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Inventory (Tables) | 12 Months Ended
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Oct. 31, 2024
Inventory Disclosure [Abstract] |
Inventory | Major components of inventory at October 31, 2024 and 2023 consisted of the following (amounts in thousands):
| October 31, 2024 |  | October 31, 2023
Land deposits and costs of future communities | $ | 620,040 |  |  | $ | 549,035 |
Land and land development costs | 2,532,221 |  |  | 2,631,147 |
Land and land development costs associated with homes under construction | 3,617,266 |  |  | 2,916,334 |
Total land and land development costs | 6,769,527 |  |  | 6,096,516 |
Homes under construction | 2,458,541 |  |  | 2,515,484 |
Model homes (1) | 484,857 |  |  | 445,578 |
| $ | 9,712,925 |  |  | $ | 9,057,578 |
(1) Includes the allocated land and land development costs associated with each of our model homes in operation. The following table provides a summary of the composition of our inventory based on community status at October 31, 2024 and October 31, 2023 (amounts in thousands):
| October 31, 2024 |  | October 31, 2023
Land controlled for future communities | $ | 200,166 |  |  | $ | 173,175 |
Land owned for future communities | 353,030 |  |  | 663,413 |
Operating communities | 9,159,729 |  |  | 8,220,990 |
| $ | 9,712,925 |  |  | $ | 9,057,578 |
Inventory impairment charges and expensing of costs that it is believed not to be recoverable | The amounts we have provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable, included in home sales cost of revenues, in each of the three fiscal years ended October 31, 2024, 2023, and 2022, are shown in the table below (amounts in thousands):
| 2024 |  | 2023 |  | 2022
Land controlled for future communities | $ | 6,676 |  |  | $ | 10,712 |  |  | $ | 13,051 |
Land owned for future communities | — |  |  | 1,493 |  |  | 19,690 |
Operating communities | 52,765 |  |  | 18,501 |  |  | — |
| $ | 59,441 |  |  | $ | 30,706 |  |  | $ | 32,741 |
Interest incurred, capitalized and expensed | Interest incurred, capitalized, and expensed in each of the three fiscal years ended October 31, 2024, 2023, and 2022, was as follows (amounts in thousands):
| 2024 |  | 2023 |  | 2022
Interest capitalized, beginning of year | $ | 190,550 |  |  | $ | 209,468 |  |  | $ | 253,938 |
Interest incurred | 128,743 |  |  | 140,426 |  |  | 135,029 |
Interest expensed to home sales cost of revenues | (128,962) |  |  | (139,410) |  |  | (164,831) |
Interest expensed to land sales and other cost of revenues | (3,142) |  |  | (10,787) |  |  | (5,788) |
Interest capitalized on investments in unconsolidated entities | (8,404) |  |  | (9,783) |  |  | (6,699) |
Previously capitalized interest transferred to investments in unconsolidated entities | — |  |  | (244) |  |  | (2,412) |
Previously capitalized interest on investments in unconsolidated entities transferred to inventory | 1,012 |  |  | 880 |  |  | 231 |
Interest capitalized, end of year | $ | 179,797 |  |  | $ | 190,550 |  |  | $ | 209,468 |

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