Document and Entity Information
Document and Entity Information | 12 Months Ended |
Oct. 31, 2019 | |
Document and Entity Information [Abstract] | |
Entity Central Index Key | 0000794170 |
Current Fiscal Year End Date | --10-31 |
Document Type | 10-K |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Document and Entity Informati_2
Document and Entity Information Document (Details) - USD ($) | 12 Months Ended | ||
Oct. 31, 2019 | Dec. 19, 2019 | Apr. 30, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Oct. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-09186 | ||
Entity Registrant Name | TOLL BROTHERS, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 23-2416878 | ||
Entity Address, Address Line One | 250 Gibraltar Road | ||
Entity Address, City or Town | Horsham | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 19044 | ||
City Area Code | 215 | ||
Local Phone Number | 938-8000 | ||
Title of 12(g) Security | None | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5,115,920,000 | ||
Entity Common Stock, Shares Outstanding | 138,696,000 | ||
Senior Notes Due 2024 [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Guarantee of Toll Brothers Finance Corp. 5.625% Senior Notes due 2024 | ||
Trading Symbol | TOL/24 | ||
Security Exchange Name | NYSE | ||
Common Stock [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock (par value $.01) | ||
Trading Symbol | TOL | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 1,286,014 | $ 1,182,195 |
Inventory | 7,873,048 | 7,598,219 |
Property, construction and office equipment, net | 273,412 | 193,281 |
Receivables, prepaid expenses, and other assets | 715,441 | 550,778 |
Mortgage loans held for sale | 218,777 | 170,731 |
Customer deposits held in escrow | 74,403 | 117,573 |
Investments in unconsolidated entities | 366,252 | 431,813 |
Income Taxes Receivable | 20,791 | 0 |
Total assets | 10,828,138 | 10,244,590 |
Liabilities: | ||
Loans payable | 1,111,449 | 686,801 |
Senior notes | 2,659,898 | 2,861,375 |
Mortgage company loan facility | 150,000 | 150,000 |
Customer deposits | 385,596 | 410,864 |
Accounts payable | 348,599 | 362,098 |
Accrued expenses | 950,932 | 973,581 |
Income taxes payable | 102,971 | 30,959 |
Total liabilities | 5,709,445 | 5,475,678 |
Stockholders' equity: | ||
Preferred stock, none issued | 0 | 0 |
Common stock, 152,937 and 177,937 shares issued at October 31, 2019 and October 31, 2018, respectively | 1,529 | 1,779 |
Additional paid-in capital | 726,879 | 727,053 |
Retained earnings | 4,774,422 | 5,161,551 |
Treasury stock, at cost -- 11,999 shares and 31,774 shares at October 31, 2019 and October 31, 2018, respectively | (425,183) | (1,130,878) |
Accumulated other comprehensive loss | (5,831) | 694 |
Total stockholders' equity | 5,071,816 | 4,760,199 |
Noncontrolling interest | 46,877 | 8,713 |
Total equity | 5,118,693 | 4,768,912 |
Total liabilities and stockholders' equity | 10,828,138 | $ 10,244,590 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 125,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares issued | 0 | 0 |
Common stock, shares issued | 152,937 | 177,937 |
Treasury stock, at cost | 11,999 | 31,774 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 2,455,238 | $ 1,913,353 | $ 1,599,199 | $ 1,175,468 | $ 7,223,966 | $ 7,143,258 | $ 5,815,058 | ||||
Cost of Goods and Services Sold | 5,808,618 | 5,673,007 | 4,562,303 | ||||||||
Selling, general and administrative | 734,548 | 684,035 | 605,572 | ||||||||
Income from operations | 680,800 | 786,216 | 647,183 | ||||||||
Other: | |||||||||||
Income (loss) from unconsolidated entities | 24,868 | 85,240 | 116,066 | ||||||||
Other income - net | 81,502 | 62,460 | 51,062 | ||||||||
Income before income taxes | $ 272,649 | $ 186,916 | $ 176,159 | $ 151,446 | 396,473 | 253,097 | 152,748 | 131,598 | 787,170 | 933,916 | 814,311 |
Income tax provision | 197,163 | 185,765 | 278,816 | ||||||||
Net income | $ 202,315 | $ 146,318 | $ 129,324 | $ 112,050 | $ 310,976 | $ 193,258 | $ 111,810 | $ 132,107 | 590,007 | 748,151 | 535,495 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||
Other comprehensive income (loss), net of tax | (6,525) | 2,926 | 1,426 | ||||||||
Total comprehensive income | $ 583,482 | $ 751,077 | $ 536,921 | ||||||||
Income per share: | |||||||||||
Basic | $ 1.43 | $ 1.01 | $ 0.88 | $ 0.76 | $ 2.10 | $ 1.28 | $ 0.73 | $ 0.85 | $ 4.07 | $ 4.92 | $ 3.30 |
Diluted | $ 1.41 | $ 1 | $ 0.87 | $ 0.76 | $ 2.08 | $ 1.26 | $ 0.72 | $ 0.83 | $ 4.03 | $ 4.85 | $ 3.17 |
Weighted average number of shares: | |||||||||||
Basic | 141,909 | 144,750 | 146,622 | 146,751 | 148,066 | 151,257 | 152,731 | 155,882 | 145,008 | 151,984 | 162,222 |
Diluted | 143,567 | 146,275 | 148,129 | 148,032 | 149,603 | 153,173 | 155,129 | 158,897 | 146,501 | 154,201 | 169,487 |
Home Building [Member] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,292,044 | $ 1,756,970 | $ 1,712,057 | $ 1,319,308 | $ 7,080,379 | $ 7,143,258 | $ 5,815,058 | ||||
Cost of Goods and Services Sold | 5,678,914 | 5,673,007 | 4,562,303 | ||||||||
Land [Member] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 86,956 | $ 8,721 | $ 4,037 | $ 43,873 | 143,587 | 0 | 0 | ||||
Cost of Goods and Services Sold | $ 129,704 | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Noncontrolling Interest [Member] |
Shares, Issued at Oct. 31, 2016 | 177,937 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Oct. 31, 2016 | $ 4,235,202 | $ 1,779 | $ 728,464 | $ 3,977,297 | $ (474,912) | $ (3,336) | $ 4,229,292 | $ 5,910 |
Net income | $ 535,495 | 535,495 | 535,495 | |||||
Number of shares purchased | 7,694 | |||||||
Purchase of treasury stock, value | $ (290,881) | (290,881) | (290,881) | |||||
Exercise of stock options and stock-based compensation issuances, shares | ||||||||
Exercise of stock options and stock-based compensation issuances, value | 64,903 | (36,896) | 101,799 | 64,903 | ||||
Employee stock purchase issuances, shares | ||||||||
Employee stock purchase issuances, value | 1,221 | 81 | 1,140 | 1,221 | ||||
Stock-based compensation | 28,466 | 28,466 | 28,466 | |||||
Dividends, Common Stock, Cash | (38,728) | (38,728) | (38,728) | |||||
Treasury Stock, Retired, Cost Method, Amount | ||||||||
Other Comprehensive Income (Loss) | 1,426 | 1,426 | 1,426 | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | (14) | 0 | (14) | |||||
Capital contribution (distribution) | ||||||||
Shares, Issued at Oct. 31, 2017 | 177,937 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Oct. 31, 2017 | 4,537,090 | $ 1,779 | 720,115 | 4,474,064 | (662,854) | (1,910) | 4,531,194 | 5,896 |
Net income | $ 748,151 | 748,151 | 748,151 | |||||
Number of shares purchased | 12,108 | |||||||
Purchase of treasury stock, value | $ (503,159) | (503,159) | (503,159) | |||||
Exercise of stock options and stock-based compensation issuances, shares | ||||||||
Exercise of stock options and stock-based compensation issuances, value | 12,180 | (21,789) | 33,969 | 12,180 | ||||
Employee stock purchase issuances, shares | ||||||||
Employee stock purchase issuances, value | 1,209 | 43 | 1,166 | 1,209 | ||||
Stock-based compensation | 28,312 | 28,312 | 28,312 | |||||
Dividends, Common Stock, Cash | (62,077) | (62,077) | (62,077) | |||||
Treasury Stock, Retired, Cost Method, Amount | ||||||||
Other Comprehensive Income (Loss) | 2,926 | 2,926 | 2,926 | |||||
Income (loss) attributable to noncontrolling interest | (15) | 0 | (15) | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 2,832 | 0 | 2,832 | |||||
Capital contribution (distribution) | 30 | |||||||
Shares, Issued at Oct. 31, 2018 | 177,937 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Oct. 31, 2018 | 4,768,912 | $ 1,779 | 727,053 | 5,161,551 | (1,130,878) | 694 | 4,760,199 | 8,713 |
Cumulative Effect of New Accounting Principle in Period of Adoption | 1,463 | 372 | 1,413 | (322) | 1,463 | |||
Net income | $ 590,007 | 590,007 | 590,007 | |||||
Number of shares purchased | 6,619 | |||||||
Purchase of treasury stock, value | $ (233,523) | (233,523) | (233,523) | |||||
Exercise of stock options and stock-based compensation issuances, shares | ||||||||
Exercise of stock options and stock-based compensation issuances, value | 16,024 | (26,368) | 42,392 | 16,024 | ||||
Employee stock purchase issuances, shares | ||||||||
Employee stock purchase issuances, value | 1,323 | 14 | 1,309 | 1,323 | ||||
Stock-based compensation | 26,180 | 26,180 | 26,180 | |||||
Dividends, Common Stock, Cash | (63,882) | (63,882) | (63,882) | |||||
Treasury Stock, Shares, Retired | (25,000) | |||||||
Treasury Stock, Retired, Cost Method, Amount | 0 | $ (250) | (895,267) | 895,517 | 0 | |||
Other Comprehensive Income (Loss) | (6,525) | (6,525) | (6,525) | |||||
Income (loss) attributable to noncontrolling interest | (19) | 0 | (19) | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 38,183 | 0 | 38,183 | |||||
Capital contribution (distribution) | 49 | |||||||
Shares, Issued at Oct. 31, 2019 | 152,937 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Oct. 31, 2019 | 5,118,693 | $ 1,529 | 726,879 | 4,774,422 | (425,183) | (5,831) | 5,071,816 | 46,877 |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (17,987) | $ (17,987) | $ (17,987) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Cash flow provided by operating activities: | |||
Net income | $ 590,007 | $ 748,151 | $ 535,495 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 72,149 | 25,259 | 25,361 |
Stock-based compensation | 26,180 | 28,312 | 28,466 |
Income from unconsolidated entities | (24,868) | (85,240) | (116,066) |
Distributions of earnings from unconsolidated entities | 31,799 | 86,099 | 134,291 |
Income from distressed loans and foreclosed real estate | (947) | (1,551) | (4,937) |
Deferred tax provision | 102,764 | (21,930) | 217,864 |
Change in deferred tax valuation allowances | (32,154) | ||
Inventory impairments and write-offs | 42,360 | 35,156 | 14,794 |
Gain (Loss) on Disposition of Business | (36,277) | ||
Other | (1,042) | 3,111 | 1,395 |
Changes in operating assets and liabilities | |||
Decrease (increase) in inventory | (40,236) | (143,598) | 129,666 |
Origination of mortgage loans | (1,611,496) | (1,449,494) | (1,217,274) |
Sale of mortgage loans | 1,565,944 | 1,410,627 | 1,332,207 |
(Increase) decrease in receivables, prepaid expenses and other assets | (185,261) | (99,604) | (60,944) |
Increase in Income Taxes Receivable | (20,791) | ||
Increase in customer deposits | 14,041 | (718) | 37,967 |
Increase (decrease) in accounts payable and accrued expenses | (64,518) | 57,927 | (140,463) |
Increase (decrease) in income taxes payable | (22,147) | (4,296) | (23,970) |
Net cash provided by (used in) operating activities | 437,661 | 588,211 | 861,698 |
Cash flow provided by (used in) investing activities: | |||
Purchase of property and equipment - net | (86,971) | (28,232) | (28,872) |
Sale and redemption of marketable securities and restricted investments - net | 18,049 | ||
Investment in unconsolidated entities | (56,560) | (27,491) | (122,334) |
Return of investments in unconsolidated entities | 147,927 | 133,190 | 195,505 |
Investment in foreclosed real estate and distressed loans | (731) | (966) | (710) |
Return of investments in foreclosed real estate and distressed loans | 3,147 | 4,765 | 13,765 |
Proceeds from Sale of Productive Assets | 79,647 | ||
Acquisition of a business, net of cash acquired | (162,373) | (83,088) | |
Net cash (used in) provided by investing activities | (75,914) | 81,266 | (7,685) |
Cash flow (used in) provided by financing activities: | |||
Proceeds from issuance of senior notes | 400,000 | 400,000 | 455,483 |
Proceeds from loans payable | 2,699,028 | 2,630,835 | 1,621,043 |
Debt issuance costs | (6,180) | (3,531) | (4,449) |
Repayments of Notes Payable | (2,471,616) | (2,690,164) | (1,999,357) |
Repayments of senior notes | (600,000) | (687,500) | |
(Payments) proceeds from stock-based benefit plans | 17,369 | 13,392 | 66,000 |
Purchase of treasury stock | (233,523) | (503,159) | (290,881) |
Payments of Dividends | (63,641) | (61,704) | (38,587) |
Receipts (payments) related to noncontrolling interest, net | 49 | 30 | |
Net cash provided by (used in) financing activities | (258,514) | (214,301) | (878,248) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 103,233 | 455,176 | (24,235) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 1,216,410 | 761,234 | 785,469 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | $ 1,319,643 | $ 1,216,410 | $ 761,234 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Oct. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of Toll Brothers, Inc. (the “Company,” “we,” “us,” or “our”), a Delaware corporation, and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Investments in 50% or less owned partnerships and affiliates are accounted for using the equity method unless it is determined that we have effective control of the entity, in which case we would consolidate the entity. References herein to fiscal year refer to our fiscal years ended or ending October 31. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents Liquid investments or investments with original maturities of three months or less are classified as cash equivalents. Our cash balances exceed federally insurable limits. We monitor the cash balances in our operating accounts and adjust the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, we have experienced no loss or lack of access to cash in its operating accounts. Inventory Inventory is stated at cost unless an impairment exists, in which case it is written down to fair value in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360, “Property, Plant, and Equipment” (“ASC 360”). In addition to direct land acquisition costs, land development costs, and home construction costs, costs also include interest, real estate taxes, and direct overhead related to development and construction, which are capitalized to inventory during the period beginning with the commencement of development and ending with the completion of construction. For those communities that have been temporarily closed, no additional capitalized interest is allocated to a community’s inventory until it reopens. While the community remains closed, carrying costs such as real estate taxes are expensed as incurred. We capitalize certain interest costs to qualified inventory during the development and construction period of our communities in accordance with ASC 835-20, “Capitalization of Interest” (“ASC 835-20”). Capitalized interest is charged to home sales cost of sales revenues when the related inventory is delivered. Interest incurred on home building indebtedness in excess of qualified inventory, as defined in ASC 835-20, is charged to the Consolidated Statements of Operations and Comprehensive Income in the period incurred. Once a parcel of land has been approved for development and we open one of our typical communities, it may take 4 or more years to fully develop, sell, and deliver all the homes in such community. Longer or shorter time periods are possible depending on the number of home sites in a community and the sales and delivery pace of the homes in a community. Our master planned communities, consisting of several smaller communities, may take up to 10 years or more to complete. Because our inventory is considered a long-lived asset under GAAP, we are required, under ASC 360, to regularly review the carrying value of each community and write down the value of those communities for which we believe the values are not recoverable. Operating Communities : When the profitability of an operating community deteriorates, the sales pace declines significantly, or some other factor indicates a possible impairment in the recoverability of the asset, the asset is reviewed for impairment by comparing the estimated future undiscounted cash flow for the community to its carrying value. If the estimated future undiscounted cash flow is less than the community’s carrying value, the carrying value is written down to its estimated fair value. Estimated fair value is primarily determined by discounting the estimated future cash flow of each community. The impairment is charged to home sales cost of revenues in the period in which the impairment is determined. In estimating the future undiscounted cash flow of a community, we use various estimates such as (i) the expected sales pace in a community, based upon general economic conditions that will have a short-term or long-term impact on the market in which the community is located and on competition within the market, including the number of home sites available and pricing and incentives being offered in other communities owned by us or by other builders; (ii) the expected sales prices and sales incentives to be offered in a community; (iii) costs expended to date and expected to be incurred in the future, including, but not limited to, land and land development, home construction, interest, and overhead costs; (iv) alternative product offerings that may be offered in a community that will have an impact on sales pace, sales price, building cost, or the number of homes that can be built on a particular site; and (v) alternative uses for the property such as the possibility of a sale of the entire community to another builder or the sale of individual home sites. Future Communities : We evaluate all land held for future communities or future sections of operating communities, whether owned or under contract, to determine whether or not we expect to proceed with the development of the land as originally contemplated. This evaluation encompasses the same types of estimates used for operating communities described above, as well as an evaluation of the regulatory environment applicable to the land and the estimated probability of obtaining the necessary approvals, the estimated time and cost it will take to obtain the approvals, and the possible concessions that may be required to be given in order to obtain them. Concessions may include cash payments to fund improvements to public places such as parks and streets, dedication of a portion of the property for use by the public or as open space, or a reduction in the density or size of the homes to be built. Based upon this review, we decide (i) as to land under contract to be purchased, whether the contract will likely be terminated or renegotiated, and (ii) as to land owned, whether the land will likely be developed as contemplated or in an alternative manner, or should be sold. We then further determine whether costs that have been capitalized to the community are recoverable or should be written off. The write-off is charged to home sales cost of revenues in the period in which the need for the write-off is determined. The estimates used in the determination of the estimated cash flows and fair value of both current and future communities are based on factors known to us at the time such estimates are made and our expectations of future operations and economic conditions. Should the estimates or expectations used in determining estimated fair value deteriorate in the future, we may be required to recognize additional impairment charges and write-offs related to current and future communities and such amounts could be material. Variable Interest Entities We are required to consolidate variable interest entities (“VIEs”) in which we have a controlling financial interest in accordance with ASC 810, “Consolidation” (“ASC 810”). A controlling financial interest will have both of the following characteristics: (i) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Our variable interest in VIEs may be in the form of equity ownership, contracts to purchase assets, management services and development agreements between us and a VIE, loans provided by us to a VIE or other member, and/or guarantees provided by members to banks and other parties. We have a significant number of land purchase contracts and investments in unconsolidated entities which we evaluate in accordance with ASC 810. We analyze our land purchase contracts and the unconsolidated entities in which we have an investment to determine whether the land sellers and unconsolidated entities are VIEs and, if so, whether we are the primary beneficiary. We examine specific criteria and use our judgment when determining if we are the primary beneficiary of a VIE. Factors considered in determining whether we are the primary beneficiary include risk and reward sharing, experience and financial condition of other member(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights or voting rights, level of economic disproportionality between us and the other member(s), and contracts to purchase assets from VIEs. The determination whether an entity is a VIE and, if so, whether we are the primary beneficiary may require significant judgment. Property, Construction, and Office Equipment Property, construction, and office equipment are recorded at cost and are stated net of accumulated depreciation of $252.5 million and $145.0 million at October 31, 2019 and 2018 , respectively. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. In fiscal 2019 , 2018 , and 2017 , we recognized $67.6 million , $21.0 million , and $18.7 million of depreciation expense, respectively. Mortgage Loans Held for Sale Residential mortgage loans held for sale are measured at fair value in accordance with the provisions of ASC 825, “Financial Instruments” (“ASC 825”). We believe the use of ASC 825 improves consistency of mortgage loan valuations between the date the borrower locks in the interest rate on the pending mortgage loan and the date of the mortgage loan sale. At the end of the reporting period, we determine the fair value of our mortgage loans held for sale and the forward loan commitments we have entered into as a hedge against the interest rate risk of our mortgage loans using the market approach to determine fair value. The evaluation is based on the current market pricing of mortgage loans with similar terms and values as of the reporting date, and such pricing is applied to the mortgage loan portfolio. We recognize the difference between the fair value and the unpaid principal balance of mortgage loans held for sale as a gain or loss. In addition, we recognize the fair value of our forward loan commitments as a gain or loss. Interest income on mortgage loans held for sale is calculated based upon the stated interest rate of each loan. In addition, the recognition of net origination costs and fees associated with residential mortgage loans originated are expensed as incurred. These gains and losses, interest income, and origination costs and fees are recognized in “Other income - net” in the Consolidated Statements of Operations and Comprehensive Income. Investments in Unconsolidated Entities In accordance with ASC 323, “Investments—Equity Method and Joint Ventures,” we review each of our investments on a quarterly basis for indicators of impairment. A series of operating losses of an investee, the inability to recover our invested capital, or other factors may indicate that a loss in value of our investment in the unconsolidated entity has occurred. If a loss exists, we further review the investment to determine if the loss is other than temporary, in which case we write down the investment to its fair value. The evaluation of our investment in unconsolidated entities entails a detailed cash flow analysis using many estimates, including, but not limited to, expected sales pace, expected sales prices, expected incentives, costs incurred and anticipated, sufficiency of financing and capital, competition, market conditions, and anticipated cash receipts, in order to determine projected future distributions from the unconsolidated entity. In addition, for rental properties, we review rental trends, expected future expenses, and expected cash flows to determine estimated fair values of the properties. Our unconsolidated entities that develop land or develop for-sale homes and condominiums evaluate their inventory in a similar manner as we do. See “Inventory” above for more detailed disclosure on our evaluation of inventory. For our unconsolidated entities that own, develop, and manage for-rent residential apartments, we review rental trends, expected future expenses, and expected future cash flows to determine estimated fair values of the properties. If a valuation adjustment is recorded by an unconsolidated entity related to its assets, our proportionate share is reflected in income from unconsolidated entities with a corresponding decrease to our investment in unconsolidated entities. We are a party to several joint ventures with unrelated parties to develop and sell land that is owned by the joint ventures. We recognize our proportionate share of the earnings from the sale of home sites to other builders, including our joint venture partners. We do not recognize earnings from the home sites we purchase from these ventures at the time of purchase; instead, our cost basis in those home sites is reduced by our share of the earnings realized by the joint venture from sales of those home sites to us. We are also a party to several other joint ventures. We recognize our proportionate share of the earnings and losses of our unconsolidated entities. Fair Value Disclosures We use ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), to measure the fair value of certain assets and liabilities. ASC 820 provides a framework for measuring fair value in accordance with GAAP, establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and requires certain disclosures about fair value measurements. The fair value hierarchy is summarized below: Level 1: Fair value determined based on quoted prices in active markets for identical assets or liabilities. Level 2: Fair value determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities or quoted prices in markets that are not active. Level 3: Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques. Treasury Stock Treasury stock is recorded at cost. Issuance of treasury stock is accounted for on a first-in, first-out basis. Differences between the cost of treasury stock and the re-issuance proceeds are charged to additional paid-in capital. When treasury stock is canceled, any excess purchase price over par value is charged directly to retained earnings. Revenue and Cost Recognition As discussed under “Recent Accounting Pronouncements” below, on November 1, 2018, we adopted Accounting Standards Codification (“ASC”) Topic 606 “Revenue from Contracts with Customers” (“ASC 606”). As a result of this adoption, we updated our revenue recognition policies effective November 1, 2018, as follows: Home sales revenues: Revenues and cost of revenues from home sales are recognized at the time each home is delivered and title and possession are transferred to the buyer. For the majority of our home closings, our performance obligation to deliver a home is satisfied in less than one year from the date a binding sale agreement is signed. In certain states where we build, we are not able to complete certain outdoor features prior to the closing of the home. Effective November 1, 2018, to the extent these separate performance obligations are not complete upon the home closing, we defer a portion of the home sales revenues related to these obligations and subsequently recognize the revenue upon completion of such obligations. As of October 31, 2019 , the home sales revenues and related costs we deferred related to these obligations were immaterial. Our contract liabilities, consisting of deposits received from customers for sold but undelivered homes, totaled $385.6 million and $410.9 million at October 31, 2019 and October 31, 2018 , respectively. Of the outstanding customer deposits held as of October 31, 2018 , we recognized $367.8 million in home sales revenues during the fiscal year ended October 31, 2019 . For our standard attached and detached homes, land, land development, and related costs, both incurred and estimated to be incurred in the future, are amortized to the cost of homes closed based upon the total number of homes to be constructed in each community. Any changes resulting from a change in the estimated number of homes to be constructed or in the estimated land, land development, and related costs subsequent to the commencement of delivery of homes are allocated to the remaining undelivered homes in the community. Home construction and related costs are charged to the cost of homes closed under the specific identification method. The estimated land, common area development, and related costs of master planned communities, including the cost of golf courses, net of their estimated residual value, are allocated to individual communities within a master planned community on a relative sales value basis. Any changes resulting from a change in the estimated number of homes to be constructed or in the estimated costs are allocated to the remaining home sites in each of the communities of the master planned community. For high-rise/mid-rise projects, land, land development, construction, and related costs, both incurred and estimated to be incurred in the future, are generally amortized to the cost of units closed based upon an estimated relative sales value of the units closed to the total estimated sales value. Any changes resulting from a change in the estimated total costs or revenues of the project are allocated to the remaining units to be delivered. Land sales revenues: Our revenues from land sales generally consist of: (1) lot sales to third-party builders within our master planned communities; (2) land sales to joint ventures in which we retain an interest; and (3) bulk land sales to third parties of land we have decided no longer meets our development criteria. In general, our performance obligation for each of these land sales is fulfilled upon the delivery of the land, which generally coincides with the receipt of cash consideration from the counterparty. Effective November 1, 2018, in land sale transactions that contain repurchase options, revenues and related costs are not recognized until the repurchase option expires. In addition, when we sell land to a joint venture in which we retain an interest, we do not recognize revenue or gains on the sale to the extent of our retained interest in such joint venture. Forfeited Customer Deposits: Effective November 1, 2018, forfeited customer deposits are recognized in “Home sales revenues” in our Consolidated Statements of Operations and Comprehensive Income in the period in which we determine that the customer will not complete the purchase of the home and we have the right to retain the deposit. Sales Incentives: In order to promote sales of our homes, we may offer our home buyers sales incentives. These incentives will vary by type of incentive and by amount on a community-by-community and home-by-home basis. Incentives are reflected as a reduction in home sales revenues. Incentives are recognized at the time the home is delivered to the home buyer and we receive the sales proceeds. Advertising Costs We expense advertising costs as incurred. Advertising costs were $38.5 million , $28.5 million , and $26.1 million for the years ended October 31, 2019 , 2018 , and 2017 , respectively. Warranty and Self-Insurance Warranty: We provide all of our home buyers with a limited warranty as to workmanship and mechanical equipment. We also provide many of our home buyers with a limited 10 -year warranty as to structural integrity. We accrue for expected warranty costs at the time each home is closed and title and possession are transferred to the home buyer. Warranty costs are accrued based upon historical experience. Adjustments to our warranty liabilities related to homes delivered in prior periods are recorded in the period in which a change in our estimate occurs. Over the past several years, we have had a significant number of warranty claims related primarily to homes built in Pennsylvania and Delaware. See Note 7 – “Accrued Expenses” for additional information regarding these warranty charges. Self-Insurance: We maintain, and require the majority of our subcontractors to maintain, general liability insurance (including construction defect and bodily injury coverage) and workers’ compensation insurance. These insurance policies protect us against a portion of our risk of loss from claims related to our home building activities, subject to certain self-insured retentions, deductibles and other coverage limits (“self-insured liability”). We also provide general liability insurance for our subcontractors in Arizona, California, Colorado, Nevada, Washington, and certain areas of Texas, where eligible subcontractors are enrolled as insureds under our general liability insurance policies in each community in which they perform work. For those enrolled subcontractors, we absorb their general liability associated with the work performed on our homes within the applicable community as part of our overall general liability insurance and our self-insured liability. We record expenses and liabilities based on the estimated costs required to cover our self-insured liability and the estimated costs of potential claims and claim adjustment expenses that are above our coverage limits or that are not covered by our insurance policies. These estimated costs are based on an analysis of our historical claims and industry data, and include an estimate of claims incurred but not yet reported (“IBNR”). We engage a third-party actuary that uses our historical claim and expense data, input from our internal legal and risk management groups, as well as industry data, to estimate our liabilities related to unpaid claims, IBNR associated with the risks that we are assuming for our self-insured liability, and other required costs to administer current and expected claims. These estimates are subject to uncertainty due to a variety of factors, the most significant being the long period of time between the delivery of a home to a home buyer and when a structural warranty or construction defect claim may be made, and the ultimate resolution of the claim. Though state regulations vary, construction defect claims may be reported and resolved over a prolonged period of time, which can extend for 10 years or longer. As a result, the majority of the estimated liability relates to IBNR. Adjustments to our liabilities related to homes delivered in prior years are recorded in the period in which a change in our estimate occurs. The projection of losses related to these liabilities requires actuarial assumptions that are subject to variability due to uncertainties regarding construction defect claims relative to our markets and the types of product we build, insurance industry practices, and legal or regulatory actions and/or interpretations, among other factors. Key assumptions used in these estimates include claim frequencies, severities, and settlement patterns, which can occur over an extended period of time. In addition, changes in the frequency and severity of reported claims and the estimates to settle claims can impact the trends and assumptions used in the actuarial analysis, which could be material to our consolidated financial statements. Due to the degree of judgment required, and the potential for variability in these underlying assumptions, our actual future costs could differ from those estimated, and the difference could be material to our consolidated financial statements. Stock-Based Compensation We account for our stock-based compensation in accordance with ASC 718, “Compensation – Stock Compensation” (“ASC 718”). We use a lattice model for the valuation of our stock option grants. The option pricing models used are designed to estimate the value of options that, unlike employee stock options and restricted stock units, can be traded at any time and are transferable. In addition to restrictions on trading, employee stock options and restricted stock units may include other restrictions such as vesting periods. Further, such models require the input of highly subjective assumptions, including the expected volatility of the stock price. Stock-based compensation expense is generally included in “Selling, general and administrative” expense in our Consolidated Statements of Operations and Comprehensive Income. Legal Expenses Transactional legal expenses for land acquisition and entitlement, and financing are capitalized and expensed over their appropriate life. We expense legal fees related to litigation, warranty and insurance claims when incurred. Income Taxes We account for income taxes in accordance with ASC 740, “Income Taxes” (“ASC 740”). Deferred tax assets and liabilities are recorded based on temporary differences between the amounts reported for financial reporting purposes and the amounts reported for income tax purposes. In accordance with the provisions of ASC 740, we assess the realizability of our deferred tax assets. A valuation allowance must be established when, based upon available evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. See “Income Taxes – Valuation Allowance” below. Federal and state income taxes are calculated on reported pre-tax earnings based on current tax law and also include, in the applicable period, the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provisions differ from the amounts currently receivable or payable because certain items of income and expense are recognized for financial reporting purposes in different periods than for income tax purposes. Significant judgment is required in determining income tax provisions and evaluating tax positions. We establish reserves for income taxes when, despite the belief that our tax positions are fully supportable, we believe that our positions may be challenged and disallowed by various tax authorities. The consolidated tax provisions and related accruals include the impact of such reasonably estimable disallowances as deemed appropriate. To the extent that the probable tax outcome of these matters changes, such changes in estimates will impact the income tax provision in the period in which such determination is made. ASC 740 clarifies the accounting for uncertainty in income taxes recognized and prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. ASC 740 requires a company to recognize the financial statement effect of a tax position when it is “more-likely-than-not” (defined as a substantiated likelihood of more than 50% ), based on the technical merits of the position, that the position will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to be recognized in the financial statements based upon the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Our inability to determine that a tax position meets the more-likely-than-not recognition threshold does not mean that the Internal Revenue Service (“IRS”) or any other taxing authority will disagree with the position that we have taken. If a tax position does not meet the more-likely-than-not recognition threshold, despite our belief that our filing position is supportable, the benefit of that tax position is not recognized in the Consolidated Statements of Operations and Comprehensive Income and we are required to accrue potential interest and penalties until the uncertainty is resolved. Potential interest and penalties are recognized as a component of the provision for income taxes. Differences between amounts taken in a tax return and amounts recognized in the financial statements are considered unrecognized tax benefits. We believe that we have a reasonable basis for each of our filing positions and intend to defend those positions if challenged by the IRS or other taxing jurisdiction. If the IRS or other taxing authorities do not disagree with our position, and after the statute of limitations expires, we will recognize the unrecognized tax benefit in the period that the uncertainty of the tax position is eliminated. Income Taxes — Valuation Allowance We assess the need for valuation allowances for deferred tax assets in each period based on whether it is more-likely-than-not that some portion of the deferred tax asset would not be realized. If, based on the available evidence, it is more-likely-than-not that such asset will not be realized, a valuation allowance is established against a deferred tax asset. The realization of a deferred tax asset ultimately depends on the existence of sufficient taxable income in either the carryback or carryforward periods under tax law. This assessment considers, among other matters, the nature, consistency, and magnitude of current and cumulative income and losses; forecasts of future profitability; the duration of statutory carryback or carryforward periods; our experience with operating loss and tax credit carryforwards being used before expiration; tax planning alternatives: and outlooks for the U.S. housing industry and broader economy. Changes in existing tax laws or rates could also affect our actual tax results. Due to uncertainties in the estimation process, particularly with respect to changes in facts and circumstances in future reporting periods, actual results could differ from the estimates used in our assessment that could have a material impact on our consolidated results of operations or financial position. Segment Reporting We operate in two segments: traditional home building and urban infill. We build and sell homes for detached and attached homes in luxury residential communities located in affluent suburban markets and cater to move-up, empty-nester, active-adult, and second-home buyers in the United States (“Traditional Home Building”). We also build and sell homes in urban infill markets through Toll Brothers City Living ® (“City Living”). We have determined that our Traditional Home Building operations operate in five geographic segments: North, Mid-Atlantic, South, West, and California. The states comprising each geographic segment are as follows: North: Connecticut, Illinois, Massachusetts, Michigan, New Jersey, and New York Mid-Atlantic: Delaware, Maryland, Pennsylvania, and Virginia South: Florida, Georgia, North Carolina, South Carolina and Texas West: Arizona, Colorado, Idaho, Nevada, Oregon, Utah and Washington California: California In fiscal 2018, we acquired land and commenced development activities in the Salt Lake City, Utah and Portland, Oregon markets. We opened communities in these markets in fiscal 2019. In addition, as a result of two acquisitions, we commenced operations in Georgia and South Carolina in fiscal 2019. In fiscal 2018, we discontinued the sale of homes in Minnesota. Our operations in Minnesota were immaterial to the North geographic segment. Related Party Transactions See Note 4, “Investments in Unconsolidated Entities - Rental Property Joint Ventures” for information regarding Toll Brothers Realty Trust. Recent Accounting Pronouncements In May 2014, the FASB created ASC 606 with the issuance ASU No. 2014-09, “Revenue from Contracts with Customers,” which provides guidance for revenue recognition. ASC 606 affects any entity that either enters into contracts with customers to transfer goods or services or enters in |
Acquisition
Acquisition | 12 Months Ended |
Oct. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisition | Acquisitions In fiscal 2019, we acquired substantially all of the assets and operations of Sharp Residential, LLC (“Sharp”) and Sabal Homes LLC (“Sabal”), for approximately $162.4 million in cash. Sharp operates in metropolitan Atlanta, Georgia; Sabal operates in the Charleston, Greenville, and Myrtle Beach, South Carolina markets. The assets acquired, based on our preliminary purchase price allocations, were primarily inventory, including approximately 2,550 home sites owned or controlled through land purchase agreements. In connection with these acquisitions, we assumed contracts to deliver 204 homes with an aggregate value of $96.1 million . The average price of undelivered homes at the dates of acquisitions was approximately $471,100 . As a result of these acquisitions, our selling community count increased by 22 communities. In November 2016, we acquired all of the assets and operations of Coleman Real Estate Holdings, LLC (“Coleman”) for approximately $83.1 million in cash. The assets acquired were primarily inventory, including approximately 1,750 home sites owned or controlled through land purchase agreements. As part of the acquisition, we assumed contracts to deliver 128 homes with an aggregate value of $38.8 million . The average price of the undelivered homes at the date of acquisition was approximately $303,000 . As a result of this acquisition, our selling community count increased by 15 communities at the acquisition date. The acquisitions discussed above were accounted for as a business combination and were not material to our results of operations or financial condition. |
Inventory
Inventory | 12 Months Ended |
Oct. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory at October 31, 2019 and 2018 consisted of the following (amounts in thousands): 2019 2018 Land controlled for future communities $ 182,929 $ 139,985 Land owned for future communities 868,202 916,616 Operating communities 6,821,917 6,541,618 $ 7,873,048 $ 7,598,219 Operating communities include communities offering homes for sale, communities that have sold all available home sites but have not completed delivery of the homes, communities that were previously offering homes for sale but are temporarily closed due to business conditions or non-availability of improved home sites and that are expected to reopen within 12 months of the end of the fiscal year being reported on, and communities preparing to open for sale. The carrying value attributable to operating communities includes the cost of homes under construction, land and land development costs, the carrying cost of home sites in current and future phases of these communities, and the carrying cost of model homes. Communities that were previously offering homes for sale but are temporarily closed due to business conditions, do not have any remaining backlog, and are not expected to reopen within 12 months of the end of the fiscal period being reported on have been classified as land owned for future communities. Backlog consists of homes under contract but not yet delivered to our home buyers (“backlog”). Information regarding the classification, number, and carrying value of these temporarily closed communities at October 31, 2019 , 2018 , and 2017 , is provided in the table below ($ amounts in thousands): 2019 2018 2017 Land owned for future communities: Number of communities 16 17 14 Carrying value (in thousands) $ 120,857 $ 124,426 $ 110,732 Operating communities: Number of communities 1 1 6 Carrying value (in thousands) $ 2,871 $ 2,622 $ 26,749 We provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable in each of the three fiscal years ended October 31, 2019 , 2018 , and 2017 , as shown in the table below (amounts in thousands): Charge: 2019 2018 2017 Land controlled for future communities $ 11,285 $ 2,820 $ 1,949 Land owned for future communities — 2,185 3,050 Operating communities 31,075 30,151 9,795 $ 42,360 $ 35,156 $ 14,794 See Note 12, “Fair Value Disclosures,” for information regarding the number of operating communities that we tested for potential impairment, the number of operating communities in which we recognized impairment charges, the amount of impairment charges recognized, and the fair value of those communities, net of impairment charges. See Note 15, “Commitments and Contingencies,” for information regarding land purchase commitments. At October 31, 2019 , we evaluated our land purchase contracts, including those to acquire land for apartment developments, to determine whether any of the selling entities were VIEs and, if they were, whether we were the primary beneficiary of any of them. Under these land purchase contracts, we do not possess legal title to the land; our maximum exposure to loss is generally limited to deposits paid to the sellers and predevelopment costs incurred; and the creditors of the sellers generally have no recourse against us. At October 31, 2019 , we determined that 127 land purchase contracts, with an aggregate purchase price of $2.00 billion , on which we had made aggregate deposits totaling $149.2 million , were VIEs, but that we were not the primary beneficiary of any VIE related to such land purchase contracts. At October 31, 2018 , we determined that 110 land purchase contracts, with an aggregate purchase price of $1.88 billion , on which we had made aggregate deposits totaling $120.5 million , were VIEs, but that we were not the primary beneficiary of any VIE related to such land purchase contracts. Interest incurred, capitalized, and expensed in each of the three fiscal years ended October 31, 2019 , 2018 , and 2017 , was as follows (amounts in thousands): 2019 2018 2017 Interest capitalized, beginning of year $ 319,364 $ 352,049 $ 369,419 Interest incurred 178,035 165,977 175,944 Interest expensed to home sales cost of revenues (185,045 ) (190,734 ) (172,832 ) Interest expensed to land sales cost of revenues (1,787 ) Interest expensed in other income (3,760 ) (4,823 ) Interest reclassified to property, construction and office equipment (485 ) Interest capitalized on investments in unconsolidated entities (4,571 ) (7,220 ) (8,824 ) Previously capitalized interest transferred to investments in unconsolidated entities (8,708 ) Previously capitalized interest on investments in unconsolidated entities transferred to inventory 5,327 3,052 2,358 Interest capitalized, end of year $ 311,323 $ 319,364 $ 352,049 During fiscal 2017, we reclassified 9.0 million of inventory related to two golf courses to property, construction, and office equipment and such amount was net of $3.5 million transferred to accrued liabilities related to deferred golf membership fees. The amounts were reclassified due to the completion of construction of the facilities and the substantial completion of the master planned communities of which the golf facilities are a part. |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 12 Months Ended |
Oct. 31, 2019 | |
