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Note 3 - Interest - Interest Costs Incurred, Expensed and Capitalized (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 31, 2023
Jan. 31, 2022
Interest capitalized at beginning of period $ 59,600 $ 58,159
Plus interest incurred(1) [1] 34,326 32,783
Less cost of sales interest expensed (15,022) (13,745)
Less other interest expensed(2)(3) [2],[3] (15,093) (13,393)
Less interest contributed to unconsolidated joint venture(4) [4] (3,016) 0
Interest capitalized at end of period(5) [5] $ 60,795 $ 63,804
[1] Data does not include interest incurred by our mortgage and finance subsidiaries.
[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:
[3] 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, which amounted to $6.6 million and $11.5 million for the three months ended January 31, 2023 and 2022, respectively. Other interest also includes interest on completed homes, land in planning and fully developed lots without homes under construction, which does not qualify for capitalization and therefore is expensed as incurred. This component of other interest was $8.5 million and $1.9 million for the three months ended January 31, 2023 and 2022, respectively.
[4] Represents capitalized interest which was included as part of the assets contributed to joint ventures, as discussed in Note 18. There was no impact to the Condensed Consolidated Statement of Operations as a result of these transactions.
[5] Capitalized interest amounts are shown gross before allocating any portion of impairments, if any, to capitalized interest.