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Note 3 - Interest Costs Incurred, Expensed and Capitalized (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2016
Jul. 31, 2015
Interest capitalized at beginning of period $ 115,809 $ 119,901 $ 123,898 $ 109,158
Plus interest incurred (1) [1] 40,300 41,856 126,483 124,031
Less cost of sales interest expensed 28,406 16,323 66,693 39,654
Other interest expensed [2],[3] 23,159 22,493 68,468 70,594
Less interest contributed to unconsolidated joint venture (4) [4] 10,676
Interest capitalized at end of period (5) [5] $ 104,544 $ 122,941 $ 104,544 $ 122,941
[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:
[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. Also includes interest on completed homes and land in planning, which does not qualify for capitalization, and therefore, is expensed.
[4] Represents capitalized interest which was included as part of the assets contributed to the joint venture the Company entered into in November 2015, as discussed in Note 18. There was no impact to the Condensed Consolidated Statement of Operations as a result of this transaction.
[5] Capitalized interest amounts are shown gross before allocating any portion of impairments, if any, to capitalized interest.