0000794170-24-000011.txt : 20240220 0000794170-24-000011.hdr.sgml : 20240220 20240220163755 ACCESSION NUMBER: 0000794170-24-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240220 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240220 DATE AS OF CHANGE: 20240220 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Toll Brothers, Inc. CENTRAL INDEX KEY: 0000794170 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 232416878 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09186 FILM NUMBER: 24654174 BUSINESS ADDRESS: STREET 1: 1140 VIRGINIA DRIVE CITY: FORT WASHINGTON STATE: PA ZIP: 19034 BUSINESS PHONE: 2159388000 MAIL ADDRESS: STREET 1: 1140 VIRGINIA DRIVE CITY: FORT WASHINGTON STATE: PA ZIP: 19034 FORMER COMPANY: FORMER CONFORMED NAME: TOLL BROTHERS INC DATE OF NAME CHANGE: 19920703 8-K 1 tol-20240220.htm 8-K tol-20240220
0000794170false8-K00007941702024-02-202024-02-20

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): February 20, 2024
Toll Brothers, Inc.
(Exact Name of Registrant as Specified in Charter)
 
Delaware 001-09186 23-2416878
(State or Other Jurisdiction
of Incorporation)
 (Commission
File Number)
 (IRS Employer
Identification No.)
1140 Virginia DriveFort WashingtonPA19034
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code: (215938-8000
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareTOLThe New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On February 20, 2024, Toll Brothers, Inc. issued a press release which contained its results of operations for its three-month period ended January 31, 2024, a copy of which is attached hereto as Exhibit 99.1,
The information hereunder shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d). Exhibits
The following Exhibits are furnished as part of this Current Report on Form 8-K:
Exhibit
No.                            Item 


104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed electronically herewith

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  TOLL BROTHERS, INC.
Dated:February 20, 2024 By: /s/ Michael J. Grubb
  Michael J. Grubb
Senior Vice President,
Chief Accounting Officer

2
EX-99.1 2 tol-1312024x8kexh991.htm EX-99.1 Document

EXHIBIT 99.1             
FOR IMMEDIATE RELEASECONTACT: Frederick N. Cooper (215) 938-8312
February 20, 2024fcooper@tollbrothers.com
        
Toll Brothers Reports FY 2024 1st Quarter Results

FORT WASHINGTON, PA, February 20, 2024 -- Toll Brothers, Inc. (NYSE:TOL) (TollBrothers.com), the nation’s leading builder of luxury homes, today announced results for its first quarter ended January 31, 2024.

FY 2024’s First Quarter Financial Highlights (Compared to FY 2023's First Quarter):
Net income and earnings per share were $239.6 million and $2.25 per diluted share, compared to net income of $191.5 million and $1.70 per diluted share in FY 2023’s first quarter.
Pre-tax income was $311.2 million, compared to $253.8 million in FY 2023’s first quarter.
Home sales revenues were $1.93 billion, up 10% compared to FY 2023’s first quarter; delivered homes were 1,927, up 6%.
Net signed contract value was $2.06 billion, up 42% compared to FY 2023’s first quarter; contracted homes were 2,042, up 40%.
Backlog value was $7.08 billion at first quarter end, down 18% compared to FY 2023’s first quarter; homes in backlog were 6,693, down 13%.
Home sales gross margin was 27.6%, compared to FY 2023’s first quarter home sales gross margin of 25.6%.
Adjusted home sales gross margin, which excludes interest and inventory write-downs, was 28.9%, compared to FY 2023’s first quarter adjusted home sales gross margin of 27.5%.
SG&A, as a percentage of home sales revenues, was 11.9%, compared to 12.1% in FY 2023’s first quarter.
Income from operations was $308.4 million.
Other income, income from unconsolidated entities, and gross margin from land sales and other was $8.6 million.
Subsequent to quarter-end, the Company sold a parcel of land to a commercial developer for net cash proceeds of $180.7 million, which is expected to result in a pre-tax land sale gain of approximately $175 million in FY 2024's second quarter.
Douglas C. Yearley, Jr., chairman and chief executive officer, stated: “We are very pleased with our strong first quarter results. We delivered 1,927 homes at an average price of approximately $1.0 million, generating home sales revenues of $1.93 billion. Our adjusted gross margin in the quarter was 28.9%, a 140-basis point increase compared to Q1 2023, and our SG&A expense, as a percentage of home sales revenues, improved by 20 basis points year-over-year to 11.9%. This combination of top line growth and greater operating efficiency led to earnings of $2.25 per diluted share in the quarter, a 32% increase over last year’s first quarter.
“We experienced another quarter of solid demand. We signed 2,042 net contracts for $2.06 billion, up 40% in units and 42% in dollars compared to last year’s first quarter. Since mid-January, we have seen a marked increase in demand coinciding with the start of the spring selling season. With a healthy job market, improving consumer sentiment, and continued low levels of resale inventory, we are optimistic that demand for new homes will remain strong in 2024.
“Based on our first quarter results, and with a strong start to the spring selling season, we are raising our full year guidance across all key metrics. In addition, earlier this month we sold a parcel of land to a commercial developer for net cash proceeds of $180.7 million, which will result in a pre-tax land sale gain of approximately $175 million in our second quarter. Factoring in both the increase to our homebuilding guidance and the impact of the land sale, we now expect to earn between $13.25 and $13.75 per diluted share in fiscal 2024, with a return on beginning equity of approximately 21%.
“At the end of our first quarter we owned or controlled approximately 70,400 lots, providing us with sufficient land to increase community count over the next several years. Our balance sheet is solid, we have ample liquidity, no significant near-term debt maturities, and we expect to generate significant cash flow from operations in fiscal 2024. This will enable us to continue investing in our business while also returning cash to stockholders throughout the year.”



Second Quarter and FY 2024 Financial Guidance:
Second QuarterFull Fiscal Year 2024
Deliveries
2,400 to 2,500 units
10,000 to 10,500 units
Average Delivered Price per Home
$1,000,000 to $1,010,000
$940,000 to $960,000
Adjusted Home Sales Gross Margin27.6 %28.0 %
SG&A, as a Percentage of Home Sales Revenues9.7 %9.8 %
Period-End Community Count385410
Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and Other*
$180 million
$260 million
Tax Rate25.8 %25.5 %
* Guidance for the second quarter and full year includes an approximate $175 million gain on the sale of a parcel of land.
Financial Highlights for the three months ended January 31, 2024 and 2023 (unaudited):
20242023
Net Income
$239.6 million, or $2.25 per share diluted
$191.5 million, or $1.70 per share diluted
Pre-Tax Income
$311.2 million
$253.8 million
Pre-Tax Inventory Impairments included in Home Sales Costs of Revenues
$1.5 million
$8.0 million
Home Sales Revenues
$1.93 billion and 1,927 units
$1.75 billion and 1,826 units
Net Signed Contracts
$2.06 billion and 2,042 units
$1.45 billion and 1,461 units
Net Signed Contracts per Community
5.6 units
4.3 units
Quarter-End Backlog
$7.08 billion and 6,693 units
$8.58 billion and 7,733 units
Average Price per Home in Backlog
$1,058,000
$1,110,200
Home Sales Gross Margin27.6 %25.6 %
Adjusted Home Sales Gross Margin28.9 %27.5 %
Interest Included in Home Sales Cost of Revenues, as a percentage of Home Sales Revenues1.2 %1.4 %
SG&A, as a percentage of Home Sales Revenues11.9 %12.1 %
Income from Operations
$308.4 million, or 15.8% of total revenues
$225.3 million, or 12.7% of total revenues
Other Income, Income from Unconsolidated Entities, and Gross Margin from Land Sales and Other
$8.6 million
$16.8 million
Pre-Tax Land and Other Impairments included in Land Sales and Other Costs of Revenues$— 
$13.0 million
Quarterly Cancellations as a Percentage of Beginning-Quarter Backlog2.9 %3.0 %
Quarterly Cancellations as a Percentage of Signed Contracts in Quarter8.6 %14.3 %
Additional Information:
The Company ended its FY 2024 first quarter with approximately $754.8 million in cash and cash equivalents, compared to $1.30 billion at FYE 2023 and $791.6 million at FY 2023’s first quarter end. At FY 2024 first quarter end, the Company also had $1.8 billion available under its $1.9 billion revolving credit facility, which is scheduled to mature in February 2028.
On January 26, 2024, the Company paid its quarterly dividend of $0.21 per share to shareholders of record at the close of business on January 12, 2024.
2


Stockholders' Equity at FY 2024 first quarter end was $7.02 billion, compared to $6.80 billion at FYE 2023.
FY 2024's first quarter-end book value per share was $67.29 per share, compared to $65.49 at FYE 2023.
The Company ended its FY 2024's first quarter with a debt-to-capital ratio of 28.0%, compared to 29.6% at FY 2023’s fourth quarter end and 34.1% at FY 2023's first quarter end. The Company ended FY 2024’s first quarter with a net debt-to-capital ratio(1) of 21.4%, compared to 17.7% at FY 2023’s fourth quarter end, and 27.5% at FY 2023's first quarter end.
The Company ended FY 2024’s first quarter with approximately 70,400 lots owned and optioned, compared to 70,700 one quarter earlier, and 71,300 one year earlier. Approximately 51% or 36,000, of these lots were owned, of which approximately 18,400 lots, including those in backlog, were substantially improved.
In the first quarter of FY 2024, the Company spent approximately $463.2 million on land to purchase approximately 2,620 lots.
The Company ended FY 2024’s first quarter with 377 selling communities, compared to 370 at FY 2023’s fourth quarter end and 328 at FY 2023’s first quarter end.
(1)    See “Reconciliation of Non-GAAP Measures” below for more information on the calculation of the Company’s net debt-to-capital ratio.
Toll Brothers will be broadcasting live via the Investor Relations section of its website, investors.TollBrothers.com, a conference call hosted by chairman and chief executive officer Douglas C. Yearley, Jr. at 8:30 a.m. (ET) Wednesday, February 21, 2024, to discuss these results and its outlook for the second quarter and FY 2024. To access the call, enter the Toll Brothers website, click on the Investor Relations page, and select “Events & Presentations.” Participants are encouraged to log on at least fifteen minutes prior to the start of the presentation to register and download any necessary software.
The call can be heard live with an online replay which will follow.
ABOUT TOLL BROTHERS
Toll Brothers, Inc., a Fortune 500 Company, is the nation's leading builder of luxury homes. The Company was founded 57 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, insurance, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations.
In 2024, Toll Brothers marked 10 years in a row being named to the Fortune World’s Most Admired Companies™ list. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com.
Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website (investors.TollBrothers.com).
From Fortune, ©2024 Fortune Media IP Limited. All rights reserved. Used under license.

3


FORWARD-LOOKING STATEMENTS
Information presented herein for the first quarter ended January 31, 2024 is subject to finalization of the Company's regulatory filings, related financial and accounting reporting procedures and external auditor procedures.
This release contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these statements by the fact that they do not relate to matters of a strictly historical or factual nature and generally discuss or relate to future events. These statements contain words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “may,” “can,” “could,” “might,” “should,” “likely,” “will,” and other words or phrases of similar meaning. Such statements may include, but are not limited to, information and statements regarding: expectations regarding inflation and interest rates; the markets in which we operate or may operate; our strategic priorities; our land acquisition, land development and capital allocation priorities; market conditions; demand for our homes; our build-to-order and spec home strategy; anticipated operating results and guidance; home deliveries; financial resources and condition; changes in revenues; changes in profitability; changes in margins; changes in accounting treatment; cost of revenues, including expected labor and material costs; selling, general, and administrative expenses; interest expense; inventory write-downs; home warranty and construction defect claims; unrecognized tax benefits; anticipated tax refunds; sales paces and prices; effects of home buyer cancellations; growth and expansion; joint ventures in which we are involved; anticipated results from our investments in unconsolidated entities; our ability to acquire or dispose of land and pursue real estate opportunities; our ability to gain approvals and open new communities; our ability to market, construct and sell homes and properties; our ability to deliver homes from backlog; our ability to secure materials and subcontractors; our ability to produce the liquidity and capital necessary to conduct normal business operations or to expand and take advantage of opportunities; and the outcome of legal proceedings, investigations, and claims.
Any or all of the forward-looking statements included in this release are not guarantees of future performance and may turn out to be inaccurate. This can occur as a result of incorrect assumptions or as a consequence of known or unknown risks and uncertainties. The major risks and uncertainties – and assumptions that are made – that affect our business and may cause actual results to differ from these forward-looking statements include, but are not limited to:
the effect of general economic conditions, including employment rates, housing starts, inflation rates, interest and mortgage rates, availability of financing for home mortgages and strength of the U.S. dollar;
market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions;
the availability of desirable and reasonably priced land and our ability to control, purchase, hold and develop such land;
access to adequate capital on acceptable terms;
geographic concentration of our operations;
levels of competition;
the price and availability of lumber, other raw materials, home components and labor;
the effect of U.S. trade policies, including the imposition of tariffs and duties on home building products and retaliatory measures taken by other countries;
the effects of weather and the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, unavailability of insurance, and shortages and price increases in labor or materials associated with such natural disasters;
risks arising from acts of war, terrorism or outbreaks of contagious diseases, such as Covid-19;
federal and state tax policies;
transportation costs;
the effect of land use, environment and other governmental laws and regulations;
legal proceedings or disputes and the adequacy of reserves;
4


risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, indebtedness, financial condition, losses and future prospects;
the effect of potential loss of key management personnel;
changes in accounting principles;
risks related to unauthorized access to our computer systems, theft of our and our homebuyers’ confidential information or other forms of cyber-attack; and
other factors described in “Risk Factors” included in our Annual Report on Form 10-K for the year ended October 31, 2023 and in subsequent filings we make with the Securities and Exchange Commission (“SEC”).
Many of the factors mentioned above or in other reports or public statements made by us will be important in determining our future performance. Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements.
Forward-looking statements speak only as of the date they are made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.
For a further discussion of factors that we believe could cause actual results to differ materially from expected and historical results, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K filed with the SEC and in subsequent reports filed with the SEC. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995, and all of our forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referenced in this section.
5


TOLL BROTHERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)

January 31,
2024
October 31,
2023
(Unaudited)
ASSETS
Cash and cash equivalents$754,793 $1,300,068 
Inventory9,581,482 9,057,578 
Property, construction and office equipment - net321,668 323,990 
Receivables, prepaid expenses and other assets702,030 691,256 
Mortgage loans held for sale73,270 110,555 
Customer deposits held in escrow92,901 84,530 
Investments in unconsolidated entities995,811 959,041 
$12,521,955 $12,527,018 
LIABILITIES AND EQUITY
Liabilities:
Loans payable$1,064,149 $1,164,224 
Senior notes1,596,414 1,596,185 
Mortgage company loan facility63,194 100,058 
Customer deposits534,367 540,718 
Accounts payable610,459 597,582 
Accrued expenses1,463,546 1,548,781 
Income taxes payable154,181 166,268 
Total liabilities5,486,310 5,713,816 
Equity:
Stockholders’ Equity
Common stock, 112,937 shares issued at January 31, 2024 and October 31, 20231,129 1,129 
Additional paid-in capital685,941 698,548 
Retained earnings6,892,821 6,675,719 
Treasury stock, at cost — 8,627 and 9,146 shares at January 31, 2024 and October 31, 2023, respectively(597,632)(619,150)
Accumulated other comprehensive income37,012 40,910 
Total stockholders' equity7,019,271 6,797,156 
Noncontrolling interest16,374 16,046 
Total equity7,035,645 6,813,202 
$12,521,955 $12,527,018 


6



TOLL BROTHERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data and percentages)
(Unaudited)

Three Months Ended
January 31,
 20242023
$%$%
Revenues:
Home sales$1,931,836 $1,749,422 
Land sales and other16,012 30,747 
1,947,848 1,780,169 
Cost of revenues:
Home sales1,399,226 72.4 %1,300,923 74.4 %
Land sales and other10,161 63.5 %42,435 138.0 %
1,409,387 1,343,358 
Gross margin - home sales532,610 27.6 %448,499 25.6 %
Gross margin - land sales and other5,851 36.5 %(11,688)(38.0)%
Selling, general and administrative expenses230,046 11.9 %211,497 12.1 %
Income from operations308,415 225,314 
Other:
Loss from unconsolidated entities(9,172)(4,433)
Other income - net11,918 32,915 
Income before income taxes311,161 253,796 
Income tax provision71,603 62,266 
Net income$239,558 $191,530 
Per share:
Basic earnings$2.28 $1.72 
Diluted earnings$2.25 $1.70 
Cash dividend declared$0.21 $0.20 
Weighted-average number of shares:
Basic105,122 111,397 
Diluted106,265 112,336 
Effective tax rate23.0%24.5%

7


TOLL BROTHERS, INC. AND SUBSIDIARIES
SUPPLEMENTAL DATA
(Amounts in thousands)
(unaudited)

Three Months Ended
January 31,
 20242023
Inventory impairments and write-offs included in home sales cost of revenues:
Pre-development costs and option write offs
$1,471 $2,604 
Land owned for future communities— — 
Land owned for operating communities
— 5,400 
$1,471 $8,004 
Land and other impairments included in land sales and other cost of revenues$— $13,000 
Depreciation and amortization$15,693 $15,482 
Interest incurred$28,759 $33,047 
Interest expense:
Charged to home sales cost of revenues$23,578 $25,080 
Charged to land sales and other cost of revenues294 3,477 
$23,872 $28,557 
Home sites controlled:January 31,
2024
January 31,
2023
Owned36,014 36,912 
Optioned34,435 34,346 
70,449 71,258 

Inventory at January 31, 2024 and October 31, 2023 consisted of the following (amounts in thousands):
January 31,
2024
October 31,
2023
Land and land development costs$2,671,521 $2,631,147 
Construction in progress5,905,093 5,493,278 
Model homes471,356 384,118 
Land deposits and costs of future development533,512 549,035 
$9,581,482 $9,057,578 


