Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | ||
Jul. 31, 2014 | Sep. 02, 2014 | Sep. 02, 2014 | |
Common Class A [Member] | Common Class B [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'HOVNANIAN ENTERPRISES INC | ' | ' |
Document Type | '10-Q | ' | ' |
Current Fiscal Year End Date | '--10-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 131,075,800 | 14,805,795 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000357294 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Jul-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Jul. 31, 2014 | Oct. 31, 2013 | |
ASSETS | ' | ' | |
Cash | $183,721,000 | $329,204,000 | |
Restricted cash and cash equivalents | 25,900,000 | 31,900,000 | |
Consolidated inventory not owned: | ' | ' | |
Total assets | 1,893,728,000 | 1,759,130,000 | [1] |
LIABILITIES AND EQUITY | ' | ' | |
Liabilities from inventory not owned | 3,700,000 | ' | |
Notes payable: | ' | ' | |
Accrued interest | 27,027,000 | 28,261,000 | [1] |
Total notes payable | 1,683,180,000 | 1,557,706,000 | [1] |
Income taxes payable | 2,711,000 | 3,301,000 | [1] |
Total liabilities | 2,336,848,000 | 2,191,929,000 | [1] |
Hovnanian Enterprises, Inc. stockholdersb equity deficit: | ' | ' | |
Preferred stock, $0.01 par value b authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of $140,000 at July 31, 2014 and at October 31, 2013 | 135,299,000 | 135,299,000 | [1] |
Paid-in capital b common stock | 695,086,000 | 689,727,000 | [1] |
Accumulated deficit | -1,159,728,000 | -1,144,408,000 | [1] |
Treasury stock b at cost | -115,360,000 | -115,360,000 | [1] |
Total Hovnanian Enterprises, Inc. stockholdersb equity deficit | -443,120,000 | -433,226,000 | [1] |
Noncontrolling interest in consolidated joint ventures | ' | 427,000 | [1] |
Total equity deficit | -443,120,000 | -432,799,000 | [1] |
Total liabilities and equity | 1,893,728,000 | 1,759,130,000 | [1] |
Common Class A [Member] | ' | ' | |
Hovnanian Enterprises, Inc. stockholdersb equity deficit: | ' | ' | |
Common stock | 1,428,000 | 1,363,000 | [1] |
Common Class B [Member] | ' | ' | |
Hovnanian Enterprises, Inc. stockholdersb equity deficit: | ' | ' | |
Common stock | 155,000 | 153,000 | [1] |
Homebuilding [Member] | Nonrecourse Mortgages [Member] | Mortgages [Member] | ' | ' | |
LIABILITIES AND EQUITY | ' | ' | |
Secured debt | 98,338,000 | 62,903,000 | [1] |
Homebuilding [Member] | Nonrecourse Mortgages Secured By Operating Properties [Member] | Mortgages [Member] | ' | ' | |
LIABILITIES AND EQUITY | ' | ' | |
Secured debt | 16,904,000 | 17,733,000 | [1] |
Homebuilding [Member] | ' | ' | |
ASSETS | ' | ' | |
Cash | 176,639,000 | 319,142,000 | [1] |
Restricted cash and cash equivalents | 12,596,000 | 10,286,000 | [1] |
Inventories: | ' | ' | |
Sold and unsold homes and lots under development | 981,529,000 | 752,749,000 | [1] |
Land and land options held for future development or sale | 268,396,000 | 225,152,000 | [1] |
Consolidated inventory not owned: | ' | ' | |
Specific performance options | 3,900,000 | 792,000 | [1] |
Other options | 122,332,000 | 100,071,000 | [1] |
Total consolidated inventory not owned | 126,232,000 | 100,863,000 | [1] |
Total inventories | 1,376,157,000 | 1,078,764,000 | [1] |
Investments in and advances to unconsolidated joint ventures | 62,294,000 | 51,438,000 | [1] |
Receivables, deposits and notes, net | 56,232,000 | 45,085,000 | [1] |
Property, plant and equipment, net | 45,960,000 | 46,211,000 | [1] |
Prepaid expenses and other assets | 65,389,000 | 59,351,000 | [1] |
Total assets | 1,795,267,000 | 1,610,277,000 | [1] |
LIABILITIES AND EQUITY | ' | ' | |
Liabilities from inventory not owned | 102,096,000 | 87,866,000 | [1] |
Notes payable: | ' | ' | |
Total liabilities | 573,258,000 | 506,385,000 | [1] |
Accounts payable and other liabilities | 315,779,000 | 307,764,000 | [1] |
Customersb deposits | 40,141,000 | 30,119,000 | [1] |
Financial Services [Member] | ' | ' | |
ASSETS | ' | ' | |
Cash | 7,082,000 | 10,062,000 | [1] |
Restricted cash and cash equivalents | 13,272,000 | 21,557,000 | [1] |
Mortgage loans held for sale at fair value | 76,173,000 | 112,953,000 | [1] |
Other assets | 1,934,000 | 4,281,000 | [1] |
Consolidated inventory not owned: | ' | ' | |
Total assets | 98,461,000 | 148,853,000 | [1] |
Notes payable: | ' | ' | |
Total liabilities | 77,699,000 | 124,537,000 | [1] |
Accounts payable and other liabilities | 23,736,000 | 32,874,000 | [1] |
Mortgage warehouse lines of credit | 53,963,000 | 91,663,000 | [1] |
Senior Secured Notes [Member] | ' | ' | |
Notes payable: | ' | ' | |
Senior notes | 979,599,000 | 978,611,000 | [1] |
Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | ' | ' | |
Notes payable: | ' | ' | |
Senior notes | 590,290,000 | 461,210,000 | [1] |
Senior Amortizing Notes [Member] | ' | ' | |
Notes payable: | ' | ' | |
Senior notes | 17,049,000 | 20,857,000 | [1] |
Senior Exchangeable Notes [Member] | ' | ' | |
Notes payable: | ' | ' | |
Senior notes | 69,215,000 | 66,615,000 | [1] |
Senior Subordinated Amortizing Notes [Member] | ' | ' | |
Notes payable: | ' | ' | |
Senior notes | $0 | $2,152,000 | [1] |
[1] | Derived from the audited balance sheet as of October 31, 2013. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Jul. 31, 2014 | Oct. 31, 2013 | |
In Thousands, except Share data, unless otherwise specified | |||
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 | [1] |
Preferred stock, shares authorized | 100,000 | 100,000 | [1] |
Preferred stock, shares issued | 5,600 | 5,600 | [1] |
Preferred stock, liquidation preference (in Dollars) | $140,000 | $140,000 | [1] |
Preferred stock, outstanding | 5,600 | 5,600 | [1] |
Common Class A [Member] | ' | ' | |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 | [1] |
Common stock, shares authorized | 400,000,000 | 400,000,000 | [1] |
Common stock, shares issued | 142,821,363 | 136,306,223 | [1] |
Common stock, shares held in Treasury | 11,760,763 | 11,760,763 | [1] |
Common Class B [Member] | ' | ' | |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 | [1] |
Common stock, shares authorized | 60,000,000 | 60,000,000 | [1] |
Common stock, shares issued | 15,497,743 | 15,347,615 | [1] |
Common stock, shares held in Treasury | 691,748 | 691,748 | [1] |
[1] | Derived from the audited balance sheet as of October 31, 2013. |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | ||||
Homebuilding: | ' | ' | ' | ' | ||||
Total revenues | $551,009 | $478,357 | $1,364,986 | $1,259,566 | ||||
Homebuilding: | ' | ' | ' | ' | ||||
Inventory impairment loss and land option write-offs | ' | ' | 1,927 | 3,479 | ||||
Corporate general and administrative | 15,804 | 14,056 | 46,837 | 40,284 | ||||
Other interest | 19,880 | [1],[2] | 21,949 | [1],[2] | 66,685 | [1],[2] | 68,581 | [1],[2] |
Other operations | 1,089 | 1,839 | 3,349 | -75 | ||||
Total expenses | 535,848 | 471,659 | 1,383,496 | 1,278,051 | ||||
Loss on extinguishment of debt | ' | ' | -1,155 | ' | ||||
Income from unconsolidated joint ventures | 211 | 3,690 | 3,849 | 6,806 | ||||
Income (loss) before income taxes | 15,372 | 10,388 | -15,816 | -11,679 | ||||
State and federal income tax (benefit) provision: | ' | ' | ' | ' | ||||
Tax provision (benefit) | -1,733 | 1,922 | -496 | -10,155 | ||||
Net income (loss) | 17,105 | 8,466 | -15,320 | -1,524 | ||||
Basic: | ' | ' | ' | ' | ||||
Income (loss) per common share (in Dollars per share) | $0.11 | $0.06 | ($0.10) | ($0.01) | ||||
Weighted-average number of common shares outstanding (in Shares) | 146,365 | 146,056 | 146,223 | 144,840 | ||||
Assuming dilution: | ' | ' | ' | ' | ||||
Income (loss) per common share (in Dollars per share) | $0.11 | $0.06 | ($0.10) | ($0.01) | ||||
Weighted-average number of common shares outstanding (in Shares) | 162,278 | 162,823 | 146,223 | 144,840 | ||||
State and Local Jurisdiction [Member] | ' | ' | ' | ' | ||||
State and federal income tax (benefit) provision: | ' | ' | ' | ' | ||||
Tax provision (benefit) | 247 | 1,922 | 1,484 | -277 | ||||
Internal Revenue Service (IRS) [Member] | ' | ' | ' | ' | ||||
State and federal income tax (benefit) provision: | ' | ' | ' | ' | ||||
Tax provision (benefit) | -1,980 | ' | -1,980 | -9,878 | ||||
Homebuilding [Member] | ' | ' | ' | ' | ||||
Homebuilding: | ' | ' | ' | ' | ||||
Sale of homes | 538,007 | 462,376 | 1,331,490 | 1,206,233 | ||||
Land sales and other revenues | 1,896 | 3,103 | 4,884 | 18,114 | ||||
Total homebuilding | 539,903 | 465,479 | 1,336,374 | 1,224,347 | ||||
Homebuilding: | ' | ' | ' | ' | ||||
Cost of sales, excluding interest | 424,145 | 370,464 | 1,063,465 | 992,362 | ||||
Cost of sales interest | 15,827 | 13,757 | 37,724 | 35,311 | ||||
Inventory impairment loss and land option write-offs | 741 | 623 | 1,927 | 3,479 | ||||
Total cost of sales | 440,713 | 384,844 | 1,103,116 | 1,031,152 | ||||
Selling, general and administrative | 51,150 | 42,331 | 142,918 | 116,904 | ||||
Total homebuilding expenses | 491,863 | 427,175 | 1,246,034 | 1,148,056 | ||||
Total expenses | 528,636 | 465,019 | 1,362,905 | 1,256,846 | ||||
Financial Services [Member] | ' | ' | ' | ' | ||||
Homebuilding: | ' | ' | ' | ' | ||||
Financial services | 11,106 | 12,878 | 28,612 | 35,219 | ||||
Total revenues | 11,106 | 12,878 | 28,612 | 35,219 | ||||
Homebuilding: | ' | ' | ' | ' | ||||
Financial services | 7,212 | 6,640 | 20,591 | 21,205 | ||||
Income (loss) before income taxes | $3,894 | $6,238 | $8,021 | $14,014 | ||||
[1] | Other interest expensed consists of interest that does not qualify for interest capitalization because our assets that qualify for interest capitalization (inventory under development) do not exceed our debt. Interest on completed homes and land in planning, which does not qualify for capitalization, is expensed. | |||||||
[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, which is calculated as follows: |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Equity (Current Period Unaudited) (USD $) | Common Class A [Member] | Common Class A [Member] | Common Class B [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total | |
In Thousands, except Share data | Common Stock [Member] | Common Stock [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
USD ($) | USD ($) | |||||||||
Balance at Oct. 31, 2013 | $1,363 | ' | $153 | $135,299 | $689,727 | ($1,144,408) | ($115,360) | $427 | ($432,799) | [1] |
Balance (in Shares) at Oct. 31, 2013 | 124,545,460 | ' | 14,655,867 | 5,600 | ' | ' | ' | ' | ' | |
Stock options, amortization and issuances | 1 | ' | ' | ' | 3,128 | ' | ' | ' | 3,129 | |
Stock options, amortization and issuances (in Shares) | 27,375 | ' | ' | ' | ' | ' | ' | ' | ' | |
Restricted stock amortization, issuances and forfeitures | 4 | ' | 2 | ' | 2,291 | ' | ' | ' | 2,297 | |
Restricted stock amortization, issuances and forfeitures (in Shares) | 400,751 | ' | 151,918 | ' | ' | ' | ' | ' | ' | |
Settlement of prepaid common stock purchase contracts | 60 | ' | ' | ' | -60 | ' | ' | ' | ' | |
Settlement of prepaid common stock purchase contracts (in Shares) | 6,085,224 | ' | ' | ' | ' | ' | ' | ' | ' | |
Conversion of Class B to Class A Common Stock (in Shares) | 1,790 | ' | -1,790 | ' | ' | ' | ' | ' | ' | |
Changes in noncontrolling interest in consolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | -427 | -427 | |
Net loss | ' | ' | ' | ' | ' | -15,320 | ' | ' | -15,320 | |
Balance at Jul. 31, 2014 | $1,428 | ' | $155 | $135,299 | $695,086 | ($1,159,728) | ($115,360) | ' | ($443,120) | |
Balance (in Shares) at Jul. 31, 2014 | 131,060,600 | ' | 14,805,995 | 5,600 | ' | ' | ' | ' | ' | |
[1] | Derived from the audited balance sheet as of October 31, 2013. |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($15,320) | ($1,524) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation | 2,571 | 3,782 |
Compensation from stock options and awards | 7,786 | 5,259 |
Amortization of bond discounts and deferred financing costs | 7,591 | 5,641 |
Gain on sale and retirement of property and assets | -329 | -4,535 |
Income from unconsolidated joint ventures | -3,849 | -6,806 |
Distributions of earnings from unconsolidated joint ventures | 1,140 | 1,230 |
Loss on extinguishment of debt | 1,155 | ' |
Inventory impairment and land option write-offs | 1,927 | 3,479 |
Decrease (increase) in assets: | ' | ' |
Mortgage loans held for sale at fair value | 36,780 | 32,998 |
Restricted cash, receivables, prepaids, deposits and other assets | -9,450 | 64,806 |
Inventories | -299,320 | -149,529 |
(Decrease) increase in liabilities: | ' | ' |
State and federal income tax liabilities | -590 | -4,133 |
Customersb deposits | 10,022 | 14,076 |
Accounts payable, accrued interest and other accrued liabilities | 343 | -12,141 |
Net cash used in operating activities | -259,543 | -47,397 |
Cash flows from investing activities: | ' | ' |
Proceeds from sale of property and assets | 346 | 7,208 |
Purchase of property, equipment and other fixed assets and acquisitions | -1,985 | -1,300 |
Decrease in restricted cash related to mortgage company | 471 | 0 |
Investments in and advances to unconsolidated joint ventures | -15,356 | -5,180 |
Distributions of capital from unconsolidated joint ventures | 7,209 | 18,048 |
Net cash (used in) provided by investing activities | -9,315 | 18,776 |
Cash flows from financing activities: | ' | ' |
Proceeds from mortgages and notes | 104,508 | 82,617 |
Payments related to mortgages and notes | -69,854 | -56,901 |
Proceeds from model sale leaseback financing programs | 37,778 | 19,473 |
Payments related to model sale leaseback financing programs | -13,960 | -6,264 |
Proceeds from land bank financing program | 20,762 | 33,449 |
Payments related to land bank financing program | -33,284 | -30,721 |
Proceeds from senior notes | 150,000 | ' |
Payments related to senior notes | -22,593 | ' |
Net payments related to mortgage warehouse lines of credit | -37,700 | -50,033 |
Deferred financing costs from land bank financing programs and note issuances | -6,322 | -3,771 |
Principal payments and debt repurchases | -5,960 | -5,202 |
Net cash provided by (used in) financing activities | 123,375 | -17,353 |
Net decrease in cash | -145,483 | -45,974 |
Cash balance, beginning of period | 329,204 | 273,232 |
Cash balance, end of period | 183,721 | 227,258 |
Cash paid (received) during the period for: | ' | ' |
Interest, net of capitalized interest (see Note 3 to the Condensed Consolidated Financial Statements) | 69,443 | 66,018 |
Income taxes | $83 | ($6,022) |
Supplemental_Disclosure_of_Non
Supplemental Disclosure of Noncash Activities | 9 Months Ended |
Jul. 31, 2014 | |
Supplemental Cash Flow Elements [Abstract] | ' |
Cash Flow, Supplemental Disclosures [Text Block] | ' |
Supplemental disclosure of noncash financing activities: | |
In the first quarter of fiscal 2013, 18,305 of our senior exchangeable notes were exchanged for 3,396,102 shares of Class A Common Stock. | |
In the first quarter of fiscal 2013, we entered into a new unconsolidated homebuilding joint venture which resulted in the transfer of an existing receivable from our joint venture partners of $0.6 million at October 31, 2012, to an investment in the joint venture at January 31, 2013. | |
In the second quarter of fiscal 2013, a property that we previously acquired when our partner in a land development joint venture transferred its interest in the venture to us was foreclosed on by the note holder. As a result, the inventory with a book value of $9.5 million and corresponding nonrecourse liability of equal amount were taken off our balance sheet in the quarter. | |
See notes to condensed consolidated financial statements (unaudited). |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 9 Months Ended | |
Jul. 31, 2014 | ||
Disclosure Text Block [Abstract] | ' | |
Basis of Accounting [Text Block] | ' | |
1 | Basis of Presentation | |
Hovnanian Enterprises, Inc. and Subsidiaries (the "Company”, “we”, “us” or “our”) has reportable segments consisting of six Homebuilding segments (Northeast, Mid-Atlantic, Midwest, Southeast, Southwest and West) and the Financial Services segment (see Note 18). | ||
The accompanying unaudited Condensed Consolidated Financial Statements include our accounts and those of all wholly-owned subsidiaries after elimination of all significant intercompany balances and transactions. | ||
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-Q and Article 10 of Regulation S-X and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2013. In the opinion of management, all adjustments for interim periods presented have been made, which include normal recurring accruals and deferrals necessary for a fair presentation of our condensed consolidated financial position, results of operations, and cash flows. The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and these differences could have a significant impact on the Condensed Consolidated Financial Statements. Results for interim periods are not necessarily indicative of the results which might be expected for a full year. The balance sheet at October 31, 2013 has been derived from the audited Consolidated Financial Statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. |
Note_2_Stock_Compensation
Note 2 - Stock Compensation | 9 Months Ended | |
Jul. 31, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |
2 | Stock Compensation | |
For the three and nine months ended July 31, 2014, the Company’s total stock-based compensation expense was $2.7 million and $7.7 million, respectively, and $2.7 million and $5.2 million for the three and nine months ended July 31, 2013, respectively. Included in this total stock-based compensation expense was the vesting of stock options of $1.0 million and $3.0 million for the three and nine months ended July 31, 2014, respectively, and $1.6 million and $3.0 million for the three and nine months ended July 31, 2013, respectively. |
Note_3_Interest
Note 3 - Interest | 9 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Home Building Interest [Text Block] [Abstract] | ' | ||||||||||||
Home Building Interest [Text Block] | ' | ||||||||||||
3 | Interest | ||||||||||||
Interest costs incurred, expensed and capitalized were: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
July 31, | July 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Interest capitalized at beginning of period | $107,992 | $112,488 | $105,093 | $116,056 | |||||||||
Plus interest incurred (1) | 36,472 | 33,195 | 108,073 | 97,813 | |||||||||
Less cost of sales interest expensed | 15,827 | 13,757 | 37,724 | 35,311 | |||||||||
Less other interest expensed (2)(3) | 19,880 | 21,949 | 66,685 | 68,581 | |||||||||
Interest capitalized at end of period(4) | $108,757 | $109,977 | $108,757 | $109,977 | |||||||||
-1 | Data does not include interest incurred by our mortgage and finance subsidiaries. | ||||||||||||
-2 | Other interest expensed consists of interest that does not qualify for interest capitalization because our assets that qualify for interest capitalization (inventory under development) do not exceed our debt. Interest on completed homes and land in planning, which does not qualify for capitalization, is expensed. | ||||||||||||
-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, which is calculated as follows: | ||||||||||||
Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Other interest expensed | $19,880 | $21,949 | $66,685 | $68,581 | |||||||||
Interest paid by our mortgage and finance subsidiaries | 379 | 731 | 1,524 | 2,239 | |||||||||
Decrease (increase) in accrued interest | 5,245 | 5,018 | 1,234 | (4,802 | ) | ||||||||
Cash paid for interest, net of capitalized interest | $25,504 | $27,698 | $69,443 | $66,018 | |||||||||
-4 | Capitalized interest amounts are shown gross before allocating any portion of impairments to capitalized interest. | ||||||||||||
Note_4_Depreciation
Note 4 - Depreciation | 9 Months Ended | |
Jul. 31, 2014 | ||
Property, Plant and Equipment [Abstract] | ' | |
Property, Plant and Equipment Disclosure [Text Block] | ' | |
4 | Depreciation | |
Accumulated depreciation at July 31, 2014 and October 31, 2013, amounted to $76.6 million and $75.2 million, respectively, for our homebuilding property, plant and equipment. |
Note_5_Reduction_of_Inventory_
Note 5 - Reduction of Inventory to Fair Value | 9 Months Ended | ||||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||||
Inventory Impairments And Land Option Cost Write Offs [Text Block] [Abstract] | ' | ||||||||||||||||||
Inventory Impairments And Land Option Cost Write Offs [Text Block] | ' | ||||||||||||||||||
5 | 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 be impaired and the undiscounted cash flows estimated to be generated by those assets are less than their related carrying amounts. If the expected undiscounted cash flows are less than the carrying amount, then the community is written down to its fair value. We estimate the fair value of each impaired community by determining the present value of the estimated future cash flows at a discount rate commensurate with the risk of the respective community. In the third quarter of fiscal 2014, our discount rate used for the impairment recorded was 16.8%. For the impairment recorded in the second quarter of fiscal 2014, no discount rate was used as the one community impaired was for land held for sale for which a purchase offer price was used to determine the fair value. For the nine months ended July 31, 2013, our discount rate used for the impairments recorded ranged from 18.0% to 18.8%. Should the estimates or expectations used in determining cash flows or fair value decrease or differ from current estimates in the future, we may need to recognize additional impairments. | |||||||||||||||||||
During the nine months ended July 31, 2014, we evaluated inventories of all 492 communities under development and held for future development for impairment indicators through preparation and review of detailed budgets or other market indicators of impairment. We performed detailed impairment calculations for nine of those communities (i.e., those with a projected operating loss or other impairment indicators) with an aggregate carrying value of $24.5 million. Of those communities tested for impairment, four communities with an aggregate carrying value of $23.1 million had undiscounted future cash flows that exceeded the carrying amount by less than 20%. As a result of our impairment analysis, we recorded impairment losses, which are included in the Condensed Consolidated Statement of Operations on the line entitled “Homebuilding: Inventory impairment loss and land option write-offs” and deducted from inventory, of $0.1 million for each of the three months ended July 31, 2014 and 2013 and $0.2 million and $1.6 million for the nine months ended July 31, 2014 and 2013, respectively. | |||||||||||||||||||
The following tables represent inventory impairments by homebuilding segment for the three and nine months ended July 31, 2014 and 2013: | |||||||||||||||||||
(Dollars in millions) | Three Months Ended July 31, 2014 | Three Months Ended July 31, 2013 | |||||||||||||||||
Number of | Dollar | Pre- | Number of | Dollar | Pre- | ||||||||||||||
Communities | Amount of | Impairment | Communities | Amount of | Impairment | ||||||||||||||
Impairment | Value(1) | Impairment | Value(1) | ||||||||||||||||
Northeast | - | $- | $- | 1 | $0.10 | $0.40 | |||||||||||||
Mid-Atlantic | - | - | - | - | - | - | |||||||||||||
Midwest | 1 | 0.1 | 0.5 | - | - | - | |||||||||||||
Southeast | - | - | - | - | - | - | |||||||||||||
Southwest | - | - | - | - | - | - | |||||||||||||
West | - | - | - | - | - | - | |||||||||||||
Total | 1 | $0.10 | $0.50 | 1 | $0.10 | $0.40 | |||||||||||||
(Dollars in millions) | Nine Months Ended July 31, 2014 | Nine Months Ended July 31, 2013 | |||||||||||||||||
Number of | Dollar | Pre- | Number of | Dollar | Pre- | ||||||||||||||
Communities | Amount of | Impairment | Communities | Amount of | Impairment | ||||||||||||||
Impairment | Value(1) | Impairment(2) | Value(1) | ||||||||||||||||
Northeast | 1 | $0.10 | $0.20 | 3 | $1.60 | $5.60 | |||||||||||||
Mid-Atlantic | - | - | - | 1 | - | 0.1 | |||||||||||||
Midwest | 1 | 0.1 | 0.5 | - | - | - | |||||||||||||
Southeast | - | - | - | 1 | - | 0.4 | |||||||||||||
Southwest | - | - | - | - | - | - | |||||||||||||
West | - | - | - | - | - | - | |||||||||||||
Total | 2 | $0.20 | $0.70 | 5 | $1.60 | $6.10 | |||||||||||||
-1 | Represents carrying value, net of prior period impairments, if any, at the time of recording the applicable period’s impairments. | ||||||||||||||||||
-2 | During the nine months ended July 31, 2013, the Mid-Atlantic had an impairment totaling $2 thousand and the Southeast had an impairment totaling $17 thousand. | ||||||||||||||||||
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 exercise options in various locations because the communities' pro forma profitability is not projected to produce adequate returns on investment commensurate with the risk. Total aggregate write-offs related to these items were $0.6 million and $0.5 million for the three months ended July 31, 2014 and 2013, respectively, and $1.7 million and $1.9 million for the nine months ended July 31, 2014 and 2013, respectively. Occasionally, these write-offs are offset by recovered deposits (sometimes through legal action) that had been written off in a prior period as walk-away costs. Historically, these recoveries have not been significant in comparison to the total cost written off. | |||||||||||||||||||
The following tables represent write-offs of such costs (after giving effect to any recovered deposits in the applicable period) and the number of lots walked away from by homebuilding segment for the three and nine months ended July 31, 2014 and 2013: | |||||||||||||||||||
Three Months Ended July 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(Dollars in millions) | Number of Walk-Away Lots | Dollar Amount of Write-Offs(1) | Number of Walk-Away Lots | Dollar Amount | |||||||||||||||
of | |||||||||||||||||||
Write-Offs(1)(2) | |||||||||||||||||||
Northeast | - | $0.10 | 73 | $0.20 | |||||||||||||||
Mid-Atlantic | 276 | 0.1 | - | - | |||||||||||||||
Midwest | 105 | 0.1 | 13 | - | |||||||||||||||
Southeast | 472 | 0.2 | 113 | 0.1 | |||||||||||||||
Southwest | 312 | 0.1 | 12 | 0.2 | |||||||||||||||
West | - | - | - | - | |||||||||||||||
Total | 1,165 | $0.60 | 211 | $0.50 | |||||||||||||||
Nine Months Ended July 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(Dollars in millions) | Number of | Dollar Amount | Number of | Dollar Amount | |||||||||||||||
Walk-Away | of Write-Offs(1) | Walk-Away | of Write-Offs(1)(2) | ||||||||||||||||
Lots | Lots | ||||||||||||||||||
Northeast | 239 | $0.60 | 373 | $0.40 | |||||||||||||||
Mid-Atlantic | 797 | 0.2 | 164 | - | |||||||||||||||
Midwest | 508 | 0.2 | 13 | - | |||||||||||||||
Southeast | 1,397 | 0.5 | 113 | 0.2 | |||||||||||||||
Southwest | 654 | 0.2 | 246 | 1.3 | |||||||||||||||
West | - | - | - | - | |||||||||||||||
Total | 3,595 | $1.70 | 909 | $1.90 | |||||||||||||||
-1 | We can incur costs while investigating land options, whereby we decide not to pursue the opportunity before we control the lots. These costs are expensed in the period we decide to no longer pursue the opportunity. | ||||||||||||||||||
-2 | During both the three and nine months ended July 31, 2013, there were write-offs in the Midwest totaling $38 thousand. During nine months ended July 31, 2013, there were write-offs in the Mid-Atlantic totaling $23 thousand. | ||||||||||||||||||
We decide to mothball (or stop development on) certain communities when we determine that the current performance does not justify further investment at the time. When we decide to mothball a community, the inventory is reclassified from “Sold and unsold homes and lots under development” to “Land and land options held for future development or sale.” During the nine months ended July 31, 2014, we did not mothball any new communities, re-activated two previously mothballed communities and sold two mothballed communities. As of July 31, 2014, the net book value associated with our 46 total mothballed communities was $104.1 million, net of impairment charges recorded in prior periods of $413.7 million. | |||||||||||||||||||
From time to time we enter into option agreements that include specific performance requirements, whereby we are required to purchase a minimum number of lots. Because of our obligation to purchase these lots, for accounting purposes in accordance with Accounting Standards Codification (“ASC”) 360-20-40-38, we are required to record this inventory on our Condensed Consolidated Balance Sheets. As of July 31, 2014, we had $3.9 million of specific performance options recorded on our Condensed Consolidated Balance Sheets to “Consolidated inventory not owned – specific performance options,” with a corresponding liability of $3.7 million recorded to “Liabilities from inventory not owned.” Consolidated inventory not owned also consists of other options that were included on our Condensed Consolidated Balance Sheets in accordance with GAAP. | |||||||||||||||||||
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 party at the end of the respective lease. As a result of our continued involvement, for accounting purposes in accordance with ASC 360-20-40-38, these sale and leaseback transactions are considered a financing rather than a sale. Therefore, for purposes of our Condensed Consolidated Balance Sheet, at July 31, 2014, inventory of $74.5 million was recorded to “Consolidated inventory not owned – other options,” with a corresponding amount of $69.5 million recorded to “Liabilities from inventory not owned.” | |||||||||||||||||||
We have land banking arrangements whereby we sell our land parcels to the land banker and they provide us an option to purchase back finished lots on a quarterly basis. Because of our options to repurchase these parcels, for accounting purposes, in accordance with ASC 360-20-40-38, these transactions are considered a financing rather than a sale. For purposes of our Condensed Consolidated Balance Sheet, at July 31, 2014, inventory of $47.8 million was recorded as “Consolidated inventory not owned – other options”, with a corresponding amount of $28.9 million recorded to “Liabilities from inventory not owned” for the amount of net cash received from the transactions. |
Note_6_Warranty_Costs
Note 6 - Warranty Costs | 9 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||||||
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 additional cost to us because our existing general liability and construction defect insurance policy and related reserves for amounts under our deductible covers construction defects regardless of whether we or our subcontractors are responsible for the defect. For the nine months ended July 31, 2014 and 2013, we received $1.7 million and $1.6 million, respectively, from subcontractors related to the owner controlled insurance program, which we accounted for as a reduction to inventory. | |||||||||||||
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 delivered in fiscal 2014 and 2013, our deductible under our general liability insurance is $20 million per occurrence for construction defect and warranty claims. For bodily injury claims, our deductible per occurrence in fiscal 2014 and 2013 is $0.25 million, up to a $5 million limit. Our aggregate retention in fiscal 2014 and 2013 is $21 million for construction defect, warranty and bodily injury claims. In addition, we establish a warranty accrual for lower cost related issues to cover home repairs, community amenities, and land development infrastructure that are not covered under our general liability and construction defect policy. We accrue an estimate for these warranty costs as part of cost of sales at the time each home is closed and title and possession have been transferred to the homebuyer. Additions and charges in the warranty reserve and general liability reserve for the three and nine months ended July 31, 2014 and 2013 were as follows: | |||||||||||||
Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Balance, beginning of period | $134,865 | $125,274 | $131,028 | $121,149 | |||||||||
Additions – Selling, general and administrative | 4,659 | 5,956 | 13,710 | 14,362 | |||||||||
Additions – Cost of sales | 3,574 | 2,918 | 7,702 | 9,229 | |||||||||
Charges incurred during the period | (3,683 | ) | (6,691 | ) | (13,025 | ) | (17,283 | ) | |||||
Changes to pre-existing reserves | (4,220 | ) | - | (4,220 | ) | - | |||||||
Balance, end of period | $135,195 | $127,457 | $135,195 | $127,457 | |||||||||
Warranty accruals are based upon historical experience. We engage a third-party actuary that uses our historical warranty and construction defect data, worker’s compensation data, and other industry data to assist us in estimating our reserves for unpaid claims, claim adjustment expenses and incurred but not reported claims reserves for the risks that we are assuming under the general liability and workers compensation programs. The estimates include provisions for inflation, claims handling, and legal fees. | |||||||||||||
Insurance claims paid by our insurance carriers, excluding insurance deductibles paid, were $1.0 million and $0.1 million for the three months ended July 31, 2014 and 2013, respectively, and $5.2 million and $8.6 million for the nine months ended July 31, 2014 and 2013, respectively, for prior year deliveries. For the nine months ended July 31, 2014, we settled a construction defect claim relating to the West segment which made up the majority of the payments. For the nine months ended July 31, 2013, payments were made up of a number of smaller construction defect claims, primarily in the Northeast. |
Note_7_Commitments_and_Conting
Note 7 - Commitments and Contingent Liabilities | 9 Months Ended | |
Jul. 31, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies Disclosure [Text Block] | ' | |
7 | Commitments and Contingent Liabilities | |
We are involved in litigation arising in the ordinary course of business, none of which is expected to have a material adverse effect on our financial position or results of operations, and we are subject to extensive and complex regulations that affect the development and home building, sales and customer financing processes, including zoning, density, building standards and mortgage financing. These regulations often provide broad discretion to the administering governmental authorities. This can delay or increase the cost of development or homebuilding. | ||
We also are subject to a variety of local, state, federal and foreign laws and regulations concerning protection of health and the environment. The particular environmental laws that apply to any given community vary greatly according to the community site, the site’s environmental conditions and the present and former uses of the site. These environmental laws may result in delays, may cause us to incur substantial compliance, remediation and/or other costs, and can prohibit or severely restrict development and homebuilding activity. | ||
In March 2013, we received a letter from the Environmental Protection Agency (“EPA”) requesting information about our involvement in a housing redevelopment project in Newark, New Jersey that a Company entity undertook during the 1990s. We understand that the development is in the vicinity of a former lead smelter and that recent tests on soil samples from properties within the development conducted by the EPA show elevated levels of lead. We also understand that the smelter ceased operations many years before the Company entity involved acquired the properties in the area and carried out the re-development project. We responded to the EPA’s request. In August 2013, we were notified that the EPA considers us a potentially responsible party (or “PRP”) with respect to the site, that the EPA will clean up the site, and that the EPA is proposing that we fund and/or contribute towards the cleanup of the contamination at the site. We have begun preliminary discussions with the EPA concerning a possible resolution but do not know the scope or extent of the Company's obligations, if any, that may arise from the site and therefore cannot provide any assurance that this matter will not have a material impact on the Company. The EPA requested additional information in April 2014 and the Company has responded to its information request. | ||
We anticipate that increasingly stringent requirements will be imposed on developers and homebuilders in the future. Although we cannot predict the effect of these requirements, they could result in time-consuming and expensive compliance programs and in substantial expenditures, which could cause delays and increase our cost of operations. In addition, our ability to obtain or renew permits or approvals and the continued effectiveness of permits already granted or approvals already obtained is dependent upon many factors, some of which are beyond our control, such as changes in policies, rules, and regulations and their interpretations and application. | ||
The Company is also involved in the following litigation: | ||
Hovnanian Enterprises, Inc. and K. Hovnanian Venture I, L.L.C. (collectively, the “Company Defendants”) have been named as defendants in a class action suit. The action was filed by Mike D’Andrea and Tracy D’Andrea, on behalf of themselves and all others similarly situated in the Superior Court of New Jersey, Gloucester County. The action was initially filed on May 8, 2006 alleging that the HVAC systems installed in certain of the Company’s homes are in violation of applicable New Jersey building codes and are a potential safety issue. On December 14, 2011, the Superior Court granted class certification; the potential class is 1,065 homes. The Company Defendants filed a request to take an interlocutory appeal regarding the class certification decision. The Appellate Division denied the request, and the Company Defendants filed a request for interlocutory review by the New Jersey Supreme Court, which remanded the case back to the Appellate Division for a review on the merits of the appeal on May 8, 2012. The Appellate Division, on remand, heard oral arguments on December 4, 2012, reviewing the Superior Court’s original finding of class certification. On June 18, 2013, the Appellate Division affirmed class certification. On July 3, 2013, the Company Defendants appealed the June 2013 Appellate Division’s decision to the New Jersey Supreme Court, which elected not to hear the appeal on October 22, 2013. The plaintiff class was seeking unspecified damages as well as treble damages pursuant to the NJ Consumer Fraud Act. The Company Defendants’ motion to consolidate an indemnity action they filed against various manufacturer and sub-contractor defendants to require these parties to participate directly in the class action was denied by the Superior Court; however, the Company Defendants’ separate action seeking indemnification against the various manufacturers and subcontractors implicated by the class action is ongoing. The Company Defendants, the Company Defendants’ insurance carriers and the plaintiff class agreed to the terms of a settlement on May 15, 2014 in which the plaintiff class will receive a payment of $21 million in settlement of all claims, with the majority of the settlement being funded by the Company Defendants’ insurance carriers, which settlement is subject to Court approval. The Company has fully reserved for its share of the settlement. |
Note_8_Restricted_Cash_and_Dep
Note 8 - Restricted Cash and Deposits | 9 Months Ended | |
Jul. 31, 2014 | ||
Cash and Cash Equivalents [Abstract] | ' | |
Cash and Cash Equivalents Disclosure [Text Block] | ' | |
8 | Restricted Cash and 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 days or less when purchased. Our cash balances are held at a few financial institutions and may, at times, exceed insurable amounts. We believe we help to mitigate this risk by depositing our cash in major financial institutions. At both July 31, 2014 and October 31, 2013, we had no cash equivalents in “Homebuilding: Cash” or “Financial services: Cash” as the full balance of cash and cash equivalents was held as cash. However, “Homebuilding: Restricted cash and cash equivalents” and “Financial services: Restricted cash and cash equivalents” both included cash equivalents at July 31, 2014 and October 31, 2013. | ||
Restricted cash and cash equivalents on the Condensed Consolidated Balance Sheets, totaled to $25.9 million and $31.9 million as of July 31, 2014 and October 31, 2013, respectively, which includes cash collateralizing our letter of credit agreements and facilities and is discussed in Note 10. Also included in this balance are homebuilding and financial services customers’ deposits of $7.0 million and $13.3 million at July 31, 2014, respectively, and $5.1 million and $21.6 million as of October 31, 2013, respectively, which are restricted from use by us. | ||
Total Homebuilding Customers’ deposits are shown as a liability on the Condensed Consolidated Balance Sheets. These liabilities are significantly more than the applicable periods’ escrow cash balances because, in some states, the deposits are not restricted from use and, in other states, we are able to release the majority of this escrow cash by pledging letters of credit and surety bonds. |
Note_9_Mortgage_Loans_Held_for
Note 9 - Mortgage Loans Held for Sale | 9 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||||||
9 | Mortgage Loans Held for Sale | ||||||||||||
Our mortgage banking subsidiary 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, interest rate commitments from borrowers and mandatory and/or best efforts forward commitments to sell loans to investors to protect us from interest rate fluctuations. These short-term instruments, which do not require any payments to be made to the counterparty or investor in connection with the execution of the commitments, are recorded at fair value. Gains and losses on changes in the fair value are recognized in the Condensed Consolidated Statements of Operations in “Revenues: Financial services.” | |||||||||||||
At July 31, 2014 and October 31, 2013, respectively, $55.5 million and $94.1 million of mortgages held for sale were pledged against our mortgage warehouse lines of credit (see Note 10). We may incur losses with respect to mortgages that were previously sold that are delinquent and which had underwriting defects, but only to the extent the losses are not covered by mortgage insurance or resale value of the home. The reserves for these estimated losses are included in the “Financial services – Accounts payable and other liabilities” balances on the Condensed Consolidated Balance Sheets. As of July 31, 2014 and July 31, 2013, we had reserves for 200 and 167 identified mortgage loans, respectively, as well as reserves for an estimate for future losses on mortgage loans sold but not yet identified to us. | |||||||||||||
The activity in our loan origination reserves during the three and nine months ended July 31, 2014 and 2013, was as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
July 31, | July 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Loan origination reserves, beginning of period | $11,057 | $9,766 | $11,036 | $9,334 | |||||||||
Provisions for losses during the period | 1,899 | 345 | 2,766 | 1,680 | |||||||||
Adjustments to pre-existing provisions for losses from changes in estimates | (1,682 | ) | 260 | (2,304 | ) | 7 | |||||||
Payments/settlements | - | - | (224 | ) | (650 | ) | |||||||
Loan origination reserves, end of period | $11,274 | $10,371 | $11,274 | $10,371 | |||||||||
Note_10_Mortgages_and_Notes_Pa
Note 10 - Mortgages and Notes Payable | 9 Months Ended | |
Jul. 31, 2014 | ||
Line Of Credit [Text Block] [Abstract] | ' | |
Line Of Credit [Text Block] | ' | |
10 | Mortgage and Notes Payable | |
We have nonrecourse mortgage loans for a small number of our communities totaling $98.3 million and $62.9 million at July 31, 2014 and October 31, 2013, respectively, which are secured by the related real property and any improvements. The weighted-average interest rate on these obligations was 5.4% and 5.8% at July 31, 2014 and October 31, 2013, respectively, and the mortgage loan payments on each community primarily correspond to home deliveries. We also have nonrecourse mortgage loans on our corporate headquarters totaling $16.9 million and $17.7 million at July 31, 2014 and October 31, 2013, respectively. These loans had a weighted-average interest rate of 7.0% at both July 31, 2014 and October 31, 2013. As of July 31, 2014, these loans had installment obligations with annual principal maturities in the years ending October 31 of approximately: $0.2 million in 2014, $1.2 million in 2015, $1.3 million in 2016, $1.4 million in 2017, $1.5 million in 2018 and $11.3 million after 2018. | ||
In June 2013, K. Hovnanian Enterprises, Inc. (“K. Hovnanian”), as borrower, and we and certain of our subsidiaries, as guarantors, entered into a five-year, $75.0 million unsecured revolving credit facility (the “Credit Facility”) with Citicorp USA, Inc., as administrative agent and issuing bank, and Citibank, N.A., as a lender. The Credit Facility is available for both letters of credit and general corporate purposes. The Credit Facility does not contain any financial maintenance covenants, but does contain certain restrictive covenants that track those contained in our indenture governing the 7.0% Senior Notes due 2019, which are described in Note 11. The Credit Facility also contains certain customary events of default which would permit the administrative agent at the request of the required lenders to, among other things, declare all loans then outstanding to be immediately due and payable if such default is not cured within applicable grace periods, including the failure to make timely payments of amounts payable under the Credit Facility or other material indebtedness or the acceleration of other material indebtedness, the failure to comply with agreements and covenants or for representations or warranties to be correct in all material respects when made, specified events of bankruptcy and insolvency, and the entry of a material judgment against a loan party. Outstanding borrowings under the Credit Facility accrue interest at an annual rate equal to either, as selected by K. Hovnanian, (i) the alternate base rate plus the applicable spread determined on the date of such borrowing or (ii) an adjusted London Interbank Offer Rate (“LIBOR”) rate plus the applicable spread determined as of the date two business days prior to the first day of the interest period for such borrowing. As of July 31, 2014, there were no borrowings and $25.5 million of letters of credit outstanding under the Credit Facility, and as of such date, we believe we were in compliance with the covenants under the Credit Facility. | ||
In addition to the Credit Facility, we have certain stand–alone cash collateralized letter of credit agreements and facilities under which there were a total of $5.5 million letters of credit outstanding at July 31, 2014 and $5.1 million letters of credit outstanding at October 31, 2013. These agreements and facilities require us to maintain specified amounts of cash as collateral in segregated accounts to support the letters of credit issued thereunder, which will affect the amount of cash we have available for other uses. As of July 31, 2014 and October 31, 2013, the amount of cash collateral in these segregated accounts was $5.6 million and $5.2 million, respectively, which is reflected in “Restricted cash and cash equivalents” on the Condensed Consolidated Balance Sheets. | ||
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 and related servicing rights are sold in the secondary mortgage market within a short period of time. In certain instances, we retain the servicing rights for a small amount of loans. Our secured Master Repurchase Agreement with JPMorgan Chase Bank, N.A. (“Chase Master Repurchase Agreement”), which was amended on June 30, 2014, is a short-term borrowing facility that provides up to $50.0 million through July 30, 2015. The loan is secured by the mortgages held for sale and is repaid when we sell the underlying mortgage loans to permanent investors. Interest is payable monthly on outstanding advances at an adjusted LIBOR rate, which was 0.156% at July 31, 2014 plus the applicable margin of 2.85%. Therefore, at July 31, 2014, the interest rate was 3.0%. As of July 31, 2014 and October 31, 2013, the aggregate principal amount of all borrowings outstanding under the Chase Master Repurchase Agreement was $3.9 million and $33.6 million, respectively. | ||
K. Hovnanian Mortgage has another secured Master Repurchase Agreement with Customers Bank (“Customers Master Repurchase Agreement”), which was amended on May 27, 2014 to extend the maturity date to May 26, 2015, that is a short-term borrowing facility that provides up to $37.5 million through maturity. The loan is secured by the mortgages held for sale and is repaid when we sell the underlying mortgage loans to permanent investors. Interest is payable daily or as loans are sold to permanent investors on outstanding advances at the current LIBOR, plus the applicable margin ranging from 2.75% to 5.25% based on the takeout investor, type of loan, and the number of days on the warehouse line. As of July 31, 2014 and October 31, 2013, the aggregate principal amount of all borrowings outstanding under the Customers Master Repurchase Agreement was $6.6 million and $30.7 million, respectively. | ||
K. Hovnanian Mortgage has a third secured Master Repurchase Agreement with Credit Suisse First Boston Mortgage Capital LLC (“Credit Suisse Master Repurchase Agreement”), which was amended on March 28, 2014, that is a short-term borrowing facility that provides up to $50.0 million through March 31, 2015. The loan is secured by the mortgages held for sale and is repaid when we sell the underlying mortgage loans to permanent investors. Interest is payable monthly on outstanding advances at the Credit Suisse Cost of Funds, which was 0.46% at July 31, 2014, plus the applicable margin ranging from 2.25% to 2.75% based on the takeout investor, type of loan and the number of days outstanding. As of July 31, 2014 and October 31, 2013, the aggregate principal amount of all borrowings outstanding under the Credit Suisse Master Repurchase Agreement was $35.7 million and $27.4 million, respectively. | ||
In February 2014, K. Hovnanian Mortgage executed a new secured Master Repurchase Agreement with Comerica Bank (“Comerica Master Repurchase Agreement”), which was amended on July 7, 2014 to extend the maturity date to July 6, 2015, that is a short-term borrowing facility that provides up to $35.0 million through maturity. The loan is secured by the mortgages held for sale and is repaid when we sell the underlying mortgage loans to permanent investors. Interest is payable monthly at LIBOR, subject to a floor of 0.25%, plus the applicable margin of 2.625%. As of July 31, 2014, the interest rate was 2.875% and the aggregate principal amount of all borrowings outstanding under the Comerica Master Repurchase Agreement was $7.8 million. | ||
The Chase Master Repurchase Agreement, Customers Master Repurchase Agreement, Credit Suisse 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 agreement, we do not consider any of these covenants to be substantive or material. As of July 31, 2014, we believe we were in compliance with the covenants under the Master Repurchase Agreements. |
Note_11_Senior_Secured_Senior_
Note 11 - Senior Secured, Senior, Senior Amortizing, Senior Exchangeable and Senior Subordinated Amortizing Notes | 9 Months Ended | ||||||
Jul. 31, 2014 | |||||||
Disclosure Text Block [Abstract] | ' | ||||||
Long-term Debt [Text Block] | ' | ||||||
11 | Senior Secured, Senior, Senior Amortizing, Senior Exchangeable and Senior Subordinated Amortizing Notes | ||||||
Senior Secured, Senior, Senior Amortizing, Senior Exchangeable and Senior Subordinated Amortizing Notes balances as of July 31, 2014 and October 31, 2013, were as follows: | |||||||
(In thousands) | July 31, | October 31, | |||||
2014 | 2013 | ||||||
Senior Secured Notes: | |||||||
7.25% Senior Secured First Lien Notes due October 15, 2020 | $577,000 | $577,000 | |||||
9.125% Senior Secured Second Lien Notes due November 15, 2020 | 220,000 | 220,000 | |||||
2.0% Senior Secured Notes due November 1, 2021 (net of discount) | 53,126 | 53,119 | |||||
5.0% Senior Secured Notes due November 1, 2021 (net of discount) | 129,473 | 128,492 | |||||
Total Senior Secured Notes | $979,599 | $978,611 | |||||
Senior Notes: | |||||||
6.25% Senior Notes due January 15, 2015 | $- | $21,438 | |||||
11.875% Senior Notes due October 15, 2015 (net of discount) | 60,317 | 60,044 | |||||
6.25% Senior Notes due January 15, 2016 (net of discount) | 172,398 | 172,153 | |||||
7.5% Senior Notes due May 15, 2016 | 86,532 | 86,532 | |||||
8.625% Senior Notes due January 15, 2017 | 121,043 | 121,043 | |||||
7.0% Senior Notes due January 15, 2019 | 150,000 | - | |||||
Total Senior Notes | $590,290 | $461,210 | |||||
11.0% Senior Amortizing Notes due December 1, 2017 | $17,049 | $20,857 | |||||
Senior Exchangeable Notes due December 1, 2017 | $69,215 | $66,615 | |||||
7.25% Senior Subordinated Amortizing Notes due February 15, 2014 | $- | $2,152 | |||||
Except for K. Hovnanian, the issuer of the notes, our home mortgage subsidiaries, joint ventures and subsidiaries holding interests in our joint ventures, certain of our title insurance subsidiaries and our foreign subsidiary, we and each of our subsidiaries are guarantors of the senior secured, senior, senior amortizing and senior exchangeable notes outstanding at July 31, 2014 (see Note 23). In addition, the 5.0% Senior Secured Notes due 2021 (the “5.0% 2021 Notes”) and the 2.0% Senior Secured Notes due 2021 (the “2.0% 2021 Notes” and together with the 5.0% 2021 Notes, the “2021 Notes”) are guaranteed by K. Hovnanian JV Holdings, L.L.C. and its subsidiaries except for certain joint ventures and joint venture holding companies (collectively, the “Secured Group”). Members of the Secured Group do not guarantee K. Hovnanian's other indebtedness. | |||||||
The indentures governing the notes do not contain any financial maintenance covenants, but do contain restrictive covenants that limit, among other things, the Company’s ability and that of certain of its subsidiaries, including K. Hovnanian, to incur additional indebtedness (other than certain permitted indebtedness, refinancing indebtedness and nonrecourse indebtedness), pay dividends and make distributions on common and preferred stock, repurchase subordinated indebtedness (with respect to certain of the senior secured and senior notes), make other restricted payments, make investments, sell certain assets, incur liens, consolidate, merge, sell or otherwise dispose of all or substantially all assets, and enter into certain transactions with affiliates. The indentures also contain events of default which would permit the holders of the notes to declare the notes to be immediately due and payable if not cured within applicable grace periods, including the failure to make timely payments on the notes or other material indebtedness, the failure to comply with agreements and covenants and specified events of bankruptcy and insolvency and, with respect to the indentures governing the senior secured notes, the failure of the documents granting security for the senior secured notes to be in full force and effect, and the failure of the liens on any material portion of the collateral securing the senior secured notes to be valid and perfected. As of July 31, 2014, we believe we were in compliance with the covenants of the indentures governing our outstanding notes. | |||||||
Under the terms of the indentures, we have the right to make certain redemptions and, depending on market conditions and covenant restrictions, may do so from time to time. We also continue to evaluate our capital structure and may also make debt purchases and/or exchanges for debt or equity from time to time through tender offers, open market purchases, private transactions, or otherwise, or seek to raise additional debt or equity capital, depending on market conditions and covenant restrictions. | |||||||
If our consolidated fixed charge coverage ratio, as defined in the indentures governing our senior secured and senior notes (other than the senior exchangeable notes discussed in Note 13 below), is less than 2.0 to 1.0, we are restricted from making certain payments, including dividends, and from incurring indebtedness other than certain permitted indebtedness, refinancing indebtedness, and nonrecourse indebtedness. As a result of this restriction, we are currently restricted from paying dividends, which are not cumulative, on our 7.625% Series A Preferred Stock. We anticipate that we will continue to be restricted from paying dividends for the foreseeable future. Our inability to pay dividends is in accordance with covenant restrictions and will not result in a default under our bond indentures or otherwise affect compliance with any of the covenants contained in the bond indentures. | |||||||
The 7.25% Senior Secured First Lien Notes due 2020 (the “First Lien Notes”) are secured by a first-priority lien and the 9.125% Senior Secured Second Lien Notes due 2020 (the “Second Lien Notes” and, together with the First Lien Notes, the “2020 Secured Notes”) are secured by a second-priority lien, in each case, subject to permitted liens and other exceptions, on substantially all the assets owned by us, K. Hovnanian and the guarantors of such notes. At July 31, 2014, the aggregate book value of the real property that constituted collateral securing the 2020 Secured Notes was approximately $651.5 million, which does not include the impact of inventory investments, home deliveries, or impairments thereafter and which may differ from the value if it were appraised. In addition, cash and cash equivalents collateral that secured the 2020 Secured Notes was $108.6 million as of July 31, 2014, which included $5.6 million of restricted cash collateralizing certain letters of credit. Subsequent to such date, cash uses include general business operations and real estate and other investments. | |||||||
The guarantees with respect to the 2021 Notes of the Secured Group are secured, subject to permitted liens and other exceptions, by a first-priority lien on substantially all of the assets of the members of the Secured Group. As of July 31, 2014, the collateral securing the guarantees included (1) $73.6 million of cash and cash equivalents (subsequent to such date, cash uses include general business operations and real estate and other investments); (2) approximately $118.2 million aggregate book value of real property of the Secured Group, which does not include the impact of inventory investments, home deliveries, or impairments thereafter and which may differ from the value if it were appraised, and (3) equity interests in guarantors that are members of the Secured Group. Members of the Secured Group also own equity in joint ventures, either directly or indirectly through ownership of joint venture holding companies, with a book value of $55.8 million as of July 31, 2014; this equity is not pledged to secure, and is not collateral for, the 2021 Notes. Members of the Secured Group are “unrestricted subsidiaries” under K. Hovnanian's other senior secured notes and senior notes, and thus have not guaranteed such indebtedness. | |||||||
On January 10, 2014, K. Hovnanian issued $150.0 million aggregate principal amount of 7.0% Senior Notes due 2019, resulting in net proceeds of approximately $147.8 million. The notes are redeemable in whole or in part at our option at any time prior to July 15, 2016 at 100% of their principal amount plus an applicable “Make-Whole Amount.” We may also redeem some or all of the notes at 103.5% of principal commencing July 15, 2016, at 101.75% of principal commencing January 15, 2017 and 100% of principal commencing January 15, 2018. In addition, we may redeem up to 35% of the aggregate principal amount of the notes prior to July 15, 2016, with the net cash proceeds from certain equity offerings at 107.0% of principal. We used a portion of the net proceeds to fund the redemption on February 9, 2014 (effected on February 10, 2014, which was the next business day after the redemption date) of the remaining outstanding principal amount ($21.4 million) of our 6.25% Senior Notes due 2015. The redemption resulted in a loss on extinguishment of debt of $1.2 million, net of the write-off of unamortized fees, and is included in the Condensed Consolidated Statement of Operations as “Loss on extinguishment of debt” for the nine months ended July 31, 2014. The remaining net proceeds from the offering were used to pay related fees and expenses and for general corporate purposes. | |||||||
February 15, 2014 was the mandatory settlement date for our Purchase Contracts and was also the payment date for the last quarterly cash installment payment on the Senior Subordinated Amortizing Notes, both of which were initially issued as components of our 7.25% Tangible Equity Units. See Note 12 below for additional information. |
Note_12_Tangible_Equity_Units
Note 12 - Tangible Equity Units | 9 Months Ended | |
Jul. 31, 2014 | ||
Tangible Equity Units Disclosure [Text Block] [Abstract] | ' | |
Tangible Equity Units Disclosure [Text Block] | ' | |
12 | Tangible Equity Units | |
On February 9, 2011, we issued an aggregate of 3,000,000 7.25% Tangible Equity Units (the “TEUs”), and on February 14, 2011, we issued an additional 450,000 TEUs pursuant to the over-allotment option granted to the underwriters. Each TEU initially consisted of (i) a prepaid stock purchase contract (each a “Purchase Contract”) and (ii) a senior subordinated amortizing note due February 15, 2014 (each, a “Senior Subordinated Amortizing Note”). Each TEU could be separated into its constituent Purchase Contract and Senior Subordinated Amortizing Note after the initial issuance date of the TEUs, and the separate components could be combined to create a TEU. The Senior Subordinated Amortizing Note component of the TEUs was recorded as debt, and the Purchase Contract component of the TEUs which had a fair value of $68.1 million was recorded in equity as additional paid-in capital. | ||
On each February 15, May 15, August 15 and November 15, K. Hovnanian paid holders of the Senior Subordinated Amortizing Notes equal quarterly cash installments of $0.453125 per Senior Subordinated Amortizing Note, which cash payments in the aggregate were equivalent to 7.25% per year with respect to each $25 stated amount of TEUs. Each installment constituted a payment of interest (at a rate of 12.072% per annum) and a partial repayment of principal on the Senior Subordinated Amortizing Notes, allocated as set forth in the amortization schedule provided in the indenture under which the Senior Subordinated Amortizing Notes were issued. The Senior Subordinated Amortizing Notes had a scheduled final installment payment date of February 15, 2014. | ||
The final quarterly cash installment payment of $0.453125 per Senior Subordinated Amortizing Note was due on February 15, 2014, and was paid to holders thereof on February 18, 2014 (which was the next business day). On February 18, 2014, (which was the first business day after the mandatory settlement date of February 15, 2014) we issued to holders of Purchase Contracts an aggregate of 6,085,224 shares of our Class A Common Stock in settlement of an aggregate of 1,276,933 Purchase Contracts (such amount was based on a settlement rate of 4.7655 shares of Class A Common Stock for each Purchase Contract). In addition, we paid a de minimis amount of cash to holders of the Purchase Contracts in lieu of fractional shares. Accordingly, as of July 31, 2014, we had no Purchase Contracts or Senior Subordinated Amortizing Notes outstanding. |
Note_13_Senior_Exchangeable_No
Note 13 - Senior Exchangeable Notes | 9 Months Ended | |
Jul. 31, 2014 | ||
Exchangeable Note Units And Senior Amortizing Notes [Text Block] [Abstract] | ' | |
Exchangeable Note Units And Senior Amortizing Notes [Text Block] | ' | |
13 | Senior Exchangeable Notes | |
On October 2, 2012, the Company and K. Hovnanian issued $100,000,000 aggregate stated amount of 6.0% Exchangeable Note Units (the “Units”) (equivalent to 100,000 Units). Each $1,000 stated amount of Units initially consists of (1) a zero coupon Senior Exchangeable note due December 1, 2017 (a “Senior Exchangeable Note”) issued by K. Hovnanian, which bears no cash interest and has an initial principal amount of $768.51 per Senior Exchangeable Note, and that will accrete to $1,000 at maturity and (2) a Senior Amortizing note due December 1, 2017 (a “Senior Amortizing Note”) issued by K. Hovnanian, which has an initial principal amount of $231.49 per Senior Amortizing Note, bears interest at a rate of 11.0% per annum, and has a final installment payment date on December 1, 2017. Each Unit may be separated into its constituent Senior Exchangeable Note and Senior Amortizing Note after the initial issuance date of the Units, and the separate components may be combined to create a Unit. | ||
Each Senior Exchangeable Note had an initial principal amount of $768.51 (which will accrete to $1,000 over the term of the Senior Exchangeable Note at an annual rate of 5.17% from the date of issuance, calculated on a semi-annual bond equivalent yield basis). Holders may exchange their Senior Exchangeable Notes at their option at any time prior to 5:00 p.m., New York City time, on the business day immediately preceding December 1, 2017. Each Senior Exchangeable Note will be exchangeable for shares of Class A Common Stock at an initial exchange rate of 185.5288 shares of Class A Common Stock per Senior Exchangeable Note (equivalent to an initial exchange price, based on $1,000 principal amount at maturity, of approximately $5.39 per share of Class A Common Stock). The exchange rate will be subject to adjustment in certain events. If certain corporate events occur prior to the maturity date, the Company will increase the applicable exchange rate for any holder who elects to exchange its Senior Exchangeable Notes in connection with such corporate event. In addition, holders of Senior Exchangeable Notes will also have the right to require K. Hovnanian to repurchase such holders’ Senior Exchangeable Notes upon the occurrence of certain of these corporate events. As of July 31, 2014, 18,305 Senior Exchangeable Notes have been converted into 3.4 million shares of our Class A Common Stock, all of which were converted during the first quarter of fiscal 2013. | ||
On each June 1 and December 1 (each, an “installment payment date”) K. Hovnanian will pay holders of Senior Amortizing Notes equal semi-annual cash installments of $30.00 per Senior Amortizing Note (except for the June 1, 2013 installment payment, which was $39.83 per Senior Amortizing Note), which cash payment in the aggregate will be equivalent to 6.0% per year with respect to each $1,000 stated amount of Units. Each installment will constitute a payment of interest (at a rate of 11.0% per annum) and a partial repayment of principal on the Senior Amortizing Note. If certain corporate events occur prior to the maturity date, holders of the Senior Amortizing Notes will have the right to require K. Hovnanian to repurchase such holders’ Senior Amortizing Notes. |
Note_14_Per_Share_Calculation
Note 14 - Per Share Calculation | 9 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
14 | Per Share Calculation | ||||||||||||
Basic earnings per share is computed by dividing net income (loss) (the “numerator”) by the weighted-average number of common shares outstanding, adjusted for nonvested shares of restricted stock (the “denominator”) for the period. The basic weighted-average number of shares for the nine months ended July 31, 2014 included 6.1 million shares related to Purchase Contracts (issued as part of our 7.25% Tangible Equity Units) which, as discussed in Note 12, were all issued upon settlement of the Purchase Contracts in February 2014. 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, as well as common shares issuable upon exchange of our Senior Exchangeable Notes issued as part of our 6.0% Exchangeable Note Units. 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-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings. The Company’s restricted common stock (“nonvested shares”) is considered participating securities. | |||||||||||||
Basic and diluted earnings per share for the periods presented below were calculated as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
July 31, | July 31, | ||||||||||||
(In thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||
Numerator: | |||||||||||||
Net earnings (loss) attributable to Hovnanian | $17,105 | $8,466 | $(15,320 | ) | $(1,524 | ) | |||||||
Less: undistributed earnings allocated to nonvested shares | (386 | ) | (15 | ) | - | - | |||||||
Numerator for basic earnings per share | 16,719 | 8,451 | (15,320 | ) | (1,524 | ) | |||||||
Plus: undistributed earnings allocated to nonvested shares | 386 | 15 | |||||||||||
Less: undistributed earnings reallocated to nonvested shares | (386 | ) | (15 | ) | - | - | |||||||
Plus: interest on Senior Exchangeable Notes | 879 | 893 | - | - | |||||||||
Numerator for diluted earnings per share | 17,598 | 9,344 | (15,320 | ) | (1,524 | ) | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share | 146,365 | 146,056 | 146,223 | 144,840 | |||||||||
Effect of dilutive securities: | |||||||||||||
Share-based payments | 756 | 1,610 | - | - | |||||||||
Senior Exchangeable Notes | 15,157 | 15,157 | - | - | |||||||||
Denominator for diluted earnings per share – weighted-average shares outstanding | 162,278 | 162,823 | 146,223 | 144,840 | |||||||||
Basic earnings per share | $0.11 | $0.06 | $(0.10 | ) | $(0.01 | ) | |||||||
Diluted earnings per share | $0.11 | $0.06 | $(0.10 | ) | $(0.01 | ) | |||||||
Incremental shares attributed to nonvested stock and outstanding options to purchase common stock of 1.3 million and 1.6 million, respectively, for the nine months ended July 31, 2014 and 2013, were excluded from the computation of diluted earnings per share because we had a net loss for the period, and any incremental shares would not be dilutive. Also, 15.2 million shares and 16.1 million shares, respectively, for the nine months ended July 31, 2014 and 2013, of common stock issuable upon the exchange of our Senior Exchangeable Notes were excluded from the computation of diluted earnings per share because we had a net loss for the period. | |||||||||||||
In addition, shares related to out-of-the-money stock options that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share were 3.0 million for the three months ended and 2.1 million for the nine months ended July 31, 2014, and 2.2 million for both the three and nine months ended July 31, 2013, because to do so would have been anti-dilutive for the periods presented. |
Note_15_Preferred_Stock
Note 15 - Preferred Stock | 9 Months Ended | |
Jul. 31, 2014 | ||
Disclosure Text Block Supplement [Abstract] | ' | |
Preferred Stock [Text Block] | ' | |
15 | Preferred Stock | |
On July 12, 2005, we issued 5,600 shares of 7.625% Series A Preferred Stock, with a liquidation preference of $25,000 per share. Dividends on the Series A Preferred Stock are not cumulative and are paid at an annual rate of 7.625%. The Series A Preferred Stock is not convertible into the Company’s common stock and is redeemable in whole or in part at our option at the liquidation preference of the shares. The Series A Preferred Stock is traded as depositary shares, with each depositary share representing 1/1000th of a share of Series A Preferred Stock. The depositary shares are listed on the NASDAQ Global Market under the symbol “HOVNP.” During the three and nine months ended July 31, 2014 and 2013, we did not pay any dividends on the Series A Preferred Stock due to covenant restrictions in our debt instruments. |
Note_16_Common_Stock
Note 16 - Common Stock | 9 Months Ended | |
Jul. 31, 2014 | ||
Common Stock [Text Block] [Abstract] | ' | |
Common Stock [Text Block] | ' | |
16 | Common Stock | |
Each share of Class A Common Stock entitles its holder to one vote per share, and each share of Class B Common Stock generally entitles its holder to ten votes per share. The amount of any regular cash dividend payable on a share of Class A Common Stock will be an amount equal to 110% of the corresponding regular cash dividend payable on a share of Class B Common Stock. If a shareholder desires to sell shares of Class B Common Stock, such stock must be converted into shares of Class A Common Stock. | ||
On August 4, 2008, our Board of Directors adopted a shareholder rights plan (the “Rights Plan”) designed to preserve shareholder value and the value of certain tax assets primarily associated with net operating loss (NOL) carryforwards and built-in losses under Section 382 of the Internal Revenue Code. Our ability to use NOLs and built-in losses would be limited if there was an “ownership change” under Section 382. This would occur if shareholders owning (or deemed under Section 382 to own) 5% or more of our stock increase their collective ownership of the aggregate amount of our outstanding shares by more than 50 percentage points over a defined period of time. The Rights Plan was adopted to reduce the likelihood of an “ownership change” occurring as defined by Section 382. Under the Rights Plan, one right was distributed for each share of Class A Common Stock and Class B Common Stock outstanding as of the close of business on August 15, 2008. Effective August 15, 2008, if any person or group acquires 4.9% or more of the outstanding shares of Class A Common Stock without the approval of the Board of Directors, there would be a triggering event causing significant dilution in the voting power of such person or group. However, existing stockholders who owned, at the time of the Rights Plan’s adoption, 4.9% or more of the outstanding shares of Class A Common Stock will trigger a dilutive event only if they acquire additional shares. The approval of the Board of Directors’ decision to adopt the Rights Plan may be terminated by the Board at any time, prior to the Rights being triggered. The Rights Plan will continue in effect until August 15, 2018, unless it expires earlier in accordance with its terms. The approval of the Board of Directors’ decision to adopt the Rights Plan was submitted to a stockholder vote and approved at a special meeting of stockholders held on December 5, 2008. Also at the Special Meeting on December 5, 2008, our stockholders approved an amendment to our Certificate of Incorporation to restrict certain transfers of Class A Common Stock in order to preserve the tax treatment of our NOLs and built-in losses under Section 382 of the Internal Revenue Code. Subject to certain exceptions pertaining to pre-existing 5% stockholders and Class B stockholders, the transfer restrictions in the amended Certificate of Incorporation generally restrict any direct or indirect transfer (such as transfers of our stock that result from the transfer of interests in other entities that own our stock) if the effect would be to (i) increase the direct or indirect ownership of our stock by any person (or public group) from less than 5% to 5% or more of our common stock; (ii) increase the percentage of our common stock owned directly or indirectly by a person (or public group) owning or deemed to own 5% or more of our common stock; or (iii) create a new public group. Transfers included under the transfer restrictions include sales to persons (or public groups) whose resulting percentage ownership (direct or indirect) of common stock would exceed the 5% thresholds discussed above, or to persons whose direct or indirect ownership of common stock would by attribution cause another person (or public group) to exceed such threshold. | ||
On July 3, 2001, our Board of Directors authorized a stock repurchase program to purchase up to 4 million shares of Class A Common Stock. There were no shares purchased during the three and nine months ended July 31, 2014. As of July 31, 2014, the maximum number of shares of Class A Common Stock that may yet be purchased under this program is 0.5 million. |
Note_17_Income_Taxes
Note 17 - Income Taxes | 9 Months Ended | |
Jul. 31, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Tax Disclosure [Text Block] | ' | |
17 | Income Taxes | |
The total income tax benefit of $1.7 million and $0.5 million recognized for the three and nine months ended July 31, 2014, respectively, was primarily due to a refund received for a loss carryback to a previously profitable year, partially offset by various state tax expenses and state tax reserves for uncertain state tax positions. The total income tax expense of $1.9 million recognized for the three months ended July 31, 2013 was primarily due to state tax expenses and state tax reserves for uncertain state tax positions. The total income tax benefit of $10.2 million recognized for the nine months ended July 31, 2013 was primarily due to the release of reserves for a federal tax position that was settled with the Internal Revenue Service and a favorable state tax audit settlement. | ||
Deferred federal and state income tax assets primarily represent the deferred tax benefits arising from temporary differences between book and tax income, which will be recognized in future years as an offset against future taxable income. If the combination of future years’ income (or loss) and the reversal of the timing differences results in a loss, such losses can be carried forward to future years. In accordance with ASC 740, we evaluate our deferred tax assets quarterly to determine if valuation allowances are required. ASC 740 requires that companies assess whether valuation allowances should be established based on the consideration of all available evidence using a “more likely than not” standard. Because of the downturn in the homebuilding industry, resulting in significant inventory and intangible impairments in prior years, we are in a three-year cumulative loss position as of July 31, 2014, a factor which is significant negative evidence in considering whether deferred tax assets are realizable that cannot currently be overcome with other positive evidence. Our valuation allowance for deferred taxes amounted to $933.3 million and $927.1 million at July 31, 2014 and October 31, 2013, respectively. The valuation allowance increased during the nine months ended July 31, 2014, primarily due to additional valuation allowance recorded for the federal and state tax benefits related to the losses incurred during this period. Because of our profitability in fiscal 2013 and the third quarter of fiscal 2014, our three-year cumulative loss position is decreasing. If we determine to reverse all or a portion of our deferred tax asset valuation allowance, which could happen in the near future, such amount would be recorded as an income tax benefit on our Condensed Consolidated Statement of Operations, resulting in a material impact to net income and stockholders’ equity. |
Note_18_Operating_and_Reportin
Note 18 - Operating and Reporting Segments | 9 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||
18 | Operating and Reporting Segments | ||||||||||||
Our operating segments are components of our 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 our communities qualifies as an operating segment, and therefore, it is impractical to provide segment disclosures for this many segments. As such, we have aggregated the homebuilding operating segments into six reportable segments. | |||||||||||||
Our 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. The Company’s reportable segments consist of the following six homebuilding segments and a financial services segment: | |||||||||||||
Homebuilding: | |||||||||||||
(1) Northeast (New Jersey and Pennsylvania) | |||||||||||||
(2) Mid-Atlantic (Delaware, Maryland, Virginia, Washington D.C. and West Virginia) | |||||||||||||
(3) Midwest (Illinois, Minnesota and Ohio) | |||||||||||||
(4) Southeast (Florida, Georgia, North Carolina and South Carolina) | |||||||||||||
(5) Southwest (Arizona and Texas) | |||||||||||||
(6) West (California) | |||||||||||||
Financial Services | |||||||||||||
Operations of the Company’s Homebuilding segments primarily include the sale and construction of single-family attached and detached homes, attached townhomes and condominiums, urban infill and active adult homes in planned residential developments. In addition, from time to time, operations of the homebuilding segments include sales of land. Operations of the Company’s Financial Services segment include mortgage banking and title services provided to the homebuilding operations’ customers. We do not retain or service mortgages that we originate but rather sell the mortgages and related servicing rights to investors. | |||||||||||||
