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Inventories | 6 Months Ended
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May 31, 2023
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consisted of the following (in thousands):
| May 31, 2023 |  | November 30, 2022
Homes completed or under construction | $ | 2,094,058 |  |  | $ | 2,414,675 |
Land under development | 3,034,783 |  |  | 3,128,501 |
Total | $ | 5,128,841 |  |  | $ | 5,543,176 |
Land under development at May 31, 2023 and November 30, 2022 included land held for future development or sale of $25.8 million and $21.6 million, respectively. Interest is capitalized to inventories while the related communities or land parcels 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). In the case of land held for future development and land held for sale, applicable interest is expensed as incurred. Our interest costs were as follows (in thousands):
| Three Months Ended May 31, |  | Six Months Ended May 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
Capitalized interest at beginning of period | $ | 147,162 |  |  | $ | 159,649 |  |  | $ | 145,494 |  |  | $ | 161,119 |
Interest incurred | 25,995 |  |  | 29,021 |  |  | 53,799 |  |  | 57,324 |
Interest amortized to construction and land costs | (31,932) |  |  | (34,005) |  |  | (58,068) |  |  | (63,778) |
Capitalized interest at end of period | $ | 141,225 |  |  | $ | 154,665 |  |  | $ | 141,225 |  |  | $ | 154,665 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI https://asc.fasb.org/topic&trid=2126998 + Details
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