XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.23.3

Inventories | 9 Months Ended
--- | ---
Aug. 31, 2023
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consisted of the following (in thousands):
| August 31, 2023 |  | November 30, 2022
Homes completed or under construction | $ | 2,228,400 |  |  | $ | 2,414,675 |
Land under development | 2,957,475 |  |  | 3,128,501 |
Total | $ | 5,185,875 |  |  | $ | 5,543,176 |
Land under development at August 31, 2023 and November 30, 2022 included land held for future development or sale of $27.4 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 August 31, |  | Nine Months Ended August 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
Capitalized interest at beginning of period | $ | 141,225 |  |  | $ | 154,665 |  |  | $ | 145,494 |  |  | $ | 161,119 |
Interest incurred | 26,810 |  |  | 31,778 |  |  | 80,609 |  |  | 89,102 |
Interest amortized to construction and land costs (a) | (29,305) |  |  | (35,979) |  |  | (87,373) |  |  | (99,757) |
Capitalized interest at end of period | $ | 138,730 |  |  | $ | 150,464 |  |  | $ | 138,730 |  |  | $ | 150,464 |
(a) Interest amortized to construction and land costs for the three months and nine months ended August 31, 2023 included nominal amounts related to land sales during the periods.

X
- References No definition available. + Details
Name: | us-gaap_InventoryDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
Name: | us-gaap_InventoryDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration