Leases (Tables)

9 Months Ended

Aug. 31, 2020

Leases [Abstract]

Operating Lease, Lease Income [Table Text Block]

The following table presents our lease right-of-use assets, lease liabilities and the weighted-average remaining lease term and weighted-average discount rate (incremental borrowing rate) used in calculating the lease liabilities (dollars in thousands):

	August 31, 2020
Lease right-of-use assets (a)	$	33,291
Lease liabilities (b)	34,849
Weighted-average remaining lease term	4.5 years
Weighted-average discount rate (incremental borrowing rate)	5.1		%

(a) Represents lease right-of-use assets of $33.0 million within our homebuilding operations and $.3 million within our financial services operations.

(b) Represents lease liabilities of $34.5 million within our homebuilding operations and $.3 million within our financial services operations.

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

	Three Months Ended August 31, 2020		Nine Months Ended August 31, 2020
Lease right-of-use assets obtained in exchange for new lease liabilities	$	2,977	$	9,045
Cash payments on lease liabilities	2,831		8,468

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

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

Years Ending November 30,
2020	$	2,737
2021	10,178
2022	8,921
2023	6,704
2024	4,637
Thereafter	6,099
Total lease payments	39,276
Less: Interest	(4,427		)
Present value of lease liabilities	$	34,849