income – net | 2,393 |  |  |  |  |  | 7,251 |  |  | 4,500 |  |  | (1,441 | ) |  | 12,703 |
Intercompany interest income |  |  | 36,496 |  |  |  |  |  |  |  |  | (36,496 | ) |  | — |
Interest expense |  |  | (37,895 | ) |  |  |  |  | (663 | ) |  | 38,558 |  |  | — |
Income from subsidiaries | 107,388 |  |  |  |  | 42,048 |  |  |  |  | (149,436 | ) |  | — |
Income (loss) before income taxes | 109,781 |  |  | (2,367 | ) |  | 102,128 |  |  | 44,415 |  |  | (144,176 | ) |  | 109,781 |
Income tax provision (benefit) | 39,365 |  |  | (849 | ) |  | 36,621 |  |  | 15,926 |  |  | (51,698 | ) |  | 39,365 |
Net income (loss) | 70,416 |  |  | (1,518 | ) |  | 65,507 |  |  | 28,489 |  |  | (92,478 | ) |  | 70,416 |
Other comprehensive income | 169 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 169 |
Total comprehensive income (loss) | 70,585 |  |  | (1,518 | ) |  | 65,507 |  |  | 28,489 |  |  | (92,478 | ) |  | 70,585 |
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 |
Consolidating Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended October 31, 2016
| 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 |
Condensed Consolidating Statement of Cash Flows for the three months ended January 31, 2017:
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Nonguarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash (used in) provided by operating activities | (25,840 | ) |  | 6,311 |  |  | (273,424 | ) |  | 338,773 |  |  | (3,856 | ) |  | 41,964 |
Cash flow provided by (used in) investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment - net |  |  |  |  | (6,393 | ) |  | 79 |  |  |  |  | (6,314 | )
Investment in unconsolidated entities |  |  |  |  | (267 | ) |  | (99,674 | ) |  |  |  | (99,941 | )
Return of investments in unconsolidated entities |  |  |  |  | 9,950 |  |  | 23,303 |  |  |  |  | 33,253 |
Investment in foreclosed real estate and distressed loans |  |  |  |  |  |  |  | (274 | ) |  |  |  | (274 | )
Return of investments in foreclosed real estate and distressed loans |  |  |  |  |  |  | 1,852 |  |  |  |  | 1,852 |
Acquisition of a business |  |  |  |  | (85,183 | ) |  |  |  |  |  |  | (85,183 | )
Investment paid - intercompany |  |  |  |  | 45,000 |  |  |  |  | (45,000 | ) |  | — |
Intercompany advances | 14,992 |  |  | (6,311 | ) |  |  |  |  |  |  | (8,681 | ) |  | — |
Net cash provided by (used in) investing activities | 14,992 |  |  | (6,311 | ) |  | (36,893 | ) |  | (74,714 | ) |  | (53,681 | ) |  | (156,607 | )
Cash flow used in financing activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from loans payable |  |  |  |  |  |  | 360,382 |  |  |  |  | 360,382 |
Debt issuance costs for loans payable |  |  |  |  |  |  |  |  |  |  |  |  | — |
Principal payments of loans payable |  |  |  |  | (3,491 | ) |  | (513,342 | ) |  |  |  | (516,833 | )
Proceeds from stock-based benefit plans | 25,831 |  |  |  |  |  |  |  |  |  |  | 25,831 |
Excess tax benefits from stock-based compensation | 253 |  |  |  |  |  |  |  |  |  |  | 253 |
Purchase of treasury stock | (15,236 | ) |  |  |  |  |  |  |  |  |  | (15,236 | )
Dividend paid - intercompany |  |  |  |  |  |  |  |  |  |  |  | — |
Investment received intercompany |  |  |  |  |  |  |  | 45,000 |  |  | (45,000 | ) |  | — |
Intercompany advances |  |  |  |  |  | 10,872 |  |  | (113,409 | ) |  | 102,537 |  |  | — |
Net cash used in financing activities | 10,848 |  |  | — |  |  | 7,381 |  |  | (221,369 | ) |  | 57,537 |  |  | (145,603 | )
Net decrease in cash and cash equivalents | — |  |  | — |  |  | (302,936 | ) |  | 42,690 |  |  | — |  |  | (260,246 | )
Cash and cash equivalents, beginning of period | — |  |  | — |  |  | 583,440 |  |  | 50,275 |  |  | — |  |  | 633,715 |
Cash and cash equivalents, end of period | — |  |  | — |  |  | 280,504 |  |  | 92,965 |  |  | — |  |  | 373,469 |
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 | )
Purchase of marketable securities |  |  |  |  |  |  |  |  |  |  |  | — |
Sale and redemption of marketable securities |  |  |  |  |  |  |  | 10,000 |  |  |  |  | 10,000 |
Investments 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 |  |  |  |  |  |  |  | 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 |
Consolidating Statement of Cash Flows for the fiscal year ended October 31, 2016
| 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 | )
Purchase of marketable securities |  |  |  |  |  |  |  |  |  |  | — |
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 |

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