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Leases (Tables) | 12 Months Ended
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Nov. 30, 2020
Leases [Abstract] |
Summary of Lease Information | The following table presents our lease right-of-use assets, lease liabilities and the weighted-average remaining lease term and weighted-average discount rate (incremental borrowing rate) used in calculating the lease liabilities (dollars in thousands):
|  | November 30, 2020
Lease right-of-use assets (a) |  | $ | 36,270 |
Lease liabilities (b) |  | 38,000 |
Weighted-average remaining lease term |  | 4.5 years
Weighted-average discount rate (incremental borrowing rate) |  | 5.1 | %
(a)Represents lease right-of-use assets of $36.0 million within our homebuilding operations and $.3 million within our financial services operations. (b)Represents lease liabilities of $37.7 million within our homebuilding operations and $.3 million within our financial services operations. The following table presents additional information about our leases (in thousands):
| Year Ended November 30, 2020
Lease right-of-use assets obtained in exchange for new lease liabilities | $ | 14,229 |
Cash payments on lease liabilities | 11,243 |
Schedule of Future Minimum Lease Payments | As of November 30, 2020, the future minimum lease payments required under our leases are as follows (in thousands):
Years Ending November 30, |  |
2021 |  | $ | 11,189 |
2022 |  | 10,232 |
2023 |  | 7,927 |
2024 |  | 5,834 |
2025 |  | 4,494 |
Thereafter |  | 3,111 |
Total lease payments |  | 42,787 |
Less: Interest |  | (4,787) |
Present value of lease liabilities |  | $ | 38,000 |

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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41499-112717 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121555522&loc=d3e12069-110248 Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41502-112717 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121549808&loc=d3e36991-112694 + Details
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