Inventories (Tables)

12 Months Ended

Nov. 30, 2017

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following (in thousands):

	November 30,
	2017		2016
Homes under construction	$	1,236,848	$	1,245,938
Land under development	1,651,339		1,727,657
Land held for future development or sale (a)	375,199		429,633
Total	$	3,263,386	$	3,403,228

Interest costs

Our interest costs were as follows (in thousands):

	Years Ended November 30,
	2017			2016			2015
Capitalized interest at beginning of year	$	306,723		$	288,442		$	266,668
Interest incurred (a)	177,171			185,466			186,885
Interest expensed (a)	(6,307		)	(5,900		)	(21,856		)
Interest amortized to construction and land costs (b)	(215,396		)	(161,285		)	(143,255		)
Capitalized interest at end of year (c)	$	262,191		$	306,723		$	288,442

(a) Interest incurred and interest expensed for the year ended November 30, 2017 included a charge of $5.7 million for the early extinguishment of debt.

(b) Interest amortized to construction and land costs for the years ended November 30, 2017, 2016 and 2015 included $4.9 million, $.7 million and $16.4 million, respectively, related to land sales during the periods.

(c) Capitalized interest amounts presented in the table reflect the gross amount of capitalized interest, as inventory impairment charges recognized, if any, are not generally allocated to specific components of inventory.