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 |
% |
|