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Homebuilding Senior Notes and Other Debts Payable (Tables) | 9 Months Ended
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Aug. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Senior Notes and Other Debts Payable |
(Dollars in thousands) | August 31, 2024 |  | November 30, 2023
4.75% senior notes due 2025 | $ | 499,668 |  |  | 499,336 |
5.25% senior notes due 2026 | 402,128 |  |  | 403,040 |
5.00% senior notes due 2027 | 351,070 |  |  | 351,357 |
4.75% senior notes due 2027 (1) | 698,287 |  |  | 797,347 |
4.50% senior notes due 2024 | — |  |  | 453,682 |
Mortgage notes on land and other debt | 312,103 |  |  | 311,720 |
| $ | 2,263,256 |  |  | 2,816,482 |
(1)During the nine months ended August 31, 2024, the Company repurchased $100 million aggregate principal amount of senior notes due November 2027, through open market repurchases.
Schedule of Letter of Credit Facilities | At August 31, 2024, 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: |  |  |  |  |
September 2024 (1) | $ | 100,000 |  |  | 100,000 |  |  | 200,000 |
April 2025 | 250,000 |  |  | 250,000 |  |  | 500,000 |
June 2025 | 1,400,000 |  |  | — |  |  | 1,400,000 |
August 2025 | 75,000 |  |  | 75,000 |  |  | 150,000 |
August 2025 | 250,000 |  |  | 250,000 |  |  | 500,000 |
Total residential facilities | $ | 2,075,000 |  |  | 675,000 |  |  | 2,750,000 |
LMF commercial facilities maturing: |  |  |  |  |
December 2024 | 200,000 |  |  | — |  |  | 200,000 |
January 2025 | 100,000 |  |  | — |  |  | 100,000 |
Total LMF commercial facilities | $ | 300,000 |  |  | — |  |  | 300,000 |
Total |  |  |  |  | $ | 3,050,000 |
(1)Subsequent to August 31, 2024, the maturity date was extended to October 2024. Borrowings and collateral under the facilities were as follows:
(In thousands) | August 31, 2024 |  | November 30, 2023
Borrowings under the residential facilities | $ | 1,332,897 |  |  | 2,020,187 |
Collateral under the residential facilities | 1,374,251 |  |  | 2,097,020 |
Borrowings under the LMF Commercial facilities | 83,884 |  |  | 12,525 |
The maximum available borrowings on the Company's unsecured revolving credit facility (the “Credit Facility”) were as follows:
(In thousands) |  | August 31, 2024
Commitments - maturing in May 2027 |  | $ | 2,225,000 |
Accordion feature |  | 425,000 |
Total maximum borrowings capacity |  | $ | 2,650,000 |
The Company's outstanding letters of credit and surety bonds are disclosed below:
(In thousands) |  | August 31, 2024 |  | November 30, 2023
Performance letters of credit |  | $ | 1,606,070 |  |  | 1,404,541 |
Financial letters of credit |  | 566,598 |  |  | 417,976 |
Surety bonds |  | 4,989,709 |  |  | 4,508,428 |
Anticipated future costs primarily for site improvements related to performance surety bonds |  | 2,782,727 |  |  | 2,499,680 |

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