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Note 20 - Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Jul. 31, 2024
Fair Value of Financial Instruments |
Schedule of financial instruments measured at fair value on a recurring basis |
|  |  | Fair Value at |  |  | Fair Value at |
| Fair Value |  | July 31, |  |  | October 31, |
(In thousands) | Hierarchy |  | 2024 |  |  | 2023 |
Mortgage loans held for sale (1) | Level 2 |  | $ | 148,602 |  |  | $ | 130,235 |
(1) The aggregate unpaid principal balance was $147.1 million and $130.4 million at July 31, 2024 and October 31, 2023, respectively.
Schedule of change in fair value included in financial services revenue |
|  | Three Months Ended July 31, 2024 |
|  | Mortgage |  |  | Interest Rate |  |  |  |  |
|  | Loans Held |  |  | Lock |  |  | Forward |
(In thousands) |  | For Sale |  |  | Commitments |  |  | Contracts |
Change in fair value included in financial services revenue |  | $ | 598 |  |  | $ | - |  |  | $ | - |
|  | Three Months Ended July 31, 2023 |
|  | Mortgage |  |  | Interest Rate |  |  |  |  |
|  | Loans Held |  |  | Lock |  |  | Forward |
(In thousands) |  | For Sale |  |  | Commitments |  |  | Contracts |
Change in fair value included in financial services revenue |  | $ | (64 | ) |  | $ | 8 |  |  | $ | 2 |
|  | Nine Months Ended July 31, 2024 |
|  | Mortgage |  |  | Interest Rate |  |  |  |  |
|  | Loans Held |  |  | Lock |  |  | Forward |
(In thousands) |  | For Sale |  |  | Commitments |  |  | Contracts |
Change in fair value included in financial services revenue |  | $ | 1,482 |  |  | $ | - |  |  | $ | - |
|  | Nine Months Ended July 31, 2023 |
|  | Mortgage |  |  | Interest Rate |  |  |  |  |
|  | Loans Held |  |  | Lock |  |  | Forward |
(In thousands) |  | For Sale |  |  | Commitments |  |  | Contracts |
Change in fair value included in financial services revenue |  | $ | 662 |  |  | $ | - |  |  | $ | - |
Schedule of assets measured at fair value on a nonrecurring basis |
|  | Three Months Ended July 31, 2024 |
|  | Fair |  |  |  |  |  |  |  |  |  |  |  |
|  | Value |  |  | Pre-Impairment |  |  | Total |  |  | Fair |
(In thousands) |  | Hierarchy |  |  | Amount |  |  | Losses |  |  | Value |
Land and land options held for future development or sale |  |  | Level 3 |  |  | $ | 15,245 |  |  | $ | (2,653 | ) |  | $ | 12,592 |
|  | Nine Months Ended July 31, 2024 |
|  | Fair |  |  |  |  |  |  |  |  |  |  |  |
|  | Value |  |  | Pre-Impairment |  |  | Total |  |  | Fair |
(In thousands) |  | Hierarchy |  |  | Amount |  |  | Losses |  |  | Value |
Land and land options held for future development or sale |  |  | Level 3 |  |  | $ | 15,245 |  |  | $ | (2,653 | ) |  | $ | 12,592 |
Schedule of fair value of each series of Notes and Credit Facilities |
Fair Value as of July 31, 2024
(In thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Senior Secured Notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
8.0% Senior Secured 1.125 Lien Notes due September 30, 2028 |  | $ | - |  |  | $ | 229,358 |  |  | $ | - |  |  | $ | 229,358 |
11.75% Senior Secured 1.25 Lien Notes due September 30, 2029 |  |  | - |  |  |  | 481,243 |  |  |  | - |  |  |  | 481,243 |
Senior Notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
13.5% Senior Notes due February 1, 2026 |  |  | - |  |  |  | - |  |  |  | 27,216 |  |  |  | 27,216 |
5.0% Senior Notes due February 1, 2040 |  |  | - |  |  |  | 9,987 |  |  |  | - |  |  |  | 9,987 |
Senior Credit Facilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028 |  |  | - |  |  |  | - |  |  |  | 189,180 |  |  |  | 189,180 |
Total fair value |  | $ | - |  |  | $ | 720,588 |  |  | $ | 216,396 |  |  | $ | 936,984 |
Fair Value as of October 31, 2023
(In thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Senior Secured Notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10.0% Senior Secured 1.75 Lien Notes due November 15, 2025 |  | $ | - |  |  | $ | 113,843 |  |  | $ | - |  |  | $ | 113,843 |
8.0% Senior Secured 1.125 Lien Notes due September 30, 2028 |  |  | - |  |  |  | - |  |  |  | 230,690 |  |  |  | 230,690 |
11.75% Senior Secured 1.25 Lien Notes due September 30, 2029 |  |  | - |  |  |  | 476,655 |  |  |  | - |  |  |  | 476,655 |
Senior Notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
13.5% Senior Notes due February 1, 2026 |  |  | - |  |  |  | - |  |  |  | 95,062 |  |  |  | 95,062 |
5.0% Senior Notes due February 1, 2040 |  |  | - |  |  |  | - |  |  |  | 44,843 |  |  |  | 44,843 |
Senior Credit Facilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Unsecured Term Loan Credit Facility due February 1, 2027 |  |  | - |  |  |  | - |  |  |  | 35,034 |  |  |  | 35,034 |
Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028 |  |  | - |  |  |  | - |  |  |  | 81,742 |  |  |  | 81,742 |
Total fair value |  | $ | - |  |  | $ | 590,498 |  |  | $ | 487,371 |  |  | $ | 1,077,869 |

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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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