XML 32 R22.htm IDEA: XBRL DOCUMENT v3.23.2

Homebuilding Senior Notes and Other Debts Payable (Tables)

6 Months Ended

May 31, 2023

Debt Disclosure [Abstract]

Schedule of Senior Notes and Other Debts Payable

(Dollars in thousands)			May 31, 2023						November 30, 2022
4.875% senior notes due December 2023 (1)			$	397,615					399,169
4.50% senior notes due 2024 (1)			493,690						648,975
5.875% senior notes due 2024			431,794						434,128
4.75% senior notes due 2025			499,114						498,892
5.25% senior notes due 2026			403,648						404,257
5.00% senior notes due 2027			351,549						351,741
4.75% senior notes due 2027			896,633						896,259
Mortgage notes on land and other debt			378,215						413,873
			$	3,852,258					4,047,294

(1)During the three and six months ended May 31, 2023, the Company repurchased $2.0 million and $155.8 million aggregate principal amount of 4.875% senior notes and 4.50% senior notes, respectively, through open market repurchases.

Schedule of Letter of Credit Facilities

At May 31, 2023, the Financial Services warehouse facilities were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:

(In thousands)			Maximum Aggregate Commitment
Residential facilities maturing:
June 2023 (1)			$	200,000
December 2023			500,000
April 2024			500,000
May 2024			600,000
Total residential facilities			$	1,800,000
LMF Commercial facilities maturing:
July 2023			$	50,000
November 2023			100,000
December 2023			400,000
Total LMF commercial facilities			$	550,000
Total			$	2,350,000

(1)Subsequent to May 31, 2023, the maturity date was extended to June 2024.

Borrowings and collateral under the facilities were as follows:

(In thousands)			May 31, 2023						November 30, 2022
Borrowings under the residential facilities			$	1,020,958					1,877,411
Collateral under the residential facilities			1,054,138						1,950,155
Borrowings under the LMF Commercial facilities			4,425						124,399

The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows:

(In thousands)						May 31, 2023
Commitments - maturing in April 2024						$	350,000
Commitments - maturing in May 2027						2,225,000
Total commitment						$	2,575,000
Accordion feature						425,000
Total maximum borrowings capacity						$	3,000,000

The Company's outstanding letters of credit and surety bonds are disclosed below:

(In thousands)						May 31, 2023						November 30, 2022
Performance letters of credit						$	1,362,785					1,259,033
Financial letters of credit						384,752						503,659
Surety bonds						4,196,718						4,136,715
Anticipated future costs primarily for site improvements related to performance surety bonds						2,173,244						2,273,694

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

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Name:	us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration