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Homebuilding Senior Notes and Other Debts Payable (Tables)

9 Months Ended

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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