XML 27 R16.htm IDEA: XBRL DOCUMENT v3.25.1
Note 8 - Cash Equivalents, Restricted Cash and Customers' Deposits
 6 Months Ended
Apr. 30, 2025
Cash Equivalents, Restricted Cash and Customers' Deposits  
Cash Equivalents, Restricted Cash and Customers' Deposits

8.

Cash Equivalents, Restricted Cash and Customers' Deposits

 

Cash equivalents include certificates of deposit, U.S. Treasury bills and government money–market funds with maturities of 90 days or less when purchased. Our cash balances are held at a few financial institutions and may, at times, exceed insurable amounts. We believe we help to mitigate this risk by depositing our cash in major high credit quality financial institutions. At April 30, 2025 and October 31, 2024, $12.3 million and $13.6 million, respectively, of our total cash and cash equivalents was in cash equivalents and restricted cash equivalents.

 

Homebuilding "Restricted cash and cash equivalents" on the Condensed Consolidated Balance Sheets totaled $9.0 million and $7.9 million as of April 30, 2025 and October 31, 2024, respectively, which primarily consists of cash collateralizing our letter of credit agreements and facilities (see Note 12).


Financial services restricted cash and cash equivalents, which are included in "Financial services" assets on the Condensed Consolidated Balance Sheets, totaled $31.5 million and $42.3 million as of April 30, 2025 and October 31, 2024, respectively. Included in these balances were (1) financial services customers’ deposits of $29.2 million and $39.2 million at April 30, 2025 and October 31, 2024, respectively, which are subject to restrictions on our use, and (2) restricted cash under the terms of our mortgage warehouse lines of credit of $2.3 million and $3.1 million at April 30, 2025 and October 31, 2024, respectively. 

 

Homebuilding "Customers' deposits" are shown as a liability on the Condensed Consolidated Balance Sheets. These liabilities are significantly more than the applicable periods’ restricted cash balances because in some states the deposits are not restricted from use and, in other states, we are able to release the majority of these customer deposits to cash by pledging letters of credit or surety bonds.