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Note 3 - Interest - Cash Paid for Interest, Net of Capitalized Interest (Details) - USD ($)
$ in Thousands
3 Months Ended
Jan. 31, 2018
Jan. 31, 2017
Less other interest expensed(2)(3) [1],[2] $ 29,131 $ 22,627
Interest paid by our mortgage and finance subsidiaries 601 629
Decrease in accrued interest 26,750 763
Cash paid for interest, net of capitalized interest $ 56,482 $ 24,019
[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: Other interest expensed of $29,131 plus interest paid by our mortgage and finance subsidiaries $601 Plus the decrease in accrued interest of 26,750 for 2018 and other interest expensed of $22,627 plus interest paid by our mortgage and finance subsidiaries $629 Plus the decrease in accrued interest of $763 for 2017.
[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 $19.6 million and $13.3 million for the three months ended January 31, 2018 and 2017, 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 $9.6 million and $9.3 million for the three months ended January 31, 2018 and 2017, respectively.