v3.26.1
Commitments and Contingencies (Tables)
 3 Months Ended
Feb. 28, 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
February 28,
(In thousands)20262025
Warranty reserve, beginning of the period$400,591 446,240 
Warranties issued42,520 60,468 
Adjustments to pre-existing warranties from changes in estimates (1)13,006 2,562 
Payments(74,451)(80,344)
Warranty reserve, end of period$381,666 428,926 
(1)The adjustments to pre-existing warranties from changes in estimates during the three months ended February 28, 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 February 28, 2026At November 30, 2025
Right-of-use assets$252,317 269,011 
Lease liabilities249,851 264,157 
Weighted-average remaining lease term (in years)5.35.4
Weighted-average discount rate4.4%4.7%
Lease, Cost
The Company's rental expense on lease liabilities was as follows:
Three Months Ended February 28,
(In thousands)20262025
Rental expense$42,565 51,504 
Future Minimum Payments Under Noncancellable Leases
Future minimum payments under the noncancellable leases in effect at February 28, 2026 were as follows:
(In thousands)Lease Payments
2026$65,382 
202758,181 
202840,592 
202928,680 
203025,193 
Thereafter66,331 
Total future minimum lease payments (1)$284,359 
Less: Interest (2)34,508 
Present value of lease liabilities (2)$249,851 
(1)Total future minimum lease payments exclude variable lease costs of $33.9 million and short-term lease costs of $3.7 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 February 28, 2026, the Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable and other liabilities of the respective segments.