Inventory at April 30, 2023 and October 31, 2022 consisted of the following (amounts in thousands):


	April 30, 2023		October 31, 2022
Land controlled for future communities	$	170,613	$	240,751
Land owned for future communities	876,561		808,851
Operating communities	8,060,704		7,683,724
	$	9,107,878	$	8,733,326

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.

The amounts we have provided for inventory impairment charges and the expensing of costs that we believe not to be recoverable, for the periods indicated, which are 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,
	2023		2022		2023		2022
Land controlled for future communities	$	5,844	$	2,192	$	8,448	$	2,985
Land owned for future communities	325		—		325		1,440
Operating communities	4,900		—		10,300		—
	$	11,069	$	2,192	$	19,073	$	4,425

We have also recognized $4.7 million and $17.7 million of impairment charges on land held for sale included in land sales and other cost of revenues during the three-month and six-month periods ended April 30, 2023, respectively. We recognized $5.2 million of similar charges during the three-month and six-month periods ended April 30, 2022.

At April 30, 2023, 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 risk 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, 2023, we determined that 236 land purchase contracts, with an aggregate purchase price of $3.75 billion, on which we had made aggregate deposits totaling $414.6 million, were VIEs, and that we were not the primary beneficiary of any VIE related to our land purchase contracts. At October 31, 2022, we determined that 237 land purchase contracts, with an aggregate purchase price of $3.89 billion, on which we had made aggregate deposits totaling $417.6 million, were VIEs and that we were not the primary beneficiary of any VIE related to our land purchase contracts.


	Three months ended April 30,				Six months ended April 30,
	2023		2022		2023		2022
Interest capitalized, beginning of period	$	215,197	$	247,942	$	209,468	$	253,938
Interest incurred	37,862		31,888		74,716		62,893
Interest expensed to home sales cost of revenues	(37,558)		(40,822)		(62,638)		(73,259)
Interest expensed to land sales and other cost of revenues	(1,350)		(219)		(4,827)		(3,628)


Interest capitalized on investments in unconsolidated entities	(2,668)		(1,516)		(5,161)		(2,806)
Previously capitalized interest transferred to investments in unconsolidated entities	—		—		(244)		—
Previously capitalized interest on investments in unconsolidated entities transferred to inventory	277		60		446		195
Interest capitalized, end of period	$	211,760	$	237,333	$	211,760	$	237,333