XML 23 R12.htm IDEA: XBRL DOCUMENT v3.21.2

Homebuilding Senior Notes and Other Debts Payable

6 Months Ended

May 31, 2021

Debt Disclosure [Abstract]

Homebuilding Senior Notes and Other Debts Payable

Homebuilding Senior Notes and Other Debts Payable

(Dollars in thousands)			May 31, 2021						November 30, 2020
6.25% senior notes due December 2021 (1)			$	302,705					305,221
4.125% senior notes due 2022			599,371						598,876
5.375% senior notes due 2022			253,914						255,342
4.750% senior notes due 2022			573,300						572,724
4.875% senior notes due December 2023			397,948						397,347
4.500% senior notes due 2024			647,890						647,528
5.875% senior notes due 2024			441,147						443,484
4.750% senior notes due 2025			498,224						498,002
5.25% senior notes due 2026			406,103						406,709
5.00% senior notes due 2027			352,316						352,508
4.75% senior notes due 2027			895,135						894,760
Mortgage notes on land and other debt			526,289						583,257
			$	5,894,342					5,955,758

(1)Subsequent to May 31, 2021, the Company retired these notes. The redemption price, which was paid in cash, was par plus accrued but unpaid interest.

The carrying amounts of the senior notes in the table above are net of debt issuance costs of $13.6 million and $15.9 million as of May 31, 2021 and November 30, 2020, respectively.

As of May 31, 2021 the maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were $2.5 billion and included a $300 million accordion feature, subject to additional commitments, thus the maximum borrowings could be $2.8 billion maturing in 2024. The Credit Facility agreement (the "Credit Agreement") provides that up to $500 million in commitments may be used for letters of credit. The maturity, debt covenants and details of the Credit Facility are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Form 10-K for the year ended November 30, 2020. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions.

Procedures related to performance letters of credit, financial letters of credit and surety bonds are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Form 10-K for the year ended November 30, 2020. The Company's outstanding performance letters of credit and surety bonds are described below:

(In thousands)						May 31, 2021						November 30, 2020
Performance letters of credit						$	817,831					752,096
Surety bonds						3,306,473						3,087,711
Anticipated future costs primarily for site improvements related to performance surety bonds						1,743,993						1,584,642

The Company's senior notes are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries and some of the Company's other subsidiaries. These guarantees are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Form 10-K for the year ended November 30, 2020.

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

+ Details

Name:	us-gaap_DebtDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration