Commitments and Contingencies (Tables)

6 Months Ended

May 31, 2026

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 Ended			Six Months Ended
	May 31,			May 31,
(In thousands)	2026		2025	2026	2025
Warranty reserve, beginning of the period	$	381,666	428,926	400,591	446,240
Warranties issued	47,479		63,164	89,999	123,632
Adjustments to pre-existing warranties from changes in estimates (1)	6,899		11,824	19,905	14,386
Payments	(52,892)		(61,856)	(127,343)	(142,200)
Warranty reserve, end of period	$	383,152	442,058	383,152	442,058

(1)The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2026 and 2025 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)	At May 31, 2026		At November 30, 2025
Right-of-use assets	$	232,599	269,011
Lease liabilities	233,775		264,157
Weighted-average remaining lease term (in years)	5.4		5.4
Weighted-average discount rate	4.6%		4.7%

Lease, Cost

The Company's rental expense on lease liabilities was as follows:

	Six Months Ended May 31,
(In thousands)	2026		2025
Rental expense	$	82,485	102,628

Future Minimum Payments Under Noncancellable Leases

Future minimum payments under the noncancellable leases in effect at May 31, 2026 were as follows:

(In thousands)	Lease Payments
2026	$	42,105
2027	59,360
2028	41,836
2029	29,776
2030	26,212
Thereafter	66,805
Total future minimum lease payments (1)	$	266,094
Less: Interest (2)	32,319
Present value of lease liabilities (2)	$	233,775

(1)Total future minimum lease payments exclude variable lease costs of $30.8 million and an immaterial amount of short-term lease costs.

(2)The Company's leases do not include a readily determinable implicit rate. As such, the Company estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date. As of May 31, 2026, the Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable and other liabilities of the respective segments.