Accrued Expenses and Other Liabilities

9 Months Ended

Aug. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):

	August 31, 2025		November 30, 2024
Self-insurance and other legal liabilities	$	341,147	$	315,851
Employee compensation and related benefits	145,957		182,460
Warranty liability	98,598		96,026
Inventory-related obligations (a)	41,769		44,408
Customer deposits	38,072		44,029
Lease liabilities	20,741		20,859
Accrued interest payable	17,353		28,806
Real estate and business taxes	16,356		17,056
Federal and state taxes payable	5,061		—
Other	45,396		46,766
Total	$	770,450	$	796,261

(a)Represents liabilities for financing arrangements discussed in Note 8 – Variable Interest Entities, as well as liabilities for fixed or determinable amounts associated with tax increment financing entity (“TIFE”) assessments. As homes are

delivered, our obligation to pay the remaining TIFE assessments associated with each underlying lot is transferred to the homebuyer. As such, these assessment obligations will be paid by us only to the extent we do not deliver homes on applicable lots before the related TIFE obligations mature.