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Inventory
 6 Months Ended
Apr. 30, 2025
Inventory Disclosure [Abstract]  
Inventory Inventory
Major components of inventory at April 30, 2025 and October 31, 2024 were (amounts in thousands):
April 30,
2025		October 31,
2024
Land deposits and costs of future communities$781,280 $620,040 
Land and land development costs2,992,183 2,532,221 
Land and land development costs associated with homes under construction3,785,095 3,617,266 
Total land and land development costs7,558,558 6,769,527 
Homes under construction2,946,464 2,458,541 
Model homes (1)489,851 484,857 
$10,994,873 $9,712,925 
(1)    Includes the allocated land and land development costs associated with each of our model homes in operation.
The following table provides a summary of the composition of our inventory based on community status at April 30, 2025 and October 31, 2024 (amounts in thousands):
April 30,
2025		October 31,
2024
Land controlled for future communities$242,738 $200,166 
Land owned for future communities442,008 353,030 
Operating communities10,310,127 9,159,729 
$10,994,873 $9,712,925 
Operating communities include communities offering homes for sale; communities that have sold all available home sites but have not completed delivery of the homes; and communities preparing to open for sale. The carrying value attributable to operating communities includes the cost of homes under construction, land and land development costs, the carrying cost of home sites in current and future phases of these communities, and the carrying cost of model homes.
Backlog consists of homes under contract but not yet delivered to our home buyers (“backlog”).
The amounts we have provided for inventory impairment charges and the expensing of costs that we believed not to be recoverable, included in home sales cost of revenues, are shown in the table below (amounts in thousands):
 Three months ended April 30,Six months ended April 30,
 2025202420252024
Land controlled for future communities$1,674 $1,288 $5,631 $2,759 
Operating communities8,125 27,140 20,585 27,140 
$9,799 $28,428 $26,216 $29,899 
We recognized $1.8 million of impairment charges on land held for sale included in land sales and other cost of revenues during the six-month period ended April 30, 2025. No impairment charges on land held for sale were recognized in the three-month period ended April 30, 2025. We recognized $0.6 million of similar impairment charges during the three-month and six-month period ended April 30, 2024.
See Note 13, “Commitments and Contingencies,” for information regarding land purchase commitments.
At April 30, 2025, we evaluated our land purchase contracts, including those to acquire land for apartment developments, to determine whether any of the selling entities were variable interest entities (“VIEs”) and, if they were, whether we were the primary beneficiary of any of them. Under these land purchase contracts, we do not possess legal title to the land; our maximum exposure to loss is generally limited to deposits paid to the sellers and predevelopment costs incurred; and the creditors of the sellers generally have no recourse against us. At April 30, 2025, we determined that 334 land purchase contracts, with an aggregate purchase price of $6.74 billion, on which we had made aggregate deposits totaling $659.5 million, were VIEs, and that we were not the primary beneficiary of any VIE related to our land purchase contracts. At October 31, 2024, we determined that 297 land purchase contracts, with an aggregate purchase price of $5.59 billion, on which we had made aggregate deposits
totaling $522.1 million, were VIEs and that we were not the primary beneficiary of any VIE related to our land purchase contracts. However, at April 30, 2025 and October 31, 2024, certain contracts were accrued as we concluded we were economically compelled to purchase the land. See Note 6, “Accrued Expenses,” for information regarding liabilities related to consolidated inventory not owned.
Interest incurred, capitalized, and expensed, for the periods indicated, were as follows (amounts in thousands):
 Three months ended April 30,Six months ended April 30,
 2025202420252024
Interest capitalized, beginning of period$192,317 $198,291 $179,797 $190,550 
Interest incurred35,653 32,481 69,855 66,440 
Interest expensed to home sales cost of revenues(30,311)(34,740)(50,387)(58,318)
Interest expensed to land sales and other cost of revenues(624)(726)(638)(1,020)
Interest capitalized on investments in unconsolidated entities(1,581)(2,219)(3,284)(4,707)
Previously capitalized interest on investments in unconsolidated entities transferred to inventory569 391 680 533 
Interest capitalized, end of period$196,023 $193,478 $196,023 $193,478