v3.25.2
Commitments and Contingencies (Tables)
 6 Months Ended
May 31, 2025
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)2025202420252024
Warranty reserve, beginning of the period$428,926 405,558 446,240 414,796 
Warranties issued63,164 72,572 123,632 134,348 
Adjustments to pre-existing warranties from changes in estimates11,824 (381)14,386 (3,285)
Payments(61,856)(74,301)(142,200)(142,411)
Warranty reserve, end of period$442,058 403,448 442,058 403,448 
(1)The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2025 and May 31, 2024 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, 2025At November 30, 2024
Right-of-use assets$277,127 275,248 
Lease liabilities266,270 262,119 
Weighted-average remaining lease term (in years)5.24.7
Weighted-average discount rate5.1%5.0%
Lease, Cost
The Company's rental expense on lease liabilities were as follows:
Six Months Ended May 31,
(In thousands)20252024
Rental expense$102,628 54,684 
Future Minimum Payments Under Noncancellable Leases Future minimum payments under the noncancellable leases in effect at May 31, 2025 were as follows:
(In thousands)Lease Payments
2025$48,623 
202673,824 
202746,918 
202835,963 
2029 and thereafter99,756 
Total future minimum lease payments (1)$305,084 
Less: Interest (2)38,814 
Present value of lease liabilities (2)$266,270 
(1)Total future minimum lease payments exclude variable lease costs of $32.8 million and short-term lease costs of $2.1 million.
(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, 2025, the Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable and other liabilities of the respective segments.