XML 36 R26.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Investments in Unconsolidated Entities (Tables) | 3 Months Ended
--- | ---
Jan. 31, 2024
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
Summary of Joint Venture Information | The table below provides information as of January 31, 2024, regarding active joint ventures that we are invested in, by joint venture category ($ amounts in thousands):
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Gibraltar Joint Ventures |  | Total
Number of unconsolidated entities | 16 |  | 2 |  | 43 |  | 3 |  | 64
Investment in unconsolidated entities (1) | $ | 362,881 |  |  | $ | 63,448 |  |  | $ | 558,132 |  |  | $ | 11,350 |  |  | $ | 995,811 |
Number of unconsolidated entities with funding commitments by the Company | 7 |  | — |  | 22 |  | 1 |  |  | 30
Company’s remaining funding commitment to unconsolidated entities (2) | $ | 170,925 |  |  | $ | — |  |  | $ | 159,911 |  |  | $ | 9,404 |  |  | $ | 340,240 |
(1) Our total investment includes $139.9 million related to 11 unconsolidated joint venture-related variable interests in VIEs and our maximum exposure to losses related to these VIEs is approximately $373.8 million as of January 31, 2024, inclusive of our investment in these joint ventures. Our ownership interest in such unconsolidated Joint Venture VIEs ranges from 25% to 50%. (2) Our remaining funding commitment includes approximately $131.6 million related to our unconsolidated joint venture-related variable interests in VIEs. The table below provides information as of October 31, 2023, regarding active joint ventures that we are invested in, by joint venture category ($ amounts in thousands):
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Gibraltar Joint Ventures |  | Total
Number of unconsolidated entities | 16 |  | 2 |  | 43 |  | 3 |  | 64
Investment in unconsolidated entities (1) | $ | 351,154 |  |  | $ | 65,285 |  |  | $ | 531,823 |  |  | $ | 10,779 |  |  | $ | 959,041 |
Number of unconsolidated entities with funding commitments by the Company | 9 |  | — |  | 19 |  | 1 |  |  | 29
Company’s remaining funding commitment to unconsolidated entities (2) | $ | 204,438 |  |  | $ | — |  |  | $ | 184,266 |  |  | $ | 12,066 |  |  | $ | 400,770 |
(1) Our total investment includes $121.6 million related to 11 unconsolidated joint venture-related variable interests in VIEs and our maximum exposure to losses related to these VIEs is approximately $329.3 million as of October 31, 2023, inclusive of our investment in joint ventures. Our ownership interest in such unconsolidated Joint Venture VIEs ranges from 25% to 50%. (2) Our remaining funding commitment includes approximately $105.4 million related to our unconsolidated joint venture-related variable interests in VIEs.
Summary of Joint Ventures Borrowing information | Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at January 31, 2024, regarding the debt financing obtained by category ($ amounts in thousands):
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  |  |  | Total
Number of joint ventures with debt financing | 11 |  | 2 |  | 41 |  |  |  | 54
Aggregate loan commitments | $ | 590,236 |  |  | $ | 219,650 |  |  | $ | 3,731,195 |  |  |  |  | $ | 4,541,081 |
Amounts borrowed under loan commitments | $ | 403,803 |  |  | $ | 162,760 |  |  | $ | 2,357,652 |  |  |  |  | $ | 2,924,215 |
The table below provides information at October 31, 2023, regarding the debt financing obtained by category ($ amounts in thousands):
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  |  |  | Total
Number of joint ventures with debt financing | 12 |  | 2 |  | 42 |  |  |  | 56
Aggregate loan commitments | $ | 610,758 |  |  | $ | 219,650 |  |  | $ | 3,731,847 |  |  |  |  | $ | 4,562,255 |
Amounts borrowed under loan commitments | $ | 445,506 |  |  | $ | 135,723 |  |  | $ | 2,152,872 |  |  |  |  | $ | 2,734,101 |
New joint venture formations |
There were no new joint ventures entered into during the three-months ended January 31, 2024. The table below provides information on joint ventures entered into during the three-months ended January 31, 2023 ($ amounts in thousands):
| Land Development Joint Ventures | Rental Property Joint Ventures |
Number of unconsolidated joint ventures entered into during the period | 1 | 1 |  |
Investment balance at January 31, 2023 | $ | 8,676 |  | $ | 3,215 |  |
Summary of Unconsolidated Entities Debt Obligations, Loan Commitments and Guarantees | Information with respect to certain of the Company’s unconsolidated entities’ outstanding debt obligations, loan commitments and our guarantees thereon are as follows ($ amounts in thousands):
| January 31, 2024 | October 31, 2023 |  |  |
Loan commitments in the aggregate | $ | 3,341,700 |  | $ | 3,341,700 |  |  |  |
Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed (1) | $ | 688,000 |  | $ | 688,000 |  |  |  |
Debt obligations borrowed in the aggregate | $ | 1,871,600 |  | $ | 1,643,600 |  |  |  |
Our maximum estimated exposure under repayment and carry cost guarantees of the debt obligations borrowed | $ | 571,700 |  | $ | 544,100 |  |  |  |
Estimated fair value of guarantees provided by us related to debt and other obligations | $ | 19,500 |  | $ | 19,500 |  |  |  |
Terms of guarantees | 2 months - 3.8 years | 1 month - 4.0 years |  |  |
(1) At January 31, 2024 and October 31, 2023, our maximum estimated exposure under repayment and carry cost guarantees includes approximately $102.3 million related to our unconsolidated Joint Venture VIEs. .
