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Note 3 - Summary of Significant Accounting Policies (Detail) - Interest Costs Incurred, Expensed and Capitalized (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Oct. 31, 2012
Oct. 31, 2011
Oct. 31, 2010
Interest capitalized $ 121,441 [1] $ 136,288 [1] $ 164,340
Plus interest incurred(1) 147,048 [2] 156,998 [2] 154,307 [2]
Less cost of sales interest expensed 54,538 74,676 84,440
Less other interest expensed(2)(3) 97,895 [3],[4] 97,169 [3],[4] 97,919 [3],[4]
Interest capitalized $ 116,056 [1] $ 121,441 [1] $ 136,288 [1]
[1] We have incurred significant inventory impairments in recent years, which are determined based on total inventory including capitalized interest. However, the capitalized interest amounts above are shown gross before allocating any portion of the impairments to capitalized interest.
[2] Data does not include interest incurred by our mortgage and finance subsidiaries.
[3] Other interest expensed is comprised of interest that does not qualify for capitalization because our assets that qualify for interest capitalization (inventory under development) do not exceed our debt. Interest on completed homes and land in planning which does not qualify for capitalization is expensed.
[4] Cash paid for interest, net of capitalized interest is the sum of other interest expensed, as defined above, and interest paid by our mortgage and finance subsidiaries adjusted for the change in accrued interest, which is calculated as follows: