Supplemental Guarantor Information (Tables)
 3 Months Ended
Jan. 31, 2014
Supplemental Guarantor Information [Abstract]  
Senior Notes issued by Subsidiary Issuer [Table Text Block]
A 100% owned subsidiary of the Company, Toll Brothers Finance Corp. (the “Subsidiary Issuer”), has issued the following Senior Notes (amounts in thousands):
 
 
Original Amount Issued
 
Amount outstanding at January 31, 2014
 
 
4.95% Senior Notes due 2014
$
300,000

 
$
267,960

 
5.15% Senior Notes due 2015
$
300,000

 
$
300,000

 
8.91% Senior Notes due 2017
$
400,000

 
$
400,000

 
6.75% Senior Notes due 2019
$
250,000

 
$
250,000

 
5.875% Senior Notes due 2022
$
419,876

 
$
419,876

 
4.375% Senior Notes due 2023
$
400,000

 
$
400,000

 
0.5% Exchangeable Senior Notes due 2032
$
287,500

 
$
287,500

 
4.0% Senior Notes due 2018
$
350,000

 
$
350,000

 
5.625% Senior Notes due 2024
$
250,000

 
$
250,000
Supplemental Consolidated Financial Information
Supplemental consolidating financial information of Toll Brothers, Inc., the Subsidiary Issuer, the Guarantor Subsidiaries, the Non-Guarantor Subsidiaries and the eliminations to arrive at Toll Brothers, Inc. on a consolidated basis is presented below ($ amounts in thousands).

Condensed Consolidating Balance Sheet at January 31, 2014:
 
Toll
Brothers,
Inc.
 
Subsidiary
Issuer
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
—

 
—

 
1,070,746

 
119,743

 
—

 
1,190,489

Marketable securities

 

 
2,990

 
10,027

 

 
13,017

Restricted cash
15,196

 

 
15,744

 
1,235

 

 
32,175

Inventory

 

 
5,137,927

 
97,720

 

 
5,235,647

Property, construction and office equipment, net

 

 
116,490

 
14,700

 

 
131,190

Receivables, prepaid expenses and other assets
18

 
19,460

 
114,645

 
122,200

 
(16,289
)
 
240,034

Mortgage loans held for sale

 

 

 
58,131

 

 
58,131

Customer deposits held in escrow

 

 
45,834

 


 

 
45,834

Investments in and advances to unconsolidated entities

 

 
152,929

 
277,686

 

 
430,615

Investments in distressed loans

 

 


 
19,253

 

 
19,253

Investments in foreclosed real estate

 

 


 
79,267

 

 
79,267

Investments in and advances to consolidated entities
3,421,229

 
2,953,186

 
4,740

 


 
(6,379,155
)
 
—

Deferred tax assets, net of valuation allowances
284,603

 


 


 


 


 
284,603

 
3,721,046

 
2,972,646

 
6,662,045

 
799,962

 
(6,395,444
)
 
7,760,255

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Loans payable

 

 
158,606

 


 

 
158,606

Senior notes

 
2,885,496

 

 

 
36,355

 
2,921,851

Mortgage company warehouse loan

 

 

 
51,470

 

 
51,470

Customer deposits

 

 
218,747

 


 

 
218,747

Accounts payable

 

 
166,266

 
20

 

 
166,286

Accrued expenses
37

 
46,176

 
333,601

 
152,942

 
(16,659
)
 
516,097

Advances from consolidated entities

 


 
2,414,287

 
576,405

 
(2,990,692
)
 
—

Income taxes payable
99,825

 

 

 


 

 
99,825

Total liabilities
99,862

 
2,931,672

 
3,291,507

 
780,837

 
(2,970,996
)
 
4,132,882

Equity:
 
 
 
 
 
 
 
 
 
 
 
Stockholders’ equity:
 
 
 
 
 
 
 
 
 
 
 
Common stock
1,776

 

 
48

 
3,006

 
(3,054
)
 
1,776

Additional paid-in capital
683,965

 
49,400

 


 
1,734

 
(51,134
)
 
683,965

Retained earnings (deficits)
2,937,583

 
(8,426
)
 
3,370,542

 
8,144

 
(3,370,260
)
 
2,937,583

Treasury stock, at cost
(81
)
 

 

 

 

 
(81
)
Accumulated other comprehensive loss
(2,059
)
 

 
(52
)
 
(13
)
 


 
(2,124
)
Total stockholders’ equity
3,621,184

 
40,974

 
3,370,538

 
12,871

 
(3,424,448
)
 
3,621,119

Noncontrolling interest

 

 

 
6,254

 

 
6,254

Total equity
3,621,184

 
40,974

 
3,370,538

 
19,125

 
(3,424,448
)
 
3,627,373

 
3,721,046

 
2,972,646

 
6,662,045

 
799,962

 
(6,395,444
)
 
7,760,255



Condensed Consolidating Balance Sheet at October 31, 2013:
 
Toll
Brothers,
Inc.
 
Subsidiary
Issuer
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
—

 
—

 
670,102

 
102,870

 
—

 
772,972

Marketable securities

 

 
42,491

 
10,017

 

 
52,508

Restricted cash
15,182

 

 
16,007

 
847

 

 
32,036

Inventory

 

 
4,625,252

 
25,160

 

 
4,650,412

Property, construction and office equipment, net

 

 
116,809

 
14,511

 

 
131,320

Receivables, prepaid expenses and other assets
33

 
15,675

 
101,321

 
131,701

 
(19,435
)
 
229,295

Mortgage loans held for sale

 

 

 
113,517

 

 
113,517

Customer deposits held in escrow

 

 
46,888

 


 

 
46,888

Investments in and advances to unconsolidated entities

 

 
175,159

 
227,974

 

 
403,133

Investments in distressed loans


 

 

 
36,374

 

 
36,374

Investments in foreclosed real estate


 


 


 
72,972

 


 
72,972

Investments in and advances to consolidated entities
3,113,203

 
2,334,503

 
4,740

 


 
(5,452,446
)
 
—

Deferred tax assets, net of valuation allowances
286,032

 


 


 


 


 
286,032

 
3,414,450

 
2,350,178

 
5,798,769

 
735,943

 
(5,471,881
)
 
6,827,459

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Loans payable

 

 
107,222

 


 

 
107,222

Senior notes

 
2,282,719

 

 

 
38,723

 
2,321,442

Mortgage company warehouse loan

 

 

 
75,000

 

 
75,000

Customer deposits

 

 
212,669

 


 

 
212,669

Accounts payable

 

 
167,733

 
54

 

 
167,787

Accrued expenses

 
25,045

 
355,590

 
161,402

 
(19,050
)
 
522,987

Advances from consolidated entities

 


 
1,627,130

 
467,929

 
(2,095,059
)
 
—

Income taxes payable
81,188

 

 

 


 

 
81,188

Total liabilities
81,188

 
2,307,764

 
2,470,344

 
704,385

 
(2,075,386
)
 
3,488,295

Equity:
 
 
 
 
 
 
 
 
 
 
 
Stockholders’ equity:
 
 
 
 
 
 
 
 
 
 
 
Common stock
1,694

 

 
48

 
3,006

 
(3,054
)
 
1,694

Additional paid-in capital
441,677

 
49,400

 


 
1,734

 
(51,134
)
 
441,677

Retained earnings (deficits)
2,892,003

 
(6,986
)
 
3,328,629

 
20,664

 
(3,342,307
)
 
2,892,003

Treasury stock, at cost


 

 

 

 

 
—

Accumulated other comprehensive loss
(2,112
)
 

 
(252
)
 
(23
)
 


 
(2,387
)
Total stockholders’ equity
3,333,262

 
42,414

 
3,328,425

 
25,381

 
(3,396,495
)
 
3,332,987

Noncontrolling interest

 

 

 
6,177

 

 
6,177

Total equity
3,333,262

 
42,414

 
3,328,425

 
31,558

 
(3,396,495
)
 
3,339,164

 
3,414,450

 
2,350,178

 
5,798,769

 
735,943

 
(5,471,881
)
 
6,827,459




 
 
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended January 31, 2014:
 
Toll
Brothers,
Inc.
 
