x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended October 31, 2017
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or
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934
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For the transition period from
to
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Delaware
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23-2416878
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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250 Gibraltar Road, Horsham, Pennsylvania
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19044
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Name of each exchange on which registered
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Common Stock (par value $.01)
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New York Stock Exchange
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Guarantee of Toll Brothers Finance Corp. 5.625% Senior Notes due 2024
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New York Stock Exchange
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Large accelerated filer
þ
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Accelerated filer
o
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Emerging growth company
o
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The following exhibits have been filed electronically with this Form 10-K:
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•
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Boston, Massachusetts, metropolitan area
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•
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Fairfield, Hartford, New London, and New Haven Counties, Connecticut
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•
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Westchester and Dutchess county, New York
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•
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Boroughs of Manhattan and Brooklyn in New York City
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•
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Central and northern New Jersey
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Philadelphia, Pennsylvania, metropolitan area
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•
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Lehigh Valley area of Pennsylvania
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Virginia and Maryland suburbs of Washington, D.C.
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•
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Raleigh and Charlotte, North Carolina, metropolitan areas
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•
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Southeast and southwest coasts and the Jacksonville and Orlando areas of Florida
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•
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Detroit, Michigan, metropolitan area
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•
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Chicago, Illinois, metropolitan area
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•
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Minneapolis/St. Paul, Minnesota, metropolitan area
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•
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Dallas, Houston, and Austin, Texas, metropolitan areas
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•
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Denver, Colorado, metropolitan area and Fort Collins, Colorado
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•
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Phoenix, Arizona, metropolitan area
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•
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Las Vegas and Reno, Nevada, metropolitan areas
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•
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Boise, Idaho metropolitan area
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•
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San Diego and Palm Springs, California, areas
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•
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Los Angeles, California, metropolitan area
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•
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San Francisco Bay, Sacramento, and San Jose areas of northern California, and
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•
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Seattle, Washington, metropolitan area
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Total number of operating communities
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Number of selling communities
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Homes approved
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Homes closed
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Homes under contract but not closed
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Home sites available
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Traditional Home Building:
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North
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77
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51
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10,262
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5,469
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1,217
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3,576
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Mid-Atlantic
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79
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64
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11,752
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6,643
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1,143
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3,966
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South
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85
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73
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8,729
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3,666
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1,055
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4,008
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West
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97
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73
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8,919
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3,761
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1,397
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3,761
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California
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51
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38
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5,112
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1,800
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887
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2,425
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Traditional Home Building
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389
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299
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44,774
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21,339
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5,699
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17,736
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City Living
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7
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6
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737
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326
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152
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259
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Total
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396
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305
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45,511
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21,665
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5,851
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17,995
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2017
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2016
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2015
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Option value (in thousands)
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Percent of base selling price
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Option value (in thousands)
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Percent of base selling price
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Option value (in thousands)
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Percent of base selling price
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Overall
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$
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152
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22.0
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%
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$
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155
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21.5
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%
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$
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134
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20.7
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%
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Traditional Home Building Product
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Detached
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$
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178
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24.9
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%
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$
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181
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23.9
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%
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$
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158
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23.6
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%
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Attached
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$
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77
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16.7
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%
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$
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74
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15.9
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%
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$
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69
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15.8
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%
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City Living Product
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$
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32
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2.2
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%
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$
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50
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1.8
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%
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$
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47
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3.3
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%
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Number of communities
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Number of home sites
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Traditional Home Building:
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North
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40
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4,465
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Mid-Atlantic
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58
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4,668
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South
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23
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2,447
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West
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74
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9,016
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California
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28
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2,945
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Traditional Home Building
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223
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23,541
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City Living
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9
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924
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Total
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232
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24,465
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Fiscal year
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Total
Toll Brothers, Inc. settlements
(a)
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TBI Mortgage Company
financed settlements*
(b)
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Gross
capture rate (b/a) |
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Amount
financed
(in millions)
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2017
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7,151
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2,407
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33.7%
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$
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1,168.4
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2016
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6,098
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2,523
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41.4%
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$
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1,240.9
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2015
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5,525
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2,103
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38.1%
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$
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1,001.2
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2014
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5,397
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1,866
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34.6%
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$
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801.5
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2013
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4,184
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1,803
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43.1%
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$
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717.3
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*
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Amounts under “TBI Mortgage Company financed settlements” exclude brokered and referred loans, which amounted to approximately 3.6%, 4.2%, 6.2%, 4.4%, and 5.1% of our home closings in fiscal
2017
,
2016
,
2015
,
2014
, and
2013
, respectively.
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Three months ended
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October 31
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July 31
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April 30
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January 31
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2017
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High
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$
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46.04
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$
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40.95
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$
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37.09
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$
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32.98
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Low
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$
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37.00
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$
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36.03
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$
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31.17
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$
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27.06
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2016
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High
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$
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32.25
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$
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29.96
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$
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30.17
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$
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38.15
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Low
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$
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27.00
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$
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25.30
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$
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23.75
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$
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26.57
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Period
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Total number
of shares
purchased (a)
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Average
price paid per share |
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Total number
of shares purchased as part of a publicly announced plan or program (b) |
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Maximum
number of shares that may yet be purchased under the plan or program (b) |
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(in thousands)
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(in thousands)
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(in thousands)
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|||||
August 1 to August 31, 2017
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2,931
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$
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38.12
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2,931
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10,416
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September 1 to September 30, 2017
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2,269
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$
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38.95
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2,269
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8,147
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October 1 to October 31, 2017
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2
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$
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42.35
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2
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8,145
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Total
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5,202
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$
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38.48
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5,202
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(a)
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Our stock incentive plans permit us to withhold from the total number of shares that otherwise would be issued to a performance based restricted stock unit recipient or 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 recipient. During the three months ended
October 31, 2017
, we withheld 539 of the shares subject to performance based restricted stock units and restricted stock units to cover approximately $24,000 of income tax withholdings and we issued the remaining 1,078 shares to the recipients. The shares withheld are not included in the total number of shares purchased in the table above.
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(b)
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On May 23, 2016, our Board of Directors authorized the repurchase of
20 million
shares of our common stock in open market transactions or otherwise for general corporate purposes, including to obtain shares for the Company’s equity award and other employee benefit plans. Our Board of Directors terminated, effective December 13, 2017, our May 2016 share repurchase program and authorized a new repurchase program described below.
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October 31:
|
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2012
|
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2013
|
|
2014
|
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2015
|
|
2016
|
|
2017
|
||||||
Toll Brothers, Inc.
|
|
100.00
|
|
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99.61
|
|
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96.79
|
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108.79
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83.13
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|
|
140.32
|
|
S&P 500
®
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|
100.00
|
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|
127.18
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149.14
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156.89
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163.97
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202.72
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S&P Homebuilding
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|
100.00
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96.32
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|
|
113.09
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|
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130.92
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|
123.52
|
|
|
184.95
|
|
Year ended October 31:
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Revenues
|
|
$
|
5,815,058
|
|
|
$
|
5,169,508
|
|
|
$
|
4,171,248
|
|
|
$
|
3,911,602
|
|
|
$
|
2,674,299
|
|
Income before income taxes
|
|
$
|
814,311
|
|
|
$
|
589,027
|
|
|
$
|
535,562
|
|
|
$
|
504,582
|
|
|
$
|
267,697
|
|
Net income
|
|
$
|
535,495
|
|
|
$
|
382,095
|
|
|
$
|
363,167
|
|
|
$
|
340,032
|
|
|
$
|
170,606
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
3.30
|
|
|
$
|
2.27
|
|
|
$
|
2.06
|
|
|
$
|
1.91
|
|
|
$
|
1.01
|
|
Diluted
|
|
$
|
3.17
|
|
|
$
|
2.18
|
|
|
$
|
1.97
|
|
|
$
|
1.84
|
|
|
$
|
0.97
|
|
Weighted average number of shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
162,222
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|
|
168,261
|
|
|
176,425
|
|
|
177,578
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|
|
169,288
|
|
|||||
Diluted
|
|
169,487
|
|
|
175,973
|
|
|
184,703
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|
|
185,875
|
|
|
177,963
|
|
|||||
Cash dividends declared per share
|
|
$
|
0.24
|
|
|
$
|
—
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|
|
$
|
—
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|
|
$
|
—
|
|
|
$
|
—
|
|
At October 31:
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Cash, cash equivalents, and marketable securities
|
|
$
|
712,829
|
|
|
$
|
633,715
|
|
|
$
|
928,994
|
|
|
$
|
598,341
|
|
|
$
|
825,480
|
|
Inventory
|
|
$
|
7,281,453
|
|
|
$
|
7,353,967
|
|
|
$
|
6,997,516
|
|
|
$
|
6,490,321
|
|
|
$
|
4,650,412
|
|
Total assets
|
|
$
|
9,445,225
|
|
|
$
|
9,736,789
|
|
|
$
|
9,206,515
|
|
|
$
|
8,398,457
|
|
|
$
|
6,811,782
|
|
Debt:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans payable
|
|
$
|
637,416
|
|
|
$
|
871,079
|
|
|
$
|
1,000,439
|
|
|
$
|
652,619
|
|
|
$
|
107,222
|
|
Senior debt
|
|
2,462,463
|
|
|
2,694,372
|
|
|
2,689,801
|
|
|
2,638,241
|
|
|
2,305,765
|
|
|||||
Mortgage company loan facility
|
|
120,145
|
|
|
210,000
|
|
|
100,000
|
|
|
90,281
|
|
|
75,000
|
|
|||||
Total debt
|
|
$
|
3,220,024
|
|
|
$
|
3,775,451
|
|
|
$
|
3,790,240
|
|
|
$
|
3,381,141
|
|
|
$
|
2,487,987
|
|
Equity
|
|
$
|
4,537,090
|
|
|
$
|
4,235,202
|
|
|
$
|
4,228,079
|
|
|
$
|
3,860,697
|
|
|
$
|
3,339,164
|
|
Year ended October 31:
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Closings:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of homes
|
|
7,151
|
|
|
6,098
|
|
|
5,525
|
|
|
5,397
|
|
|
4,184
|
|
|||||
Value (in thousands)
|
|
$
|
5,815,058
|
|
|
$
|
5,169,508
|
|
|
$
|
4,171,248
|
|
|
$
|
3,911,602
|
|
|
$
|
2,674,299
|
|
Net contracts signed:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of homes
|
|
8,175
|
|
|
6,719
|
|
|
5,910
|
|
|
5,271
|
|
|
5,294
|
|
|||||
Value (in thousands)
|
|
$
|
6,828,277
|
|
|
$
|
5,649,570
|
|
|
$
|
4,955,579
|
|
|
$
|
3,896,490
|
|
|
$
|
3,633,908
|
|
At October 31:
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Backlog:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of homes
|
|
5,851
|
|
|
4,685
|
|
|
4,064
|
|
|
3,679
|
|
|
3,679
|
|
|||||
Value (in thousands)
|
|
$
|
5,061,517
|
|
|
$
|
3,984,065
|
|
|
$
|
3,504,004
|
|
|
$
|
2,719,673
|
|
|
$
|
2,629,466
|
|
Number of selling communities
|
|
305
|
|
|
310
|
|
|
288
|
|
|
263
|
|
|
232
|
|
|||||
Home sites:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Owned
|
|
31,341
|
|
|
34,137
|
|
|
35,872
|
|
|
36,243
|
|
|
33,967
|
|
|||||
Controlled
|
|
16,970
|
|
|
14,700
|
|
|
8,381
|
|
|
10,924
|
|
|
14,661
|
|
|||||
Total
|
|
48,311
|
|
|
48,837
|
|
|
44,253
|
|
|
47,167
|
|
|
48,628
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Land controlled for future communities
|
$
|
1,949
|
|
|
$
|
3,142
|
|
|
$
|
809
|
|
Land owned for future communities
|
3,050
|
|
|
2,300
|
|
|
12,600
|
|
|||
Operating communities
|
9,795
|
|
|
8,365
|
|
|
22,300
|
|
|||
|
$
|
14,794
|
|
|
$
|
13,807
|
|
|
$
|
35,709
|
|
|
|
|
|
Impaired operating communities
|
||||||||
Three months ended:
|
|
Number of
communities tested |
|
Number of communities
|
|
Fair value of
communities, net of impairment charges |
|
Impairment charges recognized
|
||||
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
|
|
||
Fiscal 2016:
|
|
|
|
|
|
|
|
|
||||
January 31
|
|
43
|
|
2
|
|
$
|
1,713
|
|
|
$
|
600
|
|
April 30
|
|
41
|
|
2
|
|
$
|
10,103
|
|
|
6,100
|
|
|
July 31
|
|
51
|
|
2
|
|
$
|
11,714
|
|
|
1,250
|
|
|
October 31
|
|
59
|
|
2
|
|
$
|
1,126
|
|
|
415
|
|
|
|
|
|
|
|
|
|
|
$
|
8,365
|
|
||
Fiscal 2015:
|
|
|
|
|
|
|
|
|
||||
January 31
|
|
58
|
|
4
|
|
$
|
24,968
|
|
|
$
|
900
|
|
April 30
|
|
52
|
|
1
|
|
$
|
16,235
|
|
|
11,100
|
|
|
July 31
|
|
40
|
|
3
|
|
$
|
13,527
|
|
|
6,000
|
|
|
October 31
|
|
44
|
|
3
|
|
$
|
8,726
|
|
|
4,300
|
|
|
|
|
|
|
|
|
|
|
$
|
22,300
|
|
|
Years ended October 31,
|
||||||||||||||||
|
2017
|
|
2016
|
|
% Change
2017 vs. 2016
|
|
2015
|
|
% Change
2016 vs. 2015
|
||||||||
Revenues
|
5,815.1
|
|
|
5,169.5
|
|
|
12
|
%
|
|
4,171.2
|
|
|
24
|
%
|
|||
Cost of revenues
|
4,562.3
|
|
|
4,144.1
|
|
|
10
|
%
|
|
3,269.3
|
|
|
27
|
%
|
|||
Selling, general and administrative
|
607.8
|
|
|
535.4
|
|
|
14
|
%
|
|
455.1
|
|
|
18
|
%
|
|||
|
5,170.1
|
|
|
4,679.4
|
|
|
10
|
%
|
|
3,724.4
|
|
|
26
|
%
|
|||
Income from operations
|
644.9
|
|
|
490.1
|
|
|
32
|
%
|
|
446.9
|
|
|
10
|
%
|
|||
Other:
|
|
|
|
|
|
|
|
|
|
||||||||
Income from unconsolidated entities
|
116.1
|
|
|
40.7
|
|
|
185
|
%
|
|
21.1
|
|
|
93
|
%
|
|||
Other income - net
|
53.3
|
|
|
58.2
|
|
|
(8
|
)%
|
|
67.6
|
|
|
(14
|
)%
|
|||
Income before income taxes
|
814.3
|
|
|
589.0
|
|
|
38
|
%
|
|
535.6
|
|
|
10
|
%
|
|||
Income tax provision
|
278.8
|
|
|
206.9
|
|
|
35
|
%
|
|
172.4
|
|
|
20
|
%
|
|||
Net income
|
535.5
|
|
|
382.1
|
|
|
40
|
%
|
|
363.2
|
|
|
5
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
||||||||
Supplemental information:
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenues as a percentage of revenues
|
78.5
|
%
|
|
80.2
|
%
|
|
|
|
78.4
|
%
|
|
|
|||||
SG&A as a percentage of revenues
|
10.5
|
%
|
|
10.4
|
%
|
|
|
|
10.9
|
%
|
|
|
|||||
Effective tax rate
|
34.2
|
%
|
|
35.1
|
%
|
|
|
|
32.2
|
%
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||
Deliveries – units
|
7,151
|
|
|
6,098
|
|
|
17
|
%
|
|
5,525
|
|
|
10
|
%
|
|||
Deliveries – average selling price*
|
$
|
813.2
|
|
|
$
|
847.7
|
|
|
(4
|
)%
|
|
$
|
755.0
|
|
|
12
|
%
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net contracts signed – value
|
$
|
6,828.3
|
|
|
$
|
5,649.6
|
|
|
21
|
%
|
|
$
|
4,955.6
|
|
|
14
|
%
|
Net contracts signed – units
|
8,175
|
|
|
6,719
|
|
|
22
|
%
|
|
5,910
|
|
|
14
|
%
|
|||
Net contracts signed – average selling price*
|
$
|
835.3
|
|
|
$
|
840.8
|
|
|
(1
|
)%
|
|
$
|
838.5
|
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
At October 31,
|
||||||||||||||||
|
2017
|
|
2016
|
|
% Change
2017 vs. 2016 |
|
2015
|
|
% Change
2016 vs. 2015 |
||||||||
Backlog – value
|
$
|
5,061.5
|
|
|
$
|
3,984.1
|
|
|
27
|
%
|
|
$
|
3,504.0
|
|
|
14
|
%
|
Backlog – units
|
5,851
|
|
|
4,685
|
|
|
25
|
%
|
|
4,064
|
|
|
15
|
%
|
|||
Backlog – average selling price*
|
$
|
865.1
|
|
|
$
|
850.4
|
|
|
2
|
%
|
|
$
|
862.2
|
|
|
(1
|
)%
|
|
2017
|
|
2016
|
||||
Income from ancillary businesses
|
$
|
16,276
|
|
|
$
|
17,473
|
|
Gibraltar
|
2,658
|
|
|
6,646
|
|
||
Management fee income from home building unconsolidated entities, net
|
12,902
|
|
|
10,270
|
|
||
Income from land sales
|
8,621
|
|
|
13,327
|
|
||
Other
|
12,852
|
|
|
10,502
|
|
||
Total other income – net
|
$
|
53,309
|
|
|
$
|
58,218
|
|
|
2016
|
|
2015
|
||||
Income from ancillary businesses
|
$
|
17,473
|
|
|
$
|
23,530
|
|
Gibraltar
|
6,646
|
|
|
10,168
|
|
||
Management fee income from unconsolidated entities, net
|
10,270
|
|
|
11,299
|
|
||
Income from land sales
|
13,327
|
|
|
13,150
|
|
||
Other
|
10,502
|
|
|
9,426
|
|
||
Total other income – net
|
$
|
58,218
|
|
|
$
|
67,573
|
|
|
2018
|
|
2019 – 2020
|
|
2021 – 2022
|
|
Thereafter
|
|
Total
|
||||||||||
Senior notes (a)
|
$
|
126.1
|
|
|
$
|
822.8
|
|
|
$
|
598.0
|
|
|
$
|
1,629.8
|
|
|
$
|
3,176.7
|
|
Loans payable (a)
|
78.9
|
|
|
63.7
|
|
|
516.9
|
|
|
64.2
|
|
|
723.7
|
|
|||||
Mortgage company loan facility (a)
|
124.0
|
|
|
|
|
|
|
|
|
124.0
|
|
||||||||
Operating lease obligations
|
12.1
|
|
|
14.8
|
|
|
5.6
|
|
|
0.5
|
|
|
33.0
|
|
|||||
Purchase obligations (b)
|
1,230.7
|
|
|
893.6
|
|
|
220.7
|
|
|
438.8
|
|
|
2,783.8
|
|
|||||
Retirement plans (c)
|
9.5
|
|
|
11.7
|
|
|
13.2
|
|
|
56.7
|
|
|
91.1
|
|
|||||
|
$
|
1,581.3
|
|
|
$
|
1,806.6
|
|
|
$
|
1,354.4
|
|
|
$
|
2,190.0
|
|
|
$
|
6,932.3
|
|
(a)
|
Amounts include estimated annual interest payments until maturity of the debt. Of the amounts indicated,
$2.5 billion
of the senior notes,
$637.4 million
of loans payable,
$120.1 million
of the mortgage company loan facility, and $36.0 million of accrued interest were recorded on our
October 31, 2017
Consolidated Balance Sheet.
|
(b)
|
Amounts represent our expected acquisition of land under purchase agreements and the estimated remaining amount of the contractual obligation for land development agreements secured by letters of credit and surety bonds.
|
(c)
|
Amounts represent our obligations under our deferred compensation plan, supplemental executive retirement plans and our 401(k) salary deferral savings plans. Of the total amount indicated, $67.4 million was recorded on our
October 31, 2017
Consolidated Balance Sheet.