Corporate and unallocated primarily represents operations at our headquarters in Red Bank, 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 debt repurchases or exchanges. | |||||||||||||
Evaluation of segment performance is based primarily on operating earnings from continuing operations before provision for income taxes. Income before income taxes for the Homebuilding segments consists 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, interest expense and noncontrolling interest expense. Income before income taxes for the Financial Services segment consists of revenues generated from mortgage financing, title insurance and closing services, less the cost of such services and certain selling, general and administrative expenses incurred by the Financial Services segment. | |||||||||||||
Operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent stand-alone entity during the periods presented. | |||||||||||||
Financial information relating to the Company’s segment operations was as follows: | |||||||||||||
Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Revenues: | |||||||||||||
Northeast | $60,531 | $67,214 | $179,529 | $176,285 | |||||||||
Mid-Atlantic | 90,123 | 89,365 | 219,378 | 200,489 | |||||||||
Midwest | 55,423 | 38,478 | 147,884 | 110,204 | |||||||||
Southeast | 55,449 | 35,731 | 146,613 | 101,884 | |||||||||
Southwest | 201,906 | 182,699 | 495,116 | 476,136 | |||||||||
West | 76,521 | 52,062 | 147,979 | 159,491 | |||||||||
Total homebuilding | 539,953 | 465,549 | 1,336,499 | 1,224,489 | |||||||||
Financial services | 11,106 | 12,878 | 28,612 | 35,219 | |||||||||
Corporate and unallocated | (50 | ) | (70 | ) | (125 | ) | (142 | ) | |||||
Total revenues | $551,009 | $478,357 | $1,364,986 | $1,259,566 | |||||||||
Income (loss) before income taxes: | |||||||||||||
Northeast | $(1,971 | ) | $1,028 | $(10,791 | ) | $(8,510 | ) | ||||||
Mid-Atlantic | 5,397 | 8,036 | 9,772 | 12,305 | |||||||||
Midwest | 4,971 | 1,941 | 10,687 | 5,420 | |||||||||
Southeast | 2,244 | 276 | 6,990 | 3,585 | |||||||||
Southwest | 22,178 | 22,230 | 48,259 | 46,871 | |||||||||
West | 11,091 | 3,757 | 12,829 | 5,084 | |||||||||
Homebuilding income before income taxes | 43,910 | 37,268 | 77,746 | 64,755 | |||||||||
Financial services | 3,894 | 6,238 | 8,021 | 14,014 | |||||||||
Corporate and unallocated | (32,432 | ) | (33,118 | ) | (101,583 | ) | (90,448 | ) | |||||
Income (loss) before income taxes | $15,372 | $10,388 | $(15,816 | ) | $(11,679 | ) | |||||||
(In thousands) | 31-Jul-14 | 31-Oct-13 | |||||||||||
Assets: | |||||||||||||
Northeast | $327,384 | $323,152 | |||||||||||
Mid-Atlantic | 313,962 | 240,486 | |||||||||||
Midwest | 155,324 | 104,596 | |||||||||||
Southeast | 134,998 | 101,410 | |||||||||||
Southwest | 438,194 | 305,878 | |||||||||||
West | 161,293 | 130,545 | |||||||||||
Total homebuilding | 1,531,155 | 1,206,067 | |||||||||||
Financial services | 98,461 | 148,853 | |||||||||||
Corporate and unallocated | 264,112 | 404,210 | |||||||||||
Total assets | $1,893,728 | $1,759,130 | |||||||||||
Note_19_Variable_Interest_Enti
Note 19 - Variable Interest Entities | 9 Months Ended | |
Jul. 31, 2014 | ||
Variable Interest Entities Disclosure [Text Block] [Abstract] | ' | |
Variable Interest Entities Disclosure [Text Block] | ' | |
19 | 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 the obligation, to purchase land or lots at a future point in time with predetermined terms. Under the terms of the option purchase contracts, many of the option deposits are not refundable at the Company's discretion. Under the requirements of ASC 810, certain option purchase contracts may result in the creation of a variable interest in the entity (“VIE”) that owns the land parcel under option. | ||
In compliance with ASC 810, the Company analyzes its option purchase contracts to determine whether the corresponding land sellers are VIEs and, if so, whether the Company is the primary beneficiary. Although the Company does not have legal title to the underlying land, ASC 810 requires the Company to consolidate a VIE if the Company is determined to be the primary beneficiary. In determining whether it is the primary beneficiary, the Company considers, among other things, whether it has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. Such activities would include, among other things, determining or limiting the scope or purpose of the VIE, selling or transferring property owned or controlled by the VIE, or arranging financing for the VIE. The Company also considers whether it has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. As a result of its analyses, the Company determined that as of July 31, 2014 and October 31, 2013, it was not the primary beneficiary of any VIEs from which it is purchasing land under option purchase contracts. | ||
We will continue to secure land and lots using options, some of which are with VIEs. Including deposits on our unconsolidated VIEs, at July 31, 2014, we had total cash and letters of credit deposits amounting to approximately $75.1 million to purchase land and lots with a total purchase price of $1.3 billion. The maximum exposure to loss with respect to our land and lot options is limited to the deposits plus any pre-development costs invested in the property, although some deposits are refundable at our request or refundable if certain conditions are not met. |
Note_20_Investments_in_Unconso
Note 20 - Investments in Unconsolidated Homebuilding and Land Development Joint Ventures | 9 Months Ended | |||||||||
Jul. 31, 2014 | ||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' | |||||||||
20 | 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-party investors to develop land and construct homes that are sold directly to third-party homebuyers. Our land development joint ventures include those entered into with developers and other homebuilders as well as financial investors to develop finished lots for sale to the joint venture’s members or other third parties. | ||||||||||
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) | 31-Jul-14 | |||||||||
Homebuilding | Land Development | Total | ||||||||
Assets: | ||||||||||
Cash and cash equivalents | $17,621 | $92 | $17,713 | |||||||
Inventories | 202,204 | 11,336 | 213,540 | |||||||
Other assets | 9,361 | - | 9,361 | |||||||
Total assets | $229,186 | $11,428 | $240,614 | |||||||
Liabilities and equity: | ||||||||||
Accounts payable and accrued liabilities | $28,726 | $4,177 | $32,903 | |||||||
Notes payable | 43,962 | - | 43,962 | |||||||
Total liabilities | 72,688 | 4,177 | 76,865 | |||||||
Equity of: | ||||||||||
Hovnanian Enterprises, Inc. | 55,779 | 2,834 | 58,613 | |||||||
Others | 100,719 | 4,417 | 105,136 | |||||||
Total equity | 156,498 | 7,251 | 163,749 | |||||||
Total liabilities and equity | $229,186 | $11,428 | $240,614 | |||||||
Debt to capitalization ratio | 22 | % | 0 | % | 21 | % | ||||
(Dollars in thousands) | 31-Oct-13 | |||||||||
Homebuilding | Land Development | Total | ||||||||
Assets: | ||||||||||
Cash and cash equivalents | $30,102 | $639 | $30,741 | |||||||
Inventories | 101,735 | 11,080 | 112,815 | |||||||
Other assets | 6,868 | - | 6,868 | |||||||
Total assets | $138,705 | $11,719 | $150,424 | |||||||
Liabilities and equity: | ||||||||||
Accounts payable and accrued liabilities | $28,016 | $4,047 | $32,063 | |||||||
Notes payable | 23,904 | - | 23,904 | |||||||
Total liabilities | 51,920 | 4,047 | 55,967 | |||||||
Equity of: | ||||||||||
Hovnanian Enterprises, Inc. | 44,141 | 2,703 | 46,844 | |||||||
Others | 42,644 | 4,969 | 47,613 | |||||||
Total equity | 86,785 | 7,672 | 94,457 | |||||||
Total liabilities and equity | $138,705 | $11,719 | $150,424 | |||||||
Debt to capitalization ratio | 22 | % | 0 | % | 20 | % | ||||
As of July 31, 2014 and October 31, 2013, we had advances outstanding of approximately $3.7 million and $4.6 million, respectively, to these unconsolidated joint ventures, which were included in the “Accounts payable and accrued liabilities” balances in the tables above. On our Condensed Consolidated Balance Sheets our “Investments in and advances to unconsolidated joint ventures” amounted to $62.3 million and $51.4 million at July 31, 2014 and October 31, 2013, respectively. | ||||||||||
For the Three Months Ended July 31, 2014 | ||||||||||
(In thousands) | Homebuilding | Land Development | Total | |||||||
Revenues | $29,283 | $612 | $29,895 | |||||||
Cost of sales and expenses | (27,631 | ) | (534 | ) | (28,165 | ) | ||||
Joint venture net income | $1,652 | $78 | $1,730 | |||||||
Our share of net income | $201 | $39 | $240 | |||||||
For the Three Months Ended July 31, 2013 | ||||||||||
(In thousands) | Homebuilding | Land Development | Total | |||||||
Revenues | $76,842 | $2,992 | $79,834 | |||||||
Cost of sales and expenses | (67,526 | ) | (3,300 | ) | (70,826 | ) | ||||
Joint venture net income (loss) | $9,316 | $(308 | ) | $9,008 | ||||||
Our share of net income (loss) | $3,654 | $(154 | ) | $3,500 | ||||||
For the Nine Months Ended July 31, 2014 | ||||||||||
(In thousands) | Homebuilding | Land Development | Total | |||||||
Revenues | $114,304 | $5,881 | $120,185 | |||||||
Cost of sales and expenses | (105,409 | ) | (5,619 | ) | (111,028 | ) | ||||
Joint venture net income | $8,895 | $262 | $9,157 | |||||||
Our share of net income | $3,780 | $131 | $3,911 | |||||||
For the Nine Months Ended July 31, 2013 | ||||||||||
(In thousands) | Homebuilding | Land Development | Total | |||||||
Revenues | $211,408 | $12,468 | $223,876 | |||||||
Cost of sales and expenses | (194,667 | ) | (7,755 | ) | (202,422 | ) | ||||
Joint venture net income | $16,741 | $4,713 | $21,454 | |||||||
Our share of net income | $4,372 | $2,356 | $6,728 | |||||||
“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 of these unconsolidated homebuilding and land development joint ventures. The difference between our share of the income or loss from these unconsolidated joint ventures disclosed in the tables above compared to the Condensed Consolidated Statements of Operations for the three and nine months ended July 31, 2014 and 2013, is due primarily to the reclassification of the intercompany portion of management fee income from certain joint ventures (discussed below) and the deferral of income for lots purchased by us from certain joint ventures. To compensate us for the administrative services we provide as the manager of certain joint ventures, we receive a management fee based on a percentage of the applicable joint venture’s revenues. These management fees, which totaled $1.3 million and $3.4 million, for the three months ended July 31, 2014 and 2013, respectively, and $5.0 million and $9.0 million for the nine months ended July 31, 2014 and 2013, respectively, are recorded in “Homebuilding: Selling, general and administrative” on the Condensed Consolidated Statement of Operations. | ||||||||||
In determining whether or not we must consolidate joint ventures that we manage, we assess whether the other partners have specific rights to overcome the presumption of control by us as the manager of the joint venture. In most cases, the presumption is overcome because the joint venture agreements require that both partners agree on establishing the operations and capital decisions of the partnership, including budgets in the ordinary course of business. | ||||||||||
Typically, our unconsolidated joint ventures obtain separate project specific mortgage financing. The amount of financing is generally targeted to be no more than 50% of the joint venture’s total assets. For our more recent joint ventures, obtaining financing has become challenging, therefore, some of our joint ventures are capitalized only with equity. The total debt to capitalization ratio of all our joint ventures as of July 31, 2014 was 21%. Any joint venture financing is on a nonrecourse basis, with guarantees from us limited only to performance and completion of development, environmental warranties and indemnification, standard indemnification for fraud, misrepresentation and other similar actions, including a voluntary bankruptcy filing. In some instances, the joint venture entity is considered a VIE under ASC 810-10 "Consolidation – Overall" due to the returns being capped to the equity holders; however, in these instances, we are not the primary beneficiary, and therefore we do not consolidate these entities. |
Note_21_Recent_Accounting_Pron
Note 21 - Recent Accounting Pronouncements | 9 Months Ended | |
Jul. 31, 2014 | ||
Disclosure Text Block [Abstract] | ' | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | ' | |
21 | Recent Accounting Pronouncements | |
In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-04, “Receivables - Troubled Debt Restructurings by Creditors,” which clarifies when an in substance repossession or foreclosure of residential real estate property collateralizing a consumer mortgage loan has occurred. By doing so, this guidance helps determine when the creditor should derecognize the loan receivable and recognize the real estate property. The guidance is effective for the Company beginning November 1, 2015. Early adoption is permitted. This guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements. | ||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (Topic 606), (“ASU 2014-09”). ASU 2014-09 requires entities to recognize revenue that represents the transfer of promised goods or services to customers in an amount equivalent to the consideration which the entity expects to be entitled to in exchange for those goods or services. The following steps should be applied to determine this amount: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 supersedes the revenue recognition requirements in ASU 605, “Revenue Recognition” and most industry-specific guidance in the Accounting Standards Codification. ASU 2014-09 is effective for the Company beginning November 1, 2017. Early adoption is not permitted. We are currently evaluating the impact of adopting this guidance on our Consolidated Financial Statements. | ||
In June 2014, the FASB issued ASU 2014-11, "Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures” ("ASU 2014-11"), which makes limited amendments to ASC 860, "Transfers and Servicing." ASU 2014-11 requires entities to account for repurchase-to-maturity transactions as secured borrowings, eliminates accounting guidance on linked repurchase financing transactions, and expands disclosure requirements related to certain transfers of financial assets. ASU 2014-11 is effective for the Company beginning February 1, 2015. Early adoption is not permitted. This guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements. | ||
In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in ASC 718, “Compensation-Stock Compensation”, as it relates to awards with performance conditions that affect vesting to account for such awards. ASU 2014-12 is effective for the Company beginning November 1, 2016. Early adoption is permitted. We do not anticipate the adoption of ASU 2014-12 will have a material impact on our Consolidated Financial Statements. |
Note_22_Fair_Value_of_Financia
Note 22 - Fair Value of Financial Instruments | 9 Months Ended | ||||||||||
Jul. 31, 2014 | |||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||
22 | Fair Value of Financial Instruments | ||||||||||
ASC 820, “Fair Value Measurements and Disclosures,” provides a framework for measuring fair value, expands disclosures about fair-value measurements and establishes a fair-value hierarchy which prioritizes the inputs used in measuring fair value summarized as follows: | |||||||||||
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: | |||||||||||
(In thousands) | Fair Value Hierarchy | Fair Value at | Fair Value at | ||||||||
31-Jul-14 | 31-Oct-13 | ||||||||||
Mortgage loans held for sale (1) | Level 2 | $76,252 | $113,739 | ||||||||
Interest rate lock commitments | Level 2 | (137 | ) | 369 | |||||||
Forward contracts | Level 2 | 58 | (1,155 | ) | |||||||
$76,173 | $112,953 | ||||||||||
(1) The aggregate unpaid principal balance was $73.6 million and $107.7 million at July 31, 2014 and October 31, 2013, respectively. | |||||||||||
We elected the fair value option for our loans held for sale for mortgage loans originated subsequent to October 31, 2008 in accordance with ASC 825, “Financial Instruments,” which permits us to measure financial instruments at fair value on a contract-by-contract basis. Management believes that the election of the fair value option for loans held for sale improves financial reporting by mitigating volatility in reported earnings caused by measuring the fair value of the loans and the derivative instruments used to economically hedge them without having to apply complex hedge accounting provisions. | |||||||||||
The Financial Services segment had a pipeline of loan applications in process of $497.9 million at July 31, 2014. Loans in process for which interest rates were committed to the borrowers totaled approximately $58.2 million as of July 31, 2014. Substantially all of these commitments were for periods of 60 days or less. Since a portion of these commitments is expected to expire without being exercised by the borrowers, the total commitments do not necessarily represent future cash requirements. | |||||||||||
The Financial Services segment uses investor commitments and forward sales of mandatory mortgage-backed securities (“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 July 31, 2014, the segment had open commitments amounting to $20.5 million to sell MBS with varying settlement dates through September 11, 2014. | |||||||||||
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 Financial Services segment’s income. The changes in fair values that are included in income are shown, by financial instrument and financial statement line item, below: | |||||||||||
Three Months Ended July 31, 2014 | |||||||||||
(In thousands) | Mortgage | Interest Rate | Forward Contracts | ||||||||
Loans Held | Lock Commitments | ||||||||||
For Sale | |||||||||||
Changes in fair value included in net income (loss) all reflected in financial services revenues | $(236 | ) | $(308 | ) | $526 | ||||||
Three Months Ended July 31, 2013 | |||||||||||
(In thousands) | Mortgage | Interest Rate | Forward Contracts | ||||||||
Loans Held | Lock Commitments | ||||||||||
For Sale | |||||||||||
Changes in fair value included in net income (loss) all reflected in financial services revenues | $(1,253 | ) | $(157 | ) | $1,127 | ||||||
Nine Months Ended July 31, 2014 | |||||||||||
(In thousands) | Mortgage | Interest Rate | Forward Contracts | ||||||||
Loans Held | Lock Commitments | ||||||||||
For Sale | |||||||||||
Changes in fair value included in net income (loss) all reflected in financial services revenues | $(2,136 | ) | $(506 | ) | $1,213 | ||||||
Nine Months Ended July 31, 2013 | |||||||||||
(In thousands) | Mortgage | Interest Rate | Forward Contracts | ||||||||
Loans Held | Lock Commitments | ||||||||||
For Sale | |||||||||||
Changes in fair value included in net income (loss) all reflected in financial services revenues | $(515 | ) | $115 | $(337 | ) | ||||||
The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs during the periods presented. The assets measured at fair value on a nonrecurring basis are all within the Company’s Homebuilding operations and are summarized below: | |||||||||||
Nonfinancial Assets | |||||||||||
Three Months Ended | |||||||||||
31-Jul-14 | |||||||||||
(In thousands) | Fair Value | Pre-impairment | Total Losses | Fair Value | |||||||
Hierarchy | Amount | ||||||||||
Sold and unsold homes and lots under development | Level 3 | $469 | $(70 | ) | $399 | ||||||
Land and land options held for future development or sale | Level 3 | $- | $- | $- | |||||||
Three Months Ended | |||||||||||
31-Jul-13 | |||||||||||
(In thousands) | Fair Value | Pre-impairment | Total Losses | Fair Value | |||||||
Hierarchy | Amount | ||||||||||
Sold and unsold homes and lots under development | Level 3 | $- | $- | $- | |||||||
Land and land options held for future development or sale | Level 3 | $439 | $(118 | ) | $321 | ||||||
Nine Months Ended | |||||||||||
31-Jul-14 | |||||||||||
(In thousands) | Fair Value | Pre-impairment | Total Losses | Fair Value | |||||||
Hierarchy | Amount | ||||||||||
Sold and unsold homes and lots under development | Level 3 | $469 | $(70 | ) | $399 | ||||||
Land and land options held for future development or sale | Level 3 | $236 | $(82 | ) | $154 | ||||||
Nine Months Ended | |||||||||||
31-Jul-13 | |||||||||||
(In thousands) | Fair Value Hierarchy | Pre-impairment Amount | Total Losses | Fair Value | |||||||
Sold and unsold homes and lots under development | Level 3 | $5,243 | $(1,479 | ) | $3,764 | ||||||
Land and land options held for future development or sale | Level 3 | $924 | $(136 | ) | $788 | ||||||
We record impairment losses on inventories related to communities under development and held for future development when events and circumstances indicate that they may be impaired and the undiscounted cash flows estimated to be generated by those assets are less than their related carrying amounts. If the expected undiscounted cash flows are less than the carrying amount, then the community is written down to its fair value. We estimate the fair value of each impaired community by determining the present value of its estimated future cash flows at a discount rate commensurate with the risk of the respective community. Should the estimates or expectations used in determining cash flows or fair value decrease or differ from current estimates in the future, we may be required to recognize additional impairments. We recorded inventory impairments, which are included in the Condensed Consolidated Statements of Operations as “Inventory impairment loss and land option write-offs” and deducted from inventory, of $0.1 million and $0.2 million for the three and nine months ended July 31, 2014, respectively, and $0.1 million and $1.6 million for the three and nine months ended July 31, 2013, respectively. | |||||||||||
The fair value of our cash equivalents and restricted cash approximates their carrying amount, based on Level 1 inputs. | |||||||||||
The fair value of each series of the senior unsecured notes (other than the 7.0% Senior Notes due 2019 (the “2019 Notes”), the senior exchangeable notes and the senior amortizing notes) and senior subordinated amortizing notes is estimated based on recent trades or quoted market prices for the same issues or based on recent trades or quoted market prices for our debt of similar security and maturity to achieve comparable yields, which are Level 2 measurements. The fair value of the senior unsecured notes (all series in the aggregate), other than the 2019 Notes, senior exchangeable notes and senior amortizing notes, was estimated at $466.6 million as of July 31, 2014. As of July 31, 2014, the senior subordinated amortizing notes were no longer outstanding. As of October 31, 2013, the fair value of the senior unsecured notes (all series in the aggregate), other than the senior exchangeable notes and senior amortizing notes, and senior subordinated amortizing notes, was estimated at $493.4 million and $2.2 million, respectively. The 2019 Notes were not issued as of October 31, 2013. | |||||||||||
The fair value of each of the 2019 Notes, the senior secured notes (all series in the aggregate), the senior amortizing notes and the senior exchangeable notes is estimated based on third-party broker quotes, a Level 3 measurement. The fair value of the 2019 Notes, senior secured notes (all series in the aggregate), the senior amortizing notes and the senior exchangeable notes was estimated at $150.8 million, $1.0 billion, $17.0 million and $81.5 million, respectively, as of July 31, 2014. As of October 31, 2013, the fair value of the senior secured notes (all series in the aggregate), senior amortizing notes and senior exchangeable notes was estimated at $1.0 billion, $20.9 million and $86.8 million, respectively. The 2019 Notes were not issued as of October 31, 2013. |
Note_23_Financial_Information_
Note 23 - Financial Information of Subsidiary Issuer and Subsidiary Guarantors | 9 Months Ended | ||||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||
Condensed Financial Statements [Text Block] | ' | ||||||||||||||||||
23 | Financial Information of Subsidiary Issuer and Subsidiary Guarantors | ||||||||||||||||||
Hovnanian Enterprises, Inc., the parent company (the “Parent”), is the issuer of publicly traded common stock and preferred stock, which is represented by depository shares. One of its wholly owned subsidiaries, K. Hovnanian Enterprises, Inc. (the “Subsidiary Issuer”), acts as a finance entity that, as of July 31, 2014, had issued and outstanding approximately $992.0 million of senior secured notes ($979.6 million, net of discount), $591.1 million senior notes ($590.3 million, net of discount) and $17.0 million senior amortizing notes and $69.2 million senior exchangeable notes (issued as components of our 6.0% Exchangeable Note Units). The senior secured notes, senior notes, senior amortizing notes and senior exchangeable notes are fully and unconditionally guaranteed by the Parent. | |||||||||||||||||||
In addition to the Parent, each of the wholly owned subsidiaries of the Parent other than the Subsidiary Issuer (collectively, “Guarantor Subsidiaries”), with the exception of our home mortgage subsidiaries, certain of our title insurance subsidiaries, joint ventures, subsidiaries holding interests in our joint ventures and our foreign subsidiary (collectively, the “Nonguarantor Subsidiaries”), have guaranteed fully and unconditionally, on a joint and several basis, the obligations of the Subsidiary Issuer to pay principal and interest under the senior secured notes (other than the 2021 Notes), senior notes, senior exchangeable notes and senior amortizing notes. The Guarantor Subsidiaries are directly or indirectly 100% owned subsidiaries of the Parent. The 2021 Notes are guaranteed by the Guarantor Subsidiaries and the members of the Secured Group (see Note 11). | |||||||||||||||||||
The senior unsecured notes (except for the 2019 Notes), senior amortizing notes and senior exchangeable notes have been registered under the Securities Act of 1933, as amended. The 2019 Notes, 2020 Secured Notes and the 2021 Notes (see Note 11) are not, pursuant to the indentures under which such notes were issued, required to be registered. The Condensed Consolidating Financial Statements presented below are in respect of our registered notes only and not the 2019 Notes, 2020 Secured Notes or the 2021 Notes (however, the Guarantor Subsidiaries for the 2019 Notes and the 2020 Secured Notes are the same as those represented by the accompanying Condensed Consolidating Financial Statements). In lieu of providing separate financial statements for the Guarantor Subsidiaries of our registered notes, we have included the accompanying Condensed Consolidating Financial Statements. Therefore, separate financial statements and other disclosures concerning such Guarantor Subsidiaries are not presented. | |||||||||||||||||||