Subsidiary
Issuer
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Revenues

 

 
650,772

 
15,602

 
(22,693
)
 
643,681

Cost of revenues

 

 
515,637

 
2,602

 
(4,207
)
 
514,032

Selling, general and administrative
55

 
937

 
102,700

 
13,637

 
(19,459
)
 
97,870

 
55

 
937

 
618,337

 
16,239

 
(23,666
)
 
611,902

Income (loss) from operations
(55
)
 
(937
)
 
32,435

 
(637
)
 
973

 
31,779

Other:
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from unconsolidated entities

 

 
24,207

 
(1,292
)
 

 
22,915

Other income - net
2,365

 


 
10,572

 
6,200

 
(2,596
)
 
16,541

Intercompany interest income

 
38,144

 


 


 
(38,144
)
 
—

Interest expense

 
(39,574
)
 


 
(193
)
 
39,767

 
—

Income from subsidiaries
68,925

 

 
1,711

 

 
(70,636
)
 
—

Income (loss) before income taxes
71,235

 
(2,367
)

68,925

 
4,078

 
(70,636
)
 
71,235

Income tax provision (benefit)
25,655

 
(928
)
 
27,012

 
1,598

 
(27,682
)
 
25,655

Net income (loss)
45,580

 
(1,439
)

41,913


2,480


(42,954
)

45,580

Other comprehensive income
53

 


 
200

 
10

 


 
263

Total comprehensive income (loss)
45,633

 
(1,439
)

42,113


2,490


(42,954
)

45,843


Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended January 31, 2013:
 
Toll
Brothers,
Inc.
 
Subsidiary
Issuer
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Revenues

 

 
430,222

 
15,046

 
(20,667
)
 
424,601

Cost of revenues

 

 
348,703

 
4,992

 
(7,758
)
 
345,937

Selling, general and administrative
16

 
687

 
84,508

 
10,140

 
(17,304
)
 
78,047

 
16

 
687


433,211


15,132


(25,062
)
 
423,984

Income (loss) from operations
(16
)
 
(687
)

(2,989
)

(86
)

4,395

 
617

Other:
 
 
 
 
 
 
 
 
 
 
 
Income from unconsolidated entities

 

 
1,096

 
1,987

 

 
3,083

Other income - net
2,386

 


 
6,027

 
2,494

 
(6,281
)
 
4,626

Intercompany interest income

 
29,727

 


 


 
(29,727
)
 
—

Interest expense

 
(31,422
)
 


 
(191
)
 
31,613

 
—

Income from subsidiaries
5,956

 

 
1,822

 

 
(7,778
)
 
—

Income (loss) before income taxes
8,326

 
(2,382
)

5,956


4,204


(7,778
)
 
8,326

Income tax provision (benefit)
3,894

 
(933
)
 
2,333

 
1,647

 
(3,047
)
 
3,894

Net income (loss)
4,432

 
(1,449
)

3,623


2,557


(4,731
)
 
4,432

Other comprehensive income (loss)
(173
)
 


 
225

 
(36
)
 


 
16

Total comprehensive income (loss)
4,259

 
(1,449
)

3,848


2,521


(4,731
)
 
4,448


Condensed Consolidating Statement of Cash Flows for the three months ended January 31, 2014:
 
Toll
Brothers,
Inc.
 
Subsidiary
Issuer
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net cash (used in) provided by operating activities
31,235

 
23,383

 
(279,194
)
 
(17,808
)
 
(8,004
)
 
(250,388
)
Cash flow used in investing activities:
 
 
 
 
 
 
 
 
 
 
 
Purchase of property and equipment - net

 

 
(2,659
)
 
(194
)
 

 
(2,853
)
Sale and redemption of marketable securities

 

 
39,243

 

 

 
39,243

Investments in and advances to unconsolidated entities

 

 
(4,879
)
 
(55,529
)
 

 
(60,408
)
Return of investments in unconsolidated entities

 

 
29,429

 
3,000

 

 
32,429

Investments in distressed loans and foreclosed real estate

 

 


 
(191
)
 

 
(191
)
Return of investments in distressed loans and foreclosed real estate

 

 

 
17,574

 

 
17,574

Deposit - acquisition of a business

 

 
(161,000
)
 


 

 
(161,000
)
Dividend received - intercompany

 

 
15,000

 


 
(15,000
)
 
