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Commitments and Contingencies (Tables) | 6 Months Ended
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May 31, 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 |  | Six Months Ended
| May 31, |  | May 31,
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Warranty reserve, beginning of the period | $ | 405,558 |  |  | 403,334 |  |  | 414,796 |  |  | 418,017 |
Warranties issued | 72,572 |  |  | 67,221 |  |  | 134,348 |  |  | 120,900 |
Adjustments to pre-existing warranties from changes in estimates (1) | (381) |  |  | 14,246 |  |  | (3,285) |  |  | 10,188 |
Payments | (74,301) |  |  | (69,647) |  |  | (142,411) |  |  | (133,951) |
Warranty reserve, end of period | $ | 403,448 |  |  | 415,154 |  |  | 403,448 |  |  | 415,154 |
(1)The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2024 and 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) | May 31, 2024 |  | November 30, 2023
Right-of-use assets | $ | 151,600 |  |  | 145,812 |
Lease liabilities | 162,571 |  |  | 154,271 |
Weighted-average remaining lease term (in years) | 5.2 |  | 7.5
Weighted-average discount rate | 3.9% |  | 3.4%
Lease, Cost | The Company's rental expense on lease liabilities were as follows:
| Six Months Ended May 31,
(In thousands) | 2024 |  | 2023
Rental expense | $ | 54,684 |  |  | 52,998 |
Future Minimum Payments Under Noncancellable Leases | Future minimum payments under the noncancellable leases in effect at May 31, 2024 were as follows:
(In thousands) | Lease Payments
2024 | $ | 28,703 |
2025 | 38,933 |
2026 | 26,476 |
2027 | 23,950 |
2028 and thereafter | 61,666 |
Total future minimum lease payments (1) | $ | 179,728 |
Less: Interest (2) | 17,157 |
Present value of lease liabilities (2) | $ | 162,571 |
(1)Total future minimum lease payments exclude variable lease costs of $21.2 million and short-term lease costs of $2.6 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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- Definition 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 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482425/460-10-50-8 + Details
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