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Homebuilding Senior Notes and Other Debts Payable | 3 Months Ended
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Feb. 28, 2025
Debt Disclosure [Abstract] |
Homebuilding Senior Notes and Other Debts Payable | Homebuilding Senior Notes and Other Debt Payable
(Dollars in thousands) | February 28, 2025 |  | November 30, 2024
4.75% senior notes due 2025 | $ | 499,890 |  |  | 499,779 |
5.25% senior notes due 2026 | 401,520 |  |  | 401,824 |
5.00% senior notes due 2027 | 350,878 |  |  | 350,974 |
4.75% senior notes due 2027 | 698,411 |  |  | 698,266 |
Mortgage notes on land and other debt | 260,573 |  |  | 307,440 |
| $ | 2,211,272 |  |  | 2,258,283 |
The carrying amounts of the senior notes in the table above are net of debt issuance costs of $2.1 million and $2.4 million as of February 28, 2025 and November 30, 2024, respectively. In November 2024, the Company amended and restated the credit agreement governing its unsecured revolving credit facility (the "Credit Facility"). During the three months ended February 28, 2025, the Company received an additional $150 million in commitments. The maximum available borrowings on the Credit Facility were as follows:
(In thousands) |  | At February 28, 2025
Commitments - maturing in May 2027 |  | $ | 225,000 |
Commitments - maturing in November 2029 |  | 2,800,000 |
Total commitments |  | $ | 3,025,000 |
Accordion feature |  | 475,000 |
Total maximum borrowings capacity |  | $ | 3,500,000 |
The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The credit agreement also provides that up to $477.5 million in commitments may be used for letters of credit. The maturity, debt covenants and details of the Credit Facility are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Annual Report on Form 10-K for the year ended November 30, 2024. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions. The Company's processes for posting performance and financial letters of credit and surety bonds are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Annual Report on Form 10-K for the year ended November 30, 2024. The Company's outstanding letters of credit and surety bonds are disclosed below:
(In thousands) |  | February 28, 2025 |  | November 30, 2024
Performance letters of credit |  | $ | 1,748,316 |  |  | 1,668,061 |
Financial letters of credit |  | 924,248 |  |  | 745,578 |
Surety bonds |  | 5,257,345 |  |  | 5,140,432 |
Anticipated future costs primarily for site improvements related to performance surety bonds |  | 2,875,118 |  |  | 2,766,088 |
All of the senior notes are guaranteed by certain of the Company's 100% owned subsidiaries, which are primarily homebuilding subsidiaries. The guarantees are full and unconditional. The terms of guarantees are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Annual Report on Form 10-K for the year ended November 30, 2024.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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