The following Condensed Consolidating Financial Statements present the results of operations, financial position and cash flows of (i) the Parent, (ii) the Subsidiary Issuer, (iii) the Guarantor Subsidiaries, (iv) the Nonguarantor Subsidiaries and (v) the eliminations to arrive at the information for Hovnanian Enterprises, Inc. on a consolidated basis. | |||||||||||||||||||
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||
31-Jul-14 | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||
Parent | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
ASSETS: | |||||||||||||||||||
Homebuilding | $133,018 | $1,335,404 | $341,047 | $(14,202 | ) | $1,795,267 | |||||||||||||
Financial services | 8,937 | 89,524 | 98,461 | ||||||||||||||||
Intercompany receivable (payable) | 1,337,515 | 26,918 | (1,364,433 | ) | - | ||||||||||||||
Investments in and amounts due to and from consolidated subsidiaries | $(78,621 | ) | (34,333 | ) | 332,636 | (219,682 | ) | - | |||||||||||
Total assets | $(78,621 | ) | $1,436,200 | $1,676,977 | $457,489 | $(1,598,317 | ) | $1,893,728 | |||||||||||
LIABILITIES AND EQUITY: | |||||||||||||||||||
Homebuilding | $2,685 | $73 | $514,778 | $55,722 | $573,258 | ||||||||||||||
Financial services | 8,837 | 68,862 | 77,699 | ||||||||||||||||
Notes payable | 1,679,668 | 3,243 | 269 | 1,683,180 | |||||||||||||||
Intercompany payable (receivable) | 323,179 | 1,085,902 | $(1,409,081 | ) | - | ||||||||||||||
Income taxes payable (receivable) | 38,635 | (35,924 | ) | 2,711 | |||||||||||||||
Stockholders’ (deficit) equity | (443,120 | ) | (243,541 | ) | 100,141 | 332,636 | (189,236 | ) | (443,120 | ) | |||||||||
Noncontrolling interest in consolidated joint ventures | - | ||||||||||||||||||
Total liabilities and equity | $(78,621 | ) | $1,436,200 | $1,676,977 | $457,489 | $(1,598,317 | ) | $1,893,728 | |||||||||||
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||
31-Oct-13 | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||
Parent | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
ASSETS: | |||||||||||||||||||
Homebuilding | $277,800 | $1,020,435 | $312,042 | $1,610,277 | |||||||||||||||
Financial services | 14,570 | 134,283 | 148,853 | ||||||||||||||||
Intercompany receivable | 1,093,906 | 14,489 | $(1,108,395 | ) | - | ||||||||||||||
Investments in and amounts due to and from consolidated subsidiaries | $(62,298 | ) | 2,275 | 286,216 | (226,193 | ) | - | ||||||||||||
Total assets | $(62,298 | ) | $1,373,981 | $1,321,221 | $460,814 | $(1,334,588 | ) | $1,759,130 | |||||||||||
LIABILITIES AND EQUITY: | |||||||||||||||||||
Homebuilding | $3,798 | $491 | $437,767 | $64,329 | $506,385 | ||||||||||||||
Financial services | 14,789 | 109,748 | 124,537 | ||||||||||||||||
Notes payable | 1,555,336 | 2,276 | 94 | 1,557,706 | |||||||||||||||
Intercompany payable | 326,262 | 805,774 | $(1,132,036 | ) | - | ||||||||||||||
Income taxes payable (receivable) | 40,868 | (37,567 | ) | 3,301 | |||||||||||||||
Stockholders’ (deficit) equity | (433,226 | ) | (181,846 | ) | 98,182 | 286,216 | (202,552 | ) | (433,226 | ) | |||||||||
Noncontrolling interest in consolidated joint ventures | 427 | 427 | |||||||||||||||||
Total liabilities and equity | $(62,298 | ) | $1,373,981 | $1,321,221 | $460,814 | $(1,334,588 | ) | $1,759,130 | |||||||||||
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||
THREE MONTHS ENDED JULY 31, 2014 | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||
Parent | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenues: | |||||||||||||||||||
Homebuilding | $(52 | ) | $436,085 | $103,870 | $539,903 | ||||||||||||||
Financial services | 2,396 | 8,710 | 11,106 | ||||||||||||||||
Intercompany charges | 26,411 | (28,110 | ) | (42 | ) | $1,741 | - | ||||||||||||
Total revenues | - | 26,359 | 410,371 | 112,538 | 1,741 | 551,009 | |||||||||||||
Expenses: | |||||||||||||||||||
Homebuilding | $3,098 | 32,751 | 406,479 | 86,894 | (586 | ) | 528,636 | ||||||||||||
Financial services | 6 | 1,699 | 5,507 | 7,212 | |||||||||||||||
Total expenses | 3,104 | 32,751 | 408,178 | 92,401 | (586 | ) | 535,848 | ||||||||||||
Income from unconsolidated joint ventures | 10 | 201 | 211 | ||||||||||||||||
(Loss) income before income taxes | (3,104 | ) | (6,392 | ) | 2,203 | 20,338 | 2,327 | 15,372 | |||||||||||
State and federal income tax (benefit) provision | (4,213 | ) | 2,480 | (1,733 | ) | ||||||||||||||
Equity in income (loss) of consolidated subsidiaries | 15,996 | (12,584 | ) | 20,338 | (23,750 | ) | - | ||||||||||||
Net income (loss) | $17,105 | $(18,976 | ) | $20,061 | $20,338 | $(21,423 | ) | $17,105 | |||||||||||
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||
THREE MONTHS ENDED JULY 31, 2013 | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||
Parent | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenues: | |||||||||||||||||||
Homebuilding | $(76 | ) | $372,416 | $94,385 | $(1,246 | ) | $465,479 | ||||||||||||
Financial services | 3,080 | 9,798 | 12,878 | ||||||||||||||||
Intercompany charges | 20,760 | (24,931 | ) | (37 | ) | 4,208 | - | ||||||||||||
Total revenues | - | 20,684 | 350,565 | 104,146 | 2,962 | 478,357 | |||||||||||||
Expenses: | |||||||||||||||||||
Homebuilding | $3,177 | 30,389 | 351,903 | 77,409 | 2,141 | 465,019 | |||||||||||||
Financial services | 4 | 2,052 | 4,584 | 6,640 | |||||||||||||||
Total expenses | 3,181 | 30,389 | 353,955 | 81,993 | 2,141 | 471,659 | |||||||||||||
Income from unconsolidated joint ventures | 34 | 3,656 | 3,690 | ||||||||||||||||
(Loss) income before income taxes | (3,181 | ) | (9,705 | ) | (3,356 | ) | 25,809 | 821 | 10,388 | ||||||||||
State and federal income tax (benefit) provision | (2,233 | ) | 4,155 | 1,922 | |||||||||||||||
Equity in income (loss) of consolidated subsidiaries | 9,414 | (10,887 | ) | 25,809 | (24,336 | ) | - | ||||||||||||
Net income (loss) | $8,466 | $(20,592 | ) | $18,298 | $25,809 | $(23,515 | ) | $8,466 | |||||||||||
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||
NINE MONTHS ENDED JULY 31, 2014 | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||
Parent | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenues: | |||||||||||||||||||
Homebuilding | $(129 | ) | $1,085,275 | $251,228 | $1,336,374 | ||||||||||||||
Financial services | 6,467 | 22,145 | 28,612 | ||||||||||||||||
Intercompany charges | 72,966 | (76,391 | ) | (42 | ) | $3,467 | - | ||||||||||||
Total revenues | - | 72,837 | 1,015,351 | 273,331 | 3,467 | 1,364,986 | |||||||||||||
Expenses: | |||||||||||||||||||
Homebuilding | $9,023 | 96,769 | 1,045,419 | 215,032 | (3,338 | ) | 1,362,905 | ||||||||||||
Financial services | 15 | 4,918 | 15,658 | 20,591 | |||||||||||||||
Total expenses | 9,038 | 96,769 | 1,050,337 | 230,690 | (3,338 | ) | 1,383,496 | ||||||||||||
Loss on extinguishment of debt | (1,155 | ) | (1,155 | ) | |||||||||||||||
Income from unconsolidated joint ventures | 70 | 3,779 | 3,849 | ||||||||||||||||
(Loss) income before income taxes | (9,038 | ) | (25,087 | ) | (34,916 | ) | 46,420 | 6,805 | (15,816 | ) | |||||||||
State and federal income tax (benefit) provision | (10,041 | ) | 9,545 | (496 | ) | ||||||||||||||
Equity in (loss) income of consolidated subsidiaries | (16,323 | ) | (36,608 | ) | 46,420 | 6,511 | - | ||||||||||||
Net (loss) income | $(15,320 | ) | $(61,695 | ) | $1,959 | $46,420 | $13,316 | $(15,320 | ) | ||||||||||
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||
NINE MONTHS ENDED JULY 31, 2013 | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||
Parent | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenues: | |||||||||||||||||||
Homebuilding | $3 | $(175 | ) | $1,033,927 | $194,333 | $(3,741 | ) | $1,224,347 | |||||||||||
Financial services | 7,743 | 27,476 | 35,219 | ||||||||||||||||
Intercompany charges | 61,167 | (75,265 | ) | (1,788 | ) | 15,886 | - | ||||||||||||
Total revenues | 3 | 60,992 | 966,405 | 220,021 | 12,145 | 1,259,566 | |||||||||||||
Expenses: | |||||||||||||||||||
Homebuilding | 5,921 | 90,088 | 994,979 | 161,304 | 4,554 | 1,256,846 | |||||||||||||
Financial services | 13 | 5,742 | 15,450 | 21,205 | |||||||||||||||
Total expenses | 5,934 | 90,088 | 1,000,721 | 176,754 | 4,554 | 1,278,051 | |||||||||||||
(Loss) gain on extinguishment of debt | (770,009 | ) | 770,009 | - | |||||||||||||||
Income from unconsolidated joint ventures | 2,293 | 4,513 | 6,806 | ||||||||||||||||
(Loss) income before income taxes | (5,931 | ) | (799,105 | ) | 737,986 | 47,780 | 7,591 | (11,679 | ) | ||||||||||
State and federal income tax (benefit) provision | (19,308 | ) | 9,153 | (10,155 | ) | ||||||||||||||
Equity in (loss) income of consolidated subsidiaries | (14,901 | ) | (33,606 | ) | 47,780 | 727 | - | ||||||||||||
Net (loss) income | $(1,524 | ) | $(832,711 | ) | $776,613 | $47,780 | $8,318 | $(1,524 | ) | ||||||||||
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||
NINE MONTHS ENDED JULY 31, 2014 | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||
Parent | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net (loss) income | $(15,320 | ) | $(61,695 | ) | $1,959 | $46,420 | $13,316 | $(15,320 | ) | ||||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities | 2,080 | 6,913 | (251,746 | ) | 11,846 | (13,316 | ) | (244,223 | ) | ||||||||||
Net cash (used in) provided by operating activities | (13,240 | ) | (54,782 | ) | (249,787 | ) | 58,266 | - | (259,543 | ) | |||||||||
Net cash (used in) investing activities | (1,009 | ) | (8,306 | ) | (9,315 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 118,599 | 45,442 | (40,666 | ) | 123,375 | ||||||||||||||
Intercompany investing and financing activities – net | 13,240 | (207,001 | ) | 206,190 | (12,429 | ) | - | ||||||||||||
Net (decrease) increase in cash | - | (143,184 | ) | 836 | (3,135 | ) | - | (145,483 | ) | ||||||||||
Cash balance, beginning of period | 243,470 | (6,479 | ) | 92,213 | 329,204 | ||||||||||||||
Cash balance, end of period | $- | $100,286 | $(5,643 | ) | $89,078 | $- | $183,721 | ||||||||||||
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES | |||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||
NINE MONTHS ENDED JULY 31, 2013 | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||
Parent | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net (loss) income | $(1,524 | ) | $(832,711 | ) | $776,613 | $47,780 | $8,318 | $(1,524 | ) | ||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities | 20,418 | 789,831 | (842,439 | ) | (5,365 | ) | (8,318 | ) | (45,873 | ) | |||||||||
Net cash provided by (used in) operating activities | 18,894 | (42,880 | ) | (65,826 | ) | 42,415 | - | (47,397 | ) | ||||||||||
Net cash provided by investing activities | 298 | 12,357 | 6,121 | 18,776 | |||||||||||||||
Net cash (used in) provided by financing activities | (5,460 | ) | 48,090 | (59,983 | ) | (17,353 | ) | ||||||||||||
Intercompany investing and financing activities – net | (18,894 | ) | 6,404 | 1,009 | 11,481 | - | |||||||||||||
Net (decrease) increase in cash | - | (41,638 | ) | (4,370 | ) | 34 | - | (45,974 | ) | ||||||||||
Cash balance, beginning of period | 197,097 | (2,017 | ) | 78,152 | 273,232 | ||||||||||||||
Cash balance, end of period | $- | $155,459 | $(6,387 | ) | $78,186 | $- | $227,258 | ||||||||||||
Note_24_Transactions_with_Rela
Note 24 - Transactions with Related Parties | 9 Months Ended | |
Jul. 31, 2014 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions Disclosure [Text Block] | ' | |
24 | Transactions with Related Parties | |
During the three months ended July 31, 2014 and 2013, an engineering firm owned by Tavit Najarian, a relative of our Chairman of the Board of Directors and Chief Executive Officer, provided services to the Company totaling $0.3 million and $0.2 million, respectively. During the nine months ended July 31, 2014 and 2013, the services provided by such engineering firm to the Company totaled $0.7 million and $0.6 million, respectively. Neither the Company nor the Chairman of the Board of Directors and Chief Executive Officer has a financial interest in the relative’s company from whom the services were provided. |
Note_3_Interest_Tables
Note 3 - Interest (Tables) | 9 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Home Building Interest [Text Block] [Abstract] | ' | ||||||||||||
Schedule Of Real Estate Inventory Capitalized Interest Costs [Table Text Block] | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
July 31, | July 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Interest capitalized at beginning of period | $107,992 | $112,488 | $105,093 | $116,056 | |||||||||
Plus interest incurred (1) | 36,472 | 33,195 | 108,073 | 97,813 | |||||||||
Less cost of sales interest expensed | 15,827 | 13,757 | 37,724 | 35,311 | |||||||||
Less other interest expensed (2)(3) | 19,880 | 21,949 | 66,685 | 68,581 | |||||||||
Interest capitalized at end of period(4) | $108,757 | $109,977 | $108,757 | $109,977 | |||||||||
Cash Paid for Interest, Net of Capitalized Interest [Table Text Block] | ' | ||||||||||||
Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Other interest expensed | $19,880 | $21,949 | $66,685 | $68,581 | |||||||||
Interest paid by our mortgage and finance subsidiaries | 379 | 731 | 1,524 | 2,239 | |||||||||
Decrease (increase) in accrued interest | 5,245 | 5,018 | 1,234 | (4,802 | ) | ||||||||
Cash paid for interest, net of capitalized interest | $25,504 | $27,698 | $69,443 | $66,018 |
Note_5_Reduction_of_Inventory_1
Note 5 - Reduction of Inventory to Fair Value (Tables) | 9 Months Ended | ||||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||||
Inventory Impairments And Land Option Cost Write Offs [Text Block] [Abstract] | ' | ||||||||||||||||||
Inventory Impairment [Table Text Block] | ' | ||||||||||||||||||
(Dollars in millions) | Three Months Ended July 31, 2014 | Three Months Ended July 31, 2013 | |||||||||||||||||
Number of | Dollar | Pre- | Number of | Dollar | Pre- | ||||||||||||||
Communities | Amount of | Impairment | Communities | Amount of | Impairment | ||||||||||||||
Impairment | Value(1) | Impairment | Value(1) | ||||||||||||||||
Northeast | - | $- | $- | 1 | $0.10 | $0.40 | |||||||||||||
Mid-Atlantic | - | - | - | - | - | - | |||||||||||||
Midwest | 1 | 0.1 | 0.5 | - | - | - | |||||||||||||
Southeast | - | - | - | - | - | - | |||||||||||||
Southwest | - | - | - | - | - | - | |||||||||||||
West | - | - | - | - | - | - | |||||||||||||
Total | 1 | $0.10 | $0.50 | 1 | $0.10 | $0.40 | |||||||||||||
(Dollars in millions) | Nine Months Ended July 31, 2014 | Nine Months Ended July 31, 2013 | |||||||||||||||||
Number of | Dollar | Pre- | Number of | Dollar | Pre- | ||||||||||||||
Communities | Amount of | Impairment | Communities | Amount of | Impairment | ||||||||||||||
Impairment | Value(1) | Impairment(2) | Value(1) | ||||||||||||||||
Northeast | 1 | $0.10 | $0.20 | 3 | $1.60 | $5.60 | |||||||||||||
Mid-Atlantic | - | - | - | 1 | - | 0.1 | |||||||||||||
Midwest | 1 | 0.1 | 0.5 | - | - | - | |||||||||||||
Southeast | - | - | - | 1 | - | 0.4 | |||||||||||||
Southwest | - | - | - | - | - | - | |||||||||||||
West | - | - | - | - | - | - | |||||||||||||
Total | 2 | $0.20 | $0.70 | 5 | $1.60 | $6.10 | |||||||||||||
Write-Offs and Lots Walked Away From [Table Text Block] | ' | ||||||||||||||||||
Three Months Ended July 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(Dollars in millions) | Number of Walk-Away Lots | Dollar Amount of Write-Offs(1) | Number of Walk-Away Lots | Dollar Amount | |||||||||||||||
of | |||||||||||||||||||
Write-Offs(1)(2) | |||||||||||||||||||
Northeast | - | $0.10 | 73 | $0.20 | |||||||||||||||
Mid-Atlantic | 276 | 0.1 | - | - | |||||||||||||||
Midwest | 105 | 0.1 | 13 | - | |||||||||||||||
Southeast | 472 | 0.2 | 113 | 0.1 | |||||||||||||||
Southwest | 312 | 0.1 | 12 | 0.2 | |||||||||||||||
West | - | - | - | - | |||||||||||||||
Total | 1,165 | $0.60 | 211 | $0.50 | |||||||||||||||
Nine Months Ended July 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(Dollars in millions) | Number of | Dollar Amount | Number of | Dollar Amount | |||||||||||||||
Walk-Away | of Write-Offs(1) | Walk-Away | of Write-Offs(1)(2) | ||||||||||||||||
Lots | Lots | ||||||||||||||||||
Northeast | 239 | $0.60 | 373 | $0.40 | |||||||||||||||
Mid-Atlantic | 797 | 0.2 | 164 | - | |||||||||||||||
Midwest | 508 | 0.2 | 13 | - | |||||||||||||||
Southeast | 1,397 | 0.5 | 113 | 0.2 | |||||||||||||||
Southwest | 654 | 0.2 | 246 | 1.3 | |||||||||||||||
West | - | - | - | - | |||||||||||||||
Total | 3,595 | $1.70 | 909 | $1.90 |
Note_6_Warranty_Costs_Tables
Note 6 - Warranty Costs (Tables) | 9 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||||||
Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Balance, beginning of period | $134,865 | $125,274 | $131,028 | $121,149 | |||||||||
Additions – Selling, general and administrative | 4,659 | 5,956 | 13,710 | 14,362 | |||||||||
Additions – Cost of sales | 3,574 | 2,918 | 7,702 | 9,229 | |||||||||
Charges incurred during the period | (3,683 | ) | (6,691 | ) | (13,025 | ) | (17,283 | ) | |||||
Changes to pre-existing reserves | (4,220 | ) | - | (4,220 | ) | - | |||||||
Balance, end of period | $135,195 | $127,457 | $135,195 | $127,457 |
Note_9_Mortgage_Loans_Held_for1
Note 9 - Mortgage Loans Held for Sale (Tables) | 9 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
July 31, | July 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Loan origination reserves, beginning of period | $11,057 | $9,766 | $11,036 | $9,334 | |||||||||
Provisions for losses during the period | 1,899 | 345 | 2,766 | 1,680 | |||||||||
Adjustments to pre-existing provisions for losses from changes in estimates | (1,682 | ) | 260 | (2,304 | ) | 7 | |||||||
Payments/settlements | - | - | (224 | ) | (650 | ) | |||||||
Loan origination reserves, end of period | $11,274 | $10,371 | $11,274 | $10,371 |
Note_11_Senior_Secured_Senior_1
Note 11 - Senior Secured, Senior, Senior Amortizing, Senior Exchangeable and Senior Subordinated Amortizing Notes (Tables) | 9 Months Ended | ||||||
Jul. 31, 2014 | |||||||
Disclosure Text Block [Abstract] | ' | ||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||
(In thousands) | July 31, | October 31, | |||||
2014 | 2013 | ||||||
Senior Secured Notes: | |||||||
7.25% Senior Secured First Lien Notes due October 15, 2020 | $577,000 | $577,000 | |||||
9.125% Senior Secured Second Lien Notes due November 15, 2020 | 220,000 | 220,000 | |||||
2.0% Senior Secured Notes due November 1, 2021 (net of discount) | 53,126 | 53,119 | |||||
5.0% Senior Secured Notes due November 1, 2021 (net of discount) | 129,473 | 128,492 | |||||
Total Senior Secured Notes | $979,599 | $978,611 | |||||
Senior Notes: | |||||||
6.25% Senior Notes due January 15, 2015 | $- | $21,438 | |||||
11.875% Senior Notes due October 15, 2015 (net of discount) | 60,317 | 60,044 | |||||
6.25% Senior Notes due January 15, 2016 (net of discount) | 172,398 | 172,153 | |||||
7.5% Senior Notes due May 15, 2016 | 86,532 | 86,532 | |||||
8.625% Senior Notes due January 15, 2017 | 121,043 | 121,043 | |||||
7.0% Senior Notes due January 15, 2019 | 150,000 | - | |||||
Total Senior Notes | $590,290 | $461,210 | |||||
11.0% Senior Amortizing Notes due December 1, 2017 | $17,049 | $20,857 | |||||
Senior Exchangeable Notes due December 1, 2017 | $69,215 | $66,615 | |||||
7.25% Senior Subordinated Amortizing Notes due February 15, 2014 | $- | $2,152 |
Note_14_Per_Share_Calculation_
Note 14 - Per Share Calculation (Tables) | 9 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
July 31, | July 31, | ||||||||||||
(In thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||
Numerator: | |||||||||||||
Net earnings (loss) attributable to Hovnanian | $17,105 | $8,466 | $(15,320 | ) | $(1,524 | ) | |||||||
Less: undistributed earnings allocated to nonvested shares | (386 | ) | (15 | ) | - | - | |||||||
Numerator for basic earnings per share | 16,719 | 8,451 | (15,320 | ) | (1,524 | ) | |||||||
Plus: undistributed earnings allocated to nonvested shares | 386 | 15 | |||||||||||
Less: undistributed earnings reallocated to nonvested shares | (386 | ) | (15 | ) | - | - | |||||||
Plus: interest on Senior Exchangeable Notes | 879 | 893 | - | - | |||||||||
Numerator for diluted earnings per share | 17,598 | 9,344 | (15,320 | ) | (1,524 | ) | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share | 146,365 | 146,056 | 146,223 | 144,840 | |||||||||
Effect of dilutive securities: | |||||||||||||
Share-based payments | 756 | 1,610 | - | - | |||||||||
Senior Exchangeable Notes | 15,157 | 15,157 | - | - | |||||||||
Denominator for diluted earnings per share – weighted-average shares outstanding | 162,278 | 162,823 | 146,223 | 144,840 | |||||||||
Basic earnings per share | $0.11 | $0.06 | $(0.10 | ) | $(0.01 | ) | |||||||
Diluted earnings per share | $0.11 | $0.06 | $(0.10 | ) | $(0.01 | ) |
Note_18_Operating_and_Reportin1
Note 18 - Operating and Reporting Segments (Tables) | 9 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Note 18 - Operating and Reporting Segments (Tables) [Line Items] | ' | ||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||
(In thousands) | 31-Jul-14 | 31-Oct-13 | |||||||||||
Assets: | |||||||||||||
Northeast | $327,384 | $323,152 | |||||||||||
Mid-Atlantic | 313,962 | 240,486 | |||||||||||
Midwest | 155,324 | 104,596 | |||||||||||
Southeast | 134,998 | 101,410 | |||||||||||
Southwest | 438,194 | 305,878 | |||||||||||
West | 161,293 | 130,545 | |||||||||||
Total homebuilding | 1,531,155 | 1,206,067 | |||||||||||
Financial services | 98,461 | 148,853 | |||||||||||
Corporate and unallocated | 264,112 | 404,210 | |||||||||||
Total assets | $1,893,728 | $1,759,130 | |||||||||||
Operating Segments [Member] | ' | ||||||||||||
Note 18 - Operating and Reporting Segments (Tables) [Line Items] | ' | ||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||
Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Revenues: | |||||||||||||
Northeast | $60,531 | $67,214 | $179,529 | $176,285 | |||||||||
Mid-Atlantic | 90,123 | 89,365 | 219,378 | 200,489 | |||||||||
Midwest | 55,423 | 38,478 | 147,884 | 110,204 | |||||||||
Southeast | 55,449 | 35,731 | 146,613 | 101,884 | |||||||||
Southwest | 201,906 | 182,699 | 495,116 | 476,136 | |||||||||
West | 76,521 | 52,062 | 147,979 | 159,491 | |||||||||
Total homebuilding | 539,953 | 465,549 | 1,336,499 | 1,224,489 | |||||||||
Financial services | 11,106 | 12,878 | 28,612 | 35,219 | |||||||||
Corporate and unallocated | (50 | ) | (70 | ) | (125 | ) | (142 | ) | |||||
Total revenues | $551,009 | $478,357 | $1,364,986 | $1,259,566 | |||||||||
Income (loss) before income taxes: | |||||||||||||
Northeast | $(1,971 | ) | $1,028 | $(10,791 | ) | $(8,510 | ) | ||||||
Mid-Atlantic | 5,397 | 8,036 | 9,772 | 12,305 | |||||||||
Midwest | 4,971 | 1,941 | 10,687 | 5,420 | |||||||||
Southeast | 2,244 | 276 | 6,990 | 3,585 | |||||||||
Southwest | 22,178 | 22,230 | 48,259 | 46,871 | |||||||||
West | 11,091 | 3,757 | 12,829 | 5,084 | |||||||||
Homebuilding income before income taxes | 43,910 | 37,268 | 77,746 | 64,755 | |||||||||
Financial services | 3,894 | 6,238 | 8,021 | 14,014 | |||||||||
Corporate and unallocated | (32,432 | ) | (33,118 | ) | (101,583 | ) | (90,448 | ) | |||||
Income (loss) before income taxes | $15,372 | $10,388 | $(15,816 | ) | $(11,679 | ) |
Note_20_Investments_in_Unconso1
Note 20 - Investments in Unconsolidated Homebuilding and Land Development Joint Ventures (Tables) | 9 Months Ended | |||||||||
Jul. 31, 2014 | ||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||
Equity Method Investments [Table Text Block] | ' | |||||||||
(Dollars in thousands) | 31-Jul-14 | |||||||||
Homebuilding | Land Development | Total | ||||||||
Assets: | ||||||||||
Cash and cash equivalents | $17,621 | $92 | $17,713 | |||||||
Inventories | 202,204 | 11,336 | 213,540 | |||||||
Other assets | 9,361 | - | 9,361 | |||||||
Total assets | $229,186 | $11,428 | $240,614 | |||||||
Liabilities and equity: | ||||||||||
Accounts payable and accrued liabilities | $28,726 | $4,177 | $32,903 | |||||||
Notes payable | 43,962 | - | 43,962 | |||||||
Total liabilities | 72,688 | 4,177 | 76,865 | |||||||
Equity of: | ||||||||||
Hovnanian Enterprises, Inc. | 55,779 | 2,834 | 58,613 | |||||||
Others | 100,719 | 4,417 | 105,136 | |||||||
Total equity | 156,498 | 7,251 | 163,749 | |||||||
Total liabilities and equity | $229,186 | $11,428 | $240,614 | |||||||
Debt to capitalization ratio | 22 | % | 0 | % | 21 | % | ||||
(Dollars in thousands) | 31-Oct-13 | |||||||||
Homebuilding | Land Development | Total | ||||||||
Assets: | ||||||||||
Cash and cash equivalents | $30,102 | $639 | $30,741 | |||||||
Inventories | 101,735 | 11,080 | 112,815 | |||||||
Other assets | 6,868 | - | 6,868 | |||||||
Total assets | $138,705 | $11,719 | $150,424 | |||||||
Liabilities and equity: | ||||||||||
Accounts payable and accrued liabilities | $28,016 | $4,047 | $32,063 | |||||||
Notes payable | 23,904 | - | 23,904 | |||||||
Total liabilities | 51,920 | 4,047 | 55,967 | |||||||
Equity of: | ||||||||||
Hovnanian Enterprises, Inc. | 44,141 | 2,703 | 46,844 | |||||||
Others | 42,644 | 4,969 | 47,613 | |||||||
Total equity | 86,785 | 7,672 | 94,457 | |||||||
Total liabilities and equity | $138,705 | $11,719 | $150,424 | |||||||
Debt to capitalization ratio | 22 | % | 0 | % | 20 | % | ||||
For the Three Months Ended July 31, 2014 | ||||||||||
(In thousands) | Homebuilding | Land Development | Total | |||||||
Revenues | $29,283 | $612 | $29,895 | |||||||
Cost of sales and expenses | (27,631 | ) | (534 | ) | (28,165 | ) | ||||
Joint venture net income | $1,652 | $78 | $1,730 | |||||||
Our share of net income | $201 | $39 | $240 | |||||||
For the Three Months Ended July 31, 2013 | ||||||||||
(In thousands) | Homebuilding | Land Development | Total | |||||||
Revenues | $76,842 | $2,992 | $79,834 | |||||||
Cost of sales and expenses | (67,526 | ) | (3,300 | ) | (70,826 | ) | ||||
Joint venture net income (loss) | $9,316 | $(308 | ) | $9,008 | ||||||
Our share of net income (loss) | $3,654 | $(154 | ) | $3,500 | ||||||
For the Nine Months Ended July 31, 2014 | ||||||||||
(In thousands) | Homebuilding | Land Development | Total | |||||||
Revenues | $114,304 | $5,881 | $120,185 | |||||||
Cost of sales and expenses | (105,409 | ) | (5,619 | ) | (111,028 | ) | ||||
Joint venture net income | $8,895 | $262 | $9,157 | |||||||
Our share of net income | $3,780 | $131 | $3,911 | |||||||
For the Nine Months Ended July 31, 2013 | ||||||||||
(In thousands) | Homebuilding | Land Development | Total | |||||||
Revenues | $211,408 | $12,468 | $223,876 | |||||||
Cost of sales and expenses | (194,667 | ) | (7,755 | ) | (202,422 | ) | ||||
Joint venture net income | $16,741 | $4,713 | $21,454 | |||||||
Our share of net income | $4,372 | $2,356 | $6,728 |
Note_22_Fair_Value_of_Financia1
Note 22 - Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||
Jul. 31, 2014 | |||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||
(In thousands) | Fair Value Hierarchy | Fair Value at | Fair Value at | ||||||||
31-Jul-14 | 31-Oct-13 | ||||||||||
