XML 40 R28.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Commitments and Contingencies (Tables)
 6 Months Ended
May 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Product Warranty Reserve The activity in the Company’s warranty reserve, which is included in Homebuilding other liabilities, was as follows:
Three Months EndedSix Months Ended
May 31,May 31,
(In thousands)2024202320242023
Warranty reserve, beginning of the period$405,558 403,334 414,796 418,017 
Warranties issued72,572 67,221 134,348 120,900 
Adjustments to pre-existing warranties from changes in estimates (1)(381)14,246 (3,285)10,188 
Payments(74,301)(69,647)(142,411)(133,951)
Warranty reserve, end of period$403,448 415,154 403,448 415,154 
(1)The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2024 and 2023 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.
Additional Information About Leases The following table includes additional information about the Company's leases:
(Dollars in thousands)May 31, 2024November 30, 2023
Right-of-use assets$151,600 145,812 
Lease liabilities162,571 154,271 
Weighted-average remaining lease term (in years)5.27.5
Weighted-average discount rate3.9%3.4%
Lease, Cost
The Company's rental expense on lease liabilities were as follows:
Six Months Ended May 31,
(In thousands)20242023
Rental expense$54,684 52,998 
Future Minimum Payments Under Noncancellable Leases Future minimum payments under the noncancellable leases in effect at May 31, 2024 were as follows:
(In thousands)Lease Payments
2024$28,703 
202538,933 
202626,476 
202723,950 
2028 and thereafter61,666 
Total future minimum lease payments (1)$179,728 
Less: Interest (2)17,157 
Present value of lease liabilities (2)$162,571 
(1)Total future minimum lease payments exclude variable lease costs of $21.2 million and short-term lease costs of $2.6 million.
(2)The Company's leases do not include a readily determinable implicit rate. As such, the Company has estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date or as of December 1, 2019, which was the effective date of ASU 2016-02. The Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable and other liabilities of the respective segments.