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Inventories | 3 Months Ended
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Feb. 28, 2015
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consisted of the following (in thousands):
|  | February 28, 2015 |  | November 30, 2014
Homes under construction |  | $ | 956,428 |  |  | $ | 928,272 |
Land under development |  | 1,732,604 |  |  | 1,710,149 |
Land held for future development |  | 557,351 |  |  | 579,966 |
Total |  | $ | 3,246,383 |  |  | $ | 3,218,387 |
Interest is capitalized to inventories while the related communities are being actively developed and until homes are completed. Capitalized interest is amortized to construction and land costs as the related inventories are delivered to homebuyers. Interest and real estate taxes are not capitalized on land held for future development. Our interest costs were as follows (in thousands):
| Three Months Ended February 28,
| 2015 |  | 2014
Capitalized interest at beginning of period | $ | 266,668 |  |  | $ | 216,681 |
Interest incurred | 45,003 |  |  | 39,280 |
Interest expensed | (5,338 | ) |  | (11,276 | )
Interest amortized to construction and land costs | (22,293 | ) |  | (17,485 | )
Capitalized interest at end of period (a) | $ | 284,040 |  |  | $ | 227,200 |
(a) | Capitalized interest amounts presented in the table reflect the gross amount of capitalized interest, as inventory impairment charges recognized, if any, are not generally allocated to specific components of inventory.

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- Definition The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 + Details
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