Investments in and Advances to Unconsolidated Entities [Abstract] | |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities We have investments in various unconsolidated entities. These entities, which are structured as joint ventures (i) develop land for the joint venture participants and for sale to outside builders (“Land Development Joint Ventures”); (ii) develop for-sale homes (“Home Building Joint Ventures”); (iii) develop luxury for-rent residential apartments, commercial space, and a hotel (“Rental Property Joint Ventures”), which includes our investment in Toll Brothers Realty Trust (the “Trust”); and (iv) invest in distressed loans and real estate and provide financing and land banking to residential builders and developers for the acquisition and development of land and home sites (“Gibraltar Joint Ventures”). In fiscal 2019 , 2018 and 2017 , we recognized income from the unconsolidated entities in which we had an investment of $24.9 million , $85.2 million , and $116.1 million , respectively. The table below provides information as of October 31, 2019 , regarding active joint ventures that we are invested in, by joint venture category ($ amounts in thousands): Land Home Building Rental Property Gibraltar Joint Ventures Total Number of unconsolidated entities 8 4 20 9 41 Investment in unconsolidated entities $ 110,306 $ 60,512 $ 174,292 $ 21,142 $ 366,252 Number of unconsolidated entities with funding commitments by the Company 2 1 2 1 6 Company’s remaining funding commitment to unconsolidated entities $ 28,586 $ 1,400 $ 539 $ 8,271 $ 38,796 Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at October 31, 2019 , regarding the debt financing obtained by category ($ amounts in thousands): Land Home Building Rental Property Total Number of joint ventures with debt financing 3 2 18 23 Aggregate loan commitments $ 100,859 $ 133,453 $ 1,393,838 $ 1,628,150 Amounts borrowed under commitments $ 88,252 $ 133,453 $ 1,017,788 $ 1,239,493 More specific and/or recent information regarding our investments in and future commitments to these entities is provided below. Land Development Joint Ventures In fiscal 2019 , our Land Development Joint Ventures sold approximately 934 lots and recognized revenues of $261.7 million . We acquired 293 of these lots for $137.1 million . Our share of the joint venture income from the lots we acquired was insignificant. We recognized a charge in connection with one Land Development Joint Venture of $1.0 million in fiscal 2019 . In fiscal 2018 , our Land Development Joint Ventures sold approximately 986 lots and recognized revenues of $351.4 million . We acquired 259 of these lots for $153.2 million . Our share of the income from the lots we acquired of $1.7 million was deferred by reducing our basis in those lots acquired. We recognized charges in connection with two Land Development Joint Ventures of $6.0 million in fiscal 2018 . In the fourth quarter of fiscal 2019, we entered into a joint venture with an unrelated party to purchase and develop a parcel of land located in Houston, Texas. The joint venture expects to develop approximately 263 home sites on this land in multiple phases. We have a 50% interest in this joint venture. The joint venture intends to sell approximately 50% of the value of the home sites to each of the members of the joint venture. At October 31, 2019 , we had an investment of $5.9 million in this joint venture. The joint venture expects to secure third-party financing at a later date. Home Building Joint Ventures Our Home Building Joint Ventures are delivering homes in New York City and Jupiter, Florida. In fiscal 2019 and 2018 , our Home Building Joint Ventures delivered 186 homes with a sales value of $374.6 million , and 100 homes with a sales value of $148.0 million , respectively. Subsequent event In November 2019, one of our Home Building Joint Ventures refinanced its existing $236.5 million construction loan with a $76.6 million post-construction loan that matures November 2021. We and an affiliate of our partner provided certain guarantees under the loan agreement. We estimate that our maximum exposure under these guarantees, if the full amount of the loan commitment was borrowed, would be $76.6 million without taking into account any recoveries from the underlying collateral or any reimbursement from our partner. Rental Property Joint Ventures As of October 31, 2019 , our Rental Property Joint Ventures owned 25 for-rent apartment projects and a hotel, which are located in multiple metropolitan areas throughout the country. At October 31, 2019 , these joint ventures had approximately 2,000 units that were occupied or ready for occupancy, 1,700 units in the lease-up stage, and 4,100 units in the design phase or under development. In addition, we either own or have under contract, approximately 10,900 units, of which 800 units are under active development; we intend to develop these units in joint ventures with unrelated parties in the future. In fiscal 2019, we entered into five separate joint ventures with unrelated parties to develop luxury for-rent residential apartment projects located in Harrison, New York, Frisco, Texas, Atlanta, Georgia, Orange, California, and Dallas, Texas. Prior to the formation of these joint ventures, we acquired the properties and incurred approximately $145.1 million of land and land development costs. Our partners acquired interests in these entities ranging from 63.5% to 75% for an aggregate amount of $110.0 million and we recognized a gain on land sales of $9.3 million in fiscal 2019. At October 31, 2019 , we had an aggregate investment of $48.8 million in these joint ventures. Concurrent with their formation, these joint ventures entered into construction loan agreements for an aggregate amount of $340.1 million . At October 31, 2019 , the joint ventures had $39.3 million outstanding borrowings under these construction loan facilities. In addition, in fiscal 2019, we entered into four separate joint ventures with unrelated parties to develop luxury for-rent residential apartment projects and student housing communities located in Boston, Massachusetts, San Diego, California, Tempe, Arizona and Miami, Florida. We contributed an aggregate of $79.6 million for our initial ownership interests in these joint ventures, which ranged from 50% to 98% . Due to our controlling financial interest, our power to direct the activities that most significantly impact each joint venture’s performance, and/or our obligation to absorb expected losses or receive benefits from these joint ventures, we consolidated these joint ventures at October 31, 2019 . The carrying value of these joint ventures’ assets totaling $125.0 million are reflected in “Receivables, prepaid expenses, and other assets” in our Consolidated Balance Sheet as of October 31, 2019 . Our partners’ interests aggregating $37.9 million in the joint ventures are reflected as a component of “Noncontrolling interest” in our Consolidated Balance Sheet as of October 31, 2019 . These joint ventures intend to obtain additional equity investors and secure third-party financing at a later date. At such time, it is expected that these entities would no longer be consolidated. In the second quarter of fiscal 2019, we entered into a joint venture with unrelated parties to develop, build, and operate single-family rental communities. As of October 31, 2019 , we have committed to invest up to $60.0 million in this joint venture, of which $1.0 million has been invested. In fiscal 2019, one of our Rental Property Joint Ventures, in which we had a 25% interest, sold its assets to an unrelated party for $77.8 million . The joint venture had owned, developed, and operated a multifamily residential community in Phoenixville, Pennsylvania. In connection with the sale, the joint venture repaid its entire $47.0 million loan. We received cash of $7.4 million and recognized a gain of $3.8 million , which is included in “Income from unconsolidated entities” in our Consolidated Statements of Operations and Comprehensive Income. We have an investment in a joint venture in which we have a 50% interest that developed a luxury hotel in conjunction with a high-rise luxury condominium project in New York City developed by a related Home Building Joint Venture. The hotel commenced operations in February 2017. At October 31, 2019 , we had an investment of $21.0 million in this joint venture. In the fourth quarter of fiscal 2019, the joint venture refinanced its existing $80.0 million , three -year term loan with a three -year, $120.0 million term loan, of which $110.0 million was advanced to the joint venture at closing. The proceeds from the refinancing were distributed to the members. In fiscal 2018, we entered into four joint ventures with unrelated parties to develop luxury for-rent residential apartment projects located in suburban Atlanta, Georgia; Belmont, Massachusetts; and Washington, D.C. Prior to the formation of these joint ventures, we acquired the properties and incurred approximately $140.0 million of land and land development costs. Our partners acquired interests in these entities ranging from 50% to 75% for an aggregate amount of $80.3 million . At October 31, 2019 , we had an investment of $65.6 million in these joint ventures. In fiscal 2018, several of these joint ventures entered into construction loan agreements for an aggregate amount of $166.1 million to finance the development of these projects. At October 31, 2019 , the joint ventures had $156.1 million of outstanding borrowings under the construction loan facilities. In addition, in fiscal 2018 we entered into a joint venture with an unrelated party to develop a luxury for-rent residential apartment project in a suburb of Boston, Massachusetts. We contributed cash of $15.9 million for our initial 85% ownership interest in this joint venture. Due to our controlling financial interest, our power to direct the activities that most significantly impact the joint venture’s performance, and our obligation to absorb expected losses or receive benefits from the joint venture, we consolidated this joint venture at October 31, 2019 . The carrying value of the joint venture’s assets totaling $20.8 million are reflected in “Receivables, prepaid expenses, and other assets” in our Consolidated Balance Sheet at October 31, 2019 . Our partner’s 15% interest of $3.1 million in the joint venture is reflected as a component of “Noncontrolling interest” in our Consolidated Balance Sheet as of October 31, 2019 . The joint venture expects to admit an additional investor and secure third-party financing at a later date. In fiscal 2018, three of our Rental Property Joint Ventures sold their assets to unrelated parties for $477.5 million . These joint ventures had owned, developed, and operated multifamily rental properties located in suburban Washington, D.C. and Westborough, Massachusetts, and a student housing community in College Park, Maryland. In connection with these sales, the joint ventures’ aggregate outstanding loan balance of $239.6 million was repaid. From our investment in these joint ventures, we received cash of $79.1 million and recognized gains from these sales of $67.2 million in fiscal 2018, which is included in “Income from unconsolidated entities” in our Consolidated Statement of Operations and Comprehensive Income. In fiscal 2017, we sold one-half of our 50% interest in two of our Rental Property Joint Ventures to an unrelated party. In connection with these sales, we, along with our partners, recapitalized the joint ventures and refinanced the existing $166.3 million in construction loans with 10 -year fixed rate loans totaling $189.0 million . As a result of these transactions, we received cash of $54.9 million and recognized gains of $26.7 million in fiscal 2017, which is included in “Income from unconsolidated entities” in our Consolidated Statements of Operations and Comprehensive Income. At October 31, 2019 , we had a 25% interest in each of these joint ventures. In 1998, we formed the Trust to invest in commercial real estate opportunities. The Trust is effectively owned one-third by us; one-third by current and former members of our senior management; and one-third by an unrelated party. As of October 31, 2019 , our investment in the Trust was zero as cumulative distributions received from the Trust have been in excess of the carrying amount of our net investment. We provide development, finance, and management services to the Trust and recognized fees under the terms of various agreements in the amounts of $1.0 million , $2.0 million , and $2.0 million in fiscal 2019 , 2018 and 2017 , respectively. In fiscal 2019 and 2018, we received distributions of $3.9 million and $27.7 million , respectively, from the Trust, of which the full amount was recognized as income and included in “Income from unconsolidated entities” in our fiscal 2019 and 2018 Consolidated Statements of Operations and Comprehensive Income. No distributions were received from the Trust in fiscal 2017. Subsequent events In November 2019, we entered into a joint venture with an unrelated party to develop a for-rent residential apartment project in Dallas, Texas. Prior to the formation of this joint venture, we acquired the property and incurred approximately $19.0 million of land and land development costs. Our partner acquired a 50% interest in this entity for approximately $9.2 million , of which $7.7 million was distributed to us. Our initial investment is $11.9 million . Concurrent with its formation, the joint venture entered into a $42.0 million construction loan agreement to finance the development of this project. We and an affiliate of our partner provided certain guarantees under the construction loan agreement. We estimate that our maximum exposure under these guarantees, if the full amount of the loan commitment was borrowed, would be $42.0 million without taking into account any recoveries from the underlying collateral or any reimbursement from our partner. In December 2019, we sold all of our ownership interest in one of our Rental Property Joint Ventures to our partner for cash of $16.8 million , net of closing costs. The joint venture had owned, developed, and operated multifamily residential apartments in northern New Jersey. In connection with the sale, the joint venture’s existing $76.0 million loan was assumed by our partner. We expect to recognize a gain of approximately $10.0 million in the first quarter of fiscal 2019 from the sale. In December 2019, we entered into a joint venture with an unrelated party to develop a for-rent student housing community in State College, Pennsylvania. Prior to the formation of this joint venture, we acquired the property and incurred approximately $32.0 million of land and land development costs. Our partner acquired a 70% interest in this entity for approximately $22.2 million , of which $17.9 million was distributed to us. Our initial investment is $12.9 million . Concurrent with its formation, the joint venture entered into a $79.5 million construction loan agreement to finance the development of this project. We and an affiliate of our partner provided certain guarantees under the construction loan agreement. We estimate that our maximum exposure under these guarantees, if the full amount of the loan commitment was borrowed, would be $79.5 million without taking into account any recoveries from the underlying collateral or any reimbursement from our partner. Gibraltar Joint Ventures We, through our wholly owned subsidiary, Gibraltar Capital and Asset Management, LLC (“Gibraltar”), have entered into eight ventures with an institutional investor to provide builders and developers with land banking and venture capital, two of which were formed in fiscal 2019. These ventures will finance builders’ and developers’ acquisition and development of land and home sites and pursue other complementary investment strategies. We are also a member in a separate venture with the same institutional investor, which purchased, from Gibraltar, certain foreclosed real estate owned and distressed loans in fiscal 2016. Our ownership interest in these ventures is approximately 25% . We may invest up to $100.0 million in these ventures. As of October 31, 2019 , we had an investment of $20.5 million in these ventures. Guarantees The unconsolidated entities in which we have investments generally finance their activities with a combination of partner equity and debt financing. In some instances, we and our partners have guaranteed debt of certain unconsolidated entities. These guarantees may include any or all of the following: (i) project completion guarantees, including any cost overruns; (ii) repayment guarantees, generally covering a percentage of the outstanding loan; (iii) carry cost guarantees, which cover costs such as interest, real estate taxes, and insurance; (iv) an environmental indemnity provided to the lender that holds the lender harmless from and against losses arising from the discharge of hazardous materials from the property and non-compliance with applicable environmental laws; and (v) indemnification of the lender from “bad boy acts” of the unconsolidated entity. In some instances, the guarantees provided in connection with loans to an unconsolidated entity are joint and several. In these situations, we generally have a reimbursement agreement with our partner that provides that neither party is responsible for more than its proportionate share or agreed upon share of the guarantee; however, if the joint venture partner does not have adequate financial resources to meet its obligations under the reimbursement agreement, we may be liable for more than our proportionate share. We believe that, as of October 31, 2019 , in the event we become legally obligated to perform under a guarantee of an obligation of an unconsolidated entity due to a triggering event, the collateral in such entity should be sufficient to repay a significant portion of the obligation. If it is not, we and our partners would need to contribute additional capital to the venture. At October 31, 2019 , certain unconsolidated entities have loan commitments aggregating $1.53 billion , of which, if the full amount of the debt obligations were borrowed, we estimate $299.1 million to be our maximum exposure related solely to repayment and carry cost guarantees. At October 31, 2019 , the unconsolidated entities had borrowed an aggregate of $1.14 billion , of which we estimate $239.6 million to be our maximum exposure related solely to repayment and carry cost guarantees. The terms of these guarantees generally range from 2 months to 9.7 years . These maximum exposure estimates do not take into account any recoveries from the underlying collateral or any reimbursement from our partners. As of October 31, 2019 , the estimated aggregate fair value of the guarantees provided by us related to debt and other obligations of certain unconsolidated entities was approximately $5.6 million . We have not made payments under any of the guarantees, nor have we been called upon to do so. Variable Interest Entities At October 31, 2019 and 2018 , we determined that 18 and 11 , respectively, of our joint ventures were VIEs under the guidance within ASC 810. For 13 and 10 of these VIEs as of October 31, 2019 and 2018 , respectively, we concluded that we were not the primary beneficiary of these VIEs because the power to direct the activities of such VIEs that most significantly impact their performance was either shared by us and such VIEs’ other partners or such activities were controlled by our partner. For VIEs where the power to direct significant activities is shared, business plans, budgets, and other major decisions are required to be unanimously approved by all members. Management and other fees earned by us are nominal and believed to be at market rates, and there is no significant economic disproportionality between us and other members. The information presented below regarding the investments, commitments, and guarantees in unconsolidated entities deemed to be VIEs is also included in the information provided above. As of October 31, 2019 , we have consolidated five Rental Property Joint Ventures. We had one consolidated Rental Property Joint Venture as of October 31, 2018. The carrying value of these joint ventures’ assets totaled $145.8 million and $19.7 million as reflected in “Receivables, prepaid expenses, and other assets” in our Consolidated Balance Sheet as of October 31, 2019 and 2018, respectively. Our partners’ interests aggregating $41.0 million and $2.8 million in the joint ventures are reflected as a component of “Noncontrolling interest” in our Consolidated Balance Sheet as of October 31, 2019 and 2018, respectively. These joint ventures were determined to be VIEs due to their current inability to finance their activities without additional subordinated financial support as well as our partners’ inability to participate in the significant decisions of the joint venture and their lack of substantive kick-out rights. We further concluded that we are the primary beneficiary of these VIEs due to our controlling financial interest in such ventures as we have the power to direct the activities that most significantly impact the joint ventures’ performance and the obligation to absorb expected losses or receive benefits from the joint ventures. The assets of these VIEs can only be used to settle the obligations of the VIEs. In addition, in certain of the joint ventures, in the event additional contributions are required to be funded to the joint ventures prior to the admission of any additional investor at a future date, we will fund 100% of such contributions, including our partner’s pro rata share, which we expect would be funded through an interest-bearing loan. At October 31, 2019 and 2018 , our investments in our unconsolidated entities deemed to be VIEs, which are included in “Investments in unconsolidated entities” in our Consolidated Balance Sheets, totaled $37.0 million and $33.8 million , respectively. At October 31, 2019 , the maximum exposure of loss to our investments in these entities was limited to our investments in the unconsolidated VIEs, except with regard to $76.0 million of loan guarantees and $8.3 million of additional commitments to fund the VIEs. Of our potential exposure for these loan guarantees, $76.0 million is related to repayment and carry cost guarantees, of which $76.0 million was borrowed at October 31, 2019 . At October 31, 2018 , the maximum exposure of loss to our investments in these entities was limited to our investments in the unconsolidated VIEs, except with regard to $70.0 million of loan guarantees and $10.8 million of additional commitments to fund the VIEs. Of our potential exposure for these loan guarantees, $70.0 million is related to repayment and carry cost guarantees, of which $70.0 million was borrowed at October 31, 2018 . Joint Venture Condensed Financial Information The Condensed Balance Sheets, as of the dates indicated, and the Condensed Statements of Operations and Comprehensive Income, for the periods indicated, for the unconsolidated entities in which we have an investment, aggregated by type of business, are included below (in thousands). Condensed Balance Sheets: October 31, 2019 Land Develop- ment Joint Ventures Home Building Joint Ventures Rental Property Joint Ventures Gibraltar Joint Ventures Total Cash and cash equivalents $ 23,669 $ 38,115 $ 20,647 $ 3,388 $ 85,819 Inventory 247,866 313,991 17,369 579,226 Loan receivables, net 56,545 56,545 Rental properties 1,021,848 1,021,848 Rental properties under development 535,197 535,197 Real estate owned 12,267 12,267 Other assets 96,602 78,916 36,879 364 212,761 Total assets $ 368,137 $ 431,022 $ 1,614,571 $ 89,933 $ 2,503,663 Debt, net of deferred financing costs $ 88,050 $ 132,606 $ 1,006,201 $ 1,226,857 Other liabilities 49,302 33,959 84,735 7,831 175,827 Members’ equity 230,785 264,457 523,635 81,686 1,100,563 Noncontrolling interest 416 416 Total liabilities and equity $ 368,137 $ 431,022 $ 1,614,571 $ 89,933 $ 2,503,663 Company’s net investment in unconsolidated entities (1) $ 110,306 $ 60,512 $ 174,292 $ 21,142 $ 366,252 October 31, 2018 Land Develop- ment Joint Ventures Home Building Joint Ventures Rental Property Joint Ventures Gibraltar Total Cash and cash equivalents $ 47,409 $ 22,834 $ 23,750 $ 8,469 $ 102,462 Inventory 403,670 557,157 13,163 973,990 Loan receivables, net 40,065 40,065 Rental properties 808,785 808,785 Rental properties under development 437,586 437,586 Real estate owned 14,838 14,838 Other assets 93,322 49,723 21,917 1,067 166,029 Total assets $ 544,401 $ 629,714 $ 1,292,038 $ 77,602 $ 2,543,755 Debt, net of deferred financing costs $ 125,557 $ 284,959 $ 735,482 $ — $ 1,145,998 Other liabilities 29,096 72,897 51,992 4,585 158,570 Members’ equity 389,748 271,858 504,564 69,804 1,235,974 Noncontrolling interest 3,213 3,213 Total liabilities and equity $ 544,401 $ 629,714 $ 1,292,038 $ 77,602 $ 2,543,755 Company’s net investment in unconsolidated entities (1) $ 176,593 $ 65,936 $ 171,216 $ 18,068 $ 431,813 (1) Differences between our net investment in unconsolidated entities and our underlying equity in the net assets of the entities are primarily a result of impairments related to our investments in unconsolidated entities; interest capitalized on our investments; the estimated fair value of the guarantees provided to the joint ventures; unrealized gains on our retained joint venture interests; gains recognized from the sale of our ownership interests; and distributions from entities in excess of the carrying amount of our net investment. Condensed Statements of Operations and Comprehensive Income: For the year ended October 31, 2019 Land Develop- ment Joint Ventures Home Building Joint Ventures Rental Property Joint Ventures Gibraltar Total Revenues $ 261,677 $ 374,587 $ 99,401 $ 21,377 $ 757,042 Cost of revenues 247,070 333,008 68,502 13,234 661,814 Other expenses 4,662 15,389 58,928 1,880 80,859 Total expenses 251,732 348,397 127,430 15,114 742,673 Gain on disposition of loans and REO 4,383 4,383 Income (loss) from operations 9,945 26,190 (28,029 ) 10,646 18,752 Other income 3,079 6,144 16,651 12,793 38,667 Income (loss) before income taxes 13,024 32,334 (11,378 ) 23,439 57,419 Income tax provision 193 457 650 Net income (loss) including earnings from noncontrolling interests 12,831 31,877 (11,378 ) 23,439 56,769 Less: income attributable to noncontrolling interest (9,593 ) (9,593 ) Net income (loss) attributable to controlling interest $ 12,831 $ 31,877 $ (11,378 ) $ 13,846 $ 47,176 Company’s equity (deficit) in earnings of unconsolidated entities (2) $ 6,160 $ 17,004 $ (824 ) $ 2,528 $ 24,868 For the year ended October 31, 2018 Land Develop- ment Joint Ventures Home Building Joint Ventures Rental Property Joint Ventures Gibraltar Total Revenues $ 351,397 $ 148,002 $ 121,276 $ 19,592 $ 640,267 Cost of revenues 317,363 112,469 74,946 17,817 522,595 Other expenses 9,125 8,630 61,502 3,201 82,458 Total expenses 326,488 121,099 136,448 21,018 605,053 Gain on disposition of loans and REO 53,192 53,192 Income (loss) from operations 24,909 26,903 (15,172 ) 51,766 88,406 Other income 5,939 2,134 222,744 1,937 232,754 Income before income taxes 30,848 29,037 207,572 53,703 321,160 Income tax provision 86 767 853 Net income including earnings from noncontrolling interests 30,762 28,270 207,572 53,703 320,307 Less: income attributable to noncontrolling interest (28,297 ) (28,297 ) Net income attributable to controlling interest $ 30,762 $ 28,270 $ 207,572 $ 25,406 $ 292,010 Company’s equity in earnings of unconsolidated entities (2) $ 3,392 $ 14,069 $ 62,204 $ 5,575 $ 85,240 For the year ended October 31, 2017 Land Develop- ment Joint Ventures Home Building Joint Ventures Rental Property Joint Ventures Gibraltar Total Revenues $ 288,440 $ 475,260 $ 115,519 $ 10,090 $ 889,309 Cost of revenues 191,965 286,446 70,108 14,428 562,947 Other expenses 6,508 13,102 59,503 3,942 83,055 Total expenses 198,473 299,548 129,611 18,370 646,002 Gain on disposition of loans and REO 48,079 48,079 Income (loss) from operations 89,967 175,712 (14,092 ) 39,799 291,386 Other income 4,723 7,317 1,556 432 14,028 Income (loss) before income taxes 94,690 183,029 (12,536 ) 40,231 305,414 Income tax provision 94 7,473 95 7,662 Net income (loss) including earnings from noncontrolling interests 94,596 175,556 (12,631 ) 40,231 297,752 Less: income attributable to noncontrolling interest (20,439 ) (20,439 ) Net income (loss) attributable to controlling interest 94,596 175,556 (12,631 ) 19,792 277,313 Company’s equity in earnings of unconsolidated entities (2) $ 13,007 $ 77,339 $ 21,458 $ 4,262 $ 116,066 (2) Differences between our equity in earnings of unconsolidated entities and the underlying net income (loss) of the entities are primarily a result of a basis difference of an acquired joint venture interest; distributions from entities in excess of the carrying amount of our net investment; recoveries of previously incurred charges; unrealized gains on our retained joint venture interests; and our share of the entities’ profits related to home sites purchased by us which reduces our cost basis of the home sites acquired. |
Receivables, Prepaid Expenses a
Receivables, Prepaid Expenses and Other Assets | 12 Months Ended |
Oct. 31, 2019 | |
Receivables, prepaid expenses and other assets [Abstract] | |
Receivables, prepaid expenses and other assets [Text Block] | 5. Receivables, Prepaid Expenses, and Other Assets Receivables, prepaid expenses, and other assets at October 31, 2019 and 2018 , consisted of the following (amounts in thousands): 2019 2018 Expected recoveries from insurance carriers and others $ 114,162 $ 126,291 Improvement cost receivable 100,864 96,937 Escrow cash held by our captive title company 32,863 33,471 Properties held for rental apartment and commercial development 367,072 193,015 Prepaid expenses 26,041 23,065 Other 74,439 77,999 $ 715,441 $ 550,778 See Note 7, “Accrued Expenses,” for additional information regarding the expected recoveries from insurance carriers and others. As of October 31, 2019 and 2018 , properties held for rental apartment and commercial development include $145.8 million and $19.7 million , respectively, of assets related to consolidated VIEs. See Note 4, “Investments in Unconsolidated Entities” for additional information regarding VIEs. |
Loans Payable, Senior Notes, an
Loans Payable, Senior Notes, and Mortgage Company Loan Facility | 12 Months Ended |
Oct. 31, 2019 | |
Debt Disclosure [Abstract] | |
Loans Payable, Senior Notes, and Mortgage Company Warehouse Loan | Loans Payable, Senior Notes, and Mortgage Company Loan Facility Loans Payable At October 31, 2019 and 2018 , loans payable consisted of the following (amounts in thousands): 2019 2018 Senior unsecured term loan $ 800,000 $ 500,000 Loans payable – other 314,577 188,115 Deferred issuance costs (3,128 ) (1,314 ) $ 1,111,449 $ 686,801 Senior Unsecured Term Loan At October 31, 2019 , we had a $800.0 million , five -year senior unsecured term loan facility (the “Term Loan Facility”) with a syndicate of banks. On November 1, 2018 , we amended the Term Loan Facility to, among other things, (i) increase the size of the outstanding term loan from $500.0 million to $800.0 million ; (ii) extend the maturity date from August 2021 to November 1, 2023 (which was subsequently extended to November 1, 2024 ), with no principal payments being required before the maturity date; (iii) provide an accordion feature under which we may, subject to certain conditions set forth in the agreement, increase the Term Loan Facility up to a maximum aggregate amount of $1.0 billion ; (iv) revise certain provisions to reduce the interest rate applicable on outstanding borrowings; and (v) modify certain provisions relating to existing financial maintenance and negative covenants. We subsequently amended the maturity date on October 31, 2019 to extend it to November 1, 2024 . We and substantially all of our 100% -owned home building subsidiaries are guarantors under the Term Loan Facility. Under the terms of the Term Loan Facility, at October 31, 2019 , our maximum leverage ratio, as defined, may not exceed 1.75 to 1.00, and we are required to maintain a minimum tangible net worth, as defined, of no less than approximately $2.70 billion . Under the terms of the Term Loan Facility, at October 31, 2019 , our leverage ratio was approximately 0.50 to 1.00, and our tangible net worth was approximately $5.02 billion . Based upon the limitations related to our repurchase of common stock in the Term Loan Facility, our ability to repurchase our common stock was limited to approximately $3.53 billion as of October 31, 2019 . In addition, our ability to pay cash dividends was limited to approximately $2.32 billion as of October 31, 2019 . Under the Term Loan Facility, as amended, we may select interest rates equal to (i) London Interbank Offered Rate (“LIBOR”) plus an applicable margin, (ii) the base rate (as defined in the agreement) plus an applicable margin, or (iii) the federal funds/Euro rate (as defined in the agreement) plus an applicable margin, in each case, based on our leverage ratio. At October 31, 2019 , the interest rate on the Term Loan Facility was 3.11% per annum. We and substantially all of our 100% -owned home building subsidiaries are guarantors under the Term Loan Facility. The Term Loan Facility contains substantially the same financial covenants as the Revolving Credit Facility, as described below. Revolving Credit Facility We have a $1.905 billion senior unsecured, five -year revolving credit facility (the “Revolving Credit Facility”) with a syndicate of banks that is scheduled to expire on November 1, 2024 . On October 31, 2019 , we amended our Revolving Credit Facility to replace our existing $1.295 billion revolving credit facility, which was scheduled to mature in May 2021 . Under the amended terms, up to 100% of the commitment is available for letters of credit. The Revolving Credit Facility, as amended, has an accordion feature under which we may, subject to certain conditions set forth in the agreement, increase the Revolving Credit Facility up to a maximum aggregate amount of $2.5 billion . Prior to the amendment, the maximum aggregate amount of the accordion feature was $2.0 billion . We may select interest rates for the Revolving Credit Facility equal to (i) LIBOR plus an applicable margin or (ii) the lenders’ base rate plus an applicable margin, which in each case is based on our credit rating and leverage ratio. At October 31, 2019 , the interest rate on outstanding borrowings under the Revolving Credit Facility would have been 3.31% per annum. We are obligated to pay an undrawn commitment fee that is based on the average daily unused amount of the Aggregate Credit Commitment and our credit ratings and leverage ratio. Any proceeds from borrowings under the Revolving Credit Facility may be used for general corporate purposes. We and substantially all of our 100% -owned home building subsidiaries are guarantors under the Revolving Credit Facility. Under the terms of the Revolving Credit Facility, at October 31, 2019 , our maximum leverage ratio (as defined in the credit agreement) may not exceed 1.75 to 1.00, and we are required to maintain a minimum tangible net worth (as defined in the credit agreement) of no less than approximately $2.70 billion . Under the terms of the Revolving Credit Facility, at October 31, 2019 , our leverage ratio was approximately 0.50 to 1.00 and our tangible net worth was approximately $5.02 billion . Based upon the limitations related to our repurchase of common stock in the Revolving Credit Facility, our ability to repurchase our common stock was limited to approximately $3.53 billion as of October 31, 2019 . In addition, under the provisions of the Revolving Credit Facility, our ability to pay cash dividends was limited to approximately $2.32 billion as of October 31, 2019 . At October 31, 2019 , we had no outstanding borrowings under the Revolving Credit Facility and had outstanding letters of credit of approximately $177.9 million . Loans Payable – Other “Loans payable – other” primarily represent purchase money mortgages on properties we acquired that the seller had financed and various revenue bonds that were issued by government entities on our behalf to finance community infrastructure and our manufacturing facilities. Information regarding our loans payable at October 31, 2019 and 2018 , is included in the table below ($ amounts in thousands): 2019 2018 Aggregate loans payable at October 31 $ 314,577 $ 188,115 Weighted-average interest rate 4.49 % 4.68 % Interest rate range 1.26% - 7.00% 1.15% - 7.87% Loans secured by assets Carrying value of loans secured by assets $ 314,577 $ 152,281 Carrying value of assets securing loans $ 850,381 $ 467,164 The contractual maturities of “Loans payable – other” as of October 31, 2019 , ranged from two months to 27 years . Senior Notes At October 31, 2019 and 2018 , senior notes consisted of the following (amounts in thousands): 2019 2018 4.00% 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 419,876 419,876 4.375% Senior Notes due April 15, 2023 400,000 400,000 5.625% Senior Notes due January 15, 2024 250,000 250,000 4.875% Senior Notes due November 15, 2025 350,000 350,000 4.875% Senior Notes due March 15, 2027 450,000 450,000 4.35% Senior Notes due February 15, 2028 400,000 400,000 3.80% Senior Notes due November 1, 2029 400,000 — Bond discounts, premiums, and deferred issuance costs, net (9,978 ) (8,501 ) $ 2,659,898 $ 2,861,375 The senior notes are the unsecured obligations of Toll Brothers Finance Corp., our 100% -owned subsidiary. The payment of principal and interest is fully and unconditionally guaranteed, jointly and severally, by us and substantially all of our 100% -owned home building subsidiaries (together with Toll Brothers Finance Corp., the “Senior Note Parties”). The senior notes rank equally in right of payment with all the Senior Note Parties’ existing and future unsecured senior indebtedness, including the Revolving Credit Facility and the Term Loan Facility. The senior notes are structurally subordinated to the prior claims of creditors, including trade creditors, of our subsidiaries that are not guarantors of the senior notes. Each series of senior notes is redeemable in whole or in part at any time at our option, at prices that vary based upon the then-current rates of interest and the remaining original term of the senior notes to be redeemed. On October 31, 2019 , we redeemed, prior to maturity, the $250.0 million of then-outstanding principal amount of 6.75% Senior Notes due November 1, 2019 , at par, plus accrued interest. In September 2019, we issued $400.0 million aggregate principal amount of 3.80% Senior Notes due 2029. The Company received $396.4 million of net proceeds from the issuance of these senior notes. On November 30, 2018 , we redeemed, prior to maturity, the $350.0 million of then-outstanding principal amount of 4.00% Senior Notes due December 31, 2018 , at par, plus accrued interest. In January 2018, we issued $400.0 million aggregate principal amount of 4.350% Senior Notes due 2028. The Company received $396.4 million of net proceeds from the issuance of these senior notes. On September 15, 2017 , we redeemed all $287.5 million aggregate principal amount of the 0.5% Exchangeable Senior Notes for cash at a redemption price of 100% of their principal amount, plus accrued and unpaid interest. The 0.5% Exchangeable Senior Notes were exchangeable into shares of our common stock at an exchange rate of 20.3749 shares per $1,000 principal amount of notes, corresponding to an initial exchange price of approximately $49.08 per share of common stock. If all of the 0.5% Exchangeable Senior Notes were exchanged, we would have issued approximately 5.9 million shares of our common stock. Shares issuable upon conversion of the 0.5% Exchangeable Senior Notes were included in the calculation of diluted earnings per share. Mortgage Company Loan Facility In October 2017, TBI Mortgage ® Company (“TBI Mortgage”), our wholly owned mortgage subsidiary, entered into a mortgage warehousing agreement (“Warehousing Agreement”) with a bank to finance the origination of mortgage loans by TBI Mortgage. The Warehousing Agreement is accounted for as a secured borrowing under ASC 860, “Transfers and Servicing.” In December 2018, the Warehousing Agreement was amended to provide for loan purchases up to $75.0 million , subject to certain sublimits. In addition, the Warehousing Agreement, as amended, provides for an accordion feature under which TBI Mortgage may request that the aggregate commitments under the Warehousing Agreement be increased to an amount up to $150.0 million for a short period of time. Prior to the December 2018 amendment, the Warehousing Agreement was operating pursuant to the December 2017 amendment which had substantially similar terms to the December 2018 amendment. The Warehousing Agreement, as amended, expires on December 6, 2019 , and borrowings thereunder bear interest at LIBOR plus 1.90% per annum. At October 31, 2019 , the interest rate on the Warehousing Agreement was 3.68% per annum. In addition, we are subject to an under usage fee based on outstanding balances, as defined in the Warehousing Agreement. Borrowings under this facility are included in the fiscal 2020 maturities. At each of October 31, 2019 and 2018 , there was $150.0 million outstanding under the Warehousing Agreement, which are included in liabilities in our Consolidated Balance Sheets. At October 31, 2019 and 2018 , amounts outstanding under the agreement were collateralized by $208.6 million and $163.2 million , respectively, of mortgage loans held for sale, which are included in assets in our Consolidated Balance Sheets. As of October 31, 2019 , there were no aggregate outstanding purchase price limitations reducing the amount available to TBI Mortgage. There are several restrictions on purchased loans under the agreement, including that they cannot be sold to others, they cannot be pledged to anyone other than the agent, and they cannot support any other borrowing or repurchase agreements. Subsequent event In December 2019, TBI Mortgage amended the Warehousing Agreement to extend the expiration date to December 4, 2020 on substantially the same terms as the existing agreement. General As of October 31, 2019 , the annual aggregate maturities of our loans and notes during each of the next five fiscal years are as follows (amounts in thousands): Amount 2020 $ 234,096 2021 $ 52,863 2022 $ 437,818 2023 $ 421,611 2024 $ 290,745 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Oct. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses at October 31, 2019 and 2018 , consisted of the following (amounts in thousands): 2019 2018 Land, land development and construction $ 192,658 $ 213,641 Compensation and employee benefits 183,592 159,374 Escrow liability 31,587 32,543 Self-insurance 193,405 168,012 Warranty 201,886 258,831 Deferred income 51,678 42,179 Interest 31,307 40,325 Commitments to unconsolidated entities 9,283 10,553 Other 55,536 48,123 $ 950,932 $ 973,581 At the time each home is closed and title and possession are transferred to the home buyer, we record an initial accrual for expected warranty costs on that home. Our initial accrual for expected warranty costs is based upon historical warranty claim experience. Adjustments to our warranty liabilities related to homes delivered in prior periods are recorded in the period in which a change in our estimate occurs. The table below provides a reconciliation of the changes in our warranty accrual during fiscal 2019 , 2018 , and 2017 as follows (amounts in thousands): 2019 2018 2017 Balance, beginning of year $ 258,831 $ 329,278 $ 370,992 Additions - homes closed during the year 35,475 37,045 31,798 Addition - liabilities acquired 855 1,495 Increase in accruals for homes closed in prior years 6,023 6,162 6,226 Reclassification from other accruals 1,082 Charges incurred (99,298 ) (113,654 ) (82,315 ) Balance, end of year $ 201,886 $ 258,831 $ 329,278 Since fiscal 2014, we have received water intrusion claims from owners of homes built since 2002 in communities located in Pennsylvania and Delaware (which are in our Mid-Atlantic region). During fiscal 2019, we continued to receive water intrusion claims from homeowners in this region, mostly related to older homes, and we continue to perform review procedures to assess, among other things, the number of affected homes, whether repairs are likely to be required, and the extent of such repairs. Our review process, conducted quarterly, includes an analysis of many factors applicable to these communities to determine whether a claim is likely to be received and the estimated costs to resolve any such claim, including: the closing dates of the homes; the number of claims received; our inspection of homes; an estimate of the number of homes we expect to repair; the type and cost of repairs that have been performed in each community; the estimated costs to remediate pending and future claims; the expected recovery from our insurance carriers and suppliers; and the previously recorded amounts related to these claims. We also monitor legal developments relating to these types of claims and review the volume, relative merits and adjudication of claims in litigation or arbitration. As of October 31, 2019, our recorded aggregate estimated repair costs to be incurred for known and unknown water intrusion claims was $324.4 million , which was unchanged from October 31, 2018, and our recorded aggregate expected recoveries from insurance carriers and suppliers were approximately $152.6 million , which was also unchanged from October 31, 2018. Our recorded remaining estimated repair costs, which reflects a reduction for the aggregate amount expended to resolve claims, were approximately $124.6 million at October 31, 2019 and $177.6 million at October 31, 2018. Our recorded remaining expected recoveries from insurance carriers and suppliers were approximately $97.9 million at October 31, 2019 and $109.3 million at October 31, 2018. As noted above, our review process includes a number of estimates that are based on assumptions with uncertain outcomes, including, but not limited to, the number of homes to be repaired, the extent of repairs needed, the repair procedures employed, the cost of those repairs, outcomes of litigation or arbitrations, and expected recoveries from insurance carriers and suppliers. Due to the degree of judgment required in making these estimates and the inherent uncertainty in potential outcomes, it is reasonably possible that our actual costs and recoveries could differ from those recorded and such differences could be material. In addition, due to such uncertainty, we are unable to estimate the range of any such differences. With respect to our insurance receivables, disputes between homebuilders and carriers over coverage positions relating to construction defect claims are common, and resolution of claims with carriers involves the exchange of significant amounts of information and frequently involves legal action. While our primary insurance carrier has funded substantially all of the water intrusion claims that we have submitted to it to date, other insurance carriers have disputed coverage for the same claims under policies that are substantially the same. As a result, we entered arbitration proceedings during the third quarter of fiscal 2019 with these carriers. Based on the legal merits that support our pending insurance claims, review by legal counsel, our history of collecting significant amounts funded by our primary carrier under policies that are substantially the same, and the high credit ratings of our insurance carriers, we believe collection of our remaining recorded insurance receivables is probable. However, due to the complexity of the underlying claims and the variability of the other factors described above, it is reasonably possible that our actual insurance recoveries could materially differ from those recorded. Resolution of these known and unknown claims is expected to take several years. |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The following table provides a reconciliation of our effective tax rate from the federal statutory tax rate for the fiscal years ended October 31, 2019 , 2018 , and 2017 ($ amounts in thousands): 2019 2018 2017 $ %* $ %* $ %* Federal tax provision at statutory rate 165,306 21.0 217,914 23.3 285,009 35.0 State tax provision, net of federal benefit 37,898 4.8 47,073 5.0 34,656 4.3 Domestic production activities deduction — (18,168 ) (1.9 ) (12,835 ) (1.6 ) Other permanent differences 188 — (3,726 ) (0.4 ) (1,468 ) (0.2 ) Reversal of accrual for uncertain tax positions (5,348 ) (0.7 ) (4,741 ) (0.5 ) (3,981 ) (0.5 ) Accrued interest on anticipated tax assessments 453 0.1 737 0.1 984 0.1 Increase in unrecognized tax benefits 2,153 0.3 1,122 0.1 — Valuation allowance — reversed — — (32,154 ) (3.9 ) Changes in tax law (523 ) (0.1 ) (38,740 ) (4.1 ) — Excess stock compensation benefit (2,143 ) (0.3 ) (4,236 ) (0.5 ) — Other (821 ) (0.1 ) (11,470 ) (1.2 ) 8,605 1.1 Income tax provision* 197,163 25.0 185,765 19.9 278,816 34.2 * Due to rounding, amounts may not add. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted into law, which changed many longstanding foreign and domestic corporate and individual tax rules, as well as rules pertaining to the deductibility of employee compensation and benefits. The Tax Act, among other changes, reduced the corporate income tax rate from 35% to 21% and repealed the domestic production activities deduction effective for tax years beginning after December 31, 2017. For companies with a fiscal year that does not end on December 31, the change in law requires the application of a blended tax rate for the year of the change. Our blended tax rate for our fiscal year ending October 31, 2018 was 23.3% . Thereafter, the applicable statutory rate will be 21% . ASC 740, “Income Taxes” (“ASC 740”), requires all companies to reflect the effects of the new law in the period in which the law was enacted. Accordingly, we reduced the statutory tax rate applied to earnings from 35% in fiscal 2017 to 23.3% in fiscal 2018 and to 21% in fiscal 2019. In addition, we remeasured our net deferred tax liability for the tax law change, which resulted in an income tax benefit of $35.5 million in fiscal 2018. We are subject to state tax in the jurisdictions in which we operate. We estimate our state tax liability based upon the individual taxing authorities’ regulations, estimates of income by taxing jurisdiction, and our ability to utilize certain tax-saving strategies. Based on our estimate of the allocation of income or loss among the various taxing jurisdictions and changes in tax regulations and their impact on our tax strategies, we estimated that our rate for state income taxes, before federal benefit, will be 6.1% in fiscal 2019 . Our state income tax rate, before federal benefit, was 6.6% and 6.5% in fiscal 2018 and 2017 , respectively. The following table provides information regarding the provision (benefit) for income taxes for each of the fiscal years ended October 31, 2019 , 2018 , and 2017 (amounts in thousands): 2019 2018 2017 Federal $ 161,904 $ 157,836 $ 278,095 State 35,259 27,929 721 $ 197,163 $ 185,765 $ 278,816 Current $ 94,399 $ 207,695 $ 93,106 Deferred 102,764 (21,930 ) 185,710 $ 197,163 $ 185,765 $ 278,816 The components of income taxes payable at October 31, 2019 and 2018 are set forth below (amounts in thousands): 2019 2018 Current $ 7,897 $ 28,804 Deferred 95,074 2,155 $ 102,971 $ 30,959 The following table provides a reconciliation of the change in the unrecognized tax benefits for the years ended October 31, 2019 , 2018 , and 2017 (amounts in thousands): 2019 2018 2017 Balance, beginning of year $ 12,222 $ 16,993 $ 30,272 Increase in benefit as a result of tax positions taken in prior years 2,148 2,140 1,575 Increase in benefit as a result of tax positions taken in current year 1,126 949 431 Decrease in benefit as a result of settlements (2,670 ) (4,707 ) (9,174 ) Decrease in benefit as a result of lapse of statute of limitations (4,929 ) (3,153 ) (6,111 ) Balance, end of year $ 7,897 $ 12,222 $ 16,993 The statute of limitations has expired on our federal tax returns for fiscal years through 2015. Our unrecognized tax benefits are included in the current portion of “Income taxes payable” on our Consolidated Balance Sheets. If these unrecognized tax benefits reverse in the future, they would have a beneficial impact on our effective tax rate at that time. During the next 12 months, it is reasonably possible that the amount of unrecognized tax benefits will change, but we are not able to provide a range of such change. The anticipated changes will be principally due to the expiration of tax statutes, settlements with taxing jurisdictions, increases due to new tax positions taken, and the accrual of estimated interest and penalties. The amounts accrued for interest and penalties are included in the current portion of “Income taxes payable” on our Consolidated Balance Sheets. The following table provides information as to the amounts recognized in our tax provision, before reduction for applicable taxes and reversal of previously accrued interest and penalties, of potential interest and penalties in the fiscal years ended October 31, 2019 , 2018 , and 2017 , and the amounts accrued for potential interest and penalties at October 31, 2019 and 2018 (amounts in thousands): Expense recognized in the Consolidated Statements of Operations and Comprehensive Income Fiscal year 2019 $ 593 2018 $ 1,152 2017 $ 1,513 Accrued at: October 31, 2019 $ 1,169 October 31, 2018 $ 2,115 The components of net deferred tax assets and liabilities at October 31, 2019 and 2018 are set forth below (amounts in thousands): 2019 2018 Deferred tax assets: Accrued expenses $ 54,162 $ 54,531 Impairment charges 43,583 51,124 Inventory valuation differences 55,313 42,765 Stock-based compensation expense 23,928 27,949 Amounts related to unrecognized tax benefits 311 1,197 State tax, net operating loss carryforwards 67,718 73,288 Other 18 125 Total assets 245,033 250,979 Deferred tax liabilities: Capitalized interest 44,196 43,982 Deferred income 277,005 181,839 Expenses taken for tax purposes not for book 3,571 5,477 Depreciation 5,024 6,877 Deferred marketing 10,311 14,959 Total liabilities 340,107 253,134 Net deferred tax liabilities (95,074 ) (2,155 ) In accordance with GAAP, we assess whether a valuation allowance should be established based on our determination of whether it is more-likely-than-not that some portion or all of the deferred tax assets would not be realized. At October 31, 2019 and 2018 , we determined that it was more-likely-than-not that our deferred tax assets would be realized. Accordingly, at October 31, 2019 and 2018 , we did not have valuation allowances recorded against our federal or state deferred tax assets. During fiscal 2017, due to improved operating results, we reversed $32.2 million of state deferred tax asset valuation allowances. We file tax returns in the various states in which we do business. Each state has its own statutes regarding the use of tax loss carryforwards. Some of the states in which we do business do not allow for the carryforward of losses, while others allow for carryforwards for 5 years to 20 years . |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Oct. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stock Issuance and Stock Repurchase Program | Stockholders’ Equity Our authorized capital stock consists of 400 million shares of common stock, $0.01 par value per share (“common stock”), and 15 million shares of preferred stock, $0.01 par value per share. At October 31, 2019 , we had 140.9 million shares of common stock issued and outstanding, 6.7 million shares of common stock reserved for outstanding stock options and restricted stock units, 7.7 million shares of common stock reserved for future stock option and award issuances, and 407,000 shares of common stock reserved for issuance under our employee stock purchase plan. As of October 31, 2019 , no shares of preferred stock have been issued. Cash Dividends On February 21, 2017, our Board of Directors approved the initiation of quarterly cash dividends to shareholders. During the fiscal years ended October 31, 2019 and October 31, 2018 , we declared and paid aggregate cash dividends of $0.44 and $0.41 per share, respectively, to our shareholders. Subsequent to October 31, 2019 , we declared a quarterly cash dividend of $0.11 per share which will be paid on January 24, 2020 to shareholders of record on the close of business on January 10, 2020. Stock Repurchase Program In each year since fiscal 2017 , our Board of Directors has renewed its authorization to repurchase up to 20 million shares of our common stock in open market transactions, privately negotiated transactions (including accelerated share repurchases), issuer tender offers or other financial arrangements or transactions for general corporate purposes, including to obtain shares for the Company’s equity award and other employee benefit plans. Most recently, on December 11, 2019, our Board of Directors authorized the repurchase of 20 million shares of our common stock and terminated, effective the same date, the existing authorization that had been in effect since December 12, 2018. The Board of Directors did not fix any expiration date for this repurchase program. The following table provides information about the share repurchase programs for the fiscal years ended October 31, 2019 , 2018 , and 2017 : 2019 2018 2017 Number of shares purchased (in thousands) 6,619 12,108 7,694 Average price per share $ 35.28 $ 41.56 $ 37.81 Remaining authorization at October 31 (in thousands) 13,953 10,989 8,144 Subsequent to October 31, 2019 , we repurchased approximately 3.6 million shares of our common stock at an average price of $39.58 per share, substantially all of which were purchased under the repurchase program authorized by our Board of Directors on December 11, 2019. Transfer Restriction On March 17, 2010 , our Board of Directors adopted a Certificate of Amendment to the Second Restated Certificate of Incorporation of the Company (the “Certificate of Amendment”). The Certificate of Amendment includes an amendment approved by our stockholders at the 2010 Annual Meeting of Stockholders that restricts certain transfers of our common stock. The Certificate of Amendment’s transfer restrictions generally restrict any direct or indirect transfer of our common stock if the effect would be to increase the direct or indirect ownership of any Person (as defined in the Certificate of Amendment) from less than 4.95% to 4.95% or more of our common stock or increase the ownership percentage of a Person owning or deemed to own 4.95% or more of our common stock. Any direct or indirect transfer attempted in violation of this restriction would be void as of the date of the prohibited transfer as to the purported transferee. |
Stock-Based Benefit Plans
Stock-Based Benefit Plans | 12 Months Ended |
Oct. 31, 2019 | |
Stock-Based Benefit Plans [Abstract] | |
Stock-Based Benefit Plans | Stock-Based Benefit Plans We grant stock options, restricted stock, and various types of restricted stock units to our employees and our nonemployee directors under our stock incentive plans. On March 12, 2019, shareholders approved the Toll Brothers, Inc. 2019 Omnibus Incentive Plan (the “Omnibus Plan”), which, succeeded the Toll Brothers, Inc. Stock Incentive Plan for Employees (2014) and the Toll Brothers, Inc. Stock Incentive Plan for Non-Executive Directors (2016) with respect to prospective equity awards, and no additional equity awards may be granted under such prior plans. As a result, the Omnibus Plan is the sole plan that new equity awards may be granted to employees (including executive officers), directors and other eligible participants under the plan. The Omnibus Plan provides for the granting of incentive stock options (solely to employees) and nonqualified stock options with a term of up to 10 years at a price not less than the market price of the stock at the date of grant. The Omnibus Plan also provide for the issuance of stock appreciation rights and restricted and unrestricted stock awards and stock units, which may be performance-based. At October 31, 2019 , 2018 , and 2017 , we had 7.7 million ; 5.1 million ; and 5.8 million shares, respectively, available for grant under the Omnibus Plan. Prior to the adoption of the Omnibus Plan, the Company had granted equity awards under four separate stock incentive plans for employees, officers, and directors with respect to which equity awards remained outstanding as of October 31, 2019 . No additional equity awards may be granted under these plans. Stock options granted under these plans were made with a term of up to 10 years at a price not less than the market price of the stock at the date of grant. Stock options and restricted stock units granted under these plans generally vested over a four-year period for employees and a two-year period for nonemployee directors. The following table provides information regarding the amount of total stock-based compensation expense recognized by us for fiscal 2019 , 2018 , and 2017 (amounts in thousands): 2019 2018 2017 Total stock-based compensation expense recognized $ 26,180 $ 28,312 $ 28,466 Income tax benefit recognized $ 6,749 $ 7,902 $ 11,125 At October 31, 2019 , 2018 , and 2017 , the aggregate unamortized value of outstanding stock-based compensation awards was approximately $18.7 million , $20.9 million , and $24.2 million , respectively. Information about our more significant stock-based compensation programs is outlined below. Stock Options: Stock options granted to employees generally vest over a four-year period, although certain grants may vest over a longer or shorter period. Stock options granted to nonemployee directors generally vest over a two-year period. Shares issued upon the exercise of a stock option are either from shares held in treasury or newly issued shares. The fair value of each option award is estimated on the date of grant using a lattice-based option valuation model that uses ranges of assumptions noted in the following table. Expected volatilities were based on implied volatilities from traded options on our stock, historical volatility of our stock, and other factors. The expected lives of options granted were derived from the historical exercise patterns and anticipated future patterns and represent the period of time that options granted are expected to be outstanding. The ranges set forth below result from certain groups of employees exhibiting different behaviors. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The following table summarizes the weighted-average assumptions and fair value used for stock option grants in each of the fiscal years ended October 31, 2019 , 2018 , and 2017 : 2019 2018 2017 Expected volatility 28.61% - 31.34% 27.66% - 31.83% 29.93% - 41.05% Weighted-average volatility 30.46% 30.33% 34.72% Risk-free interest rate 2.65% - 2.76% 2.17% - 2.35% 1.96% - 2.52% Expected life (years) 4.63 - 8.50 5.00 - 8.50 4.60 - 9.24 Dividends 1.36% 0.67% none Weighted-average fair value per share of options granted $10.22 $16.09 $12.16 The fair value of stock option grants is recognized evenly over the vesting period of the options or over the period between the grant date and the time the option becomes nonforfeitable by the employee, whichever is shorter. Information regarding the stock compensation expense related to stock options for fiscal 2019 , 2018 and 2017 was as follows (amounts in thousands): 2019 2018 2017 Stock compensation expense recognized - options $ 5,181 $ 7,497 $ 10,337 At October 31, 2019 , total compensation cost related to nonvested stock option awards not yet recognized was approximately $4.7 million , and the weighted-average period over which we expect to recognize such compensation costs was approximately 1.2 years . The following table summarizes stock option activity for our plans during each of the fiscal years ended October 31, 2019 , 2018 , and 2017 (amounts in thousands, except per share amounts): 2019 2018 2017 Number of options Weighted- average exercise price Number of options Weighted- average exercise price Number of options Weighted- average exercise price Balance, beginning 5,503 $ 28.84 6,120 $ 27.60 8,514 $ 26.36 Granted 344 32.42 210 47.84 595 31.61 Exercised (1,044 ) 21.87 (797 ) 24.16 (2,863 ) 24.54 Canceled (23 ) 34.47 (30 ) 33.08 (126 ) 32.10 Balance, ending 4,780 $ 30.59 5,503 $ 28.84 6,120 $ 27.60 Options exercisable, at October 31, 3,799 $ 29.52 4,231 $ 27.03 4,266 $ 25.42 The weighted average remaining contractual life (in years) for options outstanding and exercisable at October 31, 2019 , was 4.8 and 4.0 , respectively. The intrinsic value of options outstanding and exercisable is the difference between the fair market value of our common stock on the applicable date (“Measurement Value”) and the exercise price of those options that had an exercise price that was less than the Measurement Value. The intrinsic value of options exercised is the difference between the fair market value of our common stock on the date of exercise and the exercise price. The following table provides information pertaining to the intrinsic value of options outstanding and exercisable at October 31, 2019 , 2018 , and 2017 (amounts in thousands): 2019 2018 2017 Intrinsic value of options outstanding $ 45,551 $ 30,477 $ 112,886 Intrinsic value of options exercisable $ 39,350 $ 29,010 $ 87,978 Information pertaining to the intrinsic value of options exercised and the fair market value of options that became vested or modified in each of the fiscal years ended October 31, 2019 , 2018 , and 2017 , is provided below (amounts in thousands): 2019 2018 2017 Intrinsic value of options exercised $ 16,491 $ 18,165 $ 32,951 Fair market value of options vested $ 7,723 $ 10,007 $ 10,897 Our stock option plans permit optionees to exercise stock options using a “net exercise” method at the discretion of the Executive Compensation Committee of the Board of Directors (“Executive Compensation Committee”). In a net exercise, we withhold from the total number of shares that otherwise would be issued to an optionee upon exercise of the stock option that number of shares having a fair market value at the time of exercise equal to the option exercise price and applicable minimum income tax withholdings and remit the remaining shares to the optionee. In fiscal 2018, the net exercise method was not utilized to exercise options. The following table provides information regarding the use of the net exercise method for fiscal 2019 and 2017 : 2019 2017 Options exercised 33,250 15,000 Shares withheld 21,842 14,472 Shares issued 11,408 528 Average fair market value per share withheld $ 33.03 $ 32.98 Aggregate fair market value of shares withheld (in thousands) $ 721 $ 477 Performance-Based Restricted Stock Units: In fiscal 2019 , 2018 , and 2017 , the Executive Compensation Committee approved awards of performance-based restricted stock units (“Performance-Based RSUs”) relating to shares of our common stock to certain members of our senior management. The number of shares earned for Performance-Based RSUs are based on the attainment of certain operational performance metrics approved by the Executive Compensation Committee in the year of grant. The number of shares underlying the Performance-Based RSUs that may be issued to the recipients ranges from, 0% to 150% for grants awarded in fiscal 2019 and 0% to 110% for grants awarded in fiscal 2018 and prior, of the base award depending on actual achievement as compared to the target performance goals. Shares earned based on actual performance generally vest pro-rata over a four-year period provided the recipients continue to be employed by us as specified in the award document. The value of the Performance-Based RSUs was determined to be equal to the estimated number of shares of our common stock to be issued multiplied by the closing price of our common stock on the New York Stock Exchange (“NYSE”) on the date the Performance-Based RSU awards were approved by the Executive Compensation Committee (“Valuation Date”). We evaluate the performance goals quarterly and estimate the number of shares underlying the Performance-Based RSUs that are probable of being issued. The following table provides information regarding the issuance, valuation assumptions, and amortization of the Performance-Based RSUs issued in fiscal 2019 , 2018 , and 2017 : 2019 2018 2017 Number of shares underlying Performance-Based RSUs to be issued 158,721 135,554 168,417 Aggregate number of Performance-Based RSUs outstanding at October 31 645,538 786,857 940,117 Closing price of our common stock on Valuation Date $ 34.86 $ 47.84 $ 31.61 Aggregate grant date fair value of Performance-Based RSUs issued (in thousands) $ 5,533 $ 6,485 $ 5,324 Performance-Based RSU expense recognized (in thousands) $ 5,514 $ 6,949 $ 7,031 Unamortized value of Performance-Based RSUs at October 31 (in thousands) $ 3,431 $ 3,824 $ 4,599 Shares earned with respect to Performance-Based RSUs issued in December 2012, 2013, and 2014 were delivered in fiscal 2017, 2018, and 2019, respectively. The recipients of these Performance-Based RSUs elected to use a portion of the shares underlying the Performance-Based RSUs to pay the required income withholding taxes on the payout. In fiscal 2019, the gross value of the payout was $9.7 million ( 300,040 shares), the minimum income tax withholding was $4.0 million ( 123,409 shares) and the net value of the shares delivered was $5.7 million ( 176,631 shares). In fiscal 2018, the gross value of the payout was $13.7 million ( 288,814 shares), the minimum income tax withholding was $6.0 million ( 126,330 shares) and the net value of the shares delivered was $7.7 million ( 162,484 shares). In fiscal 2017, the gross value of the payout was $9.6 million ( 302,514 shares), the minimum income tax withholding was $4.2 million ( 133,098 shares) and the net value of the shares delivered was $5.4 million ( 169,416 shares). Total Shareholder Return Restricted Stock Units: In fiscal 2019 , 2018 , and 2017 , the Executive Compensation Committee approved awards of relative total shareholder return performance-based restricted stock units (“TSR RSUs”) relating to 48,710 , 39,411 and 46,361 target shares, respectively, of our common stock to certain members of our senior management. Shares underlying the TSR RSUs granted are earned by comparing our total shareholder return during specified performance periods to the total shareholder returns of companies in a performance peer group as defined in the award document. The specified performance periods are as follows: Performance Period Target Number of TSR RSUs issued Fiscal 2019 November 1, 2018 to October 31, 2021 48,710 Fiscal 2018 November 1, 2017 to October 31, 2020 39,411 Fiscal 2017 November 1, 2016 to October 31, 2019 46,361 The TSR RSUs generally vest at the end of a 3 -year period provided the recipients continue to be employed by us as specified in the award document. Based upon our ranking in the performance peer group, the recipient of the TSR RSUs may earn a total award ranging from 0% to 150% for awards granted in fiscal 2019 and 0% to 200% for awards granted in fiscal 2018 and prior, of the target number of TSR RSUs granted. In fiscal 2019, recipients of the fiscal 2017 TSR RSUs earned 0% of the target based on total shareholder return ranking in the performance peer group during the three-year period ending October 31, 2019 . In fiscal 2018, recipients earned 76.81% of the 52,679 target TSR RSUs awarded in fiscal 2016 based upon our total shareholder return ranking in the performance peer group during the three-year period ended October 31, 2018. In fiscal 2017, recipients of earned 83.05% of the 57,230 target TSR RSUs awarded in fiscal 2016 based upon our total shareholder return ranking in the performance peer group during the two-year period ended October 31, 2017. We estimated the fair value of the TSR RSUs at the grant date using a Monte Carlo simulation. The following table summarizes the assumptions used in the Monte Carlo simulation and the fair value per share of the TSR RSUs granted in fiscal 2019 , 2018 , and 2017 : 2019 2018 2017 Weighted-average volatility 29.06% 26.58% 26.91% Risk-free interest rate 2.64% 1.92% 1.52% Dividends none none none Weighted-average fair value per share of TSR RSUs $36.46 $52.62 $39.21 The length of each performance period was used as the expected term in the simulation for each respective tranche. The following table provides information on expense recognized and the unamortized value of our TSR RSUs for fiscal 2019 , 2018 , and 2017 (amounts in thousands): 2019 2018 2017 TSR RSUs expense recognized $ 1,673 $ 2,502 $ 3,400 Unamortized value of TSR RSUs at October 31 $ 1,875 $ 1,773 $ 2,200 Our stock incentive plans permit us to withhold from the total number of shares that otherwise would be issued to a TSR RSU recipient upon distribution that number of shares having a fair value at the time of distribution equal to the applicable income tax withholdings due and remit the remaining shares to the restricted stock unit recipient. The following table provides information regarding the number of shares withheld, the income tax withholding due, and the remaining shares issued to the recipients for fiscal 2019 and 2018 : 2019 2018 Number of shares withheld 16,643 13,974 Income tax withholdings due $ 537,902 $ 470,364 Remaining shares issued to the recipients 23,817 33,553 Time-Based Restricted Stock Units: In fiscal 2019 , 2018 , and 2017 , we issued time-based restricted stock units (“RSUs”) to various officers, employees, and nonemployee directors. These RSUs generally vest in annual installments over a two- to four-year period. The value of the RSUs was determined to be equal to the number of shares of our common stock underlying the RSUs multiplied by the closing price of our common stock on the NYSE on the date the RSUs were awarded. The following table provides information regarding these RSUs for fiscal 2019 , 2018 , and 2017 : 2019 2018 2017 Time-Based RSUs issued: Number of RSUs issued 449,380 296,790 377,564 Weighted average closing price per share of our common stock on date of issuance $ 33.04 $ 47.84 $ 31.61 Aggregate fair value of RSUs issued (in thousands) $ 14,848 $ 14,198 $ 11,935 Time-Based RSU expense recognized (in thousands): $ 13,627 $ 11,193 $ 7,572 2019 2018 2017 At October 31: Aggregate number of Time-Based RSUs outstanding 1,137,936 850,853 673,224 Cumulative unamortized value of Time-Based RSUs (in thousands) $ 8,694 $ 8,818 $ 6,783 Our stock incentive plans permit us to withhold from the total number of shares that otherwise would be issued to a restricted stock unit recipient upon distribution that number of shares having a fair value at the time of distribution equal to the applicable income tax withholdings due and remit the remaining shares to the restricted stock unit recipient. The following table provides information regarding the number of shares withheld, the income tax withholding due, and the remaining shares issued to the recipients for fiscal 2019 , 2018 , and 2017 : 2019 2018 2017 Number of shares withheld 29,681 23,289 20,400 Income tax withholdings due $ 1,042 $ 1,145 $ 664,300 Remaining shares issued to the recipients 82,795 58,552 52,757 Employee Stock Purchase Plan Our employee stock purchase plan enables substantially all employees to purchase our common stock at 95% of the market price of the stock on specified offering dates without restriction or at 85% of the market price of the stock on specified offering dates subject to restrictions. The plan, which terminates in December 2027, provides that 500,000 shares be reserved for purchase. At October 31, 2019 , 407,000 shares were available for issuance. The following table provides information regarding our employee stock purchase plan for fiscal 2019 , 2018 , and 2017 : 2019 2018 2017 Shares issued 41,744 35,471 33,314 Average price per share $ 31.80 $ 34.08 $ 32.25 Compensation expense recognized (in thousands) $ 184 $ 171 $ 147 |
Earnings Per Share Information
Earnings Per Share Information | 12 Months Ended |
Oct. 31, 2019 | |
Earnings Per Share [Abstract] | |
Income per Share Information | Earnings Per Share Information Information pertaining to the calculation of earnings per share for each of the fiscal years ended October 31, 2019 , 2018 , and 2017 , is as follows (amounts in thousands): 2019 2018 2017 Numerator: Net income as reported $ 590,007 $ 748,151 $ 535,495 Plus: Interest and costs attributable to 0.5% Exchangeable Senior Notes, net of income tax benefit (a) 1,434 Numerator for diluted earnings per share $ 590,007 $ 748,151 $ 536,929 Denominator: Basic weighted-average shares 145,008 151,984 162,222 Common stock equivalents (b) 1,493 2,217 2,147 Shares attributable to 0.5% Exchangeable Senior Notes (a) 5,118 Diluted weighted-average shares 146,501 154,201 169,487 Other information: Weighted-average number of antidilutive options and restricted stock units (c) 1,156 813 1,966 Shares issued under stock incentive and employee stock purchase plans 1,394 1,066 3,116 (a) On September 15, 2017, we redeemed these notes. (b) Common stock equivalents represent the dilutive effect of outstanding in-the-money stock options using the treasury stock method and shares expected to be issued under our restricted stock units programs. (c) Weighted-average number of antidilutive options and restricted stock units are based upon the average of the average quarterly closing prices of our common stock on the NYSE for the year. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Oct. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures Financial Instruments A summary of assets and (liabilities) at October 31, 2019 and 2018 , related to our financial instruments, measured at fair value on a recurring basis, is set forth below (amounts in thousands): Fair value Financial Instrument Fair value hierarchy October 31, 2019 October 31, 2018 Residential Mortgage Loans Held for Sale Level 2 $ 218,777 $ 170,731 Forward Loan Commitments – Residential Mortgage Loans Held for Sale Level 2 $ 298 $ 1,750 Interest Rate Lock Commitments (“IRLCs”) Level 2 $ 964 $ (4,366 ) Forward Loan Commitments – IRLCs Level 2 $ (964 ) $ 4,366 At October 31, 2019 and 2018 , the carrying value of cash and cash equivalents and customer deposits held in escrow approximated fair value. Mortgage Loans Held for Sale At the end of the reporting period, we determine the fair value of our mortgage loans held for sale and the forward loan commitments we have entered into as a hedge against the interest rate risk of our mortgage loans and commitments using the market approach to determine fair value. The evaluation is based on the current market pricing of mortgage loans with similar terms and values as of the reporting date and the application of such pricing to the mortgage loan portfolio. We recognize the difference between the fair value and the unpaid principal balance of mortgage loans held for sale as a gain or loss. In addition, we recognize the fair value of our forward loan commitments as a gain or loss. These gains and losses are included in “Other income – net” in our Consolidated Statements of Operations and Comprehensive Income. Interest income on mortgage loans held for sale is calculated based upon the stated interest rate of each loan and is also included in “Other income – net.” The table below provides, for the periods indicated, the aggregate unpaid principal and fair value of mortgage loans held for sale as of the date indicated (amounts in thousands): At October 31, Aggregate unpaid principal balance Fair value Excess 2019 $ 216,280 $ 218,777 $ 2,497 2018 $ 170,728 $ 170,731 $ 3 IRLCs represent individual borrower agreements that commit us to lend at a specified price for a specified period as long as there is no violation of any condition established in the commitment contract. These commitments have varying degrees of interest rate risk. We utilize best-efforts forward loan commitments (“Forward Commitments”) to hedge the interest rate risk of the IRLCs and residential mortgage loans held for sale. Forward Commitments represent contracts with third-party investors for the future delivery of loans whereby we agree to make delivery at a specified future date at a specified price. The IRLCs and Forward Commitments are considered derivative financial instruments under ASC 815, “Derivatives and Hedging,” which requires derivative financial instruments to be recorded at fair value. We estimate the fair value of such commitments based on the estimated fair value of the underlying mortgage loan and, in the case of IRLCs, the probability that the mortgage loan will fund within the terms of the IRLC. The fair values of IRLCs and forward loan commitments are included in either “Receivables, prepaid expenses and other assets” or “Accrued expenses” in our Consolidated Balance Sheets, as appropriate. To manage the risk of non-performance of investors regarding the Forward Commitments, we assess the creditworthiness of the investors on a periodic basis. Inventory We recognize inventory impairment charges based on the difference in the carrying value of the inventory and its fair value at the time of the evaluation. The fair value of the aforementioned inventory was determined using Level 3 criteria. Estimated fair value is primarily determined by discounting the estimated future cash flow of each community. See Note 1, “Significant Accounting Policies - Inventory,” for additional information regarding our methodology on determining fair value. As further discussed in Note 1, determining the fair value of a community’s inventory involves a number of variables, many of which are interrelated. If we used a different input for any of the various unobservable inputs used in our impairment analysis, the results of the analysis may have been different, absent any other changes. The table below summarizes, for the periods indicated, the ranges of certain quantitative unobservable inputs utilized in determining the fair value of impaired communities: Three months ended: Selling price per unit ($ in thousands) Sales pace per year (in units) Discount rate Fiscal 2019: January 31 836 - 13,495 2 - 12 12.5% - 15.8% April 30 372 - 1,915 2 - 19 12.0% - 26.0% July 31 530 - 1,113 2 - 9 7.8% - 13% October 31 478 - 857 2 - 5 13.8% - 14.5% Fiscal 2018: January 31 381 - 1,029 7 - 10 13.8% - 19.0% April 30 485 - 522 10 - 16 16.9% July 31(1) – – – October 31 470 - 1071 4 - 23 13.5% - 16.3% (1) The impairment charges recognized were related to our decisions to sell lots in a bulk sale in certain communities rather than sell and construct homes as previously intended. The sale price per lot used in the fair value determination for these bulk sales ranged from $10,000 to $155,000 . The table below provides, for the periods indicated, the number of operating communities that we reviewed for potential impairment, the number of operating communities in which we recognized impairment charges, the amount of impairment charges recognized, and, as of the end of the period indicated, the fair value of those communities, net of impairment charges ($ amounts in thousands): Impaired operating communities Three months ended: Number of Number of communities Fair value of Impairment charges recognized Fiscal 2019: January 31 49 5 $ 37,282 $ 5,785 April 30 64 6 $ 36,159 17,495 July 31 69 3 $ 5,436 1,100 October 31 71 7 $ 18,910 6,695 $ 31,075 Fiscal 2018: January 31 64 5 $ 13,318 $ 3,736 April 30 65 4 $ 21,811 13,325 July 31 55 5 $ 43,063 9,065 October 31 43 6 $ 24,692 4,025 $ 30,151 Fiscal 2017: January 31 57 2 $ 8,372 $ 4,000 April 30 46 6 $ 25,092 2,935 July 31 53 4 $ 5,965 1,360 October 31 51 1 $ 6,982 1,500 $ 9,795 Debt The table below provides, as of the dates indicated, the book value and estimated fair value of our debt at October 31, 2019 and 2018 (amounts in thousands): 2019 2018 Fair value hierarchy Book value Estimated fair value Book value Estimated fair value Loans payable (a) Level 2 $ 1,114,577 $ 1,112,040 $ 688,115 $ 687,974 Senior notes (b) Level 1 2,669,876 2,823,043 2,869,876 2,779,270 Mortgage company loan facility (c) Level 2 150,000 150,000 150,000 150,000 $ 3,934,453 $ 4,085,083 $ 3,707,991 $ 3,617,244 (a) The estimated fair value of loans payable was based upon contractual cash flows discounted at interest rates that we believed were available to us for loans with similar terms and remaining maturities as of the applicable valuation date. (b) The estimated fair value of our senior notes is based upon their market prices as of the applicable valuation date. (c) We believe that the carrying value of our mortgage company loan borrowings approximates their fair value. |
Employee Retirement and Deferre
Employee Retirement and Deferred Compensation Plans | 12 Months Ended |
Oct. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure | Employee Retirement and Deferred Compensation Plans Salary Deferral Savings Plans We maintain salary deferral savings plans covering substantially all employees. We recognized an expense, net of plan forfeitures, with respect to the plans of $14.1 million , $12.6 million , and $12.3 million for the fiscal years ended October 31, 2019 , 2018 , and 2017 , respectively. Deferred Compensation Plan We have an unfunded, nonqualified deferred compensation plan that permits eligible employees to defer a portion of their compensation. The deferred compensation, together with certain of our contributions, earns various rates of return depending upon when the compensation was deferred. A portion of the deferred compensation and interest earned may be forfeited by a participant if he or she elects to withdraw the compensation prior to the end of the deferral period. We accrued $31.1 million and $27.0 million at October 31, 2019 and 2018 , respectively, for our obligations under the plan. Defined Benefit Retirement Plans We have two unfunded defined benefit retirement plans. Retirement benefits generally vest when the participant reaches normal retirement age. Such age was reduced from age 62 to age 58 in fiscal 2019. Unrecognized prior service costs are being amortized over the period from the date participants enter the plans until their interests are fully vested. We used a 2.61% , 4.06% , and 3.19% discount rate in our calculation of the present value of our projected benefit obligations at October 31, 2019 , 2018 , and 2017 , respectively. The rates represent the approximate long-term investment rate at October 31 of the fiscal year for which the present value was calculated. Information related to the plans is based on actuarial information calculated as of October 31, 2019 , 2018 and 2017 . Information related to our retirement plans for each of the fiscal years ended October 31, 2019 , 2018 , and 2017 , is as follows (amounts in thousands): 2019 2018 2017 Plan costs: Service cost $ 403 $ 568 $ 619 Interest cost 1,416 1,198 1,142 Amortization of prior service cost 506 936 969 Amortization of unrecognized losses — 17 137 $ 2,325 $ 2,719 $ 2,867 Projected benefit obligation: Beginning of year $ 35,515 $ 38,222 $ 38,980 Plan amendments adopted during year 4,956 Service cost 403 568 619 Interest cost 1,416 1,198 1,142 Benefit payments (1,358 ) (1,358 ) (1,318 ) Change in unrecognized gain/loss 4,138 (3,115 ) (1,201 ) Projected benefit obligation, end of year $ 45,070 $ 35,515 $ 38,222 Unamortized prior service cost: Beginning of year $ 870 $ 1,806 $ 2,775 Plan amendments adopted during year 4,956 Amortization of prior service cost (506 ) (936 ) (969 ) Unamortized prior service cost, end of year $ 5,320 $ 870 $ 1,806 Accumulated unrecognized (loss) gain, October 31 $ (2,567 ) $ 1,571 $ (1,560 ) Accumulated benefit obligation, October 31 $ 45,070 $ 35,515 $ 38,222 Accrued benefit obligation, October 31 $ 45,070 $ 35,515 $ 38,222 The accrued benefit obligation is included in accrued expenses on our Consolidated Balance Sheets. The table below provides, based upon the estimated retirement dates of the participants in the retirement plans, the amounts of benefits we would be required to pay in each of the next five fiscal years and for the five fiscal years ended October 31, 2029 in the aggregate (in thousands): Year ending October 31, Amount 2020 $ 1,687 2021 $ 2,526 2022 $ 2,785 2023 $ 3,046 2024 $ 3,077 November 1, 2024 – October 31, 2029 $ 16,878 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Oct. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss and Total Comprehensive Income (Loss) | Accumulated Other Comprehensive (Loss) Income Accumulated other comprehensive (loss) income was primarily related to employee retirement plans. The tables below provide, for the fiscal years ended October 31, 2019 , 2018 and 2017 , the components of accumulated other comprehensive (loss) income (amounts in thousands): 2019 2018 2017 Balance, beginning of period $ 694 $ (1,910 ) $ (3,336 ) Other comprehensive (loss) income before reclassifications (9,094 ) 3,115 1,201 Gross amounts reclassified from accumulated other comprehensive income 304 953 1,105 Income tax benefit (expense) 2,265 (1,142 ) (880 ) Other comprehensive (loss) income, net of tax (6,525 ) 2,926 1,426 Adoption of ASU 2018-02 — (322 ) Balance, end of period $ (5,831 ) $ 694 $ (1,910 ) During the first quarter of fiscal 2018, we elected to reclassify the stranded tax effects resulting from the Tax Act related to employee retirement plans from accumulated other comprehensive income to retained earnings. See Note 1, “Significant Accounting Polices,” for additional information regarding the adoption of ASU 2018-02. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Oct. 31, 2019 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings We are involved in various claims and litigation arising principally in the ordinary course of business. We believe that adequate provision for resolution of all current claims and pending litigation has been made and that the disposition of these matters will not have a material adverse effect on our results of operations and liquidity or on our financial condition. In March 2018, the Pennsylvania Attorney General informed the Company that it was conducting a review of our construction of stucco homes in Pennsylvania after January 1, 2005 and requested that we voluntarily produce documents and information. The Company has produced documents and information in response to this request and, in addition, has produced requested information and documents in response to a subpoena issued in the second quarter of fiscal 2019. Management cannot at this time predict the eventual scope or outcome of this matter. Land Purchase Commitments Generally, our agreements to acquire land parcels do not require us to purchase those land parcels, although we, in some cases, forfeit any deposit balance outstanding if and when we terminate an agreement. If market conditions are weak, approvals needed to develop the land are uncertain, or other factors exist that make the purchase undesirable, we may choose not to acquire the land. Whether a purchase agreement is legally terminated or not, we review the amount recorded for the land parcel subject to the purchase agreement to determine whether the amount is recoverable. While we may not have formally terminated the purchase agreements for those land parcels that we do not expect to acquire, we write off any nonrefundable deposits and costs previously capitalized to such land parcels in the periods that we determine such costs are not recoverable. Information regarding our land purchase commitments at October 31, 2019 and 2018 , is provided in the table below (amounts in thousands): 2019 2018 Aggregate purchase commitments: Unrelated parties $ 2,349,900 $ 2,404,660 Unconsolidated entities that the Company has investments in 10,826 128,235 Total $ 2,360,726 $ 2,532,895 Deposits against aggregate purchase commitments $ 168,778 $ 168,421 Credits to be received from unconsolidated entities 79,168 Additional cash required to acquire land 2,191,948 2,285,306 Total $ 2,360,726 $ 2,532,895 Amount of additional cash required to acquire land included in accrued expenses $ 14,620 $ 40,103 In addition, we expect to purchase approximately 2,500 additional home sites over a number of years from several joint ventures in which we have investments; the purchase prices of these home sites will be determined at a future date. At October 31, 2019 , we also had purchase commitments to acquire land for apartment developments of approximately $280.2 million , of which we had outstanding deposits in the amount of $13.7 million . We have additional land parcels under option that have been excluded from the aforementioned aggregate purchase amounts since we do not believe that we will complete the purchase of these land parcels and no additional funds will be required from us to terminate these contracts. Investments in Unconsolidated Entities At October 31, 2019 , we had investments in a number of unconsolidated entities, were committed to invest or advance additional funds, and had guaranteed a portion of the indebtedness and/or loan commitments of these entities. See Note 4, “Investments in Unconsolidated Entities,” for more information regarding our commitments to these entities. Surety Bonds and Letters of Credit At October 31, 2019 , we had outstanding surety bonds amounting to $777.2 million , primarily related to our obligations to governmental entities to construct improvements in our communities. We estimate that $402.6 million of work remains on these improvements. We have an additional $179.7 million of surety bonds outstanding that guarantee other obligations. We do not believe it is probable that any outstanding bonds will be drawn upon. At October 31, 2019 , we had outstanding letters of credit of $177.9 million under our Revolving Credit Facility. These letters of credit were issued to secure our various financial obligations, including insurance policy deductibles and other claims, land deposits, and security to complete improvements in communities in which we are operating. We do not believe that it is probable that any outstanding letters of credit will be drawn upon. Backlog At October 31, 2019 , we had agreements of sale outstanding to deliver 6,266 homes with an aggregate sales value of $5.26 billion . Mortgage Commitments Our mortgage subsidiary provides mortgage financing for a portion of our home closings. For those home buyers to whom our mortgage subsidiary provides mortgages, we determine whether the home buyer qualifies for the mortgage based upon information provided by the home buyer and other sources. For those home buyers who qualify, our mortgage subsidiary provides the home buyer with a mortgage commitment that specifies the terms and conditions of a proposed mortgage loan based upon then-current market conditions. Prior to the actual closing of the home and funding of the mortgage, the home buyer will lock in an interest rate based upon the terms of the commitment. At the time of rate lock, our mortgage subsidiary agrees to sell the proposed mortgage loan to one of several outside recognized mortgage financing institutions (“investors”) that is willing to honor the terms and conditions, including interest rate, committed to the home buyer. We believe that these investors have adequate financial resources to honor their commitments to our mortgage subsidiary. Information regarding our mortgage commitments at October 31, 2019 and 2018 , is provided in the table below (amounts in thousands): 2019 2018 Aggregate mortgage loan commitments: IRLCs $ 565,634 $ 614,255 Non-IRLCs 1,364,972 1,329,674 Total $ 1,930,606 $ 1,943,929 Investor commitments to purchase: IRLCs $ 565,634 $ 614,255 Mortgage loans receivable 208,591 163,208 Total $ 774,225 $ 777,463 Lease Commitments We lease certain facilities, equipment, and properties held for rental apartment operation or development under non-cancelable operating leases which, in the case of the rental properties, are 99-year leases. Rental expenses incurred by us under these operating leases were (amounts in thousands): Year ending October 31, Amount 2019 $ 20,180 2018 $ 15,783 2017 $ 14,505 At October 31, 2019 , future minimum rent payments under our operating leases were (amounts in thousands): Year ending October 31, Amount 2020 $ 15,430 2021 12,576 2022 10,082 2023 7,800 2024 6,691 Thereafter 218,221 $ 270,800 |
Other Income - Net
Other Income - Net | 12 Months Ended |
Oct. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other Income - net [Text Block] | Other Income – Net The table below provides the components of “Other income – net” for the years ended October 31, 2019 , 2018 , and 2017 (amounts in thousands): 2019 2018 2017 Interest income $ 19,017 $ 8,570 $ 5,988 Income from ancillary businesses 53,568 25,692 18,934 Management fee income from home building unconsolidated entities, net 9,948 11,740 12,902 Retained customer deposits — 8,937 5,801 Income from land sales — 6,331 8,621 Other (1,031 ) 1,190 (1,184 ) Total other income – net $ 81,502 $ 62,460 $ 51,062 As a result of our adoption of ASC 606 as of November 1, 2018, revenues and cost of revenues from land sales are presented as separate components on our Consolidated Statement of Operations and Comprehensive Income. In addition, retained customer deposits are presented in home sales revenues on our Consolidated Statement of Operations and Comprehensive Income. Because we elected to apply the modified retrospective method of adoption, prior periods have not been restated to reflect these changes in presentation. See Note 1, “Significant Accounting Policies – Recent Accounting Pronouncements” for additional information regarding the impact of the adoption of ASC 606. Management fee income from home building unconsolidated entities presented above primarily represents fees earned by our City Living and Traditional Home Building operations. In addition, in fiscal 2019 , 2018 and 2017 , our apartment living operations earned fees from unconsolidated entities of $11.9 million , $7.5 million , and $6.2 million , respectively. Fees earned by our apartment living operations are included in income from ancillary businesses above. Income from ancillary businesses is generated by our mortgage, title, landscaping, security monitoring, Gibraltar, apartment living, and golf course and country club operations. The table below provides revenues and expenses for these ancillary businesses for the years ended October 31, 2019 , 2018 , and 2017 (amounts in thousands): 2019 2018 2017 Revenues $ 150,114 $ 158,051 $ 134,116 Expenses $ 132,823 $ 132,359 $ 115,182 Other income $ 36,277 In fiscal 2019, we sold seven of our golf club properties to third parties for $64.3 million and we recognized a gain of $35.1 million during the year ended October 31, 2019 as a result of these sales. In fiscal 2018, we recognized a $10.7 million gain from a bulk sale of security monitoring accounts by our home control solutions business, which is included in income from ancillary businesses above. In addition, in fiscal 2018, we recognized a $3.5 million write-down of a commercial property operated by Toll Brothers Apartment Living, which is included in income from ancillary businesses above. The table below provides revenues and expenses recognized from land sales for the years ended October 31, 2018 , and 2017 (amounts in thousands): 2018 2017 Revenue $ 134,327 $ 284,928 Expense 127,996 281,030 Deferred gains recognized 4,723 $ 6,331 $ 8,621 Land sale revenues for the year ended October 31, 2018 included $80.3 million related to sale transactions with four Rental Property Joint Ventures in which we have interests ranging from 25% to 50% . On one of these transactions, we recognized a gain of $1.0 million in fiscal 2018. In addition, due to our continued involvement in the joint venture primarily through guarantees provided on the joint venture’s debt, we deferred $3.8 million of the gain realized on this sale. We will recognize the deferred gain into income as the guarantees provided expire. Land sale revenues for the year ended October 31, 2017 included $257.8 million related to sale transactions with two Home Building Joint Ventures and a Rental Property Joint Venture in which we have interests ranging from 20% to 25% . No gain or loss was realized on the sales related to the Home Building Joint Ventures. The deferred gains recognized in the fiscal 2017 period relate to the sale of a property in fiscal 2015 to a Home Building Joint Venture in which we had a 25% interest. Due to our continued involvement in this unconsolidated entity through our ownership interest and guarantees provided on the entity’s debt, we deferred the $9.3 million gain realized on the sale. We recognized the gain as units were sold to the ultimate home buyers, which is included in deferred gains recognized above. In the fourth quarter of fiscal 2017, we purchased the remaining inventory from this Home Building Joint Venture. The remaining unamortized deferred gain was used to reduce the basis of the inventory acquired. See Note 4, “Investments in Unconsolidated Entities,” for more information on these transactions. |
Information on Segments
Information on Segments | 12 Months Ended |
Oct. 31, 2019 | |
Segment Reporting [Abstract] | |
Information on Segments | Information on Segments The table below summarizes revenue and income (loss) before income taxes for our segments for each of the fiscal years ended October 31, 2019 , 2018 , and 2017 (amounts in thousands): Revenue Income (loss) before income taxes 2019 2018 2017 2019 2018 2017 Traditional Home Building: North $ 923,299 $ 975,648 $ 775,540 $ 55,897 $ 56,530 $ 50,393 Mid-Atlantic 1,112,817 1,141,130 1,030,269 64,739 90,573 105,740 South 1,244,571 1,045,395 923,953 117,533 110,304 112,809 West 1,418,041 1,451,353 1,151,697 170,389 213,269 153,188 California 2,129,461 2,208,733 1,550,494 452,350 494,247 345,138 Traditional Home Building 6,828,189 6,822,259 5,431,953 860,908 964,923 767,268 City Living 253,189 320,999 383,105 70,133 78,149 193,852 Corporate and other (999 ) (143,871 ) (109,156 ) (146,809 ) Total home sales revenue 7,080,379 7,143,258 5,815,058 787,170 933,916 814,311 Land sales revenue 143,587 — — Total revenue $ 7,223,966 $ 7,143,258 $ 5,815,058 $ 787,170 $ 933,916 $ 814,311 “Corporate and other” is comprised principally of general corporate expenses such as the offices of our executive officers; the corporate finance, accounting, audit, tax, human resources, risk management, information technology, marketing, and legal groups; interest income; income from certain of our ancillary businesses, including Gibraltar; and income from our Rental Property Joint Ventures and Gibraltar Joint Ventures. Total assets for each of our segments at October 31, 2019 and 2018 , are shown in the table below (amounts in thousands): 2019 2018 Traditional Home Building: North $ 917,506 $ 970,854 Mid-Atlantic 1,177,387 1,130,417 South 1,412,563 1,237,744 West 2,057,389 1,580,199 California 2,339,677 2,733,956 Traditional Home Building 7,904,522 7,653,170 City Living 529,507 516,238 Corporate and other 2,394,109 2,075,182 $ 10,828,138 $ 10,244,590 “Corporate and other” is comprised principally of cash and cash equivalents, restricted cash, income tax receivable, investments in our Rental Property Joint Ventures, expected recoveries from insurance carriers and suppliers, our Gibraltar investments and operations, manufacturing facilities, and our mortgage and title subsidiaries. Inventory for each of our segments, as of the dates indicated, is shown in the table below (amounts in thousands): Land controlled for future communities Land owned for future communities Operating communities Total Balances at October 31, 2019 Traditional Home Building: North $ 24,575 $ 64,129 $ 764,015 $ 852,719 Mid-Atlantic 53,375 96,634 964,188 1,114,197 South 15,622 134,697 1,056,384 1,206,703 West 25,340 34,165 1,924,387 1,983,892 California 64,017 353,186 1,842,935 2,260,138 Traditional Home Building 182,929 682,811 6,551,909 7,417,649 City Living 185,391 270,008 455,399 $ 182,929 $ 868,202 $ 6,821,917 $ 7,873,048 Balances at October 31, 2018 Traditional Home Building: North $ 17,414 $ 99,383 $ 803,692 $ 920,489 Mid-Atlantic 48,553 123,218 906,990 1,078,761 South 12,305 95,309 957,321 1,064,935 West 22,905 109,671 1,419,989 1,552,565 California 32,441 391,221 2,146,370 2,570,032 Traditional Home Building 133,618 818,802 6,234,362 7,186,782 City Living 6,367 97,814 307,256 411,437 $ 139,985 $ 916,616 $ 6,541,618 $ 7,598,219 The amounts we have provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable for each of our segments, for the years ended October 31, 2019 , 2018 , and 2017 , are shown in the table below (amounts in thousands): 2019 2018 2017 Traditional Home Building: North $ 17,488 $ 19,698 $ 6,528 Mid-Atlantic 8,514 9,818 6,905 South 9,457 3,802 1,184 West 1,074 907 106 California 1,027 147 43 Traditional Home Building 37,560 34,372 14,766 City Living 4,800 15 28 Corporate and other 769 $ 42,360 $ 35,156 $ 14,794 The net carrying value of our investments in unconsolidated entities and our equity in earnings (losses) from such investments, for each of our segments, as of the dates indicated, are shown in the table below (amounts in thousands): Investments in unconsolidated entities Equity in earnings (losses) from unconsolidated entities At October 31, Year ended October 31, 2019 2018 2019 2018 2017 Traditional Home Building: Mid-Atlantic $ 8,525 $ 7,823 $ (4,000 ) $ (2,000 ) South 91,956 84,610 19,098 $ 12,263 $ 9,185 West (63 ) 2,529 California 9,825 84,160 (37 ) 2,404 7,509 Traditional Home Building 110,306 176,593 19,061 10,604 17,223 City Living 60,512 65,936 4,103 6,857 73,123 Corporate and other 195,434 189,284 1,704 67,779 25,720 $ 366,252 $ 431,813 $ 24,868 $ 85,240 $ 116,066 “Corporate and other” is comprised of our investments in the Rental Property Joint Ventures and the Gibraltar Joint Ventures. |
Supplemental Disclosure to Stat
Supplemental Disclosure to Statements of Cash Flows | 12 Months Ended |
Oct. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental Disclosure to Consolidated Statements of Cash Flows The following are supplemental disclosures to the Consolidated Statements of Cash Flows for each of the fiscal years ended October 31, 2019 , 2018 and 2017 (amounts in thousands): 2019 2018 2017 Cash flow information: Interest paid, net of amount capitalized $ 35,422 $ 20,812 $ 21,578 Income tax payments $ 141,681 $ 215,092 $ 119,852 Income tax refunds $ 4,344 $ 3,101 $ 2,776 Noncash activity: Cost of inventory acquired through seller financing, municipal bonds, or accrued liabilities, net $ 213,824 $ 185,633 $ 61,877 Financed portion of land sale $ 625 (Increase) decrease in inventory for capitalized interest, our share of earnings, and allocation of basis difference in land purchased from unconsolidated entities $ (5,300 ) $ (1,320 ) $ 11,760 Reclassification from inventory to property, construction, and office equipment, net due to the adoption of ASC 606 $ 104,807 Net decrease in inventory and retained earnings due to the adoption of ASC 606 $ 8,989 Net increase in accrued expenses and decrease in retained earnings due to the adoption of ASC 606 $ 6,541 Net decrease in investment in unconsolidated entities and retained earnings due to the adoption of ASC 606 $ 2,457 Cost of inventory acquired through foreclosure 4,609 Reclassification of deferred income from inventory to accrued liabilities $ 3,520 Cancellation of treasury stock $ 895,517 Non-controlling interest $ 38,134 $ 2,801 Reclassification of inventory to property, construction, and office equipment $ 8,990 Decrease (increase) in unrecognized gain in defined benefit plans $ 4,138 $ (3,115 ) $ (1,201 ) Defined benefit plan amendment $ 4,956 Deferred tax decrease related to stock-based compensation activity included in additional paid-in capital $ 5,232 Income tax benefit (expense) recognized in total comprehensive income $ 2,265 $ (1,141 ) $ (880 ) 2019 2018 2017 Transfer of other assets to inventory, net $ 7,100 $ 16,763 Transfer of inventory to investment in unconsolidated entities $ 72,757 Transfer of investment in unconsolidated entities to inventory $ 14,328 Transfer of other assets to investment in unconsolidated entities, net $ 44,139 $ 60,971 1,308 Reclassification of deferred income from accrued expenses to investment in unconsolidated entities $ 5,995 Increase in investments in unconsolidated entities for change in the fair value of debt guarantees $ 928 $ 623 $ 130 Miscellaneous (decreases) increases to investments in unconsolidated entities $ (1,876 ) $ 1,776 $ 5,117 Business Acquisitions: Fair value of assets purchased $ 173,516 $ 88,465 Liabilities assumed $ 11,143 $ 5,377 Cash paid $ 162,373 $ 83,088 At October 31, 2019 2018 2017 Cash, cash equivalents, and restricted cash Cash and cash equivalents $ 1,286,014 $ 1,182,195 $ 712,829 Restricted cash and cash held by our captive title company included in receivables, prepaid expenses, and other assets $ 33,629 $ 34,215 $ 48,405 Total cash, cash equivalents, and restricted cash shown in the Consolidated $ 1,319,643 $ 1,216,410 $ 761,234 |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 12 Months Ended |
Oct. 31, 2019 | |
Supplemental Guarantor Information [Abstract] | |
Supplemental Guarantor Information [Text Block] | . Supplemental Guarantor Information 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 October 31, 2019 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 3.80% Senior Notes due November 1, 2029 $ 400,000 The obligations of the Subsidiary Issuer to pay principal, premiums, if any, and interest are guaranteed jointly and severally on a senior basis by us and substantially all of our 100% -owned home building subsidiaries (the “Guarantor Subsidiaries”). The guarantees are full and unconditional. Our non-home building subsidiaries and several of our home building subsidiaries (together, the “Nonguarantor Subsidiaries”) do not guarantee the debt. The Subsidiary Issuer generates no operating revenues and does not have any independent operations other than the financing of our other subsidiaries by lending the proceeds from the above-described debt issuances. The indentures under which the Senior Notes were issued provide that any of our subsidiaries that provide a guarantee of the Revolving Credit Facility will guarantee the Senior Notes. The indentures further provide that any Guarantor Subsidiary may be released from its guarantee, so long as (1) no default or event of default exists or would result from release of such guarantee, (2) the Guarantor Subsidiary being released has consolidated net worth of less than 5% of our consolidated net worth as of the end of our most recent fiscal quarter, (3) the Guarantor Subsidiaries released from their guarantees in any fiscal year comprise in the aggregate less than 10% (or 15% if and to the extent necessary to permit the cure of a default) of our consolidated net worth as of the end of our most recent fiscal quarter, (4) such release would not have a material adverse effect on our and our subsidiaries home building business, and (5) the Guarantor Subsidiary is released from its guarantee under the Revolving Credit Facility. If there are no guarantors under the Revolving Credit Facility, all Guarantor Subsidiaries under the indentures will be released from their guarantees. Separate financial statements and other disclosures concerning the Guarantor Subsidiaries are not presented because management has determined that such disclosures would not be material to investors. 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). Consolidating Balance Sheet at October 31, 2019 Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents — — 1,082,067 203,947 — 1,286,014 Inventory 7,791,759 81,289 7,873,048 Property, construction, and office equipment, net 263,140 10,272 273,412 Receivables, prepaid expenses, and other assets 224,681 610,541 (119,781 ) 715,441 Mortgage loans held for sale 218,777 218,777 Customer deposits held in escrow 74,303 100 74,403 Investments in unconsolidated entities 50,594 315,658 366,252 Investments in and advances to consolidated entities 5,172,737 2,704,551 163,371 147,413 (8,188,072 ) — Income taxes receivable 20,791 20,791 5,193,528 2,704,551 9,649,915 1,587,997 (8,307,853 ) 10,828,138 LIABILITIES AND EQUITY Liabilities Loans payable 1,109,614 36,092 (34,257 ) 1,111,449 Senior notes 2,659,898 2,659,898 Mortgage company loan facility 150,000 150,000 Customer deposits 383,583 2,013 385,596 Accounts payable 347,715 884 348,599 Accrued expenses 754 26,812 569,476 443,180 (89,290 ) 950,932 Advances from consolidated entities 1,052,370 503,058 (1,555,428 ) — Income taxes payable 102,971 102,971 Total liabilities 103,725 2,686,710 3,462,758 1,135,227 (1,678,975 ) 5,709,445 Equity Stockholders’ equity Common stock 1,529 48 3,006 (3,054 ) 1,529 Additional paid-in capital 726,879 49,400 177,034 (226,434 ) 726,879 Retained earnings (deficit) 4,792,409 (31,559 ) 6,187,109 225,853 (6,399,390 ) 4,774,422 Treasury stock, at cost (425,183 ) (425,183 ) Accumulated other comprehensive loss (5,831 ) (5,831 ) Total stockholders’ equity 5,089,803 17,841 6,187,157 405,893 (6,628,878 ) 5,071,816 Noncontrolling interest 46,877 46,877 Total equity 5,089,803 17,841 6,187,157 452,770 (6,628,878 ) 5,118,693 5,193,528 2,704,551 9,649,915 1,587,997 (8,307,853 ) 10,828,138 Consolidating Balance Sheet at October 31, 2018 Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents — — 1,011,863 170,332 — 1,182,195 Inventory 7,493,205 105,014 7,598,219 Property, construction, and office equipment, net 169,265 24,016 193,281 Receivables, prepaid expenses, and other assets 291,299 392,559 (133,080 ) 550,778 Mortgage loans held for sale 170,731 170,731 Customer deposits held in escrow 116,332 1,241 117,573 Investments in unconsolidated entities 44,329 387,484 431,813 Investments in and advances to consolidated entities 4,791,629 2,916,557 91,740 126,872 (7,926,798 ) — 4,791,629 2,916,557 9,218,033 1,378,249 (8,059,878 ) 10,244,590 LIABILITIES AND EQUITY Liabilities Loans payable 686,801 686,801 Senior notes 2,861,375 2,861,375 Mortgage company loan facility 150,000 150,000 Customer deposits 405,318 5,546 410,864 Accounts payable 361,655 443 362,098 Accrued expenses 471 37,341 600,907 462,128 (127,266 ) 973,581 Advances from consolidated entities 1,551,196 476,040 (2,027,236 ) — Income taxes payable 30,959 30,959 Total liabilities 31,430 2,898,716 3,605,877 1,094,157 (2,154,502 ) 5,475,678 Equity Stockholders’ equity Common stock 1,779 48 3,006 (3,054 ) 1,779 Additional paid-in capital 727,053 49,400 93,734 (143,134 ) 727,053 Retained earnings (deficit) 5,161,551 (31,559 ) 5,612,108 178,639 (5,759,188 ) 5,161,551 Treasury stock, at cost (1,130,878 ) (1,130,878 ) Accumulated other comprehensive loss 694 694 Total stockholders’ equity 4,760,199 17,841 5,612,156 275,379 (5,905,376 ) 4,760,199 Noncontrolling interest 8,713 8,713 Total equity 4,760,199 17,841 5,612,156 284,092 (5,905,376 ) 4,768,912 4,791,629 2,916,557 9,218,033 1,378,249 (8,059,878 ) 10,244,590 Consolidating Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended October 31, 2019 Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Revenues: Home sales 6,980,549 99,830 7,080,379 Land sales and other 112,972 260,843 (230,228 ) 143,587 — — 7,093,521 360,673 (230,228 ) 7,223,966 Cost of revenues: Home sales 5,595,685 79,400 3,829 5,678,914 Land sales and other 59,338 180,162 (109,796 ) 129,704 — — 5,655,023 259,562 (105,967 ) 5,808,618 Selling, general and administrative 542 2,715 775,030 75,905 (119,644 ) 734,548 Income (loss) from operations (542 ) (2,715 ) 663,468 25,206 (4,617 ) 680,800 Other: Income from unconsolidated entities 12,930 11,938 24,868 Other income - net 48,052 26,352 7,098 81,502 Intercompany interest income 135,087 2,616 5,781 (143,484 ) — Interest expense (132,372 ) (5,781 ) (2,850 ) 141,003 — Income from consolidated subsidiaries 787,712 66,427 (854,139 ) — Income (loss) before income taxes 787,170 — 787,712 66,427 (854,139 ) 787,170 Income tax provision (benefit) 197,163 197,298 16,637 (213,935 ) 197,163 Net income (loss) 590,007 — 590,414 49,790 (640,204 ) 590,007 Other comprehensive income (6,525 ) (6,525 ) Total comprehensive income (loss) 583,482 — 590,414 49,790 (640,204 ) 583,482 Consolidating Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended October 31, 2018 Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Revenues 6,899,891 453,073 (209,706 ) 7,143,258 Cost of revenues 5,427,753 303,962 (58,708 ) 5,673,007 Selling, general and administrative 77 3,162 709,265 83,003 (111,472 ) 684,035 77 3,162 6,137,018 386,965 (170,180 ) 6,357,042 Income (loss) from operations (77 ) (3,162 ) 762,873 66,108 (39,526 ) 786,216 Other: Income from unconsolidated entities 44,646 40,594 85,240 Other income - net 30,561 (2,950 ) 34,849 62,460 Intercompany interest income 142,084 1,649 4,422 (148,155 ) — Interest expense (138,922 ) (4,422 ) (2,111 ) 145,455 — Income from consolidated subsidiaries 933,993 106,063 (1,040,056 ) — Income (loss) before income taxes 933,916 — 941,370 106,063 (1,047,433 ) 933,916 Income tax provision (benefit) 185,765 187,248 21,097 (208,345 ) 185,765 Net income (loss) 748,151 — 754,122 84,966 (839,088 ) 748,151 Other comprehensive income 2,926 2,926 Total comprehensive income (loss) 751,077 — 754,122 84,966 (839,088 ) 751,077 Consolidating Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended October 31, 2017 Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Revenues 5,668,610 336,671 (190,223 ) 5,815,058 Cost of revenues 4,414,461 223,243 (75,401 ) 4,562,303 Selling, general and administrative 58 4,033 633,000 77,115 (108,634 ) 605,572 58 4,033 5,047,461 300,358 (184,035 ) 5,167,875 Income (loss) from operations (58 ) (4,033 ) 621,149 36,313 (6,188 ) 647,183 Other: Income from unconsolidated entities 12,271 103,795 116,066 Other income - net 10,574 26,653 10,674 3,161 51,062 Intercompany interest income 156,366 48 4,365 (160,779 ) — Interest expense (162,882 ) (4,365 ) (1,819 ) 169,066 — Income from consolidated subsidiaries 803,795 142,779 (946,574 ) — Income (loss) before income taxes 814,311 (10,549 ) 798,535 153,328 (941,314 ) 814,311 Income tax provision (benefit) 278,816 (3,612 ) 273,418 52,500 (322,306 ) 278,816 Net income (loss) 535,495 (6,937 ) 525,117 100,828 (619,008 ) 535,495 Other comprehensive income 1,426 1,426 Total comprehensive income (loss) 536,921 (6,937 ) 525,117 100,828 (619,008 ) 536,921 Consolidating Statement of Cash Flows for the fiscal year ended October 31, 2019 Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities 76,828 (8,413 ) 559,660 (180,837 ) (9,577 ) 437,661 Cash flow provided by (used in) investing activities: Purchase of property and equipment — net (86,936 ) (35 ) (86,971 ) Investment in unconsolidated entities (11,202 ) (45,358 ) (56,560 ) Return of investments in unconsolidated entities 3,304 144,623 147,927 Investment in distressed loans and foreclosed real estate (731 ) (731 ) Return of investments in distressed loans and foreclosed real estate 3,147 3,147 Proceeds from sales of golf club properties and an office building 58,154 21,493 79,647 Acquisitions of businesses (162,373 ) (162,373 ) Investment paid intercompany (71,631 ) 71,631 — Intercompany advances 202,967 212,005 (414,972 ) — Net cash provided by (used in) investing activities 202,967 212,005 (270,684 ) 123,139 (343,341 ) (75,914 ) Cash flow (used in) provided by financing activities: Proceeds from issuance of senior notes 400,000 400,000 Proceeds from loans payable 300,000 2,399,028 2,699,028 Debt issuance costs (3,592 ) (2,588 ) (6,180 ) Principal payments of loans payable (72,588 ) (2,399,028 ) (2,471,616 ) Redemption of senior notes (600,000 ) (600,000 ) Proceeds from stock-based benefit plans 17,369 17,369 Purchase of treasury stock (233,523 ) (233,523 ) Dividends paid (63,641 ) (63,641 ) Receipts related to noncontrolling interest 49 49 Investment received intercompany 71,628 (71,628 ) — Intercompany advances (443,577 ) 19,031 424,546 — Net cash (used in) provided by financing activities (279,795 ) (203,592 ) (218,753 ) 90,708 352,918 (258,514 ) Net increase in cash, cash equivalents, and restricted cash — — 70,223 33,010 — 103,233 Cash, cash equivalents, and restricted cash, beginning of period — — 1,011,867 204,543 — 1,216,410 Cash, cash equivalents, and restricted cash, end of period — — 1,082,090 237,553 — 1,319,643 Consolidating Statement of Cash Flows for the fiscal year ended October 31, 2018 Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities (4,270 ) 5,439 521,640 56,301 9,101 588,211 Cash flow provided by (used in) investing activities: Purchase of property and equipment — net (28,064 ) (168 ) (28,232 ) Investment in unconsolidated entities (1,676 ) (25,815 ) (27,491 ) Return of investments in unconsolidated entities 29,242 103,948 133,190 Investment in distressed loans and foreclosed real estate (966 ) (966 ) Return of investments in distressed loans and foreclosed real estate 4,765 4,765 Intercompany advances 555,741 (401,908 ) (153,833 ) — Net cash provided by (used in) investing activities 555,741 (401,908 ) (498 ) 81,764 (153,833 ) 81,266 Cash flow (used in) provided by financing activities: Proceeds from issuance of senior notes 400,000 400,000 Proceeds from loans payable 590,000 2,040,835 2,630,835 Debt issuance costs (3,531 ) (3,531 ) Principal payments of loans payable (679,184 ) (2,010,980 ) (2,690,164 ) Proceeds from stock-based benefit plans 13,392 13,392 Purchase of treasury stock (503,159 ) (503,159 ) Payments related to noncontrolling interest 30 30 Dividends paid intercompany (6,000 ) 6,000 — Dividends paid (61,704 ) (61,704 ) Intercompany advances 45,205 (183,937 ) 138,732 — Net cash (used in) provided by financing activities (551,471 ) 396,469 (43,979 ) (160,052 ) 144,732 (214,301 ) Net increase (decrease) in cash, cash equivalents, and restricted cash — — 477,163 (21,987 ) — 455,176 Cash, cash equivalents, and restricted cash, beginning of period — — 534,704 226,530 — 761,234 Cash, cash equivalents, and restricted cash, end of period — — 1,011,867 204,543 — 1,216,410 Consolidating Statement of Cash Flows for the fiscal year ended October 31, 2017 Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities 200,721 9,955 294,302 366,144 (9,424 ) 861,698 Cash flow (used in) provided by investing activities: Purchase of property and equipment — net (20,439 ) (8,433 ) (28,872 ) Sale and redemption of marketable securities and restricted investments - net 10,631 7,418 18,049 Investment in unconsolidated entities (3,744 ) (118,590 ) (122,334 ) Return of investments in unconsolidated entities 58,610 136,895 195,505 Investment in distressed loans and foreclosed real estate (710 ) (710 ) Return of investments in distressed loans and foreclosed real estate 13,765 13,765 Acquisition of a business (83,088 ) (83,088 ) Investment paid intercompany (45,000 ) 45,000 — Intercompany advances 51,071 226,511 (277,582 ) — Net cash (used in) provided by investing activities 61,702 226,511 (93,661 ) 30,345 (232,582 ) (7,685 ) Cash flow (used in) provided by financing activities: Net proceeds from issuance of senior notes 455,483 455,483 Proceeds from loans payable 250,068 1,370,975 1,621,043 Debt issuance costs (4,449 ) (4,449 ) Principal payments of loans payable (538,527 ) (1,460,830 ) (1,999,357 ) Redemption of senior notes (687,500 ) (687,500 ) Proceeds from stock-based benefit plans 66,000 66,000 Purchase of treasury stock (290,881 ) (290,881 ) Dividends paid (38,587 ) (38,587 ) Investment received intercompany 45,000 (45,000 ) — Intercompany advances 39,082 (326,088 ) 287,006 — Net cash (used in) provided by financing activities (263,468 ) (236,466 ) (249,377 ) (370,943 ) 242,006 (878,248 ) Net increase (decrease) in cash, cash equivalents, and restricted cash (1,045 ) — (48,736 ) 25,546 — (24,235 ) Cash, cash equivalents, and restricted cash, beginning of period 1,045 — 583,440 200,984 — 785,469 Cash, cash equivalents, and restricted cash, end of period — — 534,704 226,530 — 761,234 ` |
Summary Consolidated Quarterly
Summary Consolidated Quarterly Financial Data (Unaudited) | 12 Months Ended |
Oct. 31, 2019 | |
Summary Consolidated Quarterly Financial Data (Unaudited) [Abstract] | |
Quarterly Financial Information [Text Block] | Summary Consolidated Quarterly Financial Data (Unaudited) The table below provides summary income statement data for each quarter of fiscal 2019 and 2018 (amounts in thousands, except per share data): Three Months Ended October 31 July 31 April 30 January 31 Fiscal 2019: Revenue: Home sales $ 2,292,044 $ 1,756,970 $ 1,712,057 $ 1,319,308 Land sales $ 86,956 $ 8,721 $ 4,037 $ 43,873 Gross profit: Home sales $ 431,477 $ 355,215 $ 337,710 $ 277,063 Land sales $ 658 $ 2,489 $ 1,116 $ 9,620 Income before income taxes $ 272,649 $ 186,916 $ 176,159 $ 151,446 Net income $ 202,315 $ 146,318 $ 129,324 $ 112,050 Earnings per share (a) Basic $ 1.43 $ 1.01 $ 0.88 $ 0.76 Diluted $ 1.41 $ 1.00 $ 0.87 $ 0.76 Weighted-average number of shares Basic 141,909 144,750 146,622 146,751 Diluted 143,567 146,275 148,129 148,032 Fiscal 2018: Revenue $ 2,455,238 $ 1,913,353 $ 1,599,199 $ 1,175,468 Gross profit $ 524,487 $ 403,734 $ 301,042 $ 240,988 Income before income taxes $ 396,473 $ 253,097 $ 152,748 $ 131,598 Net income $ 310,976 $ 193,258 $ 111,810 $ 132,107 Earnings per share (a) Basic $ 2.10 $ 1.28 $ 0.73 $ 0.85 Diluted $ 2.08 $ 1.26 $ 0.72 $ 0.83 Weighted-average number of shares Basic 148,066 151,257 152,731 155,882 Diluted 149,603 153,173 155,129 158,897 (a) Due to rounding, the sum of the quarterly earnings per share amounts may not equal the reported earnings per share for the year. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation Policy [Text Block] | Basis of Presentation The consolidated financial statements include the accounts of Toll Brothers, Inc. (the “Company,” “we,” “us,” or “our”), a Delaware corporation, and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Investments in 50% or less owned partnerships and affiliates are accounted for using the equity method unless it is determined that we have effective control of the entity, in which case we would consolidate the entity. References herein to fiscal year refer to our fiscal years ended or ending October 31. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Liquid investments or investments with original maturities of three months or less are classified as cash equivalents. Our cash balances exceed federally insurable limits. We monitor the cash balances in our operating accounts and adjust the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, we have experienced no loss or lack of access to cash in its operating accounts. |
Inventory [Policy Text Block] | Inventory Inventory is stated at cost unless an impairment exists, in which case it is written down to fair value in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360, “Property, Plant, and Equipment” (“ASC 360”). In addition to direct land acquisition costs, land development costs, and home construction costs, costs also include interest, real estate taxes, and direct overhead related to development and construction, which are capitalized to inventory during the period beginning with the commencement of development and ending with the completion of construction. For those communities that have been temporarily closed, no additional capitalized interest is allocated to a community’s inventory until it reopens. While the community remains closed, carrying costs such as real estate taxes are expensed as incurred. We capitalize certain interest costs to qualified inventory during the development and construction period of our communities in accordance with ASC 835-20, “Capitalization of Interest” (“ASC 835-20”). Capitalized interest is charged to home sales cost of sales revenues when the related inventory is delivered. Interest incurred on home building indebtedness in excess of qualified inventory, as defined in ASC 835-20, is charged to the Consolidated Statements of Operations and Comprehensive Income in the period incurred. Once a parcel of land has been approved for development and we open one of our typical communities, it may take 4 or more years to fully develop, sell, and deliver all the homes in such community. Longer or shorter time periods are possible depending on the number of home sites in a community and the sales and delivery pace of the homes in a community. Our master planned communities, consisting of several smaller communities, may take up to 10 years or more to complete. Because our inventory is considered a long-lived asset under GAAP, we are required, under ASC 360, to regularly review the carrying value of each community and write down the value of those communities for which we believe the values are not recoverable. Operating Communities : When the profitability of an operating community deteriorates, the sales pace declines significantly, or some other factor indicates a possible impairment in the recoverability of the asset, the asset is reviewed for impairment by comparing the estimated future undiscounted cash flow for the community to its carrying value. If the estimated future undiscounted cash flow is less than the community’s carrying value, the carrying value is written down to its estimated fair value. Estimated fair value is primarily determined by discounting the estimated future cash flow of each community. The impairment is charged to home sales cost of revenues in the period in which the impairment is determined. In estimating the future undiscounted cash flow of a community, we use various estimates such as (i) the expected sales pace in a community, based upon general economic conditions that will have a short-term or long-term impact on the market in which the community is located and on competition within the market, including the number of home sites available and pricing and incentives being offered in other communities owned by us or by other builders; (ii) the expected sales prices and sales incentives to be offered in a community; (iii) costs expended to date and expected to be incurred in the future, including, but not limited to, land and land development, home construction, interest, and overhead costs; (iv) alternative product offerings that may be offered in a community that will have an impact on sales pace, sales price, building cost, or the number of homes that can be built on a particular site; and (v) alternative uses for the property such as the possibility of a sale of the entire community to another builder or the sale of individual home sites. Future Communities : We evaluate all land held for future communities or future sections of operating communities, whether owned or under contract, to determine whether or not we expect to proceed with the development of the land as originally contemplated. This evaluation encompasses the same types of estimates used for operating communities described above, as well as an evaluation of the regulatory environment applicable to the land and the estimated probability of obtaining the necessary approvals, the estimated time and cost it will take to obtain the approvals, and the possible concessions that may be required to be given in order to obtain them. Concessions may include cash payments to fund improvements to public places such as parks and streets, dedication of a portion of the property for use by the public or as open space, or a reduction in the density or size of the homes to be built. Based upon this review, we decide (i) as to land under contract to be purchased, whether the contract will likely be terminated or renegotiated, and (ii) as to land owned, whether the land will likely be developed as contemplated or in an alternative manner, or should be sold. We then further determine whether costs that have been capitalized to the community are recoverable or should be written off. The write-off is charged to home sales cost of revenues in the period in which the need for the write-off is determined. The estimates used in the determination of the estimated cash flows and fair value of both current and future communities are based on factors known to us at the time such estimates are made and our expectations of future operations and economic conditions. Should the estimates or expectations used in determining estimated fair value deteriorate in the future, we may be required to recognize additional impairment charges and write-offs related to current and future communities and such amounts could be material. |
Capitalization of Interest Costs Policy [Text Block] | We capitalize certain interest costs to qualified inventory during the development and construction period of our communities in accordance with ASC 835-20, “Capitalization of Interest” (“ASC 835-20”). Capitalized interest is charged to home sales cost of sales revenues when the related inventory is delivered. Interest incurred on home building indebtedness in excess of qualified inventory, as defined in ASC 835-20, is charged to the Consolidated Statements of Operations and Comprehensive Income in the period incurred. |
Estimated fair values Policy [Text Block] | The estimates used in the determination of the estimated cash flows and fair value of both current and future communities are based on factors known to us at the time such estimates are made and our expectations of future operations and economic conditions. Should the estimates or expectations used in determining estimated fair value deteriorate in the future, we may be required to recognize additional impairment charges and write-offs related to current and future communities and such amounts could be material. |
Consolidation, Policy [Policy Text Block] | Variable Interest Entities We are required to consolidate variable interest entities (“VIEs”) in which we have a controlling financial interest in accordance with ASC 810, “Consolidation” (“ASC 810”). A controlling financial interest will have both of the following characteristics: (i) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Our variable interest in VIEs may be in the form of equity ownership, contracts to purchase assets, management services and development agreements between us and a VIE, loans provided by us to a VIE or other member, and/or guarantees provided by members to banks and other parties. We have a significant number of land purchase contracts and investments in unconsolidated entities which we evaluate in accordance with ASC 810. We analyze our land purchase contracts and the unconsolidated entities in which we have an investment to determine whether the land sellers and unconsolidated entities are VIEs and, if so, whether we are the primary beneficiary. We examine specific criteria and use our judgment when determining if we are the primary beneficiary of a VIE. Factors considered in determining whether we are the primary beneficiary include risk and reward sharing, experience and financial condition of other member(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights or voting rights, level of economic disproportionality between us and the other member(s), and contracts to purchase assets from VIEs. The determination whether an entity is a VIE and, if so, whether we are the primary beneficiary may require significant judgment. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Construction, and Office Equipment Property, construction, and office equipment are recorded at cost and are stated net of accumulated depreciation of $252.5 million and $145.0 million at October 31, 2019 and 2018 , respectively. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. In fiscal 2019 , 2018 , and 2017 , we recognized $67.6 million , $21.0 million , and $18.7 million of depreciation expense, respectively. |
Mortgage Loans Held for Sale [Policy Text Block] | Mortgage Loans Held for Sale Residential mortgage loans held for sale are measured at fair value in accordance with the provisions of ASC 825, “Financial Instruments” (“ASC 825”). We believe the use of ASC 825 improves consistency of mortgage loan valuations between the date the borrower locks in the interest rate on the pending mortgage loan and the date of the mortgage loan sale. At the end of the reporting period, we determine the fair value of our mortgage loans held for sale and the forward loan commitments we have entered into as a hedge against the interest rate risk of our mortgage loans using the market approach to determine fair value. The evaluation is based on the current market pricing of mortgage loans with similar terms and values as of the reporting date, and such pricing is applied to the mortgage loan portfolio. We recognize the difference between the fair value and the unpaid principal balance of mortgage loans held for sale as a gain or loss. In addition, we recognize the fair value of our forward loan commitments as a gain or loss. Interest income on mortgage loans held for sale is calculated based upon the stated interest rate of each loan. In addition, the recognition of net origination costs and fees associated with residential mortgage loans originated are expensed as incurred. These gains and losses, interest income, and origination costs and fees are recognized in “Other income - net” in the Consolidated Statements of Operations and Comprehensive Income. |
Investments in Unconsolidated Entities [Policy Text Block] | Investments in Unconsolidated Entities In accordance with ASC 323, “Investments—Equity Method and Joint Ventures,” we review each of our investments on a quarterly basis for indicators of impairment. A series of operating losses of an investee, the inability to recover our invested capital, or other factors may indicate that a loss in value of our investment in the unconsolidated entity has occurred. If a loss exists, we further review the investment to determine if the loss is other than temporary, in which case we write down the investment to its fair value. The evaluation of our investment in unconsolidated entities entails a detailed cash flow analysis using many estimates, including, but not limited to, expected sales pace, expected sales prices, expected incentives, costs incurred and anticipated, sufficiency of financing and capital, competition, market conditions, and anticipated cash receipts, in order to determine projected future distributions from the unconsolidated entity. In addition, for rental properties, we review rental trends, expected future expenses, and expected cash flows to determine estimated fair values of the properties. Our unconsolidated entities that develop land or develop for-sale homes and condominiums evaluate their inventory in a similar manner as we do. See “Inventory” above for more detailed disclosure on our evaluation of inventory. For our unconsolidated entities that own, develop, and manage for-rent residential apartments, we review rental trends, expected future expenses, and expected future cash flows to determine estimated fair values of the properties. If a valuation adjustment is recorded by an unconsolidated entity related to its assets, our proportionate share is reflected in income from unconsolidated entities with a corresponding decrease to our investment in unconsolidated entities. We are a party to several joint ventures with unrelated parties to develop and sell land that is owned by the joint ventures. We recognize our proportionate share of the earnings from the sale of home sites to other builders, including our joint venture partners. We do not recognize earnings from the home sites we purchase from these ventures at the time of purchase; instead, our cost basis in those home sites is reduced by our share of the earnings realized by the joint venture from sales of those home sites to us. We are also a party to several other joint ventures. We recognize our proportionate share of the earnings and losses of our unconsolidated entities. |
Fair Value Disclosures [Policy Text Block] | Fair Value Disclosures We use ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), to measure the fair value of certain assets and liabilities. ASC 820 provides a framework for measuring fair value in accordance with GAAP, establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and requires certain disclosures about fair value measurements. The fair value hierarchy is summarized below: Level 1: Fair value determined based on quoted prices in active markets for identical assets or liabilities. Level 2: Fair value determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities or quoted prices in markets that are not active. Level 3: Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques. |
Treasury Stock Policy [Text Block] | Treasury Stock Treasury stock is recorded at cost. Issuance of treasury stock is accounted for on a first-in, first-out basis. Differences between the cost of treasury stock and the re-issuance proceeds are charged to additional paid-in capital. When treasury stock is canceled, any excess purchase price over par value is charged directly to retained earnings. |
Revenue [Policy Text Block] | Revenue and Cost Recognition As discussed under “Recent Accounting Pronouncements” below, on November 1, 2018, we adopted Accounting Standards Codification (“ASC”) Topic 606 “Revenue from Contracts with Customers” (“ASC 606”). As a result of this adoption, we updated our revenue recognition policies effective November 1, 2018, as follows: Home sales revenues: Revenues and cost of revenues from home sales are recognized at the time each home is delivered and title and possession are transferred to the buyer. For the majority of our home closings, our performance obligation to deliver a home is satisfied in less than one year from the date a binding sale agreement is signed. In certain states where we build, we are not able to complete certain outdoor features prior to the closing of the home. Effective November 1, 2018, to the extent these separate performance obligations are not complete upon the home closing, we defer a portion of the home sales revenues related to these obligations and subsequently recognize the revenue upon completion of such obligations. As of October 31, 2019 , the home sales revenues and related costs we deferred related to these obligations were immaterial. Our contract liabilities, consisting of deposits received from customers for sold but undelivered homes, totaled $385.6 million and $410.9 million at October 31, 2019 and October 31, 2018 , respectively. Of the outstanding customer deposits held as of October 31, 2018 , we recognized $367.8 million in home sales revenues during the fiscal year ended October 31, 2019 . For our standard attached and detached homes, land, land development, and related costs, both incurred and estimated to be incurred in the future, are amortized to the cost of homes closed based upon the total number of homes to be constructed in each community. Any changes resulting from a change in the estimated number of homes to be constructed or in the estimated land, land development, and related costs subsequent to the commencement of delivery of homes are allocated to the remaining undelivered homes in the community. Home construction and related costs are charged to the cost of homes closed under the specific identification method. The estimated land, common area development, and related costs of master planned communities, including the cost of golf courses, net of their estimated residual value, are allocated to individual communities within a master planned community on a relative sales value basis. Any changes resulting from a change in the estimated number of homes to be constructed or in the estimated costs are allocated to the remaining home sites in each of the communities of the master planned community. For high-rise/mid-rise projects, land, land development, construction, and related costs, both incurred and estimated to be incurred in the future, are generally amortized to the cost of units closed based upon an estimated relative sales value of the units closed to the total estimated sales value. Any changes resulting from a change in the estimated total costs or revenues of the project are allocated to the remaining units to be delivered. Land sales revenues: Our revenues from land sales generally consist of: (1) lot sales to third-party builders within our master planned communities; (2) land sales to joint ventures in which we retain an interest; and (3) bulk land sales to third parties of land we have decided no longer meets our development criteria. In general, our performance obligation for each of these land sales is fulfilled upon the delivery of the land, which generally coincides with the receipt of cash consideration from the counterparty. Effective November 1, 2018, in land sale transactions that contain repurchase options, revenues and related costs are not recognized until the repurchase option expires. In addition, when we sell land to a joint venture in which we retain an interest, we do not recognize revenue or gains on the sale to the extent of our retained interest in such joint venture. Forfeited Customer Deposits: Effective November 1, 2018, forfeited customer deposits are recognized in “Home sales revenues” in our Consolidated Statements of Operations and Comprehensive Income in the period in which we determine that the customer will not complete the purchase of the home and we have the right to retain the deposit. Sales Incentives: In order to promote sales of our homes, we may offer our home buyers sales incentives. These incentives will vary by type of incentive and by amount on a community-by-community and home-by-home basis. Incentives are reflected as a reduction in home sales revenues. Incentives are recognized at the time the home is delivered to the home buyer and we receive the sales proceeds. |
Advertising Cost [Policy Text Block] | Advertising Costs We expense advertising costs as incurred. Advertising costs were $38.5 million , $28.5 million , and $26.1 million for the years ended October 31, 2019 , 2018 , and 2017 , respectively. |
Warranty Costs Policy [Text Block] | Warranty and Self-Insurance Warranty: We provide all of our home buyers with a limited warranty as to workmanship and mechanical equipment. We also provide many of our home buyers with a limited 10 -year warranty as to structural integrity. We accrue for expected warranty costs at the time each home is closed and title and possession are transferred to the home buyer. Warranty costs are accrued based upon historical experience. Adjustments to our warranty liabilities related to homes delivered in prior periods are recorded in the period in which a change in our estimate occurs. Over the past several years, we have had a significant number of warranty claims related primarily to homes built in Pennsylvania and Delaware. See Note 7 – “Accrued Expenses” for additional information regarding these warranty charges. |
Self-insurance [Text Block] | Self-Insurance: We maintain, and require the majority of our subcontractors to maintain, general liability insurance (including construction defect and bodily injury coverage) and workers’ compensation insurance. These insurance policies protect us against a portion of our risk of loss from claims related to our home building activities, subject to certain self-insured retentions, deductibles and other coverage limits (“self-insured liability”). We also provide general liability insurance for our subcontractors in Arizona, California, Colorado, Nevada, Washington, and certain areas of Texas, where eligible subcontractors are enrolled as insureds under our general liability insurance policies in each community in which they perform work. For those enrolled subcontractors, we absorb their general liability associated with the work performed on our homes within the applicable community as part of our overall general liability insurance and our self-insured liability. We record expenses and liabilities based on the estimated costs required to cover our self-insured liability and the estimated costs of potential claims and claim adjustment expenses that are above our coverage limits or that are not covered by our insurance policies. These estimated costs are based on an analysis of our historical claims and industry data, and include an estimate of claims incurred but not yet reported (“IBNR”). We engage a third-party actuary that uses our historical claim and expense data, input from our internal legal and risk management groups, as well as industry data, to estimate our liabilities related to unpaid claims, IBNR associated with the risks that we are assuming for our self-insured liability, and other required costs to administer current and expected claims. These estimates are subject to uncertainty due to a variety of factors, the most significant being the long period of time between the delivery of a home to a home buyer and when a structural warranty or construction defect claim may be made, and the ultimate resolution of the claim. Though state regulations vary, construction defect claims may be reported and resolved over a prolonged period of time, which can extend for 10 years or longer. As a result, the majority of the estimated liability relates to IBNR. Adjustments to our liabilities related to homes delivered in prior years are recorded in the period in which a change in our estimate occurs. The projection of losses related to these liabilities requires actuarial assumptions that are subject to variability due to uncertainties regarding construction defect claims relative to our markets and the types of product we build, insurance industry practices, and legal or regulatory actions and/or interpretations, among other factors. Key assumptions used in these estimates include claim frequencies, severities, and settlement patterns, which can occur over an extended period of time. In addition, changes in the frequency and severity of reported claims and the estimates to settle claims can impact the trends and assumptions used in the actuarial analysis, which could be material to our consolidated financial statements. Due to the degree of judgment required, and the potential for variability in these underlying assumptions, our actual future costs could differ from those estimated, and the difference could be material to our consolidated financial statements. |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation We account for our stock-based compensation in accordance with ASC 718, “Compensation – Stock Compensation” (“ASC 718”). We use a lattice model for the valuation of our stock option grants. The option pricing models used are designed to estimate the value of options that, unlike employee stock options and restricted stock units, can be traded at any time and are transferable. In addition to restrictions on trading, employee stock options and restricted stock units may include other restrictions such as vesting periods. Further, such models require the input of highly subjective assumptions, including the expected volatility of the stock price. Stock-based compensation expense is generally included in “Selling, general and administrative” expense in our Consolidated Statements of Operations and Comprehensive Income. |
Legal Costs, Policy [Policy Text Block] | Legal Expenses Transactional legal expenses for land acquisition and entitlement, and financing are capitalized and expensed over their appropriate life. We expense legal fees related to litigation, warranty and insurance claims when incurred. |
Income Tax, Policy [Policy Text Block] | Income Taxes We account for income taxes in accordance with ASC 740, “Income Taxes” (“ASC 740”). Deferred tax assets and liabilities are recorded based on temporary differences between the amounts reported for financial reporting purposes and the amounts reported for income tax purposes. In accordance with the provisions of ASC 740, we assess the realizability of our deferred tax assets. A valuation allowance must be established when, based upon available evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. See “Income Taxes – Valuation Allowance” below. Federal and state income taxes are calculated on reported pre-tax earnings based on current tax law and also include, in the applicable period, the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provisions differ from the amounts currently receivable or payable because certain items of income and expense are recognized for financial reporting purposes in different periods than for income tax purposes. Significant judgment is required in determining income tax provisions and evaluating tax positions. We establish reserves for income taxes when, despite the belief that our tax positions are fully supportable, we believe that our positions may be challenged and disallowed by various tax authorities. The consolidated tax provisions and related accruals include the impact of such reasonably estimable disallowances as deemed appropriate. To the extent that the probable tax outcome of these matters changes, such changes in estimates will impact the income tax provision in the period in which such determination is made. ASC 740 clarifies the accounting for uncertainty in income taxes recognized and prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. ASC 740 requires a company to recognize the financial statement effect of a tax position when it is “more-likely-than-not” (defined as a substantiated likelihood of more than 50% ), based on the technical merits of the position, that the position will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to be recognized in the financial statements based upon the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Our inability to determine that a tax position meets the more-likely-than-not recognition threshold does not mean that the Internal Revenue Service (“IRS”) or any other taxing authority will disagree with the position that we have taken. If a tax position does not meet the more-likely-than-not recognition threshold, despite our belief that our filing position is supportable, the benefit of that tax position is not recognized in the Consolidated Statements of Operations and Comprehensive Income and we are required to accrue potential interest and penalties until the uncertainty is resolved. Potential interest and penalties are recognized as a component of the provision for income taxes. Differences between amounts taken in a tax return and amounts recognized in the financial statements are considered unrecognized tax benefits. We believe that we have a reasonable basis for each of our filing positions and intend to defend those positions if challenged by the IRS or other taxing jurisdiction. If the IRS or other taxing authorities do not disagree with our position, and after the statute of limitations expires, we will recognize the unrecognized tax benefit in the period that the uncertainty of the tax position is eliminated. |
Income Taxes - Valuation Allowance [Policy Text Block] | Income Taxes — Valuation Allowance We assess the need for valuation allowances for deferred tax assets in each period based on whether it is more-likely-than-not that some portion of the deferred tax asset would not be realized. If, based on the available evidence, it is more-likely-than-not that such asset will not be realized, a valuation allowance is established against a deferred tax asset. The realization of a deferred tax asset ultimately depends on the existence of sufficient taxable income in either the carryback or carryforward periods under tax law. This assessment considers, among other matters, the nature, consistency, and magnitude of current and cumulative income and losses; forecasts of future profitability; the duration of statutory carryback or carryforward periods; our experience with operating loss and tax credit carryforwards being used before expiration; tax planning alternatives: and outlooks for the U.S. housing industry and broader economy. Changes in existing tax laws or rates could also affect our actual tax results. Due to uncertainties in the estimation process, particularly with respect to changes in facts and circumstances in future reporting periods, actual results could differ from the estimates used in our assessment that could have a material impact on our consolidated results of operations or financial position. |
Geographic Segment Reporting Policy [Text Block] | Segment Reporting We operate in two segments: traditional home building and urban infill. We build and sell homes for detached and attached homes in luxury residential communities located in affluent suburban markets and cater to move-up, empty-nester, active-adult, and second-home buyers in the United States (“Traditional Home Building”). We also build and sell homes in urban infill markets through Toll Brothers City Living ® (“City Living”). We have determined that our Traditional Home Building operations operate in five geographic segments: North, Mid-Atlantic, South, West, and California. The states comprising each geographic segment are as follows: North: Connecticut, Illinois, Massachusetts, Michigan, New Jersey, and New York Mid-Atlantic: Delaware, Maryland, Pennsylvania, and Virginia South: Florida, Georgia, North Carolina, South Carolina and Texas West: Arizona, Colorado, Idaho, Nevada, Oregon, Utah and Washington California: California In fiscal 2018, we acquired land and commenced development activities in the Salt Lake City, Utah and Portland, Oregon markets. We opened communities in these markets in fiscal 2019. In addition, as a result of two acquisitions, we commenced operations in Georgia and South Carolina in fiscal 2019. In fiscal 2018, we discontinued the sale of homes in Minnesota. Our operations in Minnesota were immaterial to the North geographic segment. |
Related Party Transactions [Policy Text Block] | Related Party Transactions See Note 4, “Investments in Unconsolidated Entities - Rental Property Joint Ventures” for information regarding Toll Brothers Realty Trust. |
