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Homebuilding Senior Notes And Other Debts Payable (Tables) | 12 Months Ended
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Nov. 30, 2024
Debt Disclosure [Abstract] |
Schedule Of Senior Notes And Other Debts Payable |
| At November 30,
(Dollars in thousands) | 2024 |  | 2023
4.75% senior notes due 2025 | $ | 499,779 |  |  | 499,336 |
5.25% senior notes due 2026 | 401,824 |  |  | 403,040 |
5.00% senior notes due 2027 | 350,974 |  |  | 351,357 |
4.75% senior notes due 2027 (1) | 698,266 |  |  | 797,347 |
4.50% senior notes due 2024 | — |  |  | 453,682 |
Mortgage notes on land and other debt | 307,440 |  |  | 311,720 |
| $ | 2,258,283 |  |  | 2,816,482 |
(1)During the year ended November 30, 2024, the Company repurchased $100 million aggregate principal amount of senior notes due November 2027, through open market repurchases. The terms of each of the Company's senior notes outstanding at November 30, 2024 were as follows:
Senior Notes Outstanding (1) |  | Principal Amount |  | Net Proceeds (2) |  | Price |  | Date Issued
(Dollars in thousands) |  |  |  |  |  |  |  |
4.75% 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 (4) |  | 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). (4)As of November 30, 2024, the principal amount remaining to be paid upon maturity was $700 million. The terms of the Company's mortgage on land and other debt at November 30, 2024 were as follows:
|  | At November 30, |  | Various Maturity Dates Through |  | Interest Rates Up To |  | Average Interest Rate
(Dollars in thousands) |  | 2024 |  | 2023 |  |  |
Carrying value |  | $ | 307,440 |  |  | 311,720 |  |  | 2031 |  | 7.5% |  | 4.4%
Retired during the year |  | 46,005 |  |  | 11,835 |  |  |  |  |  |  |
Schedule of Line of Credit Facilities | At November 30, 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: |  |  |  |  |  |  |
April 2025 | $ | 250,000 |  |  | 250,000 |  |  | 500,000 |  |  |
June 2025 | 1,400,000 |  |  | — |  |  | 1,400,000 |  |  |
August 2025 | 325,000 |  |  | 325,000 |  |  | 650,000 |  |  |
October 2025 | 100,000 |  |  | 100,000 |  |  | 200,000 |  |  |
December 2026 | 375,000 |  |  | — |  |  | 375,000 |  |  |
Total residential facilities | $ | 2,450,000 |  |  | 675,000 |  |  | 3,125,000 |  |  |
LMF commercial facilities maturing: |  |  |  |  |  |  |
December 2024 (1) | 200,000 |  |  | — |  |  | 200,000 |  |  |
January 2025 | 100,000 |  |  | — |  |  | 100,000 |  |  |
Total LMF commercial facilities | $ | 300,000 |  |  | — |  |  | 300,000 |  |  |
Total |  |  |  |  | $ | 3,425,000 |  |  |
(1)Subsequent to November 30, 2024, the maturity date was extended to December 2025. Borrowings and collateral under the facilities were as follows:
| At November 30,
(In thousands) | 2024 |  | 2023
Borrowings under residential facilities | $ | 1,776,045 |  |  | 2,020,187
Collateral under residential facilities | 1,837,833 |  |  | 2,097,020
Borrowings under LMF Commercial facilities | 28,747 |  |  | 12,525
The maximum available borrowings on the Credit Facility were as follows:
(In thousands) |  | At November 30, 2024
Commitments - maturing in May 2027 |  | $ | 225,000 |
Commitments - maturing in November 2029 |  | 2,650,000 |
Total commitments |  | $ | 2,875,000 |
Accordion feature |  | 625,000 |
Total maximum borrowings capacity |  | $ | 3,500,000 |
The Company's outstanding letters of credit and surety bonds are below:
| At November 30,
(In thousands) | 2024 |  | 2023
Performance letters of credit | $ | 1,668,061 |  |  | 1,404,541 |
Financial letters of credit | 745,578 |  |  | 417,976 |
Surety bonds | 5,140,432 |  |  | 4,508,428 |
Anticipated future costs primarily for site improvements related to performance surety bonds | 2,766,088 |  |  | 2,499,680 |
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, 2024 and thereafter are as follows:
(In thousands) | Debt Maturities
2025 | $ | 532,097 |
2026 | 620,942 |
2027 | 1,062,192 |
2028 | 14,099 |
2029 | 11,463 |
Thereafter | 16,647 |

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