Inventories

6 Months Ended

May 31, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following (in thousands):

	May 31, 2020		November 30, 2019
Homes completed or under construction	$	1,199,381	$	1,340,412
Land under development	2,255,342		2,213,713
Land held for future development or sale (a)	152,742		150,477
Total	$	3,607,465	$	3,704,602

(a)    Land held for sale totaled $21.4 million at May 31, 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 May 31,						Six Months Ended May 31,
	2020			2019			2020			2019
Capitalized interest at beginning of period	$	192,125		$	213,370		$	195,738		$	209,129
Interest incurred	31,055			36,544			62,017			71,332
Interest amortized to construction and land costs (a)	(28,746		)	(37,754		)	(63,321		)	(68,301		)
Capitalized interest at end of period (b)	$	194,434		$	212,160		$	194,434		$	212,160

(a) Interest amortized to construction and land costs for the three months and six months ended May 31, 2019 included a nominal amount and $.6 million, respectively, related to land sales during the periods. There was no such interest amortized for the three months and six months ended May 31, 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.