Mortgage loans held for sale (1) | Level 2 | $76,252 | $113,739 | ||||||||
Interest rate lock commitments | Level 2 | (137 | ) | 369 | |||||||
Forward contracts | Level 2 | 58 | (1,155 | ) | |||||||
$76,173 | $112,953 | ||||||||||
Fair Value, Option, Quantitative Disclosures [Table Text Block] | ' | ||||||||||
Three Months Ended July 31, 2014 | |||||||||||
(In thousands) | Mortgage | Interest Rate | Forward Contracts | ||||||||
Loans Held | Lock Commitments | ||||||||||
For Sale | |||||||||||
Changes in fair value included in net income (loss) all reflected in financial services revenues | $(236 | ) | $(308 | ) | $526 | ||||||
Three Months Ended July 31, 2013 | |||||||||||
(In thousands) | Mortgage | Interest Rate | Forward Contracts | ||||||||
Loans Held | Lock Commitments | ||||||||||
For Sale | |||||||||||
Changes in fair value included in net income (loss) all reflected in financial services revenues | $(1,253 | ) | $(157 | ) | $1,127 | ||||||
Nine Months Ended July 31, 2014 | |||||||||||
(In thousands) | Mortgage | Interest Rate | Forward Contracts | ||||||||
Loans Held | Lock Commitments | ||||||||||
For Sale | |||||||||||
Changes in fair value included in net income (loss) all reflected in financial services revenues | $(2,136 | ) | $(506 | ) | $1,213 | ||||||
Nine Months Ended July 31, 2013 | |||||||||||
(In thousands) | Mortgage | Interest Rate | Forward Contracts | ||||||||
Loans Held | Lock Commitments | ||||||||||
For Sale | |||||||||||
Changes in fair value included in net income (loss) all reflected in financial services revenues | $(515 | ) | $115 | $(337 | ) | ||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | ||||||||||
Three Months Ended | |||||||||||
31-Jul-14 | |||||||||||
(In thousands) | Fair Value | Pre-impairment | Total Losses | Fair Value | |||||||
Hierarchy | Amount | ||||||||||
Sold and unsold homes and lots under development | Level 3 | $469 | $(70 | ) | $399 | ||||||
Land and land options held for future development or sale | Level 3 | $- | $- | $- | |||||||
Three Months Ended | |||||||||||
31-Jul-13 | |||||||||||
(In thousands) | Fair Value | Pre-impairment | Total Losses | Fair Value | |||||||
Hierarchy | Amount | ||||||||||
Sold and unsold homes and lots under development | Level 3 | $- | $- | $- | |||||||
Land and land options held for future development or sale | Level 3 | $439 | $(118 | ) | $321 | ||||||
Nine Months Ended | |||||||||||
31-Jul-14 | |||||||||||
(In thousands) | Fair Value | Pre-impairment | Total Losses | Fair Value | |||||||
Hierarchy | Amount | ||||||||||
Sold and unsold homes and lots under development | Level 3 | $469 | $(70 | ) | $399 | ||||||
Land and land options held for future development or sale | Level 3 | $236 | $(82 | ) | $154 | ||||||
Nine Months Ended | |||||||||||
31-Jul-13 | |||||||||||
(In thousands) | Fair Value Hierarchy | Pre-impairment Amount | Total Losses | Fair Value | |||||||
Sold and unsold homes and lots under development | Level 3 | $5,243 | $(1,479 | ) | $3,764 | ||||||
Land and land options held for future development or sale | Level 3 | $924 | $(136 | ) | $788 |
Note_23_Financial_Information_1
Note 23 - Financial Information of Subsidiary Issuer and Subsidiary Guarantors (Tables) | 9 Months Ended | ||||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | ' | ||||||||||||||||||
Parent | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
ASSETS: | |||||||||||||||||||
Homebuilding | $133,018 | $1,335,404 | $341,047 | $(14,202 | ) | $1,795,267 | |||||||||||||
Financial services | 8,937 | 89,524 | 98,461 | ||||||||||||||||
Intercompany receivable (payable) | 1,337,515 | 26,918 | (1,364,433 | ) | - | ||||||||||||||
Investments in and amounts due to and from consolidated subsidiaries | $(78,621 | ) | (34,333 | ) | 332,636 | (219,682 | ) | - | |||||||||||
Total assets | $(78,621 | ) | $1,436,200 | $1,676,977 | $457,489 | $(1,598,317 | ) | $1,893,728 | |||||||||||
LIABILITIES AND EQUITY: | |||||||||||||||||||
Homebuilding | $2,685 | $73 | $514,778 | $55,722 | $573,258 | ||||||||||||||
Financial services | 8,837 | 68,862 | 77,699 | ||||||||||||||||
Notes payable | 1,679,668 | 3,243 | 269 | 1,683,180 | |||||||||||||||
Intercompany payable (receivable) | 323,179 | 1,085,902 | $(1,409,081 | ) | - | ||||||||||||||
Income taxes payable (receivable) | 38,635 | (35,924 | ) | 2,711 | |||||||||||||||
Stockholders’ (deficit) equity | (443,120 | ) | (243,541 | ) | 100,141 | 332,636 | (189,236 | ) | (443,120 | ) | |||||||||
Noncontrolling interest in consolidated joint ventures | - | ||||||||||||||||||
Total liabilities and equity | $(78,621 | ) | $1,436,200 | $1,676,977 | $457,489 | $(1,598,317 | ) | $1,893,728 | |||||||||||
Parent | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
ASSETS: | |||||||||||||||||||
Homebuilding | $277,800 | $1,020,435 | $312,042 | $1,610,277 | |||||||||||||||
Financial services | 14,570 | 134,283 | 148,853 | ||||||||||||||||
Intercompany receivable | 1,093,906 | 14,489 | $(1,108,395 | ) | - | ||||||||||||||
Investments in and amounts due to and from consolidated subsidiaries | $(62,298 | ) | 2,275 | 286,216 | (226,193 | ) | - | ||||||||||||
Total assets | $(62,298 | ) | $1,373,981 | $1,321,221 | $460,814 | $(1,334,588 | ) | $1,759,130 | |||||||||||
LIABILITIES AND EQUITY: | |||||||||||||||||||
Homebuilding | $3,798 | $491 | $437,767 | $64,329 | $506,385 | ||||||||||||||
Financial services | 14,789 | 109,748 | 124,537 | ||||||||||||||||
Notes payable | 1,555,336 | 2,276 | 94 | 1,557,706 | |||||||||||||||
Intercompany payable | 326,262 | 805,774 | $(1,132,036 | ) | - | ||||||||||||||
Income taxes payable (receivable) | 40,868 | (37,567 | ) | 3,301 | |||||||||||||||
Stockholders’ (deficit) equity | (433,226 | ) | (181,846 | ) | 98,182 | 286,216 | (202,552 | ) | (433,226 | ) | |||||||||
Noncontrolling interest in consolidated joint ventures | 427 | 427 | |||||||||||||||||
Total liabilities and equity | $(62,298 | ) | $1,373,981 | $1,321,221 | $460,814 | $(1,334,588 | ) | $1,759,130 | |||||||||||
Condensed Income Statement [Table Text Block] | ' | ||||||||||||||||||
Parent | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenues: | |||||||||||||||||||
Homebuilding | $(52 | ) | $436,085 | $103,870 | $539,903 | ||||||||||||||
Financial services | 2,396 | 8,710 | 11,106 | ||||||||||||||||
Intercompany charges | 26,411 | (28,110 | ) | (42 | ) | $1,741 | - | ||||||||||||
Total revenues | - | 26,359 | 410,371 | 112,538 | 1,741 | 551,009 | |||||||||||||
Expenses: | |||||||||||||||||||
Homebuilding | $3,098 | 32,751 | 406,479 | 86,894 | (586 | ) | 528,636 | ||||||||||||
Financial services | 6 | 1,699 | 5,507 | 7,212 | |||||||||||||||
Total expenses | 3,104 | 32,751 | 408,178 | 92,401 | (586 | ) | 535,848 | ||||||||||||
Income from unconsolidated joint ventures | 10 | 201 | 211 | ||||||||||||||||
(Loss) income before income taxes | (3,104 | ) | (6,392 | ) | 2,203 | 20,338 | 2,327 | 15,372 | |||||||||||
State and federal income tax (benefit) provision | (4,213 | ) | 2,480 | (1,733 | ) | ||||||||||||||
Equity in income (loss) of consolidated subsidiaries | 15,996 | (12,584 | ) | 20,338 | (23,750 | ) | - | ||||||||||||
Net income (loss) | $17,105 | $(18,976 | ) | $20,061 | $20,338 | $(21,423 | ) | $17,105 | |||||||||||
Parent | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenues: | |||||||||||||||||||
Homebuilding | $(76 | ) | $372,416 | $94,385 | $(1,246 | ) | $465,479 | ||||||||||||
Financial services | 3,080 | 9,798 | 12,878 | ||||||||||||||||
Intercompany charges | 20,760 | (24,931 | ) | (37 | ) | 4,208 | - | ||||||||||||
Total revenues | - | 20,684 | 350,565 | 104,146 | 2,962 | 478,357 | |||||||||||||
Expenses: | |||||||||||||||||||
Homebuilding | $3,177 | 30,389 | 351,903 | 77,409 | 2,141 | 465,019 | |||||||||||||
Financial services | 4 | 2,052 | 4,584 | 6,640 | |||||||||||||||
Total expenses | 3,181 | 30,389 | 353,955 | 81,993 | 2,141 | 471,659 | |||||||||||||
Income from unconsolidated joint ventures | 34 | 3,656 | 3,690 | ||||||||||||||||
(Loss) income before income taxes | (3,181 | ) | (9,705 | ) | (3,356 | ) | 25,809 | 821 | 10,388 | ||||||||||
State and federal income tax (benefit) provision | (2,233 | ) | 4,155 | 1,922 | |||||||||||||||
Equity in income (loss) of consolidated subsidiaries | 9,414 | (10,887 | ) | 25,809 | (24,336 | ) | - | ||||||||||||
Net income (loss) | $8,466 | $(20,592 | ) | $18,298 | $25,809 | $(23,515 | ) | $8,466 | |||||||||||
Parent | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenues: | |||||||||||||||||||
Homebuilding | $(129 | ) | $1,085,275 | $251,228 | $1,336,374 | ||||||||||||||
Financial services | 6,467 | 22,145 | 28,612 | ||||||||||||||||
Intercompany charges | 72,966 | (76,391 | ) | (42 | ) | $3,467 | - | ||||||||||||
Total revenues | - | 72,837 | 1,015,351 | 273,331 | 3,467 | 1,364,986 | |||||||||||||
Expenses: | |||||||||||||||||||
Homebuilding | $9,023 | 96,769 | 1,045,419 | 215,032 | (3,338 | ) | 1,362,905 | ||||||||||||
Financial services | 15 | 4,918 | 15,658 | 20,591 | |||||||||||||||
Total expenses | 9,038 | 96,769 | 1,050,337 | 230,690 | (3,338 | ) | 1,383,496 | ||||||||||||
Loss on extinguishment of debt | (1,155 | ) | (1,155 | ) | |||||||||||||||
Income from unconsolidated joint ventures | 70 | 3,779 | 3,849 | ||||||||||||||||
(Loss) income before income taxes | (9,038 | ) | (25,087 | ) | (34,916 | ) | 46,420 | 6,805 | (15,816 | ) | |||||||||
State and federal income tax (benefit) provision | (10,041 | ) | 9,545 | (496 | ) | ||||||||||||||
Equity in (loss) income of consolidated subsidiaries | (16,323 | ) | (36,608 | ) | 46,420 | 6,511 | - | ||||||||||||
Net (loss) income | $(15,320 | ) | $(61,695 | ) | $1,959 | $46,420 | $13,316 | $(15,320 | ) | ||||||||||
Parent | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenues: | |||||||||||||||||||
Homebuilding | $3 | $(175 | ) | $1,033,927 | $194,333 | $(3,741 | ) | $1,224,347 | |||||||||||
Financial services | 7,743 | 27,476 | 35,219 | ||||||||||||||||
Intercompany charges | 61,167 | (75,265 | ) | (1,788 | ) | 15,886 | - | ||||||||||||
Total revenues | 3 | 60,992 | 966,405 | 220,021 | 12,145 | 1,259,566 | |||||||||||||
Expenses: | |||||||||||||||||||
Homebuilding | 5,921 | 90,088 | 994,979 | 161,304 | 4,554 | 1,256,846 | |||||||||||||
Financial services | 13 | 5,742 | 15,450 | 21,205 | |||||||||||||||
Total expenses | 5,934 | 90,088 | 1,000,721 | 176,754 | 4,554 | 1,278,051 | |||||||||||||
(Loss) gain on extinguishment of debt | (770,009 | ) | 770,009 | - | |||||||||||||||
Income from unconsolidated joint ventures | 2,293 | 4,513 | 6,806 | ||||||||||||||||
(Loss) income before income taxes | (5,931 | ) | (799,105 | ) | 737,986 | 47,780 | 7,591 | (11,679 | ) | ||||||||||
State and federal income tax (benefit) provision | (19,308 | ) | 9,153 | (10,155 | ) | ||||||||||||||
Equity in (loss) income of consolidated subsidiaries | (14,901 | ) | (33,606 | ) | 47,780 | 727 | - | ||||||||||||
Net (loss) income | $(1,524 | ) | $(832,711 | ) | $776,613 | $47,780 | $8,318 | $(1,524 | ) | ||||||||||
Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||||||||||||
Parent | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net (loss) income | $(15,320 | ) | $(61,695 | ) | $1,959 | $46,420 | $13,316 | $(15,320 | ) | ||||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities | 2,080 | 6,913 | (251,746 | ) | 11,846 | (13,316 | ) | (244,223 | ) | ||||||||||
Net cash (used in) provided by operating activities | (13,240 | ) | (54,782 | ) | (249,787 | ) | 58,266 | - | (259,543 | ) | |||||||||
Net cash (used in) investing activities | (1,009 | ) | (8,306 | ) | (9,315 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 118,599 | 45,442 | (40,666 | ) | 123,375 | ||||||||||||||
Intercompany investing and financing activities – net | 13,240 | (207,001 | ) | 206,190 | (12,429 | ) | - | ||||||||||||
Net (decrease) increase in cash | - | (143,184 | ) | 836 | (3,135 | ) | - | (145,483 | ) | ||||||||||
Cash balance, beginning of period | 243,470 | (6,479 | ) | 92,213 | 329,204 | ||||||||||||||
Cash balance, end of period | $- | $100,286 | $(5,643 | ) | $89,078 | $- | $183,721 | ||||||||||||
Parent | Subsidiary Issuer | Guarantor Subsidiaries | Nonguarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net (loss) income | $(1,524 | ) | $(832,711 | ) | $776,613 | $47,780 | $8,318 | $(1,524 | ) | ||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities | 20,418 | 789,831 | (842,439 | ) | (5,365 | ) | (8,318 | ) | (45,873 | ) | |||||||||
Net cash provided by (used in) operating activities | 18,894 | (42,880 | ) | (65,826 | ) | 42,415 | - | (47,397 | ) | ||||||||||
Net cash provided by investing activities | 298 | 12,357 | 6,121 | 18,776 | |||||||||||||||
Net cash (used in) provided by financing activities | (5,460 | ) | 48,090 | (59,983 | ) | (17,353 | ) | ||||||||||||
Intercompany investing and financing activities – net | (18,894 | ) | 6,404 | 1,009 | 11,481 | - | |||||||||||||
Net (decrease) increase in cash | - | (41,638 | ) | (4,370 | ) | 34 | - | (45,974 | ) | ||||||||||
Cash balance, beginning of period | 197,097 | (2,017 | ) | 78,152 | 273,232 | ||||||||||||||
Cash balance, end of period | $- | $155,459 | $(6,387 | ) | $78,186 | $- | $227,258 |
Supplemental_Disclosure_of_Non1
Supplemental Disclosure of Noncash Activities (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Apr. 30, 2013 | Jan. 31, 2013 |
Supplemental Disclosure of Noncash Activities (Details) [Line Items] | ' | ' |
Senior exchangeable notes exchanged for Class A Common Stock (in Shares) | ' | 18,305 |
Noncash Or Part Noncash Receivable Transferred From Joint Venture Parnters To Investment In Joint Venture | ' | $0.60 |
Real Estate Owned, Transfer from Real Estate Owned | 9.5 | ' |
Note Foreclosure, Non-Recourse Liabilities Reduction | $9.50 | ' |
Common Class A [Member] | ' | ' |
Supplemental Disclosure of Noncash Activities (Details) [Line Items] | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities (in Shares) | ' | 3,396,102 |
Note_1_Basis_of_Presentation_D
Note 1 - Basis of Presentation (Details) (Homebuilding [Member]) | 9 Months Ended |
Jul. 31, 2014 | |
Homebuilding [Member] | ' |
Note 1 - Basis of Presentation (Details) [Line Items] | ' |
Number of Reportable Segments | 6 |
Note_2_Stock_Compensation_Deta
Note 2 - Stock Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 |
Note 2 - Stock Compensation (Details) [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $2.70 | $2.70 | $7.70 | $5.20 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Note 2 - Stock Compensation (Details) [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $1 | $1.60 | $3 | $3 |
Note_3_Interest_Details_Intere
Note 3 - Interest (Details) - Interest Costs Incurred, Expensed and Capitalized (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | ||||
Interest Costs Incurred, Expensed and Capitalized [Abstract] | ' | ' | ' | ' | ||||
Interest capitalized at beginning of period | $107,992 | $112,488 | $105,093 | $116,056 | ||||
Plus interest incurred (1) | 36,472 | [1] | 33,195 | [1] | 108,073 | [1] | 97,813 | [1] |
Less cost of sales interest expensed | 15,827 | 13,757 | 37,724 | 35,311 | ||||
Less other interest expensed (2)(3) | 19,880 | [2],[3] | 21,949 | [2],[3] | 66,685 | [2],[3] | 68,581 | [2],[3] |
Interest capitalized at end of period(4) | $108,757 | [4] | $109,977 | [4] | $108,757 | [4] | $109,977 | [4] |
[1] | Data does not include interest incurred by our mortgage and finance subsidiaries. | |||||||
[2] | Other interest expensed consists of interest that does not qualify for interest capitalization because our assets that qualify for interest capitalization (inventory under development) do not exceed our debt. Interest on completed homes and land in planning, which does not qualify for capitalization, is expensed. | |||||||
[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, which is calculated as follows: | |||||||
[4] | Capitalized interest amounts are shown gross before allocating any portion of impairments to capitalized interest. |
Note_3_Interest_Details_Cash_P
Note 3 - Interest (Details) - Cash Paid for Interest, Net of Capitalized Interest (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | ||||
Cash Paid for Interest, Net of Capitalized Interest [Abstract] | ' | ' | ' | ' | ||||
Other interest expensed | $19,880 | [1],[2] | $21,949 | [1],[2] | $66,685 | [1],[2] | $68,581 | [1],[2] |
Interest paid by our mortgage and finance subsidiaries | 379 | 731 | 1,524 | 2,239 | ||||
Decrease (increase) in accrued interest | 5,245 | 5,018 | 1,234 | -4,802 | ||||
Cash paid for interest, net of capitalized interest | $25,504 | $27,698 | $69,443 | $66,018 | ||||
[1] | Other interest expensed consists of interest that does not qualify for interest capitalization because our assets that qualify for interest capitalization (inventory under development) do not exceed our debt. Interest on completed homes and land in planning, which does not qualify for capitalization, is expensed. | |||||||
[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, which is calculated as follows: |
Note_4_Depreciation_Details
Note 4 - Depreciation (Details) (Homebuilding [Member], USD $) | Jul. 31, 2014 | Oct. 31, 2013 |
In Millions, unless otherwise specified | ||
Homebuilding [Member] | ' | ' |
Note 4 - Depreciation (Details) [Line Items] | ' | ' |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $76.60 | $75.20 |
Note_5_Reduction_of_Inventory_2
Note 5 - Reduction of Inventory to Fair Value (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | ||||||||||||||
Lots [Member] | Model Homes [Member] | Land Parcels [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | ||||||||||||||||||
Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Mid-Atlantic [Member] | Mid-Atlantic [Member] | Mid-Atlantic [Member] | Mid-Atlantic [Member] | Southeast [Member] | Southeast [Member] | Southeast [Member] | Southeast [Member] | Midwest [Member] | Midwest [Member] | Midwest [Member] | Midwest [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||
Real Estate Inventory [Member] | Real Estate Inventory [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||||||||||||||||||||||||||||||||||
Real Estate Inventory [Member] | Real Estate Inventory [Member] | ||||||||||||||||||||||||||||||||||||||||
Note 5 - Reduction of Inventory to Fair Value (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Fair Value Inputs, Discount Rate | ' | ' | ' | ' | ' | ' | ' | 16.80% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.00% | 18.80% | |||||||||||||
Number Of Communities Evaluated For Impairment | 492 | ' | 492 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Number of Communities Performed Detailed Impairment Calculations | 9 | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Carrying Value Of Communities Tested For Impairment | $24,500,000 | ' | $24,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Number Of Communities Tested For Impairment For Which Undiscounted Future Cash Flow Only Exceeded Carrying Amount By Less Than 20% | 4 | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Carrying Value Of Communities Tested For Impairment For Which Undiscounted Future Cash Flow Only Exceeded Carrying Amount By Less Than 20% | 23,100,000 | ' | 23,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Percentage Undiscounted Cash Flow Exceeds Carrying Amount | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Impairment of Real Estate | 100,000 | 100,000 | 200,000 | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | [1] | ' | ' | ' | 17,000 | [1] | 100,000 | ' | 100,000 | ' | [1] | 100,000 | 100,000 | 200,000 | 1,600,000 | [1] | ' | ' | ' | |||||||||
Land Option Write-offs | 600,000 | 500,000 | 1,700,000 | 1,900,000 | ' | ' | ' | ' | ' | 100,000 | [2] | ' | [1],[2] | 200,000 | 23,000 | [1],[2] | 200,000 | [2] | 100,000 | [1],[2] | 500,000 | 200,000 | [1],[2] | 100,000 | [2] | 38,000 | [1],[2] | 200,000 | 38,000 | [1],[2] | 600,000 | [2] | 500,000 | [1],[2] | 1,700,000 | 1,900,000 | [1],[2] | ' | ' | ' | |
Number of Communities Mothballed During the Period | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Number of Mothballed Communities Reactivated | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Number of Mothball Communities Sold | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Number of Communities Mothballed | 46 | ' | 46 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Inventory, Real Estate, Mothballed Communities | 104,100,000 | ' | 104,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Inventory, Real Estate, Mothballed Communities, Accumulated Impairment Charges | 413,700,000 | ' | 413,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Inventory Real Estate Specific Performance Options | ' | ' | ' | ' | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | ' | 3,900,000 | ' | 792,000 | [3] | ' | ' | ||||||||||||
Liabilities From Inventory Real Estate Not Owned | 3,700,000 | ' | 3,700,000 | ' | ' | 69,500,000 | 28,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,096,000 | ' | 102,096,000 | ' | 87,866,000 | [3] | ' | ' | ||||||||||||
Inventory Real Estate Other Options | ' | ' | ' | ' | ' | $74,500,000 | $47,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $122,332,000 | ' | $122,332,000 | ' | $100,071,000 | [3] | ' | ' | ||||||||||||
[1] | During the nine months ended July 31, 2013, the Mid-Atlantic had an impairment totaling $2 thousand and the Southeast had an impairment totaling $17 thousand. | ||||||||||||||||||||||||||||||||||||||||
[2] | Represents carrying value, net of prior period impairments, if any, at the time of recording the applicable period's impairments. | ||||||||||||||||||||||||||||||||||||||||
[3] | Derived from the audited balance sheet as of October 31, 2013. |
Note_5_Reduction_of_Inventory_3
Note 5 - Reduction of Inventory to Fair Value (Details) - Inventory Impairments by Homebuilding Segment (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | ||||
Note 5 - Reduction of Inventory to Fair Value (Details) - Inventory Impairments by Homebuilding Segment [Line Items] | ' | ' | ' | ' | ||||
Dollar Amount of Impairment | $100 | $100 | $200 | $1,600 | ||||
Homebuilding [Member] | Northeast [Member] | ' | ' | ' | ' | ||||
Note 5 - Reduction of Inventory to Fair Value (Details) - Inventory Impairments by Homebuilding Segment [Line Items] | ' | ' | ' | ' | ||||
Number of Communities | ' | 1 | 1 | 3 | ||||
Dollar Amount of Impairment | ' | 100 | 100 | 1,600 | [1] | |||
Pre-Impairment Value | ' | [2] | 400 | [2] | 200 | [2] | 5,600 | [2] |
Homebuilding [Member] | Mid-Atlantic [Member] | ' | ' | ' | ' | ||||
Note 5 - Reduction of Inventory to Fair Value (Details) - Inventory Impairments by Homebuilding Segment [Line Items] | ' | ' | ' | ' | ||||
Number of Communities | ' | ' | ' | 1 | ||||
Dollar Amount of Impairment | ' | ' | ' | 2 | [1] | |||
Pre-Impairment Value | ' | [2] | ' | [2] | ' | [2] | 100 | [2] |
Homebuilding [Member] | Midwest [Member] | ' | ' | ' | ' | ||||
Note 5 - Reduction of Inventory to Fair Value (Details) - Inventory Impairments by Homebuilding Segment [Line Items] | ' | ' | ' | ' | ||||
Number of Communities | 1 | ' | 1 | ' | ||||
Dollar Amount of Impairment | 100 | ' | 100 | ' | [1] | |||
Pre-Impairment Value | 500 | [2] | ' | [2] | 500 | [2] | ' | [2] |
Homebuilding [Member] | Southeast [Member] | ' | ' | ' | ' | ||||
Note 5 - Reduction of Inventory to Fair Value (Details) - Inventory Impairments by Homebuilding Segment [Line Items] | ' | ' | ' | ' | ||||
Number of Communities | ' | ' | ' | 1 | ||||
Dollar Amount of Impairment | ' | ' | ' | 17 | [1] | |||
Pre-Impairment Value | ' | [2] | ' | [2] | ' | [2] | 400 | [2] |
Homebuilding [Member] | Southwest [Member] | ' | ' | ' | ' | ||||
Note 5 - Reduction of Inventory to Fair Value (Details) - Inventory Impairments by Homebuilding Segment [Line Items] | ' | ' | ' | ' | ||||
Dollar Amount of Impairment | ' | ' | ' | ' | [1] | |||
Pre-Impairment Value | ' | [2] | ' | [2] | ' | [2] | ' | [2] |
Homebuilding [Member] | West [Member] | ' | ' | ' | ' | ||||
Note 5 - Reduction of Inventory to Fair Value (Details) - Inventory Impairments by Homebuilding Segment [Line Items] | ' | ' | ' | ' | ||||
Dollar Amount of Impairment | ' | ' | ' | ' | [1] | |||
Pre-Impairment Value | ' | [2] | ' | [2] | ' | [2] | ' | [2] |
Homebuilding [Member] | ' | ' | ' | ' | ||||
Note 5 - Reduction of Inventory to Fair Value (Details) - Inventory Impairments by Homebuilding Segment [Line Items] | ' | ' | ' | ' | ||||
Number of Communities | 1 | 1 | 2 | 5 | ||||
Dollar Amount of Impairment | 100 | 100 | 200 | 1,600 | [1] | |||
Pre-Impairment Value | $500 | [2] | $400 | [2] | $700 | [2] | $6,100 | [2] |
[1] | During the nine months ended July 31, 2013, the Mid-Atlantic had an impairment totaling $2 thousand and the Southeast had an impairment totaling $17 thousand. | |||||||
[2] | Represents carrying value, net of prior period impairments, if any, at the time of recording the applicable period's impairments. |
Note_5_Reduction_of_Inventory_4
Note 5 - Reduction of Inventory to Fair Value (Details) - Write-Offs and Lots Walked Away From (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | |||
Note 5 - Reduction of Inventory to Fair Value (Details) - Write-Offs and Lots Walked Away From [Line Items] | ' | ' | ' | ' | |||
Dollar Amount of Write-Offs | $600 | $500 | $1,700 | $1,900 | |||
Homebuilding [Member] | Northeast [Member] | ' | ' | ' | ' | |||
Note 5 - Reduction of Inventory to Fair Value (Details) - Write-Offs and Lots Walked Away From [Line Items] | ' | ' | ' | ' | |||
Number of Walk-Away Lots | ' | 73 | 239 | 373 | |||
Dollar Amount of Write-Offs | 100 | [1] | 200 | [1],[2] | 600 | 400 | [1],[2] |
Homebuilding [Member] | Mid-Atlantic [Member] | ' | ' | ' | ' | |||
Note 5 - Reduction of Inventory to Fair Value (Details) - Write-Offs and Lots Walked Away From [Line Items] | ' | ' | ' | ' | |||
Number of Walk-Away Lots | 276 | ' | 797 | 164 | |||
Dollar Amount of Write-Offs | 100 | [1] | ' | [1],[2] | 200 | 23 | [1],[2] |
Homebuilding [Member] | Midwest [Member] | ' | ' | ' | ' | |||
Note 5 - Reduction of Inventory to Fair Value (Details) - Write-Offs and Lots Walked Away From [Line Items] | ' | ' | ' | ' | |||
Number of Walk-Away Lots | 105 | 13 | 508 | 13 | |||
Dollar Amount of Write-Offs | 100 | [1] | 38 | [1],[2] | 200 | 38 | [1],[2] |
Homebuilding [Member] | Southeast [Member] | ' | ' | ' | ' | |||
Note 5 - Reduction of Inventory to Fair Value (Details) - Write-Offs and Lots Walked Away From [Line Items] | ' | ' | ' | ' | |||
Number of Walk-Away Lots | 472 | 113 | 1,397 | 113 | |||
Dollar Amount of Write-Offs | 200 | [1] | 100 | [1],[2] | 500 | 200 | [1],[2] |
Homebuilding [Member] | Southwest [Member] | ' | ' | ' | ' | |||
Note 5 - Reduction of Inventory to Fair Value (Details) - Write-Offs and Lots Walked Away From [Line Items] | ' | ' | ' | ' | |||
Number of Walk-Away Lots | 312 | 12 | 654 | 246 | |||
Dollar Amount of Write-Offs | 100 | [1] | 200 | [1],[2] | 200 | 1,300 | [1],[2] |
Homebuilding [Member] | West [Member] | ' | ' | ' | ' | |||
Note 5 - Reduction of Inventory to Fair Value (Details) - Write-Offs and Lots Walked Away From [Line Items] | ' | ' | ' | ' | |||