Consolidated Joint Venture Related Variable Interest Entities | The table below provides information as of January 31, 2024 and October 31, 2023, regarding our consolidated joint venture-related variable interests in VIEs ($ amounts in thousands):
| Balance Sheet Classification | January 31, 2024 | October 31, 2023
Number of Joint Venture VIEs that the Company is the primary beneficiary and consolidates |  | 5 |  | 5 |
Carrying value of consolidated VIEs assets | Receivables, prepaid expenses and other assets and Investments in unconsolidated entities | $ | 93,000 |  | $ | 89,600 |
Our partners’ interests in consolidated VIEs | Noncontrolling interest | $ | 10,300 |  | $ | 10,200 |
Our ownership interest in the above consolidated Joint Venture VIEs ranges from 82% to 98%.
Condensed balance sheet | Condensed Combined Balance Sheets:
| January 31, 2024 |  | October 31, 2023
Cash and cash equivalents | $ | 158,875 |  |  | $ | 161,274 |
Inventory | 1,430,178 |  |  | 1,425,145 |
Loans receivable – net | 16,567 |  |  | 17,024 |
Rental properties | 2,234,035 |  |  | 1,907,604 |
Rental properties under development | 1,714,685 |  |  | 1,804,664 |
Other assets | 422,036 |  |  | 385,197 |
Total assets | $ | 5,976,376 |  |  | $ | 5,700,908 |
Debt – net of deferred financing costs | $ | 2,903,724 |  |  | $ | 2,711,986 |
Other liabilities | 511,857 |  |  | 498,866 |
Partners’ equity | 2,560,795 |  |  | 2,490,056 |
Total liabilities and equity | $ | 5,976,376 |  |  | $ | 5,700,908 |
Company’s net investment in unconsolidated entities (1) | $ | 995,811 |  |  | $ | 959,041 |
(1) Our underlying equity in the net assets of the unconsolidated entities was less than our net investment in unconsolidated entities by $57.7 million and $40.9 million as of January 31, 2024 and October 31, 2023, respectively, and these differences are primarily a result of interest capitalized on our investments; the estimated fair value of the guarantees provided to the joint ventures; distributions from entities in excess of the carrying amount of our net investment; unrealized gains on our retained joint venture interests; other than temporary impairments we have recognized; and gains recognized from the sale of our ownership interests.
Condensed statements of operations and comprehensive income | Condensed Combined Statements of Operations:
|  |  | Three months ended January 31,
|  |  |  |  | 2024 |  | 2023
Revenues |  |  |  |  | $ | 157,195 |  |  | $ | 109,270 |
Cost of revenues |  |  |  |  | 85,282 |  |  | 59,353 |
Other expenses |  |  |  |  | 67,323 |  |  | 63,074 |
Total expenses |  |  |  |  | 152,605 |  |  | 122,427 |
Income (loss) from operations |  |  |  |  | 4,590 |  |  | (13,157) |
Other loss |  |  |  |  | (1,961) |  |  | (1,356) |
Income (loss) before income taxes |  |  |  |  | 2,629 |  |  | (14,513) |
Income tax benefit |  |  |  |  | (280) |  |  | (18) |
Net income (loss) |  |  |  |  | 2,909 |  |  | (14,495) |
Company’s loss from unconsolidated entities (2) |  |  |  |  | $ | (9,172) |  |  | $ | (4,433) |
(2) Differences between our loss from unconsolidated entities and our percentage interest in the underlying net income (loss) of the entities are generally a result of distributions from entities in excess of the carrying amount of our investment; promote earned on the gains recognized by joint ventures and those promoted cash flows being distributed; other than temporary impairments we have recognized; recoveries of previously incurred charges; unrealized gains on our retained joint venture interests; gains recognized from the sale of our investment to our joint venture partner; our share of the entities’ profits related to home sites purchased by us which reduces our cost basis of the home sites acquired; and amortization of other basis differences.

X
- Definition Consolidated Joint Venture Related Variable Interest Entities + References No definition available. + Details
Name: | tol_ConsolidatedJointVentureRelatedVariableInterestEntitiesTableTextBlock
Namespace Prefix: | tol_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Equity method investment summarized balance sheet. + References No definition available. + Details
Name: | tol_EquityMethodInvestmentSummarizedBalanceSheetTableTextBlock
Namespace Prefix: | tol_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Equity Method Investment Summarized Statements of Operations [Table Text Block] [Table Text Block] + References No definition available. + Details
Name: | tol_EquityMethodInvestmentSummarizedStatementsOfOperationsTableTextBlockTableTextBlock
Namespace Prefix: | tol_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition New joint venture formations + References No definition available. + Details
Name: | tol_NewJointVentureFormationsTableTextBlock
Namespace Prefix: | tol_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of Unconsolidated Entities Debt Obligations, Loan Commitments and Guarantees + References No definition available. + Details
Name: | tol_SummaryOfUnconsolidatedEntitiesDebtObligationsLoanCommitmentsAndGuaranteesTableTextBlock
Namespace Prefix: | tol_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of Joint Venture Information [Table Text Block] + References No definition available. + Details
Name: | tol_SummaryofJointVentureInformationTableTextBlock
Namespace Prefix: | tol_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of Joint Ventures Borrowing information [Table Text Block] + References No definition available. + Details
Name: | tol_SummaryofJointVenturesBorrowinginformationTableTextBlock
Namespace Prefix: | tol_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration