Fair Value Disclosures

12 Months Ended

Nov. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Fair Value Disclosures

Fair value measurements of assets and liabilities are categorized based on the following hierarchy:

Level 1Fair value determined based on quoted prices in active markets for identical assets or liabilities.

Level 2Fair value determined using significant observable inputs, such as quoted prices for similar assets or liabilities

or quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than

quoted prices that are observable for the asset or liability, or inputs that are derived principally from or

corroborated by observable market data, by correlation or other means.

Level 3Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or

similar techniques.

Fair value measurements are used for inventories on a nonrecurring basis when events and circumstances indicate that their

carrying value is not recoverable. Our inventories are generally Level 3 assets.  We had no inventories with carrying values that

were adjusted to fair value during the years ended November 30, 2024 or 2023.  See Note 7 – Inventory Impairments and Land

Option Contract Abandonments for information regarding the valuation of these assets.

The following table presents the fair value hierarchy, carrying values and estimated fair values of our financial instruments,

except those for which the carrying values approximate fair values (in thousands): 

		November 30,
		2024		2023
Description	Fair Value Hierarchy	Carrying Value (a)	Estimated Fair Value	Carrying Value (a)	Estimated Fair Value
Financial Liabilities:
Senior notes	Level 2	$1,329,704	$1,309,700	$1,327,934	$1,260,725

(a)The carrying value for the senior notes, as presented, includes unamortized debt issuance costs.  Debt issuance costs are not

factored into the estimated fair values of these notes.

The fair values of our senior notes are generally estimated based on quoted market prices for these instruments.  The

carrying values reported for cash and cash equivalents, outstanding borrowings under the Credit Facility, if any, and the Term

Loan, and mortgages and land contracts due to land sellers and other loans approximate fair values.  The carrying value of

corporate-owned life insurance is based on the cash surrender value of the policies and, accordingly, approximates fair value.