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Inventories | 6 Months Ended
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May 31, 2025
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consisted of the following (in thousands):
| May 31, 2025 |  | November 30, 2024
Homes completed or under construction | $ | 2,117,671 |  |  | $ | 1,990,113 |
Land under development | 3,795,677 |  |  | 3,537,907 |
Total | $ | 5,913,348 |  |  | $ | 5,528,020 |
Land under development at May 31, 2025 and November 30, 2024 included land held for future development of $32.1 million and $21.2 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). We do not capitalize interest on land held for future development and land held for sale. Our interest costs were as follows (in thousands):
| Three Months Ended May 31, |  | Six Months Ended May 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Capitalized interest at beginning of period | $ | 125,356 |  |  | $ | 134,377 |  |  | $ | 122,387 |  |  | $ | 134,375 |
Interest incurred | 28,626 |  |  | 26,577 |  |  | 55,018 |  |  | 53,082 |
Interest amortized to construction and land costs (a) | (25,306) |  |  | (29,189) |  |  | (48,729) |  |  | (55,692) |
Capitalized interest at end of period | $ | 128,676 |  |  | $ | 131,765 |  |  | $ | 128,676 |  |  | $ | 131,765 |
(a)Interest amortized to construction and land costs for the six months ended May 31, 2024 included a nominal amount related to land sales during the period.

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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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/330/tableOfContent + Details
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