Leases (Tables)

6 Months Ended

May 31, 2020

Leases [Abstract]

Operating Lease, Lease Income [Table Text Block]

The following table presents our lease right-of-use assets and lease liabilities (in thousands):

	May 31, 2020
Lease right-of-use assets (a)	$	32,413
Lease liabilities (b)	33,905

(a) Represents lease right-of-use assets of $32.1 million within our homebuilding operations and $.3 million within our financial services operations.

(b) Represents lease liabilities of $33.5 million within our homebuilding operations and $.4 million within our financial services operations.

The following table presents additional information about our leases (dollars in thousands):

	Three Months Ended May 31, 2020			Six Months Ended May 31, 2020
Lease right-of-use assets obtained in exchange for new lease liabilities	$	2,428		$	6,068
Non-cash operating lease expense	—			—
Cash payments on lease liabilities	2,894			5,637
Weighted-average remaining lease term	4.8 years			4.8 years
Weighted-average discount rate (incremental borrowing rate)	5.1		%	5.1		%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

As of May 31, 2020, the future minimum lease payments required under our leases are as follows (in thousands):

Years Ending November 30,
2020	$	5,272
2021	9,070
2022	7,787
2023	5,789
2024	4,502
Thereafter	6,035
Total lease payments	38,455
Less: Interest	(4,550		)
Present value of lease liabilities	$	33,905