XML 62 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9

Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified

3 Months Ended

6 Months Ended

Apr. 30, 2015

Apr. 30, 2014

Apr. 30, 2015

Apr. 30, 2014

Homebuilding:

Total revenues

$ 468,949us-gaap_Revenues

$ 449,929us-gaap_Revenues

$ 914,663us-gaap_Revenues

$ 813,977us-gaap_Revenues

Homebuilding:

Inventory impairment loss and land option write-offs

6,541hov_InventoryImpairmentsAndLandOptionCostWriteOffs

1,186hov_InventoryImpairmentsAndLandOptionCostWriteOffs

Corporate general and administrative

16,493hov_CorporateGeneralAndAdministrative

14,641hov_CorporateGeneralAndAdministrative

33,401hov_CorporateGeneralAndAdministrative

31,033hov_CorporateGeneralAndAdministrative

Other interest

23,030hov_RealEstateInventoryExpenseNotEligibleForCapitalization

^[1],[2]

23,472hov_RealEstateInventoryExpenseNotEligibleForCapitalization

^[1],[2]

48,101hov_RealEstateInventoryExpenseNotEligibleForCapitalization

^[1],[2]

46,805hov_RealEstateInventoryExpenseNotEligibleForCapitalization

^[1],[2]

Other operations

1,788us-gaap_OtherNonoperatingIncomeExpense

1,151us-gaap_OtherNonoperatingIncomeExpense

3,332us-gaap_OtherNonoperatingIncomeExpense

2,260us-gaap_OtherNonoperatingIncomeExpense

Total expenses

499,896us-gaap_CostsAndExpenses

457,139us-gaap_CostsAndExpenses

966,742us-gaap_CostsAndExpenses

847,648us-gaap_CostsAndExpenses

Loss on extinguishment of debt

(1,155)us-gaap_GainsLossesOnExtinguishmentOfDebt

(1,155)us-gaap_GainsLossesOnExtinguishmentOfDebt

Income from unconsolidated joint ventures

1,466us-gaap_IncomeLossFromEquityMethodInvestments

1,067us-gaap_IncomeLossFromEquityMethodInvestments

2,918us-gaap_IncomeLossFromEquityMethodInvestments

3,638us-gaap_IncomeLossFromEquityMethodInvestments

Loss before income taxes

(29,481)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest

(7,298)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest

(49,161)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest

(31,188)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest

State and federal income tax (benefit) provision:

Tax provision (benefit)

(9,922)us-gaap_IncomeTaxExpenseBenefit

604us-gaap_IncomeTaxExpenseBenefit

(15,226)us-gaap_IncomeTaxExpenseBenefit

1,237us-gaap_IncomeTaxExpenseBenefit

Net loss

(19,559)us-gaap_NetIncomeLoss

(7,902)us-gaap_NetIncomeLoss

(33,935)us-gaap_NetIncomeLoss

(32,425)us-gaap_NetIncomeLoss

Basic:

Loss per common share (in Dollars per share)

$ (0.13)us-gaap_EarningsPerShareBasic

$ (0.05)us-gaap_EarningsPerShareBasic

$ (0.23)us-gaap_EarningsPerShareBasic

$ (0.22)us-gaap_EarningsPerShareBasic

Weighted-average number of common shares outstanding (in Shares)

146,946us-gaap_WeightedAverageNumberOfSharesOutstandingBasic

146,325us-gaap_WeightedAverageNumberOfSharesOutstandingBasic

146,762us-gaap_WeightedAverageNumberOfSharesOutstandingBasic

146,151us-gaap_WeightedAverageNumberOfSharesOutstandingBasic

Assuming dilution:

Loss per common share (in Dollars per share)

$ (0.13)us-gaap_EarningsPerShareDiluted

$ (0.05)us-gaap_EarningsPerShareDiluted

$ (0.23)us-gaap_EarningsPerShareDiluted

$ (0.22)us-gaap_EarningsPerShareDiluted

Weighted-average number of common shares outstanding (in Shares)

146,946us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding

146,325us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding

146,762us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding

146,151us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding

Homebuilding [Member]

Homebuilding:

Sale of homes

455,172us-gaap_HomeBuildingRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

438,302us-gaap_HomeBuildingRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

888,643us-gaap_HomeBuildingRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

793,483us-gaap_HomeBuildingRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

Land sales and other revenues

1,320hov_LandSalesAndOtherRevenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

2,215hov_LandSalesAndOtherRevenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

2,441hov_LandSalesAndOtherRevenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

2,988hov_LandSalesAndOtherRevenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

Total homebuilding

456,492us-gaap_RealEstateRevenueNet
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

440,517us-gaap_RealEstateRevenueNet
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

891,084us-gaap_RealEstateRevenueNet
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

796,471us-gaap_RealEstateRevenueNet
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

Total revenues

456,531us-gaap_Revenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

440,547us-gaap_Revenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

891,159us-gaap_Revenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

796,546us-gaap_Revenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

Homebuilding:

Cost of sales, excluding interest

382,139us-gaap_CostOfRealEstateSalesExcludingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

350,433us-gaap_CostOfRealEstateSalesExcludingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

736,951us-gaap_CostOfRealEstateSalesExcludingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

639,320us-gaap_CostOfRealEstateSalesExcludingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

Cost of sales interest

12,013us-gaap_CostOfRealEstateSalesInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

12,407us-gaap_CostOfRealEstateSalesInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