Recent Accounting Pronouncements [Policy Text Block] | Recent Accounting Pronouncements In May 2014, the FASB created ASC 606 with the issuance ASU No. 2014-09, “Revenue from Contracts with Customers,” which provides guidance for revenue recognition. ASC 606 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets. ASC 606 supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition,” and most industry-specific guidance. ASC 606 also supersedes some cost guidance included in ASC Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts.” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under the previous guidance. These judgments and estimates include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each separate performance obligation. In August 2015, the FASB issued ASU 2015-14 “Revenue from Contracts with Customers” (“ASU 2015-14”), which delayed the effective date of ASC 606 by one year. ASC 606, as amended by ASU 2015-14, became effective for our fiscal year beginning November 1, 2018, and we adopted the new standard under the modified retrospective transition method applied to contracts that were not completed as of November 1, 2018. We elected to apply the practical expedient which allows us to immediately expense incremental costs of obtaining a contract that would otherwise have been recognized in one year or less. We recognized the cumulative effect, net of tax, of applying ASC 606 as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the previous accounting standards. The adoption of ASC 606 did not have a material impact on our Consolidated Balance Sheet or Consolidated Statement of Operations or Comprehensive Income, and there have been no significant changes to our internal controls, processes, or systems as a result of implementing this new standard. However, the adoption of ASC 606 resulted in the following changes: • Prior to adoption of ASC 606, we capitalized certain costs related to our marketing efforts, including sales offices and model home upgrades and furnishings within “Inventory” on our Consolidated Balance Sheets and amortized such costs through “Selling, general, and administrative” on our Consolidated Statements of Operations and Comprehensive Income. As of November 1, 2018, we reclassified $104.8 million to “Property, construction, and office equipment, net” on our Consolidated Balance Sheets, primarily related to sales offices and model home improvement costs. The amortization of such costs will remain unchanged and will continue to be included in “Selling, general, and administrative” on our Consolidated Statements of Operations and Comprehensive Income. Additionally, we recorded a net cumulative effect adjustment to retained earnings of approximately $13.2 million for certain other marketing costs that no longer qualify for capitalization under the new guidance, and such costs will be expensed as incurred in the future. • Prior to adoption of ASC 606, we recorded our land sale revenues, net of their related expenses, within “Other income – net” on our Consolidated Statements of Operations and Comprehensive Income. As of November 1, 2018, we are presenting this activity in income from operations and breaking out the components of land sales revenues and land sales cost of revenues on our Consolidated Statements of Operations and Comprehensive Income. In addition, due to the existence of certain repurchase options in existing agreements to sell lots to third party builders in our master planned communities, both for wholly owned projects as well as projects in which we are a joint venture partner, we recorded a net cumulative effect adjustment to retained earnings of approximately $4.6 million to account for previously settled lots for which the related repurchase option had not yet expired. Because the amount of the deferred earning is not material to our consolidated financial statements, we have elected to recognize the revenue and related expenses for such lots in future periods when such repurchase options expire rather than account for them as leases under ASC 840, “Leases.” • Prior to adoption of ASC 606, retained customer deposits were classified in “Other income – net” on our Consolidated Statements of Operations and Comprehensive Income. As of November 1, 2018, retained customer deposits, which totaled $13.2 million for our fiscal year ending October 31, 2019 , are included in “Home sales revenue” on our Consolidated Statements of Operations and Comprehensive Income. Prior period balances for retained customer deposits have not been reclassified and are not material to our consolidated financial statements. In February 2017, the FASB issued ASU No. 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” (“ASU 2017-05”). ASU 2017-05 is meant to clarify the scope of the original guidance within Subtopic 610-20 that was issued in connection with ASC 606, which provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. ASU 2017-05 also added guidance for partial sales of nonfinancial assets. ASU 2017-05 became effective for our fiscal year beginning November 1, 2018 and we adopted ASU 2017-05 concurrent with our adoption of ASC 606. The adoption of ASU 2017-05 did not have a material effect on our consolidated financial statements and disclosures. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”), which provides guidance on the classification of restricted cash in the statement of cash flows. ASU 2016-18 became effective for our fiscal year beginning November 1, 2018 and resulted in a change in the presentation to our Consolidated Statement of Cash Flows but did not have a material effect on our other consolidated financial statements or disclosures. As a result of the adoption of ASU No. 2016-18, net cash provided by operations on the Consolidated Statement of Cash Flows for the years ended October 31, 2018 and 2017, decreased by $14.2 million and $103.4 million , respectively. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”), which is intended to reduce diversity in practice in how certain transactions are classified and makes eight targeted changes to how cash receipts and cash payments are presented in the statement of cash flows. ASU 2016-15 became effective for our fiscal year beginning November 1, 2018 and did not have a material effect on our consolidated financial statements and disclosures. In February 2016, the FASB issued ASU No. 2016-02, “Leases” (“ASU 2016-02”), which requires an entity to recognize assets and liabilities on the balance sheet for the rights and obligations created by leased assets and provide additional disclosures. In July 2018, the FASB issued ASU No. 2018-11, “Leases: Targeted Improvements” (“ASU 2018-11”), which provides an entity with the option to apply the transition provisions of the new standard at its adoption date instead of at its earliest comparative period presented. ASU 2018-11 also provides an entity with a practical expedient that permits lessors to not separate nonlease components from the associated lease component if certain conditions are met. ASU 2016-02, as amended by ASU 2018-11, is effective for our fiscal year beginning November 1, 2019, at which time we will adopt the new standard using a modified retrospective approach. We expect to elect the package of transition practical expedients, which allows us to carry forward our historical assessment of (1) whether contracts are or contain leases, (2) lease classification, and (3) initial direct costs. In addition, we expect to elect the practical expedient that allows lessees the option to account for lease and non-lease components together as a single component for all classes of underlying assets. Upon adoption, we currently estimate the increase to our balance sheet will be approximately 1% of assets and approximately 2% of liabilities. While the recognition of such lease assets and liabilities will impact our Consolidated Balance Sheet and require additional disclosure, we do not expect that the new standard will have a material impact on our other consolidated financial statements. We also do not expect significant changes to our business processes, systems, or internal controls as a result of implementing the standard. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate credit losses. ASU 2016-13 is effective for our fiscal year beginning November 1, 2020, with early adoption permitted as of November 1, 2019. We are currently evaluating the impact that the adoption of ASU 2016-13 may have on our consolidated financial statements and disclosures. |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory at October 31, 2019 and 2018 consisted of the following (amounts in thousands): 2019 2018 Land controlled for future communities $ 182,929 $ 139,985 Land owned for future communities 868,202 916,616 Operating communities 6,821,917 6,541,618 $ 7,873,048 $ 7,598,219 |
Temporarily Closed communities | Information regarding the classification, number, and carrying value of these temporarily closed communities at October 31, 2019 , 2018 , and 2017 , is provided in the table below ($ amounts in thousands): 2019 2018 2017 Land owned for future communities: Number of communities 16 17 14 Carrying value (in thousands) $ 120,857 $ 124,426 $ 110,732 Operating communities: Number of communities 1 1 6 Carrying value (in thousands) $ 2,871 $ 2,622 $ 26,749 |
Inventory impairment charges and expensing of costs that it is believed not to be recoverable | We provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable in each of the three fiscal years ended October 31, 2019 , 2018 , and 2017 , as shown in the table below (amounts in thousands): Charge: 2019 2018 2017 Land controlled for future communities $ 11,285 $ 2,820 $ 1,949 Land owned for future communities — 2,185 3,050 Operating communities 31,075 30,151 9,795 $ 42,360 $ 35,156 $ 14,794 |
Interest incurred, capitalized and expensed | Interest incurred, capitalized, and expensed in each of the three fiscal years ended October 31, 2019 , 2018 , and 2017 , was as follows (amounts in thousands): 2019 2018 2017 Interest capitalized, beginning of year $ 319,364 $ 352,049 $ 369,419 Interest incurred 178,035 165,977 175,944 Interest expensed to home sales cost of revenues (185,045 ) (190,734 ) (172,832 ) Interest expensed to land sales cost of revenues (1,787 ) Interest expensed in other income (3,760 ) (4,823 ) Interest reclassified to property, construction and office equipment (485 ) Interest capitalized on investments in unconsolidated entities (4,571 ) (7,220 ) (8,824 ) Previously capitalized interest transferred to investments in unconsolidated entities (8,708 ) Previously capitalized interest on investments in unconsolidated entities transferred to inventory 5,327 3,052 2,358 Interest capitalized, end of year $ 311,323 $ 319,364 $ 352,049 |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Summary of Joint Venture Information [Table Text Block] | The table below provides information as of October 31, 2019 , regarding active joint ventures that we are invested in, by joint venture category ($ amounts in thousands): Land Home Building Rental Property Gibraltar Joint Ventures Total Number of unconsolidated entities 8 4 20 9 41 Investment in unconsolidated entities $ 110,306 $ 60,512 $ 174,292 $ 21,142 $ 366,252 Number of unconsolidated entities with funding commitments by the Company 2 1 2 1 6 Company’s remaining funding commitment to unconsolidated entities $ 28,586 $ 1,400 $ 539 $ 8,271 $ 38,796 |
Summary of Joint Ventures Borrowing information [Table Text Block] | Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at October 31, 2019 , regarding the debt financing obtained by category ($ amounts in thousands): Land Home Building Rental Property Total Number of joint ventures with debt financing 3 2 18 23 Aggregate loan commitments $ 100,859 $ 133,453 $ 1,393,838 $ 1,628,150 Amounts borrowed under commitments $ 88,252 $ 133,453 $ 1,017,788 $ 1,239,493 |
Condensed balance sheet aggregated by type of business | Condensed Balance Sheets: October 31, 2019 Land Develop- ment Joint Ventures Home Building Joint Ventures Rental Property Joint Ventures Gibraltar Joint Ventures Total Cash and cash equivalents $ 23,669 $ 38,115 $ 20,647 $ 3,388 $ 85,819 Inventory 247,866 313,991 17,369 579,226 Loan receivables, net 56,545 56,545 Rental properties 1,021,848 1,021,848 Rental properties under development 535,197 535,197 Real estate owned 12,267 12,267 Other assets 96,602 78,916 36,879 364 212,761 Total assets $ 368,137 $ 431,022 $ 1,614,571 $ 89,933 $ 2,503,663 Debt, net of deferred financing costs $ 88,050 $ 132,606 $ 1,006,201 $ 1,226,857 Other liabilities 49,302 33,959 84,735 7,831 175,827 Members’ equity 230,785 264,457 523,635 81,686 1,100,563 Noncontrolling interest 416 416 Total liabilities and equity $ 368,137 $ 431,022 $ 1,614,571 $ 89,933 $ 2,503,663 Company’s net investment in unconsolidated entities (1) $ 110,306 $ 60,512 $ 174,292 $ 21,142 $ 366,252 October 31, 2018 Land Develop- ment Joint Ventures Home Building Joint Ventures Rental Property Joint Ventures Gibraltar Total Cash and cash equivalents $ 47,409 $ 22,834 $ 23,750 $ 8,469 $ 102,462 Inventory 403,670 557,157 13,163 973,990 Loan receivables, net 40,065 40,065 Rental properties 808,785 808,785 Rental properties under development 437,586 437,586 Real estate owned 14,838 14,838 Other assets 93,322 49,723 21,917 1,067 166,029 Total assets $ 544,401 $ 629,714 $ 1,292,038 $ 77,602 $ 2,543,755 Debt, net of deferred financing costs $ 125,557 $ 284,959 $ 735,482 $ — $ 1,145,998 Other liabilities 29,096 72,897 51,992 4,585 158,570 Members’ equity 389,748 271,858 504,564 69,804 1,235,974 Noncontrolling interest 3,213 3,213 Total liabilities and equity $ 544,401 $ 629,714 $ 1,292,038 $ 77,602 $ 2,543,755 Company’s net investment in unconsolidated entities (1) $ 176,593 $ 65,936 $ 171,216 $ 18,068 $ 431,813 (1) Differences between our net investment in unconsolidated entities and our underlying equity in the net assets of the entities are primarily a result of impairments related to our investments in unconsolidated entities; interest capitalized on our investments; the estimated fair value of the guarantees provided to the joint ventures; unrealized gains on our retained joint venture interests; gains recognized from the sale of our ownership interests; and distributions from entities in excess of the carrying amount of our net investment. |
Condensed statements of operations aggregate by type of business | Condensed Statements of Operations and Comprehensive Income: For the year ended October 31, 2019 Land Develop- ment Joint Ventures Home Building Joint Ventures Rental Property Joint Ventures Gibraltar Total Revenues $ 261,677 $ 374,587 $ 99,401 $ 21,377 $ 757,042 Cost of revenues 247,070 333,008 68,502 13,234 661,814 Other expenses 4,662 15,389 58,928 1,880 80,859 Total expenses 251,732 348,397 127,430 15,114 742,673 Gain on disposition of loans and REO 4,383 4,383 Income (loss) from operations 9,945 26,190 (28,029 ) 10,646 18,752 Other income 3,079 6,144 16,651 12,793 38,667 Income (loss) before income taxes 13,024 32,334 (11,378 ) 23,439 57,419 Income tax provision 193 457 650 Net income (loss) including earnings from noncontrolling interests 12,831 31,877 (11,378 ) 23,439 56,769 Less: income attributable to noncontrolling interest (9,593 ) (9,593 ) Net income (loss) attributable to controlling interest $ 12,831 $ 31,877 $ (11,378 ) $ 13,846 $ 47,176 Company’s equity (deficit) in earnings of unconsolidated entities (2) $ 6,160 $ 17,004 $ (824 ) $ 2,528 $ 24,868 For the year ended October 31, 2018 Land Develop- ment Joint Ventures Home Building Joint Ventures Rental Property Joint Ventures Gibraltar Total Revenues $ 351,397 $ 148,002 $ 121,276 $ 19,592 $ 640,267 Cost of revenues 317,363 112,469 74,946 17,817 522,595 Other expenses 9,125 8,630 61,502 3,201 82,458 Total expenses 326,488 121,099 136,448 21,018 605,053 Gain on disposition of loans and REO 53,192 53,192 Income (loss) from operations 24,909 26,903 (15,172 ) 51,766 88,406 Other income 5,939 2,134 222,744 1,937 232,754 Income before income taxes 30,848 29,037 207,572 53,703 321,160 Income tax provision 86 767 853 Net income including earnings from noncontrolling interests 30,762 28,270 207,572 53,703 320,307 Less: income attributable to noncontrolling interest (28,297 ) (28,297 ) Net income attributable to controlling interest $ 30,762 $ 28,270 $ 207,572 $ 25,406 $ 292,010 Company’s equity in earnings of unconsolidated entities (2) $ 3,392 $ 14,069 $ 62,204 $ 5,575 $ 85,240 For the year ended October 31, 2017 Land Develop- ment Joint Ventures Home Building Joint Ventures Rental Property Joint Ventures Gibraltar Total Revenues $ 288,440 $ 475,260 $ 115,519 $ 10,090 $ 889,309 Cost of revenues 191,965 286,446 70,108 14,428 562,947 Other expenses 6,508 13,102 59,503 3,942 83,055 Total expenses 198,473 299,548 129,611 18,370 646,002 Gain on disposition of loans and REO 48,079 48,079 Income (loss) from operations 89,967 175,712 (14,092 ) 39,799 291,386 Other income 4,723 7,317 1,556 432 14,028 Income (loss) before income taxes 94,690 183,029 (12,536 ) 40,231 305,414 Income tax provision 94 7,473 95 7,662 Net income (loss) including earnings from noncontrolling interests 94,596 175,556 (12,631 ) 40,231 297,752 Less: income attributable to noncontrolling interest (20,439 ) (20,439 ) Net income (loss) attributable to controlling interest 94,596 175,556 (12,631 ) 19,792 277,313 Company’s equity in earnings of unconsolidated entities (2) $ 13,007 $ 77,339 $ 21,458 $ 4,262 $ 116,066 (2) Differences between our equity in earnings of unconsolidated entities and the underlying net income (loss) of the entities are primarily a result of a basis difference of an acquired joint venture interest; distributions from entities in excess of the carrying amount of our net investment; recoveries of previously incurred charges; unrealized gains on our retained joint venture interests; and our share of the entities’ profits related to home sites purchased by us which reduces our cost basis of the home sites acquired. |
Receivables, Prepaid Expenses_2
Receivables, Prepaid Expenses and Other Assets (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Receivables, prepaid expenses and other assets [Abstract] | |
Receivables, prepaid expenses, and other assets [Table Text Block] | Receivables, prepaid expenses, and other assets at October 31, 2019 and 2018 , consisted of the following (amounts in thousands): 2019 2018 Expected recoveries from insurance carriers and others $ 114,162 $ 126,291 Improvement cost receivable 100,864 96,937 Escrow cash held by our captive title company 32,863 33,471 Properties held for rental apartment and commercial development 367,072 193,015 Prepaid expenses 26,041 23,065 Other 74,439 77,999 $ 715,441 $ 550,778 See Note 7, “Accrued Expenses,” for additional information regarding the expected recoveries from insurance carriers and others. |
Loans Payable, Senior Notes, _2
Loans Payable, Senior Notes, and Mortgage Company Loan Facility (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Credit Facility, Loans Payable, Senior Notes, and Mortgage Company Loan Facility [Abstract] | |
Schedule of Debt [Table Text Block] | At October 31, 2019 and 2018 , loans payable consisted of the following (amounts in thousands): 2019 2018 Senior unsecured term loan $ 800,000 $ 500,000 Loans payable – other 314,577 188,115 Deferred issuance costs (3,128 ) (1,314 ) $ 1,111,449 $ 686,801 |
Schedule of Loans Payable [Table Text Block] | Information regarding our loans payable at October 31, 2019 and 2018 , is included in the table below ($ amounts in thousands): 2019 2018 Aggregate loans payable at October 31 $ 314,577 $ 188,115 Weighted-average interest rate 4.49 % 4.68 % Interest rate range 1.26% - 7.00% 1.15% - 7.87% Loans secured by assets Carrying value of loans secured by assets $ 314,577 $ 152,281 Carrying value of assets securing loans $ 850,381 $ 467,164 The contractual maturities of “Loans payable – other” as of October 31, 2019 , ranged from two months to 27 years . |
Schedule of Debt Instrument [Table Text Block] | At October 31, 2019 and 2018 , senior notes consisted of the following (amounts in thousands): 2019 2018 4.00% 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 419,876 419,876 4.375% Senior Notes due April 15, 2023 400,000 400,000 5.625% Senior Notes due January 15, 2024 250,000 250,000 4.875% Senior Notes due November 15, 2025 350,000 350,000 4.875% Senior Notes due March 15, 2027 450,000 450,000 4.35% Senior Notes due February 15, 2028 400,000 400,000 3.80% Senior Notes due November 1, 2029 400,000 — Bond discounts, premiums, and deferred issuance costs, net (9,978 ) (8,501 ) $ 2,659,898 $ 2,861,375 |
Schedule of Maturities of Long-term Debt [Table Text Block] | As of October 31, 2019 , the annual aggregate maturities of our loans and notes during each of the next five fiscal years are as follows (amounts in thousands): Amount 2020 $ 234,096 2021 $ 52,863 2022 $ 437,818 2023 $ 421,611 2024 $ 290,745 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued expenses | Accrued expenses at October 31, 2019 and 2018 , consisted of the following (amounts in thousands): 2019 2018 Land, land development and construction $ 192,658 $ 213,641 Compensation and employee benefits 183,592 159,374 Escrow liability 31,587 32,543 Self-insurance 193,405 168,012 Warranty 201,886 258,831 Deferred income 51,678 42,179 Interest 31,307 40,325 Commitments to unconsolidated entities 9,283 10,553 Other 55,536 48,123 $ 950,932 $ 973,581 |
Changes in the warranty accrual | The table below provides a reconciliation of the changes in our warranty accrual during fiscal 2019 , 2018 , and 2017 as follows (amounts in thousands): 2019 2018 2017 Balance, beginning of year $ 258,831 $ 329,278 $ 370,992 Additions - homes closed during the year 35,475 37,045 31,798 Addition - liabilities acquired 855 1,495 Increase in accruals for homes closed in prior years 6,023 6,162 6,226 Reclassification from other accruals 1,082 Charges incurred (99,298 ) (113,654 ) (82,315 ) Balance, end of year $ 201,886 $ 258,831 $ 329,278 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Company's effective tax rate from federal statutory rate | The following table provides a reconciliation of our effective tax rate from the federal statutory tax rate for the fiscal years ended October 31, 2019 , 2018 , and 2017 ($ amounts in thousands): 2019 2018 2017 $ %* $ %* $ %* Federal tax provision at statutory rate 165,306 21.0 217,914 23.3 285,009 35.0 State tax provision, net of federal benefit 37,898 4.8 47,073 5.0 34,656 4.3 Domestic production activities deduction — (18,168 ) (1.9 ) (12,835 ) (1.6 ) Other permanent differences 188 — (3,726 ) (0.4 ) (1,468 ) (0.2 ) Reversal of accrual for uncertain tax positions (5,348 ) (0.7 ) (4,741 ) (0.5 ) (3,981 ) (0.5 ) Accrued interest on anticipated tax assessments 453 0.1 737 0.1 984 0.1 Increase in unrecognized tax benefits 2,153 0.3 1,122 0.1 — Valuation allowance — reversed — — (32,154 ) (3.9 ) Changes in tax law (523 ) (0.1 ) (38,740 ) (4.1 ) — Excess stock compensation benefit (2,143 ) (0.3 ) (4,236 ) (0.5 ) — Other (821 ) (0.1 ) (11,470 ) (1.2 ) 8,605 1.1 Income tax provision* 197,163 25.0 185,765 19.9 278,816 34.2 * Due to rounding, amounts may not add. |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The following table provides information regarding the provision (benefit) for income taxes for each of the fiscal years ended October 31, 2019 , 2018 , and 2017 (amounts in thousands): 2019 2018 2017 Federal $ 161,904 $ 157,836 $ 278,095 State 35,259 27,929 721 $ 197,163 $ 185,765 $ 278,816 Current $ 94,399 $ 207,695 $ 93,106 Deferred 102,764 (21,930 ) 185,710 $ 197,163 $ 185,765 $ 278,816 |
Schedule of Components of Income Taxes Payable [Table Text Block] | The components of income taxes payable at October 31, 2019 and 2018 are set forth below (amounts in thousands): 2019 2018 Current $ 7,897 $ 28,804 Deferred 95,074 2,155 $ 102,971 $ 30,959 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | The following table provides a reconciliation of the change in the unrecognized tax benefits for the years ended October 31, 2019 , 2018 , and 2017 (amounts in thousands): 2019 2018 2017 Balance, beginning of year $ 12,222 $ 16,993 $ 30,272 Increase in benefit as a result of tax positions taken in prior years 2,148 2,140 1,575 Increase in benefit as a result of tax positions taken in current year 1,126 949 431 Decrease in benefit as a result of settlements (2,670 ) (4,707 ) (9,174 ) Decrease in benefit as a result of lapse of statute of limitations (4,929 ) (3,153 ) (6,111 ) Balance, end of year $ 7,897 $ 12,222 $ 16,993 |
Tax Benefits potential interest and penalties | The following table provides information as to the amounts recognized in our tax provision, before reduction for applicable taxes and reversal of previously accrued interest and penalties, of potential interest and penalties in the fiscal years ended October 31, 2019 , 2018 , and 2017 , and the amounts accrued for potential interest and penalties at October 31, 2019 and 2018 (amounts in thousands): Expense recognized in the Consolidated Statements of Operations and Comprehensive Income Fiscal year 2019 $ 593 2018 $ 1,152 2017 $ 1,513 Accrued at: October 31, 2019 $ 1,169 October 31, 2018 $ 2,115 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of net deferred tax assets and liabilities at October 31, 2019 and 2018 are set forth below (amounts in thousands): 2019 2018 Deferred tax assets: Accrued expenses $ 54,162 $ 54,531 Impairment charges 43,583 51,124 Inventory valuation differences 55,313 42,765 Stock-based compensation expense 23,928 27,949 Amounts related to unrecognized tax benefits 311 1,197 State tax, net operating loss carryforwards 67,718 73,288 Other 18 125 Total assets 245,033 250,979 Deferred tax liabilities: Capitalized interest 44,196 43,982 Deferred income 277,005 181,839 Expenses taken for tax purposes not for book 3,571 5,477 Depreciation 5,024 6,877 Deferred marketing 10,311 14,959 Total liabilities 340,107 253,134 Net deferred tax liabilities (95,074 ) (2,155 ) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Stock Repurchase Program [Abstract] | |
Stock repurchase program | The following table provides information about the share repurchase programs for the fiscal years ended October 31, 2019 , 2018 , and 2017 : 2019 2018 2017 Number of shares purchased (in thousands) 6,619 12,108 7,694 Average price per share $ 35.28 $ 41.56 $ 37.81 Remaining authorization at October 31 (in thousands) 13,953 10,989 8,144 |
Stock-Based Benefit Plans (Tabl
Stock-Based Benefit Plans (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based compensation expense recognized | The following table provides information regarding the amount of total stock-based compensation expense recognized by us for fiscal 2019 , 2018 , and 2017 (amounts in thousands): 2019 2018 2017 Total stock-based compensation expense recognized $ 26,180 $ 28,312 $ 28,466 Income tax benefit recognized $ 6,749 $ 7,902 $ 11,125 |
Weighted-average assumptions and the fair value used for stock option grants | The following table summarizes the weighted-average assumptions and fair value used for stock option grants in each of the fiscal years ended October 31, 2019 , 2018 , and 2017 : 2019 2018 2017 Expected volatility 28.61% - 31.34% 27.66% - 31.83% 29.93% - 41.05% Weighted-average volatility 30.46% 30.33% 34.72% Risk-free interest rate 2.65% - 2.76% 2.17% - 2.35% 1.96% - 2.52% Expected life (years) 4.63 - 8.50 5.00 - 8.50 4.60 - 9.24 Dividends 1.36% 0.67% none Weighted-average fair value per share of options granted $10.22 $16.09 $12.16 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | The following table summarizes stock option activity for our plans during each of the fiscal years ended October 31, 2019 , 2018 , and 2017 (amounts in thousands, except per share amounts): 2019 2018 2017 Number of options Weighted- average exercise price Number of options Weighted- average exercise price Number of options Weighted- average exercise price Balance, beginning 5,503 $ 28.84 6,120 $ 27.60 8,514 $ 26.36 Granted 344 32.42 210 47.84 595 31.61 Exercised (1,044 ) 21.87 (797 ) 24.16 (2,863 ) 24.54 Canceled (23 ) 34.47 (30 ) 33.08 (126 ) 32.10 Balance, ending 4,780 $ 30.59 5,503 $ 28.84 6,120 $ 27.60 Options exercisable, at October 31, 3,799 $ 29.52 4,231 $ 27.03 4,266 $ 25.42 |
Intrinsic Value of Options Outstanding and Exercisable [Table Text Block] | The following table provides information pertaining to the intrinsic value of options outstanding and exercisable at October 31, 2019 , 2018 , and 2017 (amounts in thousands): 2019 2018 2017 Intrinsic value of options outstanding $ 45,551 $ 30,477 $ 112,886 Intrinsic value of options exercisable $ 39,350 $ 29,010 $ 87,978 |
Intrinsic Value of Options Exercised and Fair Value of Options [Table Text Block] | Information pertaining to the intrinsic value of options exercised and the fair market value of options that became vested or modified in each of the fiscal years ended October 31, 2019 , 2018 , and 2017 , is provided below (amounts in thousands): 2019 2018 2017 Intrinsic value of options exercised $ 16,491 $ 18,165 $ 32,951 Fair market value of options vested $ 7,723 $ 10,007 $ 10,897 |
Information Regarding the Use of the Net Exercise Method [Table Text Block] | The following table provides information regarding the use of the net exercise method for fiscal 2019 and 2017 : 2019 2017 Options exercised 33,250 15,000 Shares withheld 21,842 14,472 Shares issued 11,408 528 Average fair market value per share withheld $ 33.03 $ 32.98 Aggregate fair market value of shares withheld (in thousands) $ 721 $ 477 |
Share-based Payment Arrangement, Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based compensation expense recognized | Information regarding the stock compensation expense related to stock options for fiscal 2019 , 2018 and 2017 was as follows (amounts in thousands): 2019 2018 2017 Stock compensation expense recognized - options $ 5,181 $ 7,497 $ 10,337 |
Employee Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The following table provides information regarding our employee stock purchase plan for fiscal 2019 , 2018 , and 2017 : 2019 2018 2017 Shares issued 41,744 35,471 33,314 Average price per share $ 31.80 $ 34.08 $ 32.25 Compensation expense recognized (in thousands) $ 184 $ 171 $ 147 |
Vesting Based On Service [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The following table provides information regarding these RSUs for fiscal 2019 , 2018 , and 2017 : 2019 2018 2017 Time-Based RSUs issued: Number of RSUs issued 449,380 296,790 377,564 Weighted average closing price per share of our common stock on date of issuance $ 33.04 $ 47.84 $ 31.61 Aggregate fair value of RSUs issued (in thousands) $ 14,848 $ 14,198 $ 11,935 Time-Based RSU expense recognized (in thousands): $ 13,627 $ 11,193 $ 7,572 2019 2018 2017 At October 31: Aggregate number of Time-Based RSUs outstanding 1,137,936 850,853 673,224 Cumulative unamortized value of Time-Based RSUs (in thousands) $ 8,694 $ 8,818 $ 6,783 |
Schedule of the number of shares withheld, the income tax withholding due, and the remaining shares issued [Table Text Block] | The following table provides information regarding the number of shares withheld, the income tax withholding due, and the remaining shares issued to the recipients for fiscal 2019 , 2018 , and 2017 : 2019 2018 2017 Number of shares withheld 29,681 23,289 20,400 Income tax withholdings due $ 1,042 $ 1,145 $ 664,300 Remaining shares issued to the recipients 82,795 58,552 52,757 |
Vesting Based On Performance [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The following table provides information regarding the issuance, valuation assumptions, and amortization of the Performance-Based RSUs issued in fiscal 2019 , 2018 , and 2017 : 2019 2018 2017 Number of shares underlying Performance-Based RSUs to be issued 158,721 135,554 168,417 Aggregate number of Performance-Based RSUs outstanding at October 31 645,538 786,857 940,117 Closing price of our common stock on Valuation Date $ 34.86 $ 47.84 $ 31.61 Aggregate grant date fair value of Performance-Based RSUs issued (in thousands) $ 5,533 $ 6,485 $ 5,324 Performance-Based RSU expense recognized (in thousands) $ 5,514 $ 6,949 $ 7,031 Unamortized value of Performance-Based RSUs at October 31 (in thousands) $ 3,431 $ 3,824 $ 4,599 |
Vesting based on total shareholder return [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based compensation expense recognized | The following table provides information on expense recognized and the unamortized value of our TSR RSUs for fiscal 2019 , 2018 , and 2017 (amounts in thousands): 2019 2018 2017 TSR RSUs expense recognized $ 1,673 $ 2,502 $ 3,400 Unamortized value of TSR RSUs at October 31 $ 1,875 $ 1,773 $ 2,200 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The specified performance periods are as follows: Performance Period Target Number of TSR RSUs issued Fiscal 2019 November 1, 2018 to October 31, 2021 48,710 Fiscal 2018 November 1, 2017 to October 31, 2020 39,411 Fiscal 2017 November 1, 2016 to October 31, 2019 46,361 |
Schedule of Share-based Payment Award, Total Shareholder Return RSUs, Valuation Assumptions [Table Text Block] | The following table summarizes the assumptions used in the Monte Carlo simulation and the fair value per share of the TSR RSUs granted in fiscal 2019 , 2018 , and 2017 : 2019 2018 2017 Weighted-average volatility 29.06% 26.58% 26.91% Risk-free interest rate 2.64% 1.92% 1.52% Dividends none none none Weighted-average fair value per share of TSR RSUs $36.46 $52.62 $39.21 |
Schedule of the number of shares withheld, the income tax withholding due, and the remaining shares issued [Table Text Block] | The following table provides information regarding the number of shares withheld, the income tax withholding due, and the remaining shares issued to the recipients for fiscal 2019 and 2018 : 2019 2018 Number of shares withheld 16,643 13,974 Income tax withholdings due $ 537,902 $ 470,364 Remaining shares issued to the recipients 23,817 33,553 |
Earnings Per Share Information
Earnings Per Share Information (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Earnings Per Share [Abstract] | |
Calculation of income per share | Information pertaining to the calculation of earnings per share for each of the fiscal years ended October 31, 2019 , 2018 , and 2017 , is as follows (amounts in thousands): 2019 2018 2017 Numerator: Net income as reported $ 590,007 $ 748,151 $ 535,495 Plus: Interest and costs attributable to 0.5% Exchangeable Senior Notes, net of income tax benefit (a) 1,434 Numerator for diluted earnings per share $ 590,007 $ 748,151 $ 536,929 Denominator: Basic weighted-average shares 145,008 151,984 162,222 Common stock equivalents (b) 1,493 2,217 2,147 Shares attributable to 0.5% Exchangeable Senior Notes (a) 5,118 Diluted weighted-average shares 146,501 154,201 169,487 Other information: Weighted-average number of antidilutive options and restricted stock units (c) 1,156 813 1,966 Shares issued under stock incentive and employee stock purchase plans 1,394 1,066 3,116 (a) On September 15, 2017, we redeemed these notes. (b) Common stock equivalents represent the dilutive effect of outstanding in-the-money stock options using the treasury stock method and shares expected to be issued under our restricted stock units programs. (c) Weighted-average number of antidilutive options and restricted stock units are based upon the average of the average quarterly closing prices of our common stock on the NYSE for the year. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Summary of assets and (liabilities), measured at fair value on a recurring basis | A summary of assets and (liabilities) at October 31, 2019 and 2018 , related to our financial instruments, measured at fair value on a recurring basis, is set forth below (amounts in thousands): Fair value Financial Instrument Fair value hierarchy October 31, 2019 October 31, 2018 Residential Mortgage Loans Held for Sale Level 2 $ 218,777 $ 170,731 Forward Loan Commitments – Residential Mortgage Loans Held for Sale Level 2 $ 298 $ 1,750 Interest Rate Lock Commitments (“IRLCs”) Level 2 $ 964 $ (4,366 ) Forward Loan Commitments – IRLCs Level 2 $ (964 ) $ 4,366 |
Aggregate unpaid principal and fair value of mortgage loans held for sale | The table below provides, for the periods indicated, the aggregate unpaid principal and fair value of mortgage loans held for sale as of the date indicated (amounts in thousands): At October 31, Aggregate unpaid principal balance Fair value Excess 2019 $ 216,280 $ 218,777 $ 2,497 2018 $ 170,728 $ 170,731 $ 3 |
Fair value of inventory adjusted for impairment | The table below provides, for the periods indicated, the number of operating communities that we reviewed for potential impairment, the number of operating communities in which we recognized impairment charges, the amount of impairment charges recognized, and, as of the end of the period indicated, the fair value of those communities, net of impairment charges ($ amounts in thousands): Impaired operating communities Three months ended: Number of Number of communities Fair value of Impairment charges recognized Fiscal 2019: January 31 49 5 $ 37,282 $ 5,785 April 30 64 6 $ 36,159 17,495 July 31 69 3 $ 5,436 1,100 October 31 71 7 $ 18,910 6,695 $ 31,075 Fiscal 2018: January 31 64 5 $ 13,318 $ 3,736 April 30 65 4 $ 21,811 13,325 July 31 55 5 $ 43,063 9,065 October 31 43 6 $ 24,692 4,025 $ 30,151 Fiscal 2017: January 31 57 2 $ 8,372 $ 4,000 April 30 46 6 $ 25,092 2,935 July 31 53 4 $ 5,965 1,360 October 31 51 1 $ 6,982 1,500 $ 9,795 |
Book value and estimated fair value of the Company's debt | The table below provides, as of the dates indicated, the book value and estimated fair value of our debt at October 31, 2019 and 2018 (amounts in thousands): 2019 2018 Fair value hierarchy Book value Estimated fair value Book value Estimated fair value Loans payable (a) Level 2 $ 1,114,577 $ 1,112,040 $ 688,115 $ 687,974 Senior notes (b) Level 1 2,669,876 2,823,043 2,869,876 2,779,270 Mortgage company loan facility (c) Level 2 150,000 150,000 150,000 150,000 $ 3,934,453 $ 4,085,083 $ 3,707,991 $ 3,617,244 (a) The estimated fair value of loans payable was based upon contractual cash flows discounted at interest rates that we believed were available to us for loans with similar terms and remaining maturities as of the applicable valuation date. (b) The estimated fair value of our senior notes is based upon their market prices as of the applicable valuation date. (c) We believe that the carrying value of our mortgage company loan borrowings approximates their fair value. |
Operating communities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair Value, Assets and Liabilities Measured on a Nonrecurring Basis, Valuation Techniques [Table Text Block] | The table below summarizes, for the periods indicated, the ranges of certain quantitative unobservable inputs utilized in determining the fair value of impaired communities: Three months ended: Selling price per unit ($ in thousands) Sales pace per year (in units) Discount rate Fiscal 2019: January 31 836 - 13,495 2 - 12 12.5% - 15.8% April 30 372 - 1,915 2 - 19 12.0% - 26.0% July 31 530 - 1,113 2 - 9 7.8% - 13% October 31 478 - 857 2 - 5 13.8% - 14.5% Fiscal 2018: January 31 381 - 1,029 7 - 10 13.8% - 19.0% April 30 485 - 522 10 - 16 16.9% July 31(1) – – – October 31 470 - 1071 4 - 23 13.5% - 16.3% (1) The impairment charges recognized were related to our decisions to sell lots in a bulk sale in certain communities rather than sell and construct homes as previously intended. The sale price per lot used in the fair value determination for these bulk sales ranged from $10,000 to $155,000 . |
Employee Retirement and Defer_2
Employee Retirement and Deferred Compensation Plans (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | Information related to our retirement plans for each of the fiscal years ended October 31, 2019 , 2018 , and 2017 , is as follows (amounts in thousands): 2019 2018 2017 Plan costs: Service cost $ 403 $ 568 $ 619 Interest cost 1,416 1,198 1,142 Amortization of prior service cost 506 936 969 Amortization of unrecognized losses — 17 137 $ 2,325 $ 2,719 $ 2,867 Projected benefit obligation: Beginning of year $ 35,515 $ 38,222 $ 38,980 Plan amendments adopted during year 4,956 Service cost 403 568 619 Interest cost 1,416 1,198 1,142 Benefit payments (1,358 ) (1,358 ) (1,318 ) Change in unrecognized gain/loss 4,138 (3,115 ) (1,201 ) Projected benefit obligation, end of year $ 45,070 $ 35,515 $ 38,222 Unamortized prior service cost: Beginning of year $ 870 $ 1,806 $ 2,775 Plan amendments adopted during year 4,956 Amortization of prior service cost (506 ) (936 ) (969 ) Unamortized prior service cost, end of year $ 5,320 $ 870 $ 1,806 Accumulated unrecognized (loss) gain, October 31 $ (2,567 ) $ 1,571 $ (1,560 ) Accumulated benefit obligation, October 31 $ 45,070 $ 35,515 $ 38,222 Accrued benefit obligation, October 31 $ 45,070 $ 35,515 $ 38,222 |
Schedule of Expected Benefit Payments [Table Text Block] | The table below provides, based upon the estimated retirement dates of the participants in the retirement plans, the amounts of benefits we would be required to pay in each of the next five fiscal years and for the five fiscal years ended October 31, 2029 in the aggregate (in thousands): Year ending October 31, Amount 2020 $ 1,687 2021 $ 2,526 2022 $ 2,785 2023 $ 3,046 2024 $ 3,077 November 1, 2024 – October 31, 2029 $ 16,878 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive (Loss) Income | The tables below provide, for the fiscal years ended October 31, 2019 , 2018 and 2017 , the components of accumulated other comprehensive (loss) income (amounts in thousands): 2019 2018 2017 Balance, beginning of period $ 694 $ (1,910 ) $ (3,336 ) Other comprehensive (loss) income before reclassifications (9,094 ) 3,115 1,201 Gross amounts reclassified from accumulated other comprehensive income 304 953 1,105 Income tax benefit (expense) 2,265 (1,142 ) (880 ) Other comprehensive (loss) income, net of tax (6,525 ) 2,926 1,426 Adoption of ASU 2018-02 — (322 ) Balance, end of period $ (5,831 ) $ 694 $ (1,910 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Company purchase commitments | Information regarding our land purchase commitments at October 31, 2019 and 2018 , is provided in the table below (amounts in thousands): 2019 2018 Aggregate purchase commitments: Unrelated parties $ 2,349,900 $ 2,404,660 Unconsolidated entities that the Company has investments in 10,826 128,235 Total $ 2,360,726 $ 2,532,895 Deposits against aggregate purchase commitments $ 168,778 $ 168,421 Credits to be received from unconsolidated entities 79,168 Additional cash required to acquire land 2,191,948 2,285,306 Total $ 2,360,726 $ 2,532,895 Amount of additional cash required to acquire land included in accrued expenses $ 14,620 $ 40,103 |
Company mortgage commitments | Information regarding our mortgage commitments at October 31, 2019 and 2018 , is provided in the table below (amounts in thousands): 2019 2018 Aggregate mortgage loan commitments: IRLCs $ 565,634 $ 614,255 Non-IRLCs 1,364,972 1,329,674 Total $ 1,930,606 $ 1,943,929 Investor commitments to purchase: IRLCs $ 565,634 $ 614,255 Mortgage loans receivable 208,591 163,208 Total $ 774,225 $ 777,463 |
Lessee, Operating Lease, Disclosure [Table Text Block] | Rental expenses incurred by us under these operating leases were (amounts in thousands): Year ending October 31, Amount 2019 $ 20,180 2018 $ 15,783 2017 $ 14,505 |
Future minimum rent payments under these operating leases [Text Block] | At October 31, 2019 , future minimum rent payments under our operating leases were (amounts in thousands): Year ending October 31, Amount 2020 $ 15,430 2021 12,576 2022 10,082 2023 7,800 2024 6,691 Thereafter 218,221 $ 270,800 |
Other Income - Net (Tables)
Other Income - Net (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other Income - net [Table Text Block] | The table below provides the components of “Other income – net” for the years ended October 31, 2019 , 2018 , and 2017 (amounts in thousands): 2019 2018 2017 Interest income $ 19,017 $ 8,570 $ 5,988 Income from ancillary businesses 53,568 25,692 18,934 Management fee income from home building unconsolidated entities, net 9,948 11,740 12,902 Retained customer deposits — 8,937 5,801 Income from land sales — 6,331 8,621 Other (1,031 ) 1,190 (1,184 ) Total other income – net $ 81,502 $ 62,460 $ 51,062 |
Revenues and Expenses of Non Core Ancillary Businesses [Table Text Block] | The table below provides revenues and expenses for these ancillary businesses for the years ended October 31, 2019 , 2018 , and 2017 (amounts in thousands): 2019 2018 2017 Revenues $ 150,114 $ 158,051 $ 134,116 Expenses $ 132,823 $ 132,359 $ 115,182 Other income $ 36,277 |
Schedule of revenues and expenses from land sales [Table Text Block] | The table below provides revenues and expenses recognized from land sales for the years ended October 31, 2018 , and 2017 (amounts in thousands): 2018 2017 Revenue $ 134,327 $ 284,928 Expense 127,996 281,030 Deferred gains recognized 4,723 $ 6,331 $ 8,621 Land sale revenues for the year ended October 31, 2018 included $80.3 million related to sale transactions with four Rental Property Joint Ventures in which we have interests ranging from 25% to 50% . On one of these transactions, we recognized a gain of $1.0 million in fiscal 2018. In addition, due to our continued involvement in the joint venture primarily through guarantees provided on the joint venture’s debt, we deferred $3.8 million of the gain realized on this sale. We will recognize the deferred gain into income as the guarantees provided expire. Land sale revenues for the year ended October 31, 2017 included $257.8 million related to sale transactions with two Home Building Joint Ventures and a Rental Property Joint Venture in which we have interests ranging from 20% to 25% . No gain or loss was realized on the sales related to the Home Building Joint Ventures. The deferred gains recognized in the fiscal 2017 period relate to the sale of a property in fiscal 2015 to a Home Building Joint Venture in which we had a 25% interest. Due to our continued involvement in this unconsolidated entity through our ownership interest and guarantees provided on the entity’s debt, we deferred the $9.3 million gain realized on the sale. We recognized the gain as units were sold to the ultimate home buyers, which is included in deferred gains recognized above. In the fourth quarter of fiscal 2017, we purchased the remaining inventory from this Home Building Joint Venture. The remaining unamortized deferred gain was used to reduce the basis of the inventory acquired. See Note 4, “Investments in Unconsolidated Entities,” for more information on these transactions. |
Information on Segments (Tables
Information on Segments (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Segment Reporting [Abstract] | |
Revenue and income (loss) before income taxes and total assets [Table Text Block] | Total assets for each of our segments at October 31, 2019 and 2018 , are shown in the table below (amounts in thousands): 2019 2018 Traditional Home Building: North $ 917,506 $ 970,854 Mid-Atlantic 1,177,387 1,130,417 South 1,412,563 1,237,744 West 2,057,389 1,580,199 California 2,339,677 2,733,956 Traditional Home Building 7,904,522 7,653,170 City Living 529,507 516,238 Corporate and other 2,394,109 2,075,182 $ 10,828,138 $ 10,244,590 “Corporate and other” is comprised principally of cash and cash equivalents, restricted cash, income tax receivable, investments in our Rental Property Joint Ventures, expected recoveries from insurance carriers and suppliers, our Gibraltar investments and operations, manufacturing facilities, and our mortgage and title subsidiaries. The table below summarizes revenue and income (loss) before income taxes for our segments for each of the fiscal years ended October 31, 2019 , 2018 , and 2017 (amounts in thousands): Revenue Income (loss) before income taxes 2019 2018 2017 2019 2018 2017 Traditional Home Building: North $ 923,299 $ 975,648 $ 775,540 $ 55,897 $ 56,530 $ 50,393 Mid-Atlantic 1,112,817 1,141,130 1,030,269 64,739 90,573 105,740 South 1,244,571 1,045,395 923,953 117,533 110,304 112,809 West 1,418,041 1,451,353 1,151,697 170,389 213,269 153,188 California 2,129,461 2,208,733 1,550,494 452,350 494,247 345,138 Traditional Home Building 6,828,189 6,822,259 5,431,953 860,908 964,923 767,268 City Living 253,189 320,999 383,105 70,133 78,149 193,852 Corporate and other (999 ) (143,871 ) (109,156 ) (146,809 ) Total home sales revenue 7,080,379 7,143,258 5,815,058 787,170 933,916 814,311 Land sales revenue 143,587 — — Total revenue $ 7,223,966 $ 7,143,258 $ 5,815,058 $ 787,170 $ 933,916 $ 814,311 “Corporate and other” is comprised principally of general corporate expenses such as the offices of our executive officers; the corporate finance, accounting, audit, tax, human resources, risk management, information technology, marketing, and legal groups; interest income; income from certain of our ancillary businesses, including Gibraltar; and income from our Rental Property Joint Ventures and Gibraltar Joint Ventures. |
Schedule of inventory, by segment [Table Text Block] | Inventory for each of our segments, as of the dates indicated, is shown in the table below (amounts in thousands): Land controlled for future communities Land owned for future communities Operating communities Total Balances at October 31, 2019 Traditional Home Building: North $ 24,575 $ 64,129 $ 764,015 $ 852,719 Mid-Atlantic 53,375 96,634 964,188 1,114,197 South 15,622 134,697 1,056,384 1,206,703 West 25,340 34,165 1,924,387 1,983,892 California 64,017 353,186 1,842,935 2,260,138 Traditional Home Building 182,929 682,811 6,551,909 7,417,649 City Living 185,391 270,008 455,399 $ 182,929 $ 868,202 $ 6,821,917 $ 7,873,048 Balances at October 31, 2018 Traditional Home Building: North $ 17,414 $ 99,383 $ 803,692 $ 920,489 Mid-Atlantic 48,553 123,218 906,990 1,078,761 South 12,305 95,309 957,321 1,064,935 West 22,905 109,671 1,419,989 1,552,565 California 32,441 391,221 2,146,370 2,570,032 Traditional Home Building 133,618 818,802 6,234,362 7,186,782 City Living 6,367 97,814 307,256 411,437 $ 139,985 $ 916,616 $ 6,541,618 $ 7,598,219 |
Schedule of inventory impairments, by segment [Table Text Block] | The amounts we have provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable for each of our segments, for the years ended October 31, 2019 , 2018 , and 2017 , are shown in the table below (amounts in thousands): 2019 2018 2017 Traditional Home Building: North $ 17,488 $ 19,698 $ 6,528 Mid-Atlantic 8,514 9,818 6,905 South 9,457 3,802 1,184 West 1,074 907 106 California 1,027 147 43 Traditional Home Building 37,560 34,372 14,766 City Living 4,800 15 28 Corporate and other 769 $ 42,360 $ 35,156 $ 14,794 |
Schedule of investments in unconsolidated entities and equity in earnings (losses) from unconsolidated entities, by segment [Table Text Block] | The net carrying value of our investments in unconsolidated entities and our equity in earnings (losses) from such investments, for each of our segments, as of the dates indicated, are shown in the table below (amounts in thousands): Investments in unconsolidated entities Equity in earnings (losses) from unconsolidated entities At October 31, Year ended October 31, 2019 2018 2019 2018 2017 Traditional Home Building: Mid-Atlantic $ 8,525 $ 7,823 $ (4,000 ) $ (2,000 ) South 91,956 84,610 19,098 $ 12,263 $ 9,185 West (63 ) 2,529 California 9,825 84,160 (37 ) 2,404 7,509 Traditional Home Building 110,306 176,593 19,061 10,604 17,223 City Living 60,512 65,936 4,103 6,857 73,123 Corporate and other 195,434 189,284 1,704 67,779 25,720 $ 366,252 $ 431,813 $ 24,868 $ 85,240 $ 116,066 “Corporate and other” is comprised of our investments in the Rental Property Joint Ventures and the Gibraltar Joint Ventures. |
Supplemental Disclosure to St_2
Supplemental Disclosure to Statements of Cash Flows (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental disclosures to the consolidated statements of cash flows | The following are supplemental disclosures to the Consolidated Statements of Cash Flows for each of the fiscal years ended October 31, 2019 , 2018 and 2017 (amounts in thousands): 2019 2018 2017 Cash flow information: Interest paid, net of amount capitalized $ 35,422 $ 20,812 $ 21,578 Income tax payments $ 141,681 $ 215,092 $ 119,852 Income tax refunds $ 4,344 $ 3,101 $ 2,776 Noncash activity: Cost of inventory acquired through seller financing, municipal bonds, or accrued liabilities, net $ 213,824 $ 185,633 $ 61,877 Financed portion of land sale $ 625 (Increase) decrease in inventory for capitalized interest, our share of earnings, and allocation of basis difference in land purchased from unconsolidated entities $ (5,300 ) $ (1,320 ) $ 11,760 Reclassification from inventory to property, construction, and office equipment, net due to the adoption of ASC 606 $ 104,807 Net decrease in inventory and retained earnings due to the adoption of ASC 606 $ 8,989 Net increase in accrued expenses and decrease in retained earnings due to the adoption of ASC 606 $ 6,541 Net decrease in investment in unconsolidated entities and retained earnings due to the adoption of ASC 606 $ 2,457 Cost of inventory acquired through foreclosure 4,609 Reclassification of deferred income from inventory to accrued liabilities $ 3,520 Cancellation of treasury stock $ 895,517 Non-controlling interest $ 38,134 $ 2,801 Reclassification of inventory to property, construction, and office equipment $ 8,990 Decrease (increase) in unrecognized gain in defined benefit plans $ 4,138 $ (3,115 ) $ (1,201 ) Defined benefit plan amendment $ 4,956 Deferred tax decrease related to stock-based compensation activity included in additional paid-in capital $ 5,232 Income tax benefit (expense) recognized in total comprehensive income $ 2,265 $ (1,141 ) $ (880 ) 2019 2018 2017 Transfer of other assets to inventory, net $ 7,100 $ 16,763 Transfer of inventory to investment in unconsolidated entities $ 72,757 Transfer of investment in unconsolidated entities to inventory $ 14,328 Transfer of other assets to investment in unconsolidated entities, net $ 44,139 $ 60,971 1,308 Reclassification of deferred income from accrued expenses to investment in unconsolidated entities $ 5,995 Increase in investments in unconsolidated entities for change in the fair value of debt guarantees $ 928 $ 623 $ 130 Miscellaneous (decreases) increases to investments in unconsolidated entities $ (1,876 ) $ 1,776 $ 5,117 Business Acquisitions: Fair value of assets purchased $ 173,516 $ 88,465 Liabilities assumed $ 11,143 $ 5,377 Cash paid $ 162,373 $ 83,088 At October 31, 2019 2018 2017 Cash, cash equivalents, and restricted cash Cash and cash equivalents $ 1,286,014 $ 1,182,195 $ 712,829 Restricted cash and cash held by our captive title company included in receivables, prepaid expenses, and other assets $ 33,629 $ 34,215 $ 48,405 Total cash, cash equivalents, and restricted cash shown in the Consolidated $ 1,319,643 $ 1,216,410 $ 761,234 |
