Fair Value Disclosures (Tables)
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6 Months Ended |
Apr. 30, 2014
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Fair Value Disclosures [Abstract] |
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Summary of assets and (liabilities), measured at fair value on a recurring basis |
The table below provides, as of the date indicated, a summary of assets (liabilities) related to the Company’s financial instruments, measured at fair value on a recurring basis (amounts in thousands): | | | | | | | | | | | | | | Fair value | Financial Instrument | Fair value hierarchy | | April 30, 2014 | | October 31, 2013 | Corporate Securities | Level 2 | | $ | 13,000 |
| | $ | 52,508 |
| Residential Mortgage Loans Held for Sale | Level 2 | | $ | 68,642 |
| | $ | 113,517 |
| Forward Loan Commitments—Residential Mortgage Loans Held for Sale | Level 2 | | $ | 67 |
| | $ | (496 | ) | Interest Rate Lock Commitments (“IRLCs”) | Level 2 | | $ | (250 | ) | | $ | (181 | ) | Forward Loan Commitments—IRLCs | Level 2 | | $ | 250 |
| | $ | 181 |
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Aggregate unpaid principal and fair value of mortgage loans held for sale |
The table below provides, as of the date indicated, the aggregate unpaid principal and fair value of mortgage loans held for sale (amounts in thousands): | | | | | | | | | | | | | | Aggregate unpaid principal balance | | Fair value | | Excess | At April 30, 2014 | $ | 68,014 |
| | $ | 68,642 |
| | $ | 628 |
| At October 31, 2013 | $ | 111,896 |
| | $ | 113,517 |
| | $ | 1,621 |
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Summary of amortized cost gross unrealized holding gains and losses |
The table below provides, as of the date indicated, the amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of marketable securities (amounts in thousands): | | | | | | | | | | April 30, 2014 | | October 31, 2013 | Amortized cost | $ | 13,045 |
| | $ | 52,502 |
| Gross unrealized holding gains | — |
| | 71 |
| Gross unrealized holding losses | (45 | ) | | (65 | ) | Fair value | $ | 13,000 |
| | $ | 52,508 |
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Fair Value, Measurement Inputs, Disclosure [Table Text Block] |
The table below summarizes, for the periods indicated, the ranges of certain quantitative unobservable inputs utilized in determining the fair value of impaired communities: | | | | | | | | Selling price per unit (in thousands) | | Sales pace per year (in units) | | Discount rate | Three months ended April 30, 2014 | $634 - $760 | | 4 - 7 | | 12.0% - 15.3% | Three months ended January 31, 2014 | $388 - $405 | | 21 - 23 | | 16.6% | Three months ended October 31, 2013 | $315 - $362 | | 2 - 7 | | 15.0% | Three months ended July 31, 2013 | $475 - $500 | | 2 | | 15.0% | Three months ended April 30, 2013 | — | | — | | —% | Three months ended January 31, 2013 | $303 - $307 | | 15 | | 15.3% |
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Fair value of inventory adjusted for impairment |
The table below provides, for the periods indicated, the fair value of operating communities whose carrying value was adjusted and the amount of impairment charges recognized ($ amounts in thousands): | | | | | | | | | | | | | | | | Impaired operating communities | Three months ended: | Number of communities tested | | Number of communities | | Fair value of communities, net of impairment charges | | Impairment charges | Fiscal 2014: | | | | | | | | January 31 | 67 | | 1 | | $ | 7,131 |
| | $ | 1,300 |
| April 30 | 65 | | 2 | | $ | 6,211 |
| | 1,600 |
| | | | | | | | $ | 2,900 |
| Fiscal 2013: | | | | | | | | January 31 | 60 | | 2 | | $ | 5,377 |
| | $ | 700 |
| April 30 | 79 | | 1 | | $ | 749 |
| | 340 |
| July 31 | 76 | | 1 | | $ | 191 |
| | 100 |
| October 31 | 63 | | 2 | | $ | 6,798 |
| | 2,200 |
| | | | | | | | $ | 3,340 |
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Carrying value and estimated fair value of distressed loan portfolio |
The table below provides, as of the date indicated, the carrying amount and estimated fair value of distressed loans (amounts in thousands): | | | | | | | | | | April 30, 2014 | | October 31, 2013 | Carrying amount | $ | 18,799 |
| | $ | 36,374 |
| Estimated fair value | $ | 23,379 |
| | $ | 45,355 |
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Book value and estimated fair value of the Company's debt |
The table below provides, as of the date indicated, the book value and estimated fair value of the Company’s debt (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | April 30, 2014 | | October 31, 2013 | | Fair value hierarchy | | Book value | | Estimated fair value | | Book value | | Estimated fair value | Loans payable (a) | Level 2 | | $ | 747,088 |
| | $ | 746,604 |
| | $ | 107,222 |
| | $ | 106,988 |
| Senior notes (b) | Level 1 | | 2,657,376 |
| | 2,848,751 |
| | 2,325,336 |
| | 2,458,737 |
| Mortgage company warehouse loan (c) | Level 2 | | 56,842 |
| | 56,842 |
| | 75,000 |
| | 75,000 |
| | | | $ | 3,461,306 |
| | $ | 3,652,197 |
| | $ | 2,507,558 |
| | $ | 2,640,725 |
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| | (a) | The estimated fair value of loans payable was based upon interest rates that the Company believed were available to it for loans with similar terms and remaining maturities as of the applicable valuation date. |
| | (b) | The estimated fair value of the Company’s senior notes is based upon their indicated market prices. |
| | (c) | The Company believes that the carrying value of its mortgage company warehouse loan borrowings approximates their fair value. |
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