v3.25.4

Note 11 - Income Taxes (Tables) | 12 Months Ended
--- | ---
Oct. 31, 2025
Income Taxes |
Schedule of income taxes (receivable) payable |
|  | October 31, |
(In thousands) |  | 2025 |  |  | 2024 |
State income taxes: |  |  |  |  |  |  |  |
Current |  | $ | 222 |  |  | $ | 5,479 |
Deferred |  |  | (74,825 | ) |  |  | (76,571 | )
Federal income taxes: |  |  |  |  |  |  |  |
Current |  |  | - |  |  |  | - |
Deferred |  |  | (154,792 | ) |  |  | (164,493 | )
Total |  | $ | (229,395 | ) |  | $ | (235,585 | )
Schedule of income tax expense benefit |
|  | Year Ended October 31, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
Current income tax expense: |  |  |  |  |  |  |  |  |  |  |  |
Federal (1) |  | $ | - |  |  | $ | - |  |  | $ | - |
State (2) |  |  | 10,775 |  |  |  | 13,312 |  |  |  | 8,101 |
Total current income tax expense: |  |  | 10,775 |  |  |  | 13,312 |  |  |  | 8,101 |
Federal |  |  | 9,701 |  |  |  | 64,230 |  |  |  | 46,821 |
State |  |  | 1,746 |  |  |  | (2,461 | ) |  |  | (4,862 | )
Total deferred income tax expense: |  |  | 11,447 |  |  |  | 61,769 |  |  |  | 41,959 |
Total |  | $ | 22,222 |  |  | $ | 75,081 |  |  | $ | 50,060 |
(1) | The current federal income tax expense is net of the use of federal net operating losses totaling $38.5 million (tax effected $8.1 million), $290.1 million (tax effected $60.9 million) and $221.2 million (tax effected $46.4 million) for the years ended October 31, 2025, 2024 and 2023, respectively.
(2) | The current state income tax expense is net of the use of state net operating losses totaling $14.1 million (tax effected $1.0 million), $110.0 million (tax effected $8.6 million) and $113.3 million (tax effected $8.3 million) for the years ended October 31, 2025, 2024 and 2023, respectively.
Schedule of deferred tax assets and liabilities |
|  | October 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Deferred tax assets: |  |  |  |  |  |  |  |
Impairments |  | $ | 14,517 |  |  | $ | 22,742 |
Capitalized expenses |  |  | 3,777 |  |  |  | 4,420 |
Warranty reserves |  |  | 4,170 |  |  |  | 4,319 |
Incentive compensation |  |  | 13,407 |  |  |  | 13,777 |
Provision for losses |  |  | 18,581 |  |  |  | 15,236 |
Federal net operating losses |  |  | 78,907 |  |  |  | 87,041 |
State net operating losses |  |  | 121,354 |  |  |  | 123,673 |
Tax credit carryforwards |  |  | 32,434 |  |  |  | 27,482 |
Other |  |  | 7,389 |  |  |  | 10,699 |
Total deferred tax assets |  |  | 294,536 |  |  |  | 309,389 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Inventory valuation differences |  |  | (9,242 | ) |  |  | (8,610 | )
Joint ventures |  |  | (1,111 | ) |  |  | (4,017 | )
Other |  |  | (1,602 | ) |  |  | - |
Total deferred tax liabilities |  |  | (11,955 | ) |  |  | (12,627 | )
Valuation allowance |  |  | (52,964 | ) |  |  | (55,698 | )
Deferred tax assets, net |  | $ | 229,617 |  |  | $ | 241,064 |
Schedule of effective tax rate |
|  | Year Ended October 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Federal statutory income tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal income tax benefit |  |  | 11.5 |  |  |  | 6.6 |  |  |  | 6.1 |
Non-deductible compensation |  |  | 6.3 |  |  |  | 2.3 |  |  |  | 1.4 |
Tax-deductible losses from debt extinguishment |  |  | (10.2 | ) |  |  | - |  |  |  | - |
Sale of assets to an unconsolidated joint venture |  |  | 1.3 |  |  |  | - |  |  |  | - |
Permanent differences, net |  |  | 1.7 |  |  |  | (0.1 | ) |  |  | (0.4 | )
Deferred tax asset valuation allowance |  |  | (0.3 | ) |  |  | (4.1 | ) |  |  | (6.3 | )
Tax credits |  |  | (5.6 | ) |  |  | (2.0 | ) |  |  | (2.2 | )
Other |  |  | 0.1 |  |  |  | - |  |  |  | - |
Effective tax rate |  |  | 25.8 | % |  |  | 23.7 | % |  |  | 19.6 | %

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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