XML 89 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Oct. 31, 2014
Oct. 31, 2013
Oct. 31, 2012
Homebuilding:      
Total revenues $ 2,063,380us-gaap_Revenues $ 1,851,253us-gaap_Revenues $ 1,485,353us-gaap_Revenues
Homebuilding:      
Inventory impairment loss and land option write-offs 5,224hov_InventoryImpairmentsAndLandOptionCostWriteOffs 4,965hov_InventoryImpairmentsAndLandOptionCostWriteOffs 12,530hov_InventoryImpairmentsAndLandOptionCostWriteOffs
Corporate general and administrative 63,375hov_CorporateGeneralAndAdministrative 54,357hov_CorporateGeneralAndAdministrative 48,232hov_CorporateGeneralAndAdministrative
Other interest 87,378hov_RealEstateInventoryExpenseNotEligibleForCapitalization [1],[2] 91,344hov_RealEstateInventoryExpenseNotEligibleForCapitalization [1],[2] 97,895hov_RealEstateInventoryExpenseNotEligibleForCapitalization [1],[2]
Other operations 4,647us-gaap_OtherNonoperatingIncomeExpense 790us-gaap_OtherNonoperatingIncomeExpense 4,205us-gaap_OtherNonoperatingIncomeExpense
Total expenses 2,049,942us-gaap_CostsAndExpenses 1,840,598us-gaap_CostsAndExpenses 1,562,936us-gaap_CostsAndExpenses
Loss on extinguishment of debt (1,155)us-gaap_GainsLossesOnExtinguishmentOfDebt (760)us-gaap_GainsLossesOnExtinguishmentOfDebt (29,066)us-gaap_GainsLossesOnExtinguishmentOfDebt
Income from unconsolidated joint ventures 7,897us-gaap_IncomeLossFromEquityMethodInvestments 12,040us-gaap_IncomeLossFromEquityMethodInvestments 5,401us-gaap_IncomeLossFromEquityMethodInvestments
Income (loss) before income taxes 20,180us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest 21,935us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest (101,248)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
State and federal income tax (benefit) provision:      
Tax provision (benefit) (286,964)us-gaap_IncomeTaxExpenseBenefit (9,360)us-gaap_IncomeTaxExpenseBenefit (35,051)us-gaap_IncomeTaxExpenseBenefit
Net income (loss) 307,144us-gaap_NetIncomeLoss 31,295us-gaap_NetIncomeLoss (66,197)us-gaap_NetIncomeLoss
Basic:      
Income (loss) per common share (in Dollars per share) $ 2.05us-gaap_EarningsPerShareBasic $ 0.22us-gaap_EarningsPerShareBasic $ (0.52)us-gaap_EarningsPerShareBasic
Weighted-average number of common shares outstanding (in Shares) 146,271us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 145,087us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 126,350us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Assuming dilution:      
Income (loss) per common share (in Dollars per share) $ 1.87us-gaap_EarningsPerShareDiluted $ 0.22us-gaap_EarningsPerShareDiluted $ (0.52)us-gaap_EarningsPerShareDiluted
Weighted-average number of common shares outstanding (in Shares) 162,441us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 162,329us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 126,350us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
State and Local Jurisdiction [Member]      
State and federal income tax (benefit) provision:      
Tax provision (benefit) (12,452)us-gaap_IncomeTaxExpenseBenefit
/ us-gaap_IncomeTaxAuthorityAxis
= us-gaap_StateAndLocalJurisdictionMember
518us-gaap_IncomeTaxExpenseBenefit
/ us-gaap_IncomeTaxAuthorityAxis
= us-gaap_StateAndLocalJurisdictionMember
(35,328)us-gaap_IncomeTaxExpenseBenefit
/ us-gaap_IncomeTaxAuthorityAxis
= us-gaap_StateAndLocalJurisdictionMember
Homebuilding [Member]      
Homebuilding:      
Sale of homes 2,013,013us-gaap_HomeBuildingRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
1,784,327us-gaap_HomeBuildingRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
1,405,580us-gaap_HomeBuildingRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
Land sales and other revenues 7,953hov_LandSalesAndOtherRevenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
19,199hov_LandSalesAndOtherRevenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
41,038hov_LandSalesAndOtherRevenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
Total homebuilding 2,020,966us-gaap_RealEstateRevenueNet
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
1,803,526us-gaap_RealEstateRevenueNet
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
1,446,618us-gaap_RealEstateRevenueNet
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
Total revenues 2,021,128us-gaap_Revenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
1,803,657us-gaap_Revenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