8


Toll Brothers operates in the following five geographic segments, with current operations generally located in the states listed below:
North: Connecticut, Delaware, Illinois, Massachusetts, Michigan, New Jersey, New York and Pennsylvania
Mid-Atlantic: Georgia, Maryland, North Carolina, Tennessee and Virginia
South: Florida, South Carolina and Texas
Mountain: Arizona, Colorado, Idaho, Nevada and Utah
Pacific: California, Oregon and Washington

Three Months Ended
January 31,
Units$ (Millions)Average Price Per Unit $
202420232024202320242023
REVENUES
North289 357 $272.6 $322.8 $943,500 $904,200 
Mid-Atlantic277 166 264.1 189.1 $953,600 $1,139,100 
South631 489 532.9 392.9 $844,500 $803,500 
Mountain485 548 453.4 480.2 $934,800 $876,300 
Pacific245 266 409.0 364.8 $1,669,400 $1,371,300 
Home Building1,927 1,826 1,932.0 1,749.8 $1,002,600 $958,300 
Corporate and other(0.2)(0.4)
Total home sales1,927 1,826 1,931.8 1,749.4 $1,002,500 $958,000 
Land sales and other16.0 30.7 
Total Consolidated$1,947.8 $1,780.1 
CONTRACTS
North325 328 $328.8 $315.2 $1,011,700 $961,000 
Mid-Atlantic246 251 238.6 264.1 $970,000 $1,052,200 
South575 415 469.9 328.5 $817,200 $791,600 
Mountain541 299 498.9 263.9 $922,200 $882,600 
Pacific355 168 528.6 282.6 $1,488,900 $1,681,800 
Total Consolidated2,042 1,461 $2,064.8 $1,454.3 $1,011,200 $995,400 
BACKLOG
North992 1,093 $1,020.5 $1,112.5 $1,028,700 $1,017,900 
Mid-Atlantic914 927 928.1 1,035.9 $1,015,400 $1,117,500 
South2,256 2,449 2,030.8 2,289.7 $900,200 $934,900 
Mountain1,633 2,275 1,624.2 2,383.7 $994,600 $1,047,800 
Pacific898 989 1,477.5 1,763.0 $1,645,300 $1,782,600 
Total Consolidated6,693 7,733 $7,081.1 $8,584.8 $1,058,000 $1,110,200 





9


Unconsolidated entities:
Information related to revenues and contracts of entities in which we have an interest for the three-month periods ended January 31, 2024 and 2023, and for backlog at January 31, 2024 and 2023 is as follows:
Units$ (Millions)Average Price Per Unit $
202420232024202320242023
Three months ended January 31,
Revenues— $— $14.8 $— $4,860,300 
Contracts22 23 $21.6 $32.9 $980,900 $1,431,300 
Backlog at January 31,171 101 $181.5 $114.7 $1,061,700 $1,135,200 

10


RECONCILIATION OF NON-GAAP MEASURES
This press release contains, and Company management’s discussion of the results presented in this press release may include, information about the Company’s adjusted home sales gross margin and the Company’s net debt-to-capital ratio.
These two measures are non-GAAP financial measures which are not calculated in accordance with generally accepted accounting principles (“GAAP”). These non-GAAP financial measures should not be considered a substitute for, or superior to, the comparable GAAP financial measures, and may be different from non-GAAP measures used by other companies in the home building business.
The Company’s management considers these non-GAAP financial measures as we make operating and strategic decisions and evaluate our performance, including against other home builders that may use similar non-GAAP financial measures. The Company’s management believes these non-GAAP financial measures are useful to investors in understanding our operations and leverage and may be helpful in comparing the Company to other home builders to the extent they provide similar information.
Adjusted Home Sales Gross Margin
The following table reconciles the Company’s home sales gross margin as a percentage of home sales revenues (calculated in accordance with GAAP) to the Company’s adjusted home sales gross margin (a non-GAAP financial measure). Adjusted home sales gross margin is calculated as (i) home sales gross margin plus interest recognized in home sales cost of revenues plus inventory write-downs recognized in home sales cost of revenues divided by (ii) home sales revenues.
Adjusted Home Sales Gross Margin Reconciliation
(Amounts in thousands, except percentages)
Three Months Ended
January 31,
20242023
Revenues - home sales$1,931,836 $1,749,422 
Cost of revenues - home sales1,399,226 1,300,923 
Home sales gross margin532,610 448,499 
Add:Interest recognized in cost of revenues - home sales23,578 25,080 
Inventory impairments and write-offs in cost of revenues - home sales1,471 8,004 
Adjusted home sales gross margin$557,659 $481,583 
Home sales gross margin as a percentage of home sale revenues27.6 %25.6 %
Adjusted home sales gross margin as a percentage of home sale revenues28.9 %27.5 %

The Company’s management believes adjusted home sales gross margin is a useful financial measure to investors because it allows them to evaluate the performance of our home building operations without the often varying effects of capitalized interest costs and inventory impairments. The use of adjusted home sales gross margin also assists the Company’s management in assessing the profitability of our home building operations and making strategic decisions regarding community location and product mix.

Forward-looking Adjusted Home Sales Gross Margin
The Company has not provided projected second quarter and full FY 2024 home sales gross margin or a GAAP reconciliation for forward-looking adjusted home sales gross margin because such measure cannot be provided without unreasonable efforts on a forward-looking basis, since inventory write-downs are based on future activity and observation and therefore cannot be projected for the second quarter and full FY 2024. The variability of these charges may have a potentially unpredictable, and potentially significant, impact on our second quarter and full FY 2024 home sales gross margin.

11


Net Debt-to-Capital Ratio
The following table reconciles the Company’s ratio of debt to capital (calculated in accordance with GAAP) to the Company’s net debt-to-capital ratio (a non-GAAP financial measure). The net debt-to-capital ratio is calculated as (i) total debt minus mortgage warehouse loans minus cash and cash equivalents divided by (ii) total debt minus mortgage warehouse loans minus cash and cash equivalents plus stockholders’ equity.

Net Debt-to-Capital Ratio Reconciliation
(Amounts in thousands, except percentages)
January 31, 2024October 31, 2023January 31, 2023
Loans payable$1,064,149 $1,164,224 $1,145,646 
Senior notes1,596,414 1,596,185 1,995,439 
Mortgage company loan facility63,194 100,058 71,187 
Total debt2,723,757 2,860,467 3,212,272 
Total stockholders' equity7,019,271 6,797,156 6,201,347 
Total capital$9,743,028 $9,657,623 $9,413,619 
Ratio of debt-to-capital28.0 %29.6 %34.1 %
Total debt$2,723,757 $2,860,467 $3,212,272 
Less:Mortgage company loan facility(63,194)(100,058)(71,187)
Cash and cash equivalents (754,793)(1,300,068)(791,609)
Total net debt1,905,770 1,460,341 2,349,476 
Total stockholders' equity7,019,271 6,797,156 6,201,347 
Total net capital$8,925,041 $8,257,497 $8,550,823 
Net debt-to-capital ratio21.4 %17.7 %27.5 %

The Company’s management uses the net debt-to-capital ratio as an indicator of its overall leverage and believes it is a useful financial measure to investors in understanding the leverage employed in the Company’s operations.
###

12
EX-101.SCH 3 tol-20240220.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 0000001 - Document - Document Type Document link:presentationLink link:calculationLink link:definitionLink EX-101.LAB 4 tol-20240220_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Written Communications Written Communications Title of 12(b) Security Title of 12(b) Security Security Exchange Name Security Exchange Name Local Phone Number Local Phone Number Trading Symbol Trading Symbol Entity Incorporation, State or Country Code Entity Incorporation, State or Country Code Entity Address, State or Province Entity Address, State or Province Document Period End Date Document Period End Date Pre-commencement Issuer Tender Offer Pre-commencement Issuer Tender Offer Cover page. Cover [Abstract] Pre-commencement Tender Offer Pre-commencement Tender Offer Entity Emerging Growth Company Entity Emerging Growth Company Soliciting Material Soliciting Material Entity Address, Postal Zip Code Entity Address, Postal Zip Code City Area Code City Area Code Document Type Document Type Entity Central Index Key Entity Central Index Key Amendment Flag Amendment Flag Entity File Number Entity File Number Entity Tax Identification Number Entity Tax Identification Number Entity Address, City or Town Entity Address, City or Town Entity Address, Address Line One Entity Address, Address Line One Entity Registrant Name Entity Registrant Name EX-101.PRE 5 tol-20240220_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 6 R1.htm IDEA: XBRL DOCUMENT v3.24.0.1
Document Type Document
Feb. 20, 2024
Cover [Abstract]  
Amendment Flag false
Entity Central Index Key 0000794170
Entity Emerging Growth Company false
Security Exchange Name NYSE
Trading Symbol TOL
Title of 12(b) Security Common stock, par value $0.01 per share
Pre-commencement Issuer Tender Offer false
Pre-commencement Tender Offer false
Soliciting Material false
Written Communications false
Local Phone Number 938-8000
City Area Code 215
Entity Address, Postal Zip Code 19034
Entity Address, State or Province PA
Entity Address, City or Town Fort Washington
Entity Address, Address Line One 1140 Virginia Drive
Entity Tax Identification Number 23-2416878
Entity File Number 001-09186
Entity Incorporation, State or Country Code DE
Entity Registrant Name Toll Brothers, Inc.
Document Period End Date Feb. 20, 2024
Document Type 8-K
EXCEL 8 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 9 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 10 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 12 FilingSummary.xml IDEA: XBRL DOCUMENT 3.24.0.1 html 1 22 1 false 0 0 false 0 false false R1.htm 0000001 - Document - Document Type Document Sheet http://www.tollbrothers.com/role/DocumentTypeDocument Document Type Document Cover 1 false false All Reports Book All Reports tol-20240220.htm tol-20240220.xsd tol-20240220_lab.xml tol-20240220_pre.xml http://xbrl.sec.gov/dei/2023 true false JSON 15 MetaLinks.json IDEA: XBRL DOCUMENT { "version": "2.2", "instance": { "tol-20240220.htm": { "nsprefix": "tol", "nsuri": "http://www.tollbrothers.com/20240220", "dts": { "inline": { "local": [ "tol-20240220.htm" ] }, "schema": { "local": [ "tol-20240220.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "https://www.xbrl.org/dtr/type/2022-03-31/types.xsd", "https://xbrl.sec.gov/dei/2023/dei-2023.xsd" ] }, "labelLink": { "local": [ "tol-20240220_lab.xml" ] }, "presentationLink": { "local": [ "tol-20240220_pre.xml" ] } }, "keyStandard": 22, "keyCustom": 0, "axisStandard": 0, "axisCustom": 0, "memberStandard": 0, "memberCustom": 0, "hidden": { "total": 3, "http://xbrl.sec.gov/dei/2023": 3 }, "contextCount": 1, "entityCount": 1, "segmentCount": 0, "elementCount": 23, "unitCount": 0, "baseTaxonomies": { "http://xbrl.sec.gov/dei/2023": 23 }, "report": { "R1": { "role": "http://www.tollbrothers.com/role/DocumentTypeDocument", "longName": "0000001 - Document - Document Type Document", "shortName": "Document Type Document", "isDefault": "true", "groupType": "document", "subGroupType": "", "menuCat": "Cover", "order": "1", "firstAnchor": { "contextRef": "c-1", "name": "dei:EntityEmergingGrowthCompany", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "tol-20240220.htm", "first": true, "unique": true }, "uniqueAnchor": { "contextRef": "c-1", "name": "dei:EntityEmergingGrowthCompany", "unitRef": null, "xsiNil": "false", "lang": "en-US", "decimals": null, "ancestors": [ "span", "div", "body", "html" ], "reportCount": 1, "baseRef": "tol-20240220.htm", "first": true, "unique": true } } }, "tag": { "dei_AmendmentFlag": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "AmendmentFlag", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Amendment Flag", "label": "Amendment Flag", "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission." } } }, "auth_ref": [] }, "dei_CityAreaCode": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "CityAreaCode", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "City Area Code", "label": "City Area Code", "documentation": "Area code of city" } } }, "auth_ref": [] }, "dei_CoverAbstract": { "xbrltype": "stringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "CoverAbstract", "lang": { "en-us": { "role": { "terseLabel": "Cover page.", "label": "Cover [Abstract]", "documentation": "Cover page." } } }, "auth_ref": [] }, "dei_DocumentPeriodEndDate": { "xbrltype": "dateItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentPeriodEndDate", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Document Period End Date", "label": "Document Period End Date", "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD." } } }, "auth_ref": [] }, "dei_DocumentType": { "xbrltype": "submissionTypeItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "DocumentType", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Document Type", "label": "Document Type", "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'." } } }, "auth_ref": [] }, "dei_EntityAddressAddressLine1": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressAddressLine1", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Address, Address Line One", "label": "Entity Address, Address Line One", "documentation": "Address Line 1 such as Attn, Building Name, Street Name" } } }, "auth_ref": [] }, "dei_EntityAddressCityOrTown": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressCityOrTown", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Address, City or Town", "label": "Entity Address, City or Town", "documentation": "Name of the City or Town" } } }, "auth_ref": [] }, "dei_EntityAddressPostalZipCode": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressPostalZipCode", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Address, Postal Zip Code", "label": "Entity Address, Postal Zip Code", "documentation": "Code for the postal or zip code" } } }, "auth_ref": [] }, "dei_EntityAddressStateOrProvince": { "xbrltype": "stateOrProvinceItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityAddressStateOrProvince", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Address, State or Province", "label": "Entity Address, State or Province", "documentation": "Name of the state or province." } } }, "auth_ref": [] }, "dei_EntityCentralIndexKey": { "xbrltype": "centralIndexKeyItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityCentralIndexKey", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Central Index Key", "label": "Entity Central Index Key", "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK." } } }, "auth_ref": [ "r1" ] }, "dei_EntityEmergingGrowthCompany": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityEmergingGrowthCompany", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Emerging Growth Company", "label": "Entity Emerging Growth Company", "documentation": "Indicate if registrant meets the emerging growth company criteria." } } }, "auth_ref": [ "r1" ] }, "dei_EntityFileNumber": { "xbrltype": "fileNumberItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityFileNumber", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Entity File Number", "label": "Entity File Number", "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen." } } }, "auth_ref": [] }, "dei_EntityIncorporationStateCountryCode": { "xbrltype": "edgarStateCountryItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityIncorporationStateCountryCode", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Incorporation, State or Country Code", "label": "Entity Incorporation, State or Country Code", "documentation": "Two-character EDGAR code representing the state or country of incorporation." } } }, "auth_ref": [] }, "dei_EntityRegistrantName": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityRegistrantName", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Registrant Name", "label": "Entity Registrant Name", "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC." } } }, "auth_ref": [ "r1" ] }, "dei_EntityTaxIdentificationNumber": { "xbrltype": "employerIdItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "EntityTaxIdentificationNumber", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Entity Tax Identification Number", "label": "Entity Tax Identification Number", "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS." } } }, "auth_ref": [ "r1" ] }, "dei_LocalPhoneNumber": { "xbrltype": "normalizedStringItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "LocalPhoneNumber", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Local Phone Number", "label": "Local Phone Number", "documentation": "Local phone number for entity." } } }, "auth_ref": [] }, "dei_PreCommencementIssuerTenderOffer": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "PreCommencementIssuerTenderOffer", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Pre-commencement Issuer Tender Offer", "label": "Pre-commencement Issuer Tender Offer", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act." } } }, "auth_ref": [ "r3" ] }, "dei_PreCommencementTenderOffer": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "PreCommencementTenderOffer", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Pre-commencement Tender Offer", "label": "Pre-commencement Tender Offer", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act." } } }, "auth_ref": [ "r4" ] }, "dei_Security12bTitle": { "xbrltype": "securityTitleItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "Security12bTitle", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Title of 12(b) Security", "label": "Title of 12(b) Security", "documentation": "Title of a 12(b) registered security." } } }, "auth_ref": [ "r0" ] }, "dei_SecurityExchangeName": { "xbrltype": "edgarExchangeCodeItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "SecurityExchangeName", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Security Exchange Name", "label": "Security Exchange Name", "documentation": "Name of the Exchange on which a security is registered." } } }, "auth_ref": [ "r2" ] }, "dei_SolicitingMaterial": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "SolicitingMaterial", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Soliciting Material", "label": "Soliciting Material", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act." } } }, "auth_ref": [ "r5" ] }, "dei_TradingSymbol": { "xbrltype": "tradingSymbolItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "TradingSymbol", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Trading Symbol", "label": "Trading Symbol", "documentation": "Trading symbol of an instrument as listed on an exchange." } } }, "auth_ref": [] }, "dei_WrittenCommunications": { "xbrltype": "booleanItemType", "nsuri": "http://xbrl.sec.gov/dei/2023", "localname": "WrittenCommunications", "presentation": [ "http://www.tollbrothers.com/role/DocumentTypeDocument" ], "lang": { "en-us": { "role": { "terseLabel": "Written Communications", "label": "Written Communications", "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act." } } }, "auth_ref": [ "r6" ] } } } }, "std_ref": { "r0": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "b" }, "r1": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "b-2" }, "r2": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "12", "Subsection": "d1-1" }, "r3": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "13e", "Subsection": "4c" }, "r4": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Number": "240", "Section": "14d", "Subsection": "2b" }, "r5": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Exchange Act", "Section": "14a", "Number": "240", "Subsection": "12" }, "r6": { "role": "http://www.xbrl.org/2003/role/presentationRef", "Publisher": "SEC", "Name": "Securities Act", "Number": "230", "Section": "425" } } } ZIP 16 0000794170-24-000011-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000794170-24-000011-xbrl.zip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end XML 17 tol-20240220_htm.xml IDEA: XBRL DOCUMENT 0000794170 2024-02-20 2024-02-20 0000794170 false 8-K 8-K 2024-02-20 Toll Brothers, Inc. DE 001-09186 23-2416878 1140 Virginia Drive Fort Washington PA 19034 215 938-8000 false false false false Common stock, par value $0.01 per share TOL NYSE false