—

Intercompany advances
(270,826
)
 
(618,683
)
 

 


 
889,509

 
—

Net cash used in investing activities
(270,826
)
 
(618,683
)
 
(84,866
)
 
(35,340
)
 
874,509

 
(135,206
)
Cash flow provided by financing activities:
 
 
 
 
 
 
 
 
 
 
 
Net proceeds from issuance of senior notes

 
600,000

 

 


 

 
600,000

Debt issuance costs for senior notes

 
(4,700
)
 

 


 

 
(4,700
)
Proceeds from loans payable

 

 

 
275,334

 

 
275,334

Principal payments of loans payable

 

 
(8,331
)
 
(298,864
)
 

 
(307,195
)
Net proceeds from issuance of common stock
220,357

 

 

 

 

 
220,357

Proceeds from stock-based benefit plans
18,529

 

 

 

 

 
18,529

Excess tax benefits from stock-based compensation
789

 

 

 

 

 
789

Receipts related to noncontrolling interest


 

 

 
81

 

 
81

Purchase of treasury stock
(84
)
 

 

 

 

 
(84
)
Dividend paid - intercompany


 

 

 
(15,000
)
 
15,000

 
—

Intercompany advances


 

 
773,035

 
108,470

 
(881,505
)
 
—

Net cash provided by financing activities
239,591

 
595,300

 
764,704

 
70,021

 
(866,505
)
 
803,111

Net increase in cash and cash equivalents
—

 
—

 
400,644

 
16,873

 
—

 
417,517

Cash and cash equivalents, beginning of period
—

 
—

 
670,102

 
102,870

 
—

 
772,972

Cash and cash equivalents, end of period
—

 
—

 
1,070,746

 
119,743

 
—

 
1,190,489

Condensed Consolidating Statement of Cash Flows for the three months ended January 31, 2013:
 
Toll
Brothers,
Inc.
 
Subsidiary
Issuer
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net cash (used in) provided by operating activities
24,053

 
12,155

 
(377,864
)
 
41,310

 
(5,476
)
 
(305,822
)
Cash flow provided by (used in) investing activities:
 
 
 
 
 
 
 
 
 
 
 
Purchase of property and equipment — net

 

 
(5,123
)
 
(268
)
 

 
(5,391
)
Purchase of marketable securities

 

 
(25,938
)
 
(81
)
 

 
(26,019
)
Sale and redemption of marketable securities

 

 
38,775

 


 

 
38,775

Investments in and advances to unconsolidated entities

 

 
(2,280
)
 
(5,334
)
 

 
(7,614
)
Return of investments in unconsolidated entities

 

 
17,297

 
14

 

 
17,311

Investments in distressed loans and foreclosed real estate

 

 


 
(16,252
)
 

 
(16,252
)
Return of investments in distressed loans and foreclosed real estate

 

 


 
3,015

 

 
3,015

Intercompany advances
(30,082
)
 
46,913

 

 

 
(16,831
)
 
—

Net cash (used in) provided by investing activities
(30,082
)
 
46,913

 
22,731

 
(18,906
)
 
(16,831
)
 
3,825

Cash flow provided by (used in) financing activities:
 
 
 
 
 
 
 
 
 
 
 
Proceeds from loans payable

 

 

 
244,830

 

 
244,830

Principal payments of loans payable

 

 
(25,832
)
 
(274,030
)
 

 
(299,862
)
Redemption of senior notes


 
(59,068
)
 

 

 

 
(59,068
)
Proceeds from stock-based benefit plans
6,108

 

 

 

 

 
6,108

Purchase of treasury stock
(79
)
 

 

 

 

 
(79
)
Intercompany advances


 

 
(37,381
)
 
15,074

 
22,307

 
—

Net cash (used in) provided by financing activities
6,029

 
(59,068
)
 
(63,213
)
 
(14,126
)
 
22,307

 
(108,071
)
Net (decrease) increase in cash and cash equivalents
—

 
—

 
(418,346
)
 
8,278

 
—

 
(410,068
)
Cash and cash equivalents, beginning of period
—

 
—

 
712,024

 
66,800

 
—

 
778,824

Cash and cash equivalents, end of period
—

 
—

 
293,678

 
75,078

 
—

 
368,756