Dollar Amount of Write-Offs | ' | [1] | ' | [1],[2] | ' | ' | [1],[2] |
Homebuilding [Member] | ' | ' | ' | ' | |||
Note 5 - Reduction of Inventory to Fair Value (Details) - Write-Offs and Lots Walked Away From [Line Items] | ' | ' | ' | ' | |||
Number of Walk-Away Lots | 1,165 | 211 | 3,595 | 909 | |||
Dollar Amount of Write-Offs | $600 | [1] | $500 | [1],[2] | $1,700 | $1,900 | [1],[2] |
[1] | Represents carrying value, net of prior period impairments, if any, at the time of recording the applicable period's impairments. | ||||||
[2] | During the nine months ended July 31, 2013, the Mid-Atlantic had an impairment totaling $2 thousand and the Southeast had an impairment totaling $17 thousand. |
Note_6_Warranty_Costs_Details
Note 6 - Warranty Costs (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 |
Product Warranties Disclosures [Abstract] | ' | ' | ' | ' |
Cash Received From Subcontractors For Owner Controlled Insurance Program | ' | ' | $1.70 | $1.60 |
General Liability Insurance, Deductible | 20 | 20 | 20 | 20 |
Bodily Injury Insurance, Deductible | 0.25 | 0.25 | 0.25 | 0.25 |
Bodily Injury Insurance, Limit | 5 | 5 | 5 | 5 |
Aggregate Retention for Construction Defects, Warranty and Bodily Injury Claims | 21 | 21 | 21 | 21 |
Payments by Insurance Companies for Claims | $1 | $0.10 | $5.20 | $8.60 |
Note_6_Warranty_Costs_Details_
Note 6 - Warranty Costs (Details) - Warranty and General Liability Reserve (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 |
Note 6 - Warranty Costs (Details) - Warranty and General Liability Reserve [Line Items] | ' | ' | ' | ' |
Balance | $134,865 | $125,274 | $131,028 | $121,149 |
Charges incurred during the period | -3,683 | -6,691 | -13,025 | -17,283 |
Changes to pre-existing reserves | -4,220 | 0 | -4,220 | ' |
Balance | 135,195 | 127,457 | 135,195 | 127,457 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' |
Note 6 - Warranty Costs (Details) - Warranty and General Liability Reserve [Line Items] | ' | ' | ' | ' |
Additions | 4,659 | 5,956 | 13,710 | 14,362 |
Cost of Sales [Member] | ' | ' | ' | ' |
Note 6 - Warranty Costs (Details) - Warranty and General Liability Reserve [Line Items] | ' | ' | ' | ' |
Additions | $3,574 | $2,918 | $7,702 | $9,229 |
Note_7_Commitments_and_Conting1
Note 7 - Commitments and Contingent Liabilities (Details) (DAndrea VHovnanian [Member], USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | 15-May-14 | Dec. 14, 2011 |
DAndrea VHovnanian [Member] | ' | ' |
Note 7 - Commitments and Contingent Liabilities (Details) [Line Items] | ' | ' |
Loss Contingency, Number of Plaintiffs | ' | 1,065 |
Litigation Settlement, Amount | $21 | ' |
Note_8_Restricted_Cash_and_Dep1
Note 8 - Restricted Cash and Deposits (Details) (USD $) | Jul. 31, 2014 | Oct. 31, 2013 | |
Note 8 - Restricted Cash and Deposits (Details) [Line Items] | ' | ' | |
Restricted Cash and Cash Equivalents | $25,900,000 | $31,900,000 | |
Homebuilding [Member] | ' | ' | |
Note 8 - Restricted Cash and Deposits (Details) [Line Items] | ' | ' | |
Cash Equivalents, at Carrying Value | 0 | 0 | |
Restricted Cash and Cash Equivalents | 12,596,000 | 10,286,000 | [1] |
Financial Services [Member] | ' | ' | |
Note 8 - Restricted Cash and Deposits (Details) [Line Items] | ' | ' | |
Cash Equivalents, at Carrying Value | 0 | 0 | |
Restricted Cash and Cash Equivalents | 13,272,000 | 21,557,000 | [1] |
Customer Deposits [Member] | Homebuilding [Member] | ' | ' | |
Note 8 - Restricted Cash and Deposits (Details) [Line Items] | ' | ' | |
Restricted Cash and Cash Equivalents | 7,000,000 | 5,100,000 | |
Customer Deposits [Member] | Financial Services [Member] | ' | ' | |
Note 8 - Restricted Cash and Deposits (Details) [Line Items] | ' | ' | |
Restricted Cash and Cash Equivalents | $13,300,000 | $21,600,000 | |
[1] | Derived from the audited balance sheet as of October 31, 2013. |
Note_9_Mortgage_Loans_Held_for2
Note 9 - Mortgage Loans Held for Sale (Details) (USD $) | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 |
In Millions, unless otherwise specified | |||
Receivables [Abstract] | ' | ' | ' |
Loans Pledged as Collateral | $55.50 | $94.10 | ' |
Number of Loans Reserved For | 200 | ' | 167 |
Note_9_Mortgage_Loans_Held_for3
Note 9 - Mortgage Loans Held for Sale (Details) - Loan Origination Reserves (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 |
Loan Origination Reserves [Abstract] | ' | ' | ' | ' |
Loan origination reserves, beginning of period | $11,057 | $9,766 | $11,036 | $9,334 |
Provisions for losses during the period | 1,899 | 345 | 2,766 | 1,680 |
Adjustments to pre-existing provisions for losses from changes in estimates | -1,682 | 260 | -2,304 | 7 |
Payments/settlements | ' | ' | -224 | -650 |
Loan origination reserves, end of period | $11,274 | $10,371 | $11,274 | $10,371 |
Note_10_Mortgages_and_Notes_Pa1
Note 10 - Mortgages and Notes Payable (Details) (USD $) | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2013 | Mar. 28, 2014 | Feb. 28, 2014 | Jun. 30, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | 27-May-14 | 27-May-14 | Jul. 31, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | 27-May-14 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | ||
Corporate, Non-Segment [Member] | Corporate, Non-Segment [Member] | Corporate, Non-Segment [Member] | Corporate, Non-Segment [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Homebuilding [Member] | Master Repurchase Agreement [Member] | Master Repurchase Agreement [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | Letter of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | JP Morgan Chase Bank [Member] | JP Morgan Chase Bank [Member] | JP Morgan Chase Bank [Member] | Customers Bank [Member] | Customers Bank [Member] | Customers Bank [Member] | Credit Suisse First Boston Mortgage Capital LLC [Member] | Credit Suisse First Boston Mortgage Capital LLC [Member] | Comerica Master Repurchase Agreement [Member] | Minimum [Member] | Maximum [Member] | |||||
Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Credit Suisse First Boston Mortgage Capital LLC [Member] | Comerica Master Repurchase Agreement [Member] | Citi Bank [Member] | Citi Bank [Member] | JP Morgan Chase Bank [Member] | Comerica Master Repurchase Agreement [Member] | Comerica Master Repurchase Agreement [Member] | Minimum [Member] | Maximum [Member] | Credit Suisse First Boston Mortgage Capital LLC [Member] | Credit Suisse First Boston Mortgage Capital LLC [Member] | ||||||||||||||||||
Nonrecourse Mortgages [Member] | Nonrecourse Mortgages [Member] | Nonrecourse Mortgages [Member] | Nonrecourse Mortgages [Member] | Customers Bank [Member] | Customers Bank [Member] | |||||||||||||||||||||||||||||||
Note 10 - Mortgages and Notes Payable (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Secured Debt | ' | ' | $16,900,000 | $17,700,000 | ' | ' | $98,338,000 | $62,903,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | 7.00% | 7.00% | ' | ' | 5.40% | 5.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | ' | ' | ' | ' | 11,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | 35,000,000 | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | 37,500,000 | ' | ' | ' | ' | ' | ' | ||
Debt Instrument Basis Spread On Variable Rate Number Of Business Days Prior To First Day Of Interest Period Spread Determined | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Line of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | 5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Restricted Cash and Cash Equivalents | 25,900,000 | 31,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | 12,596,000 | 10,286,000 | [1] | ' | ' | ' | ' | 5,600,000 | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument Variable Rate Basis Adjusted London Interbank Offered Rate LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.16% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.85% | 2.63% | ' | 2.75% | 5.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | 2.75% | ||
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | 2.88% | ' | ' | ||
Warehouse Agreement Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,900,000 | ' | $33,600,000 | $6,600,000 | ' | $30,700,000 | $35,700,000 | $27,400,000 | $7,800,000 | ' | ' | ||
Debt Instrument Variable Rate Basis Effective Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.46% | ' | ' | ' | ' | ||
Debt Instrument Variable Rate Basis Floor Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Derived from the audited balance sheet as of October 31, 2013. |
Note_11_Senior_Secured_Senior_2
Note 11 - Senior Secured, Senior, Senior Amortizing, Senior Exchangeable and Senior Subordinated Amortizing Notes (Details) (USD $) | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||||||||||||||
Jul. 31, 2014 | Feb. 15, 2014 | Jan. 10, 2014 | Jan. 10, 2014 | Jan. 10, 2014 | Jan. 10, 2014 | Jan. 10, 2014 | Jan. 10, 2014 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jan. 10, 2014 | Jan. 10, 2014 | Jul. 31, 2014 | Feb. 09, 2014 | Jul. 31, 2014 | |
Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period Two [Member] | Debt Instrument, Redemption, Period Three [Member] | Debt Instrument, Redemption, Period Four [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | |||
Redemption With Net Cash Proceeds From Certain Equity Offerings [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | The 5.0% 2021 Notes [Member] | The 5.0% 2021 Notes [Member] | The 2.0% 2021 Notes [Member] | The 2.0% 2021 Notes [Member] | The 7.25% 2020 Notes [Member] | The 7.25% 2020 Notes [Member] | The 9.125% 2020 Notes [Member] | The 9.125% 2020 Notes [Member] | The 7.25% 2020 Notes and 9.125% 2020 Notes [Member] | The 7.25% 2020 Notes and 9.125% 2020 Notes [Member] | The 2.0% 2021 Notes Member and 5.0% 2021 Notes [Member] | The 2.0% 2021 Notes Member and 5.0% 2021 Notes [Member] | The 7.0% 2019 Notes [Member] | The 7.0% 2019 Notes [Member] | The 6.25% 2015 Notes [Member] | The 6.25% 2015 Notes [Member] | ||||
Senior Notes [Member] | The 7.0% 2019 Notes [Member] | The 7.0% 2019 Notes [Member] | The 7.0% 2019 Notes [Member] | The 7.0% 2019 Notes [Member] | The 7.0% 2019 Notes [Member] | Letter of Credit [Member] | Secured Group [Member] | ||||||||||||||||||
The 7.0% 2019 Notes [Member] | Maximum [Member] | ||||||||||||||||||||||||
Note 11 - Senior Secured, Senior, Senior Amortizing, Senior Exchangeable and Senior Subordinated Amortizing Notes (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | 7.25% | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | 2.00% | 2.00% | 7.25% | 7.25% | 9.13% | 9.13% | ' | ' | ' | ' | ' | 7.00% | ' | 6.25% | ' |
Debt Covenant Fixed Charge Coverage Ratio Minimum | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | 7.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Collateral (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $651,500,000 | ' | $118,200,000 | ' | ' | ' | ' | $73,600,000 |
Cash Collateral for Borrowed Securities (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,600,000 | 108,600,000 | ' | ' | ' | ' | ' | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,800,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' |
Proceeds from Issuance of Long-term Debt (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 147,800,000 | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | ' | 107.00% | 100.00% | ' | 103.50% | 101.75% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchased Face Amount (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,400,000 | ' |
Gains (Losses) on Extinguishment of Debt (in Dollars) | ($1,155,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($1,200,000) | ' | ' |
Note_11_Senior_Secured_Senior_3
Note 11 - Senior Secured, Senior, Senior Amortizing, Senior Exchangeable and Senior Subordinated Amortizing Notes (Details) - Senior Secured, Senior and Senior Subordinated Notes (USD $) | Jul. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | ||
The 7.25% 2020 Notes [Member] | Senior Secured Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | $577,000 | $577,000 |
The 9.125% 2020 Notes [Member] | Senior Secured Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 220,000 | 220,000 |
The 2.0% 2021 Notes [Member] | Senior Secured Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 53,126 | 53,119 |
The 5.0% 2021 Notes [Member] | Senior Secured Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 129,473 | 128,492 |
The 6.25% 2015 Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | ' | 21,438 |
The 11.875% 2015 Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 60,317 | 60,044 |
The 6.25% 2016 Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 172,398 | 172,153 |
The 7.5% 2016 Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 86,532 | 86,532 |
The 8.625% 2017 Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 121,043 | 121,043 |
The 7.0% 2019 Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 150,000 | ' |
The 11.0% 2017 Amortizing Note [Member] | Senior Amortizing Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 17,049 | 20,857 |
Senior Exchangeable Notes Due 2017 [Member] | Senior Exchangeable Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 69,215 | 66,615 |
The 7.25% Senior Subordinated Amortizing Notes [Member] | Senior Subordinated Amortizing Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | ' | 2,152 |
Senior Secured Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 979,599 | 978,611 |
Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | $590,290 | $461,210 |
Note_11_Senior_Secured_Senior_4
Note 11 - Senior Secured, Senior, Senior Amortizing, Senior Exchangeable and Senior Subordinated Amortizing Notes (Details) - Senior Secured, Senior and Senior Subordinated Notes (Parentheticals) | Feb. 15, 2014 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Oct. 31, 2013 | Oct. 02, 2012 | Jul. 31, 2014 | Oct. 31, 2013 | Feb. 09, 2011 |
The 7.25% 2020 Notes [Member] | The 7.25% 2020 Notes [Member] | The 9.125% 2020 Notes [Member] | The 9.125% 2020 Notes [Member] | The 2.0% 2021 Notes [Member] | The 2.0% 2021 Notes [Member] | The 5.0% 2021 Notes [Member] | The 5.0% 2021 Notes [Member] | The 6.25% 2015 Notes [Member] | The 6.25% 2015 Notes [Member] | The 11.875% 2015 Notes [Member] | The 11.875% 2015 Notes [Member] | The 6.25% 2016 Notes [Member] | The 6.25% 2016 Notes [Member] | The 7.5% 2016 Notes [Member] | The 7.5% 2016 Notes [Member] | The 8.625% 2017 Notes [Member] | The 8.625% 2017 Notes [Member] | The 7.0% 2019 Notes [Member] | The 11.0% 2017 Amortizing Note [Member] | The 11.0% 2017 Amortizing Note [Member] | The 11.0% 2017 Amortizing Note [Member] | The 7.25% Senior Subordinated Amortizing Notes [Member] | The 7.25% Senior Subordinated Amortizing Notes [Member] | The 7.25% Senior Subordinated Amortizing Notes [Member] | ||
Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | Senior Amortizing Notes [Member] | Senior Amortizing Notes [Member] | Senior Amortizing Notes [Member] | Senior Subordinated Amortizing Notes [Member] | Senior Subordinated Amortizing Notes [Member] | Senior Subordinated Amortizing Notes [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Stated Interest Rate | 7.25% | 7.25% | 7.25% | 9.13% | 9.13% | 2.00% | 2.00% | 5.00% | 5.00% | 6.25% | 6.25% | 11.88% | 11.88% | 6.25% | 6.25% | 7.50% | 7.50% | 8.63% | 8.63% | 7.00% | 11.00% | 11.00% | 11.00% | 7.25% | 7.25% | 7.25% |
Note_12_Tangible_Equity_Units_
Note 12 - Tangible Equity Units (Details) (USD $) | 0 Months Ended | 0 Months Ended | ||||||||||||
Feb. 18, 2014 | Jul. 31, 2014 | Feb. 15, 2014 | Feb. 14, 2011 | Feb. 09, 2011 | Feb. 18, 2014 | Feb. 18, 2014 | Jul. 31, 2014 | Feb. 15, 2014 | Oct. 31, 2013 | Feb. 09, 2011 | Jul. 31, 2014 | Oct. 31, 2013 | ||
Common Class A [Member] | Common Class A [Member] | Senior Subordinated Amortizing Notes [Member] | Senior Subordinated Amortizing Notes [Member] | Senior Subordinated Amortizing Notes [Member] | Senior Subordinated Amortizing Notes [Member] | Senior Subordinated Amortizing Notes [Member] | Senior Subordinated Amortizing Notes [Member] | |||||||
The 7.25% Senior Subordinated Amortizing Notes [Member] | The 7.25% Senior Subordinated Amortizing Notes [Member] | The 7.25% Senior Subordinated Amortizing Notes [Member] | The 7.25% Senior Subordinated Amortizing Notes [Member] | |||||||||||
Note 12 - Tangible Equity Units (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Tangible Equity Units, Units Issued | ' | ' | ' | 450,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 7.25% | ' | ' | ' | ' | 7.25% | ' | 7.25% | 7.25% | ' | ' | |
Adjustments To Additional Paid In Capital Issuance Of Prepaid Common Stock Purchase Contracts | ' | ' | ' | $68,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Tangible Equity Units, Cash Installment, Per Note | ' | ' | ' | ' | ' | ' | ' | ' | $0.45 | ' | ' | ' | ' | |
Tangible Equity Units, Stated Amount | ' | ' | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Tangible Equity Units, Annual Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | 12.07% | ' | ' | ' | ' | |
Prepaid Stock Purchase Contracts Shares Settled | ' | ' | ' | ' | ' | 6,085,224 | ' | ' | ' | ' | ' | ' | ' | |
Purchase Contracts Settled | 1,276,933 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Tangible Equity Units, Number of Shares Upon Conversion, Per Unit | ' | ' | ' | ' | ' | ' | 4.7655 | ' | ' | ' | ' | ' | ' | |
Prepaid Stock Purchase Contracts Outstanding | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $2,152,000 | [1] |
[1] | Derived from the audited balance sheet as of October 31, 2013. |
Note_13_Senior_Exchangeable_No1
Note 13 - Senior Exchangeable Notes (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||||
Jan. 31, 2013 | Feb. 15, 2014 | Oct. 02, 2012 | Jul. 31, 2014 | Oct. 02, 2012 | Oct. 02, 2012 | Jul. 31, 2014 | Oct. 02, 2012 | Oct. 02, 2012 | Jul. 31, 2014 | Oct. 31, 2013 | Oct. 02, 2012 | Jun. 01, 2013 | Jul. 31, 2014 | Oct. 02, 2012 | |
Common Class A [Member] | Exchangeable Note Units [Member] | Senior Exchangeable Notes Due 2017 [Member] | Senior Exchangeable Notes [Member] | Senior Exchangeable Notes [Member] | Senior Amortizing Notes [Member] | Senior Amortizing Notes [Member] | Senior Amortizing Notes [Member] | Senior Amortizing Notes [Member] | Senior Amortizing Notes [Member] | Senior Amortizing Notes [Member] | Senior Amortizing Notes [Member] | ||||
The 6.00% Exchangeable Note Units [Member] | Senior Exchangeable Notes Due 2017 [Member] | Senior Exchangeable Notes Due 2017 [Member] | The 6.00% Exchangeable Note Units [Member] | The 11.0% 2017 Amortizing Note [Member] | The 11.0% 2017 Amortizing Note [Member] | The 11.0% 2017 Amortizing Note [Member] | |||||||||
Note 13 - Senior Exchangeable Notes (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchangeable Note Unit Face Amount (in Dollars) | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | 7.25% | ' | ' | 6.00% | ' | ' | ' | 6.00% | 11.00% | 11.00% | 11.00% | ' | ' | ' |
Note Units Number | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note Units Stated Amount | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 |
Number of Coupons | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note Units Initial Principal Amount Exchangeable Note | ' | ' | ' | ' | ' | ' | ' | 768.51 | ' | ' | ' | ' | ' | ' | ' |
Note Units Principal Amount At Maturity | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' |
Note Units Initial Principal Amount Senior Amortizing Note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 231.49 | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | 5.17% | ' | ' | ' | ' | ' | ' | ' |
Convertible Debt Shares Issued Upon Conversion | ' | ' | ' | ' | ' | ' | ' | 185.5288 | ' | ' | ' | ' | ' | ' | ' |
Share Price For Exchangeable Note Conversion | ' | ' | ' | ' | ' | ' | ' | 5.39 | ' | ' | ' | ' | ' | ' | ' |
Senior exchangeable notes exchanged for Class A Common Stock (in Shares) | 18,305 | ' | ' | ' | ' | ' | 18,305 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | ' | ' | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Interest (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $39.83 | $30 | ' |
Note_14_Per_Share_Calculation_1
Note 14 - Per Share Calculation (Details) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 |
Note 14 - Per Share Calculation (Details) [Line Items] | ' | ' | ' | ' |
Prepaid Stock Purchase Contracts, Shares Included in Basic Earnings Per Share | ' | ' | 6.1 | ' |
Tangible Equity Units, Rate | 7.25% | ' | 7.25% | ' |
Exchangeable Note Unit Rate Stated Percentage | 6.00% | ' | 6.00% | ' |
Non-Vested Stock and Outstanding Options [Member] | ' | ' | ' | ' |
Note 14 - Per Share Calculation (Details) [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | 1.3 | 1.6 |
Out of the Money Stock Options [Member] | ' | ' | ' | ' |
Note 14 - Per Share Calculation (Details) [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3 | 2.2 | 2.1 | 2.2 |
Exchangeable Debt [Member] | ' | ' | ' | ' |
Note 14 - Per Share Calculation (Details) [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | 15.2 | 16.1 |
Note_14_Per_Share_Calculation_2
Note 14 - Per Share Calculation (Details) - Basic and Diluted Earnings Per Share (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 |
Numerator: | ' | ' | ' | ' |
Net earnings (loss) attributable to Hovnanian | $17,105 | $8,466 | ($15,320) | ($1,524) |
Less: undistributed earnings allocated to nonvested shares | -386 | -15 | ' | ' |
Numerator for basic earnings per share | 16,719 | 8,451 | -15,320 | -1,524 |
Plus: undistributed earnings allocated to nonvested shares | 386 | 15 | ' | ' |
Less: undistributed earnings reallocated to nonvested shares | -386 | -15 | ' | ' |
Plus: interest on Senior Exchangeable Notes | 879 | 893 | ' | ' |
Numerator for diluted earnings per share | $17,598 | $9,344 | ($15,320) | ($1,524) |
Denominator for basic earnings per share (in Shares) | 146,365 | 146,056 | 146,223 | 144,840 |
Share-based payments (in Shares) | 756 | 1,610 | ' | ' |
Denominator for diluted earnings per share b weighted-average shares outstanding (in Shares) | 162,278 | 162,823 | 146,223 | 144,840 |
Basic earnings per share (in Dollars per share) | $0.11 | $0.06 | ($0.10) | ($0.01) |
Diluted earnings per share (in Dollars per share) | $0.11 | $0.06 | ($0.10) | ($0.01) |
Senior Exchangeable Notes [Member] | ' | ' | ' | ' |
Numerator: | ' | ' | ' | ' |
Senior Exchangeable Notes (in Shares) | 15,157 | 15,157 | ' | ' |
Note_15_Preferred_Stock_Detail
Note 15 - Preferred Stock (Details) (USD $) | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jul. 31, 2014 | Oct. 31, 2013 | Jul. 12, 2005 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 12, 2005 | ||
Preferred Class A [Member] | Preferred Class A [Member] | Preferred Class A [Member] | Preferred Class A [Member] | Preferred Class A [Member] | Preferred Class A [Member] | ||||
Note 15 - Preferred Stock (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Preferred Stock, Shares Issued (in Shares) | 5,600 | 5,600 | [1] | ' | ' | ' | ' | ' | 5,600 |
Preferred Stock, Dividend Rate, Percentage | 7.63% | ' | 7.63% | ' | ' | ' | ' | ' | |
Preferred Stock, Liquidation Preference Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | $25,000 | |
Dividends, Preferred Stock | ' | ' | ' | $0 | $0 | $0 | $0 | ' | |
[1] | Derived from the audited balance sheet as of October 31, 2013. |
Note_16_Common_Stock_Details
Note 16 - Common Stock (Details) (USD $) | Jul. 31, 2014 | Aug. 04, 2008 | Jul. 31, 2014 | Jul. 31, 2014 | Dec. 05, 2008 | Aug. 15, 2008 | Jul. 03, 2001 | Jul. 31, 2014 | Aug. 04, 2008 |
In Millions, unless otherwise specified | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class B [Member] | Minimum [Member] | ||
Note 16 - Common Stock (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Voting Rights Votes Per Share Number | ' | ' | ' | 1 | ' | ' | ' | 10 | ' |
Common Stock Dividends, Percent of Increase from Class A to Class B | 110.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholder Ownership Percentage | ' | ' | ' | ' | ' | 4.90% | ' | ' | 5.00% |
Shareholder Ownership, Percentage of Increase | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Number of Rights | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Shareholder, Percent of Stock Acquired | ' | ' | ' | ' | ' | 4.90% | ' | ' | ' |
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) | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Stock Repurchased During Period, Shares (in Shares) | ' | ' | 0 | 0 | ' | ' | ' | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount (in Dollars) | ' | ' | $0.50 | $0.50 | ' | ' | ' | ' | ' |
Note_17_Income_Taxes_Details
Note 17 - Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Oct. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ($1,733,000) | $1,922,000 | ($496,000) | ($10,155,000) | ' |
Deferred Tax Assets, Valuation Allowance | $933,300,000 | ' | $933,300,000 | ' | $927,100,000 |
Note_18_Operating_and_Reportin2
Note 18 - Operating and Reporting Segments (Details) (Homebuilding [Member]) | 9 Months Ended |
Jul. 31, 2014 | |
Homebuilding [Member] | ' |
Note 18 - Operating and Reporting Segments (Details) [Line Items] | ' |
Number of Reportable Segments | 6 |
Note_18_Operating_and_Reportin3
Note 18 - Operating and Reporting Segments (Details) - Financial Information Relating to Segment Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 |
Revenues: | ' | ' | ' | ' |
Revenues | $551,009 | $478,357 | $1,364,986 | $1,259,566 |
Income (loss) before income taxes: | ' | ' | ' | ' |
Income (loss) before income taxes | 15,372 | 10,388 | -15,816 | -11,679 |
Homebuilding [Member] | Excluding Corporate And Unallocated [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 539,953 | 465,549 | 1,336,499 | 1,224,489 |
Income (loss) before income taxes: | ' | ' | ' | ' |
Income (loss) before income taxes | 43,910 | 37,268 | 77,746 | 64,755 |
Homebuilding [Member] | Northeast [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 60,531 | 67,214 | 179,529 | 176,285 |
Income (loss) before income taxes: | ' | ' | ' | ' |
Income (loss) before income taxes | -1,971 | 1,028 | -10,791 | -8,510 |
Homebuilding [Member] | Mid-Atlantic [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 90,123 | 89,365 | 219,378 | 200,489 |
Income (loss) before income taxes: | ' | ' | ' | ' |
Income (loss) before income taxes | 5,397 | 8,036 | 9,772 | 12,305 |
Homebuilding [Member] | Midwest [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 55,423 | 38,478 | 147,884 | 110,204 |
Income (loss) before income taxes: | ' | ' | ' | ' |
Income (loss) before income taxes | 4,971 | 1,941 | 10,687 | 5,420 |
Homebuilding [Member] | Southeast [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 55,449 | 35,731 | 146,613 | 101,884 |
Income (loss) before income taxes: | ' | ' | ' | ' |
Income (loss) before income taxes | 2,244 | 276 | 6,990 | 3,585 |
Homebuilding [Member] | Southwest [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 201,906 | 182,699 | 495,116 | 476,136 |
Income (loss) before income taxes: | ' | ' | ' | ' |
Income (loss) before income taxes | 22,178 | 22,230 | 48,259 | 46,871 |
Homebuilding [Member] | West [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 76,521 | 52,062 | 147,979 | 159,491 |
Income (loss) before income taxes: | ' | ' | ' | ' |
Income (loss) before income taxes | 11,091 | 3,757 | 12,829 | 5,084 |
Financial Services [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 11,106 | 12,878 | 28,612 | 35,219 |
Income (loss) before income taxes: | ' | ' | ' | ' |
Income (loss) before income taxes | 3,894 | 6,238 | 8,021 | 14,014 |
Corporate and Other [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | -50 | -70 | -125 | -142 |
Income (loss) before income taxes: | ' | ' | ' | ' |
Income (loss) before income taxes | ($32,432) | ($33,118) | ($101,583) | ($90,448) |
Note_18_Operating_and_Reportin4
Note 18 - Operating and Reporting Segments (Details) - Financial Information Relating to Segment Financial Position (USD $) | Jul. 31, 2014 | Oct. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Assets: | ' | ' | |
Assets | $1,893,728 | $1,759,130 | [1] |
Homebuilding [Member] | Excluding Corporate And Unallocated [Member] | ' | ' | |
Assets: | ' | ' | |
Assets | 1,531,155 | 1,206,067 | |
Homebuilding [Member] | Northeast [Member] | ' | ' | |
Assets: | ' | ' | |
Assets | 327,384 | 323,152 | |
Homebuilding [Member] | Mid-Atlantic [Member] | ' | ' | |
Assets: | ' | ' | |
Assets | 313,962 | 240,486 | |
Homebuilding [Member] | Midwest [Member] | ' | ' | |
Assets: | ' | ' | |
Assets | 155,324 | 104,596 | |
Homebuilding [Member] | Southeast [Member] | ' | ' | |
Assets: | ' | ' | |
Assets | 134,998 | 101,410 | |
Homebuilding [Member] | Southwest [Member] | ' | ' | |
Assets: | ' | ' | |
Assets | 438,194 | 305,878 | |
Homebuilding [Member] | West [Member] | ' | ' | |
Assets: | ' | ' | |
Assets | 161,293 | 130,545 | |
Homebuilding [Member] | ' | ' | |
Assets: | ' | ' | |
Assets | 1,795,267 | 1,610,277 | [1] |
Financial Services [Member] | ' | ' | |
Assets: | ' | ' | |
Assets | 98,461 | 148,853 | [1] |
Corporate and Other [Member] | ' | ' | |
Assets: | ' | ' | |
Assets | $264,112 | $404,210 | |
[1] | Derived from the audited balance sheet as of October 31, 2013. |
Note_19_Variable_Interest_Enti1
Note 19 - Variable Interest Entities (Details) (USD $) | Jul. 31, 2014 |
Variable Interest Entities Disclosure [Text Block] [Abstract] | ' |
Deposits Associated with Land and Lot Options of Unconsolidated Variable Interest Entities | $75,100,000 |
Purchase Price Associated with Land and Lot Options of Unconsolidated Variable Interest Entities | $1,300,000,000 |
Note_20_Investments_in_Unconso2
Note 20 - Investments in Unconsolidated Homebuilding and Land Development Joint Ventures (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Oct. 31, 2013 | ||
Note 20 - Investments in Unconsolidated Homebuilding and Land Development Joint Ventures (Details) [Line Items] | ' | ' | ' | ' | ' | |
Joint Venture Financing, Percent of Assets | 50.00% | ' | 50.00% | ' | ' | |
Joint Venture, Average Debt to Capitalization Ratio | 21.00% | ' | 21.00% | ' | ' | |
Homebuilding [Member] | Corporate Joint Venture [Member] | ' | ' | ' | ' | ' | |
Note 20 - Investments in Unconsolidated Homebuilding and Land Development Joint Ventures (Details) [Line Items] | ' | ' | ' | ' | ' | |
Advances to Affiliate | $3,700,000 | ' | $3,700,000 | ' | $4,600,000 | |
Joint Venture, Average Debt to Capitalization Ratio | 21.00% | ' | 21.00% | ' | 20.00% | |
Homebuilding [Member] | ' | ' | ' | ' | ' | |
Note 20 - Investments in Unconsolidated Homebuilding and Land Development Joint Ventures (Details) [Line Items] | ' | ' | ' | ' | ' | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 62,294,000 | ' | 62,294,000 | ' | 51,438,000 | [1] |
Management Fees Revenue | $1,300,000 | $3,400,000 | $5,000,000 | $9,000,000 | ' | |
[1] | Derived from the audited balance sheet as of October 31, 2013. |
Note_20_Investments_in_Unconso3
Note 20 - Investments in Unconsolidated Homebuilding and Land Development Joint Ventures (Details) - Unconsolidated Homebuilding and Land Development Joint Ventures (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Oct. 31, 2013 |
Equity of: | ' | ' | ' | ' | ' |
Debt to capitalization ratio | 21.00% | ' | 21.00% | ' | ' |
Our share of net income | $211 | $3,690 | $3,849 | $6,806 | ' |
Homebuilding [Member] | Homebuilding Venture [Member] | Corporate Joint Venture [Member] | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 17,621 | ' | 17,621 | ' | 30,102 |
Inventories | 202,204 | ' | 202,204 | ' | 101,735 |
Other assets | 9,361 | ' | 9,361 | ' | 6,868 |
Total assets | 229,186 | ' | 229,186 | ' | 138,705 |
Liabilities and equity: | ' | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 28,726 | ' | 28,726 | ' | 28,016 |
Notes payable | 43,962 | ' | 43,962 | ' | 23,904 |
Total liabilities | 72,688 | ' | 72,688 | ' | 51,920 |
Equity of: | ' | ' | ' | ' | ' |
Hovnanian Enterprises, Inc. | 55,779 | ' | 55,779 | ' | 44,141 |
Others | 100,719 | ' | 100,719 | ' | 42,644 |
Total equity | 156,498 | ' | 156,498 | ' | 86,785 |
Total liabilities and equity | 229,186 | ' | 229,186 | ' | 138,705 |
Debt to capitalization ratio | 22.00% | ' | 22.00% | ' | 22.00% |
Revenues | 29,283 | 76,842 | 114,304 | 211,408 | ' |
Cost of sales and expenses | -27,631 | -67,526 | -105,409 | -194,667 | ' |
Joint venture net income | 1,652 | 9,316 | 8,895 | 16,741 | ' |
Our share of net income | 201 | 3,654 | 3,780 | 4,372 | ' |
Homebuilding [Member] | Land Development Venture [Member] | Corporate Joint Venture [Member] | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 92 | ' | 92 | ' | 639 |
Inventories | 11,336 | ' | 11,336 | ' | 11,080 |
Total assets | 11,428 | ' | 11,428 | ' | 11,719 |
Liabilities and equity: | ' | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 4,177 | ' | 4,177 | ' | 4,047 |
Total liabilities | 4,177 | ' | 4,177 | ' | 4,047 |
Equity of: | ' | ' | ' | ' | ' |
Hovnanian Enterprises, Inc. | 2,834 | ' | 2,834 | ' | 2,703 |
Others | 4,417 | ' | 4,417 | ' | 4,969 |
Total equity | 7,251 | ' | 7,251 | ' | 7,672 |
Total liabilities and equity | 11,428 | ' | 11,428 | ' | 11,719 |
Debt to capitalization ratio | 0.00% | ' | 0.00% | ' | 0.00% |
Revenues | 612 | 2,992 | 5,881 | 12,468 | ' |
Cost of sales and expenses | -534 | -3,300 | -5,619 | -7,755 | ' |
Joint venture net income | 78 | -308 | 262 | 4,713 | ' |
Our share of net income | 39 | -154 | 131 | 2,356 | ' |
Homebuilding [Member] | Corporate Joint Venture [Member] | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 17,713 | ' | 17,713 | ' | 30,741 |
Inventories | 213,540 | ' | 213,540 | ' | 112,815 |
Other assets | 9,361 | ' | 9,361 | ' | 6,868 |
Total assets | 240,614 | ' | 240,614 | ' | 150,424 |
Liabilities and equity: | ' | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 32,903 | ' | 32,903 | ' | 32,063 |
Notes payable | 43,962 | ' | 43,962 | ' | 23,904 |
Total liabilities | 76,865 | ' | 76,865 | ' | 55,967 |
Equity of: | ' | ' | ' | ' | ' |
Hovnanian Enterprises, Inc. | 58,613 | ' | 58,613 | ' | 46,844 |
Others | 105,136 | ' | 105,136 | ' | 47,613 |
Total equity | 163,749 | ' | 163,749 | ' | 94,457 |
Total liabilities and equity | 240,614 | ' | 240,614 | ' | 150,424 |
Debt to capitalization ratio | 21.00% | ' | 21.00% | ' | 20.00% |
Revenues | 29,895 | 79,834 | 120,185 | 223,876 | ' |
Cost of sales and expenses | -28,165 | -70,826 | -111,028 | -202,422 | ' |
Joint venture net income | 1,730 | 9,008 | 9,157 | 21,454 | ' |
Our share of net income | $240 | $3,500 | $3,911 | $6,728 | ' |
Note_22_Fair_Value_of_Financia2
Note 22 - Fair Value of Financial Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||||||||||
Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2013 | |
Loan Origination Commitments [Member] | Loan Origination Commitments [Member] | Interest Rate Committed [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | Senior Amortizing Notes [Member] | Senior Amortizing Notes [Member] | Senior Amortizing Notes [Member] | Senior Subordinated Amortizing Notes [Member] | Seven Percent Senior Note Due Twenty Nineteen [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Exchangeable Notes [Member] | Senior Exchangeable Notes [Member] | ||||||
Maximum [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Note 22 - Fair Value of Financial Instruments (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Held for Sale, Mortgages, Unpaid Principal | $73,600,000 | ' | $73,600,000 | ' | $107,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan Applications in Process | ' | ' | ' | ' | ' | 497,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Committed Loan Applications | ' | ' | ' | ' | ' | ' | ' | 58,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Days in Commitment | ' | ' | ' | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Commitment | 20,500,000 | ' | 20,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Real Estate | 100,000 | 100,000 | 200,000 | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | $466,600,000 | $493,400,000 | $0 | $17,000,000 | $20,900,000 | $2,200,000 | $150,800,000 | $1,000,000,000 | $1,000,000,000 | $81,500,000 | $86,800,000 |
Note_22_Fair_Value_of_Financia3
Note 22 - Fair Value of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis (Fair Value, Inputs, Level 2 [Member], Fair Value, Measurements, Recurring [Member], USD $) | Jul. 31, 2014 | Oct. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Interest Rate Lock Commitments [Member] | ' | ' | ||
Note 22 - Fair Value of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' | ||
Derivative Fair Value | ($137) | $369 | ||
Forward Contracts [Member] | ' | ' | ||
Note 22 - Fair Value of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' | ||
Derivative Fair Value | 58 | -1,155 | ||
Portion at Fair Value Measurement [Member] | ' | ' | ||
Note 22 - Fair Value of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' | ||
Mortgage loans held for sale (1) | 76,252 | [1] | 113,739 | [1] |
$76,173 | $112,953 | |||
[1] | The aggregate unpaid principal balance was $73.6 million and $107.7 million at July 31, 2014 and October 31, 2013, respectively. |
Note_22_Fair_Value_of_Financia4
Note 22 - Fair Value of Financial Instruments (Details) - Changes in Fair Values Included in Income (Loss) (Financial Services Revenue Line Item [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 |
Loans Held For Sale [Member] | ' | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' |
Changes in fair value included in net income (loss) all reflected in financial services revenues | ($236) | ($1,253) | ($2,136) | ($515) |
Interest Rate Lock Commitments [Member] | ' | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' |
Changes in fair value included in net income (loss) all reflected in financial services revenues | -308 | -157 | -506 | 115 |
Forward Contracts [Member] | ' | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' |
Changes in fair value included in net income (loss) all reflected in financial services revenues | $526 | $1,127 | $1,213 | ($337) |
Note_22_Fair_Value_of_Financia5
Note 22 - Fair Value of Financial Instruments (Details) - Assets Measured at Fair Value on a Nonrecurring Basis (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 |
Note 22 - Fair Value of Financial Instruments (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Total Losses | ($100) | ($100) | ($200) | ($1,600) |
Sold and Unsold Homes and Lots Under Development [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' | ' |
Note 22 - Fair Value of Financial Instruments (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Pre-Impairment Amount | 469 | ' | 469 | 5,243 |
Total Losses | -70 | ' | -70 | -1,479 |
Fair Value | 399 | ' | 399 | 3,764 |
Land and Land Options Held for Future Development or Sale [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' | ' |
Note 22 - Fair Value of Financial Instruments (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Pre-Impairment Amount | ' | 439 | 236 | 924 |
Total Losses | ' | -118 | -82 | -136 |
Fair Value | ' | $321 | $154 | $788 |
Note_23_Financial_Information_2
Note 23 - Financial Information of Subsidiary Issuer and Subsidiary Guarantors (Details) (USD $) | 9 Months Ended | ||||||||||||||||
Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Oct. 31, 2013 | |||||
Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | Unsecured Senior Notes Excluding Senior Amortizing Notes And Senior Exchangeable Notes [Member] | Senior Amortizing Notes [Member] | Senior Amortizing Notes [Member] | Senior Amortizing Notes [Member] | Senior Exchangeable Notes [Member] | Senior Exchangeable Notes [Member] | Senior Exchangeable Notes [Member] | ||||||
Subsidiary Issuer [Member] | Subsidiary Issuer [Member] | Subsidiary Issuer [Member] | Subsidiary Issuer [Member] | ||||||||||||||
Note 23 - Financial Information of Subsidiary Issuer and Subsidiary Guarantors (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of Wholly Owned Subsidiaries | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt Instrument, Face Amount | ' | $992,000,000 | ' | ' | $591,100,000 | ' | ' | $17,000,000 | ' | ' | $69,200,000 | ' | ' | ||||
Senior Notes | ' | $979,600,000 | $979,599,000 | $978,611,000 | [1] | $590,300,000 | $590,290,000 | $461,210,000 | [1] | ' | $17,049,000 | $20,857,000 | [1] | ' | $69,215,000 | $66,615,000 | [1] |
Exchangeable Note Unit Rate Stated Percentage | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Direct or Indirect Ownership in Guarantor Subsidiaries Percentage | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | Derived from the audited balance sheet as of October 31, 2013. |
Note_23_Financial_Information_3
Note 23 - Financial Information of Subsidiary Issuer and Subsidiary Guarantors (Details) - Condensed Consolidating Financial Statements - Balance Sheets (USD $) | Jul. 31, 2014 | Oct. 31, 2013 | |
In Thousands, unless otherwise specified | |||
ASSETS: | ' | ' | |
Assets | $1,893,728 | $1,759,130 | [1] |
LIABILITIES AND EQUITY: | ' | ' | |
Liability | 2,336,848 | 2,191,929 | [1] |
Notes payable | 1,683,180 | 1,557,706 | [1] |
Income taxes payable (receivable) | 2,711 | 3,301 | [1] |
Stockholdersb (deficit) equity | -443,120 | -433,226 | [1] |
Noncontrolling interest in consolidated joint ventures | ' | 427 | [1] |
Total liabilities and equity | 1,893,728 | 1,759,130 | [1] |
Homebuilding [Member] | Consolidation, Eliminations [Member] | ' | ' | |
ASSETS: | ' | ' | |
Assets | -14,202 | ' | |
Homebuilding [Member] | Parent Company [Member] | ' | ' | |
LIABILITIES AND EQUITY: | ' | ' | |
Liability | 2,685 | 3,798 | |
Homebuilding [Member] | Subsidiary Issuer [Member] | ' | ' | |
ASSETS: | ' | ' | |
Assets | 133,018 | 277,800 | |
LIABILITIES AND EQUITY: | ' | ' | |
Liability | 73 | 491 | |
Homebuilding [Member] | Guarantor Subsidiaries [Member] | ' | ' | |
ASSETS: | ' | ' | |
Assets | 1,335,404 | 1,020,435 | |
LIABILITIES AND EQUITY: | ' | ' | |
Liability | 514,778 | 437,767 | |
Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | |
ASSETS: | ' | ' | |
Assets | 341,047 | 312,042 | |
LIABILITIES AND EQUITY: | ' | ' | |
Liability | 55,722 | 64,329 | |
Homebuilding [Member] | ' | ' | |
ASSETS: | ' | ' | |
Assets | 1,795,267 | 1,610,277 | [1] |
Investments in and amounts due to and from consolidated subsidiaries | 62,294 | 51,438 | [1] |
LIABILITIES AND EQUITY: | ' | ' | |
Liability | 573,258 | 506,385 | [1] |
Financial Services [Member] | Guarantor Subsidiaries [Member] | ' | ' | |
ASSETS: | ' | ' | |
Assets | 8,937 | 14,570 | |
LIABILITIES AND EQUITY: | ' | ' | |
Liability | 8,837 | 14,789 | |
Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | |
ASSETS: | ' | ' | |
Assets | 89,524 | 134,283 | |
LIABILITIES AND EQUITY: | ' | ' | |
Liability | 68,862 | 109,748 | |
Financial Services [Member] | ' | ' | |
ASSETS: | ' | ' | |
Assets | 98,461 | 148,853 | [1] |
LIABILITIES AND EQUITY: | ' | ' | |
Liability | 77,699 | 124,537 | [1] |
Consolidation, Eliminations [Member] | ' | ' | |
ASSETS: | ' | ' | |
Assets | -1,598,317 | -1,334,588 | |
Intercompany receivable | -1,364,433 | -1,108,395 | |
Investments in and amounts due to and from consolidated subsidiaries | -219,682 | -226,193 | |
LIABILITIES AND EQUITY: | ' | ' | |
Intercompany payable | -1,409,081 | -1,132,036 | |
Stockholdersb (deficit) equity | -189,236 | -202,552 | |
Total liabilities and equity | -1,598,317 | -1,334,588 | |
Parent Company [Member] | ' | ' | |
ASSETS: | ' | ' | |
Assets | -78,621 | -62,298 | |
Investments in and amounts due to and from consolidated subsidiaries | -78,621 | -62,298 | |
LIABILITIES AND EQUITY: | ' | ' | |
Intercompany payable | 323,179 | 326,262 | |
Income taxes payable (receivable) | 38,635 | 40,868 | |
Stockholdersb (deficit) equity | -443,120 | -433,226 | |
Total liabilities and equity | -78,621 | -62,298 | |
Subsidiary Issuer [Member] | ' | ' | |
ASSETS: | ' | ' | |
Assets | 1,436,200 | 1,373,981 | |
Intercompany receivable | 1,337,515 | 1,093,906 | |
Investments in and amounts due to and from consolidated subsidiaries | -34,333 | 2,275 | |
LIABILITIES AND EQUITY: | ' | ' | |
Notes payable | 1,679,668 | 1,555,336 | |
Stockholdersb (deficit) equity | -243,541 | -181,846 | |
Total liabilities and equity | 1,436,200 | 1,373,981 | |
Guarantor Subsidiaries [Member] | ' | ' | |
ASSETS: | ' | ' | |
Assets | 1,676,977 | 1,321,221 | |
Investments in and amounts due to and from consolidated subsidiaries | 332,636 | 286,216 | |
LIABILITIES AND EQUITY: | ' | ' | |
Notes payable | 3,243 | 2,276 | |
Intercompany payable | 1,085,902 | 805,774 | |
Income taxes payable (receivable) | -35,924 | -37,567 | |
Stockholdersb (deficit) equity | 100,141 | 98,182 | |
Total liabilities and equity | 1,676,977 | 1,321,221 | |
Non-Guarantor Subsidiaries [Member] | ' | ' | |
ASSETS: | ' | ' | |
Assets | 457,489 | 460,814 | |
Intercompany receivable | 26,918 | 14,489 | |
LIABILITIES AND EQUITY: | ' | ' | |
Notes payable | 269 | 94 | |
Stockholdersb (deficit) equity | 332,636 | 286,216 | |
Noncontrolling interest in consolidated joint ventures | ' | 427 | |
Total liabilities and equity | $457,489 | $460,814 | |
[1] | Derived from the audited balance sheet as of October 31, 2013. |
Note_23_Financial_Information_4
Note 23 - Financial Information of Subsidiary Issuer and Subsidiary Guarantors (Details) - Condensed Consolidating Financial Statements - Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Total revenues | $551,009 | $478,357 | $1,364,986 | $1,259,566 |
Total expenses | 535,848 | 471,659 | 1,383,496 | 1,278,051 |
(Loss) Gain on Extinguishment of Debt | ' | ' | -1,155 | ' |
Income from unconsolidated joint ventures | 211 | 3,690 | 3,849 | 6,806 |
(Loss) income before income taxes | 15,372 | 10,388 | -15,816 | -11,679 |
State and federal income tax (benefit) provision | -1,733 | 1,922 | -496 | -10,155 |
Equity in (loss) income of consolidated subsidiaries | ' | ' | ' | ' |
Net (loss) income | 17,105 | 8,466 | -15,320 | -1,524 |
Homebuilding [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Homebuilding revenue | ' | -1,246 | ' | -3,741 |
Total expenses | -586 | 2,141 | -3,338 | 4,554 |
Homebuilding [Member] | Parent Company [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Homebuilding revenue | ' | ' | ' | 3 |
Total expenses | 3,098 | 3,177 | 9,023 | 5,921 |
Homebuilding [Member] | Subsidiary Issuer [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Homebuilding revenue | -52 | -76 | -129 | -175 |
Total expenses | 32,751 | 30,389 | 96,769 | 90,088 |
Homebuilding [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Homebuilding revenue | 436,085 | 372,416 | 1,085,275 | 1,033,927 |
Total expenses | 406,479 | 351,903 | 1,045,419 | 994,979 |
Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Homebuilding revenue | 103,870 | 94,385 | 251,228 | 194,333 |
Total expenses | 86,894 | 77,409 | 215,032 | 161,304 |
Homebuilding [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Homebuilding revenue | 539,903 | 465,479 | 1,336,374 | 1,224,347 |
Total expenses | 528,636 | 465,019 | 1,362,905 | 1,256,846 |
Financial Services [Member] | Parent Company [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Financial services | 6 | 4 | 15 | 13 |
Financial Services [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Financial services | 2,396 | 3,080 | 6,467 | 7,743 |
Financial services | 1,699 | 2,052 | 4,918 | 5,742 |
Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Financial services | 8,710 | 9,798 | 22,145 | 27,476 |
Financial services | 5,507 | 4,584 | 15,658 | 15,450 |
Financial Services [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Financial services | 11,106 | 12,878 | 28,612 | 35,219 |
Total revenues | 11,106 | 12,878 | 28,612 | 35,219 |
(Loss) income before income taxes | 3,894 | 6,238 | 8,021 | 14,014 |
Financial services | 7,212 | 6,640 | 20,591 | 21,205 |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Intercompany charges | 1,741 | 4,208 | 3,467 | 15,886 |
Total revenues | 1,741 | 2,962 | 3,467 | 12,145 |
Total expenses | -586 | 2,141 | -3,338 | 4,554 |
(Loss) Gain on Extinguishment of Debt | ' | ' | ' | ' |
Income from unconsolidated joint ventures | ' | ' | ' | ' |
(Loss) income before income taxes | 2,327 | 821 | 6,805 | 7,591 |
Equity in (loss) income of consolidated subsidiaries | -23,750 | -24,336 | 6,511 | 727 |
Net (loss) income | -21,423 | -23,515 | 13,316 | 8,318 |
Parent Company [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Total revenues | ' | ' | ' | 3 |
Total expenses | 3,104 | 3,181 | 9,038 | 5,934 |
(Loss) Gain on Extinguishment of Debt | ' | ' | ' | ' |
Income from unconsolidated joint ventures | ' | ' | ' | ' |
(Loss) income before income taxes | -3,104 | -3,181 | -9,038 | -5,931 |
State and federal income tax (benefit) provision | -4,213 | -2,233 | -10,041 | -19,308 |
Equity in (loss) income of consolidated subsidiaries | 15,996 | 9,414 | -16,323 | -14,901 |
Net (loss) income | 17,105 | 8,466 | -15,320 | -1,524 |
Subsidiary Issuer [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Intercompany charges | 26,411 | 20,760 | 72,966 | 61,167 |
Total revenues | 26,359 | 20,684 | 72,837 | 60,992 |
Total expenses | 32,751 | 30,389 | 96,769 | 90,088 |
(Loss) Gain on Extinguishment of Debt | ' | ' | -1,155 | -770,009 |
Income from unconsolidated joint ventures | ' | ' | ' | ' |
(Loss) income before income taxes | -6,392 | -9,705 | -25,087 | -799,105 |
Equity in (loss) income of consolidated subsidiaries | -12,584 | -10,887 | -36,608 | -33,606 |
Net (loss) income | -18,976 | -20,592 | -61,695 | -832,711 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Intercompany charges | -28,110 | -24,931 | -76,391 | -75,265 |
Total revenues | 410,371 | 350,565 | 1,015,351 | 966,405 |
Total expenses | 408,178 | 353,955 | 1,050,337 | 1,000,721 |
(Loss) Gain on Extinguishment of Debt | ' | ' | ' | 770,009 |
Income from unconsolidated joint ventures | 10 | 34 | 70 | 2,293 |
(Loss) income before income taxes | 2,203 | -3,356 | -34,916 | 737,986 |
State and federal income tax (benefit) provision | 2,480 | 4,155 | 9,545 | 9,153 |
Equity in (loss) income of consolidated subsidiaries | 20,338 | 25,809 | 46,420 | 47,780 |
Net (loss) income | 20,061 | 18,298 | 1,959 | 776,613 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Intercompany charges | -42 | -37 | -42 | -1,788 |
Total revenues | 112,538 | 104,146 | 273,331 | 220,021 |
Total expenses | 92,401 | 81,993 | 230,690 | 176,754 |
(Loss) Gain on Extinguishment of Debt | ' | ' | ' | ' |
Income from unconsolidated joint ventures | 201 | 3,656 | 3,779 | 4,513 |
(Loss) income before income taxes | 20,338 | 25,809 | 46,420 | 47,780 |
State and federal income tax (benefit) provision | ' | ' | ' | ' |
Equity in (loss) income of consolidated subsidiaries | ' | ' | ' | ' |
Net (loss) income | $20,338 | $25,809 | $46,420 | $47,780 |
Note_23_Financial_Information_5
Note 23 - Financial Information of Subsidiary Issuer and Subsidiary Guarantors (Details) - Condensed Consolidating Financial Statements - Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | ($15,320) | ($1,524) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities | -244,223 | -45,873 |
Net cash provided by (used in) operating activities | -259,543 | -47,397 |
Net cash provided by (used in) investing activities | -9,315 | 18,776 |
Net cash provided by (used in) financing activities | 123,375 | -17,353 |
Net (decrease) increase in cash | -145,483 | -45,974 |
Cash balance, beginning of period | 329,204 | 273,232 |
Cash balance, end of period | 183,721 | 227,258 |
Consolidation, Eliminations [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income (loss) | 13,316 | 8,318 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities | -13,316 | -8,318 |
Parent Company [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income (loss) | -15,320 | -1,524 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities | 2,080 | 20,418 |
Net cash provided by (used in) operating activities | -13,240 | 18,894 |
Intercompany investing and financing activities b net | 13,240 | -18,894 |
Subsidiary Issuer [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income (loss) | -61,695 | -832,711 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities | 6,913 | 789,831 |
Net cash provided by (used in) operating activities | -54,782 | -42,880 |
Net cash provided by (used in) investing activities | ' | 298 |
Net cash provided by (used in) financing activities | 118,599 | -5,460 |
Intercompany investing and financing activities b net | -207,001 | 6,404 |
Net (decrease) increase in cash | -143,184 | -41,638 |
Cash balance, beginning of period | 243,470 | 197,097 |
Cash balance, end of period | 100,286 | 155,459 |
Guarantor Subsidiaries [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income (loss) | 1,959 | 776,613 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities | -251,746 | -842,439 |
Net cash provided by (used in) operating activities | -249,787 | -65,826 |
Net cash provided by (used in) investing activities | -1,009 | 12,357 |
Net cash provided by (used in) financing activities | 45,442 | 48,090 |
Intercompany investing and financing activities b net | 206,190 | 1,009 |
Net (decrease) increase in cash | 836 | -4,370 |
Cash balance, beginning of period | -6,479 | -2,017 |
Cash balance, end of period | -5,643 | -6,387 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income (loss) | 46,420 | 47,780 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities | 11,846 | -5,365 |
Net cash provided by (used in) operating activities | 58,266 | 42,415 |
Net cash provided by (used in) investing activities | -8,306 | 6,121 |
Net cash provided by (used in) financing activities | -40,666 | -59,983 |
Intercompany investing and financing activities b net | -12,429 | 11,481 |
Net (decrease) increase in cash | -3,135 | 34 |
Cash balance, beginning of period | 92,213 | 78,152 |
Cash balance, end of period | $89,078 | $78,186 |
Note_24_Transactions_with_Rela1
Note 24 - Transactions with Related Parties (Details) (Tavit Najarian [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 |
Tavit Najarian [Member] | ' | ' | ' | ' |
Note 24 - Transactions with Related Parties (Details) [Line Items] | ' | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | $0.30 | $0.20 | $0.70 | $0.60 |