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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.