v3.26.3
Commitments and Contingencies (Tables)
 9 Months Ended
Aug. 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 EndedNine Months Ended
August 31,August 31,
(In thousands)2026202520262025
Warranty reserve, beginning of the period$383,152 442,058 400,591 446,240 
Warranties issued45,753 62,241 135,752 185,873 
Adjustments to pre-existing warranties from changes in estimates (1)(24,719)(11,260)(4,814)3,126 
Payments(58,661)(70,154)(186,004)(212,354)
Warranty reserve, end of period$345,525 422,885 345,525 422,885 
(1)The adjustments to pre-existing warranties from changes in estimates during the three and nine months ended August 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 August 31, 2026At November 30, 2025
Right-of-use assets$237,998 269,011 
Lease liabilities236,991 264,157 
Weighted-average remaining lease term (in years)5.45.4
Weighted-average discount rate4.6%4.7%
Lease, Cost
The Company's rental expense on lease liabilities was as follows:
Nine Months Ended August 31,
(In thousands)20262025
Rental expense$132,186 148,271 
Future Minimum Payments Under Noncancellable Leases
Future minimum payments under the noncancellable leases in effect at August 31, 2026 were as follows:
(In thousands)Lease Payments
2026$23,006 
202771,836 
202847,857 
202931,764 
203026,889 
Thereafter66,805 
Total future minimum lease payments (1)$268,157 
Less: Interest (2)31,166 
Present value of lease liabilities (2)$236,991 
(1)Total future minimum lease payments exclude variable lease costs of $30.1 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 August 31, 2026, the Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable and other liabilities of the respective segments.