|
|
Fiscal 2017 Compared to Fiscal 2016
|
|||||||||||||||||||||||||||||
|
Revenues
($ in millions)
|
|
Units Delivered
|
|
Average Delivered Price
($ in thousands)
|
|||||||||||||||||||||||||
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
|||||||||||||
Traditional Home Building:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
North
|
$
|
775.5
|
|
|
$
|
814.5
|
|
|
(5
|
)%
|
|
1,139
|
|
|
1,172
|
|
|
(3
|
)%
|
|
$
|
680.9
|
|
|
$
|
695.0
|
|
|
(2
|
)%
|
Mid-Atlantic
|
1,030.3
|
|
|
895.7
|
|
|
15
|
%
|
|
1,681
|
|
|
1,432
|
|
|
17
|
%
|
|
612.9
|
|
|
625.5
|
|
|
(2
|
)%
|
||||
South
|
924.0
|
|
|
849.6
|
|
|
9
|
%
|
|
1,247
|
|
|
1,093
|
|
|
14
|
%
|
|
741.0
|
|
|
777.3
|
|
|
(5
|
)%
|
||||
West
|
1,151.7
|
|
|
903.7
|
|
|
27
|
%
|
|
1,783
|
|
|
1,304
|
|
|
37
|
%
|
|
645.9
|
|
|
693.0
|
|
|
(7
|
)%
|
||||
California
|
1,550.5
|
|
|
1,448.5
|
|
|
7
|
%
|
|
1,041
|
|
|
1,006
|
|
|
3
|
%
|
|
1,489.4
|
|
|
1,439.9
|
|
|
3
|
%
|
||||
Traditional Home Building
|
5,432.0
|
|
|
4,912.0
|
|
|
11
|
%
|
|
6,891
|
|
|
6,007
|
|
|
15
|
%
|
|
788.3
|
|
|
817.7
|
|
|
(4
|
)%
|
||||
City Living
|
383.1
|
|
|
257.5
|
|
|
49
|
%
|
|
260
|
|
|
91
|
|
|
186
|
%
|
|
1,473.5
|
|
|
2,829.7
|
|
|
(48
|
)%
|
||||
Total
|
$
|
5,815.1
|
|
|
$
|
5,169.5
|
|
|
12
|
%
|
|
7,151
|
|
|
6,098
|
|
|
17
|
%
|
|
$
|
813.2
|
|
|
$
|
847.7
|
|
|
(4
|
)%
|
|
Fiscal 2016 Compared to Fiscal 2015
|
|||||||||||||||||||||||||||||
|
Revenues
($ in millions) |
|
Units Delivered
|
|
Average Delivered Price
($ in thousands) |
|||||||||||||||||||||||||
|
2016
|
|
2015
|
|
% Change
|
|
2016
|
|
2015
|
|
% Change
|
|
2016
|
|
2015
|
|
% Change
|
|||||||||||||
Traditional Home Building:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
North
|
$
|
814.5
|
|
|
$
|
702.2
|
|
|
16
|
%
|
|
1,172
|
|
|
1,126
|
|
|
4
|
%
|
|
$
|
695.0
|
|
|
$
|
623.6
|
|
|
11
|
%
|
Mid-Atlantic
|
895.7
|
|
|
845.3
|
|
|
6
|
%
|
|
1,432
|
|
|
1,342
|
|
|
7
|
%
|
|
625.5
|
|
|
629.9
|
|
|
(1
|
)%
|
||||
South
|
849.6
|
|
|
892.3
|
|
|
(5
|
)%
|
|
1,093
|
|
|
1,175
|
|
|
(7
|
)%
|
|
777.3
|
|
|
759.4
|
|
|
2
|
%
|
||||
West
|
903.7
|
|
|
665.3
|
|
|
36
|
%
|
|
1,304
|
|
|
994
|
|
|
31
|
%
|
|
693.0
|
|
|
669.3
|
|
|
4
|
%
|
||||
California
|
1,448.5
|
|
|
750.0
|
|
|
93
|
%
|
|
1,006
|
|
|
669
|
|
|
50
|
%
|
|
1,439.9
|
|
|
1,121.1
|
|
|
28
|
%
|
||||
Traditional Home Building
|
4,912.0
|
|
|
3,855.1
|
|
|
27
|
%
|
|
6,007
|
|
|
5,306
|
|
|
13
|
%
|
|
817.7
|
|
|
726.6
|
|
|
13
|
%
|
||||
City Living
|
257.5
|
|
|
316.1
|
|
|
(19
|
)%
|
|
91
|
|
|
219
|
|
|
(58
|
)%
|
|
2,829.7
|
|
|
1,443.4
|
|
|
96
|
%
|
||||
Total
|
$
|
5,169.5
|
|
|
$
|
4,171.2
|
|
|
24
|
%
|
|
6,098
|
|
|
5,525
|
|
|
10
|
%
|
|
$
|
847.7
|
|
|
$
|
755.0
|
|
|
12
|
%
|
|
Fiscal 2017 Compared to Fiscal 2016
|
|||||||||||||||||||||||||||||
|
Net Contract Value
($ in millions)
|
|
Net Contracted Units
|
|
Average Contracted Price
($ in thousands)
|
|||||||||||||||||||||||||
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
|||||||||||||
Traditional Home Building:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
North
|
$
|
898.9
|
|
|
$
|
888.0
|
|
|
1
|
%
|
|
1,379
|
|
|
1,259
|
|
|
10
|
%
|
|
$
|
651.8
|
|
|
$
|
705.3
|
|
|
(8
|
)%
|
Mid-Atlantic
|
1,161.9
|
|
|
986.8
|
|
|
18
|
%
|
|
1,838
|
|
|
1,607
|
|
|
14
|
%
|
|
632.2
|
|
|
614.1
|
|
|
3
|
%
|
||||
South
|
1,003.5
|
|
|
916.8
|
|
|
9
|
%
|
|
1,342
|
|
|
1,229
|
|
|
9
|
%
|
|
747.8
|
|
|
746.0
|
|
|
—
|
%
|
||||
West
|
1,318.3
|
|
|
1,096.7
|
|
|
20
|
%
|
|
2,032
|
|
|
1,508
|
|
|
35
|
%
|
|
648.8
|
|
|
727.3
|
|
|
(11
|
)%
|
||||
California
|
2,177.9
|
|
|
1,418.5
|
|
|
54
|
%
|
|
1,395
|
|
|
930
|
|
|
50
|
%
|
|
1,561.2
|
|
|
1,525.3
|
|
|
2
|
%
|
||||
Traditional Home Building
|
6,560.5
|
|
|
5,306.8
|
|
|
24
|
%
|
|
7,986
|
|
|
6,533
|
|
|
22
|
%
|
|
821.5
|
|
|
812.3
|
|
|
1
|
%
|
||||
City Living
|
267.8
|
|
|
342.8
|
|
|
(22
|
)%
|
|
189
|
|
|
186
|
|
|
2
|
%
|
|
1,416.9
|
|
|
1,843.0
|
|
|
(23
|
)%
|
||||
Total
|
$
|
6,828.3
|
|
|
$
|
5,649.6
|
|
|
21
|
%
|
|
8,175
|
|
|
6,719
|
|
|
22
|
%
|
|
$
|
835.3
|
|
|
$
|
840.8
|
|
|
(1
|
)%
|
|
Fiscal 2016 Compared to Fiscal 2015
|
|||||||||||||||||||||||||||||
|
Net Contract Value
($ in millions) |
|
Net Contracted Units
|
|
Average Contracted Price
($ in thousands) |
|||||||||||||||||||||||||
|
2016
|
|
2015
|
|
% Change
|
|
2016
|
|
2015
|
|
% Change
|
|
2016
|
|
2015
|
|
% Change
|
|||||||||||||
Traditional Home Building:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
North
|
$
|
888.0
|
|
|
$
|
756.8
|
|
|
17
|
%
|
|
1,259
|
|
|
1,138
|
|
|
11
|
%
|
|
$
|
705.3
|
|
|
$
|
665.0
|
|
|
6
|
%
|
Mid-Atlantic
|
986.8
|
|
|
844.7
|
|
|
17
|
%
|
|
1,607
|
|
|
1,323
|
|
|
21
|
%
|
|
614.1
|
|
|
638.5
|
|
|
(4
|
)%
|
||||
South
|
916.8
|
|
|
838.3
|
|
|
9
|
%
|
|
1,229
|
|
|
1,036
|
|
|
19
|
%
|
|
746.0
|
|
|
809.2
|
|
|
(8
|
)%
|
||||
West
|
1,096.7
|
|
|
846.2
|
|
|
30
|
%
|
|
1,508
|
|
|
1,221
|
|
|
24
|
%
|
|
727.3
|
|
|
693.0
|
|
|
5
|
%
|
||||
California
|
1,418.5
|
|
|
1,343.2
|
|
|
6
|
%
|
|
930
|
|
|
1,003
|
|
|
(7
|
)%
|
|
1,525.3
|
|
|
1,339.2
|
|
|
14
|
%
|
||||
Traditional Home Building
|
5,306.8
|
|
|
4,629.2
|
|
|
15
|
%
|
|
6,533
|
|
|
5,721
|
|
|
14
|
%
|
|
812.3
|
|
|
809.2
|
|
|
—
|
%
|
||||
City Living
|
342.8
|
|
|
326.4
|
|
|
5
|
%
|
|
186
|
|
|
189
|
|
|
(2
|
)%
|
|
1,843.0
|
|
|
1,727.0
|
|
|
7
|
%
|
||||
Total
|
$
|
5,649.6
|
|
|
$
|
4,955.6
|
|
|
14
|
%
|
|
6,719
|
|
|
5,910
|
|
|
14
|
%
|
|
$
|
840.8
|
|
|
$
|
838.5
|
|
|
—
|
%
|
|
October 31, 2017 Compared to October 31, 2016
|
|||||||||||||||||||||||||||||
|
Backlog Value
($ in millions)
|
|
Backlog Units
|
|
Average Backlog Price
($ in thousands)
|
|||||||||||||||||||||||||
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
|||||||||||||
Traditional Home Building:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
North
|
$
|
816.1
|
|
|
$
|
692.8
|
|
|
18
|
%
|
|
1,217
|
|
|
977
|
|
|
25
|
%
|
|
$
|
670.6
|
|
|
$
|
709.1
|
|
|
(5
|
)%
|
Mid-Atlantic
|
741.6
|
|
|
610.0
|
|
|
22
|
%
|
|
1,143
|
|
|
986
|
|
|
16
|
%
|
|
648.8
|
|
|
618.7
|
|
|
5
|
%
|
||||
South
|
815.9
|
|
|
736.4
|
|
|
11
|
%
|
|
1,055
|
|
|
960
|
|
|
10
|
%
|
|
773.4
|
|
|
767.1
|
|
|
1
|
%
|
||||
West
|
972.0
|
|
|
766.5
|
|
|
27
|
%
|
|
1,397
|
|
|
1,020
|
|
|
37
|
%
|
|
695.7
|
|
|
751.5
|
|
|
(7
|
)%
|
||||
California
|
1,495.1
|
|
|
867.7
|
|
|
72
|
%
|
|
887
|
|
|
533
|
|
|
66
|
%
|
|
1,685.6
|
|
|
1,627.9
|
|
|
4
|
%
|
||||
Traditional Home Building
|
4,840.7
|
|
|
3,673.4
|
|
|
32
|
%
|
|
5,699
|
|
|
4,476
|
|
|
27
|
%
|
|
849.4
|
|
|
820.7
|
|
|
3
|
%
|
||||
City Living
|
220.8
|
|
|
310.7
|
|
|
(29
|
)%
|
|
152
|
|
|
209
|
|
|
(27
|
)%
|
|
1,452.7
|
|
|
1,486.5
|
|
|
(2
|
)%
|
||||
Total
|
$
|
5,061.5
|
|
|
$
|
3,984.1
|
|
|
27
|
%
|
|
5,851
|
|
|
4,685
|
|
|
25
|
%
|
|
$
|
865.1
|
|
|
$
|
850.4
|
|
|
2
|
%
|
|
October 31, 2016 Compared to October 31, 2015
|
|||||||||||||||||||||||||||||
|
Backlog Value
($ in millions) |
|
Backlog Units
|
|
Average Backlog Price
($ in thousands) |
|||||||||||||||||||||||||
|
2016
|
|
2015
|
|
% Change
|
|
2016
|
|
2015
|
|
% Change
|
|
2016
|
|
2015
|
|
% Change
|
|||||||||||||
Traditional Home Building:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
North
|
$
|
692.8
|
|
|
$
|
619.2
|
|
|
12
|
%
|
|
977
|
|
|
890
|
|
|
10
|
%
|
|
$
|
709.1
|
|
|
$
|
695.8
|
|
|
2
|
%
|
Mid-Atlantic
|
610.0
|
|
|
518.9
|
|
|
18
|
%
|
|
986
|
|
|
811
|
|
|
22
|
%
|
|
618.7
|
|
|
639.9
|
|
|
(3
|
)%
|
||||
South
|
736.4
|
|
|
669.2
|
|
|
10
|
%
|
|
960
|
|
|
824
|
|
|
17
|
%
|
|
767.1
|
|
|
812.1
|
|
|
(6
|
)%
|
||||
West
|
766.5
|
|
|
573.5
|
|
|
34
|
%
|
|
1,020
|
|
|
816
|
|
|
25
|
%
|
|
751.5
|
|
|
702.8
|
|
|
7
|
%
|
||||
California
|
867.7
|
|
|
897.8
|
|
|
(3
|
)%
|
|
533
|
|
|
609
|
|
|
(12
|
)%
|
|
1,627.9
|
|
|
1,474.2
|
|
|
10
|
%
|
||||
Traditional Home Building
|
3,673.4
|
|
|
3,278.6
|
|
|
12
|
%
|
|
4,476
|
|
|
3,950
|
|
|
13
|
%
|
|
820.7
|
|
|
830.0
|
|
|
(1
|
)%
|
||||
City Living
|
310.7
|
|
|
225.4
|
|
|
38
|
%
|
|
209
|
|
|
114
|
|
|
83
|
%
|
|
1,486.5
|
|
|
1,977.2
|
|
|
(25
|
)%
|
||||
Total
|
$
|
3,984.1
|
|
|
$
|
3,504.0
|
|
|
14
|
%
|
|
4,685
|
|
|
4,064
|
|
|
15
|
%
|
|
$
|
850.4
|
|
|
$
|
862.2
|
|
|
(1
|
)%
|
|
2017
|
|
2016
|
|
% Change
2017 vs. 2016 |
|
2015
|
|
% Change
2016 vs. 2015 |
||||||||
Traditional Home Building:
|
|
|
|
|
|
|
|
|
|
||||||||
North
|
$
|
50.4
|
|
|
$
|
77.0
|
|
|
(35
|
)%
|
|
$
|
59.2
|
|
|
30
|
%
|
Mid-Atlantic
|
105.7
|
|
|
(29.4
|
)
|
|
460
|
%
|
|
69.1
|
|
|
(143
|
)%
|
|||
South
|
112.8
|
|
|
128.6
|
|
|
(12
|
)%
|
|
153.0
|
|
|
(16
|
)%
|
|||
West
|
153.2
|
|
|
127.3
|
|
|
20
|
%
|
|
106.4
|
|
|
20
|
%
|
|||
California
|
345.1
|
|
|
335.2
|
|
|
3
|
%
|
|
139.1
|
|
|
141
|
%
|
|||
Traditional Home Building
|
767.2
|
|
|
638.7
|
|
|
20
|
%
|
|
526.8
|
|
|
21
|
%
|
|||
City Living
|
193.9
|
|
|
91.1
|
|
|
113
|
%
|
|
124.3
|
|
|
(27
|
)%
|
|||
Corporate and other
|
(146.8
|
)
|
|
(140.8
|
)
|
|
4
|
%
|
|
(115.5
|
)
|
|
22
|
%
|
|||
Total
|
$
|
814.3
|
|
|
$
|
589.0
|
|
|
38
|
%
|
|
$
|
535.6
|
|
|
10
|
%
|
|
At October 31,
|
||||||
|
2017
|
|
2016
|
||||
Traditional Home Building:
|
|
|
|
||||
North
|
$
|
1,075.0
|
|
|
$
|
1,020.3
|
|
Mid-Atlantic
|
1,121.0
|
|
|
1,166.0
|
|
||
South
|
1,184.9
|
|
|
1,203.6
|
|
||
West
|
1,275.3
|
|
|
1,130.6
|
|
||
California
|
2,630.0
|
|
|
2,479.9
|
|
||
Traditional Home Building
|
7,286.2
|
|
|
7,000.4
|
|
||
City Living
|
647.2
|
|
|
946.7
|
|
||
Corporate and other
|
1,511.8
|
|
|
1,789.7
|
|
||
Total
|
$
|
9,445.2
|
|
|
$
|
9,736.8
|
|
|
Year ended October 31,
|
|||||||||
|
2017
|
|
2016
|
|
% Change
|
|||||
Units Delivered and Revenues:
|
|
|
|
|
|
|||||
Revenues ($ in millions)
|
$
|
775.5
|
|
|
$
|
814.5
|
|
|
(5
|
)%
|
Units delivered
|
1,139
|
|
|
1,172
|
|
|
(3
|
)%
|
||
Average delivered price ($ in thousands)
|
$
|
680.9
|
|
|
$
|
695.0
|
|
|
(2
|
)%
|
|
|
|
|
|
|
|||||
Net Contracts Signed:
|
|
|
|
|
|
|
||||
Net contract value ($ in millions)
|
$
|
898.9
|
|
|
$
|
888.0
|
|
|
1
|
%
|
Net contracted units
|
1,379
|
|
|
1,259
|
|
|
10
|
%
|
||
Average contracted price ($ in thousands)
|
$
|
651.8
|
|
|
$
|
705.3
|
|
|
(8
|
)%
|
|
|
|
|
|
|
|||||
Cost of revenues as a percentage of revenues
|
84.8
|
%
|
|
82.6
|
%
|
|
|
|
||
|
|
|
|
|
|
|||||
Income before income taxes ($ in millions)
|
$
|
50.4
|
|
|
$
|
77.0
|
|
|
(35
|
)%
|
|
|
|
|
|
|
|||||
Number of selling communities at October 31,
|
51
|
|
|
56
|
|
|
(9
|
)%
|
|
Year ended October 31,
|
|||||||||
|
2017
|
|
2016
|
|
% Change
|
|||||
Units Delivered and Revenues:
|
|
|
|
|
|
|||||
Revenues ($ in millions)
|
$
|
1,030.3
|
|
|
$
|
895.7
|
|
|
15
|
%
|
Units delivered
|
1,681
|
|
|
1,432
|
|
|
17
|
%
|
||
Average delivered price ($ in thousands)
|
$
|
612.9
|
|
|
$
|
625.5
|
|
|
(2
|
)%
|
|
|
|
|
|
|
|||||
Net Contracts Signed:
|
|
|
|
|
|
|
||||
Net contract value ($ in millions)
|
$
|
1,161.9
|
|
|
$
|
986.8
|
|
|
18
|
%
|
Net contracted units
|
1,838
|
|
|
1,607
|
|
|
14
|
%
|
||
Average contracted price ($ in thousands)
|
$
|
632.2
|
|
|
$
|
614.1
|
|
|
3
|
%
|
|
|
|
|
|
|
|||||
Cost of revenues as a percentage of revenues
|
82.1
|
%
|
|
95.8
|
%
|
|
|
|
||
|
|
|
|
|
|
|||||
Income (loss) before income taxes ($ in millions)
|
$
|
105.7
|
|
|
$
|
(29.4
|
)
|
|
460
|
%
|
|
|
|
|
|
|
|||||
Number of selling communities at October 31,
|
64
|
|
|
76
|
|
|
(16
|
)%
|
|
Year ended October 31,
|
|||||||||
|
2017
|
|
2016
|
|
% Change
|
|||||
Units Delivered and Revenues:
|
|
|
|
|
|
|||||
Revenues ($ in millions)
|
$
|
924.0
|
|
|
$
|
849.6
|
|
|
9
|
%
|
Units delivered
|
1,247
|
|
|
1,093
|
|
|
14
|
%
|
||
Average delivered price ($ in thousands)
|
$
|
741.0
|
|
|
$
|
777.3
|
|
|
(5
|
)%
|
|
|
|
|
|
|
|||||
Net Contracts Signed:
|
|
|
|
|
|
|
||||
Net contract value ($ in millions)
|
$
|
1,003.5
|
|
|
$
|
916.8
|
|
|
9
|
%
|
Net contracted units
|
1,342
|
|
|
1,229
|
|
|
9
|
%
|
||
Average contracted price ($ in thousands)
|
$
|
747.8
|
|
|
$
|
746.0
|
|
|
—
|
%
|
|
|
|
|
|
|
|||||
Cost of revenues as a percentage of revenues
|
81.5
|
%
|
|
79.4
|
%
|
|
|
|
||
|
|
|
|
|
|
|||||
Income before income taxes ($ in millions)
|
$
|
112.8
|
|
|
$
|
128.6
|
|
|
(12
|
)%
|
|
|
|
|
|
|
|||||
Number of selling communities at October 31,
|
73
|
|
|
71
|
|
|
3
|
%
|
|
Year ended October 31,
|
|||||||||
|
2017
|
|
2016
|
|
% Change
|
|||||
Units Delivered and Revenues:
|
|
|
|
|
|
|||||
Revenues ($ in millions)
|
$
|
1,151.7
|
|
|
$
|
903.7
|
|
|
27
|
%
|
Units delivered
|
1,783
|
|
|
1,304
|
|
|
37
|
%
|
||
Average delivered price ($ in thousands)
|
$
|
645.9
|
|
|
$
|
693.0
|
|
|
(7
|
)%
|
|
|
|
|
|
|
|||||
Net Contracts Signed:
|
|
|
|
|
|
|
||||
Net contract value ($ in millions)
|
$
|
1,318.3
|
|
|
$
|
1,096.7
|
|
|
20
|
%
|
Net contracted units
|
2,032
|
|
|
1,508
|
|
|
35
|
%
|
||
Average contracted price ($ in thousands)
|
$
|
648.8
|
|
|
$
|
727.3
|
|
|
(11
|
)%
|
|
|
|
|
|
|
|||||
Cost of revenues as a percentage of revenues
|
79.3
|
%
|
|
78.9
|
%
|
|
|
|
||
|
|
|
|
|
|
|||||
Income before income taxes ($ in millions)
|
$
|
153.2
|
|
|
$
|
127.3
|
|
|
20
|
%
|
|
|
|
|
|
|
|||||
Number of selling communities at October 31,
|
73
|
|
|
65
|
|
|
12
|
%
|
|
Year ended October 31,
|
|||||||||
|
2017
|
|
2016
|
|
% Change
|
|||||
Units Delivered and Revenues:
|
|
|
|
|
|
|||||
Revenues ($ in millions)
|
$
|
1,550.5
|
|
|
$
|
1,448.5
|
|
|
7
|
%
|
Units delivered
|
1,041
|
|
|
1,006
|
|
|
3
|
%
|
||
Average delivered price ($ in thousands)
|
$
|
1,489.4
|
|
|
$
|
1,439.9
|
|
|
3
|
%
|
|
|
|
|
|
|
|||||
Net Contracts Signed:
|
|
|
|
|
|
|
||||
Net contract value ($ in millions)
|
$
|
2,177.9
|
|
|
$
|
1,418.5
|
|
|
54
|
%
|
Net contracted units
|
1,395
|
|
|
930
|
|
|
50
|
%
|
||
Average contracted price ($ in thousands)
|
$
|
1,561.2
|
|
|
$
|
1,525.3
|
|
|
2
|
%
|
|
|
|
|
|
|
|||||
Cost of revenues as a percentage of revenues
|
72.8
|
%
|
|
72.6
|
%
|
|
|
|
||
|
|
|
|
|
|
|||||
Income before income taxes ($ in millions)
|
345.1
|
|
|
335.2
|
|
|
3
|
%
|
||
|
|
|
|
|
|
|||||
Number of selling communities at October 31,
|
38
|
|
|
37
|
|
|
3
|
%
|
|
Year ended October 31,
|
|||||||||
|
2017
|
|
2016
|
|
% Change
|
|||||
Units Delivered and Revenues:
|
|
|
|
|
|
|||||
Revenues ($ in millions)
|
$
|
383.1
|
|
|
$
|
257.5
|
|
|
49
|
%
|
Units delivered
|
260
|
|
|
91
|
|
|
186
|
%
|
||
Average delivered price ($ in thousands)
|
$
|
1,473.5
|
|
|
$
|
2,829.7
|
|
|
(48
|
)%
|
|
|
|
|
|
|
|||||
Net Contracts Signed:
|
|
|
|
|
|
|
||||
Net contract value ($ in millions)
|
$
|
267.8
|
|
|
$
|
342.8
|
|
|
(22
|
)%
|
Net contracted units
|
189
|
|
|
186
|
|
|
2
|
%
|
||
Average contracted price ($ in thousands)
|
$
|
1,416.9
|
|
|
$
|
1,843.0
|
|
|
(23
|
)%
|
|
|
|
|
|
|
|||||
Cost of revenues as a percentage of revenues
|
67.6
|
%
|
|
66.3
|
%
|
|
|
|
||
|
|
|
|
|
|
|||||
Income before income taxes ($ in millions)
|
$
|
193.9
|
|
|
$
|
91.1
|
|
|
113
|
%
|
|
|
|
|
|
|
|||||
Number of selling communities at October 31,
|
6
|
|
|
5
|
|
|
20
|
%
|
|
Year ended October 31,
|
||||||||||||
|
2017
Units |
|
2016
Units |
|
2017
$ |
|
2016
$ |
||||||
Deliveries and revenues
|
123
|
|
|
32
|
|
|
$
|
407.1
|
|
|
$
|
90.5
|
|
Net contracts signed
|
69
|
|
|
25
|
|
|
$
|
123.2
|
|
|
$
|
90.7
|
|
|
Year ended October 31,
|
|||||||||
|
2016
|
|
2015
|
|
% Change
|
|||||
Units Delivered and Revenues:
|
|
|
|
|
|
|||||
Revenues ($ in millions)
|
$
|
814.5
|
|
|
$
|
702.2
|
|
|
16
|
%
|
Units delivered
|
1,172
|
|
|
1,126
|
|
|
4
|
%
|
||
Average delivered price ($ in thousands)
|
$
|
695.0
|
|
|
$
|
623.6
|
|
|
11
|
%
|
|
|
|
|
|
|
|||||
Net Contracts Signed:
|
|
|
|
|
|
|||||
Net contract value ($ in millions)
|
$
|
888.0
|
|
|
$
|
756.8
|
|
|
17
|
%
|
Net contracted units
|
1,259
|
|
|
1,138
|
|
|
11
|
%
|
||
Average contracted price ($ in thousands)
|
$
|
705.3
|
|
|
$
|
665.0
|
|
|
6
|
%
|
|
|
|
|
|
|
|||||
Cost of revenues as a percentage of revenues
|
82.6
|
%
|
|
82.9
|
%
|
|
|
|
||
|
|
|
|
|
|
|||||
Income before income taxes ($ in millions)
|
$
|
77.0
|
|
|
$
|
59.2
|
|
|
30
|
%
|
|
|
|
|
|
|
|||||
Number of selling communities at October 31,
|
56
|
|
|
68
|
|
|
(18
|
)%
|
|
Year ended October 31,
|
|||||||||
|
2016
|
|
2015
|
|
% Change
|
|||||
Units Delivered and Revenues:
|
|
|
|
|
|
|||||
Revenues ($ in millions)
|
$
|
895.7
|
|
|
$
|
845.3
|
|
|
6
|
%
|
Units delivered
|
1,432
|
|
|
1,342
|
|
|
7
|
%
|
||
Average delivered price ($ in thousands)
|
$
|
625.5
|
|
|
629.9
|
|
|
(1
|
)%
|
|
|
|
|
|
|
|
|||||
Net Contracts Signed:
|
|
|
|
|
|
|||||
Net contract value ($ in millions)
|
$
|
986.8
|
|
|
$
|
844.7
|
|
|
17
|
%
|
Net contracted units
|
1,607
|
|
|
1,323
|
|
|
21
|
%
|
||
Average contracted price ($ in thousands)
|
$
|
614.1
|
|
|
638.5
|
|
|
(4
|
)%
|
|
|
|
|
|
|
|
|||||
Cost of revenues as a percentage of revenues
|
95.8
|
%
|
|
84.7
|
%
|
|
|
|
||
|
|
|
|
|
|
|||||
Income before income taxes ($ in millions)
|
$
|
(29.4
|
)
|
|
$
|
69.1
|
|
|
(143
|
)%
|
|
|
|
|
|
|
|||||
Number of selling communities at October 31,
|
76
|
|
|
65
|
|
|
17
|
%
|
|
Year ended October 31,
|
|||||||||
|
2016
|
|
2015
|
|
% Change
|
|||||
Units Delivered and Revenues:
|
|
|
|
|
|
|||||
Revenues ($ in millions)
|
$
|
849.6
|
|
|
$
|
892.3
|
|
|
(5
|
)%
|
Units delivered
|
1,093
|
|
|
1,175
|
|
|
(7
|
)%
|
||
Average delivered price ($ in thousands)
|
$
|
777.3
|
|
|
759.4
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|||||
Net Contracts Signed:
|
|
|
|
|
|
|||||
Net contract value ($ in millions)
|
$
|
916.8
|
|
|
$
|
838.3
|
|
|
9
|
%
|
Net contracted units
|
1,229
|
|
|
1,036
|
|
|
19
|
%
|
||
Average contracted price ($ in thousands)
|
$
|
746.0
|
|
|
809.2
|
|
|
(8
|
)%
|
|
|
|
|
|
|
|
|||||
Cost of revenues as a percentage of revenues
|
79.4
|
%
|
|
78.2
|
%
|
|
|
|
||
|
|
|
|
|
|
|||||
Income before income taxes ($ in millions)
|
$
|
128.6
|
|
|
$
|
153.0
|
|
|
(16
|
)%
|
|
|
|
|
|
|
|||||
Number of selling communities at October 31,
|
71
|
|
|
53
|
|
|
34
|
%
|
|
Year ended October 31,
|
|||||||||
|
2016
|
|
2015
|
|
% Change
|
|||||
Units Delivered and Revenues:
|
|
|
|
|
|
|||||
Revenues ($ in millions)
|
$
|
903.7
|
|
|
$
|
665.3
|
|
|
36
|
%
|
Units delivered
|
1,304
|
|
|
994
|
|
|
31
|
%
|
||
Average delivered price ($ in thousands)
|
$
|
693.0
|
|
|
669.3
|
|
|
4
|
%
|
|
|
|
|
|
|
|
|||||
Net Contracts Signed:
|
|
|
|
|
|
|||||
Net contract value ($ in millions)
|
$
|
1,096.7
|
|
|
$
|
846.2
|
|
|
30
|
%
|
Net contracted units
|
1,508
|
|
|
1,221
|
|
|
24
|
%
|
||
Average contracted price ($ in thousands)
|
$
|
727.3
|
|
|
693.0
|
|
|
5
|
%
|
|
|
|
|
|
|
|
|||||
Cost of revenues as a percentage of revenues
|
78.9
|
%
|
|
76.4
|
%
|
|
|
|
||
|
|
|
|
|
|
|||||
Income before income taxes ($ in millions)
|
$
|
127.3
|
|
|
$
|
106.4
|
|
|
20
|
%
|
|
|
|
|
|
|
|||||
Number of selling communities at October 31,
|
65
|
|
|
64
|
|
|
2
|
%
|
|
Year ended October 31,
|
|||||||||
|
2016
|
|
2015
|
|
% Change
|
|||||
Units Delivered and Revenues:
|
|
|
|
|
|
|||||
Revenues ($ in millions)
|
$
|
1,448.5
|
|
|
$
|
750.0
|
|
|
93
|
%
|
Units delivered
|
1,006
|
|
|
669
|
|
|
50
|
%
|
||
Average delivered price ($ in thousands)
|
$
|
1,439.9
|
|
|
1,121.1
|
|
|
28
|
%
|
|
|
|
|
|
|
|
|||||
Net Contracts Signed:
|
|
|
|
|
|
|||||
Net contract value ($ in millions)
|
$
|
1,418.5
|
|
|
$
|
1,343.2
|
|
|
6
|
%
|
Net contracted units
|
930
|
|
|
1,003
|
|
|
(7
|
)%
|
||
Average contracted price ($ in thousands)
|
$
|
1,525.3
|
|
|
1,339.2
|
|
|
14
|
%
|
|
|
|
|
|
|
|
|||||
Cost of revenues as a percentage of revenues
|
72.6
|
%
|
|
76.4
|
%
|
|
|
|
||
|
|
|
|
|
|
|||||
Income before income taxes ($ in millions)
|
335.2
|
|
|
139.1
|
|
|
141
|
%
|
||
|
|
|
|
|
|
|||||
Number of selling communities at October 31,
|
37
|
|
|
31
|
|
|
19
|
%
|
|
Year ended October 31,
|
|||||||||
|
2016
|
|
2015
|
|
% Change
|
|||||
Units Delivered and Revenues:
|
|
|
|
|
|
|||||
Revenues ($ in millions)
|
$
|
257.5
|
|
|
$
|
316.1
|
|
|
(19
|
)%
|
Units delivered
|
91
|
|
|
219
|
|
|
(58
|
)%
|
||
Average delivered price ($ in thousands)
|
$
|
2,829.7
|
|
|
1,443.4
|
|
|
96
|
%
|
|
|
|
|
|
|
|
|||||
Net Contracts Signed:
|
|
|
|
|
|
|||||
Net contract value ($ in millions)
|
$
|
342.8
|
|
|
$
|
326.4
|
|
|
5
|
%
|
Net contracted units
|
186
|
|
|
189
|
|
|
(2
|
)%
|
||
Average contracted price ($ in thousands)
|
$
|
1,843.0
|
|
|
1,727.0
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|||||
Cost of revenues as a percentage of revenues
|
66.3
|
%
|
|
59.4
|
%
|
|
|
|
||
|
|
|
|
|
|
|||||
Income before income taxes ($ in millions)
|
$
|
91.1
|
|
|
$
|
124.3
|
|
|
(27
|
)%
|
|
|
|
|
|
|
|||||
Number of selling communities at October 31,
|
5
|
|
|
7
|
|
|
(29
|
)%
|
|
|
Fixed-rate debt
|
|
Variable-rate debt (a)
|
||||||||
Fiscal year of maturity
|
|
Amount
|
|
Weighted-
average interest rate (%) |
|
Amount
|
|
Weighted-
average interest rate (%) |
||||
2018
|
|
$
|
61,216
|
|
|
4.05%
|
|
$
|
120,145
|
|
|
3.24%
|
2019
|
|
377,038
|
|
|
3.99%
|
|
150
|
|
|
1.11%
|
||
2020
|
|
255,148
|
|
|
6.71%
|
|
150
|
|
|
1.11%
|
||
2021
|
|
1,453
|
|
|
5.89%
|
|
500,150
|
|
|
2.64%
|
||
2022
|
|
421,370
|
|
|
5.87%
|
|
150
|
|
|
1.11%
|
||
Thereafter
|
|
1,478,957
|
|
|
4.88%
|
|
13,210
|
|
|
1.19%
|
||
Bond discounts, premiums, and deferred issuance costs, net
|
|
(7,413
|
)
|
|
|
|
(1,700
|
)
|
|
|
||
Total
|
|
$
|
2,587,769
|
|
|
5.07%
|
|
$
|
632,255
|
|
|
2.72%
|
Fair value at October 31, 2017
|
|
$
|
2,751,409
|
|
|
|
|
$
|
633,955
|
|
|
|
(a)
|
Based upon the amount of variable-rate debt outstanding at
October 31, 2017
, and holding the variable-rate debt balance constant, each 1% increase in interest rates would increase the interest incurred by us by approximately
$6.3 million
per year.
|
Name
|
|
Age
|
|
Positions
|
|
Robert I. Toll
|
|
76
|
|
|
Executive Chairman of the Board and Director
|
Douglas C. Yearley, Jr.
|
|
57
|
|
|
Chief Executive Officer and Director
|
Richard T. Hartman
|
|
60
|
|
|
President and Chief Operating Officer
|
Martin P. Connor
|
|
53
|
|
|
Senior Vice President and Chief Financial Officer
|
|
Page
|
1. Financial Statements
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Operations
and Comprehensive Income
|
|
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
|
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
3.3
|
|
|
|
|
|
3.4
|
|
|
|
|
|
3.5
|
|
|
|
|
|
3.6
|
|
|
|
|
|
3.7
|
|
|
|
|
|
3.8
|
|
Exhibit Number
|
|
Description
|
|
|
|
3.9
|
|
|
|
|
|
4.1
|
|
|
|
|
|
4.2
|
|
|
|
|
|
4.3
|
|
[Reserved].
|
|
|
|
4.4
|
|
[Reserved].
|
|
|
|
4.5
|
|
|
|
|
|
4.6
|
|
|
|
|
|
4.7
|
|
|
|
|
|
4.8
|
|
|
|
|
|
4.9
|
|
|
|
|
|
4.10
|
|
|
|
|
|
4.11
|
|
|
|
|
|
4.12
|
|
|
|
|
|
4.13
|
|
|
|
|
|
4.14
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
4.15
|
|
|
|
|
|
4.16
|
|
|
|
|
|
4.17
|
|
|
|
|
|
4.18
|
|
|
|
|
|
4.19
|
|
|
|
|
|
4.20
|
|
|
|
|
|
4.21
|
|
|
|
|
|
4.22
|
|
|
|
|
|
4.23
|
|
|
|
|
|
4.24
|
|
|
|
|
|
4.25
|
|
|
|
|
|
4.26
|
|
|
|
|
|
4.27
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
4.28
|
|
|
|
|
|
4.29
|
|
|
|
|
|
4.30
|
|
|
|
|
|
4.31
|
|
|
|
|
|
4.32
|
|
|
|
|
|
4.33
|
|
|
|
|
|
4.34
|
|
|
|
|
|
4.35
|
|
|
|
|
|
4.36
|
|
|
|
|
|
4.37
|
|
|
|
|
|
4.38
|
|
|
|
|
|
4.39
|
|
|
|
|
|
4.40
|
|
|
|
|
|
4.41
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
4.42
|
|
|
|
|
|
4.43
|
|
|
|
|
|
4.44
|
|
|
|
|
|
4.45
|
|
|
|
|
|
4.46
|
|
|
|
|
|
4.47
|
|
|
|
|
|
4.48
|
|
|
|
|
|
4.49
|
|
|
|
|
|
4.50
|
|
|
|
|
|
4.51
|
|
|
|
|
|
4.52
|
|
|
|
|
|
4.53
|
|
|
|
|
|
4.54
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
4.55
|
|
|
|
|
|
4.56
|
|
|
|
|
|
10.1
|
|
|
|
|
|
10.2
|
|
|
|
|
|
10.3
|
|
|
|
|
|
10.4
|
|
|
|
|
|
10.5
|
|
[Reserved].
|
|
|
|
10.6*
|
|
|
|
|
|
10.7*
|
|
|
|
|
|
10.8*
|
|
|
|
|
|
10.9*
|
|
|
|
|
|
10.10*
|
|
|
|
|
|
10.11*
|
|
|
|
|
|
10.12*
|
|
|
|
|
|
10.13*
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
10.14*
|
|
|
|
|
|
10.15*
|
|
|
|
|
|
10.16*
|
|
|
|
|
|
10.17*
|
|
|
|
|
|
10.18*
|
|
|
|
|
|
10.19*
|
|
|
|
|
|
10.20*
|
|
|
|
|
|
10.21*
|
|
|
|
|
|
10.22*
|
|
|
|
|
|
10.23*
|
|
|
|
|
|
10.24*
|
|
|
|
|
|
10.25*
|
|
|
|
|
|
10.26*
|
|
|
|
|
|
10.27*
|
|
|
|
|
|
10.28*
|
|
|
|
|
|
10.29*
|
|
|
|
|
|
10.30*
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
10.31*
|
|
|
|
|
|
10.32*
|
|
|
|
|
|
10.33*
|
|
|
|
|
|
10.34*
|
|
|
|
|
|
12**
|
|
|
|
|
|
21**
|
|
|
|
|
|
23**
|
|
|
|
|
|
31.1**
|
|
|
|
|
|
31.2**
|
|
|
|
|
|
32.1**
|
|
|
|
|
|
32.2**
|
|
|
|
|
|
101.INS**
|
|
XBRL Instance Document.
|
|
|
|
101.SCH**
|
|
XBRL Schema Document.
|
|
|
|
101.CAL**
|
|
XBRL Calculation Linkbase Document.
|
|
|
|
101.LAB**
|
|
XBRL Labels Linkbase Document.
|
|
|
|
101.PRE**
|
|
XBRL Presentation Linkbase Document.
|
|
|
|
101.DEF**
|
|
XBRL Definition Linkbase Document.
|
*
|
This exhibit is a management contract or compensatory plan or arrangement required to be filed as an exhibit to this report.
|
|
|
**
|
Filed electronically herewith.
|
|
TOLL BROTHERS, INC.
|
|
|
By:
|
/s/ Douglas C. Yearley, Jr.
|
|
|
Douglas C. Yearley, Jr.
Chief Executive Officer
(Principal Executive Officer)
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Robert I. Toll
|
|
Executive Chairman of the Board of Directors
|
|
December 21, 2017
|
Robert I. Toll
|
|
|
|
|
|
|
|
|
|
/s/ Douglas C. Yearley, Jr.
|
|
Chief Executive Officer and Director
|
|
December 21, 2017
|
Douglas C. Yearley, Jr.
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ Richard T. Hartman
|
|
Chief Operating Officer and
|
|
December 21, 2017
|
Richard T. Hartman
|
|
President
|
|
|
|
|
|
|
|
/s/ Martin P. Connor
|
|
Senior Vice President and Chief Financial Officer
|
|
December 21, 2017
|
Martin P. Connor
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
/s/ Joseph R. Sicree
|
|
Senior Vice President and Chief Accounting
|
|
December 21, 2017
|
Joseph R. Sicree
|
|
Officer (Principal Accounting Officer)
|
|
|
|
|
|
|
|
/s/ Edward G. Boehne
|
|
Director
|
|
December 21, 2017
|
Edward G. Boehne
|
|
|
|
|
|
|
|
|
|
/s/ Richard J. Braemer
|
|
Director
|
|
December 21, 2017
|
Richard J. Braemer
|
|
|
|
|
|
|
|
|
|
/s/ Christine N. Garvey
|
|
Director
|
|
December 21, 2017
|
Christine N. Garvey
|
|
|
|
|
|
|
|
|
|
/s/ Carl B. Marbach
|
|
Director
|
|
December 21, 2017
|
Carl B. Marbach
|
|
|
|
|
|
|
|
|
|
/s/ John A. McLean
|
|
Director
|
|
December 21, 2017
|
John A. McLean
|
|
|
|
|
|
|
|
|
|
/s/ Stephen A. Novick
|
|
Director
|
|
December 21, 2017
|
Stephen A. Novick
|
|
|
|
|
|
|
|
|
|
/s/ Paul E. Shapiro
|
|
Director
|
|
December 21, 2017
|
Paul E. Shapiro
|
|
|
|
|
|
October 31,
|
||||||
|
2017
|
|
2016
|
||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
712,829
|
|
|
$
|
633,715
|
|
Restricted cash and investments
|
2,482
|
|
|
31,291
|
|
||
Inventory
|
7,281,453
|
|
|
7,353,967
|
|
||
Property, construction, and office equipment, net
|
189,547
|
|
|
169,576
|
|
||
Receivables, prepaid expenses, and other assets
|
542,217
|
|
|
582,758
|
|
||
Mortgage loans held for sale
|
132,922
|
|
|
248,601
|
|
||
Customer deposits held in escrow
|
102,017
|
|
|
53,057
|
|
||
Investments in unconsolidated entities
|
481,758
|
|
|
496,411
|
|
||
Deferred tax assets, net of valuation allowances
|
|
|
|
167,413
|
|
||
|
$
|
9,445,225
|
|
|
$
|
9,736,789
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Loans payable
|
$
|
637,416
|
|
|
$
|
871,079
|
|
Senior notes
|
2,462,463
|
|
|
2,694,372
|
|
||
Mortgage company loan facility
|
120,145
|
|
|
210,000
|
|
||
Customer deposits
|
396,026
|
|
|
309,099
|
|
||
Accounts payable
|
275,223
|
|
|
281,955
|
|
||
Accrued expenses
|
959,353
|
|
|
1,072,300
|
|
||
Income taxes payable
|
57,509
|
|
|
62,782
|
|
||
Total liabilities
|
4,908,135
|
|
|
5,501,587
|
|
||
Equity
|
|
|
|
||||
Stockholders’ equity
|
|
|
|
||||
Preferred stock, none issued
|
—
|
|
|
—
|
|
||
Common stock, 177,937 shares issued at October 31, 2017 and 2016, respectively
|
1,779
|
|
|
1,779
|
|
||
Additional paid-in capital
|
720,115
|
|
|
728,464
|
|
||
Retained earnings
|
4,474,064
|
|
|
3,977,297
|
|
||
Treasury stock, at cost — 20,732 and 16,154 shares at October 31, 2017 and 2016, respectively
|
(662,854
|
)
|
|
(474,912
|
)
|
||
Accumulated other comprehensive loss
|
(1,910
|
)
|
|
(3,336
|
)
|
||
Total stockholders’ equity
|
4,531,194
|
|
|
4,229,292
|
|
||
Noncontrolling interest
|
5,896
|
|
|
5,910
|
|
||
Total equity
|
4,537,090
|
|
|
4,235,202
|
|
||
|
$
|
9,445,225
|
|
|
$
|
9,736,789
|
|
|
Year ended October 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues
|
$
|
5,815,058
|
|
|
$
|
5,169,508
|
|
|
$
|
4,171,248
|
|
Cost of revenues
|
4,562,303
|
|
|
4,144,065
|
|
|
3,269,270
|
|
|||
Selling, general and administrative
|
607,819
|
|
|
535,382
|
|
|
455,108
|
|
|||
|
5,170,122
|
|
|
4,679,447
|
|
|
3,724,378
|
|
|||
Income from operations
|
644,936
|
|
|
490,061
|
|
|
446,870
|
|
|||
Other:
|
|
|
|
|
|
||||||
Income from unconsolidated entities
|
116,066
|
|
|
40,748
|
|
|
21,119
|
|
|||
Other income – net
|
53,309
|
|
|
58,218
|
|
|
67,573
|
|
|||
Income before income taxes
|
814,311
|
|
|
589,027
|
|
|
535,562
|
|
|||
Income tax provision
|
278,816
|
|
|
206,932
|
|
|
172,395
|
|
|||
Net income
|
$
|
535,495
|
|
|
$
|
382,095
|
|
|
$
|
363,167
|
|
|
|
|
|
|
|
||||||
Other comprehensive income (loss), net of tax
|
1,426
|
|
|
(827
|
)
|
|
329
|
|
|||
Total comprehensive income
|
$
|
536,921
|
|
|
$
|
381,268
|
|
|
$
|
363,496
|
|
|
|
|
|
|
|
||||||
Per share:
|
|
|
|
|
|
||||||
Basic earnings
|
$
|
3.30
|
|
|
$
|
2.27
|
|
|
$
|
2.06
|
|
Diluted earnings
|
$
|
3.17
|
|
|
$
|
2.18
|
|
|
$
|
1.97
|
|
|
|
|
|
|
|
||||||
Weighted-average number of shares:
|
|
|
|
|
|
||||||
Basic
|
162,222
|
|
|
168,261
|
|
|
176,425
|
|
|||
Diluted
|
169,487
|
|
|
175,973
|
|
|
184,703
|
|
|
Common
Stock
|
|
Additional Paid-in
Capital
|
|
Retained
Earnings
|
|
Treasury
Stock
|
|
Accum-
ulated Other Compre- hensive Loss |
|
Stock-holders’ Equity
|
|
Non-controlling Interest
|
|
Total
Equity
|
|||||||||||
|
Shares
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|||||||||
Balance, November 1, 2014
|
177,930
|
|
|
1,779
|
|
|
712,162
|
|
|
3,232,035
|
|
|
(88,762
|
)
|
|
(2,838
|
)
|
|
3,854,376
|
|
|
6,321
|
|
|
3,860,697
|
|
Net income
|
|
|
|
|
|
|
363,167
|
|
|
|
|
|
|
363,167
|
|
|
|
|
363,167
|
|
||||||
Purchase of treasury stock
|
|
|
|
|
|
|
|
|
|
(56,888
|
)
|
|
|
|
(56,888
|
)
|
|
|
|
(56,888
|
)
|
|||||
Exercise of stock options and stock based compensation issuances
|
1
|
|
|
|
|
|
(6,956
|
)
|
|
|
|
44,782
|
|
|
|
|
37,826
|
|
|
|
|
37,826
|
|
|||
Employee stock purchase plan issuances
|
|
|
|
|
|
16
|
|
|
|
|
828
|
|
|
|
|
844
|
|
|
|
|
844
|
|
||||
Stock-based compensation
|
|
|
|
|
22,903
|
|
|
|
|
|
|
|
|
22,903
|
|
|
|
|
22,903
|
|
||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
329
|
|
|
329
|
|
|
|
|
329
|
|
||||||
Loss attributable to non-controlling interest
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(14
|
)
|
|
(14
|
)
|
||||||
Distribution
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(785
|
)
|
|
(785
|
)
|
||||||
Balance, October 31, 2015
|
177,931
|
|
|
1,779
|
|
|
728,125
|
|
|
3,595,202
|
|
|
(100,040
|
)
|
|
(2,509
|
)
|
|
4,222,557
|
|
|
5,522
|
|
|
4,228,079
|
|
Net income
|
|
|
|
|
|
|
382,095
|
|
|
|
|
|
|
382,095
|
|
|
|
|
382,095
|
|
||||||
Purchase of treasury stock
|
|
|
|
|
|
|
|
|
|
(392,772
|
)
|
|
|
|
(392,772
|
)
|
|
|
|
(392,772
|
)
|
|||||
Exercise of stock options and stock based compensation issuances
|
6
|
|
|
|
|
|
(26,294
|
)
|
|
|
|
16,770
|
|
|
|
|
(9,524
|
)
|
|
|
|
(9,524
|
)
|
|||
Employee stock purchase plan issuances
|
|
|
|
|
|
(46
|
)
|
|
|
|
1,130
|
|
|
|
|
1,084
|
|
|
|
|
1,084
|
|
||||
Stock-based compensation
|
|
|
|
|
26,679
|
|
|
|
|
|
|
|
|
26,679
|
|
|
|
|
26,679
|
|
||||||
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
(827
|
)
|
|
(827
|
)
|
|
|
|
(827
|
)
|
||||||
Loss attributable to non-controlling interest
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(16
|
)
|
|
(16
|
)
|
||||||
Capital contribution
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
404
|
|
|
404
|
|
||||||
Balance, October 31, 2016
|
177,937
|
|
|
1,779
|
|
|
728,464
|
|
|
3,977,297
|
|
|
(474,912
|
)
|
|
(3,336
|
)
|
|
4,229,292
|
|
|
5,910
|
|
|
4,235,202
|
|
Net income
|
|
|
|
|
|
|
535,495
|
|
|
|
|
|
|
535,495
|
|
|
|
|
535,495
|
|
||||||
Purchase of treasury stock
|
|
|
|
|
|
|
|
|
|
(290,881
|
)
|
|
|
|
(290,881
|
)
|
|
|
|
(290,881
|
)
|
|||||
Exercise of stock options and stock based compensation issuances
|
|
|
|
|
|
|
(36,896
|
)
|
|
|
|
101,799
|
|
|
|
|
64,903
|
|
|
|
|
64,903
|
|
|||
Employee stock purchase plan issuances
|
|
|
|
|
|
81
|
|
|
|
|
1,140
|
|
|
|
|
1,221
|
|
|
|
|
1,221
|
|
||||
Stock-based compensation
|
|
|
|
|
28,466
|
|
|
|
|
|
|
|
|
28,466
|
|
|
|
|
28,466
|
|
||||||
Dividends declared
|
|
|
|
|
|
|
(38,728
|
)
|
|
|
|
|
|
(38,728
|
)
|
|
|
|
(38,728
|
)
|
||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
1,426
|
|
|
1,426
|
|
|
|
|
1,426
|
|
||||||
Loss attributable to non-controlling interest
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(14
|
)
|
|
(14
|
)
|
||||||
Balance, October 31, 2017
|
177,937
|
|
|
1,779
|
|
|
720,115
|
|
|
4,474,064
|
|
|
(662,854
|
)
|
|
(1,910
|
)
|
|
4,531,194
|
|
|
5,896
|
|
|
4,537,090
|
|
|
|
Year ended October 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Cash flow provided by operating activities:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
535,495
|
|
|
$
|
382,095
|
|
|
$
|
363,167
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
25,361
|
|
|
23,121
|
|
|
23,557
|
|
|||
Stock-based compensation
|
|
28,466
|
|
|
26,679
|
|
|
22,903
|
|
|||
Excess tax benefits from stock-based compensation
|
|
(5,328
|
)
|
|
(2,114
|
)
|
|
(1,628
|
)
|
|||
Income from unconsolidated entities
|
|
(116,066
|
)
|
|
(40,748
|
)
|
|
(21,119
|
)
|
|||
Distributions of earnings from unconsolidated entities
|
|
134,291
|
|
|
15,287
|
|
|
19,459
|
|
|||
Income from foreclosed real estate and distressed loans
|
|
(4,937
|
)
|
|
(8,390
|
)
|
|
(13,269
|
)
|
|||
Deferred tax provision
|
|
217,864
|
|
|
19,252
|
|
|
62,084
|
|
|||
Change in deferred tax valuation allowances
|
|
(32,154
|
)
|
|
1,018
|
|
|
(12,642
|
)
|
|||
Inventory impairments and write-offs
|
|
14,794
|
|
|
13,807
|
|
|
35,709
|
|
|||
Other
|
|
1,395
|
|
|
(1,739
|
)
|
|
(316
|
)
|
|||
Changes in operating assets and liabilities
|
|
|
|
|
|
|
||||||
Decrease (increase) in inventory
|
|
129,666
|
|
|
(391,178
|
)
|
|
(351,983
|
)
|
|||
Origination of mortgage loans
|
|
(1,217,274
|
)
|
|
(1,275,047
|
)
|
|
(1,029,112
|
)
|
|||
Sale of mortgage loans
|
|
1,332,207
|
|
|
1,150,156
|
|
|
1,007,671
|
|
|||
Decrease (increase) in restricted cash and investments
|
|
10,639
|
|
|
(14,496
|
)
|
|
1,547
|
|
|||
Decrease (increase) in receivables, prepaid expenses, and other assets
|
|
31,766
|
|
|
(307,351
|
)
|
|
(55,553
|
)
|
|||
Increase in customer deposits
|
|
37,967
|
|
|
27,838
|
|
|
46,478
|
|
|||
(Decrease) increase in accounts payable and accrued expenses
|
|
(140,463
|
)
|
|
524,553
|
|
|
28,729
|
|
|||
(Decrease) increase in income taxes payable
|
|
(23,970
|
)
|
|
6,028
|
|
|
(65,500
|
)
|
|||
Net cash provided by operating activities
|
|
959,719
|
|
|
148,771
|
|
|
60,182
|
|
|||
Cash flow (used in) provided by investing activities:
|
|
|
|
|
|
|
||||||
Purchase of property and equipment — net
|
|
(28,872
|
)
|
|
(28,426
|
)
|
|
(9,447
|
)
|
|||
Sale and redemption of marketable securities and restricted investments — net
|
|
18,049
|
|
|
10,000
|
|
|
2,000
|
|
|||
Investments in unconsolidated entities
|
|
(122,334
|
)
|
|
(69,655
|
)
|
|
(123,940
|
)
|
|||
Return of investments in unconsolidated entities
|
|
195,505
|
|
|
47,806
|
|
|
39,766
|
|
|||
Investment in foreclosed real estate and distressed loans
|
|
(710
|
)
|
|
(1,133
|
)
|
|
(2,624
|
)
|
|||
Return of investments in foreclosed real estate and distressed loans
|
|
13,765
|
|
|
49,619
|
|
|
37,625
|
|
|||
Net increase in cash from purchase of joint venture interest
|
|
|
|
|
|
|
|
3,848
|
|
|||
Acquisition of a business
|
|
(83,088
|
)
|
|
|
|
|
|
|
|||
Net cash (used in) provided by investing activities
|
|
(7,685
|
)
|
|
8,211
|
|
|
(52,772
|
)
|
|||
Cash flow used in financing activities:
|
|
|
|
|
|
|
||||||
Proceeds from issuance of senior notes
|
|
455,483
|
|
|
|
|
350,000
|
|
||||
Proceeds from loans payable
|
|
1,621,043
|
|
|
2,443,496
|
|
|
1,954,432
|
|
|||
Debt issuance costs
|
|
(4,449
|
)
|
|
(4,903
|
)
|
|
(3,175
|
)
|
|||
Principal payments of loans payable
|
|
(1,999,357
|
)
|
|
(2,497,585
|
)
|
|
(1,659,458
|
)
|
|||
Redemption of senior notes
|
|
(687,500
|
)
|
|
|
|
|
(300,000
|
)
|
|||
Proceeds from stock-based benefit plans
|
|
66,000
|
|
|
6,986
|
|
|
39,514
|
|
|||
Excess tax benefits from stock-based compensation
|
|
5,328
|
|
|
2,114
|
|
|
1,628
|
|
|||
Purchase of treasury stock
|
|
(290,881
|
)
|
|
(392,772
|
)
|
|
(56,888
|
)
|
|||
Dividends paid
|
|
(38,587
|
)
|
|
|
|
|
|
|
|||
Receipts related to noncontrolling interest, net
|
|
|
|
|
404
|
|
|
(785
|
)
|
|||
Net cash (used in) provided by financing activities
|
|
(872,920
|
)
|
|
(442,260
|
)
|
|
325,268
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
|
79,114
|
|
|
(285,278
|
)
|
|
332,678
|
|
|||
Cash and cash equivalents, beginning of period
|
|
633,715
|
|
|
918,993
|
|
|
586,315
|
|
|||
Cash and cash equivalents, end of period
|
|
$
|
712,829
|
|
|
$
|
633,715
|
|
|
$
|
918,993
|
|
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.
|
|
2017
|
|
2016
|
||||
Land controlled for future communities
|
$
|
87,158
|
|
|
$
|
71,729
|
|
Land owned for future communities
|
1,142,870
|
|
|
1,884,146
|
|
||
Operating communities
|
6,051,425
|
|
|
5,398,092
|
|
||
|
$
|
7,281,453
|
|
|
$
|
7,353,967
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Land owned for future communities:
|
|
|
|
|
|
||||||
Number of communities
|
14
|
|
|
18
|
|
|
15
|
|
|||
Carrying value (in thousands)
|
$
|
110,732
|
|
|
$
|
123,936
|
|
|
$
|
119,138
|
|
Operating communities:
|
|
|
|
|
|
||||||
Number of communities
|
6
|
|
|
3
|
|
|
11
|
|
|||
Carrying value (in thousands)
|
$
|
26,749
|
|
|
$
|
8,523
|
|
|
$
|
63,668
|
|
Charge:
|
2017
|
|
2016
|
|
2015
|
||||||
Land controlled for future communities
|
$
|
1,949
|
|
|
$
|
3,142
|
|
|
$
|
809
|
|
Land owned for future communities
|
3,050
|
|
|
2,300
|
|
|
12,600
|
|
|||
Operating communities
|
9,795
|
|
|
8,365
|
|
|
22,300
|
|
|||
|
$
|
14,794
|
|
|
$
|
13,807
|
|
|
$
|
35,709
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Interest capitalized, beginning of year
|
$
|
369,419
|
|
|
$
|
373,128
|
|
|
$
|
356,180
|
|
Interest incurred
|
175,944
|
|
|
164,001
|
|
|
155,170
|
|
|||
Interest expensed to cost of revenues
|
(172,832
|
)
|
|
(160,337
|
)
|
|
(142,947
|
)
|
|||
Write-off against other income
|
(4,823
|
)
|
|
(1,143
|
)
|
|
(3,843
|
)
|
|||
Interest reclassified to property, construction, and office equipment
|
(485
|
)
|
|
(1,111
|
)
|
|
|
||||
Interest capitalized on investments in unconsolidated entities
|
(8,824
|
)
|
|
(5,818
|
)
|
|
(7,467
|
)
|
|||
Previously capitalized interest transferred to investments in unconsolidated entities
|
(8,708
|
)
|
|
|
|
|
|
|
|||
Previously capitalized interest on investments in unconsolidated entities transferred to inventory
|
2,358
|
|
|
699
|
|
|
16,035
|
|
|||
Interest capitalized, end of year
|
$
|
352,049
|
|
|
$
|
369,419
|
|
|
$
|
373,128
|
|
|
Land
Development Joint Ventures |
|
Home Building
Joint Ventures |
|
Rental Property
Joint Ventures |
|
Gibraltar
Joint Ventures
|
|
Total
|
||||||||||
Number of unconsolidated entities
|
7
|
|
4
|
|
14
|
|
5
|
|
30
|
||||||||||
Investment in unconsolidated entities
|
$
|
236,062
|
|
|
$
|
102,191
|
|
|
$
|
127,439
|
|
|
$
|
16,066
|
|
|
$
|
481,758
|
|
Number of unconsolidated entities with funding commitments by the Company
|
5
|
|
1
|
|
1
|
|
1
|
|
|
8
|
|||||||||
Company’s remaining funding commitment to unconsolidated entities
|
$
|
33,689
|
|
|
$
|
8,300
|
|
|
$
|
882
|
|
|
$
|
9,621
|
|
|
$
|
52,492
|
|
|
Land
Development Joint Ventures |
|
Home Building
Joint Ventures |
|
Rental Property
Joint Ventures |
|
Total
|
||||||||
Number of joint ventures with debt financing
|
4
|
|
3
|
|
12
|
|
19
|
||||||||
Aggregate loan commitments
|
$
|
239,200
|
|
|
$
|
382,600
|
|
|
$
|
1,059,100
|
|
|
$
|
1,680,900
|
|
Amounts borrowed under commitments
|
$
|
223,000
|
|
|
$
|
173,300
|
|
|
$
|
803,300
|
|
|
$
|
1,199,600
|
|
|
October 31, 2017
|
||||||||||||||||||
|
Land Develop-
ment Joint
Ventures
|
|
Home
Building
Joint
Ventures
|
|
Rental Property Joint Ventures
|
|
Gibraltar
Joint
Ventures
|
|
Total
|
||||||||||
Cash and cash equivalents
|
$
|
77,667
|
|
|
$
|
38,600
|
|
|
$
|
24,367
|
|
|
$
|
13,194
|
|
|
$
|
153,828
|
|
Inventory
|
629,159
|
|
|
503,131
|
|
|
|
|
|
15,919
|
|
|
1,148,209
|
|
|||||
Loan receivables, net
|
|
|
|
|
|
|
22,495
|
|
|
22,495
|
|
||||||||
Rental properties
|
|
|
|
|
970,497
|
|
|
|
|
970,497
|
|
||||||||
Rental properties under development
|
|
|
|
|
190,541
|
|
|
|
|
|
190,541
|
|
|||||||
Real estate owned
|
|
|
|
|
|
|
|
53,902
|
|
|
53,902
|
|
|||||||
Other assets
|
96,725
|
|
|
31,794
|
|
|
26,637
|
|
|
1,462
|
|
|
156,618
|
|
|||||
Total assets
|
$
|
803,551
|
|
|
$
|
573,525
|
|
|
$
|
1,212,042
|
|
|
$
|
106,972
|
|
|
$
|
2,696,090
|
|
Debt
|
$
|
223,035
|
|
|
$
|
173,285
|
|
|
$
|
803,263
|
|
|
$
|
—
|
|
|
$
|
1,199,583
|
|
Other liabilities
|
37,832
|
|
|
51,017
|
|
|
40,610
|
|
|
5,833
|
|
|
135,292
|
|
|||||
Members’ equity
|
542,684
|
|
|
349,223
|
|
|
368,169
|
|
|
72,209
|
|
|
1,332,285
|
|
|||||
Noncontrolling interest
|
|
|
|
|
|
|
28,930
|
|
|
28,930
|
|
||||||||
Total liabilities and equity
|
$
|
803,551
|
|
|
$
|
573,525
|
|
|
$
|
1,212,042
|
|
|
$
|
106,972
|
|
|
$
|
2,696,090
|
|
Company’s net investment in unconsolidated entities (1)
|
$
|
236,062
|
|
|
$
|
102,191
|
|
|
$
|
127,439
|
|
|
$
|
16,066
|
|
|
$
|
481,758
|
|
|
October 31, 2016
|
||||||||||||||||||
|
Land Develop-
ment Joint
Ventures
|
|
Home
Building
Joint
Ventures
|
|
Rental Property Joint Ventures
|
|
Gibraltar
Joint Ventures |
|
Total
|
||||||||||
Cash and cash equivalents
|
$
|
38,466
|
|
|
$
|
12,820
|
|
|
$
|
29,103
|
|
|
$
|
50,405
|
|
|
$
|
130,794
|
|
Inventory
|
719,732
|
|
|
345,588
|
|
|
|
|
|
9,568
|
|
|
1,074,888
|
|
|||||
Rental properties
|
|
|
|
|
621,615
|
|
|
|
|
621,615
|
|
||||||||
Rental properties under development
|
|
|
|
|
302,632
|
|
|
|
|
|
302,632
|
|
|||||||
Real estate owned
|
|
|
|
|
|
|
|
87,226
|
|
|
87,226
|
|
|||||||
Other assets
|
76,518
|
|
|
82,794
|
|
|
14,574
|
|
|
6,217
|
|
|
180,103
|
|
|||||
Total assets
|
$
|
834,716
|
|
|
$
|
441,202
|
|
|
$
|
967,924
|
|
|
$
|
153,416
|
|
|
$
|
2,397,258
|
|
Debt
|
$
|
394,813
|
|
|
$
|
110,879
|
|
|
$
|
659,191
|
|
|
$
|
—
|
|
|
$
|
1,164,883
|
|
Other liabilities
|
38,769
|
|
|
75,419
|
|
|
35,303
|
|
|
3,390
|
|
|
152,881
|
|
|||||
Members’ equity
|
401,134
|
|
|
254,904
|
|
|
273,430
|
|
|
50,886
|
|
|
980,354
|
|
|||||
Noncontrolling interest
|
|
|
|
|
|
|
99,140
|
|
|
99,140
|
|
||||||||
Total liabilities and equity
|
$
|
834,716
|
|
|
$
|
441,202
|
|
|
$
|
967,924
|
|
|
$
|
153,416
|
|
|
$
|
2,397,258
|
|
Company’s net investment in unconsolidated entities (1)
|
$
|
223,483
|
|
|
$
|
98,754
|
|
|
$
|
153,640
|
|
|
$
|
20,534
|
|
|
$
|
496,411
|
|
(1)
|
Differences between our net investment in unconsolidated entities and our underlying equity in the net assets of the entities were primarily a result of the acquisition price of an investment in a Land Development Joint Venture in fiscal 2012 that was in excess of our pro rata share of the underlying equity; 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; gains recognized from the sale of our ownership interests; and distributions from entities in excess of the carrying amount of our net investment.
|
|
For the year ended October 31, 2017
|
||||||||||||||||||
|
Land Develop-
ment Joint
Ventures
|
|
Home
Building
Joint
Ventures
|
|
Rental Property Joint Ventures
|
|
Gibraltar
Joint Ventures |
|
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
|
|
|
For the year ended October 31, 2016
|
||||||||||||||||||
|
Land Develop-
ment Joint
Ventures
|
|
Home
Building
Joint
Ventures
|
|
Rental Property Joint Ventures
|
|
Gibraltar
Joint Ventures |
|
Total
|
||||||||||
Revenues
|
$
|
142,015
|
|
|
$
|
168,164
|
|
|
$
|
58,707
|
|
|
$
|
5,929
|
|
|
$
|
374,815
|
|
Cost of revenues
|
63,429
|
|
|
118,621
|
|
|
29,791
|
|
|
24,684
|
|
|
236,525
|
|
|||||
Other expenses
|
3,904
|
|
|
8,124
|
|
|
30,779
|
|
|
2,043
|
|
|
44,850
|
|
|||||
Total expenses
|
67,333
|
|
|
126,745
|
|
|
60,570
|
|
|
26,727
|
|
|
281,375
|
|
|||||
Gain on disposition of loans and REO
|
|
|
|
|
|
|
|
49,579
|
|
|
49,579
|
|
|||||||
Income (loss) from operations
|
74,682
|
|
|
41,419
|
|
|
(1,863
|
)
|
|
28,781
|
|
|
143,019
|
|
|||||
Other income (expense)
|
3,464
|
|
|
(486
|
)
|
|
1,144
|
|
|
1,172
|
|
|
5,294
|
|
|||||
Net income (loss)
|
78,146
|
|
|
40,933
|
|
|
(719
|
)
|
|
29,953
|
|
|
148,313
|
|
|||||
Less: income attributable to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
(18,218
|
)
|
|
(18,218
|
)
|
|||||
Net income (loss) attributable to controlling interest
|
78,146
|
|
|
40,933
|
|
|
(719
|
)
|
|
11,735
|
|
|
130,095
|
|
|||||
Other comprehensive income
|
|
|
|
|
|
|
100
|
|
|
|
|
|
100
|
|
|||||
Total comprehensive income (loss)
|
$
|
78,146
|
|
|
$
|
40,933
|
|
|
$
|
(619
|
)
|
|
$
|
11,735
|
|
|
$
|
130,195
|
|
Company’s equity in earnings of unconsolidated entities (2)
|
$
|
15,772
|
|
|
$
|
16,945
|
|
|
$
|
5,721
|
|
|
$
|
2,310
|
|
|
$
|
40,748
|
|
|
For the year ended October 31, 2015
|
||||||||||||||||||
|
Land Develop-
ment Joint
Ventures
|
|
Home
Building
Joint
Ventures
|
|
Rental Property Joint Ventures
|
|
Gibraltar
Joint Ventures |
|
Total
|
||||||||||
Revenues
|
$
|
128,889
|
|
|
$
|
78,072
|
|
|
$
|
35,732
|
|
|
$
|
6,102
|
|
|
$
|
248,795
|
|
Cost of revenues
|
58,435
|
|
|
69,142
|
|
|
15,539
|
|
|
16,739
|
|
|
159,855
|
|
|||||
Other expenses
|
1,999
|
|
|
6,135
|
|
|
24,174
|
|
|
1,312
|
|
|
33,620
|
|
|||||
Total expenses
|
60,434
|
|
|
75,277
|
|
|
39,713
|
|
|
18,051
|
|
|
193,475
|
|
|||||
Gain on disposition of loans and REO
|
|
|
|
|
|
|
|
42,939
|
|
|
42,939
|
|
|||||||
Income (loss) from operations
|
68,455
|
|
|
2,795
|
|
|
(3,981
|
)
|
|
30,990
|
|
|
98,259
|
|
|||||
Other income
|
615
|
|
|
1,072
|
|
|
4,376
|
|
|
2,224
|
|
|
8,287
|
|
|||||
Net income
|
69,070
|
|
|
3,867
|
|
|
395
|
|
|
33,214
|
|
|
106,546
|
|
|||||
Less: income attributable to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
(19,928
|
)
|
|
(19,928
|
)
|
|||||
Net income attributable to controlling interest
|
69,070
|
|
|
3,867
|
|
|
395
|
|
|
13,286
|
|
|
86,618
|
|
|||||
Other comprehensive income
|
|
|
|
|
52
|
|
|
|
|
52
|
|
||||||||
Total comprehensive income
|
$
|
69,070
|
|
|
$
|
3,867
|
|
|
$
|
447
|
|
|
$
|
13,286
|
|
|
$
|
86,670
|
|
Company’s equity in earnings of unconsolidated entities (2)
|
$
|
12,005
|
|
|
$
|
3,448
|
|
|
$
|
3,027
|
|
|
$
|
2,639
|
|
|
$
|
21,119
|
|
(2)
|
Differences between our equity in earnings of unconsolidated entities and the underlying net income (loss) of the entities were 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.
|
|
2017
|
|
2016
|
||||
Expected recoveries from insurance carriers and suppliers
|
$
|
153,774
|
|
|
$
|
165,696
|
|
Improvement cost receivable
|
99,311
|
|
|
85,627
|
|
||
Escrow cash held by our captive title company
|
45,923
|
|
|
138,633
|
|
||
Property held for rental development
|
146,288
|
|
|
81,693
|
|
||
Prepaid expenses
|
23,223
|
|
|
25,659
|
|
||
Other
|
73,698
|
|
|
85,450
|
|
||
|
$
|
542,217
|
|
|
$
|
582,758
|
|
|
|
2017
|
|
2016
|
||||
Senior unsecured term loan
|
|
$
|
500,000
|
|
|
$
|
500,000
|
|
Credit facility borrowings
|
|
—
|
|
|
250,000
|
|
||
Loans payable – other
|
|
139,116
|
|
|
122,809
|
|
||
Deferred issuance costs
|
|
(1,700
|
)
|
|
(1,730
|
)
|
||
|
|
$
|
637,416
|
|
|
$
|
871,079
|
|
|
2017
|
|
2016
|
||||
Aggregate loans payable at October 31
|
$
|
139,116
|
|
|
$
|
122,809
|
|
Weighted-average interest rate
|
4.11
|
%
|
|
3.99
|
%
|
||
Interest rate range
|
1.11% - 7.87%
|
|
|
0.78% - 7.87%
|
|
||
Loans secured by assets
|
|
|
|
||||
Carrying value of loans secured by assets
|
$
|
139,116
|
|
|
$
|
122,570
|
|
Carrying value of assets securing loans
|
$
|
483,910
|
|
|
$
|
461,162
|
|
|
2017
|
|
2016
|
||||
8.91% Senior Notes due October 15, 2017
|
$
|
—
|
|
|
$
|
400,000
|
|
4.00% Senior Notes due December 31, 2018
|
350,000
|
|
|
350,000
|
|
||
6.75% Senior Notes due November 1, 2019
|
250,000
|
|
|
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
|
|
|
—
|
|
||
0.5% Exchangeable Senior Notes due September 15, 2032
|
—
|
|
|
287,500
|
|
||
Bond discounts, premiums, and deferred issuance costs, net
|
(7,413
|
)
|
|
(13,004
|
)
|
||
|
$
|
2,462,463
|
|
|
$
|
2,694,372
|
|
|
Amount
|
||
2018
|
$
|
181,361
|
|
2019
|
$
|
377,188
|
|
2020
|
$
|
255,298
|
|
2021
|
$
|
501,603
|
|
2022
|
$
|
421,520
|
|
|
2017
|
|
2016
|
||||
Land, land development and construction
|
$
|
146,168
|
|
|
$
|
153,264
|
|
Compensation and employee benefits
|
149,145
|
|
|
138,282
|
|
||
Escrow liability
|
45,209
|
|
|
137,396
|
|
||
Self-insurance
|
149,303
|
|
|
126,431
|
|
||
Warranty
|
329,278
|
|
|
370,992
|
|
||
Deferred income
|
42,798
|
|
|
43,488
|
|
||
Interest
|
36,035
|
|
|
34,903
|
|
||
Commitments to unconsolidated entities
|
8,870
|
|
|
5,637
|
|
||
Other
|
52,547
|
|
|
61,907
|
|
||
|
$
|
959,353
|
|
|
$
|
1,072,300
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Balance, beginning of year
|
$
|
370,992
|
|
|
$
|
93,083
|
|
|
$
|
86,282
|
|
Additions - homes closed during the year
|
31,798
|
|
|
28,927
|
|
|
20,934
|
|
|||
Addition - liabilities acquired
|
1,495
|
|
|
|
|
|
|
|
|||
Increase in accruals for homes closed in prior years *
|
6,226
|
|
|
26,689
|
|
|
2,661
|
|
|||
Reclassification from other accruals
|
1,082
|
|
|
|
|
|
|
|
|||
Increase to water intrusion reserves (see above) **
|
|
|
|
267,258
|
|
|
14,685
|
|
|||
Charges incurred
|
(82,315
|
)
|
|
(44,965
|
)
|
|
(31,479
|
)
|
|||
Balance, end of year
|
$
|
329,278
|
|
|
$
|
370,992
|
|
|
$
|
93,083
|
|
*
|
The fiscal 2016 amount included (i) a charge of
$9.3 million
, which is included in “Cost of sales” in our 2016 Consolidated Statement of Operations and Comprehensive Income and (ii)
$17.3 million
of non-water intrusion warranty charges expected to be recovered from our insurance carriers and suppliers, which we recorded as a receivable at October 31, 2016 and is included in “Receivables, prepaid expenses, and other assets” on our 2016 Consolidated Balance Sheet.
|
**
|
The fiscal 2016 amount included (i) a charge of
$125.6 million
, which is included in “Cost of sales” in our 2016 Consolidated Statement of Operations and Comprehensive Income and (ii)
$141.7 million
of water intrusion warranty charges expected to be recovered from our insurance carriers and suppliers, which we recorded as a receivable at October 31, 2016 and is included in “Receivables, prepaid expenses, and other assets” on our 2016 Consolidated Balance Sheet.
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
|
$
|
|
%*
|
|
$
|
|
%*
|
|
$
|
|
%*
|
||||||
Federal tax provision at statutory rate
|
285,009
|
|
|
35.0
|
|
|
206,159
|
|
|
35.0
|
|
|
187,447
|
|
|
35.0
|
|
State tax provision, net of federal benefit
|
34,656
|
|
|
4.3
|
|
|
26,970
|
|
|
4.6
|
|
|
21,947
|
|
|
4.1
|
|
Domestic production activities deduction
|
(12,835
|
)
|
|
(1.6
|
)
|
|
(16,874
|
)
|
|
(2.9
|
)
|
|
(12,284
|
)
|
|
(2.3
|
)
|
Other permanent differences
|
(1,468
|
)
|
|
(0.2
|
)
|
|
(7,037
|
)
|
|
(1.2
|
)
|
|
(7,821
|
)
|
|
(1.5
|
)
|
Reversal of accrual for uncertain tax positions
|
(3,981
|
)
|
|
(0.5
|
)
|
|
(11,177
|
)
|
|
(1.9
|
)
|
|
(15,331
|
)
|
|
(2.9
|
)
|
Accrued interest on anticipated tax assessments
|
984
|
|
|
0.1
|
|
|
1,964
|
|
|
0.3
|
|
|
2,588
|
|
|
0.5
|
|
Increase in unrecognized tax benefits
|
—
|
|
|
—
|
|
|
2,052
|
|
|
0.3
|
|
|
3,214
|
|
|
0.6
|
|
Valuation allowance — recognized
|
—
|
|
|
—
|
|
|
1,018
|
|
|
0.2
|
|
|
3,681
|
|
|
0.7
|
|
Valuation allowance — reversed
|
(32,154
|
)
|
|
(3.9
|
)
|
|
—
|
|
|
—
|
|
|
(16,323
|
)
|
|
(3.0
|
)
|
Other
|
8,605
|
|
|
1.1
|
|
|
3,857
|
|
|
0.7
|
|
|
5,277
|
|
|
1.0
|
|
Income tax provision*
|
278,816
|
|
|
34.2
|
|
|
206,932
|
|
|
35.1
|
|
|
172,395
|
|
|
32.2
|
|
*
|
Due to rounding, amounts may not add.
|
|
2017
|
|
2016
|
|
2015
|
||||||
Federal
|
$
|
278,095
|
|
|
$
|
189,170
|
|
|
$
|
181,819
|
|
State
|
721
|
|
|
17,762
|
|
|
(9,424
|
)
|
|||
|
$
|
278,816
|
|
|
$
|
206,932
|
|
|
$
|
172,395
|
|
|
|
|
|
|
|
||||||
Current
|
$
|
93,106
|
|
|
$
|
186,662
|
|
|
$
|
122,953
|
|
Deferred
|
185,710
|
|
|
20,270
|
|
|
49,442
|
|
|||
|
$
|
278,816
|
|
|
$
|
206,932
|
|
|
$
|
172,395
|
|
|
2017
|
|
2016
|
||||
Current
|
$
|
33,100
|
|
|
$
|
62,782
|
|
Deferred
|
24,409
|
|
|
|
|||
|
$
|
57,509
|
|
|
$
|
62,782
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Balance, beginning of year
|
$
|
30,272
|
|
|
$
|
51,889
|
|
|
$
|
58,318
|
|
Increase in benefit as a result of tax positions taken in prior years
|
1,575
|
|
|
8,110
|
|
|
16,802
|
|
|||
Increase in benefit as a result of tax positions taken in current year
|
431
|
|
|
694
|
|
|
9,005
|
|
|||
Decrease in benefit as a result of settlements
|
(9,174
|
)
|
|
(28,976
|
)
|
|
(31,013
|
)
|
|||
Decrease in benefit as a result of lapse of statute of limitations
|
(6,111
|
)
|
|
(1,445
|
)
|
|
(1,223
|
)
|
|||
Balance, end of year
|
$
|
16,993
|
|
|
$
|
30,272
|
|
|
$
|
51,889
|
|
Accrued at:
|
|
||
October 31, 2017
|
$
|
5,179
|
|
October 31, 2016
|
$
|
9,282
|
|
|
2017
|
|
2016
|
||||
Deferred tax assets:
|
|
|
|
||||
Accrued expenses
|
$
|
88,527
|
|
|
$
|
103,134
|
|
Impairment charges
|
84,534
|
|
|
113,950
|
|
||
Inventory valuation differences
|
80,224
|
|
|
78,483
|
|
||
Stock-based compensation expense
|
41,712
|
|
|
49,004
|
|
||
Amounts related to unrecognized tax benefits
|
3,800
|
|
|
8,345
|
|
||
State tax, net operating loss carryforward
|
48,343
|
|
|
50,031
|
|
||
Other
|
1,303
|
|
|
6,329
|
|
||
Total assets
|
348,443
|
|
|
409,276
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Capitalized interest
|
76,914
|
|
|
85,873
|
|
||
Deferred income
|
261,286
|
|
|
52,406
|
|
||
Expenses taken for tax purposes not for book
|
9,878
|
|
|
47,045
|
|
||
Depreciation
|
4,694
|
|
|
5,440
|
|
||
Deferred marketing
|
20,080
|
|
|
18,945
|
|
||
Total liabilities
|
372,852
|
|
|
209,709
|
|
||
Net deferred tax (liabilities)/assets before valuation allowances
|
(24,409
|
)
|
|
199,567
|
|
||
Cumulative valuation allowance - state
|
|
|
|
(32,154
|
)
|
||
Net deferred tax (liabilities)/assets
|
$
|
(24,409
|
)
|
|
$
|
167,413
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Number of shares purchased (in thousands)
|
7,694
|
|
|
13,652
|
|
|
1,665
|
|
|||
Average price per share
|
$
|
37.81
|
|
|
$
|
28.77
|
|
|
$
|
34.17
|
|
Remaining authorization at October 31 (in thousands)
|
8,144
|
|
|
15,838
|
|
|
18,535
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Total stock-based compensation expense recognized
|
$
|
28,466
|
|
|
$
|
26,679
|
|
|
$
|
22,903
|
|
Income tax benefit recognized
|
$
|
11,125
|
|
|
$
|
10,450
|
|
|
$
|
8,767
|
|
|
2017
|
|
2016
|
|
2015
|
Expected volatility
|
29.93% - 41.05%
|
|
32.03% - 42.31%
|
|
32.69% - 42.58%
|
Weighted-average volatility
|
34.72%
|
|
34.69%
|
|
36.36%
|
Risk-free interest rate
|
1.96% - 2.52%
|
|
1.58% - 2.14%
|
|
1.53% - 2.11%
|
Expected life (years)
|
4.60 - 9.24
|
|
4.56 - 9.17
|
|
4.54 - 9.12
|
Dividends
|
none
|
|
none
|
|
none
|
Weighted-average fair value per share of options granted
|
$12.16
|
|
$11.24
|
|
$11.67
|
|
2017
|
|
2016
|
|
2015
|
||||||
Stock compensation expense recognized - options
|
$
|
10,337
|
|
|
$
|
10,986
|
|
|
$
|
9,610
|
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
Number
of
options
|
|
Weighted-
average
exercise
price
|
|
Number
of
options
|
|
Weighted-
average
exercise
price
|
|
Number
of
options
|
|
Weighted-
average
exercise
price
|
|||||||||
Balance, beginning
|
8,514
|
|
|
$
|
26.36
|
|
|
8,025
|
|
|
$
|
25.75
|
|
|
9,358
|
|
|
$
|
25.94
|
|
Granted
|
595
|
|
|
31.61
|
|
|
965
|
|
|
32.85
|
|
|
870
|
|
|
32.49
|
|
|||
Exercised
|
(2,863
|
)
|
|
24.54
|
|
|
(255
|
)
|
|
24.04
|
|
|
(1,441
|
)
|
|
27.52
|
|
|||
Canceled
|
(126
|
)
|
|
32.10
|
|
|
(221
|
)
|
|
35.23
|
|
|
(762
|
)
|
|
32.48
|
|
|||
Balance, ending
|
6,120
|
|
|
$
|
27.60
|
|
|
8,514
|
|
|
$
|
26.36
|
|
|
8,025
|
|
|
$
|
25.75
|
|
Options exercisable, at October 31,
|
4,266
|
|
|
$
|
25.42
|
|
|
6,407
|
|
|
$
|
24.14
|
|
|
6,098
|
|
|
$
|
23.67
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Intrinsic value of options outstanding
|
$
|
112,886
|
|
|
$
|
31,852
|
|
|
$
|
82,058
|
|
Intrinsic value of options exercisable
|
$
|
87,978
|
|
|
$
|
31,852
|
|
|
$
|
75,034
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Intrinsic value of options exercised
|
$
|
32,951
|
|
|
$
|
2,337
|
|
|
$
|
12,923
|
|
Fair market value of options vested
|
$
|
10,897
|
|
|
$
|
9,690
|
|
|
$
|
9,183
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Options exercised
|
15,000
|
|
|
5,000
|
|
|
30,000
|
|
|||
Shares withheld
|
14,472
|
|
|
3,547
|
|
|
29,917
|
|
|||
Shares issued
|
528
|
|
|
1,453
|
|
|
83
|
|
|||
Average fair market value per share withheld
|
$
|
32.98
|
|
|
$
|
32.85
|
|
|
$
|
32.64
|
|
Aggregate fair market value of shares withheld (in thousands)
|
$
|
477
|
|
|
$
|
117
|
|
|
$
|
976
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Number of shares underlying Performance-Based RSUs to be issued
|
168,417
|
|
|
182,854
|
|
|
300,042
|
|
|||
Aggregate number of Performance-Based RSUs outstanding at October 31
|
940,117
|
|
|
1,074,222
|
|
|
1,261,545
|
|
|||
Closing price of our common stock on Valuation Date
|
$
|
31.61
|
|
|
$
|
32.85
|
|
|
$
|
32.49
|
|
Aggregate fair value of Performance-Based RSUs issued (in thousands)
|
$
|
5,324
|
|
|
$
|
6,007
|
|
|
$
|
10,155
|
|
Performance-Based RSU expense recognized (in thousands)
|
$
|
7,031
|
|
|
$
|
8,301
|
|
|
$
|
9,863
|
|
Unamortized value of Performance-Based RSUs at October 31 (in thousands)
|
$
|
4,599
|
|
|
$
|
6,556
|
|
|
$
|
8,850
|
|
|
|
Performance Period
|
|
Initial Number of TSR RSUs issued
|
|
Fiscal 2017
|
|
November 1, 2016 to October 31, 2019
|
|
46,361
|
|
|
|
|
|
|
|
Fiscal 2016
|
|
|
|
|
|
Tranche 1
|
|
November 1, 2015 to October 31, 2016
|
|
61,796
|
|
Tranche 2
|
|
November 1, 2015 to October 31, 2017
|
|
57,230
|
|
Tranche 3
|
|
November 1, 2015 to October 31, 2018
|
|
52,679
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Nonperformance-Based RSUs issued:
|
|
|
|
|
|
||||||
Number of RSUs issued
|
377,564
|
|
|
139,684
|
|
|
124,568
|
|
|||
Weighted average closing price of our common stock on date of issuance
|
$
|
31.61
|
|
|
$
|
32.85
|
|
|
$
|
32.74
|
|
Aggregate fair value of RSUs issued (in thousands)
|
$
|
11,935
|
|
|
$
|
4,589
|
|
|
$
|
4,078
|
|
Nonperformance-Based RSU expense recognized (in thousands):
|
$
|
7,572
|
|
|
$
|
3,958
|
|
|
$
|
3,317
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
At October 31:
|
|
|
|
|
|
||||||
Aggregate Nonperformance-Based RSUs outstanding
|
673,224
|
|
|
396,716
|
|
|
380,548
|
|
|||
Cumulative unamortized value of Nonperformance-Based RSUs (in thousands)
|
$
|
6,783
|
|
|
$
|
2,956
|
|
|
$
|
2,542
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Number of shares withheld
|
20,400
|
|
|
25,340
|
|
|
4,221
|
|
|||
Income tax withholdings due
|
$
|
664,300
|
|
|
$
|
827,800
|
|
|
$
|
146,500
|
|
Remaining shares issued to the recipients
|
52,757
|
|
|
70,627
|
|
|
10,049
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Shares issued
|
33,314
|
|
|
36,778
|
|
|
26,674
|
|
|||
Average price per share
|
$
|
32.25
|
|
|
$
|
25.97
|
|
|
$
|
31.65
|
|
Compensation expense recognized (in thousands)
|
$
|
147
|
|
|
$
|
129
|
|
|
$
|
113
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Net income as reported
|
$
|
535,495
|
|
|
$
|
382,095
|
|
|
$
|
363,167
|
|
Plus: Interest and costs attributable to 0.5% Exchangeable Senior Notes, net of income tax benefit (a)
|
1,434
|
|
|
1,538
|
|
|
1,561
|
|
|||
Numerator for diluted earnings per share
|
$
|
536,929
|
|
|
$
|
383,633
|
|
|
$
|
364,728
|
|
|
|
|
|
|
|
||||||
Denominator:
|
|
|
|
|
|
||||||
Basic weighted-average shares
|
162,222
|
|
|
168,261
|
|
|
176,425
|
|
|||
Common stock equivalents (b)
|
2,147
|
|
|
1,854
|
|
|
2,420
|
|
|||
Shares attributable to 0.5% Exchangeable Senior Notes (a)
|
5,118
|
|
|
5,858
|
|
|
5,858
|
|
|||
Diluted weighted-average shares
|
169,487
|
|
|
175,973
|
|
|
184,703
|
|
|||
Other information:
|
|
|
|
|
|
||||||
Weighted-average number of antidilutive options and restricted stock units (c)
|
1,966
|
|
|
3,932
|
|
|
1,826
|
|
|||
Shares issued under stock incentive and employee stock purchase plans
|
3,116
|
|
|
587
|
|
|
1,467
|
|
(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
|
||||||
Financial Instrument
|
|
Fair value hierarchy
|
|
October 31, 2017
|
|
October 31, 2016
|
||||
Residential Mortgage Loans Held for Sale
|
|
Level 2
|
|
$
|
132,922
|
|
|
$
|
248,601
|
|
Forward Loan Commitments – Residential Mortgage Loans Held for Sale
|
|
Level 2
|
|
$
|
861
|
|
|
$
|
1,390
|
|
Interest Rate Lock Commitments (“IRLCs”)
|
|
Level 2
|
|
$
|
(1,293
|
)
|
|
$
|
(921
|
)
|
Forward Loan Commitments – IRLCs
|
|
Level 2
|
|
$
|
1,293
|
|
|
$
|
921
|
|
At October 31,
|
|
Aggregate unpaid
principal balance
|
|
Fair value
|
|
Excess
|
||||||
2017
|
|
$
|
131,861
|
|
|
$
|
132,922
|
|
|
$
|
1,061
|
|
2016
|
|
$
|
246,794
|
|
|
$
|
248,601
|
|
|
$
|
1,807
|
|
|
Selling price per unit
($ in thousands)
|
|
Sales pace per year
(in units)
|
|
Discount rate
|
Three months ended:
|
|
|
|
|
|
October 31, 2017
|
467 - 540
|
|
12 - 30
|
|
16.4%
|
July 31, 2017
|
465 - 754
|
|
3 - 10
|
|
16.5% - 19.5%
|
April 30, 2017
|
827 - 856
|
|
6 - 11
|
|
16.3%
|
January 31, 2017
|
692 - 880
|
|
4 - 12
|
|
16.3%
|
|
|
|
|
|
|
October 31, 2016
|
—
|
|
—
|
|
—
|
July 31, 2016
|
—
|
|
—
|
|
—
|
April 30, 2016
|
369 - 394
|
|
18 - 23
|
|
16.3%
|
January 31, 2016
|
—
|
|
—
|
|
—
|
|
|
|
|
Impaired operating communities
|
||||||||||
Three months ended:
|
|
Number of
communities tested |
|
Number of communities
|
|
Fair value of
communities, net of impairment charges |
|
Impairment charges recognized
|
||||||
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
|
|
||||
Fiscal 2016:
|
|
|
|
|
|
|
|
|
||||||
January 31
|
|
43
|
|
|
2
|
|
|
$
|
1,713
|
|
|
$
|
600
|
|
April 30
|
|
41
|
|
|
2
|
|
|
$
|
10,103
|
|
|
6,100
|
|
|
July 31
|
|
51
|
|
|
2
|
|
|
$
|
11,714
|
|
|
1,250
|
|
|
October 31
|
|
59
|
|
|
2
|
|
|
$
|
1,126
|
|
|
415
|
|
|
|
|
|
|
|
|
|
|
$
|
8,365
|
|
||||
Fiscal 2015:
|
|
|
|
|
|
|
|
|
||||||
January 31
|
|
58
|
|
|
4
|
|
|
$
|
24,968
|
|
|
$
|
900
|
|
April 30
|
|
52
|
|
|
1
|
|
|
$
|
16,235
|
|
|
11,100
|
|
|
July 31
|
|
40
|
|
|
3
|
|
|
$
|
13,527
|
|
|
6,000
|
|
|
October 31
|
|
44
|
|
|
3
|
|
|
$
|
8,726
|
|
|
4,300
|
|
|
|
|
|
|
|
|
|
|
$
|
22,300
|
|
|
|
|
2017
|
|
2016
|
||||||||||||
|
Fair value hierarchy
|
|
Book value
|
|
Estimated
fair value
|
|
Book value
|
|
Estimated
fair value
|
||||||||
Loans payable (a)
|
Level 2
|
|
$
|
639,116
|
|
|
$
|
639,088
|
|
|
$
|
872,809
|
|
|
$
|
870,384
|
|
Senior notes (b)
|
Level 1
|
|
2,469,876
|
|
|
2,626,131
|
|
|
2,707,376
|
|
|
2,843,177
|
|
||||
Mortgage company loan facility (c)
|
Level 2
|
|
120,145
|
|
|
120,145
|
|
|
210,000
|
|
|
210,000
|
|
||||
|
|
|
$
|
3,229,137
|
|
|
$
|
3,385,364
|
|
|
$
|
3,790,185
|
|
|
$
|
3,923,561
|
|
(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.
|
|
2017
|
|
2016
|
|
2015
|
||||||
Plan costs:
|
|
|
|
|
|
||||||
Service cost
|
$
|
619
|
|
|
$
|
562
|
|
|
$
|
579
|
|
Interest cost
|
1,142
|
|
|
1,276
|
|
|
1,232
|
|
|||
Amortization of prior service cost
|
969
|
|
|
947
|
|
|
806
|
|
|||
Amortization of unrecognized losses
|
137
|
|
|
42
|
|
|
81
|
|
|||
|
$
|
2,867
|
|
|
$
|
2,827
|
|
|
$
|
2,698
|
|
Projected benefit obligation:
|
|
|
|
|
|
||||||
Beginning of year
|
$
|
38,980
|
|
|
$
|
35,815
|
|
|
$
|
34,606
|
|
Plan amendments adopted during year
|
|
|
757
|
|
|
768
|
|
||||
Service cost
|
619
|
|
|
562
|
|
|
579
|
|
|||
Interest cost
|
1,142
|
|
|
1,276
|
|
|
1,232
|
|
|||
Benefit payments
|
(1,318
|
)
|
|
(1,129
|
)
|
|
(988
|
)
|
|||
Change in unrecognized loss
|
(1,201
|
)
|
|
1,699
|
|
|
(382
|
)
|
|||
Projected benefit obligation, end of year
|
$
|
38,222
|
|
|
$
|
38,980
|
|
|
$
|
35,815
|
|
Unamortized prior service cost:
|
|
|
|
|
|
||||||
Beginning of year
|
$
|
2,775
|
|
|
$
|
2,965
|
|
|
$
|
3,003
|
|
Plan amendments adopted during year
|
|
|
757
|
|
|
768
|
|
||||
Amortization of prior service cost
|
(969
|
)
|
|
(947
|
)
|
|
(806
|
)
|
|||
Unamortized prior service cost, end of year
|
$
|
1,806
|
|
|
$
|
2,775
|
|
|
$
|
2,965
|
|
Accumulated unrecognized loss, October 31
|
$
|
1,560
|
|
|
$
|
2,898
|
|
|
$
|
1,240
|
|
Accumulated benefit obligation, October 31
|
$
|
38,222
|
|
|
$
|
38,980
|
|
|
$
|
35,815
|
|
Accrued benefit obligation, October 31
|
$
|
38,222
|
|
|
$
|
38,980
|
|
|
$
|
35,815
|
|
Year ending October 31,
|
|
Amount
|
||
2018
|
|
$
|
1,358
|
|
2019
|
|
$
|
2,242
|
|
2020
|
|
$
|
2,444
|
|
2021
|
|
$
|
2,702
|
|
2022
|
|
$
|
2,893
|
|
November 1, 2022 – October 31, 2027
|
|
$
|
15,736
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Balance, beginning of period
|
$
|
(3,336
|
)
|
|
$
|
(2,509
|
)
|
|
$
|
(2,838
|
)
|
Other comprehensive income (loss) before reclassifications
|
1,201
|
|
|
(2,406
|
)
|
|
(358
|
)
|
|||
Gross amounts reclassified from accumulated other comprehensive income
|
1,105
|
|
|
989
|
|
|
887
|
|
|||
Income tax (expense) benefit
|
(880
|
)
|
|
590
|
|
|
(200
|
)
|
|||
Other comprehensive income (loss), net of tax
|
1,426
|
|
|
(827
|
)
|
|
329
|
|
|||
Balance, end of period
|
$
|
(1,910
|
)
|
|
$
|
(3,336
|
)
|
|
$
|
(2,509
|
)
|
|
2017
|
|
2016
|
||||
Aggregate purchase commitments:
|
|
|
|
||||
Unrelated parties
|
$
|
1,986,276
|
|
|
$
|
1,544,185
|
|
Unconsolidated entities that the Company has investments in
|
248,801
|
|
|
79,204
|
|
||
Total
|
$
|
2,235,077
|
|
|
$
|
1,623,389
|
|
Deposits against aggregate purchase commitments
|
$
|
97,706
|
|
|
$
|
65,299
|
|
Additional cash required to acquire land
|
2,137,371
|
|
|
1,558,090
|
|
||
Total
|
$
|
2,235,077
|
|
|
$
|
1,623,389
|
|
Amount of additional cash required to acquire land included in accrued expenses
|
$
|
4,329
|
|
|
$
|
18,266
|
|
|
2017
|
|
2016
|
||||
Aggregate mortgage loan commitments:
|
|
|
|
||||
IRLCs
|
$
|
350,740
|
|
|
$
|
255,647
|
|
Non-IRLCs
|
1,146,872
|
|
|
1,094,861
|
|
||
Total
|
$
|
1,497,612
|
|
|
$
|
1,350,508
|
|
Investor commitments to purchase:
|
|
|
|
||||
IRLCs
|
$
|
350,740
|
|
|
$
|
255,647
|
|
Mortgage loans receivable
|
125,710
|
|
|
231,398
|
|
||
Total
|
$
|
476,450
|
|
|
$
|
487,045
|
|
Year ending October 31,
|
|
Amount
|
||
2017
|
|
$
|
14,505
|
|
2016
|
|
$
|
13,360
|
|
2015
|
|
$
|
12,584
|
|
Year ending October 31,
|
|
Amount
|
||
2018
|
|
$
|
12,081
|
|
2019
|
|
9,747
|
|
|
2020
|
|
5,097
|
|
|
2021
|
|
3,570
|
|
|
2022
|
|
1,980
|
|
|
Thereafter
|
|
544
|
|
|
|
|
$
|
33,019
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Interest income
|
$
|
5,988
|
|
|
$
|
2,443
|
|
|
$
|
1,939
|
|
Income from ancillary businesses
|
16,276
|
|
|
17,473
|
|
|
23,530
|
|
|||
Gibraltar
|
2,658
|
|
|
6,646
|
|
|
10,168
|
|
|||
Management fee income from home building unconsolidated entities, net
|
12,902
|
|
|
10,270
|
|
|
11,299
|
|
|||
Retained customer deposits
|
5,801
|
|
|
5,866
|
|
|
5,224
|
|
|||
Income from land sales
|
8,621
|
|
|
13,327
|
|
|
13,150
|
|
|||
Other
|
1,063
|
|
|
2,193
|
|
|
2,263
|
|
|||
Total other income – net
|
$
|
53,309
|
|
|
$
|
58,218
|
|
|
$
|
67,573
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Revenue
|
$
|
132,619
|
|
|
$
|
123,512
|
|
|
$
|
119,732
|
|
Expense
|
$
|
116,343
|
|
|
$
|
106,039
|
|
|
$
|
96,202
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Revenue
|
$
|
284,928
|
|
|
$
|
85,268
|
|
|
$
|
183,870
|
|
Expense
|
(278,034
|
)
|
|
(70,488
|
)
|
|
(161,460
|
)
|
|||
Deferred gains on land sales to joint ventures
|
(2,996
|
)
|
|
(2,999
|
)
|
|
(9,260
|
)
|
|||
Deferred gains recognized
|
4,723
|
|
|
1,546
|
|
|
|
||||
|
$
|
8,621
|
|
|
$
|
13,327
|
|
|
$
|
13,150
|
|
|
Revenue
|
|
Income (loss) before income taxes
|
||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Traditional Home Building:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
North
|
$
|
775,540
|
|
|
$
|
814,519
|
|
|
$
|
702,175
|
|
|
$
|
50,393
|
|
|
$
|
77,017
|
|
|
$
|
59,172
|
|
Mid-Atlantic
|
1,030,269
|
|
|
895,736
|
|
|
845,328
|
|
|
105,740
|
|
|
(29,361
|
)
|
|
69,093
|
|
||||||
South
|
923,953
|
|
|
849,548
|
|
|
892,303
|
|
|
112,809
|
|
|
128,613
|
|
|
152,991
|
|
||||||
West
|
1,151,697
|
|
|
903,691
|
|
|
665,282
|
|
|
153,188
|
|
|
127,265
|
|
|
106,365
|
|
||||||
California
|
1,550,494
|
|
|
1,448,546
|
|
|
750,036
|
|
|
345,138
|
|
|
335,173
|
|
|
139,133
|
|
||||||
Traditional Home Building
|
5,431,953
|
|
|
4,912,040
|
|
|
3,855,124
|
|
|
767,268
|
|
|
638,707
|
|
|
526,754
|
|
||||||
City Living
|
383,105
|
|
|
257,468
|
|
|
316,124
|
|
|
193,852
|
|
|
91,109
|
|
|
124,290
|
|
||||||
Corporate and other
|
|
|
|
|
|
|
(146,809
|
)
|
|
(140,789
|
)
|
|
(115,482
|
)
|
|||||||||
|
$
|
5,815,058
|
|
|
$
|
5,169,508
|
|
|
$
|
4,171,248
|
|
|
$
|
814,311
|
|
|
$
|
589,027
|
|
|
$
|
535,562
|
|
|
2017
|
|
2016
|
||||
Traditional Home Building:
|
|
|
|
||||
North
|
$
|
1,074,969
|
|
|
$
|
1,020,250
|
|
Mid-Atlantic
|
1,121,013
|
|
|
1,166,023
|
|
||
South
|
1,184,956
|
|
|
1,203,554
|
|
||
West
|
1,275,298
|
|
|
1,130,625
|
|
||
California
|
2,630,041
|
|
|
2,479,885
|
|
||
Traditional Home Building
|
7,286,277
|
|
|
7,000,337
|
|
||
City Living
|
647,174
|
|
|
946,738
|
|
||
Corporate and other
|
1,511,774
|
|
|
1,789,714
|
|
||
|
$
|
9,445,225
|
|
|
$
|
9,736,789
|
|
|
Land controlled for future communities
|
|
Land owned for future communities
|
|
Operating communities
|
|
Total
|
||||||||
Balances at October 31, 2017
|
|
|
|
|
|
|
|
||||||||
Traditional Home Building:
|
|
|
|
|
|
|
|
||||||||
North
|
$
|
23,944
|
|
|
$
|
130,964
|
|
|
$
|
869,764
|
|
|
$
|
1,024,672
|
|
Mid-Atlantic
|
32,674
|
|
|
87,642
|
|
|
950,982
|
|
|
1,071,298
|
|
||||
South
|
8,892
|
|
|
51,391
|
|
|
951,887
|
|
|
1,012,170
|
|
||||
West
|
12,087
|
|
|
89,184
|
|
|
1,154,004
|
|
|
1,255,275
|
|
||||
California
|
5,550
|
|
|
640,306
|
|
|
1,769,274
|
|
|
2,415,130
|
|
||||
Traditional Home Building
|
83,147
|
|
|
999,487
|
|
|
5,695,911
|
|
|
6,778,545
|
|
||||
City Living
|
4,011
|
|
|
143,383
|
|
|
355,514
|
|
|
502,908
|
|
||||
|
$
|
87,158
|
|
|
$
|
1,142,870
|
|
|
$
|
6,051,425
|
|
|
$
|
7,281,453
|
|
|
|
|
|
|
|
|
|
||||||||
Balances at October 31, 2016
|
|
|
|
|
|
|
|
||||||||
Traditional Home Building:
|
|
|
|
|
|
|
|
||||||||
North
|
$
|
20,671
|
|
|
$
|
79,299
|
|
|
$
|
883,195
|
|
|
$
|
983,165
|
|
Mid-Atlantic
|
30,967
|
|
|
109,551
|
|
|
982,482
|
|
|
1,123,000
|
|
||||
South
|
6,024
|
|
|
96,900
|
|
|
927,400
|
|
|
1,030,324
|
|
||||
West
|
7,724
|
|
|
191,995
|
|
|
906,334
|
|
|
1,106,053
|
|
||||
California
|
5,337
|
|
|
989,689
|
|
|
1,293,509
|
|
|
2,288,535
|
|
||||
Traditional Home Building
|
70,723
|
|
|
1,467,434
|
|
|
4,992,920
|
|
|
6,531,077
|
|
||||
City Living
|
1,006
|
|
|
416,712
|
|
|
405,172
|
|
|
822,890
|
|
||||
|
$
|
71,729
|
|
|
$
|
1,884,146
|
|
|
$
|
5,398,092
|
|
|
$
|
7,353,967
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Traditional Home Building:
|
|
|
|
|
|
||||||
North
|
$
|
6,528
|
|
|
$
|
7,579
|
|
|
$
|
15,033
|
|
Mid-Atlantic
|
6,905
|
|
|
2,076
|
|
|
19,488
|
|
|||
South
|
1,184
|
|
|
3,316
|
|
|
720
|
|
|||
West
|
106
|
|
|
746
|
|
|
420
|
|
|||
California
|
43
|
|
|
|
|
|
|
|
|||
Traditional Home Building
|
14,766
|
|
|
13,717
|
|
|
35,661
|
|
|||
City Living
|
28
|
|
|
90
|
|
|
48
|
|
|||
|
$
|
14,794
|
|
|
$
|
13,807
|
|
|
$
|
35,709
|
|
|
|
Investments in unconsolidated entities
|
|
Equity in earnings (losses) from
unconsolidated entities
|
||||||||||||||||
|
|
At October 31,
|
|
Year ended October 31,
|
||||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Traditional Home Building:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mid-Atlantic
|
|
$
|
11,093
|
|
|
$
|
12,639
|
|
|
$
|
(2,000
|
)
|
|
|
|
|
|
|
||
South
|
|
85,757
|
|
|
93,182
|
|
|
9,185
|
|
|
$
|
11,013
|
|
|
$
|
11,074
|
|
|||
West
|
|
|
|
|
|
|
|
2,529
|
|
|
2,921
|
|
|
447
|
|
|||||
California
|
|
148,499
|
|
|
130,534
|
|
|
7,509
|
|
|
5,896
|
|
|
5,089
|
|
|||||
Traditional Home Building
|
|
245,349
|
|
|
236,355
|
|
|
17,223
|
|
|
19,830
|
|
|
16,610
|
|
|||||
City Living
|
|
92,904
|
|
|
85,882
|
|
|
73,123
|
|
|
13,184
|
|
|
(1,158
|
)
|
|||||
Corporate and other
|
|
143,505
|
|
|
174,174
|
|
|
25,720
|
|
|
7,734
|
|
|
5,667
|
|
|||||
|
|
$
|
481,758
|
|
|
$
|
496,411
|
|
|
$
|
116,066
|
|
|
$
|
40,748
|
|
|
$
|
21,119
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Cash flow information:
|
|
|
|
|
|
||||||
Interest paid, net of amount capitalized
|
$
|
21,578