Supplemental Guarantor Inform_2
Supplemental Guarantor Information (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
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 October 31, 2019 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 3.80% Senior Notes due November 1, 2029 $ 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). Consolidating Balance Sheet at October 31, 2019 Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents — — 1,082,067 203,947 — 1,286,014 Inventory 7,791,759 81,289 7,873,048 Property, construction, and office equipment, net 263,140 10,272 273,412 Receivables, prepaid expenses, and other assets 224,681 610,541 (119,781 ) 715,441 Mortgage loans held for sale 218,777 218,777 Customer deposits held in escrow 74,303 100 74,403 Investments in unconsolidated entities 50,594 315,658 366,252 Investments in and advances to consolidated entities 5,172,737 2,704,551 163,371 147,413 (8,188,072 ) — Income taxes receivable 20,791 20,791 5,193,528 2,704,551 9,649,915 1,587,997 (8,307,853 ) 10,828,138 LIABILITIES AND EQUITY Liabilities Loans payable 1,109,614 36,092 (34,257 ) 1,111,449 Senior notes 2,659,898 2,659,898 Mortgage company loan facility 150,000 150,000 Customer deposits 383,583 2,013 385,596 Accounts payable 347,715 884 348,599 Accrued expenses 754 26,812 569,476 443,180 (89,290 ) 950,932 Advances from consolidated entities 1,052,370 503,058 (1,555,428 ) — Income taxes payable 102,971 102,971 Total liabilities 103,725 2,686,710 3,462,758 1,135,227 (1,678,975 ) 5,709,445 Equity Stockholders’ equity Common stock 1,529 48 3,006 (3,054 ) 1,529 Additional paid-in capital 726,879 49,400 177,034 (226,434 ) 726,879 Retained earnings (deficit) 4,792,409 (31,559 ) 6,187,109 225,853 (6,399,390 ) 4,774,422 Treasury stock, at cost (425,183 ) (425,183 ) Accumulated other comprehensive loss (5,831 ) (5,831 ) Total stockholders’ equity 5,089,803 17,841 6,187,157 405,893 (6,628,878 ) 5,071,816 Noncontrolling interest 46,877 46,877 Total equity 5,089,803 17,841 6,187,157 452,770 (6,628,878 ) 5,118,693 5,193,528 2,704,551 9,649,915 1,587,997 (8,307,853 ) 10,828,138 Consolidating Balance Sheet at October 31, 2018 Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents — — 1,011,863 170,332 — 1,182,195 Inventory 7,493,205 105,014 7,598,219 Property, construction, and office equipment, net 169,265 24,016 193,281 Receivables, prepaid expenses, and other assets 291,299 392,559 (133,080 ) 550,778 Mortgage loans held for sale 170,731 170,731 Customer deposits held in escrow 116,332 1,241 117,573 Investments in unconsolidated entities 44,329 387,484 431,813 Investments in and advances to consolidated entities 4,791,629 2,916,557 91,740 126,872 (7,926,798 ) — 4,791,629 2,916,557 9,218,033 1,378,249 (8,059,878 ) 10,244,590 LIABILITIES AND EQUITY Liabilities Loans payable 686,801 686,801 Senior notes 2,861,375 2,861,375 Mortgage company loan facility 150,000 150,000 Customer deposits 405,318 5,546 410,864 Accounts payable 361,655 443 362,098 Accrued expenses 471 37,341 600,907 462,128 (127,266 ) 973,581 Advances from consolidated entities 1,551,196 476,040 (2,027,236 ) — Income taxes payable 30,959 30,959 Total liabilities 31,430 2,898,716 3,605,877 1,094,157 (2,154,502 ) 5,475,678 Equity Stockholders’ equity Common stock 1,779 48 3,006 (3,054 ) 1,779 Additional paid-in capital 727,053 49,400 93,734 (143,134 ) 727,053 Retained earnings (deficit) 5,161,551 (31,559 ) 5,612,108 178,639 (5,759,188 ) 5,161,551 Treasury stock, at cost (1,130,878 ) (1,130,878 ) Accumulated other comprehensive loss 694 694 Total stockholders’ equity 4,760,199 17,841 5,612,156 275,379 (5,905,376 ) 4,760,199 Noncontrolling interest 8,713 8,713 Total equity 4,760,199 17,841 5,612,156 284,092 (5,905,376 ) 4,768,912 4,791,629 2,916,557 9,218,033 1,378,249 (8,059,878 ) 10,244,590 Consolidating Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended October 31, 2019 Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Revenues: Home sales 6,980,549 99,830 7,080,379 Land sales and other 112,972 260,843 (230,228 ) 143,587 — — 7,093,521 360,673 (230,228 ) 7,223,966 Cost of revenues: Home sales 5,595,685 79,400 3,829 5,678,914 Land sales and other 59,338 180,162 (109,796 ) 129,704 — — 5,655,023 259,562 (105,967 ) 5,808,618 Selling, general and administrative 542 2,715 775,030 75,905 (119,644 ) 734,548 Income (loss) from operations (542 ) (2,715 ) 663,468 25,206 (4,617 ) 680,800 Other: Income from unconsolidated entities 12,930 11,938 24,868 Other income - net 48,052 26,352 7,098 81,502 Intercompany interest income 135,087 2,616 5,781 (143,484 ) — Interest expense (132,372 ) (5,781 ) (2,850 ) 141,003 — Income from consolidated subsidiaries 787,712 66,427 (854,139 ) — Income (loss) before income taxes 787,170 — 787,712 66,427 (854,139 ) 787,170 Income tax provision (benefit) 197,163 197,298 16,637 (213,935 ) 197,163 Net income (loss) 590,007 — 590,414 49,790 (640,204 ) 590,007 Other comprehensive income (6,525 ) (6,525 ) Total comprehensive income (loss) 583,482 — 590,414 49,790 (640,204 ) 583,482 Consolidating Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended October 31, 2018 Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Revenues 6,899,891 453,073 (209,706 ) 7,143,258 Cost of revenues 5,427,753 303,962 (58,708 ) 5,673,007 Selling, general and administrative 77 3,162 709,265 83,003 (111,472 ) 684,035 77 3,162 6,137,018 386,965 (170,180 ) 6,357,042 Income (loss) from operations (77 ) (3,162 ) 762,873 66,108 (39,526 ) 786,216 Other: Income from unconsolidated entities 44,646 40,594 85,240 Other income - net 30,561 (2,950 ) 34,849 62,460 Intercompany interest income 142,084 1,649 4,422 (148,155 ) — Interest expense (138,922 ) (4,422 ) (2,111 ) 145,455 — Income from consolidated subsidiaries 933,993 106,063 (1,040,056 ) — Income (loss) before income taxes 933,916 — 941,370 106,063 (1,047,433 ) 933,916 Income tax provision (benefit) 185,765 187,248 21,097 (208,345 ) 185,765 Net income (loss) 748,151 — 754,122 84,966 (839,088 ) 748,151 Other comprehensive income 2,926 2,926 Total comprehensive income (loss) 751,077 — 754,122 84,966 (839,088 ) 751,077 Consolidating Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended October 31, 2017 Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Revenues 5,668,610 336,671 (190,223 ) 5,815,058 Cost of revenues 4,414,461 223,243 (75,401 ) 4,562,303 Selling, general and administrative 58 4,033 633,000 77,115 (108,634 ) 605,572 58 4,033 5,047,461 300,358 (184,035 ) 5,167,875 Income (loss) from operations (58 ) (4,033 ) 621,149 36,313 (6,188 ) 647,183 Other: Income from unconsolidated entities 12,271 103,795 116,066 Other income - net 10,574 26,653 10,674 3,161 51,062 Intercompany interest income 156,366 48 4,365 (160,779 ) — Interest expense (162,882 ) (4,365 ) (1,819 ) 169,066 — Income from consolidated subsidiaries 803,795 142,779 (946,574 ) — Income (loss) before income taxes 814,311 (10,549 ) 798,535 153,328 (941,314 ) 814,311 Income tax provision (benefit) 278,816 (3,612 ) 273,418 52,500 (322,306 ) 278,816 Net income (loss) 535,495 (6,937 ) 525,117 100,828 (619,008 ) 535,495 Other comprehensive income 1,426 1,426 Total comprehensive income (loss) 536,921 (6,937 ) 525,117 100,828 (619,008 ) 536,921 Consolidating Statement of Cash Flows for the fiscal year ended October 31, 2019 Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities 76,828 (8,413 ) 559,660 (180,837 ) (9,577 ) 437,661 Cash flow provided by (used in) investing activities: Purchase of property and equipment — net (86,936 ) (35 ) (86,971 ) Investment in unconsolidated entities (11,202 ) (45,358 ) (56,560 ) Return of investments in unconsolidated entities 3,304 144,623 147,927 Investment in distressed loans and foreclosed real estate (731 ) (731 ) Return of investments in distressed loans and foreclosed real estate 3,147 3,147 Proceeds from sales of golf club properties and an office building 58,154 21,493 79,647 Acquisitions of businesses (162,373 ) (162,373 ) Investment paid intercompany (71,631 ) 71,631 — Intercompany advances 202,967 212,005 (414,972 ) — Net cash provided by (used in) investing activities 202,967 212,005 (270,684 ) 123,139 (343,341 ) (75,914 ) Cash flow (used in) provided by financing activities: Proceeds from issuance of senior notes 400,000 400,000 Proceeds from loans payable 300,000 2,399,028 2,699,028 Debt issuance costs (3,592 ) (2,588 ) (6,180 ) Principal payments of loans payable (72,588 ) (2,399,028 ) (2,471,616 ) Redemption of senior notes (600,000 ) (600,000 ) Proceeds from stock-based benefit plans 17,369 17,369 Purchase of treasury stock (233,523 ) (233,523 ) Dividends paid (63,641 ) (63,641 ) Receipts related to noncontrolling interest 49 49 Investment received intercompany 71,628 (71,628 ) — Intercompany advances (443,577 ) 19,031 424,546 — Net cash (used in) provided by financing activities (279,795 ) (203,592 ) (218,753 ) 90,708 352,918 (258,514 ) Net increase in cash, cash equivalents, and restricted cash — — 70,223 33,010 — 103,233 Cash, cash equivalents, and restricted cash, beginning of period — — 1,011,867 204,543 — 1,216,410 Cash, cash equivalents, and restricted cash, end of period — — 1,082,090 237,553 — 1,319,643 Consolidating Statement of Cash Flows for the fiscal year ended October 31, 2018 Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities (4,270 ) 5,439 521,640 56,301 9,101 588,211 Cash flow provided by (used in) investing activities: Purchase of property and equipment — net (28,064 ) (168 ) (28,232 ) Investment in unconsolidated entities (1,676 ) (25,815 ) (27,491 ) Return of investments in unconsolidated entities 29,242 103,948 133,190 Investment in distressed loans and foreclosed real estate (966 ) (966 ) Return of investments in distressed loans and foreclosed real estate 4,765 4,765 Intercompany advances 555,741 (401,908 ) (153,833 ) — Net cash provided by (used in) investing activities 555,741 (401,908 ) (498 ) 81,764 (153,833 ) 81,266 Cash flow (used in) provided by financing activities: Proceeds from issuance of senior notes 400,000 400,000 Proceeds from loans payable 590,000 2,040,835 2,630,835 Debt issuance costs (3,531 ) (3,531 ) Principal payments of loans payable (679,184 ) (2,010,980 ) (2,690,164 ) Proceeds from stock-based benefit plans 13,392 13,392 Purchase of treasury stock (503,159 ) (503,159 ) Payments related to noncontrolling interest 30 30 Dividends paid intercompany (6,000 ) 6,000 — Dividends paid (61,704 ) (61,704 ) Intercompany advances 45,205 (183,937 ) 138,732 — Net cash (used in) provided by financing activities (551,471 ) 396,469 (43,979 ) (160,052 ) 144,732 (214,301 ) Net increase (decrease) in cash, cash equivalents, and restricted cash — — 477,163 (21,987 ) — 455,176 Cash, cash equivalents, and restricted cash, beginning of period — — 534,704 226,530 — 761,234 Cash, cash equivalents, and restricted cash, end of period — — 1,011,867 204,543 — 1,216,410 Consolidating Statement of Cash Flows for the fiscal year ended October 31, 2017 Toll Brothers, Inc. Subsidiary Issuer Guarantor Subsidiaries Nonguarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities 200,721 9,955 294,302 366,144 (9,424 ) 861,698 Cash flow (used in) provided by investing activities: Purchase of property and equipment — net (20,439 ) (8,433 ) (28,872 ) Sale and redemption of marketable securities and restricted investments - net 10,631 7,418 18,049 Investment in unconsolidated entities (3,744 ) (118,590 ) (122,334 ) Return of investments in unconsolidated entities 58,610 136,895 195,505 Investment in distressed loans and foreclosed real estate (710 ) (710 ) Return of investments in distressed loans and foreclosed real estate 13,765 13,765 Acquisition of a business (83,088 ) (83,088 ) Investment paid intercompany (45,000 ) 45,000 — Intercompany advances 51,071 226,511 (277,582 ) — Net cash (used in) provided by investing activities 61,702 226,511 (93,661 ) 30,345 (232,582 ) (7,685 ) Cash flow (used in) provided by financing activities: Net proceeds from issuance of senior notes 455,483 455,483 Proceeds from loans payable 250,068 1,370,975 1,621,043 Debt issuance costs (4,449 ) (4,449 ) Principal payments of loans payable (538,527 ) (1,460,830 ) (1,999,357 ) Redemption of senior notes (687,500 ) (687,500 ) Proceeds from stock-based benefit plans 66,000 66,000 Purchase of treasury stock (290,881 ) (290,881 ) Dividends paid (38,587 ) (38,587 ) Investment received intercompany 45,000 (45,000 ) — Intercompany advances 39,082 (326,088 ) 287,006 — Net cash (used in) provided by financing activities (263,468 ) (236,466 ) (249,377 ) (370,943 ) 242,006 (878,248 ) Net increase (decrease) in cash, cash equivalents, and restricted cash (1,045 ) — (48,736 ) 25,546 — (24,235 ) Cash, cash equivalents, and restricted cash, beginning of period 1,045 — 583,440 200,984 — 785,469 Cash, cash equivalents, and restricted cash, end of period — — 534,704 226,530 — 761,234 |
Summary Consolidated Quarterl_2
Summary Consolidated Quarterly Financial Data (Unaudited) Summary Consolidated Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Oct. 31, 2019 | |
Summary Consolidated Quarterly Financial Data (Unaudited) [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | The table below provides summary income statement data for each quarter of fiscal 2019 and 2018 (amounts in thousands, except per share data): Three Months Ended October 31 July 31 April 30 January 31 Fiscal 2019: Revenue: Home sales $ 2,292,044 $ 1,756,970 $ 1,712,057 $ 1,319,308 Land sales $ 86,956 $ 8,721 $ 4,037 $ 43,873 Gross profit: Home sales $ 431,477 $ 355,215 $ 337,710 $ 277,063 Land sales $ 658 $ 2,489 $ 1,116 $ 9,620 Income before income taxes $ 272,649 $ 186,916 $ 176,159 $ 151,446 Net income $ 202,315 $ 146,318 $ 129,324 $ 112,050 Earnings per share (a) Basic $ 1.43 $ 1.01 $ 0.88 $ 0.76 Diluted $ 1.41 $ 1.00 $ 0.87 $ 0.76 Weighted-average number of shares Basic 141,909 144,750 146,622 146,751 Diluted 143,567 146,275 148,129 148,032 Fiscal 2018: Revenue $ 2,455,238 $ 1,913,353 $ 1,599,199 $ 1,175,468 Gross profit $ 524,487 $ 403,734 $ 301,042 $ 240,988 Income before income taxes $ 396,473 $ 253,097 $ 152,748 $ 131,598 Net income $ 310,976 $ 193,258 $ 111,810 $ 132,107 Earnings per share (a) Basic $ 2.10 $ 1.28 $ 0.73 $ 0.85 Diluted $ 2.08 $ 1.26 $ 0.72 $ 0.83 Weighted-average number of shares Basic 148,066 151,257 152,731 155,882 Diluted 149,603 153,173 155,129 158,897 (a) Due to rounding, the sum of the quarterly earnings per share amounts may not equal the reported earnings per share for the year. |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Entity Information [Line Items] | |||
Number of Operating Segments | 2 | ||
Additional Significant Accounting Policies (Textual) [Abstract] | |||
Number of geographic segments | 5 | ||
Number of years to complete a community | 4 years | ||
Number of years to complete a master planned community | 10 years | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 252.5 | $ 145 | |
Depreciation | 67.6 | 21 | $ 18.7 |
Advertising Expense | $ 38.5 | $ 28.5 | $ 26.1 |
warranty period, structural integrity | 10 years | ||
Construction defect claims, reported and resolved, period of time | 10 years | ||
More Likely Than Not Definition Threshold | 50.00% |
Significant Accounting Polici_4
Significant Accounting Policies (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Nov. 01, 2018 | Nov. 02, 2017 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Retained customer deposits | $ 0 | $ 8,937 | $ 5,801 | ||
Accounting Standards Update 2014-09 [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Reclassification of Inventory to Property, Construction and Office Equipment, Net | $ 104,807 | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 13,200 | ||||
Land sales prior [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 4,600 | ||||
Home Building [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Retained customer deposits | $ 13,200 |
Significant Accounting Polici_5
Significant Accounting Policies (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Nov. 01, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $ 437,661 | $ 588,211 | $ 861,698 | |
Customer Advances and Deposits | 385,596 | 410,864 | ||
Accounting Standards Update 2016-18 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $ 14,200 | $ 103,400 | ||
Maximum [Member] | Accounting Standards Update 2016-02 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating Lease, Right-of-Use Asset, % Estimate | 1.00% | |||
Operating Lease Liability, % Estimate | 2.00% | |||
Home Building [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Contract with Customer, Liability, Revenue Recognized | $ 367,800 |
Acquisition (Detail Textuals)
Acquisition (Detail Textuals) | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2016USD ($)communitieshome_sites | Oct. 31, 2019USD ($)communitieshome_sitesluxury_homes | Oct. 31, 2018USD ($) | Oct. 31, 2017USD ($) | May 20, 2019USD ($)home_sites | Nov. 07, 2016USD ($)home_sites | |
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 162,373,000 | $ 83,088,000 | ||||
Number of Homes to be Delivered | luxury_homes | 6,266 | |||||
Sales Value of Outstanding Deliver Homes | $ 5,260,000,000 | |||||
Sharp Residential [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Name of Acquired Entity | Sharp Residential, LLC | |||||
Sabal Homes [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Name of Acquired Entity | Sabal Homes LLC | |||||
Sharp Residential and Sabal Homes [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 162,400,000 | |||||
Number of home sites included in acquisition | home_sites | 2,550 | |||||
Number of Homes to be Delivered | home_sites | 204 | |||||
Sales Value of Outstanding Deliver Homes | $ 96,100,000 | |||||
Average Sales Price of Backlog | $ 471,100 | |||||
Business acquisition, number of selling communities | communities | 22 | |||||
Coleman Holdings LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Name of Acquired Entity | Coleman Real Estate Holdings, LLC | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 83,100,000 | |||||
Number of home sites included in acquisition | home_sites | 1,750 | |||||
Number of Homes to be Delivered | home_sites | 128 | |||||
Sales Value of Outstanding Deliver Homes | $ 38,800,000 | |||||
Average Sales Price of Backlog | $ 303,000 | |||||
Business acquisition, number of selling communities | communities | 15 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
Total Inventory | ||
Inventory | $ 7,873,048 | $ 7,598,219 |
Land controlled for future communities [Member] | ||
Total Inventory | ||
Inventory | 182,929 | 139,985 |
Land Owned for Future Communities [Member] | ||
Total Inventory | ||
Inventory | 868,202 | 916,616 |
Operating communities [Member] | ||
Total Inventory | ||
Inventory | $ 6,821,917 | $ 6,541,618 |
Inventory (Details 1)
Inventory (Details 1) $ in Thousands | Oct. 31, 2019USD ($)communities | Oct. 31, 2018USD ($)communities | Oct. 31, 2017USD ($)communities |
Operating communities [Member] | |||
Temporarily Closed communities | |||
Number of Communities | communities | 1 | 1 | 6 |
Carrying Value | $ | $ 2,871 | $ 2,622 | $ 26,749 |
Land Owned for Future Communities [Member] | |||
Temporarily Closed communities | |||
Number of Communities | communities | 16 | 17 | 14 |
Carrying Value | $ | $ 120,857 | $ 124,426 | $ 110,732 |
Inventory (Details 2)
Inventory (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Schedule of inventory [Line Items] | |||
Inventory Write-down | $ 42,360 | $ 35,156 | $ 14,794 |
Land controlled for future communities [Member] | |||
Schedule of inventory [Line Items] | |||
Inventory Write-down | 11,285 | 2,820 | 1,949 |
Land Owned for Future Communities [Member] | |||
Schedule of inventory [Line Items] | |||
Inventory Write-down | 0 | 2,185 | 3,050 |
Operating communities [Member] | |||
Schedule of inventory [Line Items] | |||
Inventory Write-down | $ 31,075 | $ 30,151 | $ 9,795 |
Inventory (Details 3)
Inventory (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Real estate inventory capitalized interest costs [Line Items] | |||
Interest capitalized, beginning of period | $ 319,364 | $ 352,049 | $ 369,419 |
Interest incurred | 178,035 | 165,977 | 175,944 |
Interest expensed to cost of revenues | (172,832) | ||
Write-off against other income | (3,760) | (4,823) | |
Interest Reclassified to Property Construction and Office Equipment | (485) | ||
Capitalized interest on investments in unconsolidated entities | (4,571) | (7,220) | (8,824) |
Real Estate Inventory Capitalized Interest Transferred to Unconsolidated Entities | (8,708) | ||
Previously capitalized interest in unconsolidated entities transferred to inventory | 5,327 | 3,052 | 2,358 |
Interest capitalized, end of period | 311,323 | 319,364 | 352,049 |
Home Building [Member] | |||
Real estate inventory capitalized interest costs [Line Items] | |||
Interest expensed to cost of revenues | (185,045) | (190,734) | |
Land [Member] | |||
Real estate inventory capitalized interest costs [Line Items] | |||
Interest expensed to cost of revenues | $ (1,787) |
Inventory (Details Textual)
Inventory (Details Textual) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019USD ($) | Oct. 31, 2018USD ($) | Oct. 31, 2017USD ($) | |
Inventory (Textual) [Abstract] | |||
Reclassification of inventory to property, construction and office equipment | $ 8,990 | ||
Deferred income relcassed from inventory to accrued liabilities, non-cash | 3,520 | ||
Non cash transfer of investment in unconsolidated investments to inventory | $ 14,328 | ||
Purchase Obligation | $ 2,360,726 | $ 2,532,895 | |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | |||
Variable Interest Entity [Line Items] | |||
Number of VIE Land Purchase Contracts | 127 | 110 | |
Land Purchase Commitment To Unrelated Party [Member] | |||
Inventory (Textual) [Abstract] | |||
Purchase Obligation | $ 2,349,900 | $ 2,404,660 | |
Land Purchase Commitment To Unrelated Party [Member] | Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | |||
Inventory (Textual) [Abstract] | |||
Purchase Obligation | 2,000,000 | 1,880,000 | |
Land Parcel Purchase Commitment [Member] | |||
Inventory (Textual) [Abstract] | |||
Deposit Assets | 168,778 | 168,421 | |
Land Parcel Purchase Commitment [Member] | Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | |||
Inventory (Textual) [Abstract] | |||
Deposit Assets | $ 149,200 | $ 120,500 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities Investments in Unconsolidated Entities (Details 1) $ in Thousands | Oct. 31, 2019USD ($)joint_ventures | Oct. 31, 2018USD ($) |
Schedule of Investments [Line Items] | ||
Number of Joint Ventures | joint_ventures | 41 | |
Investments in unconsolidated entities | $ | $ 366,252 | $ 431,813 |
Number of joint venture with funding commitments | joint_ventures | 6 | |
Other Commitment | $ | $ 38,796 | |
Land Development Joint Ventures [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Joint Ventures | joint_ventures | 8 | |
Investments in unconsolidated entities | $ | $ 110,306 | 176,593 |
Number of joint venture with funding commitments | joint_ventures | 2 | |
Home Building Joint Ventures, Total [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Joint Ventures | joint_ventures | 4 | |
Investments in unconsolidated entities | $ | $ 60,512 | 65,936 |
Number of joint venture with funding commitments | joint_ventures | 1 | |
Rental Property Joint Ventures, including Trust I [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Joint Ventures | joint_ventures | 20 | |
Investments in unconsolidated entities | $ | $ 174,292 | 171,216 |
Number of joint venture with funding commitments | joint_ventures | 2 | |
Gibraltar Joint Ventures [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Joint Ventures | joint_ventures | 9 | |
Investments in unconsolidated entities | $ | $ 21,142 | $ 18,068 |
Number of joint venture with funding commitments | joint_ventures | 1 | |
Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | Land Development Joint Ventures [Member] | ||
Schedule of Investments [Line Items] | ||
Other Commitment | $ | $ 28,586 | |
Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | Home Building Joint Ventures, Total [Member] | ||
Schedule of Investments [Line Items] | ||
Other Commitment | $ | 1,400 | |
Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | Rental Property Joint Ventures, including Trust I [Member] | ||
Schedule of Investments [Line Items] | ||
Other Commitment | $ | 539 | |
Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | Gibraltar Joint Ventures [Member] | ||
Schedule of Investments [Line Items] | ||
Other Commitment | $ | $ 8,271 |
Investments in Unconsolidated_4
Investments in Unconsolidated Entities Investments in Unconsolidated Entities (Details 2) $ in Thousands | Oct. 31, 2019USD ($)joint_ventures |
Schedule of Equity Method Investments [Line Items] | |
Number of joint ventures with loan commitments | joint_ventures | 23 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,628,150 |
Amounts borrowed under commitments | $ 1,239,493 |
Land Development Joint Ventures [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of joint ventures with loan commitments | joint_ventures | 3 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,859 |
Amounts borrowed under commitments | $ 88,252 |
Home Building Joint Ventures, Total [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of joint ventures with loan commitments | joint_ventures | 2 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 133,453 |
Amounts borrowed under commitments | $ 133,453 |
Rental Property Joint Ventures, including Trust I [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of joint ventures with loan commitments | joint_ventures | 18 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,393,838 |
Amounts borrowed under commitments | $ 1,017,788 |
Investments in Unconsolidated_5
Investments in Unconsolidated Entities (Details Textual) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2019USD ($) | Nov. 30, 2019USD ($) | Oct. 31, 2019USD ($)joint_venturesrental_units | Jul. 31, 2019USD ($) | Apr. 30, 2019USD ($) | Jan. 31, 2019USD ($) | Oct. 31, 2018USD ($)joint_ventures | Jul. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Jan. 31, 2018USD ($) | Jul. 31, 2019USD ($) | Oct. 31, 2019USD ($)joint_ventureshome_sitesrental_unitsHomes_sold | Oct. 31, 2018USD ($)joint_ventureshome_sitesHomes_sold | Oct. 31, 2017USD ($)joint_ventures | Dec. 20, 2019USD ($) | Dec. 19, 2019USD ($) | Nov. 07, 2019USD ($) | Jun. 25, 2019USD ($) | May 10, 2018USD ($) | Apr. 30, 2017USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Number Of Entities That Are Considered Variable Interest Entities | joint_ventures | 18 | 11 | 18 | 11 | ||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Income (loss) from unconsolidated entities | $ 24,868,000 | $ 85,240,000 | $ 116,066,000 | |||||||||||||||||
Equity Method Investment, Summarized Financial Information, Revenue | 757,042,000 | 640,267,000 | 889,309,000 | |||||||||||||||||
Investments in unconsolidated entities | $ 366,252,000 | $ 431,813,000 | 366,252,000 | 431,813,000 | ||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,455,238,000 | $ 1,913,353,000 | $ 1,599,199,000 | $ 1,175,468,000 | 7,223,966,000 | 7,143,258,000 | 5,815,058,000 | |||||||||||||
Funding Commitments to Joint Ventures | 38,796,000 | 38,796,000 | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,628,150,000 | 1,628,150,000 | ||||||||||||||||||
Amounts borrowed under commitments | $ 1,239,493,000 | $ 1,239,493,000 | ||||||||||||||||||
Number of Joint Ventures | joint_ventures | 41 | 41 | ||||||||||||||||||
Land sales, net | $ 0 | $ 6,331,000 | 8,621,000 | |||||||||||||||||
Equity Method Investee [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Number Of Unconsolidated Entities That Are Considered Variable Interest Entities | joint_ventures | 13 | 10 | 13 | 10 | ||||||||||||||||
Land Development Joint Ventures [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Home sites sold | home_sites | 934 | 986 | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,859,000 | $ 100,859,000 | ||||||||||||||||||
Amounts borrowed under commitments | 88,252,000 | $ 88,252,000 | ||||||||||||||||||
rental property joint ventures suburban Philadelphia and Jersey City NJ [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Long-term Debt | $ 189,000,000 | |||||||||||||||||||
Debt Instrument, Term | 10 years | |||||||||||||||||||
Amounts borrowed under commitments | $ 166,300,000 | |||||||||||||||||||
Rental Property Joint Ventures sold fiscal 2018 [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Assets, Fair Value Disclosure | $ 477,500,000 | |||||||||||||||||||
Land development joint venture Houston TX [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Number of home sites included in acquisition | home_sites | 263 | |||||||||||||||||||
rental property joint ventures fiscal 2018 new [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 166,100,000 | $ 166,100,000 | ||||||||||||||||||
Amounts borrowed under commitments | 156,100,000 | $ 156,100,000 | ||||||||||||||||||
Rental Property Joint Venture Phoenixville, PA [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 25.00% | |||||||||||||||||||
Assets, Fair Value Disclosure | $ 77,800,000 | |||||||||||||||||||
Home Building Joint Ventures, Total [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Home sites sold | Homes_sold | 186 | 100 | ||||||||||||||||||
Equity Method Investment, Summarized Financial Information, Revenue | $ 374,600,000 | $ 148,000,000 | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 133,453,000 | 133,453,000 | ||||||||||||||||||
Amounts borrowed under commitments | $ 133,453,000 | $ 133,453,000 | ||||||||||||||||||
Rental Joint Ventures, including Trusts i and II [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Number of Real Estate Properties | joint_ventures | 25 | 25 | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,393,838,000 | $ 1,393,838,000 | ||||||||||||||||||
Amounts borrowed under commitments | $ 1,017,788,000 | $ 1,017,788,000 | ||||||||||||||||||
Toll Brothers Realty Trust [Member] | Co-venturer [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Ownership Percentage | 33.30% | 33.30% | ||||||||||||||||||
Toll Brothers Realty Trust [Member] | Management [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Ownership Percentage | 33.30% | 33.30% | ||||||||||||||||||
Home Building Joint Venture Metro New York Five [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 236,500,000 | $ 236,500,000 | ||||||||||||||||||
Rental Property Joint Venture Metro New York [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Long-term Debt | 110,000,000 | $ 80,000,000 | $ 80,000,000 | $ 110,000,000 | ||||||||||||||||
Debt Instrument, Term | 3 years | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 120,000,000 | $ 120,000,000 | ||||||||||||||||||
Rental Property Joint Ventures new fiscal 2019 [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 340,100,000 | 340,100,000 | ||||||||||||||||||
Amounts borrowed under commitments | $ 39,300,000 | $ 39,300,000 | ||||||||||||||||||
rental property joint ventures suburban Philadelphia and Jersey City NJ [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Ownership Percentage | 25.00% | 25.00% | 50.00% | |||||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 26,700,000 | |||||||||||||||||||
Number of Real Estate Properties | joint_ventures | 2 | |||||||||||||||||||
Proceeds from Sale of Equity Method Investments | $ 54,900,000 | |||||||||||||||||||
Rental Property Joint Ventures sold fiscal 2018 [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 67,200,000 | |||||||||||||||||||
Number of Real Estate Properties | joint_ventures | 3 | 3 | ||||||||||||||||||
Proceeds from Sale of Equity Method Investments | $ 79,100,000 | |||||||||||||||||||
rental property joint ventures fiscal 2018 new [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Investments in unconsolidated entities | $ 65,600,000 | $ 65,600,000 | ||||||||||||||||||
Number of Real Estate Properties | joint_ventures | 4 | 4 | ||||||||||||||||||
Rental Property Joint Ventures Boston MA, San Diego CA and Miami FL [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Number of Real Estate Properties | joint_ventures | 4 | 4 | ||||||||||||||||||
Rental Property Joint Ventures new fiscal 2019 [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Investments in unconsolidated entities | $ 48,800,000 | $ 48,800,000 | ||||||||||||||||||
Number of Real Estate Properties | joint_ventures | 5 | 5 | ||||||||||||||||||
Land sales, net | $ 9,300,000 | |||||||||||||||||||
Single Family Build to Rent JV [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Investments in unconsolidated entities | $ 1,000,000 | $ 1,000,000 | ||||||||||||||||||
Single Family Build to Rent JV [Member] | Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Funding Commitments to Joint Ventures | 60,000,000 | 60,000,000 | ||||||||||||||||||
Rental Property Joint Venture Metro New York [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Investments in unconsolidated entities | $ 21,000,000 | $ 21,000,000 | ||||||||||||||||||
Ownership Percentage | 50.00% | 50.00% | ||||||||||||||||||
Land Development Joint Ventures [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Income (loss) from unconsolidated entities | $ 6,160,000 | $ 3,392,000 | 13,007,000 | |||||||||||||||||
Equity Method Investment, Summarized Financial Information, Revenue | 261,677,000 | 351,397,000 | 288,440,000 | |||||||||||||||||
Other than Temporary Impairment Losses, Investments | 1,000,000 | 6,000,000 | ||||||||||||||||||
Investments in unconsolidated entities | $ 110,306,000 | $ 176,593,000 | $ 110,306,000 | $ 176,593,000 | ||||||||||||||||
Number of Joint Ventures | joint_ventures | 8 | 8 | ||||||||||||||||||
Land Development Joint Ventures [Member] | Equity Method Investee [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Home sites sold | home_sites | 293 | 259 | ||||||||||||||||||
Equity Method Investment, Summarized Financial Information, Revenue | $ 137,100,000 | $ 153,200,000 | ||||||||||||||||||
Equity Method Investment, Deferred Gain on Sale | 1,700,000 | |||||||||||||||||||
Land Development Joint Ventures [Member] | Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Funding Commitments to Joint Ventures | $ 28,586,000 | 28,586,000 | ||||||||||||||||||
Toll Brothers Realty Trust [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Investments in unconsolidated entities | $ 0 | $ 0 | ||||||||||||||||||
Ownership Percentage | 33.30% | 33.30% | ||||||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 3,900,000 | 27,700,000 | ||||||||||||||||||
Partners' Capital Account, Distributions | 0 | |||||||||||||||||||
Property Management Fee Revenue | 1,000,000 | 2,000,000 | 2,000,000 | |||||||||||||||||
Gibraltar Land Banking & Development Joint Ventures [Member] [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Investments in unconsolidated entities | $ 20,500,000 | $ 20,500,000 | ||||||||||||||||||
Ownership Percentage | 25.00% | 25.00% | ||||||||||||||||||
Number of Joint Ventures | joint_ventures | 8 | 8 | ||||||||||||||||||
Number of JVs formed in the period | joint_ventures | 2 | |||||||||||||||||||
Gibraltar Land Banking & Development Joint Ventures [Member] [Member] | Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Venture [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Funding Commitments to Joint Ventures | $ 100,000,000 | $ 100,000,000 | ||||||||||||||||||
Land development joint venture Houston TX [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Investments in unconsolidated entities | $ 5,900,000 | $ 5,900,000 | ||||||||||||||||||
Ownership Percentage | 50.00% | 50.00% | ||||||||||||||||||
Rental Property Joint Venture Phoenixville, PA [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 3,800,000 | |||||||||||||||||||
Proceeds from Sale of Equity Method Investments | $ 7,400,000 | |||||||||||||||||||
Subsequent Event [Member] | Rental Property Joint Venture State College PA [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 79,500,000 | |||||||||||||||||||
Subsequent Event [Member] | Rental Property Joint Venture Dallas TX [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 42,000,000 | |||||||||||||||||||
Subsequent Event [Member] | Rental Property Joint Ventures Northern New Jersey [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 76,000,000 | |||||||||||||||||||
Subsequent Event [Member] | Home Building Joint Venture Metro New York Five [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Amounts borrowed under commitments | $ 76,600,000 | |||||||||||||||||||
Guarantees, Repayment and Carry Cost, Maximum | 76,600,000 | |||||||||||||||||||
Subsequent Event [Member] | Rental Property Joint Venture State College PA [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Investments in unconsolidated entities | $ 12,900,000 | |||||||||||||||||||
Proceeds from Sale of Real Estate | $ 17,900,000 | |||||||||||||||||||
Subsequent Event [Member] | Rental Property Joint Venture State College PA [Member] | Co-venturer [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Ownership Percentage | 70.00% | |||||||||||||||||||
Subsequent Event [Member] | Rental Property Joint Venture Dallas TX [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Investments in unconsolidated entities | $ 11,900,000 | |||||||||||||||||||
Proceeds from Sale of Real Estate | 7,700,000 | |||||||||||||||||||
Subsequent Event [Member] | Rental Property Joint Venture Dallas TX [Member] | Co-venturer [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||
Subsequent Event [Member] | Rental Property Joint Ventures Northern New Jersey [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 10,000,000 | |||||||||||||||||||
Proceeds from Sale of Equity Method Investments | 16,800,000 | |||||||||||||||||||
In Planning Phase [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Number of Units in Real Estate Property | rental_units | 10,900 | 10,900 | ||||||||||||||||||
Lease up Stage [Member] | Rental Joint Ventures, including Trusts i and II [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Number of Units in Real Estate Property | rental_units | 1,700 | 1,700 | ||||||||||||||||||
Occupied or Ready for Occupancy [Member] | Rental Joint Ventures, including Trusts i and II [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Number of Units in Real Estate Property | rental_units | 2,000 | 2,000 | ||||||||||||||||||
Asset under Construction [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Number of Units in Real Estate Property | rental_units | 800 | 800 | ||||||||||||||||||
Asset under Construction [Member] | Rental Joint Ventures, including Trusts i and II [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Number of Units in Real Estate Property | rental_units | 4,100 | 4,100 | ||||||||||||||||||
Line of Credit [Member] | Rental Property Joint Ventures sold fiscal 2018 [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 239,600,000 | |||||||||||||||||||
Line of Credit [Member] | Rental Property Joint Venture Phoenixville, PA [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 47,000,000 | |||||||||||||||||||
Rental Joint Ventures, including Trusts i and II [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Number of Real Estate Properties | joint_ventures | 5 | 5 | ||||||||||||||||||
Rental Property Joint Venture State College PA [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Payments to Acquire and Develop Real Estate | 32,000,000 | |||||||||||||||||||
rental property joint ventures fiscal 2018 new [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Payments to Acquire and Develop Real Estate | 140,000,000 | |||||||||||||||||||
Rental Property Joint Ventures new fiscal 2019 [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Payments to Acquire and Develop Real Estate | $ 145,100,000 | |||||||||||||||||||
Land development joint venture Houston TX [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Expected Percentage Of Homes To Be Sold To Each Joint Venture Partner | 50.00% | |||||||||||||||||||
Rental Property Joint Ventures Boston MA, San Diego CA and Miami FL [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Real Estate Investment Property, at Cost | $ 79,600,000 | $ 79,600,000 | ||||||||||||||||||
Rental Property Joint Venture Woburn MA [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Real Estate Investment Property, at Cost | 15,900,000 | $ 15,900,000 | ||||||||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 85.00% | |||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 15.00% | 15.00% | ||||||||||||||||||
Rental Property Joint Venture Dallas TX [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Payments to Acquire and Develop Real Estate | 19,000,000 | |||||||||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 125,000,000 | $ 125,000,000 | ||||||||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Rental Joint Ventures, including Trusts i and II [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 145,800,000 | 19,700,000 | 145,800,000 | $ 19,700,000 | ||||||||||||||||
Noncontrolling Interest in Variable Interest Entity | 41,000,000 | $ 2,800,000 | 41,000,000 | 2,800,000 | ||||||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Rental Property Joint Ventures Boston MA, San Diego CA and Miami FL [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Noncontrolling Interest in Variable Interest Entity | 37,900,000 | 37,900,000 | ||||||||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Rental Property Joint Venture Woburn MA [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 20,800,000 | 20,800,000 | ||||||||||||||||||
Noncontrolling Interest in Variable Interest Entity | 3,100,000 | 3,100,000 | ||||||||||||||||||
Land [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 86,956,000 | $ 8,721,000 | $ 4,037,000 | $ 43,873,000 | 143,587,000 | 0 | $ 0 | |||||||||||||
Land [Member] | rental property joint ventures fiscal 2018 new [Member] | Co-venturer [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 80,300,000 | |||||||||||||||||||
Land [Member] | Rental Property Joint Ventures new fiscal 2019 [Member] | Co-venturer [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 110,000,000 | |||||||||||||||||||
Land [Member] | Subsequent Event [Member] | Rental Property Joint Venture State College PA [Member] | Co-venturer [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 22,200,000 | |||||||||||||||||||
Land [Member] | Subsequent Event [Member] | Rental Property Joint Venture Dallas TX [Member] | Co-venturer [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 9,200,000 | |||||||||||||||||||
Minimum [Member] | rental property joint ventures fiscal 2018 new [Member] | Co-venturer [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Ownership Percentage | 50.00% | 50.00% | ||||||||||||||||||
Minimum [Member] | Rental Property Joint Ventures new fiscal 2019 [Member] | Co-venturer [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Ownership Percentage | 63.50% | 63.50% | ||||||||||||||||||
Minimum [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Rental Property Joint Ventures new fiscal 2019 [Member] | Co-venturer [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Ownership Percentage | 50.00% | 50.00% | ||||||||||||||||||
Maximum [Member] | rental property joint ventures fiscal 2018 new [Member] | Co-venturer [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Ownership Percentage | 75.00% | 75.00% | ||||||||||||||||||
Maximum [Member] | Rental Property Joint Ventures new fiscal 2019 [Member] | Co-venturer [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Ownership Percentage | 75.00% | 75.00% | ||||||||||||||||||
Maximum [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Rental Property Joint Ventures new fiscal 2019 [Member] | Co-venturer [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Ownership Percentage | 98.00% | 98.00% | ||||||||||||||||||
Indirect Guarantee of Indebtedness [Member] | Equity Method Investee [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,530,000,000 | $ 1,530,000,000 | ||||||||||||||||||
Amounts borrowed under commitments | 1,140,000,000 | 1,140,000,000 | ||||||||||||||||||
Maximum repapyment and carry cost guarantee obligation for borrowings by JV | 239,600,000 | 239,600,000 | ||||||||||||||||||
Guarantees, Repayment and Carry Cost, Maximum | $ 299,100,000 | $ 299,100,000 | ||||||||||||||||||
Indirect Guarantee of Indebtedness [Member] | Subsequent Event [Member] | Rental Property Joint Venture State College PA [Member] | Equity Method Investee [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 79,500,000 | |||||||||||||||||||
Indirect Guarantee of Indebtedness [Member] | Subsequent Event [Member] | Rental Property Joint Venture Dallas TX [Member] | Equity Method Investee [Member] | ||||||||||||||||||||
Investments in and Advances to Unconsolidated Entities (Textual) [Abstract] | ||||||||||||||||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 42,000,000 |
Investments in Unconsolidated_6
Investments in Unconsolidated Entities Investments in Unconsolidated Entities (Details Textual 2) $ in Thousands | 12 Months Ended | |
Oct. 31, 2019USD ($)joint_ventures | Oct. 31, 2018USD ($)joint_ventures | |
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Amounts borrowed under commitments | $ 1,239,493 | |
Investments in unconsolidated entities | 366,252 | $ 431,813 |
Other Commitment | 38,796 | |
Line of Credit Facility, Maximum Borrowing Capacity | 1,628,150 | |
Equity Method Investee [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Guarantees, Fair Value Disclosure | $ 5,600 | |
Number Of Unconsolidated Entities That Are Considered Variable Interest Entities | joint_ventures | 13 | 10 |
Indirect Guarantee of Indebtedness [Member] | Equity Method Investee [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Amounts borrowed under commitments | $ 1,140,000 | |
Maximum repapyment and carry cost guarantee obligation for borrowings by JV | 239,600 | |
Line of Credit Facility, Maximum Borrowing Capacity | 1,530,000 | |
Guarantees, Repayment and Carry Cost, Maximum | $ 299,100 | |
Indirect Guarantee of Indebtedness [Member] | Equity Method Investee [Member] | Minimum [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Guarantor Obligations, Term | P2M | |
Indirect Guarantee of Indebtedness [Member] | Equity Method Investee [Member] | Maximum [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Guarantor Obligations, Term | P9Y8M12D | |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | Equity Method Investee [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Investments in unconsolidated entities | $ 37,000 | $ 33,800 |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | Indirect Guarantee of Indebtedness [Member] | Equity Method Investee [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 76,000 | 70,000 |
Maximum repapyment and carry cost guarantee obligation for borrowings by JV | 76,000 | 70,000 |
Guarantees, Repayment and Carry Cost, Maximum | 76,000 | 70,000 |
Commitment To Advance Or Invest In Affiliates Subsidiaries And Joint Ventures [Member] | Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | Equity Method Investee [Member] | ||
Statement of Investments in and Advances to Unconsolidated Entities [Line Items] | ||
Other Commitment | $ 8,300 | $ 10,800 |
Investments in Unconsolidated_7
Investments in Unconsolidated Entities (Details 4) - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
Condensed Balance Sheets: | ||
Cash and cash equivalents | $ 85,819 | $ 102,462 |
Inventory | 579,226 | 973,990 |
Loan receivables, net | 56,545 | 40,065 |
Rental properties | 1,021,848 | 808,785 |
Rental properties under development | 535,197 | 437,586 |
Real estate owned | 12,267 | 14,838 |
Other assets | 212,761 | 166,029 |
Total assets | 2,503,663 | 2,543,755 |
Debt | 1,226,857 | 1,145,998 |
Other liabilities | 175,827 | 158,570 |
Members' equity | 1,100,563 | 1,235,974 |
Noncontrolling interest | 416 | 3,213 |
Total liabilities and equity | 2,503,663 | 2,543,755 |
Investments in unconsolidated entities | 366,252 | 431,813 |
Land Development Joint Ventures [Member] | ||
Condensed Balance Sheets: | ||
Cash and cash equivalents | 23,669 | 47,409 |
Inventory | 247,866 | 403,670 |
Loan receivables, net | ||
Rental properties | ||
Rental properties under development | ||
Real estate owned | ||
Other assets | 96,602 | 93,322 |
Total assets | 368,137 | 544,401 |
Debt | 88,050 | 125,557 |
Other liabilities | 49,302 | 29,096 |
Members' equity | 230,785 | 389,748 |
Noncontrolling interest | ||
Total liabilities and equity | 368,137 | 544,401 |
Investments in unconsolidated entities | 110,306 | 176,593 |
Home Building Joint Ventures, Total [Member] | ||
Condensed Balance Sheets: | ||
Cash and cash equivalents | 38,115 | 22,834 |
Inventory | 313,991 | 557,157 |
Loan receivables, net | ||
Rental properties | ||
Rental properties under development | ||
Real estate owned | ||
Other assets | 78,916 | 49,723 |
Total assets | 431,022 | 629,714 |
Debt | 132,606 | 284,959 |
Other liabilities | 33,959 | 72,897 |
Members' equity | 264,457 | 271,858 |
Noncontrolling interest | ||
Total liabilities and equity | 431,022 | 629,714 |
Investments in unconsolidated entities | 60,512 | 65,936 |
Rental Property Joint Ventures, including Trust I [Member] | ||
Condensed Balance Sheets: | ||
Cash and cash equivalents | 20,647 | 23,750 |
Inventory | ||
Loan receivables, net | ||
Rental properties | 1,021,848 | 808,785 |
Rental properties under development | 535,197 | 437,586 |
Real estate owned | ||
Other assets | 36,879 | 21,917 |
Total assets | 1,614,571 | 1,292,038 |
Debt | 1,006,201 | 735,482 |
Other liabilities | 84,735 | 51,992 |
Members' equity | 523,635 | 504,564 |
Noncontrolling interest | ||
Total liabilities and equity | 1,614,571 | 1,292,038 |
Investments in unconsolidated entities | 174,292 | 171,216 |
Gibraltar Joint Ventures [Member] | ||
Condensed Balance Sheets: | ||
Cash and cash equivalents | 3,388 | 8,469 |
Inventory | 17,369 | 13,163 |
Loan receivables, net | 56,545 | 40,065 |
Rental properties | ||
Rental properties under development | ||
Real estate owned | 12,267 | 14,838 |
Other assets | 364 | 1,067 |
Total assets | 89,933 | 77,602 |
Debt | 0 | |
Other liabilities | 7,831 | 4,585 |
Members' equity | 81,686 | 69,804 |
Noncontrolling interest | 416 | 3,213 |
Total liabilities and equity | 89,933 | 77,602 |
Investments in unconsolidated entities | $ 21,142 | $ 18,068 |
Investments in Unconsolidated_8
Investments in Unconsolidated Entities (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Condensed Statements of Operations: | |||
Revenues | $ 757,042 | $ 640,267 | $ 889,309 |
Cost of revenues | 661,814 | 522,595 | 562,947 |
Other expenses | 80,859 | 82,458 | 83,055 |
Total expenses | 742,673 | 605,053 | 646,002 |
Gain on disposition of loans and REO | 4,383 | 53,192 | 48,079 |
Income (loss) from operations | 18,752 | 88,406 | 291,386 |
