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Note 11 - Income Taxes (Tables)

12 Months Ended

Oct. 31, 2024

Income Taxes

Schedule of Components of Income Tax Payable Receivable [Table Text Block]

		October 31,
(In thousands)		2024				2023
State income taxes:
Current		$	5,479			$	1,861
Deferred			(76,571	)			(74,110	)
Federal income taxes:
Current			-				-
Deferred			(164,493	)			(228,723	)
Total		$	(235,585	)		$	(300,972	)

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		Year Ended October 31,
(In thousands)		2024				2023				2022
Current income tax expense:
Federal (1)		$	-			$	-			$	-
State (2)			13,312				8,101				13,377
Total current income tax expense:			13,312				8,101				13,377
Federal			64,230				46,821				60,064
State			(2,461	)			(4,862	)			20,822
Total deferred income tax expense:			61,769				41,959				80,886
Total		$	75,081			$	50,060			$	94,263

(1) The current federal income tax expense is net of the use of federal net operating losses totaling $290.1 million (tax effected $60.9 million), $221.2 million (tax effected $46.4 million) and $306.0 million (tax effected $64.3 million) for the years ended October 31, 2024, 2023 and 2022, respectively.

(2) The current state income tax expense is net of the use of state net operating losses totaling $110.0 million (tax effected $8.6 million), $113.3 million (tax effected $8.3 million) and $80.1 million (tax effected $5.8 million) for the years ended October 31, 2024, 2023 and 2022, respectively.

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		October 31,
(In thousands)		2024				2023
Deferred tax assets:
Impairments		$	22,742			$	26,168
Capitalized expenses			4,420				3,692
Warranty reserves			4,319				4,439
Incentive compensation			13,777				15,252
Provision for losses			15,236				16,915
Federal net operating losses			87,041				147,841
State net operating losses			123,673				136,257
Tax credit carryforwards			27,482				21,260
Other			10,699				9,631
Total deferred tax assets			309,389				381,455
Deferred tax liabilities:
Inventory valuation differences			(8,610	)			-
Joint ventures			(4,017	)			(6,743	)
Total deferred tax liabilities			(12,627	)			(6,743	)
Valuation allowance			(55,698	)			(71,879	)
Deferred tax assets, net		$	241,064			$	302,833

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		Year Ended October 31,
		2024				2023				2022
Federal statutory income tax rate			21.0	%			21.0	%			21.0	%
State income taxes, net of federal income tax benefit			6.6				6.1				5.0
Non-deductible compensation			2.3				1.4				1.2
Permanent differences, net			(0.1	)			(0.4	)			(0.4	)
Deferred tax asset valuation allowance			(4.1	)			(6.3	)			4.8
Tax credits			(2.0	)			(2.2	)			(2.0	)
Other			-				-				(0.1	)
Effective tax rate			23.7	%			19.6	%			29.5	%

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