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Commitments and Contingencies | 9 Months Ended
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Jul. 31, 2013
Commitments and Contingencies [Abstract] |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Legal Proceedings The Company is involved in various claims and litigation arising principally in the ordinary course of business. The Company believes that adequate provision for resolution of all current claims and pending litigation has been made for probable losses and the disposition of these matters will not have a material adverse effect on the Company’s results of operations and liquidity or on its financial condition. Investments in and Advances to Unconsolidated Entities See Note 3, “Investments in and Advances to Unconsolidated Entities,” for more information regarding the Company’s commitments to these entities. Land Purchase Commitments Generally, the Company’s option and purchase agreements to acquire land parcels do not require the Company to purchase those land parcels, although the Company may, in some cases, forfeit any deposit balance outstanding if and when it terminates an option and purchase agreement. If market conditions are weak, approvals needed to develop the land are uncertain or other factors exist that make the purchase undesirable, the Company may not acquire the land. Whether an option and purchase agreement is legally terminated or not, the Company reviews the amount recorded for the land parcel subject to the option and purchase agreement to determine if the amount is recoverable. While the Company may not formally terminate the option and purchase agreements for those land parcels that it does not expect to acquire, it writes off any non-refundable deposits and costs previously capitalized to such land parcels in the periods that it determines such costs are not recoverable. Information regarding the Company’s land purchase commitments, as of the date indicated, is provided in the table below (amounts in thousands):
| July 31, 2013 |  | October 31, 2012
Aggregate purchase commitments: |  |  |
Unrelated parties | $ | 1,520,092 |  |  | $ | 742,918 |
Unconsolidated entities that the Company has investments in | 61,738 |  |  | 4,067 |
Total | $ | 1,581,830 |  |  | $ | 746,985 |
Deposits against aggregate purchase commitments | $ | 71,999 |  |  | $ | 42,921 |
Additional cash required to acquire land | 1,509,831 |  |  | 704,064 |
Total | $ | 1,581,830 |  |  | $ | 746,985 |
Amount of additional cash required to acquire land in accrued expenses | $ | 4,336 |  |  | $ | 4,328 |
In addition, the Company expects to purchase approximately 545 additional lots from a joint venture in which it has a 50% interest. The purchase price of the lots will be determined at a future date. At July 31, 2013, the Company had purchase commitments to acquire land for apartment developments of approximately $61.3 million, of which it had outstanding deposits in the amount of $1.7 million. The Company also had a purchase commitment, subject to completion of due diligence, to acquire a parcel of land for approximately $79.3 million which it intends to develop with one or more partners in a joint venture; the Company intends to purchase a portion of the lots from the joint venture and the joint venture will sell the remaining lots to the other partners or outside builders. The Company has additional land parcels under option that have been excluded from the aforementioned aggregate purchase amounts since it does not believe that it will complete the purchase of these land parcels and no additional funds will be required from the Company to terminate these contracts. Surety Bonds and Letters of Credit At July 31, 2013, the Company had outstanding surety bonds amounting to $427.5 million, primarily related to its obligations to various governmental entities to construct improvements in the Company’s various communities. The Company estimates that $271.1 million of work remains on these improvements. The Company has an additional $64.8 million of surety bonds outstanding that guarantee other obligations of the Company. The Company believes it is not probable that any outstanding bonds will be drawn upon. At July 31, 2013, the Company had outstanding letters of credit of $82.4 million, including $69.6 million under its credit facility and $12.8 million collateralized by restricted cash. These letters of credit were issued to secure various financial obligations of the Company including insurance policy deductibles and other claims, land deposits and security to complete improvements in communities which it is operating. The Company believes it is not probable that any outstanding letters of credit will be drawn upon. On August 1, 2013, the Company entered into a new credit facility and terminated its existing facility. The $69.6 million of letters of credit under its credit facility at July 31, 2013 were transfered to the new facility. See Note 5, "Credit Facility, Senior Notes and Mortgage Company Loan Facility" for more information regarding the Company’s new credit facility. Backlog At July 31, 2013, the Company had agreements of sale outstanding to deliver 4,001 homes with an aggregate sales value of $2.84 billion. Mortgage Commitments The Company’s mortgage subsidiary provides mortgage financing for a portion of the Company’s home closings. For those home buyers to whom the Company’s mortgage subsidiary provides mortgages, it determines whether the home buyer qualifies for the mortgage he or she is seeking based upon information provided by the home buyer and other sources. For those home buyers that qualify, the Company’s mortgage subsidiary provides the home buyer with a mortgage commitment that specifies the terms and conditions of a proposed mortgage loan based upon then-current market conditions. Prior to the actual closing of the home and funding of the mortgage, the home buyer will lock in an interest rate based upon the terms of the commitment. At the time of rate lock, the Company’s mortgage subsidiary agrees to sell the proposed mortgage loan to one of several outside recognized mortgage financing institutions (“investors”) that is willing to honor the terms and conditions, including interest rate, committed to the home buyer. The Company believes that these investors have adequate financial resources to honor their commitments to its mortgage subsidiary. Information regarding the Company’s mortgage commitments, as of the date indicated, is provided in the table below (amounts in thousands):
| July 31, 2013 |  | October 31, 2012
Aggregate mortgage loan commitments: |  |  |
IRLCs | $ | 245,412 |  |  | $ | 111,173 |
Non-IRLCs | 654,433 |  |  | 456,825 |
Total | $ | 899,845 |  |  | $ | 567,998 |
Investor commitments to purchase: |  |  |
IRLCs | $ | 245,412 |  |  | $ | 111,173 |
Mortgage loans receivable | 69,239 |  |  | 80,697 |
Total | $ | 314,651 |  |  | $ | 191,870 |

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14435-108349 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308 + Details
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