Other income (expense) | 38,667 | 232,754 | 14,028 |
Net income (loss) before noncontrolling interest | 57,419 | 321,160 | 305,414 |
Equity Method Investment, Summarized Financial Information, Income Tax Provision | 650 | 853 | 7,662 |
Equity Method Investment, Summarized Financial Information, Net Income Including Earnings from Noncontrolling Interests | 56,769 | 320,307 | 297,752 |
Less: Net income attributable to noncontrolling interest | (9,593) | (28,297) | (20,439) |
Net income (loss) | 47,176 | 292,010 | 277,313 |
Income (loss) from unconsolidated entities | 24,868 | 85,240 | 116,066 |
Land Development Joint Ventures [Member] | |||
Condensed Statements of Operations: | |||
Revenues | 261,677 | 351,397 | 288,440 |
Cost of revenues | 247,070 | 317,363 | 191,965 |
Other expenses | 4,662 | 9,125 | 6,508 |
Total expenses | 251,732 | 326,488 | 198,473 |
Gain on disposition of loans and REO | |||
Income (loss) from operations | 9,945 | 24,909 | 89,967 |
Other income (expense) | 3,079 | 5,939 | 4,723 |
Net income (loss) before noncontrolling interest | 13,024 | 30,848 | 94,690 |
Equity Method Investment, Summarized Financial Information, Income Tax Provision | 193 | 86 | 94 |
Equity Method Investment, Summarized Financial Information, Net Income Including Earnings from Noncontrolling Interests | 12,831 | 30,762 | 94,596 |
Less: Net income attributable to noncontrolling interest | |||
Net income (loss) | 12,831 | 30,762 | 94,596 |
Income (loss) from unconsolidated entities | 6,160 | 3,392 | 13,007 |
Home Building Joint Ventures, Total [Member] | |||
Condensed Statements of Operations: | |||
Revenues | 374,587 | 148,002 | 475,260 |
Cost of revenues | 333,008 | 112,469 | 286,446 |
Other expenses | 15,389 | 8,630 | 13,102 |
Total expenses | 348,397 | 121,099 | 299,548 |
Gain on disposition of loans and REO | |||
Income (loss) from operations | 26,190 | 26,903 | 175,712 |
Other income (expense) | 6,144 | 2,134 | 7,317 |
Net income (loss) before noncontrolling interest | 32,334 | 29,037 | 183,029 |
Equity Method Investment, Summarized Financial Information, Income Tax Provision | 457 | 767 | 7,473 |
Equity Method Investment, Summarized Financial Information, Net Income Including Earnings from Noncontrolling Interests | 31,877 | 28,270 | 175,556 |
Less: Net income attributable to noncontrolling interest | |||
Net income (loss) | 31,877 | 28,270 | 175,556 |
Income (loss) from unconsolidated entities | 17,004 | 14,069 | 77,339 |
Rental Property Joint Ventures, including Trust I [Member] | |||
Condensed Statements of Operations: | |||
Revenues | 99,401 | 121,276 | 115,519 |
Cost of revenues | 68,502 | 74,946 | 70,108 |
Other expenses | 58,928 | 61,502 | 59,503 |
Total expenses | 127,430 | 136,448 | 129,611 |
Gain on disposition of loans and REO | |||
Income (loss) from operations | (28,029) | (15,172) | (14,092) |
Other income (expense) | 16,651 | 222,744 | 1,556 |
Net income (loss) before noncontrolling interest | (11,378) | 207,572 | (12,536) |
Equity Method Investment, Summarized Financial Information, Income Tax Provision | 95 | ||
Equity Method Investment, Summarized Financial Information, Net Income Including Earnings from Noncontrolling Interests | (11,378) | 207,572 | (12,631) |
Less: Net income attributable to noncontrolling interest | |||
Net income (loss) | (11,378) | 207,572 | (12,631) |
Income (loss) from unconsolidated entities | (824) | 62,204 | 21,458 |
Gibraltar Joint Ventures [Member] | |||
Condensed Statements of Operations: | |||
Revenues | 21,377 | 19,592 | 10,090 |
Cost of revenues | 13,234 | 17,817 | 14,428 |
Other expenses | 1,880 | 3,201 | 3,942 |
Total expenses | 15,114 | 21,018 | 18,370 |
Gain on disposition of loans and REO | 4,383 | 53,192 | 48,079 |
Income (loss) from operations | 10,646 | 51,766 | 39,799 |
Other income (expense) | 12,793 | 1,937 | 432 |
Net income (loss) before noncontrolling interest | 23,439 | 53,703 | 40,231 |
Equity Method Investment, Summarized Financial Information, Income Tax Provision | |||
Equity Method Investment, Summarized Financial Information, Net Income Including Earnings from Noncontrolling Interests | 23,439 | 53,703 | 40,231 |
Less: Net income attributable to noncontrolling interest | (9,593) | (28,297) | (20,439) |
Net income (loss) | 13,846 | 25,406 | 19,792 |
Income (loss) from unconsolidated entities | $ 2,528 | $ 5,575 | $ 4,262 |
Receivables, Prepaid Expenses_3
Receivables, Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
Receivables, prepaid expenses and other assets [Abstract] | ||
Expected recoveries from insurance carriers and supplies | $ 114,162 | $ 126,291 |
Improvement cost receivable | 100,864 | 96,937 |
Escrow cash held by our captive title company | 32,863 | 33,471 |
Property held for rental development | 367,072 | 193,015 |
Prepaid expenses | 26,041 | 23,065 |
Other | 74,439 | 77,999 |
Receivables, prepaid expenses, and other assets | $ 715,441 | $ 550,778 |
Receivables, Prepaid Expenses_4
Receivables, Prepaid Expenses and Other Assets Receivables, prepaid expenses and other assets (Details Textual) - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
Receivables, prepaid expenses and other assets [Line Items] | ||
Escrow Deposit | $ 32,863 | $ 33,471 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Receivables, prepaid expenses and other assets [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 125,000 |
Loans Payable, Senior Notes, _3
Loans Payable, Senior Notes, and Mortgage Company Loan Facility Loans Payable (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Nov. 02, 2018 | Oct. 31, 2018 |
Debt Instrument [Line Items] | |||
Long-term line of credit | $ 1,239,493 | ||
Other Loans Payable | 314,577 | $ 188,115 | |
Loans payable | 1,111,449 | 686,801 | |
May 2016 Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term line of credit | 0 | ||
Senior unsecured term loan [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Long-term Debt, Noncurrent | 800,000 | $ 500,000 | 500,000 |
Deferred Finance Costs, Net | $ (3,128) | $ (1,314) |
Loans Payable, Senior Notes, _4
Loans Payable, Senior Notes, and Mortgage Company Loan Facility Term Loan Facility (Detail Textuals 1) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2018 | Oct. 31, 2019 | Nov. 02, 2018 | Oct. 31, 2018 | |
Senior unsecured term loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity for unsecured long-term debt | $ 1,000,000 | |||
Maximum Permissible Leverage Ratio | 175.00% | |||
Unsecured Long-term Debt, Noncurrent | $ 800,000 | $ 500,000 | $ 500,000 | |
Debt Instrument, Maturity Date | Nov. 1, 2023 | Nov. 1, 2024 | ||
Debt Instrument, Term | 5 years | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.11% | |||
Guarantor Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Loans Payable, Senior Notes, _5
Loans Payable, Senior Notes, and Mortgage Company Loan Facility Credit Facility (Details Textual 2) $ in Thousands | 12 Months Ended |
Oct. 31, 2019USD ($) | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,628,150 |
Long-term line of credit | 1,239,493 |
Oct 2019 Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,905,000 |
Line of Credit Facility, term of contract | 5 years |
Line of credit facility, available for letters of credit | 100.00% |
Line of Credit Facility Contingent Increase To Maximum Borrowing Capacity | $ 2,500,000 |
Debt Instrument, Interest Rate, Effective Percentage | 3.31% |
May 2016 Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,295,000 |
Debt Instrument, Maturity Date | May 1, 2021 |
Line of Credit Facility Contingent Increase To Maximum Borrowing Capacity | $ 2,000,000 |
Maximum Permissible Leverage Ratio | 175.00% |
Minimum Net Worth Required for Compliance | $ 2,700,000 |
Existing Leverage Ratio | 0.50 |
Tangible Net Worth | $ 5,020,000 |
Ability to repurchase common stock | 3,530,000 |
Ability to pay dividends | 2,320,000 |
Long-term line of credit | 0 |
Letters of Credit Outstanding, Amount | $ 177,900 |
Guarantor Subsidiaries [Member] | |
Line of Credit Facility [Line Items] | |
Subsidiary of Company, Ownership Percentage by Parent | 100.00% |
Loans Payable, Senior Notes, _6
Loans Payable, Senior Notes, and Mortgage Company Loan Facility Loans Payable - other (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Debt Instrument [Line Items] | ||
Other Loans Payable | $ 314,577 | $ 188,115 |
Debt, Weighted Average Interest Rate | 4.49% | 4.68% |
Loans secured by assets [Abstract] | ||
Secured Debt | $ 314,577 | $ 152,281 |
Value of Assets Securing Loans | $ 850,381 | $ 467,164 |
Loans Payable Contractual Maturities Term Minimum | 2 months | |
Loans Payable Contractual Maturities Term Maximum | 27 years | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.26% | 1.15% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.87% |
Loans Payable, Senior Notes, _7
Loans Payable, Senior Notes, and Mortgage Company Loan Facility Senior Notes (Details 3) - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 | Jan. 31, 2018 |
Senior Notes [Abstract] | |||
Senior notes | $ 2,659,898 | $ 2,861,375 | |
4.0% Senior Notes due 2018 [Member] | |||
Senior Notes [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | |
Senior notes | $ 0 | 350,000 | |
6.75% Senior Notes due 2019 [Member] | |||
Senior Notes [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ||
Senior notes | $ 0 | 250,000 | |
5.875 % senior notes due 2022 [Member] | |||
Senior Notes [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | ||
Senior notes | $ 419,876 | 419,876 | |
4.375% Senior Notes due 2023 [Member] | |||
Senior Notes [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.375% | ||
Senior notes | $ 400,000 | 400,000 | |
5.625% Senior notes due 2024 [Member] | |||
Senior Notes [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | ||
Senior notes | $ 250,000 | 250,000 | |
4.875% Senior Notes Due 2025 [Member] | |||
Senior Notes [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | ||
Senior notes | $ 350,000 | 350,000 | |
4.875% Senior Notes Due 2027 [Member] | |||
Senior Notes [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | ||
Senior notes | $ 450,000 | 450,000 | |
4.350% Senior Notes Due 2028 [Member] | |||
Senior Notes [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.35% | 4.35% | |
Senior notes | $ 400,000 | 400,000 | $ 400,000 |
3.80% Senior Notes Due 2029 [Member] | |||
Senior Notes [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | ||
Senior notes | $ 400,000 | 0 | |
Senior Notes [Member] | |||
Senior Notes [Abstract] | |||
Deferred Finance Costs, Net | $ (9,978) | $ (8,501) |
Loans Payable, Senior Notes, _8
Loans Payable, Senior Notes, and Mortgage Company Loan Facility Senior Notes (Details Textual 3) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Nov. 30, 2018 | Sep. 30, 2012 | Oct. 31, 2019 | Jan. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Nov. 02, 2018 | Sep. 15, 2017 | Sep. 05, 2012 | |
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,628,150,000 | $ 1,628,150,000 | ||||||||
Senior Note Payable (Textual) [Abstract] | ||||||||||
Percentage of Holding In Subsidiary | 100.00% | 100.00% | ||||||||
Issued Senior Notes | $ 2,659,898,000 | $ 2,659,898,000 | $ 2,861,375,000 | |||||||
Repayments of Senior Debt | $ 600,000,000 | $ 687,500,000 | ||||||||
Senior unsecured term loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Maturity Date | Nov. 1, 2023 | Nov. 1, 2024 | ||||||||
Maximum borrowing capacity for unsecured long-term debt | 1,000,000,000 | $ 1,000,000,000 | ||||||||
Maximum Permissible Leverage Ratio | 175.00% | |||||||||
Unsecured Long-term Debt, Noncurrent | 800,000,000 | $ 800,000,000 | 500,000,000 | $ 500,000,000 | ||||||
Minimum Net Worth Required for Compliance | 2,700,000,000 | $ 2,700,000,000 | ||||||||
Existing Leverage Ratio | 0.50 | |||||||||
Tangible Net Worth | 5,020,000,000 | $ 5,020,000,000 | ||||||||
Ability to repurchase common stock | $ 3,530,000,000 | $ 3,530,000,000 | ||||||||
Senior Note Payable (Textual) [Abstract] | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.11% | 3.11% | ||||||||
Ability to pay dividends | $ 2,320,000,000 | $ 2,320,000,000 | ||||||||
6.75% Senior Notes due 2019 [Member] | ||||||||||
Senior Note Payable (Textual) [Abstract] | ||||||||||
Interest rate on notes | 6.75% | 6.75% | ||||||||
Issued Senior Notes | $ 0 | $ 0 | 250,000,000 | |||||||
Repayments of Senior Debt | $ 250,000,000 | |||||||||
3.80% Senior Notes Due 2029 [Member] | ||||||||||
Senior Note Payable (Textual) [Abstract] | ||||||||||
Interest rate on notes | 3.80% | 3.80% | ||||||||
Issued Senior Notes | $ 400,000,000 | $ 400,000,000 | 0 | |||||||
Proceeds from Debt, Net of Issuance Costs | $ 396,400,000 | |||||||||
4.0% Senior Notes due 2018 [Member] | ||||||||||
Senior Note Payable (Textual) [Abstract] | ||||||||||
Interest rate on notes | 4.00% | 4.00% | 4.00% | |||||||
Issued Senior Notes | $ 0 | $ 0 | 350,000,000 | |||||||
Repayments of Senior Debt | $ 350,000,000 | |||||||||
4.350% Senior Notes Due 2028 [Member] | ||||||||||
Senior Note Payable (Textual) [Abstract] | ||||||||||
Interest rate on notes | 4.35% | 4.35% | 4.35% | |||||||
Issued Senior Notes | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | 400,000,000 | ||||||
Proceeds from Debt, Net of Issuance Costs | $ 396,400,000 | |||||||||
0.5% Exchangeable Senior Notes Due 2032 [Member] | ||||||||||
Senior Note Payable (Textual) [Abstract] | ||||||||||
Interest rate on notes | 0.50% | |||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||
Debt Instrument, Repurchase Date | Sep. 15, 2017 | |||||||||
Debt Instrument, Repurchase Amount | $ 287,500,000 | |||||||||
Debt Conversion, Convertible, number of shares issued per note exchanged | 20.3749 | |||||||||
PrincipalAmountDenomination | $ 1,000 | |||||||||
Debt Instrument, Convertible, Conversion Price | $ 49.08 | |||||||||
Additional common share if convertible debt exchanged | 5,900,000 | |||||||||
4.875% Senior Notes Due 2027 [Member] | ||||||||||
Senior Note Payable (Textual) [Abstract] | ||||||||||
Interest rate on notes | 4.875% | 4.875% | ||||||||
Issued Senior Notes | $ 450,000,000 | $ 450,000,000 | 450,000,000 | |||||||
4.875% Senior Notes Due 2025 [Member] | ||||||||||
Senior Note Payable (Textual) [Abstract] | ||||||||||
Interest rate on notes | 4.875% | 4.875% | ||||||||
Issued Senior Notes | $ 350,000,000 | $ 350,000,000 | 350,000,000 | |||||||
Guarantor Subsidiaries [Member] | ||||||||||
Senior Note Payable (Textual) [Abstract] | ||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | ||||||||
Issued Senior Notes | ||||||||||
Repayments of Senior Debt |
Loans Payable, Senior Notes, _9
Loans Payable, Senior Notes, and Mortgage Company Loan Facility Mortgage Company Loan Facility (Details Textual 4) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Oct. 31, 2019 | Oct. 31, 2018 | |
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,628,150 | ||
Mortgage company loan facility | 150,000 | $ 150,000 | |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 218,777 | 170,731 | |
Warehouse Agreement Borrowings [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | 75,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000 | ||
Debt Instrument, Maturity Date | Dec. 6, 2019 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.68% | ||
Mortgage company loan facility | $ 150,000 | 150,000 | |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 208,600 | $ 163,200 | |
Aggregate Outstanding Purchase Price Limitations | $ 0 | ||
London Interbank Offered Rate (LIBOR) [Member] | Warehouse Agreement Borrowings [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest Rate on Loan Commitments in Addition to Libor | 1.90% | ||
Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.26% | 1.15% | |
Subsequent Event [Member] | Warehouse Agreement Borrowings [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Maturity Date | Dec. 4, 2020 |
Loans Payable, Senior Notes,_10
Loans Payable, Senior Notes, and Mortgage Company Loan Facility (Details 4) $ in Thousands | Oct. 31, 2019USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 234,096 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 52,863 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 437,818 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 421,611 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 290,745 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 |
Accrued expenses | ||||
Land, land development and construction | $ 192,658 | $ 213,641 | ||
Compensation and employee benefits | 183,592 | 159,374 | ||
Escrow liability | 31,587 | 32,543 | ||
Self-insurance | 193,405 | 168,012 | ||
Warranty | 201,886 | 258,831 | $ 329,278 | $ 370,992 |
Deferred Income | 51,678 | 42,179 | ||
Interest | 31,307 | 40,325 | ||
Commitments to unconsolidated entities | 9,283 | 10,553 | ||
Other | 55,536 | 48,123 | ||
Accrued expenses, Total | $ 950,932 | $ 973,581 |
Accrued Expenses Product Liabil
Accrued Expenses Product Liability Contingency (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2017 | Oct. 31, 2016 | |
Product Warranty Liability [Line Items] | ||||
Loss Contingency, Receivable | $ 126,291 | $ 114,162 | ||
Standard and Extended Product Warranty Accrual | 258,831 | 201,886 | $ 329,278 | $ 370,992 |
Water intrusion related [Member] | ||||
Product Warranty Liability [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 324,400 | |||
Standard and Extended Product Warranty Accrual | 177,600 | 124,600 | ||
Other Assets [Member] | Water intrusion related [Member] | ||||
Product Warranty Liability [Line Items] | ||||
Loss Contingency, Receivable | 109,300 | $ 97,900 | ||
Product Liability Contingency, Third Party Recovery | $ 152,600 |
Accrued Expenses (Details 1)
Accrued Expenses (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Change in warranty accruals for home closed in prior periods [Line Items] | |||
Loss Contingency, Receivable | $ 114,162 | $ 126,291 | |
Changes in the warranty accrual | |||
Balance, beginning of year | 258,831 | 329,278 | $ 370,992 |
Additions - homes closed during the year | 35,475 | 37,045 | 31,798 |
Addition - liabilities acquired | 855 | 1,495 | |
Reclassification from other accruals | 1,082 | ||
Charges incurred | (99,298) | (113,654) | (82,315) |
Balance, end of year | 201,886 | 258,831 | 329,278 |
Warranty change, homes closed in prior period, other [Member] | |||
Changes in the warranty accrual | |||
Increase (decrease) to accruals for homes closed in prior periods | 6,023 | 6,162 | $ 6,226 |
Water intrusion related [Member] | |||
Changes in the warranty accrual | |||
Balance, beginning of year | 177,600 | ||
Balance, end of year | 124,600 | 177,600 | |
Other Assets [Member] | Water intrusion related [Member] | |||
Change in warranty accruals for home closed in prior periods [Line Items] | |||
Loss Contingency, Receivable | $ 97,900 | $ 109,300 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Reconciliation of Company's effective tax rate from federal statutory rate | |||
Federal tax provision at statutory rate | $ 165,306 | $ 217,914 | $ 285,009 |
State tax provision, net of federal benefit | 37,898 | 47,073 | 34,656 |
Domestic production activities deduction | (18,168) | (12,835) | |
Other permanent differences | 188 | (3,726) | (1,468) |
Reversal of accrual for uncertain tax positions | (5,348) | (4,741) | (3,981) |
Accrued interest on anticipated tax assessments | 453 | 737 | 984 |
Increase in unrecognized tax benefits | 2,153 | 1,122 | |
Valuation allowance - recognized | 0 | ||
Valuation allowance - reversed | (32,154) | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (523) | (38,740) | |
Effective Income Tax Rate Reconciliation, Tax Benefit from Stock Compensation | (2,143) | (4,236) | |
Other | (821) | (11,470) | 8,605 |
Income tax provision | $ 197,163 | $ 185,765 | $ 278,816 |
Federal tax provision at statutory rate, percentage | 21.00% | 23.30% | 35.00% |
State tax provision, net of federal benefit, percentage | 4.80% | 5.00% | 4.30% |
Domestic production activities deduction, Percent | 0.00% | (1.90%) | (1.60%) |
Other permanent differences, Percent | 0.00% | (0.40%) | (0.20%) |
Reversal of accrual for uncertain tax positions, percent | (0.70%) | (0.50%) | (0.50%) |
Accrued interest on anticipated tax assessments, percentage | 0.10% | 0.10% | 0.10% |
Increase in unrecognized tax benefits, percentage | 0.30% | 0.10% | 0.00% |
Valuation allowance - reversed, percentage | 0.00% | 0.00% | (3.90%) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | (0.10%) | (4.10%) | 0.00% |
Effective Income Tax Rate Reconciliation Tax Benefit from Stock Compensation, Percent | (0.30%) | (0.50%) | 0.00% |
Other, percentage | (0.10%) | (1.20%) | 1.10% |
Income tax provision, percentage | 25.00% | 19.90% | 34.20% |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Income Tax Expense, Continuing Operations, by Jurisdiction [Abstract] | |||
Federal Income Tax Expense, Continuing Operations | $ 161,904 | $ 157,836 | $ 278,095 |
State and Local Income Tax Expense (Benefit), Continuing Operations | 35,259 | 27,929 | 721 |
Current Income Tax Expense | 94,399 | 207,695 | 93,106 |
Deferred Income Tax Expense (Benefit) | 102,764 | (21,930) | 185,710 |
Income tax provision | $ 197,163 | $ 185,765 | $ 278,816 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Accrued Income Taxes, Current | $ 7,897 | $ 28,804 |
Deferred Tax Liabilities, Net | 95,074 | 2,155 |
Accrued Income Taxes | $ 102,971 | $ 30,959 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Reconciliation of change in gross unrecognized tax benefits | |||
Balance, beginning of year | $ 12,222 | $ 16,993 | $ 30,272 |
Increase in benefit as a result of tax positions taken in prior years | 2,148 | 2,140 | 1,575 |
Increase in benefit as a result of tax positions taken in current year | 1,126 | 949 | 431 |
Decrease in benefit as a result of settlements | (2,670) | (4,707) | (9,174) |
Decrease in benefit as a result of lapse of statute of limitations | (4,929) | (3,153) | (6,111) |
Balance, end of year | $ 7,897 | $ 12,222 | $ 16,993 |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Tax Benefits potential Interest and Penalties | |||
Tax Benefits potential Interest and Penalties | $ 593 | $ 1,152 | $ 1,513 |
Tax Benefit Amount Accrued for potential Interest and Penalties | |||
Tax Benefit Amount Accrued for potential Interest and Penalties | $ 1,169 | $ 2,115 |
Income Taxes (Details 5)
Income Taxes (Details 5) - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Deferred Tax Assets Accrued Expenses | $ 54,162 | $ 54,531 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Impairment Losses | 43,583 | 51,124 |
Deferred Tax Assets, Inventory | 55,313 | 42,765 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 23,928 | 27,949 |
Deferred Tax Asset Unrecognized Tax Benefits | 311 | 1,197 |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 67,718 | 73,288 |
Deferred Tax Assets, Other | 18 | 125 |
Deferred Tax Assets, Gross | 245,033 | 250,979 |
Deferred Tax Liabilities, Deferred Expense, Capitalized Interest | 44,196 | 43,982 |
Deferred Tax Liabilities, Tax Deferred Income | 277,005 | 181,839 |
Deferred tax liability, expenses taken for tax not for book | 3,571 | 5,477 |
Deferred Tax Liabilities, Property, Plant and Equipment | 5,024 | 6,877 |
Deferred Tax Liabilities Marketing | 10,311 | 14,959 |
Deferred Tax Liabilities, Gross | 340,107 | 253,134 |
Deferred Tax Liabilities, Net | $ (95,074) | $ (2,155) |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Income tax disclosures [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 23.30% | 35.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 4.80% | 5.00% | 4.30% |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range Not Possible | During the next 12 months, it is reasonably possible that the amount of unrecognized tax benefits will change, but we are not able to provide a range of such change. | ||
Valuation allowance - reversed | $ (32,154) | ||
State and Local Jurisdiction [Member] | |||
Income tax disclosures [Line Items] | |||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 6.10% | 6.60% | 6.50% |
State Net Operating Loss Carryforwards [Member] | Minimum [Member] | |||
Income tax disclosures [Line Items] | |||
net operating loss, carryback expiration periods | 5 years | ||
State Net Operating Loss Carryforwards [Member] | Maximum [Member] | |||
Income tax disclosures [Line Items] | |||
net operating loss, carryback expiration periods | 20 years |
Income Taxes (Detail Textuals 1
Income Taxes (Detail Textuals 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Corporate Taxes per the Tax Cuts and Jobs Acts (TCJA) [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 23.30% | 35.00% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 523 | $ 38,740 | |
TCJA Impact on Beginning Net DTL [Member] | |||
Corporate Taxes per the Tax Cuts and Jobs Acts (TCJA) [Abstract] | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ (35,500) |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - $ / shares | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Share Repurchase Program | ||||
Number of shares purchased | 6,619,000 | 12,108,000 | 7,694,000 | |
Average price per share | $ 35.28 | $ 41.56 | $ 37.81 | |
Remaining authorization at October 31 | 13,953,000 | 10,989,000 | 8,144,000 | |
Subsequent Event [Member] | ||||
Share Repurchase Program | ||||
Number of shares purchased | 3,600,000 | |||
Average price per share | $ 39.58 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - $ / shares | Dec. 11, 2019 | Dec. 31, 2019 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | May 23, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common Stock, Shares Authorized | 400,000,000 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |||||
Preferred Stock, Shares Authorized | 15,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |||||
Common Stock, Shares, Outstanding | 140,900,000 | |||||
Common Stock Reserved for Outstanding Stock Options and Restricted Stock Units | 6,700,000 | |||||
Preferred Stock, Shares Issued | 0 | 0 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.44 | $ 0.41 | ||||
Treasury Stock, Shares, Acquired | 6,619,000 | 12,108,000 | 7,694,000 | |||
Treasury Stock Acquired, Average Cost Per Share | $ 35.28 | $ 41.56 | $ 37.81 | |||
Percentage of Ownership of Company's Common Stock for Restricts Certain Transfers | 4.95% | |||||
Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.11 | |||||
Treasury Stock, Shares, Acquired | 3,600,000 | |||||
Treasury Stock Acquired, Average Cost Per Share | $ 39.58 | |||||
Share-based Payment Arrangement, Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 7,700,000 | |||||
May 2016 Repurchase Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Authorization to repurchase shares | 20,000,000 | |||||
December 2019 Repurchase Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Authorization to repurchase shares | 20,000,000 |
Stock-Based Benefit Plans (Deta
Stock-Based Benefit Plans (Details Textual) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019USD ($)shares | Oct. 31, 2018USD ($)shares | Oct. 31, 2017USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unamortized value of stock compensation | $ 18,700 | $ 20,900 | $ 24,200 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 7,700,000 | 5,100,000 | 5,800,000 |
Inactive Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock incentive plans | 4 | ||
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unamortized value of stock compensation | $ 4,700 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 9 months 18 days | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 2 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years | ||
Inactive Plans [Member] | Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Inactive Plans [Member] | Stock Option Non Employee Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||
Active plans [Member] | Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Active plans [Member] | Stock Option Non Employee Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||
Vesting Based On Service [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unamortized value of stock compensation | $ 8,694 | $ 8,818 | $ 6,783 |
Vesting based on total shareholder return [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Maximum [Member] | Vesting Based On Service [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Minimum [Member] | Vesting Based On Service [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years |
Stock-Based Benefit Plans (De_2
Stock-Based Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock based expense recognized | $ 26,180 | $ 28,312 | $ 28,466 |
Share-based Payment Arrangement, Expense, Tax Benefit | 6,749 | 7,902 | 11,125 |
Unamortized value of stock compensation | $ 18,700 | $ 20,900 | $ 24,200 |
Stock-Based Benefit Plans (Stoc
Stock-Based Benefit Plans (Stock Options - Assumptions Table) (Details 1) - Share-based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Weighted-average assumptions and the fair value used for stock option grants | |||
Weighted-average volatility | 30.46% | 30.33% | 34.72% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.36% | 0.67% | 0.00% |
Weighted-average grant date fair value per share of options granted | $ 10.22 | $ 16.09 | $ 12.16 |
Minimum [Member] | |||
Weighted-average assumptions and the fair value used for stock option grants | |||
Expected volatility | 28.61% | 27.66% | 29.93% |
Risk-free interest rate | 2.65% | 2.17% | 1.96% |
Expected life (years) | 4 years 230 days | 5 years | 4 years 219 days |
Maximum [Member] | |||
Weighted-average assumptions and the fair value used for stock option grants | |||
Expected volatility | 31.34% | 31.83% | 41.05% |
Risk-free interest rate | 2.76% | 2.35% | 2.52% |
Expected life (years) | 8 years 6 months | 8 years 6 months | 9 years 88 days |
Stock-Based Benefit Plans (St_2
Stock-Based Benefit Plans (Stock Options - Expense Table) (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Stock-based compensation expense recognized | |||
Stock based expense recognized | $ 26,180 | $ 28,312 | $ 28,466 |
Share-based Payment Arrangement, Option [Member] | |||
Stock-based compensation expense recognized | |||
Stock based expense recognized | $ 5,181 | $ 7,497 | $ 10,337 |
Stock-Based Benefit Plans (St_3
Stock-Based Benefit Plans (Stock Option Activity Table) (Details 3) - Share-based Payment Arrangement, Option [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Beginning outstanding balance, stock options | 5,503 | 6,120 | 8,514 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 344 | 210 | 595 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (1,044) | (797) | (2,863) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (23) | (30) | (126) |
Ending outstanding balance, stock options | 4,780 | 5,503 | 6,120 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 3,799 | 4,231 | 4,266 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 28.84 | $ 27.60 | $ 26.36 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 32.42 | 47.84 | 31.61 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 21.87 | 24.16 | 24.54 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | 34.47 | 33.08 | 32.10 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | 30.59 | 28.84 | 27.60 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 29.52 | $ 27.03 | $ 25.42 |
Stock-Based Benefit Plans (St_4
Stock-Based Benefit Plans (Stock Options Intrinsic Value Table) (Details 4) - Share-based Payment Arrangement, Option [Member] - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 45,551 | $ 30,477 | $ 112,886 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 39,350 | $ 29,010 | $ 87,978 |
Stock-Based Benefit Plans (St_5
Stock-Based Benefit Plans (Stock Options Intrinsic and Fair Value Table) (Details 5) - Share-based Payment Arrangement, Option [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 16,491 | $ 18,165 | $ 32,951 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Total Fair Value | $ 7,723 | $ 10,007 | $ 10,897 |
Stock-Based Benefit Plans (St_6
Stock-Based Benefit Plans (Stock Options - Net Exercise Method Table) (Details 6) - Share-based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercised | 1,044,000 | 797,000 | 2,863,000 |
Net exercise method [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercised | 33,250 | 15,000 | |
Shares tendered | 21,842 | 14,472 | |
Shares issued | 11,408 | 528 | |
Average Fair Market Value Per Share Withheld | $ 33.03 | $ 32.98 | |
Aggregate Fair Market Value of Shares Withheld | $ 721 | $ 477 |
Stock-Based Benefit Plans (Perf
Stock-Based Benefit Plans (Performance-based RSUs) (Details 7) - USD ($) | 12 Months Ended | |||||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Dec. 20, 2016 | Dec. 18, 2015 | Dec. 16, 2014 | |
Performance-Based Restricted Stock Units | ||||||
Stock based expense recognized | $ 26,180,000 | $ 28,312,000 | $ 28,466,000 | |||
Unamortized value of RSUs | $ 18,700,000 | $ 20,900,000 | $ 24,200,000 | |||
Restricted Stock Units (RSUs) [Member] | Vesting Based On Performance [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Minimum Percentage of Units Issued to Recipients of Base Award | 0.00% | 0.00% | ||||
Maximum Percentage of Units Issued to Recipients of Base Award | 150.00% | 110.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Performance-Based Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 158,721 | 135,554 | 168,417 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 645,538 | 786,857 | 940,117 | |||
Share Price | $ 34.86 | $ 47.84 | $ 31.61 | |||
Fair value of restricted stock units issued | $ 5,533,000 | $ 6,485,000 | $ 5,324,000 | |||
Stock based expense recognized | 5,514,000 | 6,949,000 | 7,031,000 | |||
Unamortized value of RSUs | 3,431,000 | 3,824,000 | 4,599,000 | |||
gross value of stock awarded related to restricted stock units | $ 9,700,000 | $ 13,700,000 | $ 9,600,000 | |||
Gross shares distributed related to restricted stock | 300,040 | 288,814 | 302,514 | |||
Value of shares withheld for income taxes on restricted shares issued | $ 4,000,000 | $ 6,000,000 | $ 4,200,000 | |||
Shares withheld for income taxes related to share issued for RSU | 123,409 | 126,330 | 133,098 | |||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ 5,700,000 | $ 7,700,000 | $ 5,400,000 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 176,631 | 162,484 | 169,416 |
Stock-Based Benefit Plans Stock
Stock-Based Benefit Plans Stock-Based Benefit Plans (TSR RSUs) (Details 8) - USD ($) | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 26,180,000 | $ 28,312,000 | $ 28,466,000 |
Unamortized value of stock compensation | $ 18,700,000 | $ 20,900,000 | 24,200,000 |
Restricted Stock Units (RSUs) [Member] | Vesting based on total shareholder return [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares withheld for income taxes related to share issued for RSU | 16,643 | 13,974 | |
Value of shares withheld for income taxes on restricted shares issued | $ 537,902 | $ 470,364 | |
Share-based Payment Arrangement, Expense | 1,673,000 | 2,502,000 | 3,400,000 |
Unamortized value of stock compensation | $ 1,875,000 | $ 1,773,000 | $ 2,200,000 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 23,817 | 33,553 | |
Vesting Based On Performance [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares withheld for income taxes related to share issued for RSU | 123,409 | 126,330 | 133,098 |
Value of shares withheld for income taxes on restricted shares issued | $ 4,000,000 | $ 6,000,000 | $ 4,200,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 158,721 | 135,554 | 168,417 |
Minimum Percentage of Units Issued to Recipients of Base Award | 0.00% | 0.00% | |
Maximum Percentage of Units Issued to Recipients of Base Award | 150.00% | 110.00% | |
Share-based Payment Arrangement, Expense | $ 5,514,000 | $ 6,949,000 | $ 7,031,000 |
Unamortized value of stock compensation | $ 3,431,000 | $ 3,824,000 | $ 4,599,000 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 176,631 | 162,484 | 169,416 |
Vesting based on total shareholder return [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 48,710 | 39,411 | 46,361 |
Minimum Percentage of Units Issued to Recipients of Base Award | 0.00% | 0.00% | |
Maximum Percentage of Units Issued to Recipients of Base Award | 150.00% | 200.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 29.06% | 26.58% | 26.91% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.64% | 1.92% | 1.52% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Payments | $ 0 | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 36.46 | $ 52.62 | $ 39.21 |
Vesting based on total shareholder return [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 57,230 | ||
Share-based compensation, percent of total sharehold return RSUs earned during the performance period | 0.00% | 76.81% | 83.05% |
Vesting based on total shareholder return [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 52,679 |
Stock-Based Benefit Plans (Nonp
Stock-Based Benefit Plans (Nonperformance-based RSUs) (Details 9) - USD ($) | 12 Months Ended | |||||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Dec. 20, 2016 | Dec. 18, 2015 | Dec. 16, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based expense recognized | $ 26,180,000 | $ 28,312,000 | $ 28,466,000 | |||
Summary of aggregate number and unamortized value of outstanding non-performance based RSUs | ||||||
Unamortized value of RSUs | $ 18,700,000 | $ 20,900,000 | $ 24,200,000 | |||
Restricted Stock Units (RSUs) [Member] | Vesting Based On Service [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 449,380 | 296,790 | 377,564 | |||
Share Price | $ 33.04 | $ 47.84 | $ 31.61 | |||
Fair value of restricted stock units issued | $ 14,848,000 | $ 14,198,000 | $ 11,935,000 | |||
Stock based expense recognized | $ 13,627,000 | $ 11,193,000 | $ 7,572,000 | |||
Summary of aggregate number and unamortized value of outstanding non-performance based RSUs | ||||||
Aggregate outstanding RSUs | 1,137,936 | 850,853 | 673,224 | |||
Unamortized value of RSUs | $ 8,694,000 | $ 8,818,000 | $ 6,783,000 | |||
Shares withheld for income taxes related to share issued for RSU | 29,681 | 23,289 | 20,400 | |||
Value of shares withheld for income taxes on restricted shares issued | $ 1,042 | $ 1,145 | $ 664,300 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 82,795 | 58,552 | 52,757 |
Stock-Based Benefit Plans ESPP
Stock-Based Benefit Plans ESPP (ESPP) (Details 10) - Employee Stock [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Discounted Market Price of Common Stock on Specified Offering Dates without Restriction under Employee Stock Purchase Plan | 95.00% | ||
Discounted Market Price of Common Stock on Specified Offering Dates Subject to Restrictions under Employee Stock Purchase Plan | 85.00% | ||
Shares Reserved for Employee Stock Purchase Plan | 500,000 | ||
Common Stock, Capital Shares Reserved for Future Issuance | 407,000 | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 41,744 | 35,471 | 33,314 |
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased | $ 31.80 | $ 34.08 | $ 32.25 |
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 184 | $ 171 | $ 147 |
Earnings Per Share Informatio_2
Earnings Per Share Information (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Sep. 05, 2012 | |
Earnings Per Share [Abstract] | ||||||||||||
Net Income Attributable to Parent | $ 202,315 | $ 146,318 | $ 129,324 | $ 112,050 | $ 310,976 | $ 193,258 | $ 111,810 | $ 132,107 | $ 590,007 | $ 748,151 | $ 535,495 | |
Interest on Convertible Debt, Net of Tax | 1,434 | |||||||||||
Net Income Available to Common Stockholders, Diluted | $ 590,007 | $ 748,151 | $ 536,929 | |||||||||
Basic weighted-average shares | 141,909 | 144,750 | 146,622 | 146,751 | 148,066 | 151,257 | 152,731 | 155,882 | 145,008 | 151,984 | 162,222 | |
Common stock equivalents | 1,493 | 2,217 | 2,147 | |||||||||
Incremental Common Shares Attributable to Conversion of Debt Securities | 5,118 | |||||||||||
Diluted weighted-average shares | 143,567 | 146,275 | 148,129 | 148,032 | 149,603 | 153,173 | 155,129 | 158,897 | 146,501 | 154,201 | 169,487 | |
Debt Instrument [Line Items] | ||||||||||||
Shares Issued under Stock Incentive and Employee Stock Purchase Plans | 1,394 | 1,066 | 3,116 | |||||||||
Restricted Stock Units RSU And Employee Stock Option Member [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,156 | 813 | 1,966 | |||||||||
Senior Notes Due 2032 [Member] | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.50% |
Fair Value Disclosures (Level 4
Fair Value Disclosures (Level 4 FV of Fin Instr) (Details) - Fair Value, Recurring [Member] - Level 2 [Member] - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
Forward Contracts [Member] | Residential Mortgage [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Derivative Asset | $ 298 | $ 1,750 |
Assets Held-for-sale [Member] | Residential Mortgage [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Loans Held-for-sale, Fair Value Disclosure | 218,777 | 170,731 |
Interest Rate Lock Commitments [Member] | Forward Contracts [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Derivative Liability | (964) | |
Derivative Asset | 4,366 | |
Interest Rate Lock Commitments [Member] | ||
Summary of assets and (liabilities), measured at fair value on a recurring basis | ||
Derivative Liability | $ (4,366) | |
Derivative Asset | $ 964 |
Fair Value Disclosures (Level_2
Fair Value Disclosures (Level 4 loan UPB vs FV) (Details 1) - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
Aggregate unpaid principal and fair value of mortgage loans held for sale | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 218,777 | $ 170,731 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Assets Held-for-sale [Member] | Residential Mortgage [Member] | ||
Aggregate unpaid principal and fair value of mortgage loans held for sale | ||
Loans Receivable Held-for-sale, Amount | 216,280 | 170,728 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 218,777 | 170,731 |
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | $ 2,497 | $ 3 |
Fair Value Disclosures (Level_3
Fair Value Disclosures (Level 4 Inv Impair inputs) (Details 2) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2019USD ($)Homes_sold | Jul. 31, 2019USD ($)Homes_sold | Apr. 30, 2019USD ($)Homes_sold | Jan. 31, 2019USD ($)Homes_sold | Oct. 31, 2018USD ($) | Jul. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Jan. 31, 2018USD ($) | Jul. 31, 2018USD ($) | Oct. 31, 2018USD ($) | |
Fair value inputs, assets, quantitative information [Line Items] | ||||||||||
Revenues | $ 7,143,258,000 | |||||||||
Operating communities [Member] | Minimum [Member] | ||||||||||
Fair value inputs, assets, quantitative information [Line Items] | ||||||||||
Average selling price | $ 10,000 | |||||||||
Operating communities [Member] | Maximum [Member] | ||||||||||
Fair value inputs, assets, quantitative information [Line Items] | ||||||||||
Average selling price | $ 155,000 | |||||||||
Operating communities [Member] | Minimum [Member] | ||||||||||
Fair value inputs, assets, quantitative information [Line Items] | ||||||||||
Average selling price | $ 478,000 | $ 530,000 | $ 372,000 | $ 836,000 | $ 470,000 | $ 0 | $ 485,000 | $ 381,000 | ||
Sales Pace | 2 | 2 | 2 | 2 | 4 | 0 | 10 | 7 | ||
Fair Value Input, Discount Rate | 13.80% | 7.80% | 12.00% | 12.50% | 13.50% | 0.00% | 16.90% | 13.80% | ||
Operating communities [Member] | Maximum [Member] | ||||||||||
Fair value inputs, assets, quantitative information [Line Items] | ||||||||||
Average selling price | $ 857,000 | $ 1,113,000 | $ 1,915,000 | $ 13,495,000 | $ 1,071,000 | $ 0 | $ 522,000 | $ 1,029,000 | ||
Sales Pace | 5 | 9 | 19 | 12 | 23 | 0 | 16 | 10 | ||
Fair Value Input, Discount Rate | 14.50% | 13.00% | 26.00% | 15.80% | 16.30% | 0.00% | 16.90% | 19.00% |
Fair Value Disclosures (Level_4
Fair Value Disclosures (Level 4 inventory fv) (Details 3) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Oct. 31, 2019USD ($) | Jul. 31, 2019USD ($) | Apr. 30, 2019USD ($) | Jan. 31, 2019USD ($) | Oct. 31, 2018USD ($) | Jul. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Jan. 31, 2018USD ($) | Oct. 31, 2017USD ($) | Jul. 31, 2017USD ($) | Apr. 30, 2017USD ($) | Jan. 31, 2017USD ($) | Oct. 31, 2019USD ($) | Oct. 31, 2018USD ($) | Oct. 31, 2017USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Inventory impairments and write-offs | $ 42,360 | $ 35,156 | $ 14,794 | ||||||||||||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Operating communities [Member] | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Number of Operating Communities Tested | 71 | 69 | 64 | 49 | 43 | 55 | 65 | 64 | 51 | 53 | 46 | 57 | |||
Number of Communities impaired | 7 | 3 | 6 | 5 | 6 | 5 | 4 | 5 | 1 | 4 | 6 | 2 | |||
Fair Value Of Communities Net Of Impairment Charges | $ 18,910 | $ 5,436 | $ 36,159 | $ 37,282 | $ 24,692 | $ 43,063 | $ 21,811 | $ 13,318 | $ 6,982 | $ 5,965 | $ 25,092 | $ 8,372 | 18,910 | 24,692 | 6,982 |
Inventory impairments and write-offs | $ 6,695 | $ 1,100 | $ 17,495 | $ 5,785 | $ 4,025 | $ 9,065 | $ 13,325 | $ 3,736 | $ 1,500 | $ 1,360 | $ 2,935 | $ 4,000 | $ 31,075 | $ 30,151 | $ 9,795 |
Fair Value Disclosures (Level_5
Fair Value Disclosures (Level 4 debt fv) (Details 4) - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 3,934,453 | $ 3,707,991 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 2,669,876 | 2,869,876 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Loans Payable [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 1,114,577 | 688,115 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Warehouse Agreement Borrowings [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 150,000 | 150,000 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 4,085,083 | 3,617,244 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 2,823,043 | 2,779,270 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Loans Payable [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 1,112,040 | 687,974 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Warehouse Agreement Borrowings [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 150,000 | $ 150,000 |
Employee Retirement and Defer_3
Employee Retirement and Deferred Compensation Plans (Details Textual) $ in Millions | 12 Months Ended | ||
Oct. 31, 2019USD ($) | Oct. 31, 2018USD ($) | Oct. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost | $ 14.1 | $ 12.6 | $ 12.3 |
Number of Unfunded Defined Benefit Retirement Plans | 2 | ||
Normal retirement age | 58 | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.61% | 4.06% | 3.19% |
Defined Benefit Plan Unfunded Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accrued for obligations under the plan | $ 31.1 | $ 27 |
Employee Retirement and Defer_4
Employee Retirement and Deferred Compensation Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2015 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Projected benefit obligation [Roll Forward] | |||||||
Plan amendments adopted during year | $ 4,956 | ||||||
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | 4,138 | (3,115) | $ (1,201) | ||||
Unamortized Prior Service Cost [Roll Forward] | |||||||
Plan amendments adopted during year | 4,956 | ||||||
Supplemental Employee Retirement Plan [Member] | |||||||
Plan costs | |||||||
Service cost | 403 | 568 | 619 | ||||
Interest cost | 1,416 | 1,198 | 1,142 | ||||
Amortization of prior service obligation | 506 | 936 | 969 | ||||
Amortization of unrecognized losses | 0 | 17 | 137 | ||||
Total costs | 2,325 | 2,719 | 2,867 | ||||
Projected benefit obligation [Roll Forward] | |||||||
Projected Benefit Obligation, beginning of year | 35,515 | 38,222 | 38,980 | ||||
Plan amendments adopted during year | 4,956 | ||||||
Service cost | 403 | 568 | 619 | ||||
Interest cost | 1,416 | 1,198 | 1,142 | ||||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (1,358) | (1,358) | (1,318) | ||||
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | 4,138 | (3,115) | (1,201) | ||||
Projected Benefit Obligation, end of year | 45,070 | 35,515 | 38,222 | ||||
Unamortized Prior Service Cost [Roll Forward] | |||||||
Unamorized Prior Service Cost, beginning of year | 870 | 1,806 | 2,775 | ||||
Plan amendments adopted during year | 4,956 | ||||||
Amortization of prior service cost | $ (506) | $ (936) | $ (969) | ||||
Unamorized Prior Service Cost, end of year | 5,320 | 870 | 1,806 | ||||
Accumulated unrecognized loss | (2,567) | 1,571 | (1,560) | ||||
Accumulated Benefit Obligation | 45,070 | 35,515 | 38,222 | ||||
Accrued Benefit Obligation | $ 35,515 | $ 38,222 | $ 38,222 | 45,070 | $ 35,515 | $ 38,222 | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||||||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 1,687 | ||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 2,526 | ||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 2,785 | ||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 3,046 | ||||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 3,077 | ||||||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 16,878 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Accumulated Other Comprehensive Loss [Line Items] | |||
Accumulated Other Comprehensive (Loss) Income, Net of Tax, beginning of period | $ 694 | $ (1,910) | $ (3,336) |
Other comprehensive (loss) income before reclassifications | (9,094) | 3,115 | 1,201 |
Gross amounts reclassified from accumulated other comprehensive income | 304 | 953 | 1,105 |
Income tax benefit (expense) | 2,265 | (1,142) | (880) |
Other comprehensive income (loss), net of tax | (6,525) | 2,926 | 1,426 |
Adoption of ASU 2018-02 | (17,987) | 1,463 | |
Accumulated Other Comprehensive (Loss) Income, Net of Tax, end of period | (5,831) | 694 | (1,910) |
Accounting Standards Update 2018-02 [Member] | |||
Accumulated Other Comprehensive Loss [Line Items] | |||
Adoption of ASU 2018-02 | $ 0 | $ (322) |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Company's purchase commitments | ||
Purchase Obligation | $ 2,360,726 | $ 2,532,895 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 366,252 | 431,813 |
Land Purchase Commitment To Unrelated Party [Member] | ||
Company's purchase commitments | ||
Purchase Obligation | 2,349,900 | 2,404,660 |
Land Purchase Commitment To JV [Member] | ||
Company's purchase commitments | ||
Purchase Obligation | 10,826 | 128,235 |
Land Parcel Purchase Commitment [Member] | ||
Company's purchase commitments | ||
Deposits against aggregate purchase commitments | 168,778 | 168,421 |
Additional cash required to acquire land | 2,191,948 | 2,285,306 |
Total | 2,360,726 | 2,532,895 |
Amount of Additional Cash Required to Acquire Land Included in Accrued Expenses | 14,620 | 40,103 |
Land Development Joint Venture, Irvine, California [Member] | Land Parcel Purchase Commitment [Member] | ||
Company's purchase commitments | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 79,168 |
Commitments and Contingencies_3
Commitments and Contingencies (Details 1) - Loan Origination Commitments [Member] - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | $ 1,930,606 | $ 1,943,929 |
Investor commitments to purchase | 774,225 | 777,463 |
Interest Rate Lock Commitments [Member] | ||
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | 565,634 | 614,255 |
Investor commitments to purchase | 565,634 | 614,255 |
Non IRLC [Member] | ||
Company's mortgage commitments | ||
Unused Commitments to Extend Credit | 1,364,972 | 1,329,674 |
Mortgage loans receivable [Member] | ||
Company's mortgage commitments | ||
Investor commitments to purchase | $ 208,591 | $ 163,208 |
Commitments and Contingencies_4
Commitments and Contingencies (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Operating Leases, Rent Expense, Net [Abstract] | |||
Operating Leases, Rent Expense | $ 20,180 | $ 15,783 | $ 14,505 |
Commitments and Contingencies_5
Commitments and Contingencies (Details 3) $ in Thousands | Oct. 31, 2019USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 15,430 |
Operating Leases, Future Minimum Payments, Due in Two Years | 12,576 |
Operating Leases, Future Minimum Payments, Due in Three Years | 10,082 |
Operating Leases, Future Minimum Payments, Due in Four Years | 7,800 |
Operating Leases, Future Minimum Payments, Due in Five Years | 6,691 |
Operating Leases, Future Minimum Payments, Due Thereafter | 218,221 |
Operating Leases, Future Minimum Payments Due | $ 270,800 |
Commitments and Contingencies_6
Commitments and Contingencies (Details Textual) $ in Thousands | Oct. 31, 2019USD ($)home_sites | Oct. 31, 2018USD ($) |