23,331us-gaap_CostOfRealEstateSalesInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

21,897us-gaap_CostOfRealEstateSalesInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

Inventory impairment loss and land option write-offs

4,311hov_InventoryImpairmentsAndLandOptionCostWriteOffs
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

522hov_InventoryImpairmentsAndLandOptionCostWriteOffs
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

6,541hov_InventoryImpairmentsAndLandOptionCostWriteOffs
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

1,186hov_InventoryImpairmentsAndLandOptionCostWriteOffs
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

Total cost of sales

398,463us-gaap_CostOfRealEstateSales
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

363,362us-gaap_CostOfRealEstateSales
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

766,823us-gaap_CostOfRealEstateSales
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

662,403us-gaap_CostOfRealEstateSales
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

Selling, general and administrative

52,614us-gaap_SellingGeneralAndAdministrativeExpense
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

47,806us-gaap_SellingGeneralAndAdministrativeExpense
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

100,260us-gaap_SellingGeneralAndAdministrativeExpense
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

91,768us-gaap_SellingGeneralAndAdministrativeExpense
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

Total homebuilding expenses

451,077us-gaap_CostOfRealEstateRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

411,168us-gaap_CostOfRealEstateRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

867,083us-gaap_CostOfRealEstateRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

754,171us-gaap_CostOfRealEstateRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

Total expenses

492,388us-gaap_CostsAndExpenses
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

450,432us-gaap_CostsAndExpenses
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

951,917us-gaap_CostsAndExpenses
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

834,269us-gaap_CostsAndExpenses
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

Loss before income taxes

1,077us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

24,152us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

14,608us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

33,836us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember

Financial Services [Member]

Homebuilding:

Financial services

12,457us-gaap_FinancialServicesRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember

9,412us-gaap_FinancialServicesRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember

23,579us-gaap_FinancialServicesRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember

17,506us-gaap_FinancialServicesRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember

Total revenues

12,457us-gaap_Revenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember

9,412us-gaap_Revenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember

23,579us-gaap_Revenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember

17,506us-gaap_Revenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember

Homebuilding:

Financial services

7,508us-gaap_FinancialServicesCosts
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember

6,707us-gaap_FinancialServicesCosts
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember

14,825us-gaap_FinancialServicesCosts
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember

13,379us-gaap_FinancialServicesCosts
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember

Loss before income taxes

4,949us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember

2,705us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember

8,754us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember

4,127us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember

State and Local Jurisdiction [Member]

State and federal income tax (benefit) provision:

Tax provision (benefit)

(414)us-gaap_IncomeTaxExpenseBenefit
/ us-gaap_IncomeTaxAuthorityAxis
= us-gaap_StateAndLocalJurisdictionMember

604us-gaap_IncomeTaxExpenseBenefit
/ us-gaap_IncomeTaxAuthorityAxis
= us-gaap_StateAndLocalJurisdictionMember

2,718us-gaap_IncomeTaxExpenseBenefit
/ us-gaap_IncomeTaxAuthorityAxis
= us-gaap_StateAndLocalJurisdictionMember

1,237us-gaap_IncomeTaxExpenseBenefit
/ us-gaap_IncomeTaxAuthorityAxis
= us-gaap_StateAndLocalJurisdictionMember

Internal Revenue Service (IRS) [Member]

State and federal income tax (benefit) provision:

Tax provision (benefit)

$ (9,508)us-gaap_IncomeTaxExpenseBenefit
/ us-gaap_IncomeTaxAuthorityNameAxis
= us-gaap_InternalRevenueServiceIRSMember

$ (17,944)us-gaap_IncomeTaxExpenseBenefit
/ us-gaap_IncomeTaxAuthorityNameAxis
= us-gaap_InternalRevenueServiceIRSMember

[1]	Other interest expensed includes interest that does not qualify for interest capitalization because our assets that qualify for interest capitalization (inventory under development) do not exceed our debt. Also includes interest on completed homes and land in planning, which does not qualify for capitalization, and therefore, is expensed.
[2]	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 on notes payable, which is calculated as follows:

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- Definition

The aggregate total of expenses for Corporate operations, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.

+ References

No definition available.

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- Definition

The charge against earnings in the period to reduce the carrying amount of real property to fair value and to write off land option costs.

+ References

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- Definition

Revenue from the sale of land in the reporting period and revenues from the sale of other goods or rendering of other services, not elsewhere specified in the taxonomy.

+ References

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- Definition

Interest cost which does not qualify for interest capitalization.

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- Definition

This element represents the total of the costs related to real estate revenues, including management, leasing, and development services.

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-Name Accounting Standards Codification

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Reflects for the period the total of the carrying amount of the commercial, industrial and residential land and buildings sold plus certain overhead and other costs incurred to place the real estate in saleable condition, capitalized interest costs in the properties sold, and inventory impairment losses recognized. This element would most likely be used by an entity whose principal activities involve real estate or which has significant real estate operations.

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Reflects the carrying amount of the commercial, industrial and residential land and buildings sold during the period plus certain overhead and other costs to place the real estate in saleable condition, but excluding capitalized interest costs. This element would most likely be used by an entity whose principal activities involve real estate or which has significant real estate operations.

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The amount of previously capitalized interest in inventory that was charged against earnings in the period. This element would most likely be used by an entity whose principal activities involve real estate or which has significant real estate operations.

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Total costs of sales and operating expenses for the period.

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