Homebuilding Senior Notes and Other Debts Payable (Tables)

6 Months Ended

May 31, 2024

Debt Disclosure [Abstract]

Schedule of Senior Notes and Other Debts Payable

(Dollars in thousands)	May 31, 2024		November 30, 2023
4.75% senior notes due 2025	$	499,558	499,336
5.25% senior notes due 2026	402,432		403,040
5.00% senior notes due 2027	351,165		351,357
4.75% senior notes due 2027 (1)	697,976		797,347
4.50% senior notes due 2024	—		453,682
Mortgage notes on land and other debt	290,376		311,720
	$	2,241,507	2,816,482

(1)During both the three and six months ended May 31, 2024, the Company repurchased $100 million aggregate principal amount of senior notes due November 2027, through open market repurchases.

Schedule of Letter of Credit Facilities

At May 31, 2024, the Financial Services segment had warehouse facilities which were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:

	Maximum Aggregate Commitment
(In thousands)	Committed Amount		Uncommitted Amount	Total
Residential facilities maturing:
June 2024 (1)	$	500,000	—	500,000
June 2024 (2)	100,000		100,000	200,000
July 2024	505,000		—	505,000
September 2024	100,000		100,000	200,000
April 2025	250,000		250,000	500,000
Total residential facilities	$	1,455,000	450,000	1,905,000
LMF commercial facilities maturing:
December 2024	200,000		—	200,000
January 2025	100,000		—	100,000
Total LMF commercial facilities	$	300,000	—	300,000
Total				$	2,205,000

(1)Subsequent to May 31, 2024, the maturity date was extended to July 2024.

(2)Subsequent to May 31, 2024, the maximum aggregate committed and uncommitted commitment was reduced to $75 million each until maturity in August 2024.

Borrowings and collateral under the facilities were as follows:

(In thousands)	May 31, 2024		November 30, 2023
Borrowings under the residential facilities	$	1,233,015	2,020,187
Collateral under the residential facilities	1,280,929		2,097,020
Borrowings under the LMF Commercial facilities	48,057		12,525

The maximum available borrowings on the Company's unsecured revolving credit facility (the “Credit Facility”) were as follows:

(In thousands)	May 31, 2024
Commitments - maturing in May 2027	$	2,225,000
Accordion feature	425,000
Total maximum borrowings capacity	$	2,650,000

The Company's outstanding letters of credit and surety bonds are disclosed below:

(In thousands)	May 31, 2024		November 30, 2023
Performance letters of credit	$	1,485,725	1,404,541
Financial letters of credit	533,522		417,976
Surety bonds	4,876,796		4,508,428
Anticipated future costs primarily for site improvements related to performance surety bonds	2,829,965		2,499,680