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Commitments and Contingencies (Tables)

3 Months Ended

Feb. 29, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Reserve

The activity in the Company’s warranty reserve, which is included in Homebuilding other liabilities, was as follows:

			Three Months Ended
(In thousands)			February 29, 2024						February 28, 2023
Warranty reserve, beginning of the period			$	414,796					418,017
Warranties issued			61,776						53,679
Adjustments to pre-existing warranties from changes in estimates (1)			(2,904)						(4,058)
Payments			(68,110)						(64,304)
Warranty reserve, end of period			$	405,558					403,334

(1)The adjustments to pre-existing warranties from changes in estimates during the three months ended February 29, 2024 and February 28, 2023 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.

Additional Information About Leases

The following table includes additional information about the Company's leases:

(Dollars in thousands)			February 29, 2024						November 30, 2023
Right-of-use assets			$	104,784					145,812
Lease liabilities			112,671						154,271
Weighted-average remaining lease term (in years)			5.0						7.5
Weighted-average discount rate			3.8%						3.4%

Lease, Cost

The Company's rental expense on lease liabilities were as follows:

			Three Months Ended
(In thousands)			February 29, 2024						February 28, 2023
Rental expense			$	26,217					26,904

Future Minimum Payments Under Noncancellable Leases

Future minimum payments under the noncancellable leases in effect at February 29, 2024 were as follows:

(In thousands)			Lease Payments
2024			$	22,939
2025			27,790
2026			22,092
2027			17,418
2028 and thereafter			34,262
Total future minimum lease payments (1)			$	124,501
Less: Interest (2)			11,830
Present value of lease liabilities (2)			$	112,671

(1)Total future minimum lease payments exclude variable lease costs of $15.3 million and short-term lease costs of $2.4 million.

(2)The Company's leases do not include a readily determinable implicit rate. As such, the Company has estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date or as of December 1, 2019, which was the effective date of ASU 2016-02. The Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable and other liabilities of the respective segments.

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Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability.

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-Topic 460
-SubTopic 10
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