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Note 3 - Interest | 3 Months Ended
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Jan. 31, 2024
Interest |
Interest | 3.Interest Interest costs incurred, expensed and capitalized were as follows:
|  | Three Months Ended |
|  | January 31, |
(In thousands) |  | 2024 |  |  | 2023 |
Interest capitalized at beginning of period |  | $ | 52,060 |  |  | $ | 59,600 |
Plus interest incurred(1) |  |  | 31,961 |  |  |  | 34,326 |
Less cost of sales interest expensed |  |  | (19,898 | ) |  |  | (15,022 | )
Less other interest expensed(2) |  |  | (10,451 | ) |  |  | (15,093 | )
Less interest contributed to unconsolidated joint venture(3) |  |  | - |  |  |  | (3,016 | )
Interest capitalized at end of period(4) |  | $ | 53,672 |  |  | $ | 60,795 |
(1) | Data does not include interest incurred by our mortgage and finance subsidiaries.
(2) | 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 $3.7 million and $6.6 million for the three months ended January 31, 2024 and 2023, 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 $6.8 million and $8.5 million for the three months ended January 31, 2024 and 2023, respectively.
(3) | 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.
(4) | Capitalized interest amounts are shown gross before allocating a portion of impairments, if any, to capitalized interest.

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- Definition The entire disclosure for interest costs that were capitalized to properties under development during the land development and construction period of a project, and which are included in inventory. + References No definition available. + Details
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- References No definition available. + Details
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