Long-term Purchase Commitment [Line Items] | ||
Purchase Obligation | $ 2,360,726 | $ 2,532,895 |
Land for Apartment Development Purchase Commitment [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase Obligation | 280,200 | |
Deposit Assets | $ 13,700 | |
Commitment To Acquire Home Sites [Member] | Land Development Joint Ventures [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | home_sites | 2,500 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Details Textual 1) $ in Millions | Oct. 31, 2019USD ($)luxury_homes |
Backlog Information [Abstract] | |
Number of homes to be delivered | luxury_homes | 6,266 |
Aggregate sales value of outstanding homes to be delivered | $ 5,260 |
May 2016 Revolving Credit Facility [Member] | |
Loss Contingencies [Line Items] | |
Letters of Credit Outstanding, Amount | 177.9 |
Surety Bond Construction Improvements [Member] | |
Loss Contingencies [Line Items] | |
Outstanding Surety Bonds Amount | 777.2 |
Amount of work remains on improvements in the Company's various communities | 402.6 |
Surety Bond Other Obligations [Member] | |
Loss Contingencies [Line Items] | |
Additional outstanding surety bonds | $ 179.7 |
Other Income - Net (Details)
Other Income - Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Other Nonoperating Income By Component [Line Items] | |||||||
Interest income | $ 19,017 | $ 8,570 | $ 5,988 | ||||
Income from Ancillary Businesses | 53,568 | 25,692 | 18,934 | ||||
Management fee income from home building unconsolidated entities, net | $ 2,455,238 | $ 1,913,353 | $ 1,599,199 | $ 1,175,468 | 7,223,966 | 7,143,258 | 5,815,058 |
Retained customer deposits | 0 | 8,937 | 5,801 | ||||
Land sales, net | 0 | 6,331 | 8,621 | ||||
Other | (1,031) | 1,190 | (1,184) | ||||
Total other income - net | 81,502 | 62,460 | 51,062 | ||||
Revenues and expenses of non-core ancillary businesses | |||||||
Revenue | 150,114 | 158,051 | 134,116 | ||||
Expense | 132,823 | 132,359 | 115,182 | ||||
Gain (Loss) on Disposition of Business | 36,277 | ||||||
Management Fee [Member] | |||||||
Other Nonoperating Income By Component [Line Items] | |||||||
Management fee income from home building unconsolidated entities, net | $ 9,948 | 11,740 | 12,902 | ||||
Land sales prior [Member] | |||||||
Other Nonoperating Income By Component [Line Items] | |||||||
Management fee income from home building unconsolidated entities, net | $ 134,327 | $ 284,928 |
Other Income (Details Textual)
Other Income (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Income from Ancillary Businesses | $ 53,568 | $ 25,692 | $ 18,934 |
Proceeds from Sale of Productive Assets | 79,647 | ||
Gain (Loss) on Disposition of Business | 36,277 | ||
Golf Club Properties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from Sale of Productive Assets | 64,300 | ||
Gain (Loss) on Disposition of Business | 35,100 | ||
Security Monitoring Business [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Income from Ancillary Businesses | 10,700 | ||
Apartment living [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Income from Ancillary Businesses | 3,500 | ||
Apartment living [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Income from Ancillary Businesses | $ 11,900 | $ 7,500 | $ 6,200 |
Other income (Details 1)
Other income (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Other Nonoperating Income By Component [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,455,238 | $ 1,913,353 | $ 1,599,199 | $ 1,175,468 | $ 7,223,966 | $ 7,143,258 | $ 5,815,058 |
Expense | 5,808,618 | 5,673,007 | 4,562,303 | ||||
Land sales earnings, net | $ 0 | 6,331 | 8,621 | ||||
Land sales prior [Member] | |||||||
Other Nonoperating Income By Component [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | 134,327 | 284,928 | |||||
Expense | 127,996 | 281,030 | |||||
Home Building Joint Venture Metro New York Three [Member] | |||||||
Other Nonoperating Income By Component [Line Items] | |||||||
Deferred Revenue, Revenue Recognized | $ 4,723 |
Other Income - Net (Details Tex
Other Income - Net (Details Textuals 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2015 | |
Loss Contingencies [Line Items] | ||||
Land sales earnings, net | $ 0 | $ 6,331 | $ 8,621 | |
Rental Property Joint Venture Metro Washington, D.C. Two [Member] | ||||
Loss Contingencies [Line Items] | ||||
Retail Land Sales, Installment Method, Gross Profit, Deferred | 3,800 | |||
Land sales earnings, net | 1,000 | |||
Home Building Joint Venture Metro New York Four, Home Building Joint Venture Metro New York Five, and Rental Property Joint Venture Princeton Junction [Member] | ||||
Loss Contingencies [Line Items] | ||||
Land sales earnings, net | $ 80,300 | $ 257,800 | ||
Home Building Joint Venture Metro New York Three [Member] | ||||
Loss Contingencies [Line Items] | ||||
Retail Land Sales, Installment Method, Gross Profit, Deferred | $ 9,300 | |||
Equity Method Investment, Ownership Percentage | 25.00% | |||
Minimum [Member] | Home Building Joint Venture Metro New York Four [Member] | ||||
Loss Contingencies [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 20.00% | |||
Minimum [Member] | Rental Property Joint Venture Atlanta, GA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 25.00% | |||
Maximum [Member] | Home Building Joint Venture Metro New York Four [Member] | ||||
Loss Contingencies [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 25.00% | |||
Maximum [Member] | Rental Property Joint Ventures Belmont MA and 2 Washington D.C. [Member] | ||||
Loss Contingencies [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% |
Information on Segments (Detail
Information on Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Income (loss) before income taxes | |||||||||||
Income before income taxes | $ 272,649 | $ 186,916 | $ 176,159 | $ 151,446 | $ 396,473 | $ 253,097 | $ 152,748 | $ 131,598 | $ 787,170 | $ 933,916 | $ 814,311 |
Revenue from Contract with Customer, Including Assessed Tax | 2,455,238 | $ 1,913,353 | $ 1,599,199 | $ 1,175,468 | 7,223,966 | 7,143,258 | 5,815,058 | ||||
Total assets | |||||||||||
Total assets | 10,828,138 | 10,244,590 | 10,828,138 | 10,244,590 | |||||||
North [Member] | |||||||||||
Income (loss) before income taxes | |||||||||||
Income before income taxes | 55,897 | 56,530 | 50,393 | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | 923,299 | 975,648 | 775,540 | ||||||||
Total assets | |||||||||||
Total assets | 917,506 | 970,854 | 917,506 | 970,854 | |||||||
Mid-Atlantic [Member] | |||||||||||
Income (loss) before income taxes | |||||||||||
Income before income taxes | 64,739 | 90,573 | 105,740 | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | 1,112,817 | 1,141,130 | 1,030,269 | ||||||||
Total assets | |||||||||||
Total assets | 1,177,387 | 1,130,417 | 1,177,387 | 1,130,417 | |||||||
South [Member] | |||||||||||
Income (loss) before income taxes | |||||||||||
Income before income taxes | 117,533 | 110,304 | 112,809 | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | 1,244,571 | 1,045,395 | 923,953 | ||||||||
Total assets | |||||||||||
Total assets | 1,412,563 | 1,237,744 | 1,412,563 | 1,237,744 | |||||||
West [Member] | |||||||||||
Income (loss) before income taxes | |||||||||||
Income before income taxes | 170,389 | 213,269 | 153,188 | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | 1,418,041 | 1,451,353 | 1,151,697 | ||||||||
Total assets | |||||||||||
Total assets | 2,057,389 | 1,580,199 | 2,057,389 | 1,580,199 | |||||||
California [Member] | |||||||||||
Income (loss) before income taxes | |||||||||||
Income before income taxes | 452,350 | 494,247 | 345,138 | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | 2,129,461 | 2,208,733 | 1,550,494 | ||||||||
Total assets | |||||||||||
Total assets | 2,339,677 | 2,733,956 | 2,339,677 | 2,733,956 | |||||||
Traditional Homebuilding [Member] | |||||||||||
Income (loss) before income taxes | |||||||||||
Income before income taxes | 860,908 | 964,923 | 767,268 | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | 6,828,189 | 6,822,259 | 5,431,953 | ||||||||
Total assets | |||||||||||
Total assets | 7,904,522 | 7,653,170 | 7,904,522 | 7,653,170 | |||||||
City Living [Member] | |||||||||||
Income (loss) before income taxes | |||||||||||
Income before income taxes | 70,133 | 78,149 | 193,852 | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | 253,189 | 320,999 | 383,105 | ||||||||
Total assets | |||||||||||
Total assets | 529,507 | 516,238 | 529,507 | 516,238 | |||||||
Corporate and other [Member] | |||||||||||
Income (loss) before income taxes | |||||||||||
Income before income taxes | (143,871) | (109,156) | (146,809) | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | (999) | ||||||||||
Total assets | |||||||||||
Total assets | 2,394,109 | $ 2,075,182 | 2,394,109 | 2,075,182 | |||||||
Home Building [Member] | |||||||||||
Income (loss) before income taxes | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 2,292,044 | 1,756,970 | 1,712,057 | 1,319,308 | 7,080,379 | 7,143,258 | 5,815,058 | ||||
Land [Member] | |||||||||||
Income (loss) before income taxes | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 86,956 | $ 8,721 | $ 4,037 | $ 43,873 | $ 143,587 | $ 0 | $ 0 |
Information on Segments (Deta_2
Information on Segments (Details 1) - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 |
Inventory | ||
Inventory | $ 7,873,048 | $ 7,598,219 |
Land controlled for future communities [Member] | ||
Inventory | ||
Inventory | 182,929 | 139,985 |
Land Owned for Future Communities [Member] | ||
Inventory | ||
Inventory | 868,202 | 916,616 |
Operating communities [Member] | ||
Inventory | ||
Inventory | 6,821,917 | 6,541,618 |
North [Member] | ||
Inventory | ||
Inventory | 852,719 | 920,489 |
North [Member] | Land controlled for future communities [Member] | ||
Inventory | ||
Inventory | 24,575 | 17,414 |
North [Member] | Land Owned for Future Communities [Member] | ||
Inventory | ||
Inventory | 64,129 | 99,383 |
North [Member] | Operating communities [Member] | ||
Inventory | ||
Inventory | 764,015 | 803,692 |
Mid-Atlantic [Member] | ||
Inventory | ||
Inventory | 1,114,197 | 1,078,761 |
Mid-Atlantic [Member] | Land controlled for future communities [Member] | ||
Inventory | ||
Inventory | 53,375 | 48,553 |
Mid-Atlantic [Member] | Land Owned for Future Communities [Member] | ||
Inventory | ||
Inventory | 96,634 | 123,218 |
Mid-Atlantic [Member] | Operating communities [Member] | ||
Inventory | ||
Inventory | 964,188 | 906,990 |
South [Member] | ||
Inventory | ||
Inventory | 1,206,703 | 1,064,935 |
South [Member] | Land controlled for future communities [Member] | ||
Inventory | ||
Inventory | 15,622 | 12,305 |
South [Member] | Land Owned for Future Communities [Member] | ||
Inventory | ||
Inventory | 134,697 | 95,309 |
South [Member] | Operating communities [Member] | ||
Inventory | ||
Inventory | 1,056,384 | 957,321 |
West [Member] | ||
Inventory | ||
Inventory | 1,983,892 | 1,552,565 |
West [Member] | Land controlled for future communities [Member] | ||
Inventory | ||
Inventory | 25,340 | 22,905 |
West [Member] | Land Owned for Future Communities [Member] | ||
Inventory | ||
Inventory | 34,165 | 109,671 |
West [Member] | Operating communities [Member] | ||
Inventory | ||
Inventory | 1,924,387 | 1,419,989 |
California [Member] | ||
Inventory | ||
Inventory | 2,260,138 | 2,570,032 |
California [Member] | Land controlled for future communities [Member] | ||
Inventory | ||
Inventory | 64,017 | 32,441 |
California [Member] | Land Owned for Future Communities [Member] | ||
Inventory | ||
Inventory | 353,186 | 391,221 |
California [Member] | Operating communities [Member] | ||
Inventory | ||
Inventory | 1,842,935 | 2,146,370 |
Traditional Homebuilding [Member] | ||
Inventory | ||
Inventory | 7,417,649 | 7,186,782 |
Traditional Homebuilding [Member] | Land controlled for future communities [Member] | ||
Inventory | ||
Inventory | 182,929 | 133,618 |
Traditional Homebuilding [Member] | Land Owned for Future Communities [Member] | ||
Inventory | ||
Inventory | 682,811 | 818,802 |
Traditional Homebuilding [Member] | Operating communities [Member] | ||
Inventory | ||
Inventory | 6,551,909 | 6,234,362 |
City Living [Member] | ||
Inventory | ||
Inventory | 455,399 | 411,437 |
City Living [Member] | Land controlled for future communities [Member] | ||
Inventory | ||
Inventory | 6,367 | |
City Living [Member] | Land Owned for Future Communities [Member] | ||
Inventory | ||
Inventory | 185,391 | 97,814 |
City Living [Member] | Operating communities [Member] | ||
Inventory | ||
Inventory | $ 270,008 | $ 307,256 |
Information on Segments (Deta_3
Information on Segments (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Schedule of inventory impairments, by segment [Line Items] | |||
Inventory Write-down | $ 42,360 | $ 35,156 | $ 14,794 |
North [Member] | |||
Schedule of inventory impairments, by segment [Line Items] | |||
Inventory Write-down | 17,488 | 19,698 | 6,528 |
Mid-Atlantic [Member] | |||
Schedule of inventory impairments, by segment [Line Items] | |||
Inventory Write-down | 8,514 | 9,818 | 6,905 |
South [Member] | |||
Schedule of inventory impairments, by segment [Line Items] | |||
Inventory Write-down | 9,457 | 3,802 | 1,184 |
West [Member] | |||
Schedule of inventory impairments, by segment [Line Items] | |||
Inventory Write-down | 1,074 | 907 | 106 |
California [Member] | |||
Schedule of inventory impairments, by segment [Line Items] | |||
Inventory Write-down | 1,027 | 147 | 43 |
Traditional Homebuilding [Member] | |||
Schedule of inventory impairments, by segment [Line Items] | |||
Inventory Write-down | 37,560 | 34,372 | 14,766 |
City Living [Member] | |||
Schedule of inventory impairments, by segment [Line Items] | |||
Inventory Write-down | 4,800 | 15 | 28 |
Corporate and other [Member] | |||
Schedule of inventory impairments, by segment [Line Items] | |||
Inventory Write-down | $ 769 |
Information on Segments (Deta_4
Information on Segments (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Segment Reporting, Investment and Equity in Earnings (Losses) in Unconsolidated Entities [Line Items] | |||
Investments in unconsolidated entities | $ 366,252 | $ 431,813 | |
Income (loss) from unconsolidated entities | 24,868 | 85,240 | $ 116,066 |
Mid-Atlantic [Member] | |||
Segment Reporting, Investment and Equity in Earnings (Losses) in Unconsolidated Entities [Line Items] | |||
Investments in unconsolidated entities | 8,525 | 7,823 | |
Income (loss) from unconsolidated entities | (4,000) | (2,000) | |
South [Member] | |||
Segment Reporting, Investment and Equity in Earnings (Losses) in Unconsolidated Entities [Line Items] | |||
Investments in unconsolidated entities | 91,956 | 84,610 | |
Income (loss) from unconsolidated entities | 19,098 | 12,263 | 9,185 |
West [Member] | |||
Segment Reporting, Investment and Equity in Earnings (Losses) in Unconsolidated Entities [Line Items] | |||
Investments in unconsolidated entities | |||
Income (loss) from unconsolidated entities | (63) | 2,529 | |
California [Member] | |||
Segment Reporting, Investment and Equity in Earnings (Losses) in Unconsolidated Entities [Line Items] | |||
Investments in unconsolidated entities | 9,825 | 84,160 | |
Income (loss) from unconsolidated entities | (37) | 2,404 | 7,509 |
Traditional Homebuilding [Member] | |||
Segment Reporting, Investment and Equity in Earnings (Losses) in Unconsolidated Entities [Line Items] | |||
Investments in unconsolidated entities | 110,306 | 176,593 | |
Income (loss) from unconsolidated entities | 19,061 | 10,604 | 17,223 |
City Living [Member] | |||
Segment Reporting, Investment and Equity in Earnings (Losses) in Unconsolidated Entities [Line Items] | |||
Investments in unconsolidated entities | 60,512 | 65,936 | |
Income (loss) from unconsolidated entities | 4,103 | 6,857 | 73,123 |
Corporate and other [Member] | |||
Segment Reporting, Investment and Equity in Earnings (Losses) in Unconsolidated Entities [Line Items] | |||
Investments in unconsolidated entities | 195,434 | 189,284 | |
Income (loss) from unconsolidated entities | $ 1,704 | $ 67,779 | $ 25,720 |
Supplemental Disclosure to St_3
Supplemental Disclosure to Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2015 | Nov. 01, 2018 | Nov. 02, 2017 | Oct. 31, 2016 | |
Cash flow information: | |||||||
Interest paid, net of amount capitalized | $ 35,422 | $ 20,812 | $ 21,578 | ||||
Income tax payment | 141,681 | 215,092 | 119,852 | ||||
Income tax refunds | 4,344 | 3,101 | 2,776 | ||||
Noncash activity: | |||||||
Cost of inventory acquired through seller financing or municipal bonds, net | 213,824 | 185,633 | 61,877 | ||||
Financed portion of land sale | 625 | ||||||
Reduction in inventory for our share of earnings in land purchased from unconsolidated entities and allocation of basis difference | (5,300) | (1,320) | 11,760 | ||||
Cost of inventory acquired through foreclosure | 4,609 | ||||||
Reclassification of deferred income from inventory to accrued liabilities | 3,520 | ||||||
Treasury Stock, Retired, Cost Method, Amount | 0 | ||||||
Cost of Other Inventory Acquired | 38,134 | 2,801 | |||||
Reclassification of inventory to property, construction and office equipment | 8,990 | ||||||
Increase (decrease) in unrecognized losses in defined benefit plans | 4,138 | (3,115) | (1,201) | ||||
Defined benefit retirement plan amendment | 4,956 | ||||||
Deferred tax decrease related to stock-based compensation activity included in additional paid-in capital | 5,232 | ||||||
Income tax (expense) benefit recognized in total comprehensive income | 2,265 | (1,141) | (880) | ||||
Noncash transfer of other assets to inventory | 7,100 | 16,763 | |||||
Transfer of inventory to investment in unconsolidated entities | 72,757 | ||||||
Transfer of investment in unconsolidated entities to inventory | 14,328 | ||||||
Transfer of other assets to investment in unconsolidated entities | 44,139 | 60,971 | 1,308 | ||||
Reclassification deferred income from accrued expenses to investment in unconsolidated entities | 5,995 | ||||||
Increase in investments in unconsolidated entities for change in the fair value of debt guarantees | 928 | 623 | 130 | ||||
Miscellaneous (decreases) increases to investments in unconsolidated entities | (1,876) | 1,776 | 5,117 | ||||
Acquisition of a Business: | |||||||
Fair value of assets purchased, excluding cash acquired | 173,516 | 88,465 | |||||
Liabilities Assumed | 11,143 | 5,377 | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 162,373 | 83,088 | |||||
Cash and Cash Equivalents, at Carrying Value | 1,286,014 | 1,182,195 | 712,829 | ||||
Restricted Cash and Cash Equivalents | 33,629 | 34,215 | 48,405 | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1,319,643 | 1,216,410 | 761,234 | $ 785,469 | |||
Accounting Standards Update 2014-09 [Member] | |||||||
Noncash activity: | |||||||
Reclassification of Inventory to Property, Construction and Office Equipment, Net | $ 104,807 | ||||||
Net decrease in inventory and retained earnings for adoption of ASU 2014-09 | 8,989 | ||||||
Net increase in accrued expenses and decrease in retained earnings due to adoption of ASU 2014-09 | 6,541 | ||||||
Net decrease in investment in unconsolidated entities and retained earnings due to adoption of ASU 2014-09 | $ 2,457 | ||||||
Treasury Stock [Member] | |||||||
Noncash activity: | |||||||
Treasury Stock, Retired, Cost Method, Amount | $ 895,517 |
Supplemental Guarantor Inform_3
Supplemental Guarantor Information (Level 4 Senior Note table) (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 | Jan. 31, 2018 | Sep. 05, 2012 |
Supplemental Guarantor Information (Textual) [Abstract] | ||||
Senior notes | $ 2,659,898 | $ 2,861,375 | ||
Senior Notes Due 2022 [Member] | ||||
Supplemental Guarantor Information (Textual) [Abstract] | ||||
Senior notes | $ 419,876 | |||
Interest rate on notes | 5.875% | |||
Senior Notes Due 2023 [Member] | ||||
Supplemental Guarantor Information (Textual) [Abstract] | ||||
Senior notes | $ 400,000 | |||
Interest rate on notes | 4.375% | |||
Senior Notes Due 2024 [Member] | ||||
Supplemental Guarantor Information (Textual) [Abstract] | ||||
Senior notes | $ 250,000 | |||
Interest rate on notes | 5.63% | |||
4.875% Senior Notes Due 2025 [Member] | ||||
Supplemental Guarantor Information (Textual) [Abstract] | ||||
Senior notes | $ 350,000 | 350,000 | ||
Interest rate on notes | 4.875% | |||
4.875% Senior Notes Due 2027 [Member] | ||||
Supplemental Guarantor Information (Textual) [Abstract] | ||||
Senior notes | $ 450,000 | 450,000 | ||
Interest rate on notes | 4.875% | |||
4.350% Senior Notes Due 2028 [Member] | ||||
Supplemental Guarantor Information (Textual) [Abstract] | ||||
Senior notes | $ 400,000 | 400,000 | $ 400,000 | |
Interest rate on notes | 4.35% | 4.35% | ||
Senior Notes Due 2032 [Member] | ||||
Supplemental Guarantor Information (Textual) [Abstract] | ||||
Interest rate on notes | 0.50% | |||
3.80% Senior Notes Due 2029 [Member] | ||||
Supplemental Guarantor Information (Textual) [Abstract] | ||||
Senior notes | $ 400,000 | $ 0 | ||
Interest rate on notes | 3.80% |
Supplemental Guarantor Inform_4
Supplemental Guarantor Information (Level 4 BS) (Details 1) - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 |
ASSETS | ||||
Cash and cash equivalents | $ 1,286,014 | $ 1,182,195 | $ 712,829 | |
Inventory | 7,873,048 | 7,598,219 | ||
Property, construction and office equipment, net | 273,412 | 193,281 | ||
Receivables, prepaid expenses, and other assets | 715,441 | 550,778 | ||
Mortgage loans held for sale | 218,777 | 170,731 | ||
Customer deposits held in escrow | 74,403 | 117,573 | ||
Investments in unconsolidated entities | 366,252 | 431,813 | ||
Investments in and Advances to Affiliates, Amount of Equity | 0 | 0 | ||
Income Taxes Receivable | 20,791 | 0 | ||
Total assets | 10,828,138 | 10,244,590 | ||
Liabilities: | ||||
Loans payable | 1,111,449 | 686,801 | ||
Senior notes | 2,659,898 | 2,861,375 | ||
Mortgage company loan facility | 150,000 | 150,000 | ||
Customer deposits | 385,596 | 410,864 | ||
Accounts payable | 348,599 | 362,098 | ||
Accrued expenses | 950,932 | 973,581 | ||
Advances from Affiliiate | 0 | 0 | ||
Income taxes payable | 102,971 | 30,959 | ||
Total liabilities | 5,709,445 | 5,475,678 | ||
Stockholders’ equity: | ||||
Common stock | 1,529 | 1,779 | ||
Additional paid-in capital | 726,879 | 727,053 | ||
Retained earnings | 4,774,422 | 5,161,551 | ||
Treasury stock, at cost -- 11,999 shares and 31,774 shares at October 31, 2019 and October 31, 2018, respectively | (425,183) | (1,130,878) | ||
Accumulated other comprehensive loss | (5,831) | 694 | (1,910) | $ (3,336) |
Total stockholders' equity | 5,071,816 | 4,760,199 | ||
Noncontrolling interest | 46,877 | 8,713 | ||
Total equity | 5,118,693 | 4,768,912 | $ 4,537,090 | $ 4,235,202 |
Total liabilities and stockholders' equity | 10,828,138 | 10,244,590 | ||
Toll Brothers Inc. [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | ||
Inventory | ||||
Property, construction and office equipment, net | ||||
Receivables, prepaid expenses, and other assets | ||||
Mortgage loans held for sale | ||||
Customer deposits held in escrow | ||||
Investments in unconsolidated entities | ||||
Investments in and Advances to Affiliates, Amount of Equity | 5,172,737 | 4,791,629 | ||
Income Taxes Receivable | 20,791 | |||
Total assets | 5,193,528 | 4,791,629 | ||
Liabilities: | ||||
Loans payable | ||||
Senior notes | ||||
Mortgage company loan facility | ||||
Customer deposits | ||||
Accounts payable | ||||
Accrued expenses | 754 | 471 | ||
Advances from Affiliiate | ||||
Income taxes payable | 102,971 | 30,959 | ||
Total liabilities | 103,725 | 31,430 | ||
Stockholders’ equity: | ||||
Common stock | 1,529 | 1,779 | ||
Additional paid-in capital | 726,879 | 727,053 | ||
Retained earnings | 4,792,409 | 5,161,551 | ||
Treasury stock, at cost -- 11,999 shares and 31,774 shares at October 31, 2019 and October 31, 2018, respectively | (425,183) | (1,130,878) | ||
Accumulated other comprehensive loss | (5,831) | 694 | ||
Total stockholders' equity | 5,089,803 | 4,760,199 | ||
Noncontrolling interest | ||||
Total equity | 5,089,803 | 4,760,199 | ||
Total liabilities and stockholders' equity | 5,193,528 | 4,791,629 | ||
Subsidiary Issuer [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | ||
Inventory | ||||
Property, construction and office equipment, net | ||||
Receivables, prepaid expenses, and other assets | ||||
Mortgage loans held for sale | ||||
Customer deposits held in escrow | ||||
Investments in unconsolidated entities | ||||
Investments in and Advances to Affiliates, Amount of Equity | 2,704,551 | 2,916,557 | ||
Income Taxes Receivable | ||||
Total assets | 2,704,551 | 2,916,557 | ||
Liabilities: | ||||
Loans payable | ||||
Senior notes | 2,659,898 | 2,861,375 | ||
Mortgage company loan facility | ||||
Customer deposits | ||||
Accounts payable | ||||
Accrued expenses | 26,812 | 37,341 | ||
Advances from Affiliiate | ||||
Income taxes payable | ||||
Total liabilities | 2,686,710 | 2,898,716 | ||
Stockholders’ equity: | ||||
Common stock | ||||
Additional paid-in capital | 49,400 | 49,400 | ||
Retained earnings | (31,559) | (31,559) | ||
Treasury stock, at cost -- 11,999 shares and 31,774 shares at October 31, 2019 and October 31, 2018, respectively | ||||
Accumulated other comprehensive loss | ||||
Total stockholders' equity | 17,841 | 17,841 | ||
Noncontrolling interest | ||||
Total equity | 17,841 | 17,841 | ||
Total liabilities and stockholders' equity | 2,704,551 | 2,916,557 | ||
Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 1,082,067 | 1,011,863 | ||
Inventory | 7,791,759 | 7,493,205 | ||
Property, construction and office equipment, net | 263,140 | 169,265 | ||
Receivables, prepaid expenses, and other assets | 224,681 | 291,299 | ||
Mortgage loans held for sale | ||||
Customer deposits held in escrow | 74,303 | 116,332 | ||
Investments in unconsolidated entities | 50,594 | 44,329 | ||
Investments in and Advances to Affiliates, Amount of Equity | 163,371 | 91,740 | ||
Income Taxes Receivable | ||||
Total assets | 9,649,915 | 9,218,033 | ||
Liabilities: | ||||
Loans payable | 1,109,614 | 686,801 | ||
Senior notes | ||||
Mortgage company loan facility | ||||
Customer deposits | 383,583 | 405,318 | ||
Accounts payable | 347,715 | 361,655 | ||
Accrued expenses | 569,476 | 600,907 | ||
Advances from Affiliiate | 1,052,370 | 1,551,196 | ||
Income taxes payable | ||||
Total liabilities | 3,462,758 | 3,605,877 | ||
Stockholders’ equity: | ||||
Common stock | 48 | 48 | ||
Additional paid-in capital | ||||
Retained earnings | 6,187,109 | 5,612,108 | ||
Treasury stock, at cost -- 11,999 shares and 31,774 shares at October 31, 2019 and October 31, 2018, respectively | ||||
Accumulated other comprehensive loss | ||||
Total stockholders' equity | 6,187,157 | 5,612,156 | ||
Noncontrolling interest | ||||
Total equity | 6,187,157 | 5,612,156 | ||
Total liabilities and stockholders' equity | 9,649,915 | 9,218,033 | ||
Non-Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 203,947 | 170,332 | ||
Inventory | 81,289 | 105,014 | ||
Property, construction and office equipment, net | 10,272 | 24,016 | ||
Receivables, prepaid expenses, and other assets | 610,541 | 392,559 | ||
Mortgage loans held for sale | 218,777 | 170,731 | ||
Customer deposits held in escrow | 100 | 1,241 | ||
Investments in unconsolidated entities | 315,658 | 387,484 | ||
Investments in and Advances to Affiliates, Amount of Equity | 147,413 | 126,872 | ||
Income Taxes Receivable | ||||
Total assets | 1,587,997 | 1,378,249 | ||
Liabilities: | ||||
Loans payable | 36,092 | |||
Senior notes | ||||
Mortgage company loan facility | 150,000 | 150,000 | ||
Customer deposits | 2,013 | 5,546 | ||
Accounts payable | 884 | 443 | ||
Accrued expenses | 443,180 | 462,128 | ||
Advances from Affiliiate | 503,058 | 476,040 | ||
Income taxes payable | ||||
Total liabilities | 1,135,227 | 1,094,157 | ||
Stockholders’ equity: | ||||
Common stock | 3,006 | 3,006 | ||
Additional paid-in capital | 177,034 | 93,734 | ||
Retained earnings | 225,853 | 178,639 | ||
Treasury stock, at cost -- 11,999 shares and 31,774 shares at October 31, 2019 and October 31, 2018, respectively | ||||
Accumulated other comprehensive loss | ||||
Total stockholders' equity | 405,893 | 275,379 | ||
Noncontrolling interest | 46,877 | 8,713 | ||
Total equity | 452,770 | 284,092 | ||
Total liabilities and stockholders' equity | 1,587,997 | 1,378,249 | ||
Eliminations [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | ||
Inventory | ||||
Property, construction and office equipment, net | ||||
Receivables, prepaid expenses, and other assets | (119,781) | (133,080) | ||
Mortgage loans held for sale | ||||
Customer deposits held in escrow | ||||
Investments in unconsolidated entities | ||||
Investments in and Advances to Affiliates, Amount of Equity | (8,188,072) | (7,926,798) | ||
Income Taxes Receivable | ||||
Total assets | (8,307,853) | (8,059,878) | ||
Liabilities: | ||||
Loans payable | (34,257) | |||
Senior notes | ||||
Mortgage company loan facility | ||||
Customer deposits | ||||
Accounts payable | ||||
Accrued expenses | (89,290) | (127,266) | ||
Advances from Affiliiate | (1,555,428) | (2,027,236) | ||
Income taxes payable | ||||
Total liabilities | (1,678,975) | (2,154,502) | ||
Stockholders’ equity: | ||||
Common stock | (3,054) | (3,054) | ||
Additional paid-in capital | (226,434) | (143,134) | ||
Retained earnings | (6,399,390) | (5,759,188) | ||
Treasury stock, at cost -- 11,999 shares and 31,774 shares at October 31, 2019 and October 31, 2018, respectively | ||||
Accumulated other comprehensive loss | ||||
Total stockholders' equity | (6,628,878) | (5,905,376) | ||
Noncontrolling interest | ||||
Total equity | (6,628,878) | (5,905,376) | ||
Total liabilities and stockholders' equity | $ (8,307,853) | $ (8,059,878) |
Supplemental Guarantor Inform_5
Supplemental Guarantor Information (Level 4 IS) (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Supplemental Condensed Consolidating Statement of Operations | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,455,238 | $ 1,913,353 | $ 1,599,199 | $ 1,175,468 | $ 7,223,966 | $ 7,143,258 | $ 5,815,058 | ||||
Cost of Goods and Services Sold | 5,808,618 | 5,673,007 | 4,562,303 | ||||||||
Selling, general and administrative | 734,548 | 684,035 | 605,572 | ||||||||
Total | 6,357,042 | 5,167,875 | |||||||||
Income (loss) from operations | 680,800 | 786,216 | 647,183 | ||||||||
Other [Abstract] | |||||||||||
Income (loss) from unconsolidated entities | 24,868 | 85,240 | 116,066 | ||||||||
Other income - net | 81,502 | 62,460 | 51,062 | ||||||||
Intercompany interest income | 0 | 0 | 0 | ||||||||
Interest Expense | 0 | 0 | 0 | ||||||||
Loss from subsidiaries | 0 | 0 | 0 | ||||||||
Income (loss) before income tax benefit | $ 272,649 | $ 186,916 | $ 176,159 | $ 151,446 | 396,473 | 253,097 | 152,748 | 131,598 | 787,170 | 933,916 | 814,311 |
Income tax provision | 197,163 | 185,765 | 278,816 | ||||||||
Net income | 202,315 | 146,318 | 129,324 | 112,050 | $ 310,976 | $ 193,258 | $ 111,810 | $ 132,107 | 590,007 | 748,151 | 535,495 |
Other Comprehensive Income (Loss), Net of Tax | (6,525) | 2,926 | 1,426 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 583,482 | 751,077 | 536,921 | ||||||||
Toll Brothers Inc. [Member] | |||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | ||||||||||
Cost of Goods and Services Sold | 0 | ||||||||||
Selling, general and administrative | 542 | 77 | 58 | ||||||||
Total | 77 | 58 | |||||||||
Income (loss) from operations | (542) | (77) | (58) | ||||||||
Other [Abstract] | |||||||||||
Income (loss) from unconsolidated entities | |||||||||||
Other income - net | 10,574 | ||||||||||
Intercompany interest income | |||||||||||
Interest Expense | |||||||||||
Loss from subsidiaries | 787,712 | 933,993 | 803,795 | ||||||||
Income (loss) before income tax benefit | 787,170 | 933,916 | 814,311 | ||||||||
Income tax provision | 197,163 | 185,765 | 278,816 | ||||||||
Net income | 590,007 | 748,151 | 535,495 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (6,525) | 2,926 | 1,426 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 583,482 | 751,077 | 536,921 | ||||||||
Subsidiary Issuer [Member] | |||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | ||||||||||
Cost of Goods and Services Sold | 0 | ||||||||||
Selling, general and administrative | 2,715 | 3,162 | 4,033 | ||||||||
Total | 3,162 | 4,033 | |||||||||
Income (loss) from operations | (2,715) | (3,162) | (4,033) | ||||||||
Other [Abstract] | |||||||||||
Income (loss) from unconsolidated entities | |||||||||||
Other income - net | |||||||||||
Intercompany interest income | 135,087 | 142,084 | 156,366 | ||||||||
Interest Expense | (132,372) | (138,922) | (162,882) | ||||||||
Loss from subsidiaries | |||||||||||
Income (loss) before income tax benefit | 0 | 0 | (10,549) | ||||||||
Income tax provision | (3,612) | ||||||||||
Net income | 0 | 0 | (6,937) | ||||||||
Other Comprehensive Income (Loss), Net of Tax | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 0 | 0 | (6,937) | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 7,093,521 | 6,899,891 | 5,668,610 | ||||||||
Cost of Goods and Services Sold | 5,655,023 | 5,427,753 | 4,414,461 | ||||||||
Selling, general and administrative | 775,030 | 709,265 | 633,000 | ||||||||
Total | 6,137,018 | 5,047,461 | |||||||||
Income (loss) from operations | 663,468 | 762,873 | 621,149 | ||||||||
Other [Abstract] | |||||||||||
Income (loss) from unconsolidated entities | 12,930 | 44,646 | 12,271 | ||||||||
Other income - net | 48,052 | 30,561 | 26,653 | ||||||||
Intercompany interest income | 2,616 | 1,649 | 48 | ||||||||
Interest Expense | (5,781) | (4,422) | (4,365) | ||||||||
Loss from subsidiaries | 66,427 | 106,063 | 142,779 | ||||||||
Income (loss) before income tax benefit | 787,712 | 941,370 | 798,535 | ||||||||
Income tax provision | 197,298 | 187,248 | 273,418 | ||||||||
Net income | 590,414 | 754,122 | 525,117 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 590,414 | 754,122 | 525,117 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 360,673 | 453,073 | 336,671 | ||||||||
Cost of Goods and Services Sold | 259,562 | 303,962 | 223,243 | ||||||||
Selling, general and administrative | 75,905 | 83,003 | 77,115 | ||||||||
Total | 386,965 | 300,358 | |||||||||
Income (loss) from operations | 25,206 | 66,108 | 36,313 | ||||||||
Other [Abstract] | |||||||||||
Income (loss) from unconsolidated entities | 11,938 | 40,594 | 103,795 | ||||||||
Other income - net | 26,352 | (2,950) | 10,674 | ||||||||
Intercompany interest income | 5,781 | 4,422 | 4,365 | ||||||||
Interest Expense | (2,850) | (2,111) | (1,819) | ||||||||
Loss from subsidiaries | |||||||||||
Income (loss) before income tax benefit | 66,427 | 106,063 | 153,328 | ||||||||
Income tax provision | 16,637 | 21,097 | 52,500 | ||||||||
Net income | 49,790 | 84,966 | 100,828 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 49,790 | 84,966 | 100,828 | ||||||||
Eliminations [Member] | |||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | (230,228) | (209,706) | (190,223) | ||||||||
Cost of Goods and Services Sold | (105,967) | (58,708) | (75,401) | ||||||||
Selling, general and administrative | (119,644) | (111,472) | (108,634) | ||||||||
Total | (170,180) | (184,035) | |||||||||
Income (loss) from operations | (4,617) | (39,526) | (6,188) | ||||||||
Other [Abstract] | |||||||||||
Income (loss) from unconsolidated entities | |||||||||||
Other income - net | 7,098 | 34,849 | 3,161 | ||||||||
Intercompany interest income | (143,484) | (148,155) | (160,779) | ||||||||
Interest Expense | 141,003 | 145,455 | 169,066 | ||||||||
Loss from subsidiaries | (854,139) | (1,040,056) | (946,574) | ||||||||
Income (loss) before income tax benefit | (854,139) | (1,047,433) | (941,314) | ||||||||
Income tax provision | (213,935) | (208,345) | (322,306) | ||||||||
Net income | (640,204) | (839,088) | (619,008) | ||||||||
Other Comprehensive Income (Loss), Net of Tax | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (640,204) | (839,088) | (619,008) | ||||||||
Home Building [Member] | |||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 2,292,044 | 1,756,970 | 1,712,057 | 1,319,308 | 7,080,379 | 7,143,258 | 5,815,058 | ||||
Cost of Goods and Services Sold | 5,678,914 | 5,673,007 | 4,562,303 | ||||||||
Home Building [Member] | Toll Brothers Inc. [Member] | |||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | |||||||||||
Cost of Goods and Services Sold | |||||||||||
Home Building [Member] | Subsidiary Issuer [Member] | |||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | |||||||||||
Cost of Goods and Services Sold | |||||||||||
Home Building [Member] | Guarantor Subsidiaries [Member] | |||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 6,980,549 | ||||||||||
Cost of Goods and Services Sold | 5,595,685 | ||||||||||
Home Building [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 99,830 | ||||||||||
Cost of Goods and Services Sold | 79,400 | ||||||||||
Home Building [Member] | Eliminations [Member] | |||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | |||||||||||
Cost of Goods and Services Sold | 3,829 | ||||||||||
Land [Member] | |||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 86,956 | $ 8,721 | $ 4,037 | $ 43,873 | 143,587 | 0 | 0 | ||||
Cost of Goods and Services Sold | 129,704 | $ 0 | $ 0 | ||||||||
Land [Member] | Toll Brothers Inc. [Member] | |||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | |||||||||||
Cost of Goods and Services Sold | |||||||||||
Land [Member] | Subsidiary Issuer [Member] | |||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | |||||||||||
Cost of Goods and Services Sold | |||||||||||
Land [Member] | Guarantor Subsidiaries [Member] | |||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 112,972 | ||||||||||
Cost of Goods and Services Sold | 59,338 | ||||||||||
Land [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 260,843 | ||||||||||
Cost of Goods and Services Sold | 180,162 | ||||||||||
Land [Member] | Eliminations [Member] | |||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | (230,228) | ||||||||||
Cost of Goods and Services Sold | $ (109,796) |
Supplemental Guarantor Inform_6
Supplemental Guarantor Information (Level 4 CF) (Details 3) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Jul. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Cash flow (used in) provided by operating activities: | ||||
Net cash provided by (used in) operating activities | $ 437,661 | $ 588,211 | $ 861,698 | |
Cash flow from investing activities: | ||||
Purchase of property and equipment - net | (86,971) | (28,232) | (28,872) | |
Sale and redemption of marketable securities and restricted investments - net | 18,049 | |||
Payments to Acquire Equity Method Investments | (56,560) | (27,491) | (122,334) | |
Return of investments in unconsolidated entities | 147,927 | 133,190 | 195,505 | |
Investment in foreclosed real estate and distressed loans | (731) | (966) | (710) | |
Return of investments in foreclosed real estate and distressed loans | 3,147 | 4,765 | 13,765 | |
Proceeds from Sale of Productive Assets | 79,647 | |||
Acquisition of a business, net of cash acquired | (162,373) | (83,088) | ||
Investments paid intercompany | 0 | 0 | ||
Intercompany investing activites (to) from consolidated entities | 0 | 0 | 0 | |
Net cash (used in) provided by investing activities | (75,914) | 81,266 | (7,685) | |
Cash flow from financing activities: | ||||
Proceeds from issuance of senior notes | 400,000 | 400,000 | 455,483 | |
Proceeds from loans payable | 2,699,028 | 2,630,835 | 1,621,043 | |
Debt issuance costs | (6,180) | (3,531) | (4,449) | |
Repayments of Notes Payable | (2,471,616) | (2,690,164) | (1,999,357) | |
Repayments of senior notes | (600,000) | (687,500) | ||
(Payments) proceeds from stock-based benefit plans | 17,369 | 13,392 | 66,000 | |
Purchase of treasury stock | (233,523) | (503,159) | (290,881) | |
Payments of Dividends | (63,641) | (61,704) | (38,587) | |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | 0 | |||
Receipts (payments) related to noncontrolling interest, net | 49 | 30 | ||
Investment received intercompany | 0 | 0 | ||
Intercompany financing advances (to) from consolidated entities | 0 | 0 | 0 | |
Net cash provided by (used in) financing activities | (258,514) | (214,301) | (878,248) | |
Net increase (decrease) in cash and cash equivalents | 103,233 | 455,176 | (24,235) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | $ 761,234 | 1,216,410 | 761,234 | 785,469 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 1,319,643 | 1,216,410 | 761,234 | |
Toll Brothers Inc. [Member] | ||||
Cash flow (used in) provided by operating activities: | ||||
Net cash provided by (used in) operating activities | 76,828 | (4,270) | 200,721 | |
Cash flow from investing activities: | ||||
Purchase of property and equipment - net | ||||
Sale and redemption of marketable securities and restricted investments - net | 10,631 | |||
Payments to Acquire Equity Method Investments | ||||
Return of investments in unconsolidated entities | ||||
Investment in foreclosed real estate and distressed loans | ||||
Return of investments in foreclosed real estate and distressed loans | ||||
Proceeds from Sale of Productive Assets | ||||
Acquisition of a business, net of cash acquired | ||||
Investments paid intercompany | ||||
Intercompany investing activites (to) from consolidated entities | 202,967 | 555,741 | 51,071 | |
Net cash (used in) provided by investing activities | 202,967 | 555,741 | 61,702 | |
Cash flow from financing activities: | ||||
Proceeds from issuance of senior notes | ||||
Proceeds from loans payable | ||||
Debt issuance costs | ||||
Repayments of Notes Payable | ||||
Repayments of senior notes | ||||
(Payments) proceeds from stock-based benefit plans | 17,369 | 13,392 | 66,000 | |
Purchase of treasury stock | (233,523) | (503,159) | (290,881) | |
Payments of Dividends | (63,641) | (61,704) | (38,587) | |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | ||||
Receipts (payments) related to noncontrolling interest, net | ||||
Investment received intercompany | ||||
Intercompany financing advances (to) from consolidated entities | ||||
Net cash provided by (used in) financing activities | (279,795) | (551,471) | (263,468) | |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | (1,045) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 0 | 0 | 0 | 1,045 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 0 | 0 | 0 | |
Subsidiary Issuer [Member] | ||||
Cash flow (used in) provided by operating activities: | ||||
Net cash provided by (used in) operating activities | (8,413) | 5,439 | 9,955 | |
Cash flow from investing activities: | ||||
Purchase of property and equipment - net | ||||
Sale and redemption of marketable securities and restricted investments - net | ||||
Payments to Acquire Equity Method Investments | ||||
Return of investments in unconsolidated entities | ||||
Investment in foreclosed real estate and distressed loans | ||||
Return of investments in foreclosed real estate and distressed loans | ||||
Proceeds from Sale of Productive Assets | ||||
Acquisition of a business, net of cash acquired | ||||
Investments paid intercompany | ||||
Intercompany investing activites (to) from consolidated entities | 212,005 | (401,908) | 226,511 | |
Net cash (used in) provided by investing activities | 212,005 | (401,908) | 226,511 | |
Cash flow from financing activities: | ||||
Proceeds from issuance of senior notes | 400,000 | 400,000 | 455,483 | |
Proceeds from loans payable | ||||
Debt issuance costs | (3,592) | (3,531) | (4,449) | |
Repayments of Notes Payable | ||||
Repayments of senior notes | (600,000) | (687,500) | ||
(Payments) proceeds from stock-based benefit plans | ||||
Purchase of treasury stock | ||||
Payments of Dividends | ||||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | ||||
Receipts (payments) related to noncontrolling interest, net | ||||
Investment received intercompany | ||||
Intercompany financing advances (to) from consolidated entities | ||||
Net cash provided by (used in) financing activities | (203,592) | 396,469 | (236,466) | |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 0 | 0 | 0 | 0 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 0 | 0 | 0 | |
Guarantor Subsidiaries [Member] | ||||
Cash flow (used in) provided by operating activities: | ||||
Net cash provided by (used in) operating activities | 559,660 | 521,640 | 294,302 | |
Cash flow from investing activities: | ||||
Purchase of property and equipment - net | (86,936) | (28,064) | (20,439) | |
Sale and redemption of marketable securities and restricted investments - net | ||||
Payments to Acquire Equity Method Investments | (11,202) | (1,676) | (3,744) | |
Return of investments in unconsolidated entities | 3,304 | 29,242 | 58,610 | |
Investment in foreclosed real estate and distressed loans | ||||
Return of investments in foreclosed real estate and distressed loans | ||||
Proceeds from Sale of Productive Assets | 58,154 | |||
Acquisition of a business, net of cash acquired | (162,373) | (83,088) | ||
Investments paid intercompany | (71,631) | (45,000) | ||
Intercompany investing activites (to) from consolidated entities | ||||
Net cash (used in) provided by investing activities | (270,684) | (498) | (93,661) | |
Cash flow from financing activities: | ||||
Proceeds from issuance of senior notes | ||||
Proceeds from loans payable | 300,000 | 590,000 | 250,068 | |
Debt issuance costs | (2,588) | |||
Repayments of Notes Payable | (72,588) | (679,184) | (538,527) | |
Repayments of senior notes | ||||
(Payments) proceeds from stock-based benefit plans | ||||
Purchase of treasury stock | ||||
Payments of Dividends | ||||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | ||||
Receipts (payments) related to noncontrolling interest, net | ||||
Investment received intercompany | ||||
Intercompany financing advances (to) from consolidated entities | (443,577) | 45,205 | 39,082 | |
Net cash provided by (used in) financing activities | (218,753) | (43,979) | (249,377) | |
Net increase (decrease) in cash and cash equivalents | 70,223 | 477,163 | (48,736) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 534,704 | 1,011,867 | 534,704 | 583,440 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 1,082,090 | 1,011,867 | 534,704 | |
Non-Guarantor Subsidiaries [Member] | ||||
Cash flow (used in) provided by operating activities: | ||||
Net cash provided by (used in) operating activities | (180,837) | 56,301 | 366,144 | |
Cash flow from investing activities: | ||||
Purchase of property and equipment - net | (35) | (168) | (8,433) | |
Sale and redemption of marketable securities and restricted investments - net | 7,418 | |||
Payments to Acquire Equity Method Investments | (45,358) | (25,815) | (118,590) | |
Return of investments in unconsolidated entities | 144,623 | 103,948 | 136,895 | |
Investment in foreclosed real estate and distressed loans | (731) | (966) | (710) | |
Return of investments in foreclosed real estate and distressed loans | 3,147 | 4,765 | 13,765 | |
Proceeds from Sale of Productive Assets | 21,493 | |||
Acquisition of a business, net of cash acquired | ||||
Investments paid intercompany | ||||
Intercompany investing activites (to) from consolidated entities | ||||
Net cash (used in) provided by investing activities | 123,139 | 81,764 | 30,345 | |
Cash flow from financing activities: | ||||
Proceeds from issuance of senior notes | ||||
Proceeds from loans payable | 2,399,028 | 2,040,835 | 1,370,975 | |
Debt issuance costs | ||||
Repayments of Notes Payable | (2,399,028) | (2,010,980) | (1,460,830) | |
Repayments of senior notes | ||||
(Payments) proceeds from stock-based benefit plans | ||||
Purchase of treasury stock | ||||
Payments of Dividends | ||||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | (6,000) | |||
Receipts (payments) related to noncontrolling interest, net | 49 | 30 | ||
Investment received intercompany | 71,628 | 45,000 | ||
Intercompany financing advances (to) from consolidated entities | 19,031 | (183,937) | (326,088) | |
Net cash provided by (used in) financing activities | 90,708 | (160,052) | (370,943) | |
Net increase (decrease) in cash and cash equivalents | 33,010 | (21,987) | 25,546 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | 226,530 | 204,543 | 226,530 | 200,984 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | 237,553 | 204,543 | 226,530 | |
Eliminations [Member] | ||||
Cash flow (used in) provided by operating activities: | ||||
Net cash provided by (used in) operating activities | (9,577) | 9,101 | (9,424) | |
Cash flow from investing activities: | ||||
Purchase of property and equipment - net | ||||
Sale and redemption of marketable securities and restricted investments - net | ||||
Payments to Acquire Equity Method Investments | ||||
Return of investments in unconsolidated entities | ||||
Investment in foreclosed real estate and distressed loans | ||||
Return of investments in foreclosed real estate and distressed loans | ||||
Proceeds from Sale of Productive Assets | ||||
Acquisition of a business, net of cash acquired | ||||
Investments paid intercompany | 71,631 | 45,000 | ||
Intercompany investing activites (to) from consolidated entities | (414,972) | (153,833) | (277,582) | |
Net cash (used in) provided by investing activities | (343,341) | (153,833) | (232,582) | |
Cash flow from financing activities: | ||||
Proceeds from issuance of senior notes | ||||
Proceeds from loans payable | ||||
Debt issuance costs | ||||
Repayments of Notes Payable | ||||
Repayments of senior notes | ||||
(Payments) proceeds from stock-based benefit plans | ||||
Purchase of treasury stock | ||||
Payments of Dividends | ||||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | 6,000 | |||
Receipts (payments) related to noncontrolling interest, net | ||||
Investment received intercompany | (71,628) | (45,000) | ||
Intercompany financing advances (to) from consolidated entities | 424,546 | 138,732 | 287,006 | |
Net cash provided by (used in) financing activities | 352,918 | 144,732 | 242,006 | |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning of period | $ 0 | 0 | 0 | 0 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, end of period | $ 0 | $ 0 | $ 0 |
Supplemental Guarantor Inform_7
Supplemental Guarantor Information (Level 4 Textuals) (Details) | Oct. 31, 2019 |
Subsidiary Issuer [Member] | |
Entity Information [Line Items] | |
Subsidiary of Company, Ownership Percentage by Parent | 100.00% |
Guarantor Subsidiaries [Member] | |
Entity Information [Line Items] | |
Subsidiary of Company, Ownership Percentage by Parent | 100.00% |
Summary Consolidated Quarterl_3
Summary Consolidated Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Quarterly Summary of Income Statement Data [Abstract] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,455,238 | $ 1,913,353 | $ 1,599,199 | $ 1,175,468 | $ 7,223,966 | $ 7,143,258 | $ 5,815,058 | ||||
Gross Profit | 524,487 | 403,734 | 301,042 | 240,988 | |||||||
Income before income taxes | $ 272,649 | $ 186,916 | $ 176,159 | $ 151,446 | 396,473 | 253,097 | 152,748 | 131,598 | 787,170 | 933,916 | 814,311 |
Net income | $ 202,315 | $ 146,318 | $ 129,324 | $ 112,050 | $ 310,976 | $ 193,258 | $ 111,810 | $ 132,107 | $ 590,007 | $ 748,151 | $ 535,495 |
Earnings Per Share [Abstract] | |||||||||||
Earnings Per Share, Basic | $ 1.43 | $ 1.01 | $ 0.88 | $ 0.76 | $ 2.10 | $ 1.28 | $ 0.73 | $ 0.85 | $ 4.07 | $ 4.92 | $ 3.30 |
Earnings Per Share, Diluted | $ 1.41 | $ 1 | $ 0.87 | $ 0.76 | $ 2.08 | $ 1.26 | $ 0.72 | $ 0.83 | $ 4.03 | $ 4.85 | $ 3.17 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||||||||||
Basic weighted-average shares | 141,909 | 144,750 | 146,622 | 146,751 | 148,066 | 151,257 | 152,731 | 155,882 | 145,008 | 151,984 | 162,222 |
Weighted Average Number of Shares Outstanding, Diluted | 143,567 | 146,275 | 148,129 | 148,032 | 149,603 | 153,173 | 155,129 | 158,897 | 146,501 | 154,201 | 169,487 |
Home Building [Member] | |||||||||||
Quarterly Summary of Income Statement Data [Abstract] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,292,044 | $ 1,756,970 | $ 1,712,057 | $ 1,319,308 | $ 7,080,379 | $ 7,143,258 | $ 5,815,058 | ||||
Gross Profit | 431,477 | 355,215 | 337,710 | 277,063 | |||||||
Land [Member] | |||||||||||
Quarterly Summary of Income Statement Data [Abstract] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 86,956 | 8,721 | 4,037 | 43,873 | $ 143,587 | $ 0 | $ 0 | ||||
Gross Profit | $ 658 | $ 2,489 | $ 1,116 | $ 9,620 |