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Supplemental Guarantor Information (Tables) | 3 Months Ended
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Jan. 31, 2018
Supplemental Guarantor Information [Abstract] |
Senior Notes issued by Subsidiary Issuer [Table Text Block] | At January 31, 2018, 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
4.0% Senior Notes due December 31, 2018 |  | $ | 350,000 |
6.75% Senior Notes due November 1, 2019 |  | $ | 250,000 |
5.875% Senior Notes due February 15, 2022 |  | $ | 419,876 |
4.375% Senior Notes due April 15, 2023 |  | $ | 400,000 |
5.625% Senior Notes due January 15, 2024 |  | $ | 250,000 |
4.875% Senior Notes due November 15, 2025 |  | $ | 350,000 |
4.875% Senior Notes due March 15, 2027 |  | $ | 450,000 |
4.350% Senior Notes due February 15, 2028 |  | $ | 400,000 |
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, 2018:
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Nonguarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | — |  |  | — |  |  | 344,828 |  |  | 163,449 |  |  | — |  |  | 508,277 |
Restricted cash and investments |  |  |  |  | 1,500 |  |  | 959 |  |  |  |  | 2,459 |
Inventory |  |  |  |  | 7,487,983 |  |  | 225,813 |  |  |  |  | 7,713,796 |
Property, construction and office equipment, net |  |  |  |  | 162,349 |  |  | 23,810 |  |  |  |  | 186,159 |
Receivables, prepaid expenses and other assets | 1,064 |  |  |  |  |  | 320,275 |  |  | 327,295 |  |  | (88,644 | ) |  | 559,990 |
Mortgage loans held for sale |  |  |  |  |  |  | 70,488 |  |  |  |  | 70,488 |
Customer deposits held in escrow |  |  |  |  | 111,782 |  |  | 7,636 |  |  |  |  | 119,418 |
Investments in unconsolidated entities |  |  |  |  | 53,953 |  |  | 395,795 |  |  |  |  | 449,748 |
Investments in and advances to consolidated entities | 4,460,274 |  |  | 2,913,133 |  |  | 91,740 |  |  | 126,964 |  |  | (7,592,111 | ) |  | — |
Deferred tax assets, net of valuation allowances | 7,564 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,564 |
| 4,468,902 |  |  | 2,913,133 |  |  | 8,574,410 |  |  | 1,342,209 |  |  | (7,680,755 | ) |  | 9,617,899 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Loans payable |  |  |  |  | 631,791 |  |  |  |  |  |  |  | 631,791 |
Senior notes |  |  | 2,859,689 |  |  |  |  |  |  |  |  | 2,859,689 |
Mortgage company loan facility |  |  |  |  |  |  | 38,344 |  |  |  |  | 38,344 |
Customer deposits |  |  |  |  | 404,880 |  |  | 16,685 |  |  |  |  | 421,565 |
Accounts payable |  |  |  |  | 284,423 |  |  | 2,969 |  |  |  |  | 287,392 |
Accrued expenses | 9,908 |  |  | 35,603 |  |  | 521,213 |  |  | 444,437 |  |  | (96,933 | ) |  | 914,228 |
Advances from consolidated entities |  |  |  |  |  | 1,731,178 |  |  | 607,425 |  |  | (2,338,603 | ) |  | — |
Total liabilities | 9,908 |  |  | 2,895,292 |  |  | 3,573,485 |  |  | 1,109,860 |  |  | (2,435,536 | ) |  | 5,153,009 |
Equity |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |
Common stock | 1,779 |  |  |  |  | 48 |  |  | 3,006 |  |  | (3,054 | ) |  | 1,779 |
Additional paid-in capital | 709,800 |  |  | 49,400 |  |  |  |  |  | 93,734 |  |  | (143,134 | ) |  | 709,800 |
