Homebuilding Senior Notes And Other Debts Payable (Tables)

12 Months Ended

Nov. 30, 2024

Debt Disclosure [Abstract]

Schedule Of Senior Notes And Other Debts Payable

	At November 30,
(Dollars in thousands)	2024		2023
4.75% senior notes due 2025	$	499,779	499,336
5.25% senior notes due 2026	401,824		403,040
5.00% senior notes due 2027	350,974		351,357
4.75% senior notes due 2027 (1)	698,266		797,347
4.50% senior notes due 2024	—		453,682
Mortgage notes on land and other debt	307,440		311,720
	$	2,258,283	2,816,482

(1)During the year ended November 30, 2024, the Company repurchased $100 million aggregate principal amount of senior notes due November 2027, through open market repurchases.

The terms of each of the Company's senior notes outstanding at November 30, 2024 were as follows:

Senior Notes Outstanding (1)	Principal Amount		Net Proceeds (2)	Price		Date Issued
(Dollars in thousands)
4.75% senior notes due 2025	$	500,000	495,528	100	%	April 2015
5.25% senior notes due 2026	400,000		(3)	(3)		(3)
5.00% senior notes due 2027	350,000		(3)	(3)		(3)
4.75% senior notes due 2027 (4)	900,000		894,650	100	%	November 2017

(1)Interest is payable semi-annually for each of the series of senior notes. The senior notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries.

(2)The Company generally has historically used the net proceeds for working capital and general corporate purposes, which can include the repayment or repurchase of other outstanding senior notes.

(3)These notes represent obligations of CalAtlantic when it was acquired that were subsequently exchanged in part for the notes of the Company. As part of the purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018).

(4)As of November 30, 2024, the principal amount remaining to be paid upon maturity was $700 million.

The terms of the Company's mortgage on land and other debt at November 30, 2024 were as follows:

	At November 30,			Various Maturity Dates Through	Interest Rates Up To	Average Interest Rate
(Dollars in thousands)	2024		2023
Carrying value	$	307,440	311,720	2031	7.5%	4.4%
Retired during the year	46,005		11,835

Schedule of Line of Credit Facilities

At November 30, 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:
April 2025	$	250,000	250,000	500,000
June 2025	1,400,000		—	1,400,000
August 2025	325,000		325,000	650,000
October 2025	100,000		100,000	200,000
December 2026	375,000		—	375,000
Total residential facilities	$	2,450,000	675,000	3,125,000
LMF commercial facilities maturing:
December 2024 (1)	200,000		—	200,000
January 2025	100,000		—	100,000
Total LMF commercial facilities	$	300,000	—	300,000
Total				$	3,425,000

(1)Subsequent to November 30, 2024, the maturity date was extended to December 2025.

Borrowings and collateral under the facilities were as follows:

	At November 30,
(In thousands)	2024		2023
Borrowings under residential facilities	$	1,776,045	2,020,187
Collateral under residential facilities	1,837,833		2,097,020
Borrowings under LMF Commercial facilities	28,747		12,525

The maximum available borrowings on the Credit Facility were as follows:

(In thousands)	At November 30, 2024
Commitments - maturing in May 2027	$	225,000
Commitments - maturing in November 2029	2,650,000
Total commitments	$	2,875,000
Accordion feature	625,000
Total maximum borrowings capacity	$	3,500,000

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

	At November 30,
(In thousands)	2024		2023
Performance letters of credit	$	1,668,061	1,404,541
Financial letters of credit	745,578		417,976
Surety bonds	5,140,432		4,508,428
Anticipated future costs primarily for site improvements related to performance surety bonds	2,766,088		2,499,680

Schedule Of Maturities Of Senior Notes And Other Debts Payable

The minimum aggregate principal maturities of Homebuilding senior notes and other debts payable during the five years subsequent to November 30, 2024 and thereafter are as follows:

(In thousands)	Debt Maturities
2025	$	532,097
2026	620,942
2027	1,062,192
2028	14,099
2029	11,463
Thereafter	16,647