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Homebuilding Senior Notes And Other Debts Payable (Tables)

12 Months Ended

Nov. 30, 2023

Debt Disclosure [Abstract]

Schedule Of Senior Notes And Other Debts Payable

			November 30,
(Dollars in thousands)			2023						2022
4.500% senior notes due 2024 (1)			$	453,682					648,975
4.750% senior notes due 2025			499,336						498,892
5.25% senior notes due 2026			403,040						404,257
5.00% senior notes due 2027			351,357						351,741
4.75% senior notes due 2027 (1)			797,347						896,259
4.875% senior notes due December 2023			—						399,169
5.875% senior notes due 2024			—						434,128
Mortgage notes on land and other debt			311,720						413,873
			$	2,816,482					4,047,294

(1)During the year ended November 30, 2023, the Company repurchased $196.1 million and $100.0 million aggregate principal amount of 4.500% senior notes due April 2024 and 4.75% senior notes due November 2027, respectively, through open market repurchases.

The terms of each of the Company's senior notes outstanding at November 30, 2023 were as follows:

Senior Notes Outstanding (1)						Principal Amount						Net Proceeds (2)						Price						Date Issued
(Dollars in thousands)
4.500% senior notes due 2024						$	650,000					$	644,838					100		%				April 2017
4.750% senior notes due 2025						500,000						495,528						100		%				April 2015
5.25% senior notes due 2026						400,000						(3)						(3)						(3)
5.00% senior notes due 2027						350,000						(3)						(3)						(3)
4.75% senior notes due 2027						900,000						894,650						100		%				November 2017

(1)Interest is payable semi-annually for each of the series of senior notes. The senior notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries.

(2)The Company generally has historically used the net proceeds for working capital and general corporate purposes, which can include the repayment or repurchase of other outstanding senior notes.

(3)These notes represent obligations of CalAtlantic when it was acquired that were subsequently exchanged in part for the notes of the Company. As part of the purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018).

Schedule of Line of Credit Facilities

At November 30, 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:

			Maximum Aggregate Commitment
(In thousands)			Committed Amount						Uncommitted Amount						Total
Residential facilities maturing:
December 2023 (1)			$	500,000					—						500,000
April 2024			250,000						250,000						500,000
May 2024 (2)			1,500,000						—						1,500,000
June 2024			100,000						400,000						500,000
September 2024			100,000						100,000						200,000
Total residential facilities			$	2,450,000					750,000						3,200,000
LMF commercial facilities maturing:
November 2023 (1)			100,000						—						100,000
December 2023 (3)			400,000						—						400,000
Total LMF commercial facilities			$	500,000					—						500,000
Total															$	3,700,000

(1)Subsequent to November 30, 2023, the maturity date of December 2023 was extended to March 2024 and the maturity date of November 2023 was extended to January 2024.

(2)In December 2023, the maximum aggregate commitment was reduced to $600 million until maturity in May 2024.

(3)Consists of two commercial facilities each with maximum aggregate commitment amounts of $200 million. Subsequent to November 30, 2023, one of the facility's maturity date was extended to December 2024.

Borrowings and collateral under the facilities were as follows:

			November 30,
(In thousands)			2023						2022
Borrowings under residential facilities			$	2,020,187					1,877,411
Collateral under residential facilities			2,097,020						1,950,155
Borrowings under LMF Commercial facilities			12,525						124,399

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

			November 30,
(In thousands)			2023						2022
Performance letters of credit			$	1,404,541					1,259,033
Financial letters of credit			417,976						503,659
Surety bonds			4,508,428						4,136,715
Anticipated future costs primarily for site improvements related to performance surety bonds			2,499,680						2,273,694

Schedule Of Maturities Of Senior Notes And Other Debts Payable

The minimum aggregate principal maturities of Homebuilding senior notes and other debts payable during the five years subsequent to November 30, 2023 and thereafter are as follows:

(In thousands)			Debt Maturities
2024			$	483,415
2025			673,859
2026			455,961
2027			1,165,021
2028			3,974
Thereafter			33,355

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