XML 31 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
Other Income - Net
 9 Months Ended
Jul. 31, 2017
Other Income and Expenses [Abstract]  
Other Income - net
Other Income – Net
The table below provides the significant components of other income – net (amounts in thousands):
 
Nine months ended July 31,
 
Three months ended July 31,
 
2017
 
2016
 
2017
 
2016
Interest income
$
3,834

 
$
1,612

 
$
1,904

 
$
676

Income from ancillary businesses, net
10,555

 
11,559

 
3,709

 
4,139

Gibraltar
2,650

 
6,351

 
(220
)
 
102

Management fee income from unconsolidated entities, net
10,448

 
6,863

 
2,477

 
2,348

Retained customer deposits
4,461

 
4,449

 
1,407

 
780

Income from land sales
7,503

 
11,018

 
2,417

 
6,527

Other
342

 
1,622

 
286

 
549

Total other income – net
$
39,793

 
$
43,474

 
$
11,980

 
$
15,121


In the nine months ended July 31, 2016, our security monitoring business recognized a gain of $1.6 million from a bulk sale of security monitoring accounts in fiscal 2015, which is included in income from ancillary businesses in the table above.
Income from ancillary businesses includes our mortgage, title, landscaping, security monitoring, and golf course and country club operations. The table below provides, for the periods indicated, revenues and expenses for our ancillary businesses (amounts in thousands):
 
Nine months ended July 31,
 
Three months ended July 31,
 
2017
 
2016
 
2017
 
2016
Revenues
$
95,317

 
$
85,955

 
$
34,733

 
$
32,823

Expenses
$
84,762

 
$
74,396

 
$
31,024

 
$
28,684


The table below provides, for the periods indicated, revenues and expenses recognized from land sales (amounts in thousands):
 
Nine months ended July 31,
 
Three months ended July 31,
 
2017
 
2016
 
2017
 
2016
Revenues
$
151,470

 
$
77,701

 
$
4,633

 
$
64,109

Expenses
(148,625
)
 
(64,076
)
 
(2,420
)
 
(54,975
)
Deferred gain on land sale to joint venture


 
(2,607
)
 


 
(2,607
)
Deferred gain recognized
4,658

 

 
204

 

Income from land sales
$
7,503

 
$
11,018

 
$
2,417

 
$
6,527


Land sale revenues for the nine months ended July 31, 2017 includes $143.3 million related to an in substance real estate sale transaction which resulted in a new Home Building Joint Venture in which we have a 20% interest. No gain or loss was realized on the sale. See Note 3, “Investments in Unconsolidated Entities,” for more information on this transaction. The deferred gains recognized in the fiscal 2017 periods relate to the sale of a property in fiscal 2015 to a Home Building Joint Venture in which we have a 25% interest. Due to our continued involvement in this unconsolidated entity through our ownership interest and guarantees provided on the entity’s debt, we deferred the $9.3 million gain realized on the sale. We are recognizing the gain as units are sold by the entity to the ultimate home buyers. The deferred gain on land sale to joint venture in the fiscal 2016 periods relate to a sales transaction to a Rental Property Joint Venture in which we have a 50% interest. Due to our continued involvement in this unconsolidated entity through our ownership interest, we deferred 50% of the gain realized on the sale. We will amortize this deferred gain into income over the life of the rental property using the straight line method.