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Product Warranty | 6 Months Ended
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May 31, 2021
Product Warranties Disclosures [Abstract] |
Product Warranty | Product Warranty Warranty and similar reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Reserves are determined based on historical data and trends with respect to similar product types and geographical areas. The activity in the Company’s warranty reserve, which are included in Homebuilding other liabilities, was as follows:
| Three Months Ended |  | Six Months Ended
| May 31, |  | May 31,
(In thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Warranty reserve, beginning of the period | $ | 348,100 |  |  | 287,413 |  |  | 341,765 |  |  | 294,138 |
Warranties issued | 51,690 |  |  | 46,272 |  |  | 94,618 |  |  | 84,543 |
Adjustments to pre-existing warranties from changes in estimates (1) | 13,119 |  |  | 7,707 |  |  | 18,760 |  |  | 13,611 |
Payments | (51,168) |  |  | (39,930) |  |  | (93,402) |  |  | (90,830) |
Warranty reserve, end of period | $ | 361,741 |  |  | 301,462 |  |  | 361,741 |  |  | 301,462 |
(1)The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2021 and May 31, 2020 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.

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- Definition The entire disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -URI http://asc.fasb.org/topic&trid=2155896 + Details
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