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These excerpts taken from the TOL 10-K filed Dec 19, 2008. Revenues
and Costs — Percentage of Completion
We were developing several projects for which we recognized
revenues and costs using the percentage of completion method of
accounting. Revenues and costs of individual projects were
recognized on the individual project’s aggregate value of
units for which home buyers had signed binding agreements of
sale and were based on the percentage of total estimated
construction costs that had been incurred. Total estimated
revenues and construction costs were reviewed periodically, and
any changes were applied to current and future periods. In
fiscal 2007 and 2006, we recognized $139.5 million and
$170.1 million of revenues, respectively, and
$109.0 million and $132.3 million of costs,
respectively, on these projects. In fiscal 2007, cost of
revenues as a percentage of revenues recognized of 78.1% was
slightly higher than the fiscal 2006 percentage of 77.8%.
The increase was due primarily to cost increases and a change in
the mix of revenues recognized in fiscal 2007 to more costly
projects. In fiscal 2007, we delivered $263.3 million (336
homes) in projects for which we are using the percentage of
completion method of accounting.
At October 31, 2007, our backlog of homes in communities
that we accounted for using the percentage of completion method
of accounting was $30.2 million (net of $55.2 million
of revenue recognized) compared to $154.3 million at
October 31, 2006 (net of $170.1 million of revenue
recognized). The decline in the backlog at October 31, 2007
was primarily the result of the recognition of revenues and a
decline in contracts signed.
Revenues and Costs — Percentage of Completion We were developing several projects for which we recognized revenues and costs using the percentage of completion method of accounting. Revenues and costs of individual projects were recognized on the individual project’s aggregate value of units for which home buyers had signed binding agreements of sale and were based on the percentage of total estimated construction costs that had been incurred. Total estimated revenues and construction costs were reviewed periodically, and any changes were applied to current and future periods. In fiscal 2007 and 2006, we recognized $139.5 million and $170.1 million of revenues, respectively, and $109.0 million and $132.3 million of costs, respectively, on these projects. In fiscal 2007, cost of revenues as a percentage of revenues recognized of 78.1% was slightly higher than the fiscal 2006 percentage of 77.8%. The increase was due primarily to cost increases and a change in the mix of revenues recognized in fiscal 2007 to more costly projects. In fiscal 2007, we delivered $263.3 million (336 homes) in projects for which we are using the percentage of completion method of accounting. At October 31, 2007, our backlog of homes in communities that we accounted for using the percentage of completion method of accounting was $30.2 million (net of $55.2 million of revenue recognized) compared to $154.3 million at October 31, 2006 (net of $170.1 million of revenue recognized). The decline in the backlog at October 31, 2007 was primarily the result of the recognition of revenues and a decline in contracts signed. This excerpt taken from the TOL 10-Q filed Sep 9, 2008. REVENUES
AND COSTS — PERCENTAGE OF COMPLETION
In the nine-month periods ended July 31, 2008 and 2007, we
recognized $39.1 million and $110.9 million of
revenues, respectively, and $32.2 million and
$87.5 million of costs (excluding interest), respectively,
on projects accounted for using the percentage of completion
method. In the three-month periods ended July 31, 2008 and
2007, we recognized $5.6 million and $29.4 million of
revenues, respectively, and $4.7 million and
$24.3 million of costs, respectively, on projects accounted
for using the percentage of completion method. At July 31,
2008, our backlog of homes in communities that we account for
using the percentage of completion method of accounting was
$7.4 million (net of $4.3 million of revenue
recognized), as compared to $75.9 million at July 31,
2007 (net of $48.1 million of revenue recognized). This
decline in backlog at July 31, 2008 was primarily the
result of the delivery of units, the continued recognition of
revenue and a high number of contract cancellations, offset, in
part, by new contracts signed. We expect that this decline will
continue as we recognize revenues, and sell out of existing
projects without replacing them with new projects that qualify
under the accounting rules for the application of the percentage
of completion accounting method.
This excerpt taken from the TOL 10-Q filed Jun 6, 2008. REVENUES
AND COSTS — PERCENTAGE OF COMPLETION
In the six-month periods ended April 30, 2008 and 2007, we
recognized $33.5 million and $81.5 million of
revenues, respectively, and $27.5 million and
$63.3 million of costs, respectively, on projects accounted
for using the percentage of completion method. In the
three-month periods ended April 30, 2008 and 2007, we
recognized $17.7 million and $48.4 million of
revenues, respectively, and $14.6 million and
$37.4 million of costs, respectively, on projects accounted
for using the percentage of completion method. At April 30,
2008, our backlog of homes in communities that we account for
using the percentage of completion method of accounting was
$11.4 million (net of $4.9 million of revenue
recognized) compared to $102.1 million at April 30,
2007 (net of $74.1 million of revenue recognized). The
decline in the backlog at April 30, 2008 was primarily the
result of the delivery of units, the continued recognition of
revenue and a high number of contract cancellations, offset, in
part, by new contracts signed. We expect that this decline will
continue as we recognize revenues, and sell out of existing
projects without replacing them with new projects that qualify
under the accounting rules for the application of the percentage
of completion accounting method.
This excerpt taken from the TOL 10-Q filed Mar 10, 2008. REVENUES
AND COSTS — PERCENTAGE OF COMPLETION
In the three-month periods ended January 31, 2008 and 2007,
we recognized $15.8 million and $33.1 million of
revenues, respectively, and $12.9 million and
$25.9 million of costs, respectively, on projects accounted
for using the percentage of completion method. At
January 31, 2008, our backlog of homes in communities that
we account for using the percentage of completion method of
accounting was $16.6 million (net of $24.3 million of
revenue recognized) compared to $138.7 million at
January 31, 2007 (net of $166.9 million of revenue
recognized). The decline in the backlog at January 31, 2008
was primarily the result of the delivery of units, the continued
recognition of revenue and a high number of contract
cancellations, offset, in part, by new contracts signed. During
the fiscal 2008 period, revenue, contracts and backlog were
negatively impacted by eight contract cancellations from one
project located in our South segment. We expect that this
decline will continue as we recognize revenues, and sell out of
existing projects without replacing them with new projects that
qualify under the accounting rules for the application of the
percentage of completion accounting method.
This excerpt taken from the TOL 10-K filed Dec 21, 2007. Revenues
and Costs — Percentage of Completion
We are developing several projects for which we are recognizing
revenues and costs using the percentage of completion method of
accounting. Revenues and costs of individual projects are
recognized on the individual project’s aggregate value of
units for which home buyers have signed binding agreements of
sale and are based on the percentage of total estimated
construction costs that have been incurred. Total estimated
revenues and construction costs are reviewed periodically, and
any change is applied to current and future periods. In fiscal
2007 and 2006, we recognized $139.5 million and
$170.1 million of revenues, respectively, and
$109.0 million and $132.3 million of costs,
respectively, on these projects. In fiscal 2007, cost of
revenues as a percentage of revenues recognized of 78.1% was
slightly higher than the fiscal 2006 percentage of 77.8%.
The increase was due primarily to cost increases and a change in
the mix of revenues recognized in fiscal 2007 to more costly
projects. In fiscal 2007, we delivered $263.3 million (336
homes) in projects for which we are using the percentage of
completion method of accounting.
Table of Contents
At October 31, 2007, our backlog of homes in communities
that we account for using the percentage of completion method of
accounting was $30.2 million (net of $55.2 million of
revenue recognized) compared to $154.3 million at
October 31, 2006 (net of $170.1 million of revenue
recognized). The decline in the backlog at October 31, 2007
is primarily the result of the recognition of revenues and a
decline in contracts signed. We expect that this decline will
continue as we recognize revenues in the two remaining projects
where we use percentage of completion accounting, and as we sell
out of these projects without replacing them with new ones that
qualify under the accounting rules for the application of the
percentage of completion accounting method. See “New
Accounting Pronouncements” in Note 1 of our
“Notes to Consolidated Financial Statements” for
further information.
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