|
|
|
$
|
12,131
|
|
|
$
|
23,930
|
|
Income tax payments
|
$
|
119,852
|
|
|
$
|
185,084
|
|
|
$
|
205,412
|
|
Income tax refunds
|
$
|
2,776
|
|
|
$
|
4,451
|
|
|
$
|
16,965
|
|
Noncash activity:
|
|
|
|
|
|
||||||
Cost of inventory acquired through seller financing or municipal bonds, net
|
$
|
61,877
|
|
|
$
|
5,807
|
|
|
$
|
67,890
|
|
Financed portion of land sale
|
$
|
625
|
|
|
|
|
|
$
|
2,273
|
|
|
Reduction in inventory for our share of earnings in land purchased from unconsolidated entities and allocation of basis difference
|
$
|
11,760
|
|
|
$
|
9,012
|
|
|
$
|
9,188
|
|
Reclassification of deferred income from inventory to accrued liabilities
|
$
|
3,520
|
|
|
$
|
2,111
|
|
|
|
|
|
Reclassification of inventory to property, construction, and office equipment
|
$
|
8,990
|
|
|
$
|
17,064
|
|
|
|
||
(Decrease) increase in unrecognized losses in defined benefit plans
|
$
|
(1,201
|
)
|
|
$
|
1,699
|
|
|
$
|
(382
|
)
|
Defined benefit plan amendment
|
|
|
$
|
757
|
|
|
$
|
768
|
|
||
Deferred tax decrease related to stock-based compensation activity included in additional paid-in capital
|
$
|
5,232
|
|
|
$
|
11,363
|
|
|
$
|
2,325
|
|
Increase in accrued expenses related to stock-based compensation
|
|
|
$
|
6,240
|
|
|
|
|
|||
Income tax (expense) benefit recognized in total comprehensive income
|
$
|
(880
|
)
|
|
$
|
590
|
|
|
$
|
(200
|
)
|
Transfer of inventory to investment in unconsolidated entities
|
$
|
72,757
|
|
|
|
|
|
|
|
||
Transfer of investment in unconsolidated entities to inventory
|
$
|
14,328
|
|
|
|
|
|
$
|
132,256
|
|
|
Transfer of other assets to investment in unconsolidated entities
|
$
|
1,308
|
|
|
$
|
24,967
|
|
|
4,852
|
|
|
Unrealized gain on derivatives held by equity investees
|
|
|
|
|
|
$
|
26
|
|
|||
Increase in investments in unconsolidated entities for change in the fair value of debt guarantees
|
$
|
130
|
|
|
$
|
29
|
|
|
$
|
1,843
|
|
Miscellaneous increases to investments in unconsolidated entities
|
$
|
5,117
|
|
|
$
|
1,510
|
|
|
$
|
144
|
|
Business Acquisition:
|
|
|
|
|
|
||||||
Fair value of assets purchased
|
$
|
88,465
|
|
|
|
|
|
||||
Liabilities assumed
|
$
|
5,377
|
|
|
|
|
|
|
|||
Cash paid
|
$
|
83,088
|
|
|
|
|
|
|
|
|
|
Original amount issued and amount outstanding at October 31, 2017
|
||
4.0% Senior Notes due 2018
|
|
$
|
350,000
|
|
6.75% Senior Notes due 2019
|
|
$
|
250,000
|
|
5.875% Senior Notes due 2022
|
|
$
|
419,876
|
|
4.375% Senior Notes due 2023
|
|
$
|
400,000
|
|
5.625% Senior Notes due 2024
|
|
$
|
250,000
|
|
4.875% Senior Notes due 2025
|
|
$
|
350,000
|
|
4.875% Senior Notes due 2027
|
|
$
|
450,000
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Nonguarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
—
|
|
|
—
|
|
|
533,204
|
|
|
179,625
|
|
|
—
|
|
|
712,829
|
|
Restricted cash and investments
|
|
|
|
|
1,500
|
|
|
982
|
|
|
|
|
2,482
|
|
|||
Inventory
|
|
|
|
|
7,017,331
|
|
|
264,122
|
|
|
|
|
7,281,453
|
|
|||
Property, construction, and office equipment, net
|
|
|
|
|
165,464
|
|
|
24,083
|
|
|
|
|
189,547
|
|
|||
Receivables, prepaid expenses, and other assets
|
|
|
|
|
|
319,592
|
|
|
296,699
|
|
|
(74,074
|
)
|
|
542,217
|
|
|
Mortgage loans held for sale
|
|
|
|
|
|
|
132,922
|
|
|
|
|
132,922
|
|
||||
Customer deposits held in escrow
|
|
|
|
|
96,956
|
|
|
5,061
|
|
|
|
|
102,017
|
|
|||
Investments in unconsolidated entities
|
|
|
|
|
66,897
|
|
|
414,861
|
|
|
|
|
481,758
|
|
|||
Investments in and advances to consolidated entities
|
4,589,228
|
|
|
2,514,649
|
|
|
91,740
|
|
|
126,799
|
|
|
(7,322,416
|
)
|
|
—
|
|
|
4,589,228
|
|
|
2,514,649
|
|
|
8,292,684
|
|
|
1,445,154
|
|
|
(7,396,490
|
)
|
|
9,445,225
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans payable
|
|
|
|
|
637,416
|
|
|
|
|
|
|
|
637,416
|
|
|||
Senior notes
|
|
|
2,462,463
|
|
|
|
|
|
|
|
|
2,462,463
|
|
||||
Mortgage company loan facility
|
|
|
|
|
|
|
120,145
|
|
|
|
|
120,145
|
|
||||
Customer deposits
|
|
|
|
|
377,083
|
|
|
18,943
|
|
|
|
|
396,026
|
|
|||
Accounts payable
|
|
|
|
|
271,617
|
|
|
3,606
|
|
|
|
|
275,223
|
|
|||
Accrued expenses
|
141
|
|
|
34,345
|
|
|
563,577
|
|
|
440,631
|
|
|
(79,341
|
)
|
|
959,353
|
|
Advances from consolidated entities
|
|
|
|
|
|
1,584,957
|
|
|
659,904
|
|
|
(2,244,861
|
)
|
|
—
|
|
|
Income taxes payable
|
57,893
|
|
|
|
|
|
|
(384
|
)
|
|
|
|
57,509
|
|
|||
Total liabilities
|
58,034
|
|
|
2,496,808
|
|
|
3,434,650
|
|
|
1,242,845
|
|
|
(2,324,202
|
)
|
|
4,908,135
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Common stock
|
1,779
|
|
|
|
|
48
|
|
|
3,006
|
|
|
(3,054
|
)
|
|
1,779
|
|
|
Additional paid-in capital
|
720,115
|
|
|
49,400
|
|
|
|
|
|
93,734
|
|
|
(143,134
|
)
|
|
720,115
|
|
Retained earnings (deficit)
|
4,474,064
|
|
|
(31,559
|
)
|
|
4,857,986
|
|
|
99,673
|
|
|
(4,926,100
|
)
|
|
4,474,064
|
|
Treasury stock, at cost
|
(662,854
|
)
|
|
|
|
|
|
|
|
|
|
(662,854
|
)
|
||||
Accumulated other comprehensive loss
|
(1,910
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(1,910
|
)
|
||
Total stockholders’ equity
|
4,531,194
|
|
|
17,841
|
|
|
4,858,034
|
|
|
196,413
|
|
|
(5,072,288
|
)
|
|
4,531,194
|
|
Noncontrolling interest
|
|
|
|
|
|
|
5,896
|
|
|
|
|
5,896
|
|
||||
Total equity
|
4,531,194
|
|
|
17,841
|
|
|
4,858,034
|
|
|
202,309
|
|
|
(5,072,288
|
)
|
|
4,537,090
|
|
|
4,589,228
|
|
|
2,514,649
|
|
|
8,292,684
|
|
|
1,445,154
|
|
|
(7,396,490
|
)
|
|
9,445,225
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Nonguarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
—
|
|
|
—
|
|
|
583,440
|
|
|
50,275
|
|
|
—
|
|
|
633,715
|
|
Restricted cash and investments
|
11,708
|
|
|
|
|
|
|
|
19,583
|
|
|
|
|
31,291
|
|
||
Inventory
|
|
|
|
|
6,787,498
|
|
|
566,513
|
|
|
(44
|
)
|
|
7,353,967
|
|
||
Property, construction, and office equipment, net
|
|
|
|
|
153,663
|
|
|
15,913
|
|
|
|
|
169,576
|
|
|||
Receivables, prepaid expenses, and other assets
|
77
|
|
|
|
|
|
319,180
|
|
|
300,117
|
|
|
(36,616
|
)
|
|
582,758
|
|
Mortgage loans held for sale
|
|
|
|
|
|
|
248,601
|
|
|
|
|
248,601
|
|
||||
Customer deposits held in escrow
|
|
|
|
|
50,079
|
|
|
2,978
|
|
|
|
|
53,057
|
|
|||
Investments in unconsolidated entities
|
|
|
|
|
101,999
|
|
|
394,412
|
|
|
|
|
496,411
|
|
|||
Investments in and advances to consolidated entities
|
4,112,876
|
|
|
2,741,160
|
|
|
20,519
|
|
|
90,671
|
|
|
(6,965,226
|
)
|
|
—
|
|
Deferred tax assets, net of valuation allowances
|
167,413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
167,413
|
|
|
4,292,074
|
|
|
2,741,160
|
|
|
8,016,378
|
|
|
1,689,063
|
|
|
(7,001,886
|
)
|
|
9,736,789
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans payable
|
|
|
|
|
871,079
|
|
|
|
|
|
|
|
871,079
|
|
|||
Senior notes
|
|
|
2,683,823
|
|
|
|
|
|
|
10,549
|
|
|
2,694,372
|
|
|||
Mortgage company loan facility
|
|
|
|
|
|
|
210,000
|
|
|
|
|
210,000
|
|
||||
Customer deposits
|
|
|
|
|
292,794
|
|
|
16,305
|
|
|
|
|
309,099
|
|
|||
Accounts payable
|
|
|
|
|
280,107
|
|
|
1,848
|
|
|
|
|
281,955
|
|
|||
Accrued expenses
|
|
|
32,559
|
|
|
610,932
|
|
|
469,553
|
|
|
(40,744
|
)
|
|
1,072,300
|
|
|
Advances from consolidated entities
|
|
|
|
|
|
1,628,549
|
|
|
908,215
|
|
|
(2,536,764
|
)
|
|
—
|
|
|
Income taxes payable
|
62,782
|
|
|
|
|
|
|
|
|
|
|
|
62,782
|
|
|||
Total liabilities
|
62,782
|
|
|
2,716,382
|
|
|
3,683,461
|
|
|
1,605,921
|
|
|
(2,566,959
|
)
|
|
5,501,587
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Common stock
|
1,779
|
|
|
|
|
48
|
|
|
3,006
|
|
|
(3,054
|
)
|
|
1,779
|
|
|
Additional paid-in capital
|
728,464
|
|
|
49,400
|
|
|
|
|
|
6,734
|
|
|
(56,134
|
)
|
|
728,464
|
|
Retained earnings (deficit)
|
3,977,297
|
|
|
(24,622
|
)
|
|
4,332,869
|
|
|
67,492
|
|
|
(4,375,739
|
)
|
|
3,977,297
|
|
Treasury stock, at cost
|
(474,912
|
)
|
|
|
|
|
|
|
|
|
|
(474,912
|
)
|
||||
Accumulated other comprehensive loss
|
(3,336
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(3,336
|
)
|
||
Total stockholders’ equity
|
4,229,292
|
|
|
24,778
|
|
|
4,332,917
|
|
|
77,232
|
|
|
(4,434,927
|
)
|
|
4,229,292
|
|
Noncontrolling interest
|
|
|
|
|
|
|
5,910
|
|
|
|
|
5,910
|
|
||||
Total equity
|
4,229,292
|
|
|
24,778
|
|
|
4,332,917
|
|
|
83,142
|
|
|
(4,434,927
|
)
|
|
4,235,202
|
|
|
4,292,074
|
|
|
2,741,160
|
|
|
8,016,378
|
|
|
1,689,063
|
|
|
(7,001,886
|
)
|
|
9,736,789
|
|
|
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
|
|
|
635,247
|
|
|
77,115
|
|
|
(108,634
|
)
|
|
607,819
|
|
|
58
|
|
|
4,033
|
|
|
5,049,708
|
|
|
300,358
|
|
|
(184,035
|
)
|
|
5,170,122
|
|
Income (loss) from operations
|
(58
|
)
|
|
(4,033
|
)
|
|
618,902
|
|
|
36,313
|
|
|
(6,188
|
)
|
|
644,936
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income from unconsolidated entities
|
|
|
|
|
12,271
|
|
|
103,795
|
|
|
|
|
116,066
|
|
|||
Other income - net
|
10,574
|
|
|
|
|
|
28,900
|
|
|
10,674
|
|
|
3,161
|
|
|
53,309
|
|
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
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Nonguarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||
Revenues
|
|
|
|
|
4,984,356
|
|
|
361,685
|
|
|
(176,533
|
)
|
|
5,169,508
|
|
||
Cost of revenues
|
|
|
|
|
3,919,729
|
|
|
288,044
|
|
|
(63,708
|
)
|
|
4,144,065
|
|
||
Selling, general and administrative
|
75
|
|
|
3,809
|
|
|
558,822
|
|
|
74,328
|
|
|
(101,652
|
)
|
|
535,382
|
|
|
75
|
|
|
3,809
|
|
|
4,478,551
|
|
|
362,372
|
|
|
(165,360
|
)
|
|
4,679,447
|
|
Income (loss) from operations
|
(75
|
)
|
|
(3,809
|
)
|
|
505,805
|
|
|
(687
|
)
|
|
(11,173
|
)
|
|
490,061
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income from unconsolidated entities
|
|
|
|
|
16,913
|
|
|
23,835
|
|
|
|
|
40,748
|
|
|||
Other income - net
|
9,501
|
|
|
|
|
|
27,873
|
|
|
17,456
|
|
|
3,388
|
|
|
58,218
|
|
Intercompany interest income
|
|
|
145,828
|
|
|
|
|
|
|
|
|
(145,828
|
)
|
|
—
|
|
|
Interest expense
|
|
|
(151,410
|
)
|
|
|
|
|
(2,203
|
)
|
|
153,613
|
|
|
—
|
|
|
Income from consolidated subsidiaries
|
579,601
|
|
|
|
|
29,010
|
|
|
|
|
(608,611
|
)
|
|
—
|
|
||
Income (loss) before income taxes
|
589,027
|
|
|
(9,391
|
)
|
|
579,601
|
|
|
38,401
|
|
|
(608,611
|
)
|
|
589,027
|
|
Income tax provision (benefit)
|
206,932
|
|
|
(3,299
|
)
|
|
203,614
|
|
|
13,490
|
|
|
(213,805
|
)
|
|
206,932
|
|
Net income (loss)
|
382,095
|
|
|
(6,092
|
)
|
|
375,987
|
|
|
24,911
|
|
|
(394,806
|
)
|
|
382,095
|
|
Other comprehensive (loss) income
|
(858
|
)
|
|
|
|
31
|
|
|
|
|
|
|
|
|
(827
|
)
|
|
Total comprehensive income (loss)
|
381,237
|
|
|
(6,092
|
)
|
|
376,018
|
|
|
24,911
|
|
|
(394,806
|
)
|
|
381,268
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Nonguarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||
Revenues
|
|
|
|
|
4,213,776
|
|
|
77,226
|
|
|
(119,754
|
)
|
|
4,171,248
|
|
||
Cost of revenues
|
|
|
|
|
3,276,078
|
|
|
12,909
|
|
|
(19,717
|
)
|
|
3,269,270
|
|
||
Selling, general and administrative
|
113
|
|
|
3,560
|
|
|
481,943
|
|
|
60,377
|
|
|
(90,885
|
)
|
|
455,108
|
|
|
113
|
|
|
3,560
|
|
|
3,758,021
|
|
|
73,286
|
|
|
(110,602
|
)
|
|
3,724,378
|
|
Income (loss) from operations
|
(113
|
)
|
|
(3,560
|
)
|
|
455,755
|
|
|
3,940
|
|
|
(9,152
|
)
|
|
446,870
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income from unconsolidated entities
|
|
|
|
|
14,034
|
|
|
7,085
|
|
|
|
|
21,119
|
|
|||
Other income - net
|
9,429
|
|
|
|
|
|
34,098
|
|
|
21,724
|
|
|
2,322
|
|
|
67,573
|
|
Intercompany interest income
|
|
|
137,362
|
|
|
|
|
|
|
|
|
(137,362
|
)
|
|
—
|
|
|
Interest expense
|
|
|
(143,193
|
)
|
|
|
|
|
(999
|
)
|
|
144,192
|
|
|
—
|
|
|
Income from consolidated subsidiaries
|
526,246
|
|
|
|
|
22,359
|
|
|
|
|
(548,605
|
)
|
|
—
|
|
||
Income (loss) before income taxes
|
535,562
|
|
|
(9,391
|
)
|
|
526,246
|
|
|
31,750
|
|
|
(548,605
|
)
|
|
535,562
|
|
Income tax provision (benefit)
|
172,395
|
|
|
(3,628
|
)
|
|
203,296
|
|
|
12,265
|
|
|
(211,933
|
)
|
|
172,395
|
|
Net income (loss)
|
363,167
|
|
|
(5,763
|
)
|
|
322,950
|
|
|
19,485
|
|
|
(336,672
|
)
|
|
363,167
|
|
Other comprehensive income
|
311
|
|
|
|
|
18
|
|
|
|
|
|
|
|
|
329
|
|
|
Total comprehensive income (loss)
|
363,478
|
|
|
(5,763
|
)
|
|
322,968
|
|
|
19,485
|
|
|
(336,672
|
)
|
|
363,496
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Nonguarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||
Net cash provided by operating activities
|
196,438
|
|
|
9,955
|
|
|
292,802
|
|
|
469,948
|
|
|
(9,424
|
)
|
|
959,719
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
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
|
|
||||
Excess tax benefits from stock-based compensation
|
5,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,328
|
|
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 financing activities
|
(258,140
|
)
|
|
(236,466
|
)
|
|
(249,377
|
)
|
|
(370,943
|
)
|
|
242,006
|
|
|
(872,920
|
)
|
Net increase (decrease) in cash and cash equivalents
|
—
|
|
|
—
|
|
|
(50,236
|
)
|
|
129,350
|
|
|
—
|
|
|
79,114
|
|
Cash and cash equivalents, beginning of period
|
—
|
|
|
—
|
|
|
583,440
|
|
|
50,275
|
|
|
—
|
|
|
633,715
|
|
Cash and cash equivalents, end of period
|
—
|
|
|
—
|
|
|
533,204
|
|
|
179,625
|
|
|
—
|
|
|
712,829
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Nonguarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||
Net cash provided by (used in) operating activities
|
60,465
|
|
|
14,768
|
|
|
116,116
|
|
|
(22,737
|
)
|
|
(19,841
|
)
|
|
148,771
|
|
Cash flow provided by (used in) investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Purchase of property and equipment — net
|
|
|
|
|
(27,835
|
)
|
|
(591
|
)
|
|
|
|
(28,426
|
)
|
|||
Sale and redemption of marketable securities and restricted investments — net
|
|
|
|
|
|
|
10,000
|
|
|
|
|
10,000
|
|
||||
Investment in unconsolidated entities
|
|
|
|
|
(2,637
|
)
|
|
(67,018
|
)
|
|
|
|
(69,655
|
)
|
|||
Return of investments in unconsolidated entities
|
|
|
|
|
32,857
|
|
|
14,949
|
|
|
|
|
47,806
|
|
|||
Investment in distressed loans and foreclosed real estate
|
|
|
|
|
|
|
(1,133
|
)
|
|
|
|
(1,133
|
)
|
||||
Return of investments in distressed loans and foreclosed real estate
|
|
|
|
|
|
|
49,619
|
|
|
|
|
49,619
|
|
||||
Dividends received intercompany
|
|
|
|
|
5,000
|
|
|
|
|
(5,000
|
)
|
|
—
|
|
|||
Investment paid intercompany
|
|
|
|
|
(5,000
|
)
|
|
|
|
5,000
|
|
|
—
|
|
|||
Intercompany advances
|
323,207
|
|
|
(14,733
|
)
|
|
|
|
|
|
(308,474
|
)
|
|
—
|
|
||
Net cash provided by (used in) investing activities
|
323,207
|
|
|
(14,733
|
)
|
|
2,385
|
|
|
5,826
|
|
|
(308,474
|
)
|
|
8,211
|
|
Cash flow (used in) provided by financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Proceeds from loans payable
|
|
|
|
|
550,000
|
|
|
1,893,496
|
|
|
|
|
2,443,496
|
|
|||
Debt issuance costs
|
|
|
(35
|
)
|
|
(4,868
|
)
|
|
|
|
|
|
(4,903
|
)
|
|||
Principal payments of loans payable
|
|
|
|
|
(714,089
|
)
|
|
(1,783,496
|
)
|
|
|
|
(2,497,585
|
)
|
|||
Proceeds from stock-based benefit plans
|
6,986
|
|
|
|
|
|
|
|
|
|
|
6,986
|
|
||||
Excess tax benefits from stock-based compensation
|
2,114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,114
|
|
Purchase of treasury stock
|
(392,772
|
)
|
|
|
|
|
|
|
|
|
|
(392,772
|
)
|
||||
Payments related to noncontrolling interest
|
|
|
|
|
|
|
404
|
|
|
|
|
404
|
|
||||
Dividends paid intercompany
|
|
|
|
|
|
|
(5,000
|
)
|
|
5,000
|
|
|
—
|
|
|||
Investment received intercompany
|
|
|
|
|
|
|
5,000
|
|
|
(5,000
|
)
|
|
—
|
|
|||
Intercompany advances
|
|
|
|
|
(149,703
|
)
|
|
(178,612
|
)
|
|
328,315
|
|
|
—
|
|
||
Net cash used in financing activities
|
(383,672
|
)
|
|
(35
|
)
|
|
(318,660
|
)
|
|
(68,208
|
)
|
|
328,315
|
|
|
(442,260
|
)
|
Net decrease in cash and cash equivalents
|
—
|
|
|
—
|
|
|
(200,159
|
)
|
|
(85,119
|
)
|
|
—
|
|
|
(285,278
|
)
|
Cash and cash equivalents, beginning of period
|
—
|
|
|
—
|
|
|
783,599
|
|
|
135,394
|
|
|
—
|
|
|
918,993
|
|
Cash and cash equivalents, end of period
|
—
|
|
|
—
|
|
|
583,440
|
|
|
50,275
|
|
|
—
|
|
|
633,715
|
|
|
Toll
Brothers,
Inc.
|
|
Subsidiary
Issuer
|
|
Guarantor
Subsidiaries
|
|
Nonguarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||
Net cash provided by (used in) operating activities
|
45,366
|
|
|
2,156
|
|
|
100,487
|
|
|
(78,246
|
)
|
|
(9,581
|
)
|
|
60,182
|
|
Cash flow (used in) provided by investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Purchase of property and equipment — net
|
|
|
|
|
(10,181
|
)
|
|
734
|
|
|
|
|
(9,447
|
)
|
|||
Sale and redemption of marketable securities and restricted investments — net
|
|
|
|
|
2,000
|
|
|
|
|
|
|
2,000
|
|
||||
Investment in unconsolidated entities
|
|
|
|
|
(4,552
|
)
|
|
(119,388
|
)
|
|
|
|
(123,940
|
)
|
|||
Return of investments in unconsolidated entities
|
|
|
|
|
23,213
|
|
|
16,553
|
|
|
|
|
39,766
|
|
|||
Investment in distressed loans and foreclosed real estate
|
|
|
|
|
|
|
(2,624
|
)
|
|
|
|
(2,624
|
)
|
||||
Return of investments in distressed loans and foreclosed real estate
|
|
|
|
|
|
|
37,625
|
|
|
|
|
37,625
|
|
||||
Net increase in cash from purchase of joint venture interest
|
|
|
|
|
3,848
|
|
|
|
|
|
|
3,848
|
|
||||
Intercompany advances
|
(29,620
|
)
|
|
(48,981
|
)
|
|
|
|
|
|
|
|
78,601
|
|
|
—
|
|
Net cash (used in) provided by investing activities
|
(29,620
|
)
|
|
(48,981
|
)
|
|
14,328
|
|
|
(67,100
|
)
|
|
78,601
|
|
|
(52,772
|
)
|
Cash flow provided by (used in) financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Proceeds from issuance of senior notes
|
|
|
350,000
|
|
|
|
|
|
|
|
|
350,000
|
|
||||
Proceeds from loans payable
|
|
|
|
|
400,000
|
|
|
1,554,432
|
|
|
|
|
1,954,432
|
|
|||
Debt issuance costs
|
|
|
(3,175
|
)
|
|
|
|
|
|
|
|
(3,175
|
)
|
||||
Principal payments of loans payable
|
|
|
|
|
(113,745
|
)
|
|
(1,545,713
|
)
|
|
|
|
(1,659,458
|
)
|
|||
Redemption of senior notes
|
|
|
(300,000
|
)
|
|
|
|
|
|
|
|
(300,000
|
)
|
||||
Proceeds from stock-based benefit plans
|
39,514
|
|
|
|
|
|
|
|
|
|
|
39,514
|
|
||||
Excess tax benefits from stock-based compensation
|
1,628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,628
|
|
Purchase of treasury stock
|
(56,888
|
)
|
|
|
|
|
|
|
|
|
|
(56,888
|
)
|
||||
Receipts related to noncontrolling interest
|
|
|
|
|
|
|
(785
|
)
|
|
|
|
(785
|
)
|
||||
Intercompany advances
|
|
|
|
|
(73,185
|
)
|
|
142,205
|
|
|
(69,020
|
)
|
|
—
|
|
||
Net cash provided by (used in) financing activities
|
(15,746
|
)
|
|
46,825
|
|
|
213,070
|
|
|
150,139
|
|
|
(69,020
|
)
|
|
325,268
|
|
Net increase in cash and cash equivalents
|
—
|
|
|
—
|
|
|
327,885
|
|
|
4,793
|
|
|
—
|
|
|
332,678
|
|
Cash and cash equivalents, beginning of period
|
—
|
|
|
—
|
|
|
455,714
|
|
|
130,601
|
|
|
—
|
|
|
586,315
|
|
Cash and cash equivalents, end of period
|
—
|
|
|
—
|
|
|
783,599
|
|
|
135,394
|
|
|
—
|
|
|
918,993
|
|
|
Three Months Ended
|
||||||||||||||
|
October 31
|
|
July 31
|
|
April 30
|
|
January 31
|
||||||||
Fiscal 2017:
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
2,027,907
|
|
|
$
|
1,502,909
|
|
|
$
|
1,363,512
|
|
|
$
|
920,730
|
|
Gross profit (a)
|
$
|
452,075
|
|
|
$
|
326,881
|
|
|
$
|
286,071
|
|
|
$
|
187,728
|
|
Income before income taxes
|
$
|
301,747
|
|
|
$
|
203,574
|
|
|
$
|
199,209
|
|
|
$
|
109,781
|
|
Net income
|
$
|
191,878
|
|
|
$
|
148,563
|
|
|
$
|
124,638
|
|
|
$
|
70,416
|
|
Earnings per share (b)
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.20
|
|
|
$
|
0.91
|
|
|
$
|
0.76
|
|
|
$
|
0.43
|
|
Diluted
|
$
|
1.17
|
|
|
$
|
0.87
|
|
|
$
|
0.73
|
|
|
$
|
0.42
|
|
Weighted-average number of shares
|
|
|
|
|
|
|
|
||||||||
Basic
|
159,232
|
|
|
163,478
|
|
|
163,492
|
|
|
162,588
|
|
||||
Diluted
|
164,565
|
|
|
171,562
|
|
|
171,403
|
|
|
170,417
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Fiscal 2016:
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
1,855,451
|
|
|
$
|
1,269,934
|
|
|
$
|
1,115,557
|
|
|
$
|
928,566
|
|
Gross profit (a)
|
$
|
285,684
|
|
|
$
|
278,518
|
|
|
$
|
244,986
|
|
|
$
|
216,255
|
|
Income before income taxes
|
$
|
168,160
|
|
|
$
|
163,653
|
|
|
$
|
140,397
|
|
|
$
|
116,817
|
|
Net income
|
$
|
114,378
|
|
|
$
|
105,483
|
|
|
$
|
89,054
|
|
|
$
|
73,180
|
|
Earnings per share (b)
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.70
|
|
|
$
|
0.64
|
|
|
$
|
0.53
|
|
|
$
|
0.42
|
|
Diluted
|
$
|
0.67
|
|
|
$
|
0.61
|
|
|
$
|
0.51
|
|
|
$
|
0.40
|
|
Weighted-average number of shares
|
|
|
|
|
|
|
|
||||||||
Basic
|
163,970
|
|
|
165,919
|
|
|
168,952
|
|
|
174,205
|
|
||||
Diluted
|
171,683
|
|
|
173,405
|
|
|
176,414
|
|
|
182,391
|
|
(a)
|
Gross profit in the fourth quarter of fiscal 2016 includes
$121.2 million
of a warranty charge. See Note 7 – “Accrued Expenses” for additional information regarding this warranty charge.
