Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jan. 31, 2022 | Mar. 01, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000357294 | |
Entity Registrant Name | HOVNANIAN ENTERPRISES INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --10-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-8551 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 22-1851059 | |
Entity Address, Address Line One | 90 Matawan Road, 5th Floor | |
Entity Address, City or Town | Matawan | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07747 | |
City Area Code | 732 | |
Local Phone Number | 747-7800 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Depository Shares [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares each representing 1/1,000th of a share of 7.625% Series A Preferred Stock | |
Trading Symbol | HOVNP | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 676,560 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A Common Stock, $0.01 par value per share | |
Trading Symbol | HOV | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 5,616,444 | |
Preferred Stock Purchase Rights [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Preferred Stock Purchase Rights | |
Trading Symbol | N/A | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jan. 31, 2022 | Oct. 31, 2021 |
ASSETS | ||
Assets | $ 2,309,167 | $ 2,320,508 |
Assets | 2,309,167 | 2,320,508 |
Deferred tax assets, net | 416,213 | 425,678 |
LIABILITIES AND EQUITY | ||
Senior notes and credit facilities (net of discounts, premiums and debt issuance costs) | 1,247,221 | 1,248,373 |
Liabilities | 2,112,280 | 2,145,124 |
Liabilities | 2,112,280 | 2,145,124 |
Income taxes payable | 4,973 | 3,851 |
Preferred stock, $0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of $140,000 at January 31, 2022 and October 31, 2021 | 135,299 | 135,299 |
Paid in capital - common stock | 721,570 | 722,118 |
Accumulated deficit | (545,089) | (567,228) |
Treasury stock - at cost – 470,430 shares of Class A common stock and 27,669 shares of Class B common stock at January 31, 2022 and October 31, 2021 | (115,360) | (115,360) |
Total Hovnanian Enterprises, Inc. stockholders’ equity | 196,488 | 174,897 |
Noncontrolling interest in consolidated joint ventures | 399 | 487 |
Total equity | 196,887 | 175,384 |
Total liabilities and equity | 2,309,167 | 2,320,508 |
Common Class A [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock | 61 | 61 |
Common Class B [Member] | ||
LIABILITIES AND EQUITY | ||
Common Stock | 7 | 7 |
Homebuilding [Member] | ||
ASSETS | ||
Cash and cash equivalents | 137,898 | 245,970 |
Restricted cash and cash equivalents | 14,260 | 16,089 |
Sold and unsold homes and lots under development | 1,112,928 | 1,019,541 |
Land and land options held for future development or sale | 175,615 | 135,992 |
Consolidated inventory not owned | 124,845 | 98,727 |
Total inventories | 1,413,388 | 1,254,260 |
Investments in and advances to unconsolidated joint ventures | 67,467 | 60,897 |
Receivables, deposits and notes, net | 34,798 | 39,934 |
Property, plant and equipment, net | 20,017 | 18,736 |
Prepaid expenses and other assets | 62,069 | 56,186 |
Assets | 1,749,897 | 1,692,072 |
Assets | 1,749,897 | 1,692,072 |
LIABILITIES AND EQUITY | ||
Accounts payable and other liabilities | 335,669 | 426,381 |
Customers’ deposits | 83,219 | 68,295 |
Liabilities from inventory not owned, net of debt issuance costs | 75,344 | 62,762 |
Senior notes and credit facilities (net of discounts, premiums and debt issuance costs) | 1,247,221 | 1,248,373 |
Accrued Interest | 47,269 | 28,154 |
Liabilities | 1,985,108 | 1,959,054 |
Liabilities | 1,985,108 | 1,959,054 |
Homebuilding [Member] | Nonrecourse Mortgages Secured By Inventory [Member] | Mortgages [Member] | ||
LIABILITIES AND EQUITY | ||
Nonrecourse mortgages secured by inventory, net of debt issuance costs | 196,386 | 125,089 |
Financial Services [Member] | ||
ASSETS | ||
Cash and cash equivalents | 6,846 | |
Restricted cash and cash equivalents | 50,854 | |
Assets | 143,057 | 202,758 |
Assets | 143,057 | 202,758 |
LIABILITIES AND EQUITY | ||
Liabilities | 122,199 | 182,219 |
Liabilities | $ 122,199 | $ 182,219 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000 | 100,000 |
Preferred stock, shares issued (in shares) | 5,600 | 5,600 |
Preferred stock, shares outstanding (in shares) | 5,600 | 5,600 |
Preferred stock, liquidation preference | $ 140 | $ 140 |
Common Class A [Member] | ||
Common stock, shares authorized (in shares) | 16,000,000 | 16,000,000 |
Common stock, shares issued (in shares) | 6,084,670 | 6,066,164 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares held in Treasury (in shares) | 470,430 | 470,430 |
Common Class B [Member] | ||
Common stock, shares authorized (in shares) | 2,400,000 | 2,400,000 |
Common stock, shares issued (in shares) | 704,273 | 686,876 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares held in Treasury (in shares) | 27,669 | 27,669 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | ||
Revenues | $ 565,313 | $ 574,664 | |
Inventory impairment and land option write-offs | 99 | 1,877 | |
Total expenses | 538,103 | 556,995 | |
Corporate general and administrative | 29,435 | 23,483 | |
Other interest expensed | [1],[2] | 13,393 | 23,975 |
Other operations | 368 | 278 | |
Income from unconsolidated joint ventures | 8,191 | 1,916 | |
Income before income taxes | 35,401 | 19,585 | |
Tax provision (benefit) | 10,593 | 626 | |
Net income | 24,808 | 18,959 | |
Less: preferred stock dividends | 2,669 | 0 | |
Net income available to common stockholders | $ 22,139 | $ 18,959 | |
Net income per common share (in dollars per share) | $ 3.12 | $ 2.79 | |
Weighted-average number of common shares outstanding basic (in shares) | 6,389 | 6,225 | |
Net income per common share (in dollars per share) | $ 3.07 | $ 2.75 | |
Weighted-average number of common shares outstanding (in shares) | 6,501 | 6,303 | |
State and Local Jurisdiction [Member] | |||
Tax provision (benefit) | $ 2,543 | $ 626 | |
Domestic Tax Authority [Member] | |||
Tax provision (benefit) | 8,050 | 0 | |
Homebuilding [Member] | |||
Revenues | 552,004 | 555,167 | |
Cost of sales, excluding interest | 427,917 | 439,638 | |
Cost of sales interest | 13,745 | 17,165 | |
Inventory impairment and land option write-offs | 99 | 1,877 | |
Total cost of sales | 441,761 | 458,680 | |
Selling, general and administrative | 42,746 | 40,225 | |
Total expenses | 484,507 | 498,905 | |
Homebuilding [Member] | Sale of Homes [Member] | |||
Revenues | 551,366 | 551,365 | |
Homebuilding [Member] | Land Sales and Other Revenues [Member] | |||
Revenues | 638 | 3,802 | |
Financial Services [Member] | |||
Revenues | 13,309 | 19,497 | |
Total expenses | $ 10,400 | $ 10,354 | |
[1] | Cash paid for interest, net of capitalized interest, is the sum of other interest expensed, as defined above, and interest paid by our mortgage and finance subsidiaries adjusted for the change in accrued interest on notes payable, which is calculated as follows: Three Months Ended January 31, (In thousands) 2022 2021 Other interest expensed $ 13,393 $ 23,975 Interest paid by our mortgage and finance subsidiaries 468 425 Increase in accrued interest (19,115 ) (14,478 ) Cash paid for interest, net of capitalized interest $ (5,254 ) $ 9,922 | ||
[2] | Other interest expensed includes interest that does not qualify for interest capitalization because our assets that qualify for interest capitalization (inventory under development) do not exceed our debt, which amounted to $11.5 million and $16.2 million for the three months ended January 31, 2022 and 2021, respectively. Other interest also includes interest on completed homes, land in planning and fully developed lots without homes under construction, which does not qualify for capitalization and therefore is expensed. This component of other interest was $1.9 million and $7.8 million for the three months ended January 31, 2022 and 2021, respectively. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Common Stock Outstanding [Member]Common Class A [Member] | Common Stock Outstanding [Member]Common Class B [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Oct. 31, 2020 | 5,519,880 | 622,217 | 5,600 | |||||
Balance at Oct. 31, 2020 | $ 60 | $ 7 | $ 135,299 | $ 718,110 | $ (1,175,045) | $ (115,360) | $ 835 | $ (436,094) |
Stock options, amortization and issuances | 54 | 54 | ||||||
Restricted stock amortization, issuances and forfeitures (in shares) | 7,207 | 2,370 | ||||||
Restricted stock amortization, issuances and forfeitures | 668 | 668 | ||||||
Conversion of Class B to Class A common stock (in shares) | 45 | (45) | ||||||
Changes in noncontrolling interest in consolidated joint ventures | 78 | 78 | ||||||
Net income (loss) | 18,959 | 18,959 | ||||||
Balance (in shares) at Jan. 31, 2021 | 5,527,132 | 624,542 | 5,600 | |||||
Balance at Jan. 31, 2021 | $ 60 | $ 7 | $ 135,299 | 718,832 | (1,156,086) | (115,360) | 913 | (416,335) |
Balance (in shares) at Oct. 31, 2021 | 5,595,734 | 659,207 | 5,600 | |||||
Balance at Oct. 31, 2021 | $ 61 | $ 7 | $ 135,299 | 722,118 | (567,228) | (115,360) | 487 | 175,384 |
Stock options, amortization and issuances (in shares) | 804 | |||||||
Stock options, amortization and issuances | 4 | 4 | ||||||
Preferred dividend declared ($476.56 per share) | (2,669) | (2,669) | ||||||
Restricted stock amortization, issuances and forfeitures (in shares) | 17,654 | 17,445 | ||||||
Restricted stock amortization, issuances and forfeitures | (552) | (552) | ||||||
Conversion of Class B to Class A common stock (in shares) | 48 | (48) | ||||||
Changes in noncontrolling interest in consolidated joint ventures | (88) | (88) | ||||||
Net income (loss) | 24,808 | 24,808 | ||||||
Balance (in shares) at Jan. 31, 2022 | 5,614,240 | 676,604 | 5,600 | |||||
Balance at Jan. 31, 2022 | $ 61 | $ 7 | $ 135,299 | $ 721,570 | $ (545,089) | $ (115,360) | $ 399 | $ 196,887 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) | 3 Months Ended |
Jan. 31, 2022$ / shares | |
Dividend per share (in dollars per share) | $ 476.56 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 24,808 | $ 18,959 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 1,175 | 1,338 |
Compensation from stock options and awards | 1,635 | 902 |
Amortization of bond discounts, premiums and deferred financing costs | (280) | 209 |
Gain on sale and retirement of property and assets | (5) | (14) |
Income from unconsolidated joint ventures | (8,191) | (1,916) |
Distributions of earnings from unconsolidated joint venture | 2,100 | 2,841 |
Noncontrolling interest in consolidated joint ventures | 62 | 78 |
Inventory impairment and land option write-offs | 99 | 1,877 |
(Increase) decrease in assets: | ||
Origination of mortgage loans | (272,877) | (334,272) |
Sale of mortgage loans | 342,090 | 312,794 |
Receivables, prepaids, deposits and other assets | (2,139) | (9,531) |
Inventories | (159,227) | (87,251) |
Deferred tax assets | 9,465 | 0 |
Increase (decrease) in liabilities: | ||
State income tax payable | 1,122 | 557 |
Customers’ deposits | 14,924 | 8,975 |
Accounts payable, accrued interest and other accrued liabilities | (70,490) | (9,605) |
Net cash used in operating activities | (115,729) | (94,059) |
Cash flows from investing activities: | ||
Proceeds from sale of property and assets | 5 | 16 |
Purchase of property, equipment, and other fixed assets and acquisitions | (2,453) | (964) |
Investment in and advances to unconsolidated joint ventures | (1,033) | (3,214) |
Distributions of capital from unconsolidated joint ventures | 554 | 12,035 |
Net cash (used in) provided by investing activities | (2,927) | 7,873 |
Cash flows from financing activities: | ||
Proceeds from mortgages and notes | 136,021 | 64,257 |
Payments related to mortgages and notes | (63,892) | (72,235) |
Proceeds from model sale leaseback financing programs | 8,737 | 1,360 |
Payments related to model sale leaseback financing programs | (3,553) | (3,583) |
Proceeds from land bank financing programs | 21,425 | 15,025 |
Payments related to land bank financing programs | (13,642) | (24,726) |
Payments for partner distributions to consolidated joint venture | (150) | 0 |
Preferred dividends paid | (2,669) | 0 |
Deferred financing costs from land banking financing programs and note issuances | (1,848) | (590) |
Net cash provided by financing activities | 17,118 | 3,433 |
Net decrease in cash and cash equivalents, and restricted cash and cash equivalents | (101,538) | (82,753) |
Cash and cash equivalents, and restricted cash and cash equivalents balance, beginning of period | 311,396 | 309,460 |
Cash and cash equivalents, and restricted cash and cash equivalents balance, end of period | 209,858 | 226,707 |
Supplemental disclosures of cash flows: | ||
Interest, net of capitalized interest (see Note 3 to the Condensed Consolidated Financial Statements) | (5,254) | 9,922 |
Income taxes | 7 | 69 |
Cash and cash equivalents, and restricted cash and cash equivalents balance, end of period | 209,858 | 226,707 |
Homebuilding [Member] | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Inventory impairment and land option write-offs | 99 | 1,877 |
Supplemental disclosures of cash flows: | ||
Cash and cash equivalents | 137,898 | 172,098 |
Restricted cash and cash equivalents | 14,260 | 12,628 |
Financial Services [Member] | ||
Supplemental disclosures of cash flows: | ||
Cash and cash equivalents | 6,846 | 4,531 |
Restricted cash and cash equivalents | 50,854 | 37,450 |
Mortgage Warehouse Lines of Credit [Member] | ||
Cash flows from financing activities: | ||
Net (payments) proceeds related to mortgage warehouse lines of credit | $ (63,311) | $ 23,925 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. Basis of Presentation Hovnanian Enterprises, Inc. (“HEI”) conducts all of its homebuilding and financial services operations through its subsidiaries (references herein to the “Company,” “we,” “us” or “our” refer to HEI and its consolidated subsidiaries and should be understood to reflect the consolidated business of HEI’s subsidiaries). HEI has reportable segments consisting of six Homebuilding segments (Northeast, Mid-Atlantic, Midwest, Southeast, Southwest and West) and the Financial Services segment (see Note 17 The accompanying unaudited Condensed Consolidated Financial Statements include HEI's accounts and those of all of its consolidated subsidiaries after elimination of all of its significant intercompany balances and transactions. Noncontrolling interest represents the proportionate equity interest in a consolidated joint venture that is not 100% not one not The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10 10 X, not 10 October 31, 2021. not |
Note 2 - Stock Compensation
Note 2 - Stock Compensation | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 2. Stock Compensation For the three January 31, 2022 2021, three January 31, 2022 2021, |
Note 3 - Interest
Note 3 - Interest | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Home Building Interest [Text Block] | 3. Interest Interest costs incurred, expensed and capitalized were: Three Months Ended January 31, (In thousands) 2022 2021 Interest capitalized at beginning of period $ 58,159 $ 65,010 Plus interest incurred(1) 32,783 41,457 Less cost of sales interest expensed 13,745 17,165 Less other interest expensed(2)(3) 13,393 23,975 Interest capitalized at end of period(4) $ 63,804 $ 65,327 ( 1 Data does not ( 2 Other interest expensed includes interest that does not not three January 31, 2022 2021 not three January 31, 2022 2021 ( 3 Cash paid for interest, net of capitalized interest, is the sum of other interest expensed, as defined above, and interest paid by our mortgage and finance subsidiaries adjusted for the change in accrued interest on notes payable, which is calculated as follows: Three Months Ended January 31, (In thousands) 2022 2021 Other interest expensed $ 13,393 $ 23,975 Interest paid by our mortgage and finance subsidiaries 468 425 Increase in accrued interest (19,115 ) (14,478 ) Cash paid for interest, net of capitalized interest $ (5,254 ) $ 9,922 ( 4 Capitalized interest amounts are shown gross before allocating any portion of impairments, if any, to capitalized interest. |
Note 4 - Reduction of Inventory
Note 4 - Reduction of Inventory to Fair Value | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Inventory Impairments and Land Option Cost Write-offs [Text Block] | 4. Reduction of Inventory to Fair Value We record impairment losses on inventories related to communities under development and held for future development when events and circumstances indicate that they may may During the three January 31, 2022 2021 not not three January 31, 2022 382 three January 31, 2021 one 360 three January 31, 2021 first 2021, first 2022, not The Condensed Consolidated Statement of Operations line entitled “Homebuilding: Inventory impairment loss and land option write-offs” also includes write-offs of options and approval, engineering and capitalized interest costs that we record when we redesign communities and/or abandon certain engineering costs and we do not not three January 31, 2022 2021 not three January 31, 2022 2021 first 2022 first 2021. We decide to mothball (or stop development on) certain communities when we determine that the current performance does not first 2022, not not January 31, 2022 October 31, 2021, six We sell and lease back certain of our model homes with the right to participate in the potential profit when each home is sold to a third 606 10 55 68, January 31, 2022 October 31, 2021, not not We have land banking arrangements, whereby we sell our land parcels to the land bankers and they provide us an option to purchase back finished lots on a predetermined schedule. Because of our options to repurchase these parcels, for accounting purposes, in accordance with ASC 606 10 55 70, January 31, 2022 October 31, 2021, not not |
Note 5 - Variable Interest Enti
Note 5 - Variable Interest Entities | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 5. Variable Interest Entities The Company enters into land and lot option purchase contracts to procure land or lots for the construction of homes. Under these contracts, the Company will fund a stated deposit in consideration for the right, but not not 810, may In compliance with ASC 810, not 810 January 31, 2022 October 31, 2021, not We will continue to secure land and lots using options, some of which are with VIEs. Including deposits on our unconsolidated VIEs, at January 31, 2022 not |
Note 6 - Warranty Costs
Note 6 - Warranty Costs | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 6. Warranty Costs General liability insurance for homebuilding companies and their suppliers and subcontractors is very difficult to obtain. The availability of general liability insurance is limited due to a decreased number of insurance companies willing to underwrite for the industry. In addition, those few insurers willing to underwrite liability insurance have significantly increased the premium costs. To date, we have been able to obtain general liability insurance but at higher premium costs with higher deductibles. Our subcontractors and suppliers have advised us that they have also had difficulty obtaining insurance that also provides us coverage. As a result, we have an owner controlled insurance program for certain of our subcontractors whereby the subcontractors pay us an insurance premium (through a reduction of amounts we would otherwise owe such subcontractors for their work on our homes) based on the risk type of the trade. We absorb the liability associated with their work on our homes as part of our overall general liability insurance at no three January 31, 2022 2021 We accrue for warranty costs that are covered under our existing general liability and construction defect policy as part of our general liability insurance deductible. This accrual is expensed as selling, general and administrative costs. For homes to be delivered in fiscal 2022 2021, 2022 2021 $0.25 $5 2022 2021. not three January 31, 2022 2021 Three Months Ended January 31, (In thousands) 2022 2021 Balance, beginning of period $ 94,916 $ 86,417 Additions – Selling, general and administrative 2,216 2,048 Additions – Cost of sales 1,424 1,898 Charges incurred during the period (4,154 ) (1,976 ) Changes to pre-existing reserves (1,049 ) 474 Balance, end of period $ 93,353 $ 88,861 Warranty accruals are based upon historical experience. We engage a third not Insurance claims paid by our insurance carriers, excluding insurance deductibles paid, were less than $0.1 three January 31, 2022 2021 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingent Liabilities | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 7. Commitments and Contingent Liabilities We are involved in litigation arising in the ordinary course of business, none We also are subject to a variety of local, state, federal and foreign laws and regulations concerning protection of health and the environment, including those regulating the emission or discharge of materials into the environment, the management of storm water runoff at construction sites, the handling, use, storage and disposal of hazardous substances, impacts to wetlands and other sensitive environments, and the remediation of contamination at properties that we have owned or developed or currently own or are developing (“environmental laws”). The particular environmental laws that apply to a site may may may may We anticipate that increasingly stringent requirements will continue to be imposed on developers and homebuilders in the future. In addition, some of these laws and regulations that significantly affect how certain properties may may may may may In March 2013, 1990s. August 2013, not may not April 2014 March 2017 May 2, 2018 June 15, 2018 three two April 20, 2022. In 2015, June 6, 2022. September 2020, March 2022. In December 2020, 1998, No Not 1999. one 2009 |
Note 8 - Cash and Cash Equivale
Note 8 - Cash and Cash Equivalents, Restricted Cash and Cash Equivalents and Customer's Deposits | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 8. Cash and Cash Equivalents, Restricted Cash and Cash Equivalents and Customer's Deposits Cash represents cash deposited in checking accounts. Cash equivalents include certificates of deposit, Treasury bills and government money–market funds with maturities of 90 may, January 31, 2022 October 31, 2021 Homebuilding - Restricted cash and cash equivalents on the Condensed Consolidated Balance Sheets totaled $14.3 million and $16.1 million as of January 31, 2022 October 31, 2021 12. Financial services restricted cash and cash equivalents, which are included in Financial services assets on the Condensed Consolidated Balance Sheets, totaled $50.9 million and $43.5 million as of January 31, 2022 October 31, 2021 1 January 31, 2022 October 31, 2021 2 January 31, 2022 October 31, 2021 Total 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 |
Note 9 - Leases
Note 9 - Leases | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9. Leases We lease certain office space for use in our operations. We assess each of these contracts to determine whether the arrangement contains a lease as defined by ASC 842 842" 842, three five 842, 842, not Our lease population at January 31, 2022 842, not twelve Lease cost included in our Condensed Consolidated Statements of Operations in Selling, general and administrative expenses and payments on our lease liabilities are presented in the table below. Our short-term lease costs and sublease income are de minimis. Three Months Ended (In thousands) January 31, 2022 January 31, 2021 Operating lease cost $ 2,588 $ 2,616 Cash payments on lease liabilities $ 2,440 $ 2,298 ROU assets are classified within Prepaids and other assets on our Condensed Consolidated Balance Sheets, while lease liabilities are classified within Accounts payable and other liabilities on our Condensed Consolidated Balance Sheets. During the three January 31, 2022 (In thousands) At January 31, 2022 At October 31, 2021 ROU assets $ 19,922 $ 17,844 Lease liabilities $ 21,004 $ 18,952 Weighted-average remaining lease term (in years) 3.6 3.1 Weighted-average discount rate (incremental borrowing rate) 9.4 % 9.4 % Maturities of our operating lease liabilities as of January 31, 2022 Year ending October 31, (in thousands) 2022 (excluding the three months ended January 31, 2022) $ 6,668 2023 7,126 2024 4,479 2025 3,750 2026 2,758 Thereafter 1,396 Total payments 26,177 Less: imputed interest (5,173 ) Present value of lease liabilities $ 21,004 |
Note 10 - Mortgage Loans Held f
Note 10 - Mortgage Loans Held for Sale | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 10. Mortgage Loans Held for Sale Our wholly owned mortgage banking subsidiary, K. Hovnanian American Mortgage, LLC (“K. Hovnanian Mortgage”), originates mortgage loans, primarily from the sale of our homes. Such mortgage loans are sold in the secondary mortgage market within a short period of time of origination. Mortgage loans held for sale consist primarily of single-family residential loans collateralized by the underlying property. We have elected the fair value option to record loans held for sale, and therefore these loans are recorded at fair value with the changes in the value recognized in the Condensed Consolidated Statements of Operations in “Revenues: Financial services.” We currently use forward sales of mortgage-backed securities (“MBS”), interest rate commitments from borrowers and mandatory and/or best efforts forward commitments to sell loans to third not At January 31, 2022 October 31, 2021 11 may not January 31, 2022 2021 not The activity in our loan origination reserves during the three January 31, 2022 2021 Three Months Ended January 31, (In thousands) 2022 2021 Loan origination reserves, beginning of period $ 1,632 $ 1,458 Provisions for losses during the period 41 50 Adjustments to pre-existing provisions for losses from changes in estimates - - Loan origination reserves, end of period $ 1,673 $ 1,508 |
Note 11 - Mortgages
Note 11 - Mortgages | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Line of Credit [Text Block] | 11. Mortgages Nonrecourse. January 31, 2022 October 31, 2021 January 31, 2022 October 31, 2021 Mortgage Loans. Our secured Master Repurchase Agreement with JPMorgan Chase Bank, N.A. (“Chase Master Repurchase Agreement”), which was amended on January 31, 2022 January 31, 2023, June 30, 2022 . January 31, 2022 January 31, 2022 October 31, 2021 K. Hovnanian Mortgage has another secured Master Repurchase Agreement with Customers Bank (“Customers Master Repurchase Agreement”), which is a short-term borrowing facility that provides up to $50.0 million through its maturity on March 9, 2022, one January 31, 2022 October 31, 2021 K. Hovnanian Mortgage also has a secured Master Repurchase Agreement with Comerica Bank (“Comerica Master Repurchase Agreement”), which was amended on January 11, 2022 January 9, 2023 15th 30 January 31, 2022 October 31, 2021 The Chase Master Repurchase Agreement, Customers Master Repurchase Agreement and Comerica Master Repurchase Agreement (together, the “Master Repurchase Agreements”) require K. Hovnanian Mortgage to satisfy and maintain specified financial ratios and other financial condition tests. Because of the extremely short period of time mortgages are held by K. Hovnanian Mortgage before the mortgages are sold to investors (generally a period of a few weeks), the immateriality to us on a consolidated basis of the size of the Master Repurchase Agreements, the levels required by these financial covenants, our ability based on our immediately available resources to contribute sufficient capital to cure any default, were such conditions to occur, and our right to cure any conditions of default based on the terms of the applicable agreement, we do not January 31, 2022 |
Note 12 - Senior Notes and Cred
Note 12 - Senior Notes and Credit Facilities | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 12. Senior Notes and Credit Facilities Senior notes and credit facilities balances as of January 31, 2022 October 31, 2021 January 31, October 31, (In thousands) 2022 2021 Senior Secured Notes: 10.0 November 15, 2025 $ 158,502 $ 158,502 7.75 February 15, 2026 350,000 350,000 10.5 February 15, 2026 282,322 282,322 11.25 February 15, 2026 162,269 162,269 Total Senior Secured Notes $ 953,093 $ 953,093 Senior Notes: 8.0% November 1, 2027 $ - $ - 13.5% February 1, 2026 90,590 90,590 5.0% February 1, 2040 90,120 90,120 Total Senior Notes $ 180,710 $ 180,710 Senior Unsecured Term Loan Credit Facility due February 1, 2027 $ 39,551 $ 39,551 Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028 $ 81,498 $ 81,498 Senior Secured Revolving Credit Facility (2) $ - $ - Subtotal notes payable $ 1,254,852 $ 1,254,852 Net (discounts) premiums $ 8,672 $ 10,769 Net debt issuance costs $ (16,303 ) $ (17,248 ) Total notes payable, net of discounts, premiums and debt issuance costs $ 1,247,221 $ 1,248,373 ( 1 2027 "8.0% 2027 not ( 2 January 31, 2022 first December 28, 2022. General Except for K. Hovnanian, the issuer of the notes and borrower under the Credit Facilities (as defined below), our home mortgage subsidiaries, certain of our title insurance subsidiaries, joint ventures and subsidiaries holding interests in our joint ventures, we and each of our subsidiaries are guarantors of the Credit Facilities, the senior secured notes and senior notes outstanding (except for the 8.0% 2027 not January 31, 2022 The credit agreements governing the Credit Facilities and the indentures governing the senior secured and senior notes (together, the “Debt Instruments”) outstanding at January 31, 2022 not not January 31, 2022 If our consolidated fixed charge coverage ratio is less than 2.0 to 1.0, 1.0 October 31, 2021, 1.0 1.0, no December 3, 2021 January 1, 2022, first 2022. Under the terms of our Debt Instruments, we have the right to make certain redemptions and prepayments and, depending on market conditions, our strategic priorities and covenant restrictions, may may Fiscal 2022 There were no first 2022. Fiscal 2021 no first 2021. Secured Obligations On October 31, 2019, $125.0 December 28, 2022. 7.75%, The 7.75% 1.125 2026 "1.125 February 15, 2026 February 15 August 15 February 1 August 1, may 1.125 may February 15, 2022. may 1.125 February 15, 2022, February 15, 2023 February 15, 2024. The 10.5% 1.25 2026 "1.25 February 15, 2026 February 15 August 15 February 1 August 1, may 1.25 may February 15, 2022. may 1.25 February 15, 2022, February 15, 2023 February 15, 2024. The 11.25% 1.5 2026 "1.5 February 15, 2026 February 15 August 15 February 1 August 1, may 1.5 February 15, 2026 The 10.0% 1.75 2025 “1.75 November 15, 2025 10.0% May 15 November 15 May 1 November 1, may November 15, 2022, may 1.75 November 15, 2022 November 15, 2023, may 1.75 November 15, 2023, may 1.75 On December 10, 2019, 1.75 January 31, 2028 ( 10.0% January 31, 2028, November 15, 2022, may November 15, 2022 November 15, 2023, may November 15, 2023, may Each series of secured notes and the guarantees thereof, the Secured Term Loans and the guarantees thereof and the Secured Credit Agreement and the guarantees thereof are secured by the same assets. Among the secured debt, the liens securing the Secured Credit Agreement are senior to the liens securing all of K. Hovnanian’s other secured notes and the Secured Term Loan. The liens securing the 1.125 1.25 1.5 1.75 1.125 1.25 1.5 1.75 1.25 1.5 1.75 1.5 1.75 1.75 As of January 31, 2022 1 2 not may 3 Unsecured Obligations The 13.5% Senior Notes due 2026 “13.5% 2026 13.5% February 1, 2026. 13.5% 2026 February 1 August 1 January 15 July 15, may 13.5% 2026 February 1, 2025 February 1, 2025, may 13.5% 2026 The 5.0% Senior Notes due 2040 “5.0% 2040 5.0% February 1, 2040. 5.0% 2040 February 1 August 1 January 15 July 15, may may 2040 The Unsecured Term Loans bear interest at a rate equal to 5.0% February 1, 2027. Other We have certain stand-alone cash collateralized letter of credit agreements and facilities under which there was a total of $7.9 million and $9.3 million letters of credit outstanding at January 31, 2022 October 31, 2021, January 31, 2022 October 31, 2021, |
Note 13 - Per Share Calculation
Note 13 - Per Share Calculation | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. Per Share Calculation Basic earnings per share is computed by dividing net income (the “numerator”) by the weighted-average number of common shares outstanding, adjusted for nonvested shares of restricted stock (the “denominator”) for the period. Computing diluted earnings per share is similar to computing basic earnings per share, except that the denominator is increased to include the dilutive effects of options and nonvested shares of restricted stock. Any options that have an exercise price greater than the average market price are considered to be anti-dilutive and are excluded from the diluted earnings per share calculation. All outstanding nonvested shares that contain nonforfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two two Basic and diluted earnings per share for the periods presented below were calculated as follows: Three Months Ended January 31, (In thousands, except per share data) 2022 2021 Numerator: Numerator for basic and diluted earnings per share $ 19,950 $ 17,360 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 6,389 6,225 Effect of dilutive securities: Share based payments 112 78 Denominator for diluted earnings per share – weighted average shares outstanding 6,501 6,303 Basic earnings per share $ 3.12 $ 2.79 Diluted earnings per share $ 3.07 $ 2.75 Shares related to out-of-the money stock options that could potentially dilute basic earnings per share in the future that were not three January 31, 2022 2021, |
Note 14 - Preferred Stock
Note 14 - Preferred Stock | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 14. Preferred Stock On July 12, 2005, not 7.625%. not 1/1000th three January 31, 2022 three January 31, 2021, not |
Note 15 - Common Stock
Note 15 - Common Stock | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 15. Common Stock Each share of Class A Common Stock entitles its holder to one ten one one On August 4, 2008, January 11, 2018 January 18, 2021, 382 382. 382 382. one August 15, 2008. August 15, 2008, August 4, 2008, may August 14, 2024, 382 5% On July 3, 2001, no three January 31, 2022 January 31, 2022 may |
Note 16 - Income Taxes
Note 16 - Income Taxes | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 16. Income Taxes The total income tax expense for the three January 31, 2022 not three January 31, 2021, no not Our federal net operating losses of $1.2 billion expire between 2029 2038, 2022 2026; 2027 2031; 2032 2036; 2037 2041; The Company recognizes deferred income taxes for deferred tax benefits arising from NOL carryforwards and temporary differences between book and tax income which will be recognized in future years as an offset against future taxable income. A valuation allowance is provided to offset deferred tax assets if, based upon the available evidence, it is more likely than not not not January 31, 2022 As of October 31, 2020, October 31, 2021. October 31, 2020, second 2021 October 31, 2021. As of January 31, 2022 740. January 31, 2022 The significant positive improvement in our operations in the last 27 January 31, 2022 not not not |
Note 17 - Operating and Reporti
Note 17 - Operating and Reporting Segments | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17. Operating and Reporting Segments HEI’s operating segments are components of the Company’s business for which discrete financial information is available and reviewed regularly by the chief operating decision maker, our Chief Executive Officer, to evaluate performance and make operating decisions. Based on this criteria, each of the Company's communities qualifies as an operating segment, and therefore, it is impractical to provide segment disclosures for this many segments. As such, HEI has aggregated the homebuilding operating segments into six HEI’s homebuilding operating segments are aggregated into reportable segments based primarily upon geographic proximity, similar regulatory environments, land acquisition characteristics and similar methods used to construct and sell homes. HEI’s reportable segments consist of the following six Homebuilding: ( 1 Northeast (New Jersey and Pennsylvania) ( 2 Mid-Atlantic (Delaware, Maryland, Virginia, Washington D.C. and West Virginia) ( 3 Midwest (Illinois and Ohio) ( 4 Southeast (Florida, Georgia and South Carolina) ( 5 Southwest (Arizona and Texas) ( 6 West (California) Financial Services Operations of the Homebuilding segments primarily include the sale and construction of single-family attached and detached homes, attached townhomes and condominiums, urban infill and active lifestyle homes in planned residential developments. In addition, from time to time, operations of the homebuilding segments include sales of land. Operations of the Financial Services segment include mortgage banking and title services provided to the homebuilding operations’ customers. Our financial services subsidiaries do not Corporate and unallocated primarily represents operations at our headquarters in New Jersey. This includes our executive offices, information services, human resources, corporate accounting, training, treasury, process redesign, internal audit, construction services, and administration of insurance, quality and safety. It also includes interest income and interest expense resulting from interest incurred that cannot be capitalized in inventory in the Homebuilding segments, as well as the gains or losses on extinguishment of debt from any debt repurchases or exchanges. Evaluation of segment performance is based primarily on operating earnings from continuing operations before provision or benefit for income taxes (“Income before income taxes”). Income before income taxes for the Homebuilding segments consist of revenues generated from the sales of homes and land, income from unconsolidated entities, management fees and other income, less the cost of homes and land sold, selling, general and administrative expenses and interest expense. Income before income taxes for the Financial Services segment consist of revenues generated from mortgage financing, title insurance and closing services, less the cost of such services and selling, general and administrative expenses incurred by the Financial Services segment. Operational results of each segment are not Financial information relating to HEI’s segment operations was as follows: Three Months Ended January 31, (In thousands) 2022 2021 Revenues: Northeast $ 20,359 $ 32,044 Mid-Atlantic 99,614 92,945 Midwest 54,972 59,157 Southeast 55,582 45,774 Southwest 194,510 190,409 West 126,960 134,832 Total homebuilding 551,997 555,161 Financial services 13,309 19,497 Corporate and unallocated 7 6 Total revenues $ 565,313 $ 574,664 Income before income taxes: Northeast $ 2,450 $ 4,594 Mid-Atlantic 16,737 10,701 Midwest 651 3,584 Southeast 10,162 354 Southwest 21,876 21,050 West 22,059 9,677 Total homebuilding 73,935 49,960 Financial services 2,909 9,143 Corporate and unallocated (1) (41,443 ) (39,518 ) Income before income taxes $ 35,401 $ 19,585 ( 1 Corporate and unallocated for the three January 31, 2022 three January 31, 2021 January 31, October 31, (In thousands) 2022 2021 Assets: Northeast $ 156,333 $ 133,390 Mid-Atlantic 318,833 273,073 Midwest 80,929 85,044 Southeast 291,287 257,044 Southwest 469,188 413,532 West 232,575 229,810 Total homebuilding 1,549,145 1,391,893 Financial services (1) 143,057 202,758 Corporate and unallocated 616,965 725,857 Total assets $ 2,309,167 $ 2,320,508 ( 1 |
Note 18 - Investments in Uncons
Note 18 - Investments in Unconsolidated Homebuilding and Land Development Joint Ventures | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 18. Investments in Unconsolidated Homebuilding and Land Development Joint Ventures We enter into homebuilding and land development joint ventures from time to time as a means of accessing lot positions, expanding our market opportunities, establishing strategic alliances, managing our risk profile, leveraging our capital base and enhancing returns on capital. Our homebuilding joint ventures are generally entered into with third third third The tables set forth below summarize the combined financial information related to our unconsolidated homebuilding and land development joint ventures that are accounted for under the equity method. (Dollars in thousands) January 31, 2022 Land Homebuilding Development Total Assets: Cash and cash equivalents $ 153,943 $ 1,668 $ 155,611 Inventories 451,029 - 451,029 Other assets 34,942 - 34,942 Total assets $ 639,914 $ 1,668 $ 641,582 Liabilities and equity: Accounts payable and accrued liabilities $ 438,290 $ 1,290 439,580 Notes payable 60,306 - 60,306 Total liabilities 498,596 1,290 499,886 Equity of: Hovnanian Enterprises, Inc. 64,162 298 64,460 Others 77,156 80 77,236 Total equity 141,318 378 141,696 Total liabilities and equity $ 639,914 $ 1,668 $ 641,582 Debt to capitalization ratio 30 % 0 % 30 % (Dollars in thousands) October 31, 2021 Land Homebuilding Development Total Assets: Cash and cash equivalents $ 132,963 $ 1,972 $ 134,935 Inventories 442,347 - 442,347 Other assets 34,551 - 34,551 Total assets $ 609,861 $ 1,972 $ 611,833 Liabilities and equity: Accounts payable and accrued liabilities $ 386,117 $ 1,681 $ 387,798 Notes payable 73,994 - 73,994 Total liabilities 460,111 1,681 461,792 Equity of: Hovnanian Enterprises, Inc. 58,460 254 58,714 Others 91,290 37 91,327 Total equity 149,750 291 150,041 Total liabilities and equity $ 609,861 $ 1,972 $ 611,833 Debt to capitalization ratio 33 % 0 % 33 % As of January 31, 2022 October 31, 2021, January 31, 2022 October 31, 2021, three January 31, 2022 2021 not Three Months Ended January 31, 2022 (In thousands) Land Homebuilding Development Total Revenues $ 69,591 $ 113 $ 69,704 Cost of sales and expenses (65,582 ) (26 ) (65,608 ) Joint venture net income $ 4,009 $ 87 $ 4,096 Our share of net income $ 8,147 $ 45 $ 8,192 Three Months Ended January 31, 2021 (In thousands) Land Homebuilding Development Total Revenues $ 71,464 $ 263 $ 71,727 Cost of sales and expenses (71,273 ) (28 ) (71,301 ) Joint venture net income $ 191 $ 235 $ 426 Our share of net income $ 1,911 $ 95 $ 2,006 “Income from unconsolidated joint ventures” is reflected as a separate line in the accompanying Condensed Consolidated Statements of Operations and reflects our proportionate share of the income or loss from these unconsolidated homebuilding and land development joint ventures. The difference between our share of the income from these unconsolidated joint ventures in the tables above compared to the Condensed Consolidated Statements of Operations is due primarily to the reclassification of the intercompany portion of management fee income from certain unconsolidated joint ventures and the deferral of income for lots purchased by us from certain unconsolidated joint ventures. The reason “Our share of net income” is higher or lower than the “Joint venture net income” shown in the tables above for both the three January 31, 2022 2021 50% three January 31, 2022 two 2021 one three January 31, 2022 not not 10 To compensate us for the administrative services we provide as the manager of certain unconsolidated joint ventures, we receive a management fee based on a percentage of the applicable unconsolidated joint venture’s revenues. These management fees, which totaled $2.4 million and $2.3 million for the three January 31, 2022 2021 Typically, our unconsolidated joint ventures obtain separate project specific mortgage financing. For some of our unconsolidated joint ventures, obtaining financing was challenging; therefore, some of our unconsolidated joint ventures are capitalized only with equity. The total debt to capitalization ratio of all our unconsolidated joint ventures was 30% as of January 31, 2022 810 10 not not |
Note 19 - Recent Accounting Pro
Note 19 - Recent Accounting Pronouncements | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 19. Recent Accounting Pronouncements In March 2020, 2020 04, 2020 04” 2020 04 March 12, 2020, may December 31, 2022. not |
Note 20 - Fair Value of Financi
Note 20 - Fair Value of Financial Instruments | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 20. Fair Value of Financial Instruments ASC 820, Level 1: Fair value determined based on quoted prices in active markets for identical assets. Level 2: Fair value determined using significant other observable inputs. Level 3: Fair value determined using significant unobservable inputs. Our financial instruments measured at fair value on a recurring basis are summarized below: Fair Value at Fair Value at Fair Value January 31, October 31, (In thousands) Hierarchy 2022 2021 Mortgage loans held for sale (1) Level 2 $ 82,402 $ 151,059 Forward contracts Level 2 135 (107 ) Total $ 82,537 $ 150,952 Interest rate lock commitments Level 3 (645 ) 152 Total $ 81,892 $ 151,104 ( 1 January 31, 2022 October 31, 2021, We elected the fair value option for our loans held for sale in accordance with ASC 825, The Financial Services segment had a pipeline of loan applications in process of $1.0 billion at January 31, 2022 January 31, 2022 not The Financial Services segment uses investor commitments and forward sales of mandatory MBS to hedge its mortgage-related interest rate exposure. These instruments involve, to varying degrees, elements of credit and interest rate risk. Credit risk is managed by entering into MBS forward commitments, option contracts with investment banks, federally regulated bank affiliates and loan sales transactions with permanent investors meeting the segment’s credit standards. The segment’s risk, in the event of default by the purchaser, is the difference between the contract price and fair value of the MBS forward commitments and option contracts. At January 31, 2022 March 21, 2022. The assets accounted for using the fair value option are initially measured at fair value. Gains and losses from initial measurement and subsequent changes in fair value are recognized in the Condensed Consolidated Financial Statements in “Revenues: Financial services.” The fair values that are included in income are shown, by financial instrument and financial statement line item, below: Three Months Ended January 31, 2022 Mortgage Interest Rate Loans Held Lock Forward (In thousands) For Sale Commitments Contracts Fair value included in net income all reflected in financial services revenues $ 1,982 $ (645 ) $ 135 Three Months Ended January 31, 2021 Mortgage Interest Rate Loans Held Lock Forward (In thousands) For Sale Commitments Contracts Fair value included in net income all reflected in financial services revenues $ 4,893 $ 54 $ (151 ) The Company did not three January 31, 2022 three January 31, 2021 Nonfinancial Assets Three Months Ended January 31, 2021 Pre- Fair Value Impairment (In thousands) Hierarchy Amount Total Losses Fair Value Sold and unsold homes and lots under development Level 3 $ 2,286 $ (843 ) $ 1,443 Land and land options held for future development or sale Level 3 $ - $ - $ - We record impairment losses on inventories related to communities under development and held for future development when events and circumstances indicate that they may may three January 31, 2021 not three January 31, 2022 4 The fair value of our cash equivalents, restricted cash and cash equivalents and customers' deposits approximates their carrying amount, based on Level 1 The fair value of each series of our Notes and Credit Facilities are listed below. Level 2 3 third 2040 2 January 31, 2022 3 October 31, 2021). Fair Value as of January 31, 2022 (In thousands) Level 1 Level 2 Level 3 Total Senior Secured Notes: 10.0 November 15, 2025 - - 167,537 167,537 7.75 February 15, 2026 - - 364,000 364,000 10.5 February 15, 2026 - - 301,096 301,096 11.25 February 15, 2026 - - 162,878 162,878 Senior Notes: 13.5 February 1, 2026 - - 93,471 93,471 5.0 February 1, 2040 - 61,561 - 61,561 Senior Credit Facilities: Senior Unsecured Term Loan Credit Facility due February 1, 2027 - - 29,228 29,228 Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028 - - 86,143 86,143 Total fair value $ - $ 61,561 $ 1,204,353 $ 1,265,914 Fair Value as of October 31, 2021 (In thousands) Level 1 Level 2 Level 3 Total Senior Secured Notes: 10.0 November 15, 2025 - - 167,348 167,348 7.75 February 15, 2026 - - 366,426 366,426 10.5 February 15, 2026 - - 300,913 300,913 11.25 February 15, 2026 - - 162,548 162,548 Senior Notes: 13.5 February 1, 2026 - - 92,331 92,331 5.0 February 1, 2040 - - 63,084 63,084 Senior Credit Facilities: Senior Unsecured Term Loan Credit Facility due February 1, 2027 - - 28,196 28,196 Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028 - - 86,046 86,046 Total fair value $ - $ - $ 1,266,892 $ 1,266,892 The Senior Secured Revolving Credit Facility is not January 31, 2022 October 31, 2021 |
Note 21 - Transactions With Rel
Note 21 - Transactions With Related Parties | 3 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 21. Transactions with Related Parties From time to time, an engineering firm owned by Tavit Najarian, a relative of Ara K. Hovnanian, our Chairman of the Board of Directors and our Chief Executive Officer, provides services to the Company. During the three January 31, 2022 2021 |
Note 3 - Interest (Tables)
Note 3 - Interest (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Notes Tables | |
Schedule of Real Estate Inventory, Capitalized Interest Costs [Table Text Block] | Three Months Ended January 31, (In thousands) 2022 2021 Interest capitalized at beginning of period $ 58,159 $ 65,010 Plus interest incurred(1) 32,783 41,457 Less cost of sales interest expensed 13,745 17,165 Less other interest expensed(2)(3) 13,393 23,975 Interest capitalized at end of period(4) $ 63,804 $ 65,327 |
Cash Paid for Interest Net of Capitalized Interest [Table Text Block] | Three Months Ended January 31, (In thousands) 2022 2021 Other interest expensed $ 13,393 $ 23,975 Interest paid by our mortgage and finance subsidiaries 468 425 Increase in accrued interest (19,115 ) (14,478 ) Cash paid for interest, net of capitalized interest $ (5,254 ) $ 9,922 |
Note 6 - Warranty Costs (Tables
Note 6 - Warranty Costs (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended January 31, (In thousands) 2022 2021 Balance, beginning of period $ 94,916 $ 86,417 Additions – Selling, general and administrative 2,216 2,048 Additions – Cost of sales 1,424 1,898 Charges incurred during the period (4,154 ) (1,976 ) Changes to pre-existing reserves (1,049 ) 474 Balance, end of period $ 93,353 $ 88,861 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended (In thousands) January 31, 2022 January 31, 2021 Operating lease cost $ 2,588 $ 2,616 Cash payments on lease liabilities $ 2,440 $ 2,298 (In thousands) At January 31, 2022 At October 31, 2021 ROU assets $ 19,922 $ 17,844 Lease liabilities $ 21,004 $ 18,952 Weighted-average remaining lease term (in years) 3.6 3.1 Weighted-average discount rate (incremental borrowing rate) 9.4 % 9.4 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year ending October 31, (in thousands) 2022 (excluding the three months ended January 31, 2022) $ 6,668 2023 7,126 2024 4,479 2025 3,750 2026 2,758 Thereafter 1,396 Total payments 26,177 Less: imputed interest (5,173 ) Present value of lease liabilities $ 21,004 |
Note 10 - Mortgage Loans Held_2
Note 10 - Mortgage Loans Held for Sale (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended January 31, (In thousands) 2022 2021 Loan origination reserves, beginning of period $ 1,632 $ 1,458 Provisions for losses during the period 41 50 Adjustments to pre-existing provisions for losses from changes in estimates - - Loan origination reserves, end of period $ 1,673 $ 1,508 |
Note 12 - Senior Notes and Cr_2
Note 12 - Senior Notes and Credit Facilities (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | January 31, October 31, (In thousands) 2022 2021 Senior Secured Notes: 10.0 November 15, 2025 $ 158,502 $ 158,502 7.75 February 15, 2026 350,000 350,000 10.5 February 15, 2026 282,322 282,322 11.25 February 15, 2026 162,269 162,269 Total Senior Secured Notes $ 953,093 $ 953,093 Senior Notes: 8.0% November 1, 2027 $ - $ - 13.5% February 1, 2026 90,590 90,590 5.0% February 1, 2040 90,120 90,120 Total Senior Notes $ 180,710 $ 180,710 Senior Unsecured Term Loan Credit Facility due February 1, 2027 $ 39,551 $ 39,551 Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028 $ 81,498 $ 81,498 Senior Secured Revolving Credit Facility (2) $ - $ - Subtotal notes payable $ 1,254,852 $ 1,254,852 Net (discounts) premiums $ 8,672 $ 10,769 Net debt issuance costs $ (16,303 ) $ (17,248 ) Total notes payable, net of discounts, premiums and debt issuance costs $ 1,247,221 $ 1,248,373 |
Note 13 - Per Share Calculati_2
Note 13 - Per Share Calculation (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended January 31, (In thousands, except per share data) 2022 2021 Numerator: Numerator for basic and diluted earnings per share $ 19,950 $ 17,360 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 6,389 6,225 Effect of dilutive securities: Share based payments 112 78 Denominator for diluted earnings per share – weighted average shares outstanding 6,501 6,303 Basic earnings per share $ 3.12 $ 2.79 Diluted earnings per share $ 3.07 $ 2.75 |
Note 17 - Operating and Repor_2
Note 17 - Operating and Reporting Segments (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | January 31, October 31, (In thousands) 2022 2021 Assets: Northeast $ 156,333 $ 133,390 Mid-Atlantic 318,833 273,073 Midwest 80,929 85,044 Southeast 291,287 257,044 Southwest 469,188 413,532 West 232,575 229,810 Total homebuilding 1,549,145 1,391,893 Financial services (1) 143,057 202,758 Corporate and unallocated 616,965 725,857 Total assets $ 2,309,167 $ 2,320,508 |
Operating Segments [Member] | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended January 31, (In thousands) 2022 2021 Revenues: Northeast $ 20,359 $ 32,044 Mid-Atlantic 99,614 92,945 Midwest 54,972 59,157 Southeast 55,582 45,774 Southwest 194,510 190,409 West 126,960 134,832 Total homebuilding 551,997 555,161 Financial services 13,309 19,497 Corporate and unallocated 7 6 Total revenues $ 565,313 $ 574,664 Income before income taxes: Northeast $ 2,450 $ 4,594 Mid-Atlantic 16,737 10,701 Midwest 651 3,584 Southeast 10,162 354 Southwest 21,876 21,050 West 22,059 9,677 Total homebuilding 73,935 49,960 Financial services 2,909 9,143 Corporate and unallocated (1) (41,443 ) (39,518 ) Income before income taxes $ 35,401 $ 19,585 |
Note 18 - Investments in Unco_2
Note 18 - Investments in Unconsolidated Homebuilding and Land Development Joint Ventures (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | (Dollars in thousands) January 31, 2022 Land Homebuilding Development Total Assets: Cash and cash equivalents $ 153,943 $ 1,668 $ 155,611 Inventories 451,029 - 451,029 Other assets 34,942 - 34,942 Total assets $ 639,914 $ 1,668 $ 641,582 Liabilities and equity: Accounts payable and accrued liabilities $ 438,290 $ 1,290 439,580 Notes payable 60,306 - 60,306 Total liabilities 498,596 1,290 499,886 Equity of: Hovnanian Enterprises, Inc. 64,162 298 64,460 Others 77,156 80 77,236 Total equity 141,318 378 141,696 Total liabilities and equity $ 639,914 $ 1,668 $ 641,582 Debt to capitalization ratio 30 % 0 % 30 % (Dollars in thousands) October 31, 2021 Land Homebuilding Development Total Assets: Cash and cash equivalents $ 132,963 $ 1,972 $ 134,935 Inventories 442,347 - 442,347 Other assets 34,551 - 34,551 Total assets $ 609,861 $ 1,972 $ 611,833 Liabilities and equity: Accounts payable and accrued liabilities $ 386,117 $ 1,681 $ 387,798 Notes payable 73,994 - 73,994 Total liabilities 460,111 1,681 461,792 Equity of: Hovnanian Enterprises, Inc. 58,460 254 58,714 Others 91,290 37 91,327 Total equity 149,750 291 150,041 Total liabilities and equity $ 609,861 $ 1,972 $ 611,833 Debt to capitalization ratio 33 % 0 % 33 % Three Months Ended January 31, 2022 (In thousands) Land Homebuilding Development Total Revenues $ 69,591 $ 113 $ 69,704 Cost of sales and expenses (65,582 ) (26 ) (65,608 ) Joint venture net income $ 4,009 $ 87 $ 4,096 Our share of net income $ 8,147 $ 45 $ 8,192 Three Months Ended January 31, 2021 (In thousands) Land Homebuilding Development Total Revenues $ 71,464 $ 263 $ 71,727 Cost of sales and expenses (71,273 ) (28 ) (71,301 ) Joint venture net income $ 191 $ 235 $ 426 Our share of net income $ 1,911 $ 95 $ 2,006 |
Note 20 - Fair Value of Finan_2
Note 20 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value at Fair Value at Fair Value January 31, October 31, (In thousands) Hierarchy 2022 2021 Mortgage loans held for sale (1) Level 2 $ 82,402 $ 151,059 Forward contracts Level 2 135 (107 ) Total $ 82,537 $ 150,952 Interest rate lock commitments Level 3 (645 ) 152 Total $ 81,892 $ 151,104 |
Fair Value Option, Disclosures [Table Text Block] | Three Months Ended January 31, 2022 Mortgage Interest Rate Loans Held Lock Forward (In thousands) For Sale Commitments Contracts Fair value included in net income all reflected in financial services revenues $ 1,982 $ (645 ) $ 135 Three Months Ended January 31, 2021 Mortgage Interest Rate Loans Held Lock Forward (In thousands) For Sale Commitments Contracts Fair value included in net income all reflected in financial services revenues $ 4,893 $ 54 $ (151 ) |
Fair Value Measurements, Nonrecurring [Table Text Block] | Three Months Ended January 31, 2021 Pre- Fair Value Impairment (In thousands) Hierarchy Amount Total Losses Fair Value Sold and unsold homes and lots under development Level 3 $ 2,286 $ (843 ) $ 1,443 Land and land options held for future development or sale Level 3 $ - $ - $ - |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis 2 [Table Text Block] | (In thousands) Level 1 Level 2 Level 3 Total Senior Secured Notes: 10.0 November 15, 2025 - - 167,537 167,537 7.75 February 15, 2026 - - 364,000 364,000 10.5 February 15, 2026 - - 301,096 301,096 11.25 February 15, 2026 - - 162,878 162,878 Senior Notes: 13.5 February 1, 2026 - - 93,471 93,471 5.0 February 1, 2040 - 61,561 - 61,561 Senior Credit Facilities: Senior Unsecured Term Loan Credit Facility due February 1, 2027 - - 29,228 29,228 Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028 - - 86,143 86,143 Total fair value $ - $ 61,561 $ 1,204,353 $ 1,265,914 (In thousands) Level 1 Level 2 Level 3 Total Senior Secured Notes: 10.0 November 15, 2025 - - 167,348 167,348 7.75 February 15, 2026 - - 366,426 366,426 10.5 February 15, 2026 - - 300,913 300,913 11.25 February 15, 2026 - - 162,548 162,548 Senior Notes: 13.5 February 1, 2026 - - 92,331 92,331 5.0 February 1, 2040 - - 63,084 63,084 Senior Credit Facilities: Senior Unsecured Term Loan Credit Facility due February 1, 2027 - - 28,196 28,196 Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028 - - 86,046 86,046 Total fair value $ - $ - $ 1,266,892 $ 1,266,892 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | 3 Months Ended |
Jan. 31, 2022 | |
Consolidated Joint Venture [Member] | |
Noncontrolling Interest, Ownership Percentage by Parent | 99.00% |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1.00% |
Consolidated Joint Venture [Member] | Subsidiaries [Member] | |
Noncontrolling Interest, Ownership Percentage by Parent | 80.00% |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20.00% |
Homebuilding [Member] | |
Number of Reportable Segments | 6 |
Note 2 - Stock Compensation (De
Note 2 - Stock Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Share-based Payment Arrangement, Expense | $ 1,600 | $ 900 |
Share-based Payment Arrangement, Expense, after Tax | 1,100 | 800 |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Payment Arrangement, Expense | $ 45 | $ 100 |
Note 3 - Interest (Details Text
Note 3 - Interest (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | ||
Real Estate Inventory Expense Not Eligible for Capitalization | [1],[2] | $ 13,393 | $ 23,975 |
Qualifying Assets Not Exceeding Debt [Member] | |||
Real Estate Inventory Expense Not Eligible for Capitalization | 11,500 | 16,200 | |
Completed Homes, Land in Planning and Fully Developed Lots without Homes under Construction [Member] | |||
Real Estate Inventory Expense Not Eligible for Capitalization | $ 1,900 | $ 7,800 | |
[1] | Cash paid for interest, net of capitalized interest, is the sum of other interest expensed, as defined above, and interest paid by our mortgage and finance subsidiaries adjusted for the change in accrued interest on notes payable, which is calculated as follows: Three Months Ended January 31, (In thousands) 2022 2021 Other interest expensed $ 13,393 $ 23,975 Interest paid by our mortgage and finance subsidiaries 468 425 Increase in accrued interest (19,115 ) (14,478 ) Cash paid for interest, net of capitalized interest $ (5,254 ) $ 9,922 | ||
[2] | Other interest expensed includes interest that does not qualify for interest capitalization because our assets that qualify for interest capitalization (inventory under development) do not exceed our debt, which amounted to $11.5 million and $16.2 million for the three months ended January 31, 2022 and 2021, respectively. Other interest also includes interest on completed homes, land in planning and fully developed lots without homes under construction, which does not qualify for capitalization and therefore is expensed. This component of other interest was $1.9 million and $7.8 million for the three months ended January 31, 2022 and 2021, respectively. |
Note 3 - Interest - Interest Co
Note 3 - Interest - Interest Costs Incurred, Expensed and Capitalized (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | ||
Interest capitalized at beginning of period | $ 58,159 | $ 65,010 | |
Plus interest incurred | [1] | 32,783 | 41,457 |
Less cost of sales interest expensed | 13,745 | 17,165 | |
Less other interest expensed | [2],[3] | 13,393 | 23,975 |
Interest capitalized at end of period | [4] | $ 63,804 | $ 65,327 |
[1] | Data does not include interest incurred by our mortgage and finance subsidiaries. | ||
[2] | Cash paid for interest, net of capitalized interest, is the sum of other interest expensed, as defined above, and interest paid by our mortgage and finance subsidiaries adjusted for the change in accrued interest on notes payable, which is calculated as follows: Three Months Ended January 31, (In thousands) 2022 2021 Other interest expensed $ 13,393 $ 23,975 Interest paid by our mortgage and finance subsidiaries 468 425 Increase in accrued interest (19,115 ) (14,478 ) Cash paid for interest, net of capitalized interest $ (5,254 ) $ 9,922 | ||
[3] | Other interest expensed includes interest that does not qualify for interest capitalization because our assets that qualify for interest capitalization (inventory under development) do not exceed our debt, which amounted to $11.5 million and $16.2 million for the three months ended January 31, 2022 and 2021, respectively. Other interest also includes interest on completed homes, land in planning and fully developed lots without homes under construction, which does not qualify for capitalization and therefore is expensed. This component of other interest was $1.9 million and $7.8 million for the three months ended January 31, 2022 and 2021, respectively. | ||
[4] | Capitalized interest amounts are shown gross before allocating any portion of impairments, if any, to capitalized interest. |
Note 3 - Interest - Cash Paid f
Note 3 - Interest - Cash Paid for Interest, Net of Capitalized Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | ||
Other interest expensed | [1],[2] | $ 13,393 | $ 23,975 |
Interest paid by our mortgage and finance subsidiaries | 468 | 425 | |
Increase in accrued interest | (19,115) | (14,478) | |
Cash paid for interest, net of capitalized interest | $ (5,254) | $ 9,922 | |
[1] | Cash paid for interest, net of capitalized interest, is the sum of other interest expensed, as defined above, and interest paid by our mortgage and finance subsidiaries adjusted for the change in accrued interest on notes payable, which is calculated as follows: Three Months Ended January 31, (In thousands) 2022 2021 Other interest expensed $ 13,393 $ 23,975 Interest paid by our mortgage and finance subsidiaries 468 425 Increase in accrued interest (19,115 ) (14,478 ) Cash paid for interest, net of capitalized interest $ (5,254 ) $ 9,922 | ||
[2] | Other interest expensed includes interest that does not qualify for interest capitalization because our assets that qualify for interest capitalization (inventory under development) do not exceed our debt, which amounted to $11.5 million and $16.2 million for the three months ended January 31, 2022 and 2021, respectively. Other interest also includes interest on completed homes, land in planning and fully developed lots without homes under construction, which does not qualify for capitalization and therefore is expensed. This component of other interest was $1.9 million and $7.8 million for the three months ended January 31, 2022 and 2021, respectively. |
Note 4 - Reduction of Invento_2
Note 4 - Reduction of Inventory to Fair Value (Details Textual) $ in Thousands | 3 Months Ended | ||
Jan. 31, 2022USD ($) | Jan. 31, 2021USD ($) | Oct. 31, 2021USD ($) | |
Number of Communities Evaluated for Impairment | 382 | 360 | |
Impairment of Real Estate | $ 0 | $ 800 | |
Number of Walk Away Lots | 420 | 420 | |
Homebuilding [Member] | |||
Impairment of Real Estate | $ 0 | $ 800 | |
Number of Communities Performed Detailed Impairment Calculations | 1 | ||
Carrying Value of Communities Tested for Impairment | $ 2,300 | ||
Land Option Write Offs | $ 100 | $ 1,100 | |
Number of Communities Mothballed | 6 | 6 | |
Inventory Real Estate Mothballed Communities | $ 4,300 | $ 4,300 | |
Inventory Real Estate Mothballed Communities Accumulated Impairment Charges | 57,500 | 57,500 | |
Liabilities from Inventory Real Estate Not Owned | 75,344 | 62,762 | |
Homebuilding [Member] | Model Sale Leaseback Financing Arrangements [Member] | |||
Inventory Real Estate, Other Options | 36,200 | 32,500 | |
Liabilities from Inventory Real Estate Not Owned | 36,500 | 31,500 | |
Homebuilding [Member] | Land Banking Arrangement [Member] | |||
Inventory Real Estate, Other Options | 88,600 | 66,200 | |
Liabilities from Inventory Real Estate Not Owned | $ 38,800 | $ 31,300 | |
Homebuilding [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | |||
Inventory, Measurement Input | 0.193 |
Note 5 - Variable Interest En_2
Note 5 - Variable Interest Entities (Details Textual) $ in Millions | Jan. 31, 2022USD ($) |
Deposits Associated with Land and Lot Options of Unconsolidated Variable Interest Entities | $ 123.9 |
Purchase Price Associated with Land and Lot Options of Unconsolidated Variable Interest Entities | $ 1,500 |
Note 6 - Warranty Costs (Detail
Note 6 - Warranty Costs (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Oct. 31, 2021 | |
Cash Received from Subcontractors for Owner Controlled Insurance Program | $ 1,200 | $ 1,500 | |
General Liability Insurance Deductible | 25,000 | $ 20,000 | |
Bodily Injury Insurance Deductible | 250 | 250 | |
Bodily Injury Insurance Limit | 5,000 | 5,000 | |
Aggregate Retention for Construction Defects Warranty and Bodily Injury Claims | 25,000 | $ 20,000 | |
Payments by Insurance Companies for Claims | $ 100 | $ 100 |
Note 6 - Warranty Costs - Warra
Note 6 - Warranty Costs - Warranty and General Liability Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Balance, beginning of period | $ 94,916 | $ 86,417 |
Charges incurred during the period | (4,154) | (1,976) |
Changes to pre-existing reserves | (1,049) | 474 |
Balance, end of period | 93,353 | 88,861 |
Selling, General and Administrative Expenses [Member] | ||
Additions | 2,216 | 2,048 |
Cost of Sales [Member] | ||
Additions | $ 1,424 | $ 1,898 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Millions | May 02, 2018 | Jan. 31, 2022 |
EPA Case Involving a Housing Redevelopment Project in Newark, New Jersey [Member] | ||
Loss Contingency, Percentage of Plaintiff's Costs for Which Reimbursement is Demanded | 100.00% | |
Loss Contingency, Damages Sought, Value | $ 2.7 | |
Great Notch Condominium Claims[Member] | ||
Loss Contingency, Damages Sought, Value | $ 119.5 | |
Spill Fund Lawsuit [Member] | ||
Loss Contingency, Damages Sought, Value | $ 5.3 |
Note 8 - Cash and Cash Equiva_2
Note 8 - Cash and Cash Equivalents, Restricted Cash and Cash Equivalents and Customer's Deposits (Details Textual) - USD ($) $ in Thousands | Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 |
Cash Equivalents, at Carrying Value, Total | $ 13,400 | $ 15,700 | |
Homebuilding [Member] | |||
Restricted Cash and Cash Equivalents, Total | 14,260 | 16,089 | $ 12,628 |
Financial Services [Member] | |||
Restricted Cash and Cash Equivalents, Total | 50,854 | $ 37,450 | |
Financial Services [Member] | Customer Deposits [Member] | |||
Restricted Cash and Cash Equivalents, Total | 46,800 | 40,700 | |
Financial Services [Member] | Mortgage Warehouse Lines of Credit [Member] | |||
Restricted Cash and Cash Equivalents, Total | 4,100 | 2,800 | |
Financial Services [Member] | Other Assets [Member] | |||
Restricted Cash and Cash Equivalents, Total | $ 50,900 | $ 43,500 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) $ in Millions | 3 Months Ended |
Jan. 31, 2022USD ($) | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 6.6 |
Minimum [Member] | Office Leases [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 3 years |
Maximum [Member] | Office Leases [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 5 years |
Note 9 - Leases - Lease Cost (D
Note 9 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Oct. 31, 2021 | |
Operating lease cost | $ 2,588 | $ 2,616 | |
Cash payments on lease liabilities | $ 2,440 | $ 2,298 | |
Weighted-average remaining lease term (in years) (Year) | 3 years 7 months 6 days | 3 years 1 month 6 days | |
Weighted-average discount rate (incremental borrowing rate) | 9.40% | 9.40% | |
Prepaid Expenses and Other Current Assets [Member] | |||
ROU assets | $ 19,922 | $ 17,844 | |
Accounts Payable and Accrued Liabilities [Member] | |||
Lease liabilities | $ 21,004 | $ 18,952 |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Oct. 31, 2021 |
2022 (excluding the three months ended January 31, 2022) | $ 6,668 | |
2023 | 7,126 | |
2024 | 4,479 | |
2025 | 3,750 | |
2026 | 2,758 | |
Thereafter | 1,396 | |
Total payments | 26,177 | |
Less: imputed interest | (5,173) | |
Accounts Payable and Accrued Liabilities [Member] | ||
Present value of lease liabilities | $ 21,004 | $ 18,952 |
Note 10 - Mortgage Loans Held_3
Note 10 - Mortgage Loans Held for Sale (Details Textual) $ in Millions | Jan. 31, 2022USD ($) | Oct. 31, 2021USD ($) | Jan. 31, 2021 |
Loans Pledged as Collateral | $ 69.3 | $ 136.5 | |
Number of Loans Reserved For | 14 | 15 |
Note 10 - Mortgage Loans Held_4
Note 10 - Mortgage Loans Held for Sale - Loan Origination Reserves (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Loan origination reserves, beginning of period | $ 1,632 | $ 1,458 |
Provisions for losses during the period | 41 | 50 |
Adjustments to pre-existing provisions for losses from changes in estimates | 0 | 0 |
Loan origination reserves, end of period | $ 1,673 | $ 1,508 |
Note 11 - Mortgages (Details Te
Note 11 - Mortgages (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2022 | Oct. 31, 2021 | |
JP Morgan Chase Bank [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | |
Warehouse Agreement Borrowings, Total | $ 29,700 | $ 45,700 |
JP Morgan Chase Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||
Debt Instrument Variable Rate Basis Adjusted Secured Overnight Financing Rate SOFR | 0.98% | |
JP Morgan Chase Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.375% | |
JP Morgan Chase Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |
Customers Bank [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | |
Warehouse Agreement Borrowings, Total | $ 29,600 | 40,500 |
Customers Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.125% | |
Customers Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 4.75% | |
Nonrecourse Mortgages Secured By Inventory [Member] | Mortgages [Member] | Homebuilding [Member] | ||
Secured Debt, Total | $ 196,386 | 125,089 |
Debt Instrument, Collateral Amount | $ 563,900 | $ 448,500 |
Debt, Weighted Average Interest Rate | 4.80% | 4.40% |
Comerica Master Repurchase Agreement [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 60,000 | |
Warehouse Agreement Borrowings, Total | 12,300 | $ 48,700 |
Line of Credit Facility, Maximum Borrowing Capacity Reversion After Initial Period | $ 50,000 | |
Comerica Master Repurchase Agreement [Member] | Bloomberg Short-term Bank Yield Index (BSBY) [Member] | ||
Debt Instrument Variable Rate Basis Floor Rate | 0.50% | |
Comerica Master Repurchase Agreement [Member] | Bloomberg Short-term Bank Yield Index (BSBY) [Member] | Minimum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.875% | |
Comerica Master Repurchase Agreement [Member] | Bloomberg Short-term Bank Yield Index (BSBY) [Member] | Maximum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 3.25% |
Note 12 - Senior Notes and Cr_3
Note 12 - Senior Notes and Credit Facilities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Jan. 31, 2022 | Dec. 03, 2021 | Oct. 31, 2021 | ||
Debt Covenant Fixed Charge Coverage Ratio Minimum | 2 | |||
Secured Debt Leverage Ratio | 4 | |||
Dividends Payable | $ 2,700 | |||
Dividends, Preferred Stock, Total | $ 2,669 | |||
Senior Secured Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 125,000 | |||
Stand-alone Cash Collateralized Letter of Credit Agreements and Facilities [Member] | ||||
Letters of Credit Outstanding, Amount | 7,900 | $ 9,300 | ||
Stand-alone Cash Collateralized Letter of Credit Agreements and Facilities [Member] | Restricted Cash [Member] | ||||
Debt Instrument, Collateral Amount | 8,100 | 9,900 | ||
The Secured Credit Facility, the New Secured Notes, and the Second Lien Notes [Member] | Cash and Cash Equivalents Collateral [Member] | ||||
Debt Instrument, Collateral Amount | 140,700 | |||
The Secured Credit Facility, the New Secured Notes, and the Second Lien Notes [Member] | Restricted Cash [Member] | ||||
Debt Instrument, Collateral Amount | 8,100 | |||
The Secured Credit Facility, the New Secured Notes, and the Second Lien Notes [Member] | Real Property [Member] | ||||
Debt Instrument, Collateral Amount | 414,300 | |||
The Secured Credit Facility, the New Secured Notes, and the Second Lien Notes [Member] | Equity Interests in Joint Venture Holding Companies Collateral [Member] | ||||
Debt Instrument, Collateral Amount | $ 102,700 | |||
The 8.0% Senior Notes Due 2027 [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes and Senior Exchangeable Notes [Member] | ||||
Debt Instrument, Face Amount | $ 26,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 8.00% | 8.00% | |
The 7.75% Senior Secured 1.125 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | 7.75% | ||
The 7.75% Senior Secured 1.125 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | Redemption with Net Cash Proceeds from Certain Equity Offerings [Member] | ||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 35.00% | |||
The 7.75% Senior Secured 1.125 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | Redemption with Net Cash Proceeds from Certain Equity Offerings [Member] | Debt Instrument, Redemption, Period One [Member] | ||||
Debt Instrument, Redemption Price, Percentage | 107.75% | |||
The 7.75% Senior Secured 1.125 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | Redemption with Net Cash Proceeds from Certain Equity Offerings [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||
Debt Instrument, Redemption Price, Percentage | 103.875% | |||
The 7.75% Senior Secured 1.125 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | Redemption with Net Cash Proceeds from Certain Equity Offerings [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||
Debt Instrument, Redemption Price, Percentage | 101.937% | |||
The 7.75% Senior Secured 1.125 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | Redemption with Net Cash Proceeds from Certain Equity Offerings [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||
The 10.5% Senior Secured 1.25 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 10.50% | 10.50% | ||
The 10.5% Senior Secured 1.25 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | Redemption with Net Cash Proceeds from Certain Equity Offerings [Member] | ||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 35.00% | |||
The 10.5% Senior Secured 1.25 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | Redemption with Net Cash Proceeds from Certain Equity Offerings [Member] | Debt Instrument, Redemption, Period One [Member] | ||||
Debt Instrument, Redemption Price, Percentage | 110.50% | |||
The 10.5% Senior Secured 1.25 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | Redemption with Net Cash Proceeds from Certain Equity Offerings [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||
Debt Instrument, Redemption Price, Percentage | 105.25% | |||
The 10.5% Senior Secured 1.25 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | Redemption with Net Cash Proceeds from Certain Equity Offerings [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||
Debt Instrument, Redemption Price, Percentage | 102.625% | |||
The 10.5% Senior Secured 1.25 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | Redemption with Net Cash Proceeds from Certain Equity Offerings [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||
The 11.25% Senior Secured 1.5 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 11.25% | 11.25% | ||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||
The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] | Debt Instrument, Redemption, Period One [Member] | ||||
Debt Instrument, Redemption Price, Percentage | 105.00% | |||
The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||
Debt Instrument, Redemption Price, Percentage | 102.50% | |||
The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||
The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||
Debt Instrument, Redemption Price, Percentage | 105.00% | |||
The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] | Debt Instrument, Redemption, Period Five [Member] | ||||
Debt Instrument, Redemption Price, Percentage | 102.50% | |||
The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] | Debt Instrument, Redemption, Period Six [Member] | ||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||
The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] | Senior Secured Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | ||
The 13.5% Senior Notes Due 2026 [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes and Senior Exchangeable Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 13.50% | 13.50% | ||
The 13.5% Senior Notes Due 2026 [Member] | Unsecured Senior Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||
The 13.5% Senior Notes Due 2026 [Member] | Unsecured Senior Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||
The 5.0% Senior Notes due 2040 [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes and Senior Exchangeable Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | ||
The 5.0% Senior Notes due 2040 [Member] | Unsecured Senior Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||
[1] | $26.0 million of 8.0% Senior Notes due 2027 (the "8.0% 2027 Notes") are owned by a wholly-owned consolidated subsidiary of HEI. Therefore, in accordance with GAAP, such notes are not reflected on the Condensed Consolidated Balance Sheets of HEI. |
Note 12 - Senior Notes and Cr_4
Note 12 - Senior Notes and Credit Facilities - Senior Notes and Credit Facilities Balances (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Oct. 31, 2021 | |
Senior debt | $ 1,254,852 | $ 1,254,852 | |
Net (discounts) premiums | 8,672 | 10,769 | |
Net debt issuance costs | (16,303) | (17,248) | |
Total notes payable, net of discounts, premiums and debt issuance costs | 1,247,221 | 1,248,373 | |
Senior Secured Notes [Member] | |||
Senior debt | 953,093 | 953,093 | |
Unsecured Senior Notes Excluding Senior Amortizing Notes and Senior Exchangeable Notes [Member] | |||
Senior debt | 180,710 | 180,710 | |
Senior Unsecured Term Loan Credit Facility Due 2027 [Member] | |||
Senior debt | 39,551 | 39,551 | |
Senior Secured Revolving Credit Facility [Member] | |||
Senior debt | [1] | 0 | 0 |
The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] | Senior Secured Notes [Member] | |||
Senior debt | 158,502 | 158,502 | |
The 7.75% Senior Secured 1.125 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | |||
Senior debt | 350,000 | 350,000 | |
The 10.5% Senior Secured 1.25 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | |||
Senior debt | 282,322 | 282,322 | |
The 11.25% Senior Secured 1.5 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | |||
Senior debt | 162,269 | 162,269 | |
The 8.0% Senior Notes Due 2027 [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes and Senior Exchangeable Notes [Member] | |||
Senior debt | [2] | 0 | 0 |
The 13.5% Senior Notes Due 2026 [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes and Senior Exchangeable Notes [Member] | |||
Senior debt | 90,590 | 90,590 | |
The 5.0% Senior Notes due 2040 [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes and Senior Exchangeable Notes [Member] | |||
Senior debt | 90,120 | 90,120 | |
The 10.0% Senior Secured 1.75 Lien Term Loans Due 2028 [Member] | Senior Secured Term Loan [Member] | |||
Senior debt | $ 81,498 | $ 81,498 | |
[1] | At January 31, 2022, provides for up to $125.0 million in aggregate amount of senior secured first lien revolving loans. Availability thereunder will terminate on December 28, 2022. | ||
[2] | $26.0 million of 8.0% Senior Notes due 2027 (the "8.0% 2027 Notes") are owned by a wholly-owned consolidated subsidiary of HEI. Therefore, in accordance with GAAP, such notes are not reflected on the Condensed Consolidated Balance Sheets of HEI. |
Note 12 - Senior Notes and Cr_5
Note 12 - Senior Notes and Credit Facilities - Senior Notes and Credit Facilities Balances (Details) (Parentheticals) | 3 Months Ended | 12 Months Ended | |
Jan. 31, 2022 | Oct. 31, 2021 | ||
Senior Unsecured Term Loan Credit Facility Due 2027 [Member] | |||
Debt Instrument, Maturity Date | Feb. 1, 2027 | Feb. 1, 2027 | |
The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] | Senior Secured Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | |
Debt Instrument, Maturity Date | Nov. 15, 2025 | Nov. 15, 2025 | |
The 7.75% Senior Secured 1.125 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | 7.75% | |
Debt Instrument, Maturity Date | Feb. 15, 2026 | Feb. 15, 2026 | |
The 10.5% Senior Secured 1.25 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 10.50% | 10.50% | |
Debt Instrument, Maturity Date | Feb. 15, 2026 | Feb. 15, 2026 | |
The 11.25% Senior Secured 1.5 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 11.25% | 11.25% | |
Debt Instrument, Maturity Date | Feb. 15, 2026 | Feb. 15, 2026 | |
The 8.0% Senior Notes Due 2027 [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes and Senior Exchangeable Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 8.00% | 8.00% |
Debt Instrument, Maturity Date | [1] | Nov. 1, 2027 | Nov. 1, 2027 |
The 13.5% Senior Notes Due 2026 [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes and Senior Exchangeable Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 13.50% | 13.50% | |
Debt Instrument, Maturity Date | Feb. 1, 2026 | Feb. 1, 2026 | |
The 5.0% Senior Notes due 2040 [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes and Senior Exchangeable Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | |
Debt Instrument, Maturity Date | Feb. 1, 2040 | Feb. 1, 2040 | |
The 10.0% Senior Secured 1.75 Lien Term Loans Due 2028 [Member] | Senior Secured Term Loan [Member] | |||
Debt Instrument, Maturity Date | Jan. 31, 2028 | Jan. 31, 2028 | |
[1] | $26.0 million of 8.0% Senior Notes due 2027 (the "8.0% 2027 Notes") are owned by a wholly-owned consolidated subsidiary of HEI. Therefore, in accordance with GAAP, such notes are not reflected on the Condensed Consolidated Balance Sheets of HEI. |
Note 13 - Per Share Calculati_3
Note 13 - Per Share Calculation (Details Textual) - shares shares in Millions | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Out of the Money Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.1 | 0.2 |
Note 13 - Per Share Calculati_4
Note 13 - Per Share Calculation - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Numerator for basic and diluted earnings per share | $ 19,950 | $ 17,360 |
Denominator for basic earnings per share – weighted average shares outstanding (in shares) | 6,389 | 6,225 |
Share based payments (in shares) | 112 | 78 |
Denominator for diluted earnings per share – weighted average shares outstanding (in shares) | 6,501 | 6,303 |
Net income per common share (in dollars per share) | $ 3.12 | $ 2.79 |
Diluted earnings per share (in dollars per share) | $ 3.07 | $ 2.75 |
Note 14 - Preferred Stock (Deta
Note 14 - Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jul. 12, 2005 | Jan. 31, 2022 | Jan. 31, 2021 | Oct. 31, 2021 |
Preferred Stock, Shares Issued, Total (in shares) | 5,600 | 5,600 | ||
Payments of Dividends, Total | $ 2,669 | $ 0 | ||
Preferred Class A [Member] | ||||
Preferred Stock, Shares Issued, Total (in shares) | 5,600 | |||
Preferred Stock, Dividend Rate, Percentage | 7.625% | |||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 25,000 | |||
Preferred Stock, Depositary Shares, Number of Shares of Preferred Stock in Each Depositary Share (in shares) | 0.001 | |||
Payments of Dividends, Total | $ 2,700 | $ 0 |
Note 15 - Common Stock (Details
Note 15 - Common Stock (Details Textual) shares in Thousands | 3 Months Ended | |||
Jan. 31, 2022shares | Jan. 11, 2018 | Aug. 15, 2008 | Jul. 03, 2001shares | |
Common Stock Dividends Percent of Increase from Class A to Class B | 110.00% | |||
Conversion of Stock From Class B to Class A Conversion Ratio | 1 | |||
Shareholder Ownership Percentage of Increase | 50.00% | |||
Minimum [Member] | ||||
Shareholder Ownership Percentage | 5.00% | |||
Common Class A [Member] | ||||
Common Stock Voting Rights Votes per Share Number | 1 | |||
Shareholder Ownership Percentage | 4.90% | |||
Number of Rights | 1 | |||
Shareholders Pre Existing Ownership Percentage | 5.00% | |||
Shareholders Current Ownership Percentage | 5.00% | |||
Shareholders Ownership Percentage on Transfers | 5.00% | |||
Shareholders Ownership Percentage Threshold | 5.00% | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 200 | |||
Stock Repurchased During Period, Shares (in shares) | 0 | |||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | 22 | |||
Common Class B [Member] | ||||
Common Stock Voting Rights Votes per Share Number | 10 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||||
Jan. 31, 2022 | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | |
Income Tax Expense (Benefit), Total | $ 10,593 | $ 626 | |||
Deferred Tax Assets, Net, Total | 416,200 | ||||
Deferred Tax Assets, Valuation Allowance, Total | 101,600 | $ 101,600 | |||
Contract Backlog | 1,900 | ||||
Federal Deferred Tax Assets Related to NOLs and Other Matters [Member] | |||||
Deferred Tax Assets, Valuation Allowance, Total | $ 396,500 | ||||
Deferred Tax Assets Related to State NOLs [Member] | |||||
Deferred Tax Assets, Valuation Allowance, Total | $ 101,600 | $ 181,000 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (78,100) | ||||
Domestic Tax Authority [Member] | |||||
Income Tax Expense (Benefit), Total | 8,050 | 0 | |||
Domestic Tax Authority [Member] | Between 2029 and 2038 [Member] | |||||
Operating Loss Carryforwards, Total | 1,200,000 | ||||
Domestic Tax Authority [Member] | Indefinite Tax Period [Member] | |||||
Operating Loss Carryforwards, Total | 17,100 | ||||
State and Local Jurisdiction [Member] | |||||
Income Tax Expense (Benefit), Total | 2,543 | $ 626 | |||
Operating Loss Carryforwards, Total | 2,400,000 | ||||
State and Local Jurisdiction [Member] | Indefinite Tax Period [Member] | |||||
Operating Loss Carryforwards, Total | 53,900 | ||||
State and Local Jurisdiction [Member] | Between 2022 and 2026 [Member] | |||||
Operating Loss Carryforwards, Total | 229,800 | ||||
State and Local Jurisdiction [Member] | Between 2027 and 2031 [Member] | |||||
Operating Loss Carryforwards, Total | 1,500,000 | ||||
State and Local Jurisdiction [Member] | Between 2032 and 2036 [Member] | |||||
Operating Loss Carryforwards, Total | 397,200 | ||||
State and Local Jurisdiction [Member] | Between 2037 and 2041 [Member] | |||||
Operating Loss Carryforwards, Total | $ 169,800 |
Note 17 - Operating and Repor_3
Note 17 - Operating and Reporting Segments (Details Textual) $ in Thousands | 3 Months Ended | ||
Jan. 31, 2022USD ($) | Jan. 31, 2021USD ($) | ||
Real Estate Inventory Expense Not Eligible for Capitalization | [1],[2] | $ 13,393 | $ 23,975 |
Qualifying Assets Not Exceeding Debt [Member] | |||
Real Estate Inventory Expense Not Eligible for Capitalization | 11,500 | 16,200 | |
Corporate, Non-Segment [Member] | |||
General and Administrative Expense, Total | 29,400 | 23,500 | |
Other Nonoperating Income (Expense), Total | 500 | (200) | |
Corporate, Non-Segment [Member] | Qualifying Assets Not Exceeding Debt [Member] | |||
Real Estate Inventory Expense Not Eligible for Capitalization | $ 11,500 | $ 16,200 | |
Homebuilding [Member] | |||
Number of Reportable Segments | 6 | ||
[1] | Cash paid for interest, net of capitalized interest, is the sum of other interest expensed, as defined above, and interest paid by our mortgage and finance subsidiaries adjusted for the change in accrued interest on notes payable, which is calculated as follows: Three Months Ended January 31, (In thousands) 2022 2021 Other interest expensed $ 13,393 $ 23,975 Interest paid by our mortgage and finance subsidiaries 468 425 Increase in accrued interest (19,115 ) (14,478 ) Cash paid for interest, net of capitalized interest $ (5,254 ) $ 9,922 | ||
[2] | Other interest expensed includes interest that does not qualify for interest capitalization because our assets that qualify for interest capitalization (inventory under development) do not exceed our debt, which amounted to $11.5 million and $16.2 million for the three months ended January 31, 2022 and 2021, respectively. Other interest also includes interest on completed homes, land in planning and fully developed lots without homes under construction, which does not qualify for capitalization and therefore is expensed. This component of other interest was $1.9 million and $7.8 million for the three months ended January 31, 2022 and 2021, respectively. |
Note 17 - Operating and Repor_4
Note 17 - Operating and Reporting Segments - Financial Information Relating to Segment Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | ||
Revenues, Total | $ 565,313 | $ 574,664 | |
Income (loss) before income taxes | 35,401 | 19,585 | |
Corporate, Non-Segment [Member] | |||
Revenues, Total | 7 | 6 | |
Income (loss) before income taxes | [1] | (41,443) | (39,518) |
Homebuilding [Member] | |||
Revenues, Total | 552,004 | 555,167 | |
Homebuilding [Member] | Operating Segments [Member] | |||
Revenues, Total | 551,997 | 555,161 | |
Income (loss) before income taxes | 73,935 | 49,960 | |
Homebuilding [Member] | Northeast [Member] | Operating Segments [Member] | |||
Revenues, Total | 20,359 | 32,044 | |
Income (loss) before income taxes | 2,450 | 4,594 | |
Homebuilding [Member] | Mid-Atlantic [Member] | Operating Segments [Member] | |||
Revenues, Total | 99,614 | 92,945 | |
Income (loss) before income taxes | 16,737 | 10,701 | |
Homebuilding [Member] | Midwest [Member] | Operating Segments [Member] | |||
Revenues, Total | 54,972 | 59,157 | |
Income (loss) before income taxes | 651 | 3,584 | |
Homebuilding [Member] | Southeast [Member] | Operating Segments [Member] | |||
Revenues, Total | 55,582 | 45,774 | |
Income (loss) before income taxes | 10,162 | 354 | |
Homebuilding [Member] | Southwest [Member] | Operating Segments [Member] | |||
Revenues, Total | 194,510 | 190,409 | |
Income (loss) before income taxes | 21,876 | 21,050 | |
Homebuilding [Member] | West [Member] | Operating Segments [Member] | |||
Revenues, Total | 126,960 | 134,832 | |
Income (loss) before income taxes | 22,059 | 9,677 | |
Financial Services [Member] | |||
Revenues, Total | 13,309 | 19,497 | |
Financial Services [Member] | Operating Segments [Member] | |||
Revenues, Total | 13,309 | 19,497 | |
Income (loss) before income taxes | $ 2,909 | $ 9,143 | |
[1] | Corporate and unallocated for the three months ended January 31, 2022 included corporate general and administrative costs of $29.4 million, interest expense of $11.5 million (a component of Other interest on our Condensed Consolidated Statements of Operations), and $0.5 million of other income and expenses primarily related to interest income and stock compensation. Corporate and unallocated for the three months ended January 31, 2021 included corporate general and administrative costs of $23.5 million, interest expense of $16.2 million (a component of Other interest on our Condensed Consolidated Statements of Operations), and $(0.2) million of other income and expenses primarily related to interest income and stock compensation. |
Note 17 - Operating and Repor_5
Note 17 - Operating and Reporting Segments - Financial Information Relating to Segment Financial Position (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Oct. 31, 2021 | |
Assets | $ 2,309,167 | $ 2,320,508 | |
Corporate, Non-Segment [Member] | |||
Assets | 616,965 | 725,857 | |
Homebuilding [Member] | |||
Assets | 1,749,897 | 1,692,072 | |
Homebuilding [Member] | Operating Segments [Member] | |||
Assets | 1,549,145 | 1,391,893 | |
Homebuilding [Member] | Northeast [Member] | Operating Segments [Member] | |||
Assets | 156,333 | 133,390 | |
Homebuilding [Member] | Mid-Atlantic [Member] | Operating Segments [Member] | |||
Assets | 318,833 | 273,073 | |
Homebuilding [Member] | Midwest [Member] | Operating Segments [Member] | |||
Assets | 80,929 | 85,044 | |
Homebuilding [Member] | Southeast [Member] | Operating Segments [Member] | |||
Assets | 291,287 | 257,044 | |
Homebuilding [Member] | Southwest [Member] | Operating Segments [Member] | |||
Assets | 469,188 | 413,532 | |
Homebuilding [Member] | West [Member] | Operating Segments [Member] | |||
Assets | 232,575 | 229,810 | |
Financial Services [Member] | |||
Assets | 143,057 | 202,758 | |
Financial Services [Member] | Operating Segments [Member] | |||
Assets | [1] | $ 143,057 | $ 202,758 |
[1] | Deferred tax assets for the Financial services segment are included in the Deferred tax assets, net line on the Condensed Consolidated Balance Sheets. |
Note 18 - Investments in Unco_3
Note 18 - Investments in Unconsolidated Homebuilding and Land Development Joint Ventures (Details Textual) $ in Thousands | 3 Months Ended | ||
Jan. 31, 2022USD ($) | Jan. 31, 2021USD ($) | Oct. 31, 2021USD ($) | |
Equity Method Investment, Other than Temporary Impairment | $ 0 | $ 0 | |
Revenues, Total | $ 565,313 | $ 574,664 | |
Joint Venture Total Debt to Capitalization Ratio | 30.00% | ||
Homebuilding and Land Development Joint Ventures [Member] | |||
Equity Method Investment, Number of Unconsolidated Joint Ventures | 10 | 11 | |
Equity Method Investment, Estimated Percentage Share of Net Loss Without Investment Write Off | 50.00% | ||
Minimum [Member] | Homebuilding and Land Development Joint Ventures [Member] | |||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | |
Maximum [Member] | Homebuilding and Land Development Joint Ventures [Member] | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |
Homebuilding [Member] | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | $ 67,467 | $ 60,897 | |
Revenues, Total | 552,004 | $ 555,167 | |
Homebuilding [Member] | Management Fees [Member] | |||
Revenues, Total | 2,400 | $ 2,300 | |
Corporate Joint Venture [Member] | |||
Advances to Affiliate | $ 3,000 | $ 2,200 |
Note 18 - Investments in Unco_4
Note 18 - Investments in Unconsolidated Homebuilding and Land Development Joint Ventures - Unconsolidated Homebuilding and Land Development Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jan. 31, 2022 | Jan. 31, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | |
Assets | $ 2,309,167 | $ 2,320,508 | ||
Liabilities | 2,112,280 | 2,145,124 | ||
Hovnanian Enterprises, Inc. | 196,488 | 174,897 | ||
Others | 399 | 487 | ||
Total equity | 196,887 | $ (416,335) | 175,384 | $ (436,094) |
Total liabilities and equity | $ 2,309,167 | 2,320,508 | ||
Debt to capitalization ratio | 30.00% | |||
Revenues, Total | $ 565,313 | 574,664 | ||
Joint venture net income (loss) | 24,808 | 18,959 | ||
Our share of net income (loss) | 8,191 | 1,916 | ||
Corporate Joint Venture [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Cash and cash equivalents | 155,611 | 134,935 | ||
Inventories | 451,029 | 442,347 | ||
Other assets | 34,942 | 34,551 | ||
Assets | 641,582 | 611,833 | ||
Accounts payable and accrued liabilities | 439,580 | 387,798 | ||
Notes payable | 60,306 | 73,994 | ||
Liabilities | 499,886 | 461,792 | ||
Hovnanian Enterprises, Inc. | 64,460 | 58,714 | ||
Others | 77,236 | 91,327 | ||
Total equity | 141,696 | 150,041 | ||
Total liabilities and equity | $ 641,582 | $ 611,833 | ||
Debt to capitalization ratio | 30.00% | 33.00% | ||
Revenues, Total | $ 69,704 | 71,727 | ||
Cost of sales and expenses | (65,608) | (71,301) | ||
Joint venture net income (loss) | 4,096 | 426 | ||
Our share of net income (loss) | 8,192 | 2,006 | ||
Homebuilding Joint Venture [Member] | Corporate Joint Venture [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Cash and cash equivalents | 153,943 | $ 132,963 | ||
Inventories | 451,029 | 442,347 | ||
Other assets | 34,942 | 34,551 | ||
Assets | 639,914 | 609,861 | ||
Accounts payable and accrued liabilities | 438,290 | 386,117 | ||
Notes payable | 60,306 | 73,994 | ||
Liabilities | 498,596 | 460,111 | ||
Hovnanian Enterprises, Inc. | 64,162 | 58,460 | ||
Others | 77,156 | 91,290 | ||
Total equity | 141,318 | 149,750 | ||
Total liabilities and equity | $ 639,914 | $ 609,861 | ||
Debt to capitalization ratio | 30.00% | 33.00% | ||
Revenues, Total | $ 69,591 | 71,464 | ||
Cost of sales and expenses | (65,582) | (71,273) | ||
Joint venture net income (loss) | 4,009 | 191 | ||
Our share of net income (loss) | 8,147 | 1,911 | ||
Land Development Joint Venture [Member] | Corporate Joint Venture [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Cash and cash equivalents | 1,668 | $ 1,972 | ||
Inventories | 0 | 0 | ||
Other assets | 0 | 0 | ||
Assets | 1,668 | 1,972 | ||
Accounts payable and accrued liabilities | 1,290 | 1,681 | ||
Notes payable | 0 | 0 | ||
Liabilities | 1,290 | 1,681 | ||
Hovnanian Enterprises, Inc. | 298 | 254 | ||
Others | 80 | 37 | ||
Total equity | 378 | 291 | ||
Total liabilities and equity | $ 1,668 | $ 1,972 | ||
Debt to capitalization ratio | 0.00% | 0.00% | ||
Revenues, Total | $ 113 | 263 | ||
Cost of sales and expenses | (26) | (28) | ||
Joint venture net income (loss) | 87 | 235 | ||
Our share of net income (loss) | $ 45 | $ 95 |
Note 20 - Fair Value of Finan_3
Note 20 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Oct. 31, 2021 | |
Loans Held for Sale Mortgages Unpaid Principal | $ 80,400 | $ 146,500 | |
Other Commitment, Total | 21,000 | ||
Impairment of Real Estate | 0 | $ 800 | |
Senior Secured Revolving Credit Facility [Member] | |||
Long-term Line of Credit, Total | $ 0 | $ 0 | |
The 5.0% 2040 Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||
Fair Value, Nonrecurring [Member] | |||
Assets, Fair Value Disclosure | $ 0 | ||
Loan Origination Commitments [Member] | |||
Loan Applications in Process | $ 1,000 | ||
Loan Origination Commitments [Member] | Maximum [Member] | |||
Number of Days in Committment (Day) | 60 days | ||
Interest Rate Committed Loan Applications [Member] | |||
Interest Rate Committed Loan Applications | $ 104,800 |
Note 20 - Fair Value of Finan_4
Note 20 - Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jan. 31, 2022 | Oct. 31, 2021 | |
Total | $ 81,892 | $ 151,104 | |
Fair Value, Inputs, Level 2 [Member] | |||
Mortgage loans held for sale | [1] | 82,402 | 151,059 |
Total | 82,537 | 150,952 | |
Fair Value, Inputs, Level 2 [Member] | Forward Contracts [Member] | |||
Derivative Fair Value | 135 | (107) | |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Lock Commitments [Member] | |||
Derivative Fair Value | $ (645) | $ 152 | |
[1] | The aggregate unpaid principal balance was $80.4 million and $146.5 million at January 31, 2022 and October 31,2021, respectively. |
Note 20 - Fair Value of Finan_5
Note 20 - Fair Value of Financial Instruments - Changes in Fair Values Included in Income (Loss) (Details) - Financial Services Revenue Line Item [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Loans Held for Sale [Member] | ||
Fair value included in net income (loss) all reflected in financial services revenues | $ 1,982 | $ 4,893 |
Interest Rate Lock Commitments [Member] | ||
Fair value included in net income (loss) all reflected in financial services revenues | (645) | 54 |
Forward Contracts [Member] | ||
Fair value included in net income (loss) all reflected in financial services revenues | $ 135 | $ (151) |
Note 20 - Fair Value of Finan_6
Note 20 - Fair Value of Financial Instruments - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Total Losses | $ 0 | $ (800) |
Sold and Unsold Homes and Lots Under Development [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||
Pre-Impairment Amount | 2,286 | |
Total Losses | (843) | |
Fair Value of Inventory | 1,443 | |
Land and Land Options Held for Future Development or Sale [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||
Pre-Impairment Amount | 0 | |
Total Losses | 0 | |
Fair Value of Inventory | $ 0 |
Note 20 - Fair Value of Finan_7
Note 20 - Fair Value of Financial Instruments - Fair Value of Notes (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Oct. 31, 2021 |
Notes, Fair Value | $ 1,265,914 | $ 1,266,892 |
Senior Secured Notes [Member] | The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] | ||
Notes, Fair Value | 167,537 | 167,348 |
Senior Secured Notes [Member] | The 7.75% Senior Secured 1.125 Lien Notes due February 15, 2026 [Member] | ||
Notes, Fair Value | 364,000 | 366,426 |
Senior Secured Notes [Member] | The 10.5% Senior Secured 1.25 Lien Notes due February 15, 2026 [Member] | ||
Notes, Fair Value | 301,096 | 300,913 |
Senior Secured Notes [Member] | The 11.25% Senior Secured 1.5 Lien Notes due February 15, 2026 [Member] | ||
Notes, Fair Value | 162,878 | 162,548 |
Senior Notes [Member] | The 13.5% 2026 Notes [Member] | ||
Notes, Fair Value | 93,471 | 92,331 |
Senior Notes [Member] | The 5.0% 2040 Notes [Member] | ||
Notes, Fair Value | 61,561 | 63,084 |
Unsecured Senior Term Loan [Member] | Senior Unsecured Term Loan Credit Facility Due 2027 [Member] | ||
Notes, Fair Value | 29,228 | 28,196 |
Senior Secured Term Loan [Member] | The 10.0% Senior Secured 1.75 Lien Term Loans Due 2028 [Member] | ||
Notes, Fair Value | 86,143 | 86,046 |
Fair Value, Inputs, Level 1 [Member] | ||
Notes, Fair Value | 0 | |
Fair Value, Inputs, Level 1 [Member] | Senior Secured Notes [Member] | The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] | ||
Notes, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Senior Secured Notes [Member] | The 7.75% Senior Secured 1.125 Lien Notes due February 15, 2026 [Member] | ||
Notes, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Senior Secured Notes [Member] | The 10.5% Senior Secured 1.25 Lien Notes due February 15, 2026 [Member] | ||
Notes, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Senior Secured Notes [Member] | The 11.25% Senior Secured 1.5 Lien Notes due February 15, 2026 [Member] | ||
Notes, Fair Value | 0 | |
Fair Value, Inputs, Level 1 [Member] | Senior Notes [Member] | The 13.5% 2026 Notes [Member] | ||
Notes, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Senior Notes [Member] | The 5.0% 2040 Notes [Member] | ||
Notes, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Unsecured Senior Term Loan [Member] | Senior Unsecured Term Loan Credit Facility Due 2027 [Member] | ||
Notes, Fair Value | 0 | |
Fair Value, Inputs, Level 1 [Member] | Senior Secured Term Loan [Member] | The 10.0% Senior Secured 1.75 Lien Term Loans Due 2028 [Member] | ||
Notes, Fair Value | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Notes, Fair Value | 61,561 | 0 |
Fair Value, Inputs, Level 2 [Member] | Senior Secured Notes [Member] | The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] | ||
Notes, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Senior Secured Notes [Member] | The 7.75% Senior Secured 1.125 Lien Notes due February 15, 2026 [Member] | ||
Notes, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Senior Secured Notes [Member] | The 10.5% Senior Secured 1.25 Lien Notes due February 15, 2026 [Member] | ||
Notes, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Senior Secured Notes [Member] | The 11.25% Senior Secured 1.5 Lien Notes due February 15, 2026 [Member] | ||
Notes, Fair Value | 0 | |
Fair Value, Inputs, Level 2 [Member] | Senior Notes [Member] | The 13.5% 2026 Notes [Member] | ||
Notes, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Senior Notes [Member] | The 5.0% 2040 Notes [Member] | ||
Notes, Fair Value | 61,561 | 0 |
Fair Value, Inputs, Level 2 [Member] | Unsecured Senior Term Loan [Member] | Senior Unsecured Term Loan Credit Facility Due 2027 [Member] | ||
Notes, Fair Value | 0 | |
Fair Value, Inputs, Level 2 [Member] | Senior Secured Term Loan [Member] | The 10.0% Senior Secured 1.75 Lien Term Loans Due 2028 [Member] | ||
Notes, Fair Value | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Notes, Fair Value | 1,204,353 | 1,266,892 |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Notes [Member] | The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] | ||
Notes, Fair Value | 167,537 | 167,348 |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Notes [Member] | The 7.75% Senior Secured 1.125 Lien Notes due February 15, 2026 [Member] | ||
Notes, Fair Value | 364,000 | 366,426 |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Notes [Member] | The 10.5% Senior Secured 1.25 Lien Notes due February 15, 2026 [Member] | ||
Notes, Fair Value | 301,096 | 300,913 |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Notes [Member] | The 11.25% Senior Secured 1.5 Lien Notes due February 15, 2026 [Member] | ||
Notes, Fair Value | 162,878 | 162,548 |
Fair Value, Inputs, Level 3 [Member] | Senior Notes [Member] | The 13.5% 2026 Notes [Member] | ||
Notes, Fair Value | 93,471 | 92,331 |
Fair Value, Inputs, Level 3 [Member] | Senior Notes [Member] | The 5.0% 2040 Notes [Member] | ||
Notes, Fair Value | 63,084 | |
Fair Value, Inputs, Level 3 [Member] | Unsecured Senior Term Loan [Member] | Senior Unsecured Term Loan Credit Facility Due 2027 [Member] | ||
Notes, Fair Value | 29,228 | 28,196 |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Term Loan [Member] | The 10.0% Senior Secured 1.75 Lien Term Loans Due 2028 [Member] | ||
Notes, Fair Value | $ 86,143 | $ 86,046 |
Note 20 - Fair Value of Finan_8
Note 20 - Fair Value of Financial Instruments - Fair Value of Notes (Details) (Parentheticals) | 3 Months Ended | 12 Months Ended |
Jan. 31, 2022 | Oct. 31, 2021 | |
The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] | Senior Secured Notes [Member] | ||
Debt Instrument, Stated Interest Rate | 10.00% | 10.00% |
Debt Instrument, Maturity Date | Nov. 15, 2025 | Nov. 15, 2025 |
The 7.75% Senior Secured 1.125 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | ||
Debt Instrument, Stated Interest Rate | 7.75% | 7.75% |
Debt Instrument, Maturity Date | Feb. 15, 2026 | Feb. 15, 2026 |
The 10.5% Senior Secured 1.25 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | ||
Debt Instrument, Stated Interest Rate | 10.50% | 10.50% |
Debt Instrument, Maturity Date | Feb. 15, 2026 | Feb. 15, 2026 |
The 11.25% Senior Secured 1.5 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member] | ||
Debt Instrument, Stated Interest Rate | 11.25% | 11.25% |
Debt Instrument, Maturity Date | Feb. 15, 2026 | Feb. 15, 2026 |
The 13.5% 2026 Notes [Member] | Senior Notes [Member] | ||
Debt Instrument, Stated Interest Rate | 13.50% | 13.50% |
Debt Instrument, Maturity Date | Feb. 1, 2026 | Feb. 1, 2026 |
The 5.0% 2040 Notes [Member] | ||
Debt Instrument, Stated Interest Rate | 5.00% | |
The 5.0% 2040 Notes [Member] | Senior Notes [Member] | ||
Debt Instrument, Stated Interest Rate | 5.00% | 5.00% |
Debt Instrument, Maturity Date | Feb. 1, 2040 | Feb. 1, 2040 |
Senior Unsecured Term Loan Credit Facility Due 2027 [Member] | Unsecured Senior Term Loan [Member] | ||
Debt Instrument, Maturity Date | Feb. 1, 2027 | Feb. 1, 2027 |
The 10.0% Senior Secured 1.75 Lien Term Loans Due 2028 [Member] | Senior Secured Term Loan [Member] | ||
Debt Instrument, Maturity Date | Jan. 31, 2028 | Jan. 31, 2028 |
Note 21 - Transactions With R_2
Note 21 - Transactions With Related Parties (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Tavit Najarian [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 0.2 | $ 0.1 |