Homebuilding Senior Notes and Other Debts Payable

6 Months Ended

May 31, 2022

Debt Disclosure [Abstract]

Homebuilding Senior Notes and Other Debts Payable

Homebuilding Senior Notes and Other Debts Payable

(Dollars in thousands)	May 31, 2022		November 30, 2021
4.75% senior notes due 2022	$	574,503	573,840
4.875% senior notes due December 2023	398,769		398,345
4.50% senior notes due 2024	648,613		648,253
5.875% senior notes due 2024	436,463		438,810
4.75% senior notes due 2025	498,670		498,446
5.25% senior notes due 2026	404,865		405,497
5.00% senior notes due 2027	351,933		352,124
4.75% senior notes due 2027	895,884		895,510
Mortgage notes on land and other debt	436,091		441,513
	$	4,645,791	4,652,338

The carrying amounts of the senior notes in the table above are net of debt issuance costs of $9.2 million and $11.0 million as of May 31, 2022 and November 30, 2021, respectively.

In May 2022, the Company amended the credit agreement governing its unsecured revolving credit facility (the “Credit Facility") to increase the commitment from $2.5 billion to $2.575 billion and extended the maturity to May 2027, except for $350 million which matures in April 2024. The Credit Facility has a $425 million accordion feature, subject to additional commitments, thus the maximum borrowings are $3.0 billion. The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The credit agreement also provides that up to $500 million in commitments may be used for letters of credit. Under the Credit Facility agreement, the Company is required to maintain a minimum consolidated tangible net worth, a maximum leverage ratio and either a liquidity or an interest coverage ratio. These ratios are calculated per the Credit Facility agreement, which involves adjustments to GAAP financial measures. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions.

The Company's processes for posting performance and financial letters of credit and surety bonds are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Form 10-K for the year ended November 30, 2021. The Company's outstanding performance letters of credit and surety bonds are described below:

(In thousands)	May 31, 2022		November 30, 2021
Performance letters of credit	$	1,035,057	924,584
Financial letters of credit	580,342		425,843
Surety bonds	3,844,507		3,553,047
Anticipated future costs primarily for site improvements related to performance surety bonds	1,981,973		1,690,861

All of the senior notes are guaranteed by certain of the Company's 100% owned subsidiaries, which are primarily homebuilding subsidiaries. The guarantees are full and unconditional. The terms of guarantees are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Form 10-K for the year ended November 30, 2021.