|
(b)
|
Due to rounding, the sum of the quarterly earnings per share amounts may not equal the reported earnings per share for the year.
|
|
TOLL BROTHERS FINANCE CORP., as Issuer
|
|
|
|
|
|
|
|
|
By:
|
/s/ Joseph R. Sicree
|
|
|
Name: Joseph R. Sicree
|
|
|
Title: Senior Vice President
|
|
|
|
|
|
|
|
THE SURVIVING GUARANTORS NAMED ON
|
|
|
SCHEDULE A
HERETO, as Guarantors
|
|
|
|
|
|
|
|
|
By:
|
/s/ Joseph R. Sicree
|
|
|
Name: Joseph R. Sicree
|
|
|
Title: Designated Officer
|
|
|
|
THE BANK OF NEW YORK MELLON,
|
||
as Trustee
|
|
|
|
|
|
|
|
|
By:
|
/s/ Laurence J. O'Brien
|
|
|
Name: Laurence J. O'Brien
|
|
|
Title: Vice President
|
|
|
|
|
|
TOLL BROTHERS FINANCE CORP., as Issuer
|
|
|
|
|
|
|
|
|
By:
|
/s/ Joseph R. Sicree
|
|
|
Name: Joseph R. Sicree
|
|
|
Title: Senior Vice President
|
|
|
|
|
|
|
|
THE ADDITIONAL GUARANTORS NAMED ON
|
|
|
SCHEDULE A
HERETO, as Guarantors
|
|
|
|
|
|
|
|
|
By:
|
/s/ Joseph R. Sicree
|
|
|
Name: Joseph R. Sicree
|
|
|
Title: Designated Officer
|
|
|
|
THE BANK OF NEW YORK MELLON,
|
||
as Trustee
|
|
|
|
|
|
|
|
|
By:
|
/s/ Laurence J. O'Brien
|
|
|
Name: Laurence J. O'Brien
|
|
|
Title: Vice President
|
|
|
|
|
|
TOLL BROTHERS FINANCE CORP., as Issuer
|
|
|
|
|
|
|
|
|
By:
|
/s/ Joseph R. Sicree
|
|
|
Name: Joseph R. Sicree
|
|
|
Title: Senior Vice President
|
|
|
|
|
|
|
|
THE SURVIVING GUARANTORS NAMED ON
|
|
|
SCHEDULE A
HERETO, as Guarantors
|
|
|
|
|
|
|
|
|
By:
|
/s/ Joseph R. Sicree
|
|
|
Name: Joseph R. Sicree
|
|
|
Title: Designated Officer
|
|
|
|
THE BANK OF NEW YORK MELLON,
|
||
as Trustee
|
|
|
|
|
|
|
|
|
By:
|
/s/ Laurence J. O'Brien
|
|
|
Name: Laurence J. O'Brien
|
|
|
Title: Vice President
|
|
|
|
|
|
TOLL BROTHERS FINANCE CORP., as Issuer
|
|
|
|
|
|
|
|
|
By:
|
/s/ Joseph R. Sicree
|
|
|
Name: Joseph R. Sicree
|
|
|
Title: Senior Vice President
|
|
|
|
|
|
|
|
THE ADDITIONAL GUARANTORS NAMED ON
|
|
|
SCHEDULE A
HERETO, as Guarantors
|
|
|
|
|
|
|
|
|
By:
|
/s/ Joseph R. Sicree
|
|
|
Name: Joseph R. Sicree
|
|
|
Title: Designated Officer
|
|
|
|
THE BANK OF NEW YORK MELLON,
|
||
as Trustee
|
|
|
|
|
|
|
|
|
By:
|
/s/ Laurence J. O'Brien
|
|
|
Name: Laurence J. O'Brien
|
|
|
Title: Vice President
|
|
|
|
|
1.
|
Termination of Holding Period Upon Death of Participant
. Section 5(a)(v) of the ESPP shall be amended and restated in its entirety as follows:
|
2.
|
Effect of Amendment to Plan
. Except to the extent modified by this Amendment No. 1, the terms and conditions of the Plan will remain unchanged and shall continue in full force and effect.
|
|
Year Ended October 31,
|
||||||||||||||||||
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
||||||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes
|
$
|
267,697
|
|
|
$
|
504,582
|
|
|
$
|
535,562
|
|
|
$
|
589,027
|
|
|
$
|
814,311
|
|
Adjustments to income before income taxes:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from unconsolidated entities
|
(14,392
|
)
|
|
(41,141
|
)
|
|
(21,119
|
)
|
|
(40,748
|
)
|
|
(116,066
|
)
|
|||||
Distributed earnings from unconsolidated entities
|
23,468
|
|
|
43,973
|
|
|
19,459
|
|
|
15,287
|
|
|
134,291
|
|
|||||
Interest expense
|
115,238
|
|
|
142,851
|
|
|
147,477
|
|
|
162,609
|
|
|
183,045
|
|
|||||
Rent expense
|
3,658
|
|
|
4,128
|
|
|
4,195
|
|
|
4,453
|
|
|
4,835
|
|
|||||
Amortization
|
2,952
|
|
|
3,639
|
|
|
3,516
|
|
|
3,765
|
|
|
3,990
|
|
|||||
|
$
|
398,621
|
|
|
$
|
658,032
|
|
|
$
|
689,090
|
|
|
$
|
734,393
|
|
|
$
|
1,024,406
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed charges:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest incurred
|
$
|
134,198
|
|
|
$
|
163,815
|
|
|
$
|
155,170
|
|
|
$
|
164,001
|
|
|
$
|
175,944
|
|
Rent expense
|
3,658
|
|
|
4,128
|
|
|
4,195
|
|
|
4,453
|
|
|
4,835
|
|
|||||
Amortization
|
2,952
|
|
|
3,639
|
|
|
3,516
|
|
|
3,765
|
|
|
3,990
|
|
|||||
|
$
|
140,808
|
|
|
$
|
171,582
|
|
|
$
|
162,881
|
|
|
$
|
172,219
|
|
|
$
|
184,769
|
|
Ratio of earnings to fixed charges
|
2.83
|
|
|
3.84
|
|
|
4.23
|
|
|
4.26
|
|
|
5.54
|
|
A.
|
Corporations
|
1.
|
110-112 Third Ave. Realty Corp., a New York corporation.
|
2.
|
Amwell Chase, Inc., a Delaware corporation.
|
3.
|
Dominion III Corp., a Delaware corporation.
|
4.
|
ESE Consultants, Inc., a Delaware corporation.
|
5.
|
ESE Consultants, Inc., a Texas corporation.
|
6.
|
ESE of North Carolina, PC, a North Carolina professional corporation.
|
7.
|
Fairway Valley, Inc., a Delaware corporation.
|
8.
|
First Brandywine Investment Corp. II, a Delaware corporation.
|
9.
|
First Brandywine Investment Corp. IV, a Delaware corporation.
|
10.
|
First Huntingdon Finance Corp., a Delaware corporation.
|
11.
|
Franklin Farms G.P., Inc., a Delaware corporation.
|
12.
|
GCAM Holding Co., Inc., a Delaware corporation.
|
13.
|
Hampton Hall Club, Inc., a South Carolina non-profit corporation.
|
14.
|
Hampton Pointe Club, Inc., a South Carolina non-profit corporation.
|
15.
|
HQZ Acquisitions, Inc., a Michigan corporation.
|
16.
|
Jupiter Country Club, Inc., a Florida non-profit corporation.
|
17.
|
MA Limited Land Corporation, a Delaware corporation.
|
18.
|
Philmont Insurance Company, a Vermont corporation.
|
19.
|
PRD Investors, Inc., a Delaware corporation.
|
20.
|
Shapell Homes, Inc., a Delaware corporation.
|
21.
|
SH Homes Corporation, a Michigan corporation.
|
22.
|
Shapell Industries, Inc., a Delaware corporation.
|
23.
|
SI Investment Corporation, a Michigan corporation.
|
24.
|
The Silverman Building Companies, Inc., a Michigan corporation.
|
25.
|
TBI Mortgage Company, a Delaware corporation.
|
26.
|
TBI Smart Home Solutions, Inc., a New Jersey corporation.
|
27.
|
TB Proprietary Corp., a Delaware corporation.
|
28.
|
Tenby Hunt, Inc., a Delaware corporation.
|
29.
|
TIS Logistics, Inc., a Pennsylvania corporation.
|
30.
|
Toll Apartments LP Company, Inc., a Delaware corporation.
|
31.
|
Toll Architecture, Inc., a Delaware corporation.
|
32.
|
Toll Architecture I, P.A., a Delaware professional corporation.
|
33.
|
Toll AZ GP Corp., a Delaware corporation.
|
34.
|
Toll Bros. of Arizona, Inc., an Arizona corporation.
|
35.
|
Toll Bros. of North Carolina, Inc., a North Carolina corporation.
|
36.
|
Toll Bros. of North Carolina II, Inc., a North Carolina corporation.
|
37.
|
Toll Bros. of North Carolina III, Inc., a North Carolina corporation.
|
38.
|
Toll Bros., Inc., a Delaware corporation.
|
39.
|
Toll Bros., Inc., a Pennsylvania corporation.
|
40.
|
Toll Bros., Inc., a Texas corporation.
|
41.
|
Toll Brothers AZ Construction Company, an Arizona corporation.
|
42.
|
Toll Brothers Canada USA, Inc., a Delaware corporation.
|
43.
|
Toll Brothers Finance Corp., a Delaware corporation.
|
44.
|
Toll Brothers HK Investment Co., Limited, a Hong Kong corporation.
|
45.
|
Toll Brothers Hong Kong Holdings, Limited, a Hong Kong corporation.
|
46.
|
Toll Brothers International Holdings, Inc., a Delaware corporation.
|
47.
|
Toll Brothers Real Estate, Inc., a Pennsylvania corporation.
|
48.
|
Toll Buckeye Corp., a Delaware corporation.
|
49.
|
Toll CA GP Corp., a California corporation.
|
50.
|
Toll CA Holdings, Inc., a Delaware corporation.
|
51.
|
Toll Centennial Corp., a Delaware corporation.
|
52.
|
Toll CO GP Corp., a Colorado corporation.
|
53.
|
Toll Corp., a Delaware corporation.
|
54.
|
Toll DC GP Corp., a District of Columbia corporation.
|
55.
|
Toll Development Company, Inc., a Michigan corporation.
|
56.
|
Toll Diamond Corp., a Delaware corporation.
|
57.
|
Toll FL GP Corp., a Florida corporation.
|
58.
|
Toll GA GP Corp., a Georgia corporation.
|
59.
|
Toll Golden Corp., a Delaware corporation.
|
60.
|
Toll Granite Corp., a Delaware corporation.
|
61.
|
Toll Holdings, Inc., a Delaware corporation.
|
62.
|
Toll IL GP Corp., an Illinois corporation.
|
63.
|
Toll Land Corp. No. 6, a Pennsylvania corporation.
|
64.
|
Toll Land Corp. No. 10, a Delaware corporation.
|
65.
|
Toll Land Corp. No. 20, a Delaware corporation.
|
66.
|
Toll Land Corp. No. 43, a Delaware corporation.
|
67.
|
Toll Land Corp. No. 50, a Delaware corporation.
|
68.
|
Toll MD Builder Corp., a Maryland corporation.
|
69.
|
Toll Mid-Atlantic LP Company, Inc., a Delaware corporation.
|
70.
|
Toll Mid-Atlantic Note Company, Inc., a Delaware corporation.
|
71.
|
Toll Midwest Note Company, Inc., a Delaware corporation.
|
72.
|
Toll MI VII Corp., a Michigan corporation.
|
73.
|
Toll MI GP Corp., a Michigan corporation.
|
74.
|
Toll MN GP Corp., a Minnesota corporation.
|
75.
|
Toll NC GP Corp., a North Carolina corporation.
|
76.
|
Toll NH GP Corp., a New Hampshire corporation.
|
77.
|
Toll NJX-I Corp., a Delaware corporation.
|
78.
|
Toll Northeast LP Company, Inc., a Delaware corporation.
|
79.
|
Toll Northeast Note Company, Inc., a Delaware corporation.
|
80.
|
Toll Northeast Services, Inc., a Delaware corporation.
|
81.
|
Toll NV GP Corp., a Nevada corporation.
|
82.
|
Toll OH GP Corp., an Ohio corporation.
|
83.
|
Toll PA Builder Corp., a Pennsylvania corporation.
|
84.
|
Toll PA GP Corp., a Pennsylvania corporation.
|
85.
|
Toll PA II GP Corp., a Pennsylvania corporation.
|
86.
|
Toll PA III GP Corp., a Pennsylvania corporation.
|
87.
|
Toll Palmetto Corp., a Delaware corporation.
|
88.
|
Toll Peppertree, Inc., a New York corporation.
|
89.
|
Toll Realty Holdings Corp. I, a Delaware corporation.
|
90.
|
Toll Realty Holdings Corp. II, a Delaware corporation.
|
91.
|
Toll RI GP Corp., a Rhode Island corporation.
|
92.
|
Toll SC GP Corp., a South Carolina corporation.
|
93.
|
Toll Southeast LP Company, Inc., a Delaware corporation.
|
94.
|
Toll Southeast Note Company, Inc., a Delaware corporation.
|
95.
|
Toll Southwest Note Company, Inc., a Delaware corporation.
|
96.
|
Toll SW Holding I Corp., a Nevada corporation.
|
97.
|
Toll TN GP Corp., a Tennessee corporation.
|
98.
|
Toll TX GP Corp., a Delaware corporation.
|
99.
|
Toll VA GP Corp., a Delaware corporation.
|
100.
|
Toll VA Member Two, Inc., a Delaware corporation.
|
101.
|
Toll WA GP Corp., a Washington corporation.
|
102.
|
Toll WestCoast Note Company, Inc., a Delaware corporation.
|
103.
|
Toll WV GP Corp., a West Virginia corporation.
|
104.
|
Toll YL, Inc., a California corporation.
|
105.
|
Upper K Investors, Inc., a Delaware corporation.
|
106.
|
Valeria Sewerage Works Corporation, a New York corporation.
|
107.
|
Westminster Abstract Company, a Pennsylvania corporation.
|
108.
|
Westminster Insurance Agency, Inc., a Pennsylvania corporation.
|
109.
|
Westminster Title Company, Inc., a California corporation.
|
B.
|
Partnerships
|
1.
|
Ashford Land Company, L.P., a Delaware limited partnership.
|
2.
|
Advanced Broadband, L.P., a Delaware limited partnership.
|
3.
|
Audubon Ridge, L.P., a Pennsylvania limited partnership.
|
4.
|
Belmont Land, L.P., a Virginia limited partnership.
|
5.
|
Binks Estates Limited Partnership, a Florida limited partnership.
|
6.
|
The Bird Estate Limited Partnership, a Massachusetts limited partnership.
|
7.
|
Broad Run Associates, L.P., a Pennsylvania limited partnership.
|
8.
|
Broad Washington, L.P., a Delaware limited partnership.
|
9.
|
Byers Commercial LP, a Pennsylvania limited partnership.
|
10.
|
CC Estates Limited Partnership, a Massachusetts limited partnership.
|
11.
|
Cold Spring Hunt, L.P., a Pennsylvania limited partnership.
|
12.
|
Coleman-Toll Limited Partnership, a Nevada limited partnership.
|
13.
|
Dominion Country Club, L.P., a Virginia limited partnership.
|
14.
|
Estates at Princeton Junction, L.P., a New Jersey limited partnership.
|
15.
|
Estates at Rivers Edge, L.P., a Pennsylvania limited partnership.
|
16.
|
Fairfax Investment, L.P., a Virginia limited partnership.
|
17.
|
First Brandywine Partners, L.P., a Delaware partnership.
|
18.
|
Gibraltar Road LP, a Pennsylvania limited partnership.
|
19.
|
Greens at Waynesborough, L.P., a Pennsylvania limited partnership.
|
20.
|
Hoboken Land LP, a New Jersey limited partnership.
|
21.
|
Hockessin Chase, L.P., a Delaware limited partnership.
|
22.
|
Laurel Creek, L.P., a New Jersey limited partnership.
|
23.
|
Loudoun Valley Associates, L.P., a Virginia limited partnership.
|
24.
|
NC Country Club Estates Limited Partnership, a North Carolina limited partnership.
|
25.
|
Plymouth Apartments Management LP, a Pennsylvania limited partnership.
|
26.
|
Reston Note Co. LP, a Virginia limited partnership.
|
27.
|
Silverman-Toll Limited Partnership, a Michigan limited partnership
|
28.
|
Sorrento at Dublin Ranch I LP, a California limited partnership.
|
29.
|
Sorrento at Dublin Ranch III LP, a California limited partnership.
|
30.
|
South Riding Amberlea LP, a Virginia limited partnership.
|
31.
|
South Riding, L.P., a Virginia limited partnership.
|
32.
|
South Riding Partners Amberlea LP, a Virginia limited partnership.
|
33.
|
South Riding Partners, L.P., a Virginia limited partnership.
|
34.
|
Southport Landing Limited Partnership, a Connecticut limited partnership.
|
35.
|
Springton Pointe, L.P., a Pennsylvania limited partnership.
|
36.
|
Stone Mill Estates, L.P. a Pennsylvania limited partnership.
|
37.
|
Swedesford Chase, L.P., a Pennsylvania limited partnership.
|
38.
|
TBI/Palm Beach Limited Partnership, a Florida limited partnership.
|
39.
|
Toll Apartments, LP, a Delaware limited partnership.
|
40.
|
Toll at Brier Creek Limited Partnership, a North Carolina limited partnership.
|
41.
|
Toll at Westlake, L.P., a New Jersey limited partnership.
|
42.
|
Toll at Whippoorwill, L.P., a New York limited partnership.
|
43.
|
Toll Brooklyn L.P., a New York limited partnership.
|
44.
|
Toll Brooklyn Pier GP L.P., a New York limited partnership.
|
45.
|
Toll Brooklyn Pier L.P., a New York limited partnership.
|
46.
|
Toll Brothers AZ Limited Partnership, an Arizona limited partnership.
|
47.
|
Toll CA, L.P., a California limited partnership.
|
48.
|
Toll CA II, L.P., a California limited partnership.
|
49.
|
Toll CA III, L.P., a California limited partnership.
|
50.
|
Toll CA IV, L.P., a California limited partnership.
|
51.
|
Toll CA V, L.P., a California limited partnership.
|
52.
|
Toll CA VI, L.P., a California limited partnership.
|
53.
|
Toll CA VII, L.P., a California limited partnership.
|
54.
|
Toll CA VIII, L.P., a California limited partnership.
|
55.
|
Toll CA IX, L.P., a California limited partnership.
|
56.
|
Toll CA X, L.P., a California limited partnership.
|
57.
|
Toll CA XI, L.P., a California limited partnership.
|
58.
|
Toll CA XII, L.P., a California limited partnership.
|
59.
|
Toll CA XIX, L.P., a California limited partnership.
|
60.
|
Toll CA XX, L.P., a California limited partnership.
|
61.
|
Toll CO, L.P., a Colorado limited partnership.
|
62.
|
Toll CO II, L.P., a Colorado limited partnership.
|
63.
|
Toll CO III, L.P., a Colorado limited partnership.
|
64.
|
Toll CP Limited Partnership, a Maryland limited partnership.
|
65.
|
Toll CT Limited Partnership, a Connecticut limited partnership.
|
66.
|
Toll CT II Limited Partnership, a Connecticut limited partnership.
|
67.
|
Toll CT III Limited Partnership, a Connecticut limited partnership.
|
68.
|
Toll CT IV Limited Partnership, a Connecticut limited partnership.
|
69.
|
Toll DE LP, a Delaware limited partnership.
|
70.
|
Toll DE II LP, a Delaware limited partnership.
|
71.
|
Toll District 7 LP, a California limited partnership.
|
72.
|
Toll Dolington LP, a Pennsylvania limited partnership.
|
73.
|
Toll Estero Limited Partnership, a Florida limited partnership.
|
74.
|
Toll FL Limited Partnership, a Florida limited partnership.
|
75.
|
Toll FL II Limited Partnership, a Florida limited partnership.
|
76.
|
Toll FL III Limited Partnership, a Florida limited partnership.
|
77.
|
Toll FL IV Limited Partnership, a Florida limited partnership.
|
78.
|
Toll FL V Limited Partnership, a Florida limited partnership.
|
79.
|
Toll FL VI Limited Partnership, a Florida limited partnership.
|
80.
|
Toll FL VII Limited Partnership, a Florida limited partnership.
|
81.
|
Toll FL VIII Limited Partnership, a Florida limited partnership.
|
82.
|
Toll FL X Limited Partnership, a Florida limited partnership.
|
83.
|
Toll FL XI Limited Partnership, a Florida limited partnership.
|
84.
|
Toll FL XII Limited Partnership, a Florida limited partnership.
|
85.
|
Toll FL XIII Limited Partnership, a Florida limited partnership.
|
86.
|
Toll French Creek LP, a Pennsylvania limited partnership.
|
87.
|
Toll Ft. Myers Limited Partnership, a Florida limited partnership.
|
88.
|
Toll GA LP, a Georgia limited partnership.
|
89.
|
Toll Gibraltar LP, a Pennsylvania limited partnership.
|
90.
|
Toll Grove LP, a New Jersey limited partnership.
|
91.
|
Toll Hudson LP, a New Jersey limited partnership.
|
92.
|
Toll IL HWCC, L.P., an Illinois limited partnership.
|
93.
|
Toll IL, L.P., an Illinois limited partnership.
|
94.
|
Toll IL II, L.P., an Illinois limited partnership.
|
95.
|
Toll IL III, L.P., an Illinois limited partnership.
|
96.
|
Toll IL IV, L.P., an Illinois limited partnership.
|
97.
|
Toll IL WSB, L.P., an Illinois limited partnership.
|
98.
|
Toll Jacksonville Limited Partnership, a Florida limited partnership.
|
99.
|
Toll Land IV Limited Partnership, a New Jersey limited partnership.
|
100.
|
Toll Land V Limited Partnership, a New York limited partnership.
|
101.
|
Toll Land VI Limited Partnership, a New York limited partnership.
|
102.
|
Toll Land IX Limited Partnership, a Virginia limited partnership.
|
103.
|
Toll Land X Limited Partnership, a Virginia limited partnership.
|
104.
|
Toll Land XI Limited Partnership, a New Jersey limited partnership.
|
105.
|
Toll Land XV Limited Partnership, a Virginia limited partnership.
|
106.
|
Toll Land XVI Limited Partnership, a New Jersey limited partnership.
|
107.
|
Toll Land XVIII Limited Partnership, a Connecticut limited partnership.
|
108.
|
Toll Land XIX Limited Partnership, a California limited partnership.
|
109.
|
Toll Land XX Limited Partnership, a California limited partnership.
|
110.
|
Toll Land XXI Limited Partnership, a Virginia limited partnership.
|
111.
|
Toll Land XXII Limited Partnership, a California limited partnership.
|
112.
|
Toll Land XXIII Limited Partnership, a California limited partnership.
|
113.
|
Toll Land XXV Limited Partnership, a New Jersey limited partnership.
|
114.
|
Toll MA Land Limited Partnership, a Massachusetts limited partnership.
|
115.
|
Toll MA Land III Limited Partnership, a Massachusetts limited partnership.
|
116.
|
Toll MD AF Limited Partnership, a Maryland limited partnership.
|
117.
|
Toll MD Builder I, L.P., a Maryland limited partnership.
|
118.
|
Toll MD Limited Partnership, a Maryland limited partnership.
|
119.
|
Toll MD II Limited Partnership, a Maryland limited partnership.
|
120.
|
Toll MD III Limited Partnership, a Maryland limited partnership.
|
121.
|
Toll MD IV Limited Partnership, a Maryland limited partnership.
|
122.
|
Toll MD V Limited Partnership, a Maryland limited partnership.
|
123.
|
Toll MD VI Limited Partnership, a Maryland limited partnership.
|
124.
|
Toll MD VII Limited Partnership, a Maryland limited partnership.
|
125.
|
Toll MD VIII Limited Partnership, a Maryland limited partnership.
|
126.
|
Toll MD IX Limited Partnership, a Maryland limited partnership.
|
127.
|
Toll MD X Limited Partnership, a Maryland limited partnership.
|
128.
|
Toll MD XI Limited Partnership, a Maryland limited partnership.
|
129.
|
Toll MI Limited Partnership, a Michigan limited partnership.
|
130.
|
Toll MI II Limited Partnership, a Michigan limited partnership.
|
131.
|
Toll MI III Limited Partnership, a Michigan limited partnership.
|
132.
|
Toll MI IV Limited Partnership, a Michigan limited partnership.
|
133.
|
Toll MI V Limited Partnership, a Michigan limited partnership.
|
134.
|
Toll MI VI Limited Partnership, a Michigan limited partnership.
|
135.
|
Toll MN, L.P., a Minnesota limited partnership.
|
136.
|
Toll MN II, L.P., a Minnesota limited partnership.
|
137.
|
Toll Naples Limited Partnership, a Florida limited partnership.
|
138.
|
Toll Naval Associates, a Pennsylvania general partnership.
|
139.
|
Toll NC, L.P., a North Carolina limited partnership.
|
140.
|
Toll NC II LP, a North Carolina limited partnership.
|
141.
|
Toll NC III LP, a North Carolina limited partnership.
|
142.
|
Toll NJ Builder I, L.P., a New Jersey limited partnership.
|
143.
|
Toll NJ, L.P., a New Jersey limited partnership.
|
144.
|
Toll NJ II, L.P., a New Jersey limited partnership.
|
145.
|
Toll NJ III, L.P., a New Jersey limited partnership.
|
146.
|
Toll NJ IV, L.P., a New Jersey limited partnership.
|
147.
|
Toll NJ V, L.P., a New Jersey limited partnership.
|
148.
|
Toll NJ VI, L.P., a New Jersey limited partnership.
|
149.
|
Toll NJ VII, L.P., a New Jersey limited partnership.
|
150.
|
Toll NJ VIII, L.P., a New Jersey limited partnership.
|
151.
|
Toll NJ IX, L.P., a New Jersey limited partnership.
|
152.
|
Toll NJ XI, L.P., a New Jersey limited partnership.
|
153.
|
Toll NJ XII LP, a New Jersey limited partnership.
|
154.
|
Toll NV Limited Partnership, a Nevada limited partnership.
|
155.
|
Toll NY L.P., a New York limited partnership.
|
156.
|
Toll NY III L.P., a New York limited partnership.
|
157.
|
Toll NY IV L.P., a New York limited partnership.
|
158.
|
Toll NY V L.P., a New York limited partnership.
|
159.
|
Toll Orlando Limited Partnership, a Florida limited partnership.
|
160.
|
Toll PA, L.P., a Pennsylvania limited partnership.
|
161.
|
Toll PA II, L.P., a Pennsylvania limited partnership.
|
162.
|
Toll PA III, L.P., a Pennsylvania limited partnership.
|
163.
|
Toll PA IV, L.P., a Pennsylvania limited partnership.
|
164.
|
Toll PA V, L.P., a Pennsylvania limited partnership.
|
165.
|
Toll PA VI, L.P., a Pennsylvania limited partnership.
|
166.
|
Toll PA VIII, L.P., a Pennsylvania limited partnership.
|
167.
|
Toll PA IX, L.P., a Pennsylvania limited partnership.
|
168.
|
Toll PA X, L.P., a Pennsylvania limited partnership.
|
169.
|
Toll PA XI, L.P., a Pennsylvania limited partnership.
|
170.
|
Toll PA XII, L.P., a Pennsylvania limited partnership.
|
171.
|
Toll PA XIII, L.P., a Pennsylvania limited partnership.
|
172.
|
Toll PA XIV, L.P., a Pennsylvania limited partnership.
|
173.
|
Toll PA XV, L.P., a Pennsylvania limited partnership.
|
174.
|
Toll PA XVI, L.P., a Pennsylvania limited partnership.
|
175.
|
Toll PA XVII, L.P., a Pennsylvania limited partnership.
|
176.
|
Toll PA XVIII, L.P., a Pennsylvania limited partnership.
|
177.
|
Toll PA XIX, L.P., a Pennsylvania limited partnership.
|
178.
|
Toll PA Development LP, a Pennsylvania limited partnership.
|
179.
|
Toll PA Management LP, a Pennsylvania limited partnership.
|
180.
|
Toll Plaza, LP, a Pennsylvania limited partnership.
|
181.
|
Toll Realty Holdings LP, a Delaware limited partnership.
|
182.
|
Toll RI, L.P., a Rhode Island limited partnership.
|
183.
|
Toll RI II, L.P., a Rhode Island limited partnership.
|
184.
|
Toll SC, L.P., a South Carolina limited partnership.
|
185.
|
Toll SC II, L.P., a South Carolina limited partnership.
|
186.
|
Toll SC III, L.P., a South Carolina limited partnership.
|
187.
|
Toll SC IV, L.P., a South Carolina limited partnership.
|
188.
|
Toll Stonebrae LP, a California limited partnership.
|
189.
|
Toll VA, L.P., a Virginia limited partnership.
|
190.
|
Toll VA II, L.P., a Virginia limited partnership.
|
191.
|
Toll VA III, L.P., a Virginia limited partnership.
|
192.
|
Toll VA IV, L.P., a Virginia limited partnership.
|
193.
|
Toll VA V, L.P., a Virginia limited partnership.
|
194.
|
Toll VA VI, L.P., a Virginia limited partnership.
|
195.
|
Toll VA VII, L.P., a Virginia limited partnership.
|
196.
|
Toll VA VIII, L.P., a Virginia limited partnership.
|
197.
|
Toll WA LP, a Washington limited partnership.
|
198.
|
Toll WV, L.P., a West Virginia limited partnership.
|
199.
|
Toll YL II, L.P., a California limited partnership.
|
200.
|
Toll Washington Square LP, a Delaware limited partnership.
|
201.
|
Toll-Dublin, L.P., a California limited partnership.
|
202.
|
Village Partners, L.P., a Pennsylvania limited partnership.
|
203.
|
Dolington Land LP, a Pennsylvania limited partnership - owned 66.6% by one of Registrant’s subsidiaries
|
1.
|
Porter Ranch Development Co., a California joint venture.
|
D.
|
Limited Liability Companies
|
1.
|
31 E. Thomas Road LLC, an Arizona limited liability company.
|
2.
|
55 West 17
th
Street Partners LLC, a New York limited liability company.
|
3.
|
89 Park Avenue LLC, a New York limited liability company.
|
4.
|
100 Barrow Street LLC, a New York limited liability company.
|
5.
|
100 Barrow Street Member LLC, a New York limited liability company.
|
6.
|
122-130 East 23
rd
Street Owner LLC, a New York limited liability company.
|
7.
|
122-130 East 23
rd
Street Owner Member LLC, a New York limited liability company.
|
8.
|
126-142 Morgan Street Urban Renewal LLC, a New Jersey limited liability company.
|
9.
|
134 Bay Street LLC, a Delaware limited liability company.
|
10.
|
353-357 Broadway Owner LLC, a New York limited liability company.
|
11.
|
353-357 Broadway Owner Member LLC, a New York limited liability company.
|
12.
|
700 Grove Street Urban Renewal, LLC, a New Jersey limited liability company.
|
13.
|
1400 Hudson LLC, a New Jersey limited liability company.
|
14.
|
1450 Washington LLC, a New Jersey limited liability company.
|
15.
|
1451 Hudson LLC, a New Jersey limited liability company.
|
16.
|
1500 Garden St. LLC, a New Jersey limited liability company.
|
17.
|
Approvals Management LLC, a Delaware limited liability company.
|
18.
|
Approvals Management Member LLC, a Delaware limited liability company.
|
19.
|
Arbor Hills Development LLC, a Michigan limited liability company.
|
20.
|
Arbors Porter Ranch, LLC, a California limited liability company.
|
21.
|
Belmont Country Club I LLC, a Virginia limited liability company.
|
22.
|
Belmont Country Club II LLC, a Virginia limited liability company.
|
23.
|
Belmont Residential LLC, a Delaware limited liability company.
|
24.
|
Block 255 LLC, a New Jersey limited liability company.
|
25.
|
Block 268 LLC, a New Jersey limited liability company.
|
26.
|
Brier Creek Country Club I LLC, a North Carolina limited liability company.
|
27.
|
Brier Creek Country Club II LLC, a North Carolina limited liability company.
|
28.
|
Broad Washington GP, LLC, a Delaware limited liability company.
|
29.
|
Byers Commercial LLC, a Delaware limited liability company.
|
30.
|
Component Systems I LLC, a Delaware limited liability company.
|
31.
|
Component Systems II LLC, a Delaware limited liability company.
|
32.
|
Corporate Drive Apartments LLC, a New York limited liability company.
|
33.
|
CWG Construction Company LLC, a New Jersey limited liability company.
|
34.
|
CWG Management LLC, a New Jersey limited liability company.
|
35.
|
Dominion IV LLC, a Delaware limited liability company.
|
36.
|
Dominion Valley Country Club I LLC, a Virginia limited liability company.
|
37.
|
Dominion Valley Country Club II LLC, a Virginia limited liability company.
|
38.
|
East Windsor Investments I LLC, a New Jersey limited liability company.
|
39.
|
East Windsor Investments II LLC, a New Jersey limited liability company.
|
40.
|
Enclave at Long Valley I LLC, a New Jersey limited liability company.
|
41.
|
Enclave at Long Valley II LLC, a New Jersey limited liability company.
|
42.
|
First Brandywine LLC I, a Delaware limited liability company.
|
43.
|
First Brandywine LLC II, a Delaware limited liability company.
|
44.
|
French Creek Acquisition GP, LLC, a Delaware limited liability company.
|
45.
|
Frenchman’s Reserve Realty, LLC, a Florida limited liability company.
|
46.
|
GB LB-ESSEX1 LLC, a Delaware limited liability company.
|
47.
|
GCAM REO LLC, a Delaware limited liability company.
|
48.
|
Gibraltar AB Investments LLC, a Delaware limited liability company.
|
49.
|
Gibraltar Asset Management Services LLC, a Delaware limited liability company.
|
50.
|
Gibraltar BBI Investments LLC, a Delaware limited liability company.
|
51.
|
Gibraltar BMI LLC, a Delaware limited liability company.
|
52.
|
Gibraltar Capital and Asset Management LLC, a Delaware limited liability company.
|
53.
|
Gibraltar Real Estate Capital LLC, a Delaware limited liability company.
|
54.
|
Golden Triangle Financial LLC, a Delaware limited liability company.
|
55.
|
Goshen Road Land Company LLC, a Pennsylvania limited liability company.
|
56.
|
Hampton Hall Investments LLC, a South Carolina limited liability company.
|
57.
|
Hasentree Country Club I LLC, a North Carolina limited liability company.
|
58.
|
Hasentree Country Club II LLC, a North Carolina limited liability company.
|
59.
|
Hatboro Road Associates LLC, a Pennsylvania limited liability company.
|
60.
|
HBSE Real Estate Investments I LLC, a Delaware limited liability company.
|
61.
|
HBSE Real Estate Investments II LLC, a Delaware limited liability company.
|
62.
|
Heritage Manor Development, LLC, a Massachusetts limited liability company.
|
63.
|
HM Investments LLC, a Virginia limited liability company.
|
64.
|
HM Investments II LLC, a Virginia limited liability company.
|
65.
|
Hoboken Cove LLC, a New Jersey limited liability company.
|
66.
|
Hoboken Land I LLC, a Delaware limited liability company.
|
67.
|
Idaho TradeUp LLC, an Idaho limited liability company.
|
68.
|
Jacksonville TBI Realty, LLC, a Florida limited liability company.
|
69.
|
Liseter Land Company LLC, a Pennsylvania limited liability company.
|
70.
|
Liseter, LLC, a Delaware limited liability company.
|
71.
|
Long Meadows TBI, LLC, a Maryland limited liability company.
|
72.
|
Martinsburg Ventures, L.L.C., a Virginia limited liability company.
|
73.
|
Mizner Realty, L.L.C., a Florida limited liability company.
|
74.
|
Morgan Street JV LLC, a Delaware limited liability company.
|
75.
|
Naples TBI Realty, LLC, a Florida limited liability company.
|
76.
|
Northville Lake Village Apartments Limited Liability Company, a Michigan limited liability company.
|
77.
|
Orlando TBI Realty LLC, a Florida limited liability company.
|
78.
|
Placentia Development Company, LLC, a California limited liability company.
|
79.
|
Plum Canyon Master LLC, a Delaware limited liability company.
|
80.
|
PRD Investors, LLC, a Delaware limited liability company.
|
81.
|
PT Maxwell Holdings, LLC, a New Jersey limited liability company.
|
82.
|
P.T. Maxwell, L.L.C., a New Jersey limited liability company.
|
83.
|
Rancho Costera LLC, a Delaware limited liability company.
|
84.
|
Regency at Denville, LLC, a New Jersey limited liability company.
|
85.
|
Regency at Dominion Valley LLC, a Virginia limited liability company.
|
86.
|
Regency at Washington I LLC, a New Jersey limited liability company.
|
87.
|
Regency at Washington II LLC, a New Jersey limited liability company.
|
88.
|
The Regency Golf Club I LLC, a Virginia limited liability company.
|
89.
|
The Regency Golf Club II LLC, a Virginia limited liability company.
|
90.
|
Ridge at Alta Vista Investments I LLC, a Texas limited liability company.
|
91.
|
Ridge at Alta Vista Investments II LLC, a Texas limited liability company.
|
92.
|
Ridge Residential LLC, a Delaware limited liability company.
|
93.
|
Scituate Residential LLC, a Delaware limited liability company.
|
94.
|
Shapell Hold Properties No. 1, LLC, a Delaware limited liability company.
|
95.
|
Shapell Land Company, LLC, a Delaware limited liability company.
|
96.
|
Snowmass Club I LLC, a Colorado limited liability company.
|
97.
|
Snowmass Club II LLC, a Colorado limited liability company.
|
98.
|
South Riding Realty LLC, a Virginia limited liability company.
|
99.
|
SR Amberlea LLC, a Virginia limited liability company.
|
100.
|
SRLP II LLC, a Virginia limited liability company.
|
101.
|
STBI-Warrenton, LLC, a Delaware limited liability company.
|
102.
|
Tampa TBI Realty LLC, a Florida limited liability company.
|
103.
|
TB Brookhaven LLC, a Georgia limited liability company.
|
104.
|
TB Frisco Square LLC, a Delaware limited liability company.
|
105.
|
TB Kent Partners LLC, a Delaware limited liability company.
|
106.
|
TB Warm Springs LLC, a California limited liability company.
|
107.
|
TB West Commerce LLC, a Delaware limited liability company.
|
108.
|
TL Oil & Gas LLC, a Texas limited liability company.
|
109.
|
Toll Apartments Development LLC, a Delaware limited liability company.
|
110.
|
Toll Apartments GP, LLC, a Delaware limited liability company.
|
111.
|
Toll Apartments Management LLC, a Delaware limited liability company.
|
112.
|
Toll Austin TX LLC, a Texas limited liability company.
|
113.
|
Toll Austin TX II LLC, a Texas limited liability company.
|
114.
|
Toll Austin TX III LLC, a Texas limited liability company.
|
115.
|
Toll BBC LLC, a Texas limited liability company.
|
116.
|
Toll BBC II LLC, a Texas limited liability company.
|
117.
|
Toll BCCC, LLC, an Illinois limited liability company.
|
118.
|
Toll Brothers Brazil Investimentos Imobiliários Ltda., a Brazilian limited liability company.
|
119.
|
Toll Brothers Fort Monmouth LLC, a New Jersey limited liability company.
|
120.
|
Toll CA I LLC, a California limited liability company.
|
121.
|
Toll CA III LLC, a California limited liability company.
|
122.
|
Toll CA Note II LLC, a California limited liability company.
|
123.
|
Toll Cedar Hunt LLC, a Virginia limited liability company.
|
124.
|
Toll CO I LLC, a Colorado limited liability company.
|
125.
|
Toll College Park LLC, a Maryland limited liability company.
|
126.
|
Toll Corners LLC, a Delaware limited liability company.
|
127.
|
Toll Dallas TX LLC, a Texas limited liability company.
|
128.
|
Toll Damonte LLC, a Nevada limited liability company.
|
129.
|
Toll DC IV LLC, a District of Columbia limited liability company.
|
130.
|
Toll DC Development LLC, a Delaware limited liability company.
|
131.
|
Toll DC Holdings LLC, a Delaware limited liability company.
|
132.
|
Toll DC LLC, a Delaware limited liability company.
|
133.
|
Toll DC Management LLC, a Delaware limited liability company.
|
134.
|
Toll DC Phase III Owner LLC, a District of Columbia limited liability company.
|
135.
|
Toll-Dublin, LLC, a California limited liability company.
|
136.
|
Toll East 23
rd
Street LLC, a Delaware limited liability company.
|
137.
|
Toll E. 33
rd
Street LLC, a Delaware limited liability company.
|
138.
|
Toll EB, LLC, a Delaware limited liability company.
|
139.
|
Toll Equipment, L.L.C., a Delaware limited liability company.
|
140.
|
Toll First Avenue LLC, a New York limited liability company.
|
141.
|
Toll FL I, LLC, a Florida limited liability company.
|
142.
|
Toll FL II LLC, a Florida limited liability company.
|
143.
|
Toll FL III LLC, a Florida limited liability company.
|
144.
|
Toll FL IV LLC, a Florida limited liability company.
|
145.
|
Toll FL V LLC, a Florida limited liability company.
|
146.
|
Toll GC LLC, a New York limited liability company.
|
147.
|
Toll GC II LLC, a New York limited liability company.
|
148.
|
Toll Gibraltar I LLC, a Pennsylvania limited liability company.
|
149.
|
Toll Gibraltar II LLC, a Pennsylvania limited liability company.
|
150.
|
Toll Glastonbury LLC, a Connecticut limited liability company.
|
151.
|
Toll Henderson LLC, a Nevada limited liability company.
|
152.
|
Toll Henderson II LLC, a Nevada limited liability company.
|
153.
|
Toll Hoboken LLC, a Delaware limited liability company.
|
154.
|
Toll Holmdel Urban Renewal LLC, a New Jersey limited liability company.
|
155.
|
Toll Houston Land LLC, a Texas limited liability company.
|
156.
|
Toll Houston TX LLC, a Texas limited liability company.
|
157.
|
Toll ID I LLC, an Idaho limited liability company.
|
158.
|
Toll IN LLC, an Indiana limited liability company.
|
159.
|
Toll Inspirada LLC, a Nevada limited liability company.
|
160.
|
Toll Jupiter LLC, a Florida limited liability company.
|
161.
|
Toll Land VII LLC, a New York limited liability company.
|
162.
|
Toll Landscape, L.L.C., a Delaware limited liability company.
|
163.
|
Toll Landscape II, L.L.C., a Delaware limited liability company.
|
164.
|
Toll Lexington LLC, a New York limited liability company.
|
165.
|
Toll Lexington GC LLC, a New York limited liability company.
|
166.
|
Toll MA I LLC, a Massachusetts limited liability company.
|
167.
|
Toll MA II LLC, a Massachusetts limited liability company.
|
168.
|
Toll MA III LLC, a Massachusetts limited liability company.
|
169.
|
Toll MA IV LLC, a Massachusetts limited liability company.
|
170.
|
Toll MA Development LLC, a Massachusetts limited liability company.
|
171.
|
Toll MA Holdings LLC, a Delaware limited liability company.
|
172.
|
Toll MA Land II GP LLC, a Delaware limited liability company.
|
173.
|
Toll MA Management LLC, a Massachusetts limited liability company.
|
174.
|
Toll Maxwell LLC, a New Jersey limited liability company.
|
175.
|
Toll MD I, L.L.C., a Maryland limited liability company.
|
176.
|
Toll MD II LLC, a Maryland limited liability company.
|
177.
|
Toll MD III LLC, a Maryland limited liability company.
|
178.
|
Toll MD IV LLC, a Maryland limited liability company.
|
179.
|
Toll MD Realty LLC, a Maryland limited liability company.
|
180.
|
Toll Mid-Atlantic II LLC, a Delaware limited liability company.
|
181.
|
Toll Midwest LLC, a Delaware limited liability company.
|
182.
|
Toll Morgan Street LLC, a Delaware limited liability company.
|
183.
|
Toll NC I LLC, a North Carolina limited liability company.
|
184.
|
Toll NC IV LLC, a North Carolina limited liability company.
|
185.
|
Toll NC Note LLC, a North Carolina limited liability company.
|
186.
|
Toll NC Note II LLC, a North Carolina limited liability company.
|
187.
|
Toll Needham LLC, a Delaware limited liability company.
|
188.
|
Toll NJ I, L.L.C., a New Jersey limited liability company.
|
189.
|
Toll NJ II, L.L.C., a New Jersey limited liability company.
|
190.
|
Toll NJ III, LLC, a New Jersey limited liability company.
|
191.
|
Toll NJ IV LLC, a New Jersey limited liability company.
|
192.
|
Toll NJ Apartments Management LLC, a New Jersey limited liability company.
|
193.
|
Toll Northeast II LLC, a Delaware limited liability company.
|
194.
|
Toll North LV LLC, a Nevada limited liability company.
|
195.
|
Toll North Reno LLC, a Nevada limited liability company.
|
196.
|
Toll NV GP I LLC, a Nevada limited liability company.
|
197.
|
Toll NV Holdings LLC, a Nevada limited liability company.
|
198.
|
Toll NY II LLC, a New York limited liability company.
|
199.
|
Toll Oak Creek Golf LLC, a Maryland limited liability company.
|
200.
|
Toll Park Avenue South LLC, a Delaware limited liability company.
|
201.
|
Toll Parkland GSC LLC, a Florida limited liability company.
|
202.
|
Toll Parkland LLC, a Florida limited liability company.
|
203.
|
Toll PA Twin Lakes LLC, a Pennsylvania limited liability company.
|
204.
|
Toll Plaza, LLC, a Pennsylvania limited liability company.
|
205.
|
Toll Plymouth LLC, a Pennsylvania limited liability company.
|
206.
|
Toll Port Imperial LLC, a New Jersey limited liability company.
|
207.
|
Toll Prasada LLC, an Arizona limited liability company.
|
208.
|
Toll Provost Square I LLC, a Delaware limited liability company.
|
209.
|
Toll San Antonio TX LLC, a Texas limited liability company.
|
210.
|
Toll Sienna Member LLC, a Texas limited liability company.
|
211.
|
Toll Southeast II LLC, a Delaware limited liability company.
|
212.
|
Toll South LV LLC, a Nevada limited liability company.
|
213.
|
Toll South Reno LLC, a Nevada limited liability company.
|
214.
|
Toll Southwest LLC, a Nevada limited liability company.
|
215.
|
Toll Southwest II LLC, a Delaware limited liability company.
|
216.
|
Toll Sparks LLC, a Nevada limited liability company.
|
217.
|
Toll Stratford LLC, a Virginia limited liability company.
|
218.
|
Toll SW Holding LLC, a Nevada limited liability company.
|
219.
|
Toll Sutton Member Holdings LLC, a New York limited liability company.
|
220.
|
Toll Technology Investments, L.L.C., a Delaware limited liability company.
|
221.
|
Toll TX Note LLC, a Texas limited liability company.
|
222.
|
Toll VA L.L.C., a Delaware limited liability company.
|
223.
|
Toll VA III L.L.C., a Virginia limited liability company.
|
224.
|
Toll Van Wyck, LLC, a New York limited liability company.
|
225.
|
Toll Vanderbilt II LLC, a Rhode Island limited liability company.
|
226.
|
Toll Washington Square GP LLC, a Delaware limited liability company.
|
227.
|
Toll WBLH Member LLC, a Maryland limited liability company.
|
228.
|
Toll West Coast LLC, a Delaware limited liability company.
|
229.
|
Toll West Coast II LLC, a Delaware limited liability company.
|
230.
|
Upper K Investors, LLC, a Delaware limited liability company.
|
231.
|
Upper K-Shapell, LLC, a Delaware limited liability company.
|
232.
|
Vanderbilt Capital LLC, a Rhode Island limited liability company.
|
233.
|
Van Wyck Residential I LLC, a New York limited liability company.
|
234.
|
Van Wyck Residential II LLC, a New York limited liability company.
|
235.
|
Virginia Construction Co. I, LLC, a Virginia limited liability company.
|
236.
|
Virginia Construction Co. II, LLC, a Virginia limited liability company.
|
237.
|
West Chester Partners Apartments LLC, a Pennsylvania limited liability company.
|
238.
|
Westminster Title Agency, LLC, a Maryland limited liability company.
|
1.
|
Registration Statement (Form S-8 No. 333-143367) pertaining to the Stock Incentive Plan for Employees (2007) of Toll Brothers, Inc., as amended,
|
2.
|
Registration Statement (Form S-8 No. 333-144230) pertaining to the Stock Incentive Plan for Non-Employee Directors (2007) of Toll Brothers, Inc., as amended,
|
3.
|
Registration Statement (Form S-4 No. 333-179380) of Toll Brothers, Inc. Toll Corp., First Huntingdon Finance Corp., Toll Brothers Finance Corp., and the additional registrants named therein and in the related Prospectus,
|
4.
|
Registration Statement (Form S-8 No. 333-194533) pertaining to the Toll Brothers, Inc. Stock Incentive Plan for Employees (2014),
|
5.
|
Registration Statement (Form S-3 No. 333-202046) of Toll Brothers, Inc., Toll Corp., First Huntingdon Finance Corp., Toll Brothers Finance Corp., and the additional registrants named therein, and in the related Prospectus,
|
6.
|
Registration Statement (Form S-8 No. 333-211918) pertaining to the Toll Brothers, Inc. Stock Incentive Plan for Non-Executive Directors (2016); and
|
7.
|
Registration Statement (Form S-8 No. 333-217628) pertaining to the Toll Brothers, Inc. Employee Stock Purchase Plan (2017):
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
Signed:
|
|
/s/ Douglas C. Yearley, Jr.
|
|
|
|
Name: Douglas C. Yearley, Jr.
Title: Chief Executive Officer
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
Signed:
|
|
/s/ Martin P. Connor
|
|
|
|
Name: Martin P. Connor
Title: Chief Financial Officer
|
By:
|
|
/s/ Douglas C. Yearley Jr.
|
|
|
Name: Douglas C. Yearley, Jr.
Title: Chief Executive Officer |
By:
|
|
/s/ Martin P. Connor
|
|
|
Name: Martin P. Connor
Title: Chief Financial Officer |