XML 56 R43.htm IDEA: XBRL DOCUMENT v3.25.0.1
Note 3 - Interest - Interest Costs Incurred, Expensed and Capitalized (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Interest    
Interest capitalized at beginning of period $ 57,671 $ 52,060
Plus interest incurred(1) [1] 29,855 31,961
Less cost of sales interest expensed (19,356) (19,898)
Less other interest expensed(2) [2] (9,517) (10,451)
Less interest contributed to unconsolidated joint venture(3) [3] (5,769) 0
Interest capitalized at end of period(4) [4] $ 52,884 $ 53,672
[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) did not exceed our debt, which amounted to $3.7 million for the three months ended January 31, 2024. During the three months ended January 31, 2025, our inventory under development exceeded our debt, therefore, all of the related interest incurred qualified for interest capitalization. Other interest also includes interest on completed homes, land in planning and fully developed lots without homes under construction, along with financing programs, which does not qualify for capitalization and therefore is expensed as incurred. This component of other interest was $9.5 million and $6.8 million for the three months ended January 31, 2025 and 2024, respectively.
[3] Represents capitalized interest which was included as part of the assets contributed to a joint venture, as discussed in Note 18. There was no impact to the Condensed Consolidated Statement of Operations as a result of these capitalized interest transactions.
[4] Capitalized interest amounts are shown gross before allocating a portion of impairments, if any, to capitalized interest.