Inventories

3 Months Ended

Feb. 29, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following (in thousands):

	February 29, 2020		November 30, 2019
Homes completed or under construction	$	1,306,344	$	1,340,412
Land under development	2,271,073		2,213,713
Land held for future development or sale (a)	151,199		150,477
Total	$	3,728,616	$	3,704,602

(a)    Land held for sale totaled $21.3 million at February 29, 2020 and $19.3 million at November 30, 2019.

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). For land held for future development or sale, applicable interest is expensed as incurred.

Our interest costs were as follows (in thousands):

	Three Months Ended
	February 29, 2020			February 28, 2019
Capitalized interest at beginning of period	$	195,738		$	209,129
Interest incurred	30,962			34,788
Interest amortized to construction and land costs (a)	(34,575		)	(30,547		)
Capitalized interest at end of period (b)	$	192,125		$	213,370

(a) Interest amortized to construction and land costs for the three months ended February 28, 2019 included $.6 million related to land sales during the period. There was no such interest amortized for the three months ended February 29, 2020.

(b)

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