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Homebuilding Senior Notes and Other Debts Payable (Tables) | 9 Months Ended
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Aug. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Senior Notes and Other Debts Payable |
(Dollars in thousands) | August 31, 2023 |  | November 30, 2022
4.875% senior notes due December 2023 (1) | $ | 377,973 |  |  | 399,169 |
4.50% senior notes due 2024 (1) | 463,407 |  |  | 648,975 |
4.75% senior notes due 2025 | 499,225 |  |  | 498,892 |
5.25% senior notes due 2026 | 403,345 |  |  | 404,257 |
5.00% senior notes due 2027 | 351,453 |  |  | 351,741 |
4.75% senior notes due 2027 | 896,820 |  |  | 896,259 |
5.875% senior notes due 2024 | — |  |  | 434,128 |
Mortgage notes on land and other debt | 327,896 |  |  | 413,873 |
| $ | 3,320,119 |  |  | 4,047,294 |
(1)During the three months ended August 31, 2023, the Company repurchased $19.9 million and $30.4 million aggregate principal amount of 4.875% senior notes and 4.50% senior notes, respectively, through open market repurchases. During the nine months ended August 31, 2023, the Company repurchased $21.8 million and $186.2 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 August 31, 2023, the Financial Services segment had warehouse facilities which 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: |
December 2023 | $ | 500,000 |
April 2024 (1) | 500,000 |
May 2024 (2) | 1,500,000 |
June 2024 | 200,000 |
Total residential facilities | $ | 2,700,000 |
LMF Commercial facilities maturing: |
November 2023 | $ | 100,000 |
December 2023 | 400,000 |
Total LMF commercial facilities | $ | 500,000 |
Total | $ | 3,200,000 |
(1)Maximum aggregate commitment includes an uncommitted amount of $250 million. (2)Maximum aggregate commitment includes $900 million that is available from August 2023 to December 2023. Subsequent to December 2023, the maximum aggregate commitment will be $600 million until maturity in May 2024. Borrowings and collateral under the facilities were as follows:
(In thousands) | August 31, 2023 |  | November 30, 2022
Borrowings under the residential facilities | $ | 1,002,786 |  |  | 1,877,411 |
Collateral under the residential facilities | 1,039,977 |  |  | 1,950,155 |
Borrowings under the LMF Commercial facilities | 20,000 |  |  | 124,399 |
The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows:
(In thousands) |  | August 31, 2023
Commitments - maturing in April 2024 |  | $ | 350,000 |
Commitments - maturing in May 2027 |  | 2,225,000 |
Total commitments |  | $ | 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) |  | August 31, 2023 |  | November 30, 2022
Performance letters of credit |  | $ | 1,423,643 |  |  | 1,259,033 |
Financial letters of credit |  | 399,866 |  |  | 503,659 |
Surety bonds |  | 4,367,124 |  |  | 4,136,715 |
Anticipated future costs primarily for site improvements related to performance surety bonds |  | 2,425,037 |  |  | 2,273,694 |

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