Retained earnings (deficit) | 4,595,233 |  |  | (31,559 | ) |  | 5,000,877 |  |  | 129,713 |  |  | (5,099,031 | ) |  | 4,595,233 |
Treasury stock, at cost | (845,668 | ) |  |  |  |  |  |  |  |  |  | (845,668 | )
Accumulated other comprehensive loss | (2,150 | ) |  |  |  |  |  |  |  |  |  |  |  | (2,150 | )
Total stockholders’ equity | 4,458,994 |  |  | 17,841 |  |  | 5,000,925 |  |  | 226,453 |  |  | (5,245,219 | ) |  | 4,458,994 |
Noncontrolling interest |  |  |  |  |  |  | 5,896 |  |  |  |  | 5,896 |
Total equity | 4,458,994 |  |  | 17,841 |  |  | 5,000,925 |  |  | 232,349 |  |  | (5,245,219 | ) |  | 4,464,890 |
| 4,468,902 |  |  | 2,913,133 |  |  | 8,574,410 |  |  | 1,342,209 |  |  | (7,680,755 | ) |  | 9,617,899 |
Condensed Consolidating Balance Sheet at October 31, 2017:
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Nonguarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | — |  |  | — |  |  | 533,204 |  |  | 179,625 |  |  | — |  |  | 712,829 |
Restricted cash and investments |  |  |  |  | 1,500 |  |  | 982 |  |  |  |  | 2,482 |
Inventory |  |  |  |  | 7,017,331 |  |  | 264,122 |  |  |  |  | 7,281,453 |
Property, construction and office equipment, net |  |  |  |  | 165,464 |  |  | 24,083 |  |  |  |  | 189,547 |
Receivables, prepaid expenses and other assets |  |  |  |  |  |  | 319,592 |  |  | 296,699 |  |  | (74,074 | ) |  | 542,217 |
Mortgage loans held for sale |  |  |  |  |  |  | 132,922 |  |  |  |  | 132,922 |
Customer deposits held in escrow |  |  |  |  | 96,956 |  |  | 5,061 |  |  |  |  | 102,017 |
Investments in unconsolidated entities |  |  |  |  | 66,897 |  |  | 414,861 |  |  |  |  | 481,758 |
Investments in and advances to consolidated entities | 4,589,228 |  |  | 2,514,649 |  |  | 91,740 |  |  | 126,799 |  |  | (7,322,416 | ) |  | — |
| 4,589,228 |  |  | 2,514,649 |  |  | 8,292,684 |  |  | 1,445,154 |  |  | (7,396,490 | ) |  | 9,445,225 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Loans payable |  |  |  |  | 637,416 |  |  |  |  |  |  |  | 637,416 |
Senior notes |  |  | 2,462,463 |  |  |  |  |  |  |  |  | 2,462,463 |
Mortgage company loan facility |  |  |  |  |  |  | 120,145 |  |  |  |  | 120,145 |
Customer deposits |  |  |  |  | 377,083 |  |  | 18,943 |  |  |  |  | 396,026 |
Accounts payable |  |  |  |  | 271,617 |  |  | 3,606 |  |  |  |  | 275,223 |
Accrued expenses | 141 |  |  | 34,345 |  |  | 563,577 |  |  | 440,631 |  |  | (79,341 | ) |  | 959,353 |
Advances from consolidated entities |  |  |  |  |  | 1,584,957 |  |  | 659,904 |  |  | (2,244,861 | ) |  | — |
Income taxes payable | 57,893 |  |  |  |  |  |  | (384 | ) |  |  |  | 57,509 |
Total liabilities | 58,034 |  |  | 2,496,808 |  |  | 3,434,650 |  |  | 1,242,845 |  |  | (2,324,202 | ) |  | 4,908,135 |
Equity |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |
Common stock | 1,779 |  |  |  |  | 48 |  |  | 3,006 |  |  | (3,054 | ) |  | 1,779 |
Additional paid-in capital | 720,115 |  |  | 49,400 |  |  |  |  |  | 93,734 |  |  | (143,134 | ) |  | 720,115 |
Retained earnings (deficit) | 4,474,064 |  |  | (31,559 | ) |  | 4,857,986 |  |  | 99,673 |  |  | (4,926,100 | ) |  | 4,474,064 |
Treasury stock, at cost | (662,854 | ) |  |  |  |  |  |  |  |  |  | (662,854 | )
Accumulated other comprehensive loss | (1,910 | ) |  |  |  |  |  |  |  |  |  |  |  | (1,910 | )
Total stockholders’ equity | 4,531,194 |  |  | 17,841 |  |  | 4,858,034 |  |  | 196,413 |  |  | (5,072,288 | ) |  | 4,531,194 |
Noncontrolling interest |  |  |  |  |  |  | 5,896 |  |  |  |  | 5,896 |
Total equity | 4,531,194 |  |  | 17,841 |  |  | 4,858,034 |  |  | 202,309 |  |  | (5,072,288 | ) |  | 4,537,090 |
| 4,589,228 |  |  | 2,514,649 |  |  | 8,292,684 |  |  | 1,445,154 |  |  | (7,396,490 | ) |  | 9,445,225 |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended January 31, 2018:
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Nonguarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  |  |  |  | 1,115,354 |  |  | 104,114 |  |  | (44,000 | ) |  | 1,175,468 |
Cost of revenues |  |  |  |  | 874,808 |  |  | 77,487 |  |  | (17,815 | ) |  | 934,480 |
Selling, general and administrative | 18 |  |  | 840 |  |  | 162,079 |  |  | 20,173 |  |  | (25,843 | ) |  | 157,267 |
| 18 |  |  | 840 |  |  | 1,036,887 |  |  | 97,660 |  |  | (43,658 | ) |  | 1,091,747 |
Income (loss) from operations | (18 | ) |  | (840 | ) |  | 78,467 |  |  | 6,454 |  |  | (342 | ) |  | 83,721 |
Other: |  |  |  |  |  |  |  |  |  |  |
Income from unconsolidated entities |  |  |  |  | 5,132 |  |  | 33,748 |  |  |  |  | 38,880 |
Other income – net |  |  |  |  |  | 5,885 |  |  | 1,044 |  |  | 2,068 |  |  | 8,997 |
Intercompany interest income |  |  | 32,695 |  |  |  |  |  | 1,023 |  |  | (33,718 | ) |  | — |
Interest expense |  |  | (31,855 | ) |  | (1,023 | ) |  | (368 | ) |  | 33,246 |  |  | — |
Income from subsidiaries | 131,616 |  |  |  |  | 41,901 |  |  |  |  | (173,517 | ) |  | — |
Income before income taxes | 131,598 |  |  | — |  |  | 130,362 |  |  | 41,901 |  |  | (172,263 | ) |  | 131,598 |
Income tax (benefit) provision | (509 | ) |  |  |  | (12,529 | ) |  | 11,861 |  |  | 668 |  |  | (509 | )
Net income | 132,107 |  |  | — |  |  | 142,891 |  |  | 30,040 |  |  | (172,931 | ) |  | 132,107 |
Other comprehensive income | 171 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 171 |
Total comprehensive income | 132,278 |  |  | — |  |  | 142,891 |  |  | 30,040 |  |  | (172,931 | ) |  | 132,278 |
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 Cash Flows for the three months ended January 31, 2018:
| Toll Brothers, Inc. |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Nonguarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash (used in) provided by operating activities | (67,018 | ) |  | 1,894 |  |  | (361,168 | ) |  | 99,370 |  |  | (2,879 | ) |  | (329,801 | )
Cash flow provided by (used in) investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment - net |  |  |  |  | (741 | ) |  | (953 | ) |  |  |  | (1,694 | )
Investment in unconsolidated entities |  |  |  |  | (1,158 | ) |  | (3,264 | ) |  |  |  | (4,422 | )
Return of investments in unconsolidated entities |  |  |  |  | 14,550 |  |  | 21,703 |  |  |  |  | 36,253 |
Investment in foreclosed real estate and distressed loans |  |  |  |  |  |  |  | (92 | ) |  |  |  | (92 | )
Return of investments in foreclosed real estate and distressed loans |  |  |  |  |  |  | 1,505 |  |  |  |  | 1,505 |
Intercompany advances | 271,988 |  |  | (398,484 | ) |  |  |  |  |  |  | 126,496 |  |  | — |
Net cash provided by (used in) investing activities | 271,988 |  |  | (398,484 | ) |  | 12,651 |  |  | 18,899 |  |  | 126,496 |  |  | 31,550 |
Cash flow provided by (used in) financing activities: |  |  |  |  |  |  |  |  |  |  |
Net proceeds from issuance of senior notes |  |  | 400,000 |  |  |  |  |  |  |  |  |  | 400,000 |
Debt issuance costs for senior notes |  |  | (3,410 | ) |  |  |  |  |  |  |  |  | (3,410 | )
Proceeds from loans payable |  |  |  |  | 350,000 |  |  | 239,819 |  |  |  |  | 589,819 |
Principal payments of loans payable |  |  |  |  | (366,120 | ) |  | (321,620 | ) |  |  |  | (687,740 | )
Proceeds from stock-based benefit plans | 7,580 |  |  |  |  |  |  |  |  |  |  | 7,580 |
Purchase of treasury stock | (200,257 | ) |  |  |  |  |  |  |  |  |  | (200,257 | )
Dividends paid | (12,293 | ) |  |  |  |  |  |  |  |  |  | (12,293 | )
Intercompany advances |  |  |  |  |  | 176,261 |  |  | (52,644 | ) |  | (123,617 | ) |  | — |
Net cash provided by (used in) financing activities | (204,970 | ) |  | 396,590 |  |  | 160,141 |  |  | (134,445 | ) |  | (123,617 | ) |  | 93,699 |
Net decrease in cash and cash equivalents | — |  |  | — |  |  | (188,376 | ) |  | (16,176 | ) |  | — |  |  | (204,552 | )
Cash and cash equivalents, beginning of period | — |  |  | — |  |  | 533,204 |  |  | 179,625 |  |  | — |  |  | 712,829 |
Cash and cash equivalents, end of period | — |  |  | — |  |  | 344,828 |  |  | 163,449 |  |  | — |  |  | 508,277 |
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 provided by (used in) operating activities | (36,218 | ) |  | 6,311 |  |  | (266,885 | ) |  | 324,816 |  |  | (3,856 | ) |  | 24,168 |
Cash flow (used in) provided by investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment — net |  |  |  |  | (6,393 | ) |  | 79 |  |  |  |  | (6,314 | )
Sale and redemption of marketable securities and restricted investments — net | 10,631 |  |  |  |  |  |  |  | 7,418 |  |  |  |  | 18,049 |
Investments 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 (used in) provided by investing activities | 25,623 |  |  | (6,311 | ) |  | (36,893 | ) |  | (67,296 | ) |  | (53,681 | ) |  | (138,558 | )
Cash flow (used in) provided by financing activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from loans payable |  |  |  |  |  |  | 360,382 |  |  |  |  | 360,382 |
Principal payments of loans payable |  |  |  |  | (3,491 | ) |  | (513,342 | ) |  |  |  | (516,833 | )
Proceeds from stock-based benefit plans | 25,831 |  |  |  |  |  |  |  |  |  |  | 25,831 |
Purchase of treasury stock | (15,236 | ) |  |  |  |  |  |  |  |  |  | (15,236 | )
Investment received - intercompany |  |  |  |  |  |  |  | 45,000 |  |  | (45,000 | ) |  | — |
Intercompany advances |  |  |  |  |  | 4,333 |  |  | (106,870 | ) |  | 102,537 |  |  | — |
Net cash (used in) provided by financing activities | 10,595 |  |  | — |  |  | 842 |  |  | (214,830 | ) |  | 57,537 |  |  | (145,856 | )
Net (decrease) increase 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 |

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