1,446,591us-gaap_Revenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
Homebuilding:      
Cost of sales, excluding interest 1,615,199us-gaap_CostOfRealEstateSalesExcludingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
1,442,044us-gaap_CostOfRealEstateSalesExcludingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
1,179,801us-gaap_CostOfRealEstateSalesExcludingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
Cost of sales interest 53,966us-gaap_CostOfRealEstateSalesInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
52,230us-gaap_CostOfRealEstateSalesInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
54,538us-gaap_CostOfRealEstateSalesInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
Inventory impairment loss and land option write-offs 5,224hov_InventoryImpairmentsAndLandOptionCostWriteOffs
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
4,965hov_InventoryImpairmentsAndLandOptionCostWriteOffs
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
12,530hov_InventoryImpairmentsAndLandOptionCostWriteOffs
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
Total cost of sales 1,674,389us-gaap_CostOfRealEstateSales
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
1,499,239us-gaap_CostOfRealEstateSales
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
1,246,869us-gaap_CostOfRealEstateSales
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
Selling, general and administrative 191,537us-gaap_SellingGeneralAndAdministrativeExpense
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
165,809us-gaap_SellingGeneralAndAdministrativeExpense
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
142,087us-gaap_SellingGeneralAndAdministrativeExpense
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
Total homebuilding expenses 1,865,926us-gaap_CostOfRealEstateRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
1,665,048us-gaap_CostOfRealEstateRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
1,388,956us-gaap_CostOfRealEstateRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
Total expenses 2,021,326us-gaap_CostsAndExpenses
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
1,811,539us-gaap_CostsAndExpenses
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
1,539,288us-gaap_CostsAndExpenses
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
Income (loss) before income taxes 139,336us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
135,489us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
47,005us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_HomebuildingMember
Financial Services [Member]      
Homebuilding:      
Financial services 42,414us-gaap_FinancialServicesRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember
47,727us-gaap_FinancialServicesRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember
38,735us-gaap_FinancialServicesRevenue
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember
Total revenues 42,414us-gaap_Revenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember
47,727us-gaap_Revenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember
38,735us-gaap_Revenues
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember
Homebuilding:      
Financial services 28,616us-gaap_FinancialServicesCosts
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember
29,059us-gaap_FinancialServicesCosts
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember
23,648us-gaap_FinancialServicesCosts
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember
Income (loss) before income taxes 13,798us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember
18,668us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember
15,087us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
/ us-gaap_StatementBusinessSegmentsAxis
= hov_FinancialServicesMember
Internal Revenue Service (IRS) [Member]      
State and federal income tax (benefit) provision:      
Tax provision (benefit) $ (274,512)us-gaap_IncomeTaxExpenseBenefit
/ us-gaap_IncomeTaxAuthorityNameAxis
= us-gaap_InternalRevenueServiceIRSMember
$ (9,878)us-gaap_IncomeTaxExpenseBenefit
/ us-gaap_IncomeTaxAuthorityNameAxis
= us-gaap_InternalRevenueServiceIRSMember
$ 277us-gaap_IncomeTaxExpenseBenefit
/ us-gaap_IncomeTaxAuthorityNameAxis
= us-gaap_InternalRevenueServiceIRSMember
[1] Other interest expensed is comprised of interest that does not qualify for 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: