Borrowings (Tables)

3 Months Ended

Feb. 29, 2024

Debt Disclosure [Abstract]

Summary of Long-Term Debt Carrying Values Including Unamortized Discounts and Premiums

The following summarizes our long-term debt carrying values (including unamortized discounts and premiums, valuation adjustments and debt issuance costs, where applicable) (dollars in thousands):

	Maturity	Effective Interest Rate	February 29, 2024		November 30, 2023
Unsecured long-term debt:
1.000% Euro Medium Term Notes	July 2024	1.00%	$	539,982	$	544,222
4.850% Senior Notes (1)	January 2027	7.53%	705,636		703,542
6.450% Senior Debentures	June 2027	5.46%	360,405		361,126
5.875% Senior Notes	July 2028	6.01%	991,268		990,838
4.150% Senior Notes	January 2030	4.26%	992,821		992,554
2.625% Senior Debentures (1)	October 2031	4.72%	906,250		901,692
2.750% Senior Debentures (1)	October 2032	7.06%	388,160		382,957
6.250% Senior Notes	January 2036	6.03%	484,764		484,890
6.500% Senior Notes	January 2043	6.05%	405,725		405,850
6.625% Senior Notes	October 2043	6.97%	247,028		247,010
Floating Rate Senior Notes	September 2053	5.60%	15,255		15,253
Floating Rate Senior Notes	October 2071	5.22%	61,731		61,728
Unsecured Credit Facility	November 2025	6.93%	350,000		350,000
Floating Euro Medium Term Notes	June 2026	4.64%	42,083		42,417
Callable Notes	February 2025 - November 2053	4.84% - 7.66%	442,706		304,778
Structured Notes (2)	Various	—%	1,751,772		1,708,443
Total unsecured long-term debt			8,685,586		8,497,300
Secured long-term debt:
Tessellis Secured Debt			75,718		75,440
HomeFed EB-5 Program Debt			252,978		242,608
HomeFed Construction Loans			67,664		48,182
Secured Credit Facilities			735,332		735,222
Secured Bank Loan			100,000		100,000
Total long-term debt (3)			$	9,917,278	$	9,698,752

(1)Carrying values of these senior notes include a net loss of $11.3 million and a net gain of $26.2 million for the three months ended February 29, 2024 and February 28, 2023, respectively, associated with interest rate swaps based on designation as fair value hedges. Refer to Note 7, Derivative Financial Instruments for further information.

(2)Structured notes contain various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from a change in the instrument-specific credit risk presented in other comprehensive income and changes in fair value resulting from non-credit components recognized in Principal transactions revenues. A weighted average coupon rate is not meaningful, as all of the structured notes are carried at fair value.

(3)Total Long-term debt has a fair value of $9.92 billion and $9.57 billion at February 29, 2024 and November 30, 2023, respectively, which would be classified as Level 2 or Level 3 in the fair value hierarchy.