Fair Value Disclosures (Tables)

12 Months Ended

Oct. 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

A summary of assets and (liabilities) at October 31, 2021 and 2020, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (amounts in thousands):

		Fair value
Financial Instrument	Fair value hierarchy	October 31, 2021		October 31, 2020
Residential Mortgage Loans Held for Sale	Level 2	$	247,211	$	231,797
Forward Loan Commitments – Residential Mortgage Loans Held for Sale	Level 2	$	1,782	$	(31)
Interest Rate Lock Commitments (“IRLCs”)	Level 2	$	(1,773)	$	628
Forward Loan Commitments – IRLCs	Level 2	$	1,773	$	(628)
Interest Rate Swap Contracts	Level 2	$	10,330	$	—

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

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

At October 31,	Aggregate unpaid principal balance		Fair value		Excess
2021	$	244,467	$	247,211	$	2,744
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
April 30	27	—	$	—	—
July 31	18	—	$	—	—
October 31	21	—	$	—	—
					$	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
Fiscal 2019:
January 31	49	5	$	37,282	$	5,785
April 30	64	6	$	36,159	17,495
July 31	69	3	$	5,436	1,100
October 31	71	7	$	18,910	6,695
					$	31,075

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 at October 31, 2021 and 2020 (amounts in thousands):

		2021				2020
	Fair value hierarchy	Book value		Estimated fair value		Book value		Estimated fair value
Loans payable (1)	Level 2	$	1,014,042	$	1,021,662	$	1,151,257	$	1,157,315
Senior notes (2)	Level 1	2,409,856		2,577,818		2,669,876		2,888,822
Mortgage company loan facility (3)	Level 2	147,512		147,512		148,611		148,611
		$	3,571,410	$	3,746,992	$	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.