Fair Value Disclosures (Tables)

3 Months Ended

Jan. 31, 2021

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Summary of assets and (liabilities), measured at fair value on a recurring basis

The table below provides, as of the dates indicated, a summary of assets/(liabilities) related to our financial instruments, measured at fair value on a recurring basis (amounts in thousands):

		Fair value
Financial Instrument	Fair value hierarchy	January 31, 2021		October 31, 2020
Residential Mortgage Loans Held for Sale	Level 2	$	125,475	$	231,797
Forward Loan Commitments — Residential Mortgage Loans Held for Sale	Level 2	$	52	$	(31)
Interest Rate Lock Commitments (“IRLCs”)	Level 2	$	(358)	$	628
Forward Loan Commitments — IRLCs	Level 2	$	358	$	(628)
Interest Rate Swap Contracts	Level 2	$	652	$	—

Aggregate unpaid principal and fair value of mortgage loans held for sale

The table below provides, as of the dates indicated, the aggregate unpaid principal and fair value of mortgage loans held for sale (amounts in thousands):

	Aggregate unpaid principal balance		Fair value		Excess
At January 31, 2021	$	122,879	$	125,475	$	2,596
At October 31, 2020	$	225,826	$	231,797	$	5,971

Fair value of inventory adjusted for impairment

The table below provides, for the periods indicated, the number of operating communities that we reviewed for potential impairment, the number of operating communities in which we recognized impairment charges, the amount of impairment charges recognized, and, as of the end of the period indicated, the fair value of those communities, net of impairment charges ($ amounts in thousands):

		Impaired operating communities
Three months ended:	Number of communities tested	Number of communities	Fair value of communities, net of impairment charges		Impairment charges recognized
Fiscal 2021:
January 31	53	1	$	419	$	1,100
					$	1,100
Fiscal 2020:
January 31	65	—	$	—	$	—
April 30	80	1	$	2,754	300
July 31	66	—	$	—	—
October 31	53	1	$	1,113	375
					$	675

Book value and estimated fair value of the Company's debt

The table below provides, as of the dates indicated, the book value and estimated fair value of our debt (amounts in thousands):

		January 31, 2021				October 31, 2020
	Fair value hierarchy	Book value		Estimated fair value		Book value		Estimated fair value
Loans payable (1)	Level 2	$	974,139	$	979,592	$	1,151,257	$	1,157,315
Senior notes (2)	Level 1	2,659,856		2,914,484		2,669,876		2,888,822
Mortgage company loan facility (3)	Level 2	112,619		112,619		148,611		148,611
		$	3,746,614	$	4,006,695	$	3,969,744	$	4,194,748

(1)    The estimated fair value of loans payable was based upon contractual cash flows discounted at interest rates that we believed were available to us for loans with similar terms and remaining maturities as of the applicable valuation date.

(2)    The estimated fair value of our senior notes is based upon their market prices as of the applicable valuation date.

(3)    We believe that the carrying value of our mortgage company loan borrowings approximates their fair value.

Operating communities [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block]

The table below summarizes, for the periods indicated, the ranges of certain quantitative unobservable inputs utilized in determining the fair value of impaired operating communities:

Three months ended:	Selling price per unit ($ in thousands)	Sales pace per year (in units)	Discount rate
Fiscal 2021:
January 31	2,003	2	14.3%
Fiscal 2020:
January 31	—	—	—%
April 30	613 - 789	9	14.3%
July 31	—	—	—%
October 31	—	—	—%