XML 39 R28.htm IDEA: XBRL DOCUMENT v3.24.3
Commitments and Contingencies (Tables)
 9 Months Ended
Aug. 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 EndedNine Months Ended
August 31,August 31,
(In thousands)2024202320242023
Warranty reserve, beginning of the period$403,448 415,154 414,796 418,017 
Warranties issued76,653 75,024 211,001 195,924 
Adjustments to pre-existing warranties from changes in estimates18,768 (8,568)15,483 1,620 
Payments(76,589)(80,279)(219,000)(214,230)
Warranty reserve, end of period$422,280 401,331 422,280 401,331 
(1)The adjustments to pre-existing warranties from changes in estimates during the three and nine months ended August 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)August 31, 2024November 30, 2023
Right-of-use assets$223,614 145,812 
Lease liabilities232,694 154,271 
Weighted-average remaining lease term (in years)4.27.5
Weighted-average discount rate5.0%3.4%
Lease, Cost
The Company's rental expense on lease liabilities were as follows:
Nine Months Ended August 31,
(In thousands)20242023
Rental expense$82,512 78,053 
Future Minimum Payments Under Noncancellable Leases Future minimum payments under the noncancellable leases in effect at August 31, 2024 were as follows:
(In thousands)Lease Payments
2024$24,059 
202580,057 
202649,630 
202732,833 
2028 and thereafter72,043 
Total future minimum lease payments (1)$258,622 
Less: Interest (2)25,928 
Present value of lease liabilities (2)$232,694 
(1)Total future minimum lease payments exclude variable lease costs of $25.6 million and short-term lease costs of $1.9 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.