XML 42 R22.htm IDEA: XBRL DOCUMENT v3.24.4
Other Income - Net
 12 Months Ended
Oct. 31, 2024
Other Income and Expenses [Abstract]  
Other Income - net [Text Block] Other Income – Net
The table below provides the significant components of “Other income – net” for the years ended October 31, 2024, 2023, and 2022 (amounts in thousands):
202420232022
Interest income$38,497 $35,133 $6,180 
Income from ancillary businesses19,534 2,846 24,668 
Management fee income earned by home building operations4,297 4,462 7,968 
Gain on litigation settlements – net— 27,683 141,234 
Other6,968 (2,606)(8,673)
Total other income – net$69,296 $67,518 $171,377 
In fiscal 2022, we entered into a $192.5 million settlement agreement with Southern California Gas Company to resolve our claims associated with a natural gas leak that occurred from October 2015 through February 2016 at the Aliso Canyon underground storage facility located near certain of our communities in southern California. As a result, net of legal fees and expenses, we recorded a pre-tax gain of $148.4 million, of which $141.2 million was recorded in Other Income - net in our Consolidated Statements of Operations and Comprehensive Income in fiscal 2022. The remainder was recorded as an offset to previously incurred expenses. Coincident with this settlement, we seeded a new Toll Brothers charitable foundation with $10.0 million which was recorded in Selling, general and administrative in our Consolidated Statements of Operations and Comprehensive Income in fiscal 2022.
Income from ancillary businesses is generated by our mortgage, title, landscaping, smart home technology, apartment living, city living, and golf course and country club operations. The table below provides revenues and expenses for these ancillary businesses for the years ended October 31, 2024, 2023, and 2022 (amounts in thousands):
202420232022
Revenues$165,615 $140,272 $135,510 
Expenses$146,081 $137,426 $110,842 
In fiscal 2024 and 2022, our smart home technology business recognized gains of $4.4 million and $9.0 million, respectively, from bulk sales of security monitoring accounts, which is included in income from ancillary businesses above. No similar gains were recognized in fiscal 2023.
In fiscal 2024, 2023 and 2022, we recognized $8.9 million and $8.4 million, and $0.3 million, of write-offs related to previously incurred costs that we believed not to be recoverable in our apartment rental development business operations, respectively.
In fiscal 2024 and 2023, income from ancillary businesses included management fees earned on our apartment rental development, high-rise urban luxury condominium, and other unconsolidated entities and operations totaling $35.7 million and $34.7 million, respectively. In fiscal 2022, income from ancillary businesses included management fees earned on our apartment rental development and other unconsolidated entities and operations totaling $25.9 million. Prior to fiscal 2023, management fees earned on our high-rise luxury condominium unconsolidated entities were included in “Management fees earned by home building operations” above.