XML 38 R26.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Investments in Unconsolidated Entities (Tables) | 9 Months Ended
--- | ---
Jul. 31, 2024
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
Summary of Joint Venture Information | The table below provides information as of July 31, 2024, regarding active joint ventures that we were 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 | 15 |  | 2 |  | 42 |  | 2 |  | 61
Investment in unconsolidated entities (1) | $ | 373,025 |  |  | $ | 59,259 |  |  | $ | 539,587 |  |  | $ | 11,721 |  |  | $ | 983,592 |
Number of unconsolidated entities with funding commitments by the Company | 6 |  | — |  | 24 |  | 1 |  |  | 31
Company’s remaining funding commitment to unconsolidated entities (2) | $ | 157,809 |  |  | $ | — |  |  | $ | 85,678 |  |  | $ | 4,132 |  |  | $ | 247,619 |
(1) Our total investment includes $147.9 million related to nine unconsolidated joint venture-related variable interests in VIEs and our maximum exposure to losses related to these VIEs is approximately $366.7 million as of July 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 $116.5 million related to our unconsolidated joint venture-related variable interests in VIEs. The table below provides information as of October 31, 2023, regarding active joint ventures that we were invested in, by joint venture category ($ 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 $105.4 million related to our unconsolidated joint venture-related variable interests in VIEs.
Summary of Joint Ventures Borrowing information | Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at July 31, 2024, regarding the debt financing obtained by category ($ amounts in thousands):
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  |  |  | Total
Number of joint ventures with debt financing | 9 |  | 1 |  | 39 |  |  |  | 49
Aggregate loan commitments | $ | 539,589 |  |  | $ | 98,150 |  |  | $ | 3,603,148 |  |  |  |  | $ | 4,240,887 |
Amounts borrowed under loan commitments | $ | 384,172 |  |  | $ | 77,141 |  |  | $ | 2,655,333 |  |  |  |  | $ | 3,116,646 |
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 nine-months ended July 31, 2024. The table below provides information on joint ventures entered into during the nine-months ended July 31, 2023 ($ amounts in thousands):
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |
Number of unconsolidated joint ventures entered into during the period | 1 |  | $ | — |  |  | 3 |  |
Investment balance at July 31, 2023 | $ | 12,808 |  |  | $ | — |  |  | $ | 7,096 |  |
Number of consolidated joint ventures entered into during the period | — |  |  | 1 |  |  | 1 |  |
Carrying value of consolidated joint ventures’ assets at July 31, 2023 | $ | — |  |  | $ | 5,000 |  |  | $ | 10,604 |  |
Noncontrolling interests in consolidated joint ventures at July 31, 2023 | $ | — |  |  | $ | 835 |  |  | $ | 2,651 |  |
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):
| July 31, 2024 | October 31, 2023 |  |  |
Loan commitments in the aggregate | $ | 3,099,500 |  | $ | 3,341,700 |  |  |  |
Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed (1) | $ | 665,500 |  | $ | 688,000 |  |  |  |
Debt obligations borrowed in the aggregate | $ | 2,118,100 |  | $ | 1,643,600 |  |  |  |
Our maximum estimated exposure under repayment and carry cost guarantees of the debt obligations borrowed | $ | 569,500 |  | $ | 544,100 |  |  |  |
Estimated fair value of guarantees provided by us related to debt and other obligations | $ | 18,000 |  | $ | 19,500 |  |  |  |
Terms of guarantees | 1 month - 3.3 years | 1 month - 4.0 years |  |  |
(1) At July 31, 2024 and October 31, 2023, our maximum estimated exposure under repayment and carry cost guarantees includes approximately $102.3 million related to our unconsolidated joint venture VIEs.
Consolidated Joint Venture Related Variable Interest Entities | The table below provides information as of July 31, 2024 and October 31, 2023, regarding our consolidated joint venture-related variable interests in VIEs ($ amounts in thousands):
| Balance Sheet Classification | July 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 | $ | 104,600 |  | $ | 89,600 |
Our partners’ interests in consolidated VIEs | Noncontrolling interest | $ | 10,200 |  | $ | 10,200 |
Our ownership interest in the above consolidated Joint Venture VIEs ranges from 75% to 98%.
Condensed balance sheet | Condensed Combined Balance Sheets:
| July 31, 2024 |  | October 31, 2023
Cash and cash equivalents | $ | 217,515 |  |  | $ | 161,274 |
Inventory | 1,266,323 |  |  | 1,425,145 |
Loans receivable – net | 26,355 |  |  | 17,024 |
Rental properties | 2,827,765 |  |  | 1,907,604 |
Rental properties under development | 1,565,392 |  |  | 1,804,664 |
Other assets | 473,781 |  |  | 385,197 |
Total assets | $ | 6,377,131 |  |  | $ | 5,700,908 |
Debt – net of deferred financing costs | $ | 3,120,781 |  |  | $ | 2,711,986 |
Other liabilities | 480,102 |  |  | 498,866 |
Partners’ equity | 2,776,248 |  |  | 2,490,056 |
Total liabilities and equity | $ | 6,377,131 |  |  | $ | 5,700,908 |
Company’s net investment in unconsolidated entities (1) | $ | 983,592 |  |  | $ | 959,041 |
(1) Our underlying equity in the net assets of the unconsolidated entities was less than our net investment in unconsolidated entities by $9.7 million and $40.9 million as of July 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 July 31, |  | Nine months ended July 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues | $ | 286,981 |  |  | $ | 186,669 |  |  | $ | 571,512 |  |  | $ | 429,647 |
Cost of revenues | 199,012 |  |  | 124,414 |  |  | 365,813 |  |  | 266,593 |
Other expenses | 71,271 |  |  | 67,195 |  |  | 210,670 |  |  | 187,336 |
Total expenses | 270,283 |  |  | 191,609 |  |  | 576,483 |  |  | 453,929 |
Income (loss) from operations | 16,698 |  |  | (4,940) |  |  | (4,971) |  |  | (24,282) |
Other income (2) | 45,543 |  |  | 79,857 |  |  | 155,452 |  |  | 76,251 |
Income before income taxes | 62,241 |  |  | 74,917 |  |  | 150,481 |  |  | 51,969 |
Income tax expense | 4,468 |  |  | 1,195 |  |  | 2,119 |  |  | 1,030 |
Net income | 57,773 |  |  | 73,722 |  |  | 148,362 |  |  | 50,939 |
Company’s (loss) income from unconsolidated entities (3) | $ | (10,514) |  |  | $ | 30,548 |  |  | $ | (13,799) |  |  | $ | 20,813 |
(2) The nine months ended July 31, 2024 includes $112.7 million related to the gain on the sale of assets by one of our Rental Property Joint Ventures. The three and nine months ended July 31, 2023 includes gains of $78.8 million related to the sale of assets by one of our Rental Property Joint Ventures. (3) 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