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Note 8 - Cash and Cash Equivalents, Restricted Cash and Cash Equivalents and Customer's Deposits | 9 Months Ended
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Jul. 31, 2022
Notes to Financial Statements |
Cash and Cash Equivalents Disclosure [Text Block] |
8. | Cash and Cash Equivalents, Restricted Cash and Cash Equivalents and Customer's Deposits
Cash represents cash deposited in checking accounts. Cash equivalents include certificates of deposit, Treasury bills and government money–market funds with maturities of 90 days or less when purchased. Our cash balances are held at a few financial institutions and may, at times, exceed insurable amounts. We believe we help to mitigate this risk by depositing our cash in major financial institutions. At July 31, 2022 and October 31, 2021, $13.7 million and $15.7 million, respectively, of the total cash and cash equivalents was in cash equivalents and restricted cash equivalents, the book value of which approximates fair value. Homebuilding - Restricted cash and cash equivalents on the Condensed Consolidated Balance Sheets totaled $15.5 million and $16.1 million as of July 31, 2022 and October 31, 2021, respectively, the majority of which represents cash collateralizing our letter of credit agreements and facilities as discussed in Note 12. Financial services restricted cash and cash equivalents, which are included in Financial services assets on the Condensed Consolidated Balance Sheets, totaled $33.1 million and $43.5 million as of July 31, 2022 and October 31, 2021, respectively. Included in these balances were (1) financial services customers’ deposits of $31.1 million at July 31, 2022 and $40.7 million as of October 31, 2021, which are subject to restrictions on our use, and (2) $2.0 million at July 31, 2022 and $2.8 million as of October 31, 2021 of restricted cash under the terms of our mortgage warehouse lines of credit. Total Homebuilding Customers’ deposits are shown as a liability on the Condensed Consolidated Balance Sheets. These liabilities are significantly more than the applicable periods’ restricted cash balances because, in some states, the deposits are not restricted from use and, in other states, we are able to release the majority of these customer deposits to cash by pledging letters of credit and surety bonds.

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- Definition The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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- References No definition available. + Details
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