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Fair Value Disclosures (Tables) | 12 Months Ended
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Oct. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
Summary of assets and (liabilities), measured at fair value on a recurring basis | A summary of assets and (liabilities) at October 31, 2021 and 2020, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (amounts in thousands):
|  |  |  | Fair value
Financial Instrument |  | Fair value hierarchy |  | October 31, 2021 |  | October 31, 2020
Residential Mortgage Loans Held for Sale |  | Level 2 |  | $ | 247,211 |  |  | $ | 231,797 |
Forward Loan Commitments – Residential Mortgage Loans Held for Sale |  | Level 2 |  | $ | 1,782 |  |  | $ | (31) |
Interest Rate Lock Commitments (“IRLCs”) |  | Level 2 |  | $ | (1,773) |  |  | $ | 628 |
Forward Loan Commitments – IRLCs |  | Level 2 |  | $ | 1,773 |  |  | $ | (628) |
Interest Rate Swap Contracts |  | Level 2 |  | $ | 10,330 |  |  | $ | — |
Aggregate unpaid principal and fair value of mortgage loans held for sale | The table below provides, for the periods indicated, the aggregate unpaid principal and fair value of mortgage loans held for sale as of the date indicated (amounts in thousands):
At October 31, |  | Aggregate unpaid principal balance |  | Fair value |  | Excess
2021 |  | $ | 244,467 |  |  | $ | 247,211 |  |  | $ | 2,744 |
2020 |  | $ | 225,826 |  |  | $ | 231,797 |  |  | $ | 5,971 |
Fair value of inventory adjusted for impairment | The table below provides, for the periods indicated, the number of operating communities that we reviewed for potential impairment, the number of operating communities in which we recognized impairment charges, the amount of impairment charges recognized, and, as of the end of the period indicated, the fair value of those communities, net of impairment charges ($ amounts in thousands):
|  |  |  | Impaired operating communities
Three months ended: |  | Number of communities tested |  | Number of communities |  | Fair value of communities, net of impairment charges |  | Impairment charges recognized
Fiscal 2021: |  |  |  |  |  |  |  |
January 31 |  | 53 |  |  | 1 |  |  | $ | 419 |  |  | $ | 1,100 |
April 30 |  | 27 |  |  | — |  |  | $ | — |  |  | — |
July 31 |  | 18 |  |  | — |  |  | $ | — |  |  | — |
October 31 |  | 21 |  |  | — |  |  | $ | — |  |  | — |
|  |  |  |  |  |  |  | $ | 1,100 |
Fiscal 2020: |  |  |  |  |  |  |  |
January 31 |  | 65 |  |  | — |  |  | $ | — |  |  | $ | — |
April 30 |  | 80 |  |  | 1 |  |  | $ | 2,754 |  |  | 300 |
July 31 |  | 66 |  |  | — |  |  | $ | — |  |  | — |
October 31 |  | 53 |  |  | 1 |  |  | $ | 1,113 |  |  | 375 |
|  |  |  |  |  |  |  | $ | 675 |
Fiscal 2019: |  |  |  |  |  |  |  |
January 31 |  | 49 |  |  | 5 |  |  | $ | 37,282 |  |  | $ | 5,785 |
April 30 |  | 64 |  |  | 6 |  |  | $ | 36,159 |  |  | 17,495 |
July 31 |  | 69 |  |  | 3 |  |  | $ | 5,436 |  |  | 1,100 |
October 31 |  | 71 |  |  | 7 |  |  | $ | 18,910 |  |  | 6,695 |
|  |  |  |  |  |  |  | $ | 31,075 |
Book value and estimated fair value of the Company's debt | The table below provides, as of the dates indicated, the book value and estimated fair value of our debt at October 31, 2021 and 2020 (amounts in thousands):
|  |  | 2021 |  | 2020
| Fair value hierarchy |  | Book value |  | Estimated fair value |  | Book value |  | Estimated fair value
Loans payable (1) | Level 2 |  | $ | 1,014,042 |  |  | $ | 1,021,662 |  |  | $ | 1,151,257 |  |  | $ | 1,157,315 |
Senior notes (2) | Level 1 |  | 2,409,856 |  |  | 2,577,818 |  |  | 2,669,876 |  |  | 2,888,822 |
Mortgage company loan facility (3) | Level 2 |  | 147,512 |  |  | 147,512 |  |  | 148,611 |  |  | 148,611 |
|  |  | $ | 3,571,410 |  |  | $ | 3,746,992 |  |  | $ | 3,969,744 |  |  | $ | 4,194,748 |
(1)The estimated fair value of loans payable was based upon contractual cash flows discounted at interest rates that we believed were available to us for loans with similar terms and remaining maturities as of the applicable valuation date. (2)The estimated fair value of our senior notes is based upon their market prices as of the applicable valuation date. (3)We believe that the carrying value of our mortgage company loan borrowings approximates their fair value.

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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