v3.26.1
Leases
6 Months Ended
May 31, 2026
Leases [Abstract]  
Leases Leases
We lease certain property and equipment for use in our operations. We recognize lease expense for these leases generally on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Lease right-of-use assets and lease liabilities are recorded in our consolidated balance sheets for leases with an expected term at the commencement date of more than 12 months. Lease expense is included in selling, general and administrative expenses in our consolidated statements of operations and includes costs for leases with terms of more than 12 months as well as short-term leases with terms of 12 months or less. Our total lease expense for the three months ended May 31, 2026 and 2025 was $5.3 million and $5.1 million, respectively, and included short-term lease costs of $1.9 million and $1.8 million, respectively. For the six months ended May 31, 2026 and 2025, our total lease expense was $10.5 million and $9.9 million, respectively, and included short-term lease costs of $3.6 million and $3.3 million, respectively. Variable lease costs and external sublease income for the three-month and six-month periods ended May 31, 2026 and 2025 were immaterial.
The following table presents our lease right-of-use assets and lease liabilities (in thousands):
May 31,
2026
November 30,
2025
Lease right-of-use assets
$27,088 $17,519 
Lease liabilities
29,959 19,801 
Lease right-of-use assets and lease liabilities are predominately within our homebuilding operations, with nominal amounts in our financial services operations.