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Inventories | 6 Months Ended
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May 31, 2018
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consisted of the following (in thousands):
| May 31, 2018 |  | November 30, 2017
Homes under construction | $ | 1,397,790 |  |  | $ | 1,236,848 |
Land under development | 1,761,317 |  |  | 1,651,339 |
Land held for future development or sale (a) | 304,895 |  |  | 375,199 |
Total | $ | 3,464,002 |  |  | $ | 3,263,386 |
(a) Land held for sale totaled $22.6 million at May 31, 2018 and $21.8 million at November 30, 2017. Interest is capitalized to inventories while the related communities or land are being actively developed and until homes are completed or the land is available for immediate sale. Capitalized interest is amortized to construction and land costs as the related inventories are delivered to homebuyers or land buyers (as applicable). Interest and real estate taxes are not capitalized on land held for future development or sale. Our interest costs were as follows (in thousands):
| Three Months Ended May 31, |  | Six Months Ended May 31,
| 2018 |  | 2017 |  | 2018 |  | 2017
Capitalized interest at beginning of period | $ | 259,785 |  |  | $ | 311,111 |  |  | $ | 262,191 |  |  | $ | 306,723 |
Interest incurred (a) | 39,924 |  |  | 43,344 |  |  | 79,868 |  |  | 93,423 |
Interest expensed (a) | — |  |  | — |  |  | — |  |  | (6,307 | )
Interest amortized to construction and land costs (b) | (52,433 | ) |  | (50,471 | ) |  | (94,783 | ) |  | (89,855 | )
Capitalized interest at end of period (c) | $ | 247,276 |  |  | $ | 303,984 |  |  | $ | 247,276 |  |  | $ | 303,984 |
(a) | Interest incurred and interest expensed for the six months ended May 31, 2017 included a charge of $5.7 million for the early extinguishment of debt.
(b) | Interest amortized to construction and land costs for the three months ended May 31, 2018 and 2017 included $3.1 million and $1.1 million, respectively, related to land sales during those periods. Interest amortized to construction and land costs for the six months ended May 31, 2018 and 2017 included $4.1 million and $1.6 million, respectively, related to land sales during those periods.
(c) | Capitalized interest amounts 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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- References